Document:

EXHIBIT
4.9.4

HERTZ VEHICLE
FINANCING LLC,

as Issuer

and

BNY MIDWEST TRUST COMPANY,

as Trustee and Securities Intermediary

AMENDED
AND RESTATED SERIES 2005-3 SUPPLEMENT

dated as of August 1, 2006

to

SECOND AMENDED AND RESTATED

BASE INDENTURE

dated as of August 1, 2006

$250,000,000
Series 2005-3 Variable Funding Rental Car Asset Backed Notes, Class A-1

$1,000,000,000 Series 2005-3 Variable Funding Rental Car Asset Backed Notes,
Class A-2

Series 2005-3 Floating Rate Rental Car Asset Backed Notes, Class B-1

Series 2005-3 Fixed Rate Rental Car Asset Backed Notes, Class B-2

Series 2005-3 Floating Rate Rental Car Asset Backed Notes, Class B-3

Series 2005-3 Fixed Rate Rental Car Asset Backed Notes, Class B-4

TABLE OF
CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  DEFINITIONS

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  INITIAL ISSUANCE AND INCREASES AND DECREASES OF
  PRINCIPAL AMOUNT OF CLASS A NOTES

  	
   

  	
  68

  
	
  Section 2.1.

  	
  Initial Issuance; Procedure for Increasing the Class
  A Principal Amount

  	
   

  	
  68

  
	
  Section 2.2.

  	
  Procedure for Decreasing the Class A Principal
  Amount

  	
   

  	
  69

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  SERIES 2005-3 ALLOCATIONS

  	
   

  	
  71

  
	
  Section 3.1.

  	
  Series 2005-3 Series Accounts

  	
   

  	
  71

  
	
  Section 3.2.

  	
  Allocations with Respect to the Series 2005-3 Notes

  	
   

  	
  72

  
	
  Section 3.3.

  	
  Application of Interest Collections

  	
   

  	
  78

  
	
  Section 3.4.

  	
  Payment of Note Interest

  	
   

  	
  86

  
	
  Section 3.5.

  	
  Payment of Note Principal

  	
   

  	
  87

  
	
  Section 3.6.

  	
  Payment by Wire Transfer

  	
   

  	
  100

  
	
  Section 3.7.

  	
  The Administrator’s Failure to Instruct the Trustee
  to Make a Deposit or Payment

  	
   

  	
  100

  
	
  Section 3.8.

  	
  Class A Reserve Account

  	
   

  	
  101

  
	
  Section 3.9.

  	
  Class A Letters of Credit and Class A Cash
  Collateral Accounts

  	
   

  	
  103

  
	
  Section 3.10.

  	
  Series 2005-3 Distribution Account

  	
   

  	
  110

  
	
  Section 3.11.

  	
  Trustee as Securities Intermediary

  	
   

  	
  112

  
	
  Section 3.12.

  	
  Series 2005-3 Interest Rate Hedges

  	
   

  	
  113

  
	
  Section 3.13.

  	
  Series 2005-3 Demand Note Constitutes Additional
  Collateral for Series 2005-3 Notes

  	
   

  	
  116

  
	
  Section 3.14.

  	
  Class B Reserve Account

  	
   

  	
  121

  
	
  Section 3.15.

  	
  Class B Letters of Credit and Class B Cash
  Collateral Account

  	
   

  	
  123

  
	
  Section 3.16.

  	
  Subordination of Class B Notes

  	
   

  	
  130

  
	
  Section 3.17.

  	
  Reimbursement Obligation

  	
   

  	
  131

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  AMORTIZATION EVENTS

  	
   

  	
  132

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  RESERVED

  	
   

  	
  134

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  FORM OF SERIES 2005-3 NOTES

  	
   

  	
  135

  
	
  Section 6.1.

  	
  Issuance of Class A Notes

  	
   

  	
  135

  

 

 i
 

 

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.2.

  	
  Issuance of Class B Notes

  	
   

  	
  135

  
	
  Section 6.3.

  	
  Transfer of Class A Notes

  	
   

  	
  136

  
	
  Section 6.4.

  	
  Transfer of Class B Notes

  	
   

  	
  137

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  GENERAL

  	
   

  	
  142

  
	
  Section 7.1.

  	
  Optional Redemption of Class A Notes

  	
   

  	
  142

  
	
  Section 7.2.

  	
  Optional Redemption of Class B Notes

  	
   

  	
  143

  
	
  Section 7.3.

  	
  Information

  	
   

  	
  143

  
	
  Section 7.4.

  	
  Exhibits

  	
   

  	
  146

  
	
  Section 7.5.

  	
  Ratification of Base Indenture

  	
   

  	
  147

  
	
  Section 7.6.

  	
  Notice to Insurer, the Rating Agencies, each
  Interest Rate Hedge Provider and Ford

  	
   

  	
  147

  
	
  Section 7.7.

  	
  Insurer Deemed Class A Noteholder and Secured Party

  	
   

  	
  147

  
	
  Section 7.8.

  	
  Third Party Beneficiary

  	
   

  	
  148

  
	
  Section 7.9.

  	
  Prior Notice by Trustee to Insurer

  	
   

  	
  148

  
	
  Section 7.10.

  	
  Subrogation

  	
   

  	
  148

  
	
  Section 7.11.

  	
  Counterparts

  	
   

  	
  149

  
	
  Section 7.12.

  	
  Governing Law

  	
   

  	
  149

  
	
  Section 7.13.

  	
  Amendments

  	
   

  	
  149

  
	
  Section 7.14.

  	
  Termination of Series Supplement

  	
   

  	
  150

  
	
  Section 7.15.

  	
  Discharge of Indenture

  	
   

  	
  150

  
	
  Section 7.16.

  	
  Effect of Payment by Insurer

  	
   

  	
  150

  
	
  Section 7.17.

  	
  Interest Rate Hedge Provider Deemed Secured Party

  	
   

  	
  151

  
	
  Section 7.18.

  	
  Ford Covenants

  	
   

  	
  151

  
	
  Section 7.19.

  	
  Issuances of Class B Notes

  	
   

  	
  152

  

 

 ii
 

EXHIBITS

	
  Exhibit A-1-1:

  	
   

  	
  Series 2005-3 Variable Funding Rental Car Asset
  Backed Notes, Class A-1

  
	
  Exhibit A-1-2:

  	
   

  	
  Series 2005-3 Variable Funding Rental Car Asset
  Backed Notes, Class A-2

  
	
  Exhibit A-2-1:

  	
   

  	
  Form of Restricted Global Class B-1 Note

  
	
  Exhibit A-2-2:

  	
   

  	
  Form of Regulation S Global Class B-1 Note

  
	
  Exhibit A-2-3:

  	
   

  	
  Form of Unrestricted Global Class B-1 Note

  
	
  Exhibit A-3-1:

  	
   

  	
  Form of Restricted Global Class B-2 Note

  
	
  Exhibit A-3-2:

  	
   

  	
  Form of Regulation S Global Class B-2 Note

  
	
  Exhibit A-3-3:

  	
   

  	
  Form of Unrestricted Global Class B-2 Note

  
	
  Exhibit A-4-1:

  	
   

  	
  Form of Restricted Global Class B-3 Note

  
	
  Exhibit A-4-2:

  	
   

  	
  Form of Regulation S Global Class B-3 Note

  
	
  Exhibit A-4-3:

  	
   

  	
  Form of Unrestricted Global Class B-3 Note

  
	
  Exhibit A-5-1:

  	
   

  	
  Form of Restricted Global Class B-4 Note

  
	
  Exhibit A-5-2:

  	
   

  	
  Form of Regulation S Global Class B-4 Note

  
	
  Exhibit A-5-3:

  	
   

  	
  Form of Unrestricted Global Class B-4 Note

  
	
  Exhibit B-1-1:

  	
   

  	
  Form of Class A Letter of Credit

  
	
  Exhibit B-1-2:

  	
   

  	
  Form of Class A Ford Letter of Credit

  
	
  Exhibit B-2-1:

  	
   

  	
  Form of Class B Letter of Credit

  
	
  Exhibit B-2-2:

  	
   

  	
  Form of Class B Ford Letter of Credit

  
	
  Exhibit C:

  	
   

  	
  Form of Lease Payment Deficit Notice

  
	
  Exhibit D-1-1:

  	
   

  	
  Form of Class A Ford Letter of Credit Reduction
  Notice

  
	
  Exhibit D-1-2:

  	
   

  	
  Form of Class A Ford Letter of Credit Termination
  Notice

  
	
  Exhibit D-2:

  	
   

  	
  Form of Class A Non-Ford Letter of Credit Reduction
  Notice

  
	
  Exhibit D-3-1:

  	
   

  	
  Form of Class B Ford Letter of Credit Reduction
  Notice

  
	
  Exhibit D-3-2:

  	
   

  	
  Form of Class B Ford Letter of Credit Termination
  Notice

  
	
  Exhibit D-4:

  	
   

  	
  Form of Class B Non-Ford Letter of Credit Reduction
  Notice

  
	
  Exhibit E:

  	
   

  	
  Form of Purchaser’s Letter

  
	
  Exhibit F-1:

  	
   

  	
  Form of Class A Transfer Certificate

  
	
  Exhibit F-2:

  	
   

  	
  Form of Restricted Global Note Transfer Certificates

  
	
  Exhibit F-3:

  	
   

  	
  Form of Regulation S Global Note Transfer
  Certificates

  
	
  Exhibit F-4:

  	
   

  	
  Form of Unrestricted Global Note Transfer
  Certificates

  
	
  Exhibit G:

  	
   

  	
  Form of Monthly Noteholders’ Statement

  
	
  Exhibit H:

  	
   

  	
  Form of Series 2005-3 Demand Note

  
	
  Exhibit I:

  	
   

  	
  Form of Estimated Interest Adjustment Notice

  
	
   

  	
   

  	
   

  
	
  ANNEXES

  
	
   

  
	
  Annex A:

  	
   

  	
  Form of Class B Notes Term Sheet

  

 

 iii

AMENDED AND RESTATED SERIES 2005-3 SUPPLEMENT dated as
of August 1, 2006 (“Series Supplement”) between HERTZ VEHICLE FINANCING
LLC, a special purpose limited liability company established under the laws of
Delaware (“HVF”), and BNY MIDWEST TRUST COMPANY, an Illinois trust
company, as trustee (together with its successors in trust thereunder as
provided in the Base Indenture referred to below, the “Trustee”), and as
securities intermediary (in such capacity, the “Securities Intermediary”),
to the Second Amended and Restated Base Indenture, dated as of August 1, 2006,
between HVF and the Trustee (as amended, modified or supplemented from time to
time, exclusive of Series Supplements, the “Base Indenture”).

PRELIMINARY STATEMENT

WHEREAS, HVF and the Trustee entered into the Series
2005-3 Supplement dated as of December 21, 2005 (the “Prior Series
Supplement”);

WHEREAS, HVF and the Trustee desire to amend and
restate the Prior Series Supplement in its entirety as herein set forth; and

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

NOW, THEREFORE, the parties hereto agree as follows:

DESIGNATION

There is hereby created a Series of Notes to be issued
pursuant to the Base Indenture and this Series Supplement and such Series of
Notes shall be designated as Rental Car Asset Backed Notes, Series 2005-3.  On the Series 2005-3 Closing Date, two
classes of Series 2005-3 Notes shall be issued: the first of which shall be
designated as the Series 2005-3 Variable Funding Rental Car Asset Backed Notes,
Class A-1, and referred to herein as the Class A-1 Notes, and the second of
which shall be designated as the Series 2005-3 Variable Funding Rental Car
Asset Backed Notes, Class A-2, and referred to herein as the Class A-2
Notes.  The Class A-1 Notes and the Class
A-2 Notes are referred to herein collectively as the “Class A Notes”.  At any time prior to the Expected Final
Payment Date for the Class of Class B Notes issued, additional Series 2005-3
Notes may be issued in up to four classes: the first of which shall be
designated as the Series 2005-3 Floating Rate Rental Car Asset Backed Notes,
Class B-1, and referred to herein as the Class B-1 Notes, the second of which
shall be designated as the Series 2005-3 Fixed Rate Rental Car Asset Backed
Notes, Class B-2, and referred to herein as the Class B-2 Notes, the third of
which shall be designated as the Series 2005-3 Floating Rate Rental Car Asset
Backed Notes, Class B-3, and referred to herein as the Class B-3 Notes, the
fourth of which shall be designated as the Series 2005-3 Fixed Rate Rental Car
Asset Backed Notes, Class B-4, and referred to herein as the Class B-4
Notes.  The Class B-1 Notes, the Class
B-2 Notes, the Class B-3 Notes, and the Class B-4 Notes are referred to herein
collectively as the “Class B Notes”. 
The Class A Notes and the Class B 

   
 

Notes are referred to
herein collectively as the “Series 2005-3 Notes.”  The Class B Notes shall be issued in minimum
denominations of $25,000 and integral multiples of $1,000 in excess thereof.

The net proceeds from the sale of the Series 2005-3
Notes shall be deposited in the Series 2005-3 Excess Collection Account and
used to make payments in reduction of the Principal Amount of other Series of
Notes or paid to HVF and used to acquire Eligible Vehicles from HGI pursuant to
the Purchase Agreement on the related Series 2005-3 Class B Notes Closing Date
or for other purposes permitted under the Related Documents.

ARTICLE I

DEFINITIONS

(a)           All capitalized
terms not otherwise defined herein shall have the meanings assigned thereto in
the Definitions List attached to the Base Indenture as Schedule I
thereto, as amended, modified, restated or supplemented from time to time in
accordance with the terms of the Base Indenture or the Class A Note Purchase
Agreements; provided, however, that to the extent any capitalized
term used but not defined herein has a meaning assigned to such term in both
the Definitions List attached to the Base Indenture as Schedule I
thereto and the Class A Note Purchase Agreements, then the meaning given to
such term in the Definitions List attached to the Base Indenture as Schedule I
shall apply.  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
2005-3 Notes and not to any other Series of Notes issued by HVF.  All references herein to the “Series 2005-3
Supplement” shall mean the Base Indenture, as supplemented hereby.

(b)           The following words
and phrases shall have the following meanings with respect to the Series 2005-3
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:

“Additional Payment Date” has the meaning
specified in Section 3.3(k) of this Series Supplement.

“Adjusted Aggregate Asset
Amount” means, as of any day, the sum of (a) the Aggregate Asset Amount and
(b) the sum of (1) the amount of cash and Permitted Investments on deposit in
the Series 2005-3 Collection Account and available for reduction of the
Series 2005-3 Principal Amount and (2) the amount of cash and Permitted
Investments on deposit in the Series 2005-3
Excess Collection Account, in each case on such day.

 2
 

“Advance Request” means a Class A-1 Advance
Request or a Class A-2 Advance Request, as the context may require.

“Advance” means a Class A-1 Advance or a Class
A-2 Advance, as the context may require.

“Aggregate BMW/Lexus/Mercedes/Audi Amount”
means as of any date of determination, the sum of the BMW Amount, the Lexus
Amount, the Mercedes Amount and the Audi Amount, in each case, as of such date.

“Annualized Financing Cost” means, with respect
to any Series 2005-3 Interest Period, the amounts payable pursuant to Sections
3.3(b)(i), (ii), and (iv) of this Series Supplement with
respect to such Series 2005-3 Interest Period, expressed as an annual percent
of the Class A Principal Amount.

“Applicable Procedures” has the meaning
specified in Section 6.2 of this Series Supplement.

“Audi Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Audi as of such date.

“Bankrupt Manufacturer” means, as of any day,
each Manufacturer (other than a Top Two Non-Investment Grade Manufacturer) for
which an Event of Bankruptcy has occurred; provided that any such Manufacturer
for which an Event of Bankruptcy has occurred shall cease to constitute a
Bankrupt Manufacturer when it has satisfied the Confirmation Condition.

“Bankrupt Manufacturer Vehicle Amount” means,
as of any date of determination, an amount equal to the Manufacturer
Non-Eligible Vehicle Amount and the Manufacturer Eligible Program Vehicle
Amount, in each case with respect to each Bankrupt Manufacturer as of such
date.

“Bankrupt Manufacturer Vehicle Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Bankrupt Manufacturer Vehicle Amount as
of such date and the denominator of which is the excess of (A) the
Aggregate Asset Amount over (B) the amount of cash and Permitted
Investments on deposit in the Collection Account and the HVF Exchange Account,
in each case as of such date.

“Base Rate Tranche” means the Class A-1 Base
Rate Tranche or the Class A-2 Base Rate Tranche, as the context may require.

“BBB-/Baa3 EPM Amount” means, as of any date of
determination, the sum for all BBB-/Baa3 Manufacturers of an amount, with
respect to each BBB-/Baa3 Manufacturer, equal to the sum, rounded to the
nearest $100,000, of the following amounts to the extent that such amounts are
included in the definition of “Aggregate Asset Amount” for such date: (i) the
Net Book Value of all Eligible Program Vehicles 

 3
 

that are Eligible
Vehicles as of such date that were manufactured by such BBB-/Baa3 Manufacturer
or an Affiliate thereof and not turned in to and accepted by such BBB-/Baa3
Manufacturer pursuant to its Manufacturer Program, not delivered and accepted
for Auction pursuant to its Manufacturer Program or not otherwise sold or
deemed to be sold under the Related Documents, plus (ii) the aggregate amount
of Manufacturer Receivables (other than Excluded Payments) payable to HVF or to
the Intermediary pursuant to the Master Exchange Agreement, in each case as of
such date by such each BBB-/Baa3 Manufacturer with respect to Vehicles that
were Eligible Vehicles and Eligible Program Vehicles when turned in to and
accepted by such BBB-/Baa3 Manufacturer or delivered and accepted for Auction,
plus (iii) with respect to Eligible Vehicles that were Eligible Program Vehicles
that have been delivered and accepted for Auction pursuant to a Manufacturer
Program with such BBB-/Baa3 Manufacturer, all amounts receivable (other than
amounts specified in clause (ii) above) from any person or entity in
connection with the Auction of such Eligible Vehicles as of such date, plus
(iv) with respect to Eligible Vehicles that were Eligible Program Vehicles
manufactured by such BBB-/Baa3 Manufacturer or an Affiliate thereof that have
been turned in to and accepted by such BBB-/Baa3 Manufacturer, delivered and
accepted for Auction, otherwise sold or become a Casualty, any accrued and
unpaid Casualty Payments or Termination Payments with respect to such Eligible
Vehicles as of such date under the HVF Lease, plus (v) with respect to Eligible
Vehicles that were Eligible Program Vehicles manufactured by such BBB-/Baa3
Manufacturer or an Affiliate thereof that have been turned in to and accepted
by such BBB-/Baa3 Manufacturer, delivered and accepted for Auction or otherwise
sold, any accrued and unpaid Monthly Base Rent with respect to such Eligible
Vehicles under the HVF Lease (net of amounts set forth in clauses (ii), (iii),
and (iv) above) plus (vi) with respect to Eligible Vehicles that were
Eligible Program Vehicles sold by HVF to a third party pursuant to Section
2.5(a) of the HVF Lease, any non-return incentives payable to HVF under a
Manufacturer Program by such BBB-/Baa3 Manufacturer in respect of the sale of
such Vehicles outside of the related Manufacturer Program as of such date, plus
(vii) if such date is during the period from and including a Determination Date
to but excluding the next Payment Date, accrued and unpaid Monthly Base Rent
payable on the next Payment Date with respect to all Eligible Vehicles that are
Eligible Program Vehicles as of such date that were manufactured by such
BBB-/Baa3 Manufacturer or an Affiliate thereof and that have not been turned in
to and accepted by such BBB-/Baa3 Manufacturer pursuant to its Manufacturer
Program, not been delivered and accepted for Auction pursuant to its
Manufacturer Program and not otherwise been sold or deemed to be sold under the
Related Documents.  For the purposes of
this definition, an Affiliate of a Manufacturer shall not include any Person who
is included as a Manufacturer hereunder.

“BBB-/Baa3 EPM Vehicle Percentage” means, as of
any date of determination, the percentage equivalent of a fraction, the
numerator of which is the BBB-/Baa3 EPM Amount as of such date and the
denominator of which is the excess of (A) the Aggregate Asset Amount over
(B) the amount of cash and Permitted Investments on deposit in the
Collection Account and the HVF Exchange Account, in each case as of such date.

 4
 

“BBB-/Baa3 EPM Vehicle Percentage Excess”
means, as of any date of determination, the excess, if any, of the BBB-/Baa3
EPM Vehicle Percentage as of such date over 10%.

“BBB-/Baa3 Manufacturer” means, as of any day,
each Manufacturer of a Program Vehicle from an Eligible Program Manufacturer
that is rated at least “BBB-” from S&P, at least “Baa3” from Moody’s and,
unless otherwise agreed to by Fitch, at least “BBB-” from Fitch, but which is
not rated at least “BBB” from S&P, at least “Baa2” from Moody’s and, unless
otherwise agreed to by Fitch, at least “BBB” from Fitch; provided that
upon the withdrawal of the rating of a Manufacturer by a Rating Agency or upon
the downgrade of a Manufacturer by a Rating Agency to a rating that would
require inclusion of such Manufacturer in this definition, for purposes of this
definition and each instance in which this definition is used in this Series
Supplement, such Manufacturer shall be deemed to be rated “BBB”, “Baa2” and/or “BBB”,
as applicable, by the Rating Agency which downgraded such Manufacturer for a
period of 30 days following the earlier of (i) the date on which any of the
Administrator, HVF or the Servicer obtains actual knowledge of such downgrade
and (ii) the date an which the Trustee or the Insurer notifies the
Administrator of such downgrade.

“BMW Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to BMW as of such date.

“BNY MTC” means BNY Midwest Trust Company, an
Illinois trust company, and its successors and assigns.

“Calculation Agent” means BNY MTC, in its
capacity as calculation agent with respect to the Class B-1 Note Rate and the
Class B-3 Note Rate.

“Class” means a class of the Series 2005-3
Notes, which may be the Class A-1 Notes, Class A-2 Notes, the Class B-1 Notes,
the Class B-2 Notes, the Class B-3 Notes or the Class B-4 Notes.

“Class A Adjusted Daily Interest Amount” means,
for any day in a Series 2005-3 Interest Period, an amount equal to the result
of (a) the sum of (x) the product of (i) the Class A-1 Note Rate for such
Series 2005-3 Interest Period and (ii) the Class A-1 Outstanding Principal
Amount as of the close of business on such date, and (y) the product of (i) the
Class A-2 Note Rate for such Series 2005-3 Interest Period and (ii) the Class
A-2 Outstanding Principal Amount as of the close of business on such date,
divided by (b) 360.

“Class A Adjusted Enhancement Amount” means,
the Class A Enhancement Amount, excluding from the calculation thereof the
amount available to be drawn under any Series 2005-3 Letter of Credit if at the
time of such calculation (A) such Series 2005-3 Letter of Credit shall not be
in full force and effect, (B) an Event of Bankruptcy shall have occurred with
respect to the Series 2005-3 Letter of Credit Provider of such Series 2005-3
Letter of Credit, (C) such Series 2005-3 Letter of Credit 

 5
 

Provider shall have
repudiated such Series 2005-3 Letter of Credit or failed to honor a draw
thereon made in accordance with the terms thereof or (D) a Class A Downgrade
Event shall have occurred and be continuing for at least 30 days with respect
to the Series 2005-3 Letter of Credit Provider of such Series 2005-3 Letter of
Credit.

“Class A Adjusted Liquidity Amount” means, the
Class A Liquidity Amount, excluding from the calculation thereof the amount
available to be drawn under any Class A Letter of Credit if at the time of such
calculation (A) such Class A Letter of Credit shall not be in full force and
effect, (B) an Event of Bankruptcy shall have occurred with respect to the
Class A Letter of Credit Provider of such Class A Letter of Credit, (C) such
Class A Letter of Credit Provider shall have repudiated such Class A Letter of
Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Class A Downgrade Event shall have occurred and be continuing
for at least 30 days with respect to the Series 2005-3 Letter of Credit
Provider of such Series 2005-3 Letter of Credit.

“Class A Adjusted Monthly Interest” means, with
respect to any Payment Date, the sum of (i) the Class A Adjusted Daily
Interest Amount for each day in the related Series 2005-3 Interest Period, plus
(ii) all previously due and unpaid amounts described in clause (i)
with respect to prior Series 2005-3 Interest Periods (together with interest on
such unpaid amounts required to be paid in this clause (ii) at the Class
A Note Rate), plus (iii) the Undrawn Facility Fee for such Payment Date,
calculated in accordance with Section 3.02(b) of the applicable Class A Note
Purchase Agreement, minus (iv) the amount of any interest payments made
to the Class A Noteholders during such Series 2005-3 Interest Period pursuant
to Section 3.3(k) of this Series Supplement.

“Class A Adjusted Principal Amount” means, as
of any date of determination, the excess, if any, of (A) the Class A Principal
Amount as of such date over (B) the sum of (1) the amount of cash and Permitted
Investments on deposit in the Series 2005-3 Excess Collection Account and (2)
the amount of cash and Permitted Investments on deposit in the Series 2005-3
Collection Account and available for reduction of the Class A Principal Amount,
in each case, as of such date.

“Class A Asset Amount” means, as of any date of
determination, the product of (i) the Class A Asset Percentage as of such date
and (ii) the Aggregate Asset Amount as of such date.

“Class A Asset Percentage” means, as of any
date of determination, a fraction, the numerator of which shall be equal to the
Class A Required Asset Amount, determined during the Series 2005-3 Revolving Period
as of the end of the immediately preceding Related Month (or, until the end of
the initial Related Month after the Series 2005-3 Closing Date, on the Series
2005-3 Closing Date), or, during the Series 2005-3 Rapid Amortization Period,
as of the end of the Series 2005-3 Revolving Period, and the denominator of
which shall be the greater of (I) the Aggregate Asset Amount as of the end of
the immediately preceding Related Month or, until the end of the initial
Related Month after the Series 2005-3 Closing Date, as of the Series 2005-3
Closing Date and (II) as of the same date as in clause (I), the
Aggregate Required Asset Amount.

 6
 

“Class A Available Cash Collateral Account Amount”
means, as of any date of determination, the sum of (a) the Class A Available
Ford Cash Collateral Account Amount and (b) the Class A Available Non-Ford Cash
Collateral Account Amount.

“Class A Available Ford Cash Collateral Account
Amount” means, as of any date of determination, the amount on deposit in
the Class A Ford Cash Collateral Account (after giving effect to any deposits
thereto and withdrawals and releases therefrom on such date).

“Class A Available Non-Ford Cash Collateral Account
Amount” means, as of any date of determination, the amount on deposit in
the Class A Non-Ford Cash Collateral Account (after giving effect to any
deposits thereto and withdrawals and releases therefrom on such date).

“Class A Available Reserve Account Amount”
means, as of any date of determination, the amount on deposit in the Class A
Reserve Account.

“Class A Cash Collateral Account” means a Class
A Ford Cash Collateral Account and/or a Class A Non-Ford Cash Collateral
Account, as the context may require.

“Class A Cash Collateral Account Interest and
Earnings” means with respect to a Class A Cash Collateral Account all
interest and earnings (net of losses and investment expenses) paid on funds on
deposit in such Class A Cash Collateral Account.

“Class A Cash Collateral Account Surplus”
means, with respect to any Payment Date, the lesser of (a) the sum of (x) the
Class A Available Ford Cash Collateral Account Amount and (y) the Class A
Available Non-Ford Cash Collateral Account Amount and (b) the least of (i) the
excess, if any, of the Class A Adjusted Enhancement Amount (after giving effect
to any withdrawal from the Class A Reserve Account on such Payment Date) over
the Class A Required Enhancement Amount on such Payment Date, (ii) the excess,
if any, of the Class A Adjusted Liquidity Amount over the Class A Required
Liquidity Amount on such Payment Date, and (iii) the excess, if any, of the
Class B Adjusted Enhancement Amount over the Class B Required Enhancement
Amount on such Payment Date.

“Class A Certificate of Credit Demand” means a
certificate in the form of Annex A to a Class A Letter of Credit.

“Class A Certificate of Preference Payment Demand”
means a certificate in the form of Annex C to a Class A Letter of Credit.

“Class A Certificate of Termination Demand”
means a certificate in the form of Annex D to a Class A Letter of Credit.

“Class A Certificate of Unpaid Demand Note Demand”
means a certificate in the form of Annex B to Class A Letter of Credit.

 7
 

“Class A Commercial Paper” means the Class A-1
Commercial Paper and the Class A -2 Commercial Paper.

“Class A Daily Interest Amount” means, for any
day in a Series 2005-3 Interest Period, an amount equal to the result of (a)
the sum of (x) the product of (i) the Class A-1 Note Rate for such Series
2005-3 Interest Period and (ii) the Class A-1 Principal Amount as of the close
of business on such date and (y) the product of (i) the Class A-2 Note Rate for
such Series 2005-3 Interest Period and (ii) the Class A-2 Principal Amount as
of the close of business on such date divided by (b) 360; provided, that
the aggregate principal amount of any Class A Notes that have been redeemed
with the proceeds of a draw on the Insurance Policy shall be deemed to accrue
interest at the Late Payment Rate (as defined in the Insurance Agreement).

“Class A Deficiency Amount” means a Class A-1
Deficiency Amount, or a Class A-2 Deficiency Amount, as the context may
require.

“Class A Disbursement” shall mean any Class A
LOC Credit Disbursement, any Class A LOC Preference Payment Disbursement, any
Class A LOC Termination Disbursement or any Class A LOC Unpaid Demand Note
Disbursement under the Class A Letters of Credit or any combination thereof, as
the context may require.

“Class A Downgrade Event” has the meaning
specified in Section 3.9(c) of this Series Supplement.

“Class A Eligible Ford Letter of Credit Provider”
means a Person having, at the time of the issuance of the related Class A Ford
Letter of Credit, a long-term senior unsecured debt rating (or the equivalent
thereof in the case of Moody’s or Standard & Poor’s, as applicable) of at
least “A+” from Standard & Poor’s and, at least “A1” from Moody’s and a
short-term senior unsecured debt rating of at least “A-1” from Standard &
Poor’s and “P-1” from Moody’s; provided that, other than in connection
with the initial Series 2005-3 Ford Letter of Credit Provider, for so long as
any Class A Notes are Outstanding, each Class A Eligible Ford Letter of Credit
Provider shall be approved by the Insurer, such approval not to be unreasonably
withheld or delayed.

“Class A Eligible Letter of Credit Provider”
means a Person having, at the time of the issuance of the related Class A
Letter of Credit, a long-term senior unsecured debt rating (or the equivalent
thereof in the case of Moody’s or Standard & Poor’s, as applicable) of at
least “A+” from Standard & Poor’s and at least “A1” from Moody’s and a
short-term senior unsecured debt rating of at least “A-1” from Standard &
Poor’s and “P-1” from Moody’s; provided that, for so long as any Class A
Notes are Outstanding, each Class A Eligible Letter of Credit Provider shall be
approved by the Insurer, such approval not to be unreasonably withheld or
delayed.

“Class A Eligible Program Vehicle Percentage”
means, as of any date of determination, the result of (x) a fraction, expressed
as a percentage, the numerator of which is the excess, if any, of (i) the
Eligible Program Vehicle Amount as of such date 

 8
 

over (ii) the
Non-Investment Grade Eligible Program Manufacturer Vehicle Amount as of such
date and the denominator of which is the excess of (A) the Aggregate Asset
Amount over (B) the amount of cash and Permitted Investments on deposit in
the Collection Account and the HVF Exchange Account, in each case as of such
date minus (y) the BBB-/Baa3 EPM Vehicle Percentage Excess.

“Class A Enhancement Amount” means, as of any
date of determination, the sum of (i) the greater of (x) the Class A
Overcollateralization Amount as of such date and (y)(A) as of any date on which
no Aggregate Asset Amount Deficiency exists, the Class B Adjusted Principal
Amount plus the Class B Overcollateralization Amount, in each case, as of such
date or (B) as of any date on which an Aggregate Asset Amount Deficiency
exists, $0, (ii) the Class A Letter of Credit Amount as of such date, (iii) the
Class A Available Reserve Account Amount as of such date (after giving effect
to any deposits thereto and withdrawals and releases therefrom on such date),
(iv) the Class B Letter of Credit Amount as of such date and (v) the Class B
Available Reserve Account Amount as of such date (after giving effect to any
deposits thereto and withdrawals and releases therefrom on such date).

“Class A Enhancement Deficiency” means, on any
day, the amount by which the Class A Adjusted Enhancement Amount is less than
the Class A Required Enhancement Amount.

“Class A Excess Principal Event” shall be
deemed to have occurred if, on any date, the Class A Outstanding Principal
Amount exceeds the Class A Maximum Principal Amount.

“Class A Five Year Percentage” means, as of any
date of determination, the percentage equivalent of a fraction, the numerator
of which is the Class A-2 Principal Amount as of such date and the denominator
of which is the Class A Principal Amount as of such date.

“Class A Five Year Weighted Average Required
Non-Eligible Vehicle Enhancement Percentage” means, as of any date of determination,
the sum of (i) the product of the Class A Hedged Five Year Percentage as of
such date times the Class A Hedged Five Year Required Non-Eligible Vehicle
Enhancement Percentage and (ii) the product of the Class A Unhedged Five Year
Percentage as of such date times the Class A Unhedged Five Year Required
Non-Eligible Vehicle Enhancement Percentage.

 9
 

“Class A Five Year Weighted Average Required Other
Non-Investment Grade Manufacturer Vehicle Enhancement Percentage” means, as
of any date of determination, the sum of (i) the product of the Class A Hedged
Five Year Percentage as of such date times the Class A Hedged Five Year
Required Other Non-Investment Grade Manufacturer Vehicle Enhancement Percentage
and (ii) the product of the Class A Unhedged Five Year Percentage as of such
date times the Class A Unhedged Five Year Required Other Non-Investment Grade
Manufacturer Vehicle Enhancement Percentage.

“Class A Five Year Weighted Average Required
Program Vehicle Enhancement Percentage” means, as of such date of
determination, the sum of (i) the product of the Class A Hedged Five Year
Percentage as of such date times the Class A Hedged Five Year Required Program
Vehicle Enhancement Percentage and (ii) the product of the Class A Unhedged
Five Year Percentage as of such date times the Class A Unhedged Five Year
Required Program Vehicle Enhancement Percentage.

“Class A Ford Cash Collateral Account” has the
meaning specified in Section 3.9(g)(I) of this Series Supplement.

“Class A Ford Cash Collateral Account Collateral” has
the meaning specified in Section 3.9(a)(I) of this Series Supplement.

“Class A Ford Cash Collateral Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Class A Available Ford Cash Collateral
Account Amount as of such date and the denominator of which is the Class A Ford
Letter of Credit Liquidity Amount as of such date.

“Class A Ford Letter of Credit” means an
irrevocable letter of credit, substantially in the form of Exhibit B-1-2
to this Series Supplement and otherwise in form and substance satisfactory to
the Insurer, issued for the account of Ford or an affiliate thereof by a Class
A Eligible Ford Letter of Credit Provider in favor of the Trustee for the
benefit of the Series 2005-3 Noteholders; provided, however, that
the Insurer agrees that any Class A Letter of Credit that is in the form and
substance of the Class A Letter of Credit delivered to the Trustee on the
Series 2005-3 Closing Date is in form and substance satisfactory to the
Insurer.

“Class A Ford Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class A Ford Letter of Credit, as
specified therein, and (b) if a Class A Ford Cash Collateral Account has been
established and funded pursuant to Section 3.9 of this Series
Supplement, the Class A Available Ford Cash Collateral Account Amount on such
date.

“Class A Ford Letter of Credit Provider” means
the issuer of a Class A Ford Letter of Credit.

“Class A Hedged Five Year Percentage” means, as
of any date of determination, the percentage equivalent of a fraction, the
numerator of which is the portion of the Principal Amount of the Class A-2
Notes that is supported by a Series 2005-3 Interest Rate Hedge as of such date
and the denominator of which is the Class A-2 Principal Amount as of such date;
provided that for purposes of this definition and the determination of
the Series 2005-3 Required Enhancement Percentage, the available notional
amount under all Series 2005-3 Interest Rate Hedges will be allocated to cover
the Class A-2 Notes first, and any notional amount remaining after application
to coverage of the Class A-2 Notes shall be allocated to the Class A-1 Notes; provided

 10
 

further that the Class A
Hedged Five Year Percentage shall in no event be greater than 100%.

“Class A Hedged Five Year Required Non-Eligible
Vehicle Enhancement Percentage” means 20% (or such lower percentage as may
be agreed to by HVF and the Rating Agencies, subject to satisfaction of the
Series 2005-3 Rating Agency Condition).

“Class A Hedged Five Year Required Other
Non-Investment Grade Manufacturer Vehicle Enhancement Percentage” means
29.75% (or such lower percentage as may be agreed to by HVF and the Rating
Agencies, subject to satisfaction of the Series 2005-3 Rating Agency
Condition).

“Class A Hedged Five Year Required Program Vehicle
Enhancement Percentage” means 15% (or such lower percentage as may be
agreed to by HVF and the Rating Agencies, subject to satisfaction of the Series
2005-3 Rating Agency Condition).

“Class A Hedged Percentage” means, as of any
date of determination, the percentage equivalent of a fraction, the numerator
of which is the portion of the Principal Amount of the Class A Notes that is
supported by a Series 2005-3 Interest Rate Hedge as of such date and the
denominator of which is the Class A Principal Amount as of such date; provided
that the Class A Hedged Percentage shall in no event be greater than 100%.

“Class A Hedged Three Year Percentage” means,
as of any date of determination, the percentage equivalent of a fraction, the
numerator of which is the portion of the Principal Amount of the Class A-1
Notes that is supported by a Series 2005-3 Interest Rate Hedge as of such date
and the denominator of which is the Class A-1 Principal Amount as of such date;
provided that for purposes of this definition and the determination of
the Series 2005-3 Required Enhancement Percentage, the available notional
amount under all Series 2005-3 Interest Rate Hedges will be allocated to cover
the Class A-2 Notes first, and any notional amount remaining after application
to coverage of the Class A-2 Notes shall be allocated to the Class A-1 Notes; provided
further that the Class A Hedged Three Year Percentage shall in no event be
greater than 100%.

“Class A Hedged Three Year Required Non-Eligible
Vehicle Enhancement Percentage” means 20% (or such lower percentage as may
be agreed to by HVF and the Rating Agencies, subject to satisfaction of the
Series 2005-3 Rating Agency Condition).

“Class A Hedged Three Year Required Other
Non-Investment Grade Manufacturer Vehicle Enhancement Percentage” means
29.75% (or such lower percentage as may be agreed to by HVF and the Rating
Agencies, subject to satisfaction of the Series 2005-3 Rating Agency
Condition).

“Class A Hedged Three Year Required Program Vehicle
Enhancement Percentage” means 15% (or such lower percentage as may be
agreed to by HVF and the Rating Agencies, subject to satisfaction of the Series
2005-3 Rating Agency Condition).

 11
 

“Class A Letter of Credit” means (i) a
Class A Ford Letter of Credit or (ii) an irrevocable letter of credit,
substantially in the form of Exhibit B-1-1 to this Series Supplement and
otherwise in form and substance satisfactory to the Insurer, issued by a Class
A Eligible Letter of Credit Provider in favor of the Trustee for the benefit of
the Series 2005-3 Noteholders; provided, however, that the
Insurer agrees that any Class A Letter of Credit that is in the form and
substance of the Class A Letter of Credit delivered to the Trustee on the
Series 2005-3 Closing Date is in form and substance satisfactory to the
Insurer.

“Class A Letter of Credit Agreement” means the
Class A Letter of Credit Reimbursement Agreement and any other agreement
pursuant to which a Class A Letter of Credit is issued in favor of the Trustee
for the benefit of the Series 2005-3 Noteholders.

“Class A Letter of Credit Amount” means, as of
any date of determination, the sum of the Class A Ford Letter of Credit
Liquidity Amount on such date and the Class A Non-Ford Letter of Credit Amount
on such date.

“Class A Letter of Credit Expiration Date”
means, with respect to any Class A Letter of Credit, the expiration date set
forth in such Class A Letter of Credit, as such date may be extended in
accordance with the terms of such Class A Letter of Credit.

“Class A Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class A Letter of Credit, as
specified therein, and (b) if a Class A Cash Collateral Account has been
established and funded pursuant to Section 3.9(g) of this Series
Supplement, the Class A Available Cash Collateral Account Amount on such date.

“Class A Letter of Credit Provider” means the
issuer of a Class A Letter of Credit.

“Class A Letter of Credit Reimbursement Agreement”
means any and each reimbursement agreement providing for the reimbursement of a
Class A Letter of Credit Provider for draws under its Class A Letter of Credit,
other than any such reimbursement agreement between Ford and a Class A Ford
Letter of Credit Provider, as the same may be amended, restated, modified or
supplemented from time to time in accordance with its terms.

“Class A Liquidity Amount” means, as of any
date of determination, the sum of (a) the Class A Letter of Credit Liquidity
Amount and (b) the Class A Available Reserve Account Amount on such date (after
giving effect to any deposits thereto on such date).

“Class A Liquidity Deficiency”
means, as of any date of determination, the amount by which the Class A
Adjusted Liquidity Amount is less than the Class A Required Liquidity Amount as
of such date.

 12
 

“Class A Liquidity Surplus”
means, with respect to any date of determination, the excess, if any, of the
Class A Adjusted Liquidity Amount over the Class A Required Liquidity Amount,
in each case, as of such date.

“Class A LOC Credit Disbursement” means an
amount drawn under a Class A Letter of Credit pursuant to a Class A Certificate
of Credit Demand.

“Class A LOC Preference Payment Disbursement”
means an amount drawn under a Class A Letter of Credit pursuant to a Class A
Certificate of Preference Payment Demand.

“Class A LOC Termination Disbursement” means an
amount drawn under a Class A Letter of Credit pursuant to a Class A Certificate
of Termination Demand.

“Class A LOC Unpaid Demand Note Disbursement”
means an amount drawn under a Class A Letter of Credit pursuant to a Class A
Certificate of Unpaid Demand Note Demand.

“Class A Maximum Principal Amount” means, as of
any date of determination, the sum of the Class A-1 Maximum Principal Amount
and the Class A-2 Maximum Principal Amount, in each case as of such date.

“Class A Mazda Vehicle Percentage Excess”
means, as of any date of determination, the excess, if any, of (x) the
percentage equivalent of a fraction, the numerator of which is the Mazda Amount
and the denominator of which is the excess of (A) the Aggregate Asset
Amount over (B) the amount of cash and Permitted Investments on deposit in
the Collection Account and the HVF Exchange Account, in each case as of such
date over (y) 10.00%; provided that on any date of determination on
which Mazda is a Bankrupt Manufacturer or a Top Two Non-Investment Grade
Manufacturer, the “Class A Mazda Vehicle Percentage Excess” shall be zero.

“Class A Monthly Default Interest Amount”
means, with respect to any Payment Date, the sum of (i) an amount equal to the
result of (a) the product of (x) 2.0%, (y) the Class A Principal Amount as of
the close of business on such date and (z) the actual number of days in the
related Series 2005-3 Interest Period during which an Amortization Event has
occurred and is continuing with respect to the Series 2005-3 Notes divided by (b)
360, plus (ii) all previously due and unpaid amounts described in clause
(i) with respect to prior Series 2005-3 Interest Periods (together with
interest on such unpaid amounts required to be paid in this clause (ii)
at the rate specified in clause (i)).

“Class A Monthly Interest” means, with respect
to any Payment Date, the sum of (i) the Class A Daily Interest Amount for each
day in the related Series 2005-3 Interest Period, plus (ii) all
previously due and unpaid amounts described in clause (i) with respect
to prior Series 2005-3 Interest Periods (together with interest on such unpaid
amounts required to be paid in this clause (ii) at the applicable Class
A Note Rate), plus (iii) any Indenture Carrying Charges due to the Class
A Noteholders and unpaid as of 

 13
 

such Payment Date
(including, without limitation, the Program Fee and the Undrawn Facility Fee
for such Payment Date), minus (iv) the amount of any interest payments
made to the Class A Noteholders during such Series 2005-3 Interest Period
pursuant to Section 3.3(k) of this Series Supplement.

“Class A Non-Eligible Vehicle Percentage”
means, as of any date of determination, the result of (x) the percentage
equivalent of a fraction, the numerator of which is the result of (i) the
Non-Eligible Vehicle Amount minus the Bankrupt Manufacturer Vehicle Amount (to
the extent included in the Non-Eligible Vehicle Amount), in each case as of
such date plus (ii) the Non-Investment Grade Eligible Program Manufacturer
Vehicle Amount minus the Bankrupt Manufacturer Vehicle Amount (to the extent
included in the Non-Investment Grade Eligible Program Manufacturer Vehicle
Amount), in each case as of such date minus (iii) the Top Two Non-Investment
Grade Manufacturer Non-Eligible Vehicle Amount minus the Bankrupt Manufacturer
Vehicle Amount (to the extent included in the Top Two Non-Investment Grade
Manufacturer Non-Eligible Vehicle Amount), in each case as of such date minus
(iv) the Top Two Non-Investment Grade EPM Amount minus the Bankrupt
Manufacturer Vehicle Amount (to the extent included in the Top Two
Non-Investment Grade EPM Amount), in each case as of such date and the
denominator of which is the excess of (A) the Aggregate Asset Amount over
(B) the amount of cash and Permitted Investments on deposit in the Collection
Account and the HVF Exchange Account, in each case as of such date minus (y)
the Class A Non-Investment Grade Manufacturer Vehicle Percentage Excess minus
(z) the Class A Mazda Vehicle Percentage Excess.

“Class A Non-Ford Cash Collateral Account” has
the meaning specified in Section 3.9(g)(II) of this Series Supplement.

“Class A Non-Ford Cash Collateral Account Collateral”
has the meaning specified in Section 3.9(a)(II) of this Series Supplement.

“Class A Non-Ford Cash Collateral Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Class A Available Non-Ford Cash
Collateral Account Amount as of such date and the denominator of which is the
Class A Non-Ford Letter of Credit Liquidity Amount as of such date.

“Class A Non-Ford Letter of Credit” means each
Class A Letter of Credit other than a Class A Ford Letter of Credit.

“Class A Non-Ford Letter of Credit Amount”
means, as of any date of determination, the lesser of (a) the sum of (i) the
aggregate amount available to be drawn on such date under the Class A Non-Ford
Letters of Credit, as specified therein, and (ii) if the Class A Non-Ford Cash
Collateral Account has been established and funded pursuant to Section 3.9
of this Series Supplement, the Class A Available Non-Ford Cash Collateral
Account Amount on such date and (b) the outstanding principal amount of the
Series 2005-3 Demand Note on such date.

 14
 

“Class A Non-Ford Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class A Non-Ford Letter of
Credit, as specified therein, and (b) if a Class A Non-Ford Cash Collateral
Account has been established and funded pursuant to Section 3.9 of this
Series Supplement, the Class A Available Non-Ford Cash Collateral Account
Amount on such date.

“Class A Non-Ford Letter of Credit Provider”
means the issuer of a Class A Non-Ford Letter of Credit.

“Class A Non-Investment Grade Manufacturer Vehicle Amount
Excess” means, as of any date of determination, the result of (i) the
Non-Investment Grade Eligible Program Manufacturer Vehicle Amount as of such
date plus (ii) the Non-Investment Grade Manufacturer Non-Eligible Vehicle
Amount as of such date minus (iii) the Top Two Non-Investment Grade EPM Amount
as of such date minus (iv) the Top Two Non-Investment Grade Manufacturer
Non-Eligible Vehicle Amount as of such date.

“Class A Non-Investment Grade Manufacturer Vehicle
Percentage Excess” means, as of any date of determination, the excess, if
any, of (x) the percentage equivalent of a fraction, the numerator of which is
the Class A Non-Investment Grade Manufacturer Vehicle Amount Excess and the
denominator of which is the excess of (A) the Aggregate Asset Amount over
(B) the amount of cash and Permitted Investments on deposit in the
Collection Account and the HVF Exchange Account, in each case as of such date
over (y) the sum of (i) 30.00%, (ii) the Class A Mazda Vehicle Percentage
Excess and (iii) the Bankrupt Manufacturer Vehicle Percentage.

“Class A Noteholders” means, collectively, the
Class A-1 Noteholders and the Class A-2 Noteholders.

“Class A Note Purchase Agreements” means the
Class A-1 Note Purchase Agreement and/or the Class A-2 Note Purchase Agreement,
as the context may require.

“Class A Note Rate” means the Class A-1 Note
Rate and/or the Class A-2 Note Rate, as the context may require.

“Class A Notes” means, collectively, the Class
A-1 Notes and the Class A-2 Notes.

“Class A Notice of Reduction” means a notice in
the form of Annex E to a Class A Letter of Credit.

“Class A Other Non-Investment Grade Manufacturer
Vehicle Percentage” means, as of any date of determination, the sum of (w)
the percentage equivalent of a fraction, the numerator of which is the sum of
(i) the Top Two Non-Investment Grade EPM Amount as of such date and (ii) the
Top Two Non-Investment Grade Manufacturer Non-Eligible Vehicle Amount as of
such date and the denominator of which is the excess of (A) the Aggregate
Asset Amount over (B) the amount of cash and Permitted Investments on
deposit in the Collection Account and the HVF Exchange Account, in 

 15
 

each case as of such date
plus (x) the Class A Non-Investment Grade Manufacturer Vehicle Percentage
Excess plus (y) the Class A Mazda Vehicle Percentage Excess plus (z) the
Bankrupt Manufacturer Vehicle Percentage.

“Class A Outstanding Principal Amount” means,
as of any date of determination, the sum of the Class A-1 Outstanding Principal
Amount and the Class A-2 Outstanding Principal Amount, in each case, as of such
date.

“Class A Overcollateralization Amount” means as
of any date of determination, (i) on which no Aggregate Asset Amount Deficiency
exists, the Class A Required Overcollateralization Amount as of such date or
(ii) on which an Aggregate Asset Amount Deficiency exists, the excess, if any,
of the Class A Asset Amount over the Class A Adjusted Principal Amount as of
such date.

“Class A Percentage” shall mean a fraction
expressed as a percentage, the numerator of which is the Class A Principal
Amount and the denominator of which is the Series 2005-3 Principal Amount.

“Class A Preference Amount” means any amount
previously paid by Hertz pursuant to the Series 2005-3 Demand Note and
distributed to the Class A Noteholders in respect of amounts owing under the
Class A Notes that is recoverable or that has been recovered as a voidable
preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the
Bankruptcy Code in accordance with a final nonappealable order of a court
having competent jurisdiction.

“Class A Principal Amount” means, as of any
date of determination, the sum of the Class A-1 Principal Amount and the Class
A-2 Principal Amount, in each case, as of such date.

“Class A Principal Deficit Amount” means, on
any date of determination, the excess, if any, of (a) the Class A Adjusted
Principal Amount on such date (after giving effect to the distribution of the
Monthly Total Principal Allocation for the Related Month) over (b) the Class A
Asset Amount on such date; provided, however, the Class A Principal
Deficit Amount on any date that is prior to the Five-Year Notes Legal Final
Payment Date occurring during the period commencing on and including the date
of the filing by Hertz of a petition for relief under Chapter 11 of the
Bankruptcy Code to but excluding the date on which Hertz shall have resumed
making all payments of Monthly Variable Rent required to be made under the HVF
Lease, shall mean the excess, if any, of (x) the Class A Adjusted Principal
Amount on such date (after giving effect to the distribution of the
Monthly Total Principal Allocation for the Related Month) over (y) the sum of (1) the Class A Asset
Amount on such date and (2) the lesser of (a) the Series 2005-3 Liquidity
Amount on such date and (b) the Series 2005-3 Required Liquidity Amount on such
date.

“Class A Repurchase Amount” has the meaning
specified in Section 7.1 of this Series Supplement.

 16
 

“Class A Required Asset Amount” means, as of
any date of determination, the sum of the Class A Adjusted Principal Amount and
the Class A Required Overcollateralization Amount, in each case, as of such
date.

“Class A Required Asset Amount Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Class A Required Asset Amount and the
denominator of which is the Aggregate Required Asset Amount as of such date.

“Class A Required Enhancement Amount” means, as
of any date of determination, the sum of (i) the product of the Class A
Required Enhancement Percentage as of such date and the Class A Adjusted
Principal Amount as of such date and (ii) the Class A Required Enhancement
Incremental Amount as of such date; provided, however, that, as
of any date of determination after the occurrence of a Series 2005-3 Limited
Liquidation Event of Default, the Class A Required Enhancement Amount shall
equal the lesser of (x) the Class A Adjusted Principal Amount as of such date
and (y) the sum of (l) the product of the Class A Required Enhancement
Percentage as of such date of determination and the Class A Adjusted Principal
Amount as of the date of the occurrence of such Series 2005-3 Limited
Liquidation Event of Default and (2) the Class A Required Enhancement
Incremental Amount as of such date of determination.

“Class A Required Enhancement Incremental Amount”
means

(i)            as
of the Series 2005-3 Closing Date, $0; and

(ii)           as
of any date thereafter, the product of (A) the Class A Required Asset Amount
Percentage as of the immediately preceding Business Day and (B) the sum of (1)
the excess, if any, of the Non-Eligible Vehicle Amount (excluding from the
calculation thereof, to the extent that an Event of Bankruptcy has occurred
with respect to any of Ford, GM, Chrysler, Toyota and Honda, the Net Book Value
of the HVF Vehicles (other than Non-Program Vehicles manufactured by any such
Manufacturer as of the date of the occurrence of such Event of Bankruptcy)
manufactured by each such Manufacturer for which an Event of Bankruptcy has
occurred and any amounts related to such HVF Vehicles due from such
Manufacturer) over the Series 2005-3 Maximum Non-Eligible Vehicle Amount as of
such immediately preceding Business Day, (2) the excess, if any, of the Hyundai
Amount over the Series 2005-3 Maximum Hyundai Amount as of such immediately
preceding Business Day, (3) the excess, if any, of the Jaguar Amount over the
Series 2005-3 Maximum Jaguar Amount as of such immediately preceding Business
Day, (4) the excess, if any, of the Kia Amount over the Series 2005-3 Maximum
Kia Amount as of such immediately preceding Business Day, (5) the excess, if
any, of the Land Rover Amount over the Series 2005-3 Maximum Land Rover Amount
as of such immediately preceding Business Day, (6) the excess, if any, of the
Mazda Amount over the Series 2005-3 Maximum Mazda Amount as of such immediately
preceding Business Day, (7) the excess, if any, of the Mitsubishi Amount over
the Series 2005-3 Maximum 

 17
 

Mitsubishi Amount as of
such immediately preceding Business Day, (8) the excess, if any, of the Subaru
Amount over the Series 2005-3 Maximum Subaru Amount as of such immediately
preceding Business Day, (9) the excess, if any, of the Volvo Amount over the
Series 2005-3 Maximum Volvo Amount as of such immediately preceding Business
Day, (10) the excess, if any, of the Non-Eligible Manufacturer Amount over the
Series 2005-3 Maximum Non-Eligible Manufacturer Amount as of such immediately
preceding Business Day, (11) the excess, if any, of the Manufacturer
Non-Eligible Vehicle Amount with respect to any Manufacturer (excluding from
the calculation thereof, to the extent that an Event of Bankruptcy has occurred
with respect to any of Ford, GM, Chrysler, Toyota and Honda, the Net Book Value
of the HVF Vehicles (other than Non-Program Vehicles manufactured by any such
Manufacturer as of the date of the occurrence of such Event of Bankruptcy)
manufactured by each such Manufacturer for which an Event of Bankruptcy has
occurred and any amounts related to such HVF Vehicles due from such
Manufacturer) over the Series 2005-3 Maximum Manufacturer Non-Eligible Vehicle
Amount as of such immediately preceding Business Day, (12) the excess, if any,
of the Audi Amount over the Series 2005-3 Maximum Audi Amount as of such
immediately preceding Business Day, (13) the excess, if any of the BMW Amount
over the Series 2005-3 Maximum BMW Amount as of such immediately preceding
Business Day, (14) the excess, if any of the Lexus Amount over the Series
2005-3 Maximum Lexus Amount as of such immediately preceding Business Day, (15)
the excess, if any of the Mercedes Amount over the Series 2005-3 Maximum
Mercedes Amount as of such immediately preceding Business Day, (16) the excess,
if any of the Aggregate BMW/Lexus/Mercedes/Audi Amount over the Series 2005-3
Maximum Aggregate BMW/Lexus/Mercedes/Audi Amount as of such immediately
preceding Business Day and (17) the excess, if any of the HVF Service Vehicle
Amount over the Series 2005-3 Maximum HVF Service Vehicle Amount as of such
immediately preceding Business Day.  The
Manufacturer Non-Eligible Vehicle Amounts with respect to Ford, Volvo, Jaguar
and Land Rover shall be calculated on an aggregate basis so that they will be
considered as one Manufacturer for the purpose of the calculation of the Series
2005-3 Maximum Manufacturer Non-Eligible Vehicle Amount for so long as each of
Volvo, Jaguar and Land Rover is an Affiliate of Ford.

“Class A Required Enhancement Percentage”
means, as of any date of determination, the sum of (i) the product of (A) the
Class A Weighted Average Required Program Vehicle Enhancement Percentage as of
such date times (B) the Class A Eligible Program Vehicle Percentage as of such
date, (ii) the product of (A) the Class A Weighted Average Required
Non-Eligible Vehicle Enhancement Percentage as of such date times (B) the BBB-/Baa3
EPM Vehicle Percentage Excess as of such date and (iii) the greater of (a) the
product of (A) 28.25% (or such lower percentage as may be agreed to by HVF and
the Rating Agencies subject to the Series 2005-3 Rating Agency Condition) and
(B) the sum of (I) the Class A Non-Eligible Vehicle Percentage as of such date
and (II) the Class A Other Non-Investment Grade Manufacturer Vehicle Percentage
as of such date and (b) the sum of (I) the product of (A) the Class A Weighted
Average Required 

 18
 

Non-Eligible Vehicle
Enhancement Percentage as of such date times (B) the Class A Non-Eligible
Vehicle Percentage as of such date and (II) the product of (A) the Class A
Weighted Average Required Other Non-Investment Grade Manufacturer Vehicle
Enhancement Percentage as of such date times (B) the Class A Other
Non-Investment Grade Manufacturer Vehicle Percentage as of such date.

“Class A Required Liquidity Amount” means, as
of any date of determination, an amount equal to the product of (i) the Class A
Required Liquidity Percentage as of such date times (ii) the Class A Adjusted
Principal Amount as of such date.

“Class A Required Liquidity Percentage” means,
as of any date of determination, the sum of (i) the product of (x) 3.75% and
(y) the Class A Hedged Percentage and (ii) the product of (x) 50.00%, (y) the
Annualized Financing Cost and (z) the Class A Unhedged Percentage.

“Class A Required Overcollateralization Amount”
means, as of any date of determination, the excess, if any, of (a) the Class A
Required Enhancement Amount as of such date over (b) the sum of (i) the Class A
Available Reserve Account Amount as of such date (after giving effect to any
deposits thereto and withdrawals and releases therefrom on such date), (ii) the
Class A Letter of Credit Amount as of such date, (iii) the Class B Available
Reserve Account Amount as of such date (after giving effect to any deposits
thereto and withdrawals and releases therefrom on such date), and (iv) the
Class B Letter of Credit Amount as of such date.

“Class A Required Reserve
Account Amount” means, with respect to any date of determination, an amount
equal to the greatest of (a) the excess, if any, of the Class A Required
Liquidity Amount over the Class A Letter of Credit Liquidity Amount, in each
case, as of such date, excluding from the calculation thereof the amount
available to be drawn under any Class A Letter of Credit if at the time of such
calculation (A) such Class A Letter of Credit shall not be in full force and
effect, (B) an Event of Bankruptcy shall have occurred with respect to the
Class A Letter of Credit Provider of such Class A Letter of Credit, (C) such
Class A Letter of Credit Provider shall have repudiated such Class A Letter of
Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Class A Downgrade Event shall have occurred and be continuing
for at least 30 days with respect to the Series 2005-3 Letter of Credit
Provider of such Class A Letter of Credit, (b) the excess, if any, of the Class
A Required Enhancement Amount over the Class A Adjusted Enhancement Amount
(excluding therefrom the Class A Available Reserve Account Amount), in each
case, as of such date and (c) the excess, if any, of the Class B
Required Enhancement Amount over the Class B Enhancement Amount, in each case,
as of such date.

“Class A Reserve Account”
has the meaning specified in Section 3.8(a) of this Series Supplement.

“Class A Reserve Account
Collateral” has the meaning specified in Section 3.8(d) of this
Series Supplement.

 19
 

“Class A Reserve Account
Surplus” means, with respect to any date of determination, the excess, if
any, of the Class A Available Reserve Account Amount (after giving
effect to any deposits thereto and withdrawals and releases therefrom on such
date) over the Class A Required Reserve
Account Amount, in each case, as of such date.

“Class A Three Year Percentage” means, as of
any date of determination, the percentage equivalent of a fraction, the
numerator of which is the Class A-1 Principal Amount as of such date and the
denominator of which is the Class A Principal Amount as of such date.

“Class A Three Year Weighted Average Required
Non-Eligible Vehicle Enhancement Percentage” means, as of any date of
determination, the sum of (i) the product of the Class A Hedged Three Year Percentage
as of such date times the Class A Hedged Three Year Required Non-Eligible
Vehicle Enhancement Percentage and (ii) the product of the Class A Unhedged
Three Year Percentage as of such date times the Class A Unhedged Three Year
Required Non-Eligible Vehicle Enhancement Percentage.

“Class A Three Year Weighted Average Required Other
Non-Investment Grade Manufacturer Vehicle Enhancement Percentage” means, as
of any date of determination, the sum of (i) the product of the Class A Hedged
Three Year Percentage as of such date times the Class A Hedged Three Year
Required Other Non-Investment Grade Manufacturer Vehicle Enhancement Percentage
and (ii) the product of the Class A Unhedged Three Year Percentage as of such
date times the Class A Unhedged Three Year Required Other Non-Investment Grade
Manufacturer Vehicle Enhancement Percentage.

“Class A Three Year Weighted Average Required
Program Vehicle Enhancement Percentage” means, as of any date of
determination, the sum of (i) the product of the Class A Hedged Three Year
Percentage as of such date times the Class A Hedged Three Year Required Program
Vehicle Enhancement Percentage and (ii) the product of the Class A Unhedged
Three Year Percentage as of such date times the Class A Unhedged Three Year
Required Program Vehicle Enhancement Percentage.

“Class A Unhedged Five Year Percentage” means
as of any date of determination, the result of 100% minus the Class A Hedged
Five Year Percentage, as of such date.

“Class A Unhedged Five Year Required Non-Eligible
Vehicle Enhancement Percentage” means 22.50% (or such lower percentage as
may be agreed to by HVF and the Rating Agencies, subject to satisfaction of the
Series 2005-3 Rating Agency Condition).

“Class A Unhedged Five Year Required Other
Non-Investment Grade Manufacturer Vehicle Enhancement Percentage” means
32.25% (or such lower percentage as may be agreed to by HVF and the Rating
Agencies, subject to satisfaction of the Series 2005-3 Rating Agency
Condition).

“Class A Unhedged Five Year Required Program Vehicle
Enhancement Percentage” means 17.25% (or such lower percentage as may be
agreed to by HVF and the Rating Agencies, subject to satisfaction of the Series
2005-3 Rating Agency Condition).

 20
 

“Class A Unhedged Percentage” means as of any
date of determination, the result of 100% minus the Class A Hedged Percentage,
as of such date.

“Class A Unhedged Three Year Percentage” means
as of any date of determination, the result of 100% minus the Class A Hedged
Three Year Percentage, as of such date.

“Class A Unhedged Three Year Required Non-Eligible
Vehicle Enhancement Percentage” means 22.25% (or such lower percentage as
may be agreed to by HVF and the Rating Agencies, subject to satisfaction of the
Series 2005-3 Rating Agency Condition).

“Class A Unhedged Three Year Required Other
Non-Investment Grade Manufacturer Vehicle Enhancement Percentage” means
32.00% (or such lower percentage as may be agreed to by HVF and the Rating
Agencies, subject to satisfaction of the Series 2005-3 Rating Agency
Condition).

“Class A Unhedged Three Year Required Program
Vehicle Enhancement Percentage” means 17.00% (or such lower percentage as
may be agreed to by HVF and the Rating Agencies, subject to satisfaction of the
Series 2005-3 Rating Agency Condition).

“Class A Weighted Average Required Non-Eligible
Vehicle Enhancement Percentage” means, as of any date of determination, the
sum of (i) the product of the Class A Three Year Percentage as of such date
times the Class A Three Year Weighted Average Required Non-Eligible Vehicle
Enhancement Percentage, (ii) the product of the Class A Five Year Percentage as
of such date times the Class A Five Year Weighted Average Required Non-Eligible
Vehicle Enhancement Percentage and (iii) an amount equal to 100% minus the
lower of (x) the lowest Non-Program Vehicle Measurement Month Average for any
Measurement Month within the preceding 12 calendar months (or such fewer number
of months as have elapsed since the Series 2005-3 Closing Date) and (y) the
lowest Market Value Average as of any Determination Date within the preceding
12 calendar months (or such fewer number of months as have elapsed since the
Series 2005-3 Closing Date).

“Class A Weighted Average Required Other
Non-Investment Grade Manufacturer Vehicle Enhancement Percentage” means, as
of any date of determination, the sum of (i) the product of the Class A Three
Year Percentage as of such date times the Class A Three Year Weighted Average
Required Other Non-Investment Grade Manufacturer Vehicle Enhancement
Percentage, (ii) the product of the Class A Five Year Percentage times the
Class A Five Year Weighted Average Required Other Non-Investment Grade
Manufacturer Vehicle Enhancement Percentage and (iii) an amount 

 21
 

equal to 100% minus the
lower of (x) the lowest Non-Program Vehicle Measurement Month Average for any
Measurement Month within the preceding 12 calendar months (or such fewer number
of months as have elapsed since the Series 2005-3 Closing Date) and (y) the
lowest Market Value Average as of any Determination Date within the preceding 12
calendar months (or such fewer number of months as have elapsed since the
Series 2005-3 Closing Date).

“Class A Weighted Average Required Program Vehicle
Enhancement Percentage” means, as of any date of determination, the sum of
(i) the product of the Class A Three Year Percentage as of such date times the
Class A Three Year Weighted Average Required Program Vehicle Enhancement
Percentage and (ii) the product of the Class A Five Year Percentage as of such
date times the Class A Five Year Weighted Average Required Program Vehicle
Enhancement Percentage.

“Class A-1 Base Rate Tranche” means that
portion of the Class A-1 Principal Amount purchased or maintained with Class
A-1 Advances which bear interest by reference to the Class A-1 Base Rate.

“Class A-1 Commercial Paper” means the
promissory notes of each Class A-1 Noteholder issued by such Class A-1
Noteholder in the commercial paper market and allocated to the funding of Class
A-1 Advances in respect of the Class A-1 Notes.

“Class A-1 CP Tranche” means that portion of
the Class A-1 Principal Amount purchased or maintained with Class A-1 Advances
which bear interest by reference to the CP Rate with respect to the Class A-1
Notes.

“Class A-1 Deficiency Amount” has the meaning
specified in Section 3.3(g) of this Series Supplement.

“Class A-1 Eurodollar Tranche” means that
portion of the Class A-1 Principal Amount purchased or maintained with Class
A-1 Advances which bear interest by reference to the Class A-1 Eurodollar Rate.

“Class A-1 Initial Principal Amount” means the
aggregate initial principal amount of the Class A-1 Notes, which is $0.

“Class A-1 Investor Group” has the meaning set
forth in the Class A-1 Note Purchase Agreement.

“Class A-1 Investor Group Principal Amount” has
the meaning set forth in the Class A-1 Note Purchase Agreement.

“Class A-1 Maximum Investor Group Principal Amount”
has the meaning set forth in the Class A-1 Note Purchase Agreement.

“Class A-1 Maximum Principal Amount” means,
$250,000,000; provided that such amount may be reduced at any time and
from time to time by written agreement among HVF, each Class A-1 Noteholder,
the Administrative Agent, each Class A-1 

 22
 

Committed Note Purchaser
and the Insurer in accordance with the terms of the Class A-1 Note Purchase
Agreement.

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

“Class A-1 Note Purchase Agreement” means the
Note Purchase Agreement, dated as of December 21, 2005, among HVF, the Class
A-1 Noteholders, the Administrative Agent, the Administrator, the Class A-1
Funding Agents and the Class A-1 Committed Note Purchasers, pursuant to which
the Class A-1 Noteholders have agreed to purchase the Class A-1 Notes from HVF,
subject to the terms and conditions set forth therein, as amended,
supplemented, restated or otherwise modified from time to time.

“Class A-1 Note Rate” means, for any Series
2005-3 Interest Period, the sum of (i) the weighted average of the CP Rates
applicable to the Class A-1 CP Tranche and the weighted average of the Class
A-1 Eurodollar Rates (Reserve Adjusted) applicable to the Class A-1 Eurodollar
Tranche and the weighted average of the Class A-1 Base Rates applicable to the
Class A-1 Base Rate Tranche, in each case for the Series 2005-3 Interest Period
and (ii) the Class A-1 Program Fee Rate as defined in the Class A-1 Note
Purchase Agreement; provided, however, that the Class A-1 Note
Rate will in no event be higher than the maximum rate permitted by applicable
law.

“Class A-1 Notes” means any one of the Series
2005-3 Variable Funding Rental Car Asset Backed Notes, Class A-1, executed by
HVF and authenticated by or on behalf of the Trustee, substantially in the form
of Exhibit A-1-1.

“Class A-1 Outstanding Principal Amount” means,
when used with respect to any date, an amount equal to (a) the Class A-1
Initial Principal Amount minus (b) the amount of principal payments
(whether pursuant to a Decrease, a redemption or otherwise) made to the Class
A-1 Noteholders on or prior to such date plus (c) any Increases in the
Class A-1 Principal Amount pursuant to Section 2.1(a) of this Series
Supplement on or prior to such date; provided that at no time may the
Class A-1 Outstanding Principal Amount exceed the Class A-1 Maximum Principal
Amount.

“Class A-1 Principal Amount” means when used
with respect to any date, an amount equal to the Class A-1 Outstanding
Principal Amount plus the sum of (a) the amount of any principal payments made
to Class A-1 Noteholders on or prior to such date with the proceeds of a demand
on the Insurance Policy and (b) the amount of any principal payments made to
Class A-1 Noteholders, including any principal payments made to the Insurer,
that have been rescinded or otherwise returned by the Class A-1 Noteholders or
the Insurer for any reason.

“Class A-2 Base Rate Tranche” means that
portion of the Class A-2 Principal Amount purchased or maintained with Class
A-2 Advances which bear interest by reference to the Class A-2 Base Rate.

 23

“Class A-2 Commercial Paper” means the
promissory notes of each Class A-2 Noteholder issued by such Class A-2
Noteholder in the commercial paper market and allocated to the funding of Class
A-2 Advances in respect of the Class A-2 Notes.

“Class A-2 CP Tranche” means that portion of
the Class A-2 Principal Amount purchased or maintained with Class A-2 Advances
which bear interest by reference to the CP Rate with respect to the Class A-2
Notes.

“Class A-2 Deficiency Amount” has the meaning
specified in Section 3.3(g) of this Series Supplement.

“Class A-2 Eurodollar Tranche” means that
portion of the Class A-2 Principal Amount purchased or maintained with Class
A-2 Advances which bear interest by reference to the Class A-2 Eurodollar Rate.

“Class A-2 Initial Principal Amount” means the
aggregate initial principal amount of the Class A-2 Notes, which is $0.

“Class A-2 Investor Group” has the meaning set
forth in the Class A-2 Note Purchase Agreement.

“Class A-2 Investor Group Principal Amount” has
the meaning set forth in the Class A-2 Note Purchase Agreement.

“Class A-2 Maximum Investor Group Principal Amount”
has the meaning set forth in the Class A-2 Note Purchase Agreement.

“Class A-2 Maximum Principal Amount” means,
$1,000,000,000; provided that such amount may be reduced at any time and
from time to time by written agreement among HVF, each Class A-2 Noteholder,
the Administrative Agent, each Class A-2 Committed Note Purchaser and the
Insurer in accordance with the terms of the Class A-2 Note Purchase Agreement.

“Class A-2 Noteholder” means the person in
whose name a Class A-2 Note is registered in the Note Register.

“Class A-2 Note Purchase Agreement” means the
Note Purchase Agreement, dated as of December 21, 2005, among HVF, the Class
A-2 Noteholders, the Administrative Agent, the Administrator, the Class A-2
Funding Agents and the Class A-2 Committed Note Purchasers, pursuant to which
the Class A-2 Noteholders have agreed to purchase the Class A-2 Notes from HVF,
subject to the terms and conditions set forth therein, as amended,
supplemented, restated or otherwise modified from time to time.

“Class A-2 Note Rate” means, for any Series
2005-3 Interest Period, the sum of (i) the weighted average of the CP Rates
applicable to the Class A-2 CP Tranche and the weighted average of the Class
A-2 Eurodollar Rates (Reserve Adjusted) applicable to the Class A-2 Eurodollar
Tranche and the weighted average of the Class A-2 Base Rates applicable to the
Class A-2 Base Rate Tranche, in each case for the Series 

 24
 

2005-3 Interest Period
and (ii) the Class A-2 Program Fee Rate as defined in the Class A-2 Note
Purchase Agreement; provided, however, that the Class A-2 Note
Rate will in no event be higher than the maximum rate permitted by applicable
law.

“Class A-2 Notes” means any one of the Series
2005-3 Variable Funding Rental Car Asset Backed Notes, Class A-2, executed by
HVF and authenticated by or on behalf of the Trustee, substantially in the form
of Exhibit A-1-2.

“Class A-2 Outstanding Principal Amount” means,
when used with respect to any date, an amount equal to (a) the Class A-2
Initial Principal Amount minus (b) the amount of principal payments
(whether pursuant to a Decrease, a redemption or otherwise) made to the Class
A-2 Noteholders on or prior to such date plus (c) any Increases in the
Class A-2 Principal Amount pursuant to Section 2.1(a) of this Series
Supplement on or prior to such date; provided that at no time may the
Class A-2 Outstanding Principal Amount exceed the Class A-2 Maximum Principal
Amount.

“Class A-2 Principal Amount” means when used
with respect to any date, an amount equal to the Class A-2 Outstanding
Principal Amount plus the sum of (a) the amount of any principal payments made
to Class A-2 Noteholders on or prior to such date with the proceeds of a demand
on the Insurance Policy and (b) the amount of any principal payments made to
Class A-2 Noteholders, including any principal payments made to the Insurer,
that have been rescinded or otherwise returned by the Class A-2 Noteholders or
the Insurer for any reason.

“Class B Adjusted Enhancement Amount” means,
the Class B Enhancement Amount, excluding from the calculation thereof the
amount available to be drawn under any Class B Letter of Credit if at the time
of such calculation (A) such Class B Letter of Credit shall not be in full
force and effect, (B) an Event of Bankruptcy shall have occurred with respect
to the Class B Letter of Credit Provider of such Class B Letter of Credit or
(C) such Class B Letter of Credit Provider shall have repudiated such Class B
Letter of Credit or failed to honor a draw thereon made in accordance with the
terms thereof.

“Class B Adjusted Liquidity Amount” means, the
Class B Liquidity Amount, excluding from the calculation thereof the amount
available to be drawn under any Class B Letter of Credit if at the time of such
calculation (A) such Class B Letter of Credit shall not be in full force and
effect, (B) an Event of Bankruptcy shall have occurred with respect to the
Class B Letter of Credit Provider of such Class B Letter of Credit or (C) such
Class B Letter of Credit Provider shall have repudiated such Class B Letter of
Credit or failed to honor a draw thereon made in accordance with the terms
thereof.

“Class B Adjusted Principal Amount” means, as
of any date of determination, the excess, if any, of (A) the Class B Principal
Amount as of such date over (B) the excess, if any, of (I) the sum of (1) the
amount of cash and Permitted Investments on deposit in the Series 2005-3 Excess
Collection Account and (2) the amount of cash and Permitted Investments on
deposit in the Series 2005-3 Collection 

 25
 

Account and available for
reduction of the Series 2005-3 Principal Amount, in each case, as of such date
over (II) the Class A Principal Amount as of such date.

“Class B Available Cash Collateral Account Amount”
means, as of any date of determination, the sum of (a) the Class B Available
Ford Cash Collateral Account Amount and (b) the Class B Available Non-Ford Cash
Collateral Account Amount.

“Class B Available Ford Cash Collateral Account
Amount” means, as of any date of determination, the amount on deposit in
the Class B Ford Cash Collateral Account (after giving effect to any deposits
thereto and withdrawals and releases therefrom on such date).

“Class B Available Non-Ford Cash Collateral Account
Amount” means, as of any date of determination, the amount on deposit in
the Class B Non-Ford Cash Collateral Account (after giving effect to any
deposits thereto and withdrawals and releases therefrom on such date).

“Class B Available Reserve Account Amount”
means, as of any date of determination, the amount on deposit in the Class B
Reserve Account.

“Class B Cash Collateral Account” means a Class
B Ford Cash Collateral Account and/or a Class B Non-Ford Cash Collateral
Account, as the context may require.

“Class B Cash Collateral Account Interest and
Earnings” means with respect to a Class B Cash Collateral Account all
interest and earnings (net of losses and investment expenses) paid on funds on
deposit in such Class B Cash Collateral Account.

“Class B Cash Collateral Account Surplus”
means, with respect to any Payment Date, the lesser of (a) the sum of (x) the
Class B Available Ford Cash Collateral Account Amount and (y) the Class B
Available Non-Ford Cash Collateral Account Amount and (b) the least of (i) the
excess, if any, of the Class B Adjusted Enhancement Amount (after giving effect
to any withdrawal from the Class A Reserve Account and the Class B Reserve
Account and any drawings under the Class A Letters of Credit (or any withdrawals
from a Class A Cash Collateral Account, if any) and under the Class B Letters
of Credit, in each case, on such Payment Date) over the Class B Required
Enhancement Amount on such Payment Date and (ii) the excess, if any, of the
Class B Adjusted Liquidity Amount (after giving effect to any withdrawal from
the Class B Reserve Account on such Payment Date) over the Class B Required
Liquidity Amount on such Payment Date.

“Class B Certificate of Credit Demand” means a
certificate in the form of Annex A to a Class B Letter of Credit.

“Class B Certificate of Preference Payment Demand”
means a certificate in the form of Annex C to a Class B Letter of Credit.

“Class B Certificate of Termination Demand”
means a certificate in the form of Annex D to a Class B Letter of Credit.

 26
 

“Class B Certificate of Unpaid Demand Note Demand”
means a certificate in the form of Annex B to Class B Letter of Credit.

“Class B Deficiency Amount” means a Class B-1
Deficiency Amount, a Class B-2 Deficiency Amount, a Class B-3 Deficiency Amount
or, a Class B-4 Deficiency Amount.

“Class B Disbursement” shall mean any Class B
LOC Credit Disbursement, any Class B LOC Preference Payment Disbursement, any
Class B LOC Termination Disbursement or any Class B LOC Unpaid Demand Note
Disbursement under the Class B Letters of Credit or any combination thereof, as
the context may require.

“Class B Downgrade Event” has the meaning
specified in Section 3.15(c) of this Series Supplement.

“Class B Eligible Ford Letter of Credit Provider”
means, for so long as any Class A Notes are Outstanding, a Class A Eligible
Ford Letter of Credit Provider, and if no Class A Notes are Outstanding, a
Person having, at the time of the issuance of the related Class B Ford Letter
of Credit, a long-term senior unsecured debt rating (or the equivalent thereof
in the case of Moody’s or Standard & Poor’s , as applicable) of at least “A+”
from Standard & Poor’s and at least “A1” from Moody’s and a short-term
senior unsecured debt rating of at least “A-1” from Standard & Poor’s and “P-1”
from Moody’s.

“Class B Eligible Letter of Credit Provider”
means, for so long as any Class A Notes are Outstanding, a Class A Eligible
Letter of Credit Provider, and if no Class A Notes are Outstanding, a Person
having, at the time of the issuance of the related Class B Letter of Credit, a
long-term senior unsecured debt rating (or the equivalent thereof in the case
of Moody’s or Standard & Poor’s, as applicable) of at least “A+” from
Standard & Poor’s and at least “A1” from Moody’s and a short-term senior unsecured
debt rating of at least “A-1” from Standard & Poor’s and “P-1” from Moody’s.

“Class B Enhancement Amount” means, as of any
date of determination, the sum of (i) the Class B Overcollateralization Amount
as of such date, (ii) the Class B Letter of Credit Amount as of such date,
(iii) the Class A Letter of Credit Amount as of such date, (iv) the Class B
Available Reserve Account Amount as of such date (after giving effect to any
deposits thereto and withdrawals and releases therefrom on such date)and (v)
the Class A Available Reserve Account Amount as of such date (after giving
effect to any deposits thereto and withdrawals and releases therefrom on such
date).

“Class B Enhancement Deficiency” means, on any
day, the amount by which the Class B Adjusted Enhancement Amount is less than
the Class B Required Enhancement Amount.

“Class B Ford Cash Collateral Account” has the
meaning specified in Section 3.15(g)(I) of this Series Supplement.

 27
 

“Class B Ford Cash Collateral Account Collateral” has
the meaning specified in Section 3.15(a)(I) of this Series Supplement.

“Class B Ford Cash Collateral Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Class B Available Ford Cash Collateral
Account Amount as of such date and the denominator of which is the Class B Ford
Letter of Credit Liquidity Amount as of such date.

“Class B Ford Letter of Credit” means an
irrevocable letter of credit, substantially in the form of Exhibit B-2-2
to this Series Supplement, issued for the account of Ford or an affiliate
thereof by a Class B Eligible Ford Letter of Credit Provider in favor of the
Trustee for the benefit of the Series 2005-3 Noteholders.

“Class B Ford Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class B Ford Letter of Credit, as
specified therein, and (b) if a Class B Ford Cash Collateral Account has been
established and funded pursuant to Section 3.9 of this Series
Supplement, the Class B Available Ford Cash Collateral Account Amount on such
date.

“Class B Ford Letter of Credit Provider” means
the issuer of a Class B Ford Letter of Credit.

“Class B Letter of Credit” means (i) a Class B
Ford Letter of Credit or (ii) a Class B Non-Ford Letter of Credit.

“Class B Letter of Credit Amount” means, as of
any date of determination, the sum of the Class B Ford Letter of Credit
Liquidity Amount on such date and the Class B Non-Ford Letter of Credit Amount
on such date.

“Class B Letter of Credit Expiration Date”
means, with respect to any Class B Letter of Credit, the expiration date set
forth in such Class B Letter of Credit, as such date may be extended in
accordance with the terms of such Class B Letter of Credit.

“Class B Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class B Letter of Credit, as
specified therein, and (b) if a Class B Cash Collateral Account has been
established and funded pursuant to Section 3.15(g) of this Series
Supplement, the Class B Available Cash Collateral Account Amount on such date.

“Class B Letter of Credit Provider” means the
issuer of a Class B Letter of Credit.

“Class B Letter of Credit Reimbursement Agreement”
means any and each reimbursement agreement providing for the reimbursement of a
Class B Letter of Credit Provider for draws under its Class B Letter of Credit,
other than any such reimbursement agreement between Ford and a Class B Ford
Letter of Credit Provider, as the same may 

 28
 

be amended, restated,
modified or supplemented from time to time in accordance with its terms.

“Class B Liquidity Amount” means, as of any
date of determination, the sum of (a) the Class B Letter of Credit Liquidity
Amount and (b) the Class B Available Reserve Account Amount on such date (after
giving effect to any deposits thereto on such date).

“Class B Liquidity Deficiency”
means, as of any date of determination, the amount by which the Class B
Adjusted Liquidity Amount is less than the Class B Required Liquidity Amount as
of such date.

“Class B Liquidity Surplus”
means, with respect to any date of determination, the excess, if any, of the
Class B Adjusted Liquidity Amount over the Class B Required Liquidity Amount,
in each case, as of such date.

“Class B LOC Credit Disbursement” means an
amount drawn under a Class B Letter of Credit pursuant to a Class B Certificate
of Credit Demand.

“Class B LOC Preference Payment Disbursement”
means an amount drawn under a Class B Letter of Credit pursuant to a Class B
Certificate of Preference Payment Demand.

“Class B LOC Termination Disbursement” means an
amount drawn under a Class B Letter of Credit pursuant to a Class B Certificate
of Termination Demand.

“Class B LOC Unpaid Demand Note Disbursement”
means an amount drawn under a Class B Letter of Credit pursuant to a Class B
Certificate of Unpaid Demand Note Demand.

“Class B Monthly Interest” means, with respect
to any Series 2005-3 Interest Period, the sum of Class B-1 Monthly Interest,
Class B-2 Monthly Interest, Class B-3 Monthly Interest and Class B-4 Monthly
Interest for such Series 2005-3 Interest Period.

“Class B Non-Ford Cash Collateral Account” has
the meaning specified in Section 3.15(g)(II) of this Series Supplement.

“Class B Non-Ford Cash Collateral Account Collateral”
has the meaning specified in Section 3.15(a)(II) of this Series Supplement.

“Class B Non-Ford Cash Collateral Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Class B Available Non-Ford Cash
Collateral Account Amount as of such date and the denominator of which is the
Class B Non-Ford Letter of Credit Liquidity Amount as of such date.

 29
 

“Class B Non-Ford Letter of Credit” means an
irrevocable letter of credit, substantially in the form of Exhibit B-2-1
to this Series Supplement, issued by a Class B Eligible Letter of Credit
Provider in favor of the Trustee for the benefit of the Series 2005-3 Noteholders,
other than a Class B Ford Letter of Credit.

“Class B Non-Ford Letter of Credit Amount”
means, as of any date of determination, the lesser of (a) the sum of (i) the
aggregate amount available to be drawn on such date under the Class B Non-Ford
Letters of Credit, as specified therein, and (ii) if a Class B Non-Ford Cash
Collateral Account has been established and funded pursuant to Section 3.15
of this Series Supplement, the Class B Available Non-Ford Cash Collateral
Account Amount on such date and (b) the result of (x) the outstanding principal
amount of the Series 2005-3 Demand Note on such date minus (y) the Class A
Non-Ford Letter of Credit Amount.

“Class B Non-Ford Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class B Non-Ford Letter of
Credit, as specified therein, and (b) if a Class B Non-Ford Cash Collateral
Account has been established and funded pursuant to Section 3.9 of this
Series Supplement, the Class B Available Non-Ford Cash Collateral Account
Amount on such date.

“Class B Non-Ford Letter of Credit Provider”
means the issuer of a Class B Non-Ford Letter of Credit.

“Class B Noteholders” means, collectively, the
Class B-1 Noteholders, the Class B-2 Noteholders, the Class B-3 Noteholders and
the Class B-4 Noteholders.

“Class B Notes” means, collectively, the Class
B-1 Notes, the Class B-2 Notes, the Class B-3 Notes and the Class B-4 Notes.

“Class B Notes Term Sheet” means with respect
to each issuance of Class B Notes, the supplemental term sheet substantially in
the form of Annex A to this Series Supplement setting forth the terms
with respect to the Class B Notes being issued.

“Class B Notice of Reduction” means a notice in
the form of Annex E to a Class B Letter of Credit.

“Class B Overcollateralization Amount” means as
of any date of determination, (i) on which no Aggregate Asset Amount Deficiency
exists, the Class B Required Overcollateralization Amount as of such date or
(ii) on which an Aggregate Asset Amount Deficiency exists, the excess, if any,
of the Series 2005-3 Asset Amount over the Series 2005-3 Adjusted Principal
Amount, in each case as of such date.

“Class B Percentage” shall mean a fraction
expressed as a percentage, the numerator of which is the Class B Principal
Amount and the denominator of which is the Series 2005-3 Principal Amount.

 30
 

“Class B Preference Amount” means any amount
previously paid by Hertz pursuant to the Series 2005-3 Demand Note and
distributed to the Class B Noteholders in respect of amounts owing under the
Class B Notes that is recoverable or that has been recovered as a voidable
preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the
Bankruptcy Code in accordance with a final nonappealable order of a court
having competent jurisdiction.

“Class B Principal Amount” means, as of any
date of determination, the sum of the Class B-1 Principal Amount, the Class B-2
Principal Amount, the Class B-3 Principal Amount and the Class B-4 Principal
Amount.

“Class B Purchase Agreement” shall have the
meaning with respect to any Class B Note specified in the related Class B Notes
Term Sheet.

“Class B Required Enhancement Amount” means, as
of any date of determination, the sum of (i) the product of the Class B
Required Enhancement Percentage as of such date and the Series 2005-3 Adjusted
Principal Amount as of such date and (ii) the Class B Required Enhancement
Incremental Amount as of such date; provided, however, that, as
of any date of determination after the occurrence of a Series 2005-3 Limited
Liquidation Event of Default, the Class B Required Enhancement Amount shall
equal the lesser of (x) the Series 2005-3 Adjusted Principal Amount as of such
date and (y) the sum of (l) the product of the Class B Required Enhancement
Percentage as of such date of determination and the Series 2005-3 Adjusted
Principal Amount as of the date of the occurrence of such Series 2005-3 Limited
Liquidation Event of Default and (2) the Class B Required Enhancement
Incremental Amount as of such date of determination.

“Class B Required Enhancement Incremental Amount”
means

(i)            as of the Series 2005-3 Closing
Date, $0; and

(ii)           as of any date thereafter, the
product of (A) the Series 2005-3 Required Asset Amount Percentage as of the
immediately preceding Business Day and (B) the sum of (1) the excess, if any,
of the Non-Eligible Vehicle Amount (excluding from the calculation thereof, to
the extent that an Event of Bankruptcy has occurred with respect to any of
Ford, GM, Chrysler, Toyota and Honda, the Net Book Value of the HVF Vehicles
(other than Non-Program Vehicles manufactured by any such Manufacturer as of
the date of the occurrence of such Event of Bankruptcy) manufactured by each
such Manufacturer for which an Event of Bankruptcy has occurred and any amounts
related to such HVF Vehicles due from such Manufacturer) over the Series 2005-3
Maximum Non-Eligible Vehicle Amount as of such immediately preceding Business
Day, (2) the excess, if any, of the Hyundai Amount over the Series 2005-3
Maximum Hyundai Amount as of such immediately preceding Business Day, (3) the
excess, if any, of the Jaguar Amount over the Series 2005-3 Maximum Jaguar
Amount as of such immediately preceding Business Day, (4) the excess, if any, of
the Kia Amount over the Series 2005-3 Maximum Kia 

 31
 

Amount as of such immediately preceding
Business Day, (5) the excess, if any, of the Land Rover Amount over the Series
2005-3 Maximum Land Rover Amount as of such immediately preceding Business Day,
(6) the excess, if any, of the Mazda Amount over the Series 2005-3 Maximum
Mazda Amount as of such immediately preceding Business Day, (7) the excess, if
any, of the Mitsubishi Amount over the Series 2005-3 Maximum Mitsubishi Amount
as of such immediately preceding Business Day, (8) the excess, if any, of the
Subaru Amount over the Series 2005-3 Maximum Subaru Amount as of such
immediately preceding Business Day, (9) the excess, if any, of the Volvo Amount
over the Series 2005-3 Maximum Volvo Amount as of such immediately preceding
Business Day, (10) the excess, if any, of the Non-Eligible Manufacturer Amount
over the Series 2005-3 Maximum Non-Eligible Manufacturer Amount as of such
immediately preceding Business Day, (11) the excess, if any, of the Manufacturer
Non-Eligible Vehicle Amount with respect to any Manufacturer (excluding from
the calculation thereof, to the extent that an Event of Bankruptcy has occurred
with respect to any of Ford, GM, Chrysler, Toyota and Honda, the Net Book Value
of the HVF Vehicles (other than Non-Program Vehicles manufactured by any such
Manufacturer as of the date of the occurrence of such Event of Bankruptcy)
manufactured by each such Manufacturer for which an Event of Bankruptcy has
occurred and any amounts related to such HVF Vehicles due from such
Manufacturer) over the Series 2005-3 Maximum Manufacturer Non-Eligible Vehicle
Amount as of such immediately preceding Business Day, (12) the excess, if any,
of the Audi Amount over the Series 2005-3 Maximum Audi Amount as of such immediately
preceding Business Day, (13) the excess, if any of the BMW Amount over the
Series 2005-3 Maximum BMW Amount as of such immediately preceding Business Day,
(14) the excess, if any of the Lexus Amount over the Series 2005-3 Maximum
Lexus Amount as of such immediately preceding Business Day, (15) the excess, if
any of the Mercedes Amount over the Series 2005-3 Maximum Mercedes Amount as of
such immediately preceding Business Day and (16) the excess, if any of the
Aggregate BMW/Lexus/Mercedes/Audi Amount over the Series 2005-3 Maximum
Aggregate BMW/Lexus/Mercedes/Audi Amount as of such immediately preceding
Business Day.  The Manufacturer
Non-Eligible Vehicle Amounts with respect to Ford, Volvo, Jaguar and Land Rover
shall be calculated on an aggregate basis so that they will be considered as
one Manufacturer for the purpose of the calculation of the Series 2005-3
Maximum Manufacturer Non-Eligible Vehicle Amount for so long as each of Volvo,
Jaguar and Land Rover is an Affiliate of Ford.

“Class B Required Enhancement Percentage” shall
have the meaning specified in the Initial Class B Notes Term Sheet.

“Class B Required Liquidity Amount” means, as
of any date of determination, an amount equal to the product of (i) the Class B
Required Liquidity Percentage as of such date times (ii) the Class B Adjusted
Principal Amount on such date.

 32
 

“Class B Required Liquidity Percentage” shall
have the meaning specified in the Initial Class B Notes Term Sheet.

“Class B Required Overcollateralization Amount”
means, as of any date of determination, the excess, if any, of (a) the Class B
Required Enhancement Amount as of such date over (b) the sum of (i) the Class A
Available Reserve Account Amount as of such date (after giving effect to any
deposits thereto and withdrawals and releases therefrom on such date), (ii) the
Class B Available Reserve Account Amount as of such date (after giving effect
to any deposits thereto and withdrawals and releases therefrom on such date),
(iii) the Class A Letter of Credit Amount as of such date and (iv) the Class B
Letter of Credit Amount as of such date.

“Class B Required Reserve
Account Amount” means, with respect to any date of determination, an amount
equal to the greater of (a) the excess, if any, of the Class B Required
Liquidity Amount over the Class B Letter of Credit Liquidity Amount, in each
case, as of such date, excluding from the calculation thereof the amount
available to be drawn under any Class B Letter of Credit if at the time of such
calculation (A) such Class B Letter of Credit shall not be in full force and
effect, (B) an Event of Bankruptcy shall have occurred with respect to the
Class B Letter of Credit Provider of such Class B Letter of Credit, (C) such
Class B Letter of Credit Provider shall have repudiated such Class B Letter of
Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Class B Downgrade Event shall have occurred and be continuing
for at least 30 days with respect to the Series 2005-3 Letter of Credit
Provider of such Class B Letter of Credit, and (b) the excess, if any, of the
Class B Required Enhancement Amount over the Class B Adjusted Enhancement
Amount (excluding therefrom the Class B Available Reserve Account Amount), in
each case, as of such date.

“Class B Reserve Account”
has the meaning specified in Section 3.14(a) of this Series Supplement.

“Class B Reserve Account
Collateral” has the meaning specified in Section 3.14(d) of this
Series Supplement.

“Class B Reserve Account
Surplus” means, with respect to any date of determination, the excess, if
any, of the Class B Available Reserve Account Amount (after giving
effect to any deposits thereto and withdrawals and releases therefrom on such
date) over the Class B Required Reserve
Account Amount, in each case, as of such date.

“Class B-1 Deficiency Amount” has the meaning
specified in Section 3.3(g) of this Series Supplement.

“Class B-1 Initial Principal Amount” shall have
the meaning with respect to the Class B-1 Notes specified in the related Class
B Notes Term Sheet.

“Class B-1 Monthly Interest” means, with
respect to any Series 2005-3 Interest Period, an amount equal to the product of
(i) the Class B-1 Note Rate for such 

 33
 

Series 2005-3 Interest
Period, (ii) the Class B-1 Principal Amount on the first day of such Series
2005-3 Interest Period, after giving effect to any principal payments made on
such date, or, in the case of the initial Series 2005-3 Interest Period, the
Class B-1 Initial Principal Amount and (iii) a fraction, the numerator of which
is the number of days in such Series 2005-3 Interest Period and the denominator
of which is 360.

“Class B-1 Note Rate” shall have the meaning
with respect to the Class B-1 Notes specified in the related Class B Notes Term
Sheet.

“Class B-1 Noteholder” means the Person in whose
name a Class B-1 Note is registered in the Note Register.

“Class B-1 Notes” means any one of the Series
2005-3 Floating Rate Rental Car Asset Backed Notes, Class B-1, executed by HVF
and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-2-1, Exhibit A-2-2 or Exhibit A-2-3.  Definitive Class B-1 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of
Section 2.13 of the Base Indenture.

“Class B-1 Percentage” means, as of any date of
determination, the percentage equivalent of fraction, the numerator of which is
the Class B-1 Principal Amount and the denominator of which is the sum of the
Class B-1 Principal Amount and the Class B-2 Principal Amount.

“Class B-1 Principal Amount” means, when used
with respect to any date, an amount equal to (a) the Class B-1 Initial
Principal Amount specified in the Class B Notes Term Sheet related to the
issuance of the Class B-1 Notes executed as of such date minus (b) the amount
of principal payments made to Class B-1 Noteholders on or prior to such date
plus (c) the amount of any principal payments made to Class B-1 Noteholders
that have been rescinded or otherwise returned by the Class B-1 Noteholders for
any reason.

“Class B-2 Deficiency Amount” has the meaning
specified in Section 3.3(g) of this Series Supplement.

“Class B-2 Initial Principal Amount” shall have
the meaning with respect to the Class B-2 Notes specified in the related Class
B Notes Term Sheet.

“Class B-2 Monthly Interest” shall have the
meaning specified in the Class B Notes Term Sheet related to the issuance of
the Class B-2 Notes.

“Class B-2 Note Rate” shall have the meaning
with respect to the Class B-2 Notes specified in the related Class B Notes Term
Sheet.

“Class B-2 Noteholder” means the Person in
whose name a Class B-2 Note is registered in the Note Register.

“Class B-2 Notes” means any one of the Series
2005-3 Fixed Rate Rental Car Asset Backed Notes, Class B-2, executed by HVF and
authenticated by or on behalf 

 34
 

of the Trustee,
substantially in the form of Exhibit A-3-1, Exhibit A-3-2 or Exhibit
A-3-3.  Definitive Class B-2 Notes
shall have such insertions and deletions as are necessary to give effect to the
provisions of Section 2.13 of the Base Indenture.

“Class B-2 Percentage” means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Class B-2 Principal Amount and the denominator of which is the sum of
the Class B-1 Principal Amount and the Class B-2 Principal Amount.

“Class B-2 Principal Amount” means, when used
with respect to any date, an amount equal to (a) the Class B-2 Initial
Principal Amount specified in the Class B Notes Term Sheet related to the
issuance of the Class B-2 Notes minus (b) the amount of principal payments made
to Class B-2 Noteholders on or prior to such date plus (c) the amount of any
principal payments made to Class B-2 Noteholders that have been rescinded or
otherwise returned by the Class B-2 Noteholders for any reason.

“Class B-3 Deficiency Amount” has the meaning
specified in Section 3.3(g) of this Series Supplement.

“Class B-3 Initial Principal Amount” shall have
the meaning with respect to the Class B-3 Notes specified in the related Class
B Notes Term Sheet.

“Class B-3 Monthly Interest” means, with
respect to any Series 2005-3 Interest Period, an amount equal to the product of
(i) the Class B-3 Note Rate for such Series 2005-3 Interest Period, (ii) the
Class B-3 Principal Amount on the first day of such Series 2005-3 Interest
Period, after giving effect to any principal payments made on such date, or, in
the case of the initial Series 2005-3 Interest Period, the Class B-3 Initial
Principal Amount and (iii) a fraction, the numerator of which is the number of
days in such Series 2005-3 Interest Period and the denominator of which is 360.

“Class B-3 Note Rate” shall have the meaning
with respect to the Class B-3 Notes specified in the related Class B
Notes Term Sheet.

“Class B-3 Noteholder” means the Person in
whose name a Class B-3 Note is registered in the Note Register.

“Class B-3 Notes” means any one of the Series
2005-3 Floating Rate Rental Car Asset Backed Notes, Class B-3, executed by HVF
and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-4-1, Exhibit A-4-2 or Exhibit A-4-3.  Definitive Class B-3 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of
Section 2.13 of the Base Indenture.

“Class B-3 Percentage” means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Class B-3 Principal Amount and the denominator of which is the sum of
the Class B-3 Principal Amount and the Class B-4 Principal Amount.

 35
 

“Class B-3 Principal Amount” means, when used
with respect to any date, an amount equal to (a) the Class B-3 Initial
Principal Amount specified in the Class B Notes Term Sheet related to the
issuance of the Class B-3 Notes minus (b) the amount of principal payments made
to Class B-3 Noteholders on or prior to such date plus (c) the amount of any
principal payments made to Class B-3 Noteholders that have been rescinded or
otherwise returned by the Class B-3 Noteholders for any reason.

“Class B-4 Deficiency Amount” has the meaning
specified in Section 3.3(g) of this Series Supplement.

“Class B-4 Initial Principal Amount” shall have
the meaning with respect to the Class B-4 Notes specified in the related Class
B Notes Term Sheet.

“Class B-4 Monthly Interest” shall have the
meaning specified in the Class B Notes Term Sheet related to the issuance of
the Class B-4 Notes.

“Class B-4 Note Rate” shall have the meaning
with respect to the Class B-4 Notes specified in the related Class B Notes Term
Sheet.

“Class B-4 Noteholder” means the Person in
whose name a Class B-4 Note is registered in the Note Register.

“Class B-4 Notes” means any one of the Series
2005-3 Fixed Rate Rental Car Asset Backed Notes, Class B-4, executed by HVF and
authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-5-1, Exhibit A-5-2 or Exhibit A-5-3.  Definitive Class B-4 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of
Section 2.13 of the Base Indenture.

“Class B-4 Percentage” means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Class B-4 Principal Amount and the denominator of which is the sum of
the Class B-3 Principal Amount and the Class B-4 Principal Amount.

“Class B-4 Principal Amount” means, when used
with respect to any date, an amount equal to (a) the Class B-4 Initial
Principal Amount specified in the Class B Notes Term Sheet related to the
issuance of the Class B-4 Notes minus (b) the amount of principal payments made
to Class B-4 Noteholders on or prior to such date plus (c) the amount of any
principal payments made to Class B-4 Noteholders that have been rescinded or
otherwise returned by the Class B-4 Noteholders for any reason.

“Class Enhancement Amount” means the Class A
Adjusted Enhancement Amount and/or the Class B Adjusted Enhancement Amount, as
the context may require.

“Class Enhancement Deficiency” means a Class A
Enhancement Deficiency and/or a Class B Enhancement Deficiency, as the context
may require.

“Class Liquidity Amount” means the Class A
Adjusted Liquidity Amount and/or the Class B Adjusted Liquidity Amount, as the
context may require.

 36
 

“Class Liquidity Deficiency” means a Class A
Liquidity Deficiency and/or a Class B Liquidity Deficiency, as the context may
require.

“Committed Note Purchaser” means the Class A-1
Committed Note Purchaser and/or the Class A-2 Committed Note Purchaser, as the
context may require.

“Commitment Termination Date” means the Class
A-1 Commitment Termination Date or the Class A-2 Commitment Termination Date,
as the context may require.

“Confirmation Condition” with respect to any
Bankrupt Manufacturer means a condition that is satisfied when the bankruptcy
court having jurisdiction over the Bankrupt Manufacturer issues an order that
remains in effect approving: (i) the assumption of the Bankrupt Manufacturer’s
Manufacturer Program (and the related Assignment Agreements) by the Bankrupt
Manufacturer or the trustee in bankruptcy of the Bankrupt Manufacturer under
Section 365 of the Bankruptcy Code and, at the time of the assumption, all
amounts due from the Bankrupt Manufacturer under the Manufacturer Program have
been paid and all other defaults by the Bankrupt Manufacturer under the
Manufacturer Program have been cured or (ii) the execution, delivery and
performance by the Bankrupt Manufacturer of a new post-petition Eligible
Manufacturer Program (and the related Assignment Agreements) on the same terms
and covering the same Vehicles as the Bankrupt Manufacturer’s Manufacturer
Program (and the related Assignment Agreements) in effect on the date the
Bankrupt Manufacturer suffered an event of bankruptcy and, at the time of the
execution and delivery of the new post-petition Eligible Manufacturer program,
all amounts due and payable by the Bankrupt Manufacturer under the Manufacturer
Program have been paid and all other defaults by the Bankrupt Manufacturer
under the Manufacturer Program have been cured.

“Controlling Class” means the Class A Notes as
long as any Class A Notes are Outstanding, and upon payment in full of the
Class A Notes, the Class B Notes (in each case excluding any Series 2005-3
Notes held by HVF or any Affiliate of HVF).

“CP Tranche” means the Class A-1 CP Tranche or
the Class A-2 CP Tranche, as the context may require.

“Decrease” means a Mandatory Decrease or a
Voluntary Decrease, as applicable.

“Deficiency Amount” means the Class A
Deficiency Amount and/or the Class B Deficiency Amount, as the context may
require.

“Demand Notice” has the meaning specified in Section
3.13(d) of this Series Supplement.

“Disbursement” means, each Class A Disbursement
and/or Class B Disbursement, as the context may require.

 37
 

“Eligible Interest Rate Hedge Provider” means a
counterparty to a Series 2005-3 Interest Rate Hedge who is a bank or other
financial institution, that (A) has, or has all of its obligations under its
Series 2005-3 Interest Rate Hedge guaranteed by a person that has, a short-term
senior and unsecured debt rating of at least “A-1” from Standard & Poor’s
and a long-term senior unsecured debt rating of at least “A+” from Standard
& Poor’s, (B) has, or has all of its obligations under its Series 2005-3
Interest Rate Hedge guaranteed by a person that has, a short-term senior
unsecured debt rating of “P-1” from Moody’s and a long-term senior unsecured
debt rating of at least “A1” from Moody’s and (C) unless otherwise agreed to by
Fitch, has, or has all of its obligations under its Series 2005-3 Interest Rate
Hedge guaranteed by a person that has, a short-term senior and unsecured debt
rating of at least “F1” from Fitch and a long-term senior unsecured debt rating
of at least “A” from Fitch; provided that, for so long as any Class A Notes are
Outstanding, each Eligible Interest Rate Hedge Provider shall be approved by
the Insurer, such approval not to be unreasonably withheld or delayed.

“Eligible Program Vehicle Amount” means, as of
any date of determination, an amount equal to the sum, rounded to the nearest
$100,000, of the following amounts to the extent that such amounts are included
in the definition of “Aggregate Asset Amount” for such date: (i) the Net Book
Value of all Eligible Program Vehicles that are Eligible Vehicles as of such
date and not turned in to and accepted by the Manufacturer thereof pursuant to
its Manufacturer Program, not delivered and accepted for Auction pursuant to a
Manufacturer Program or not otherwise sold or deemed to be sold under the
Related Documents, plus (ii) the aggregate amount of Manufacturer Receivables
(other than Excluded Payments) payable to HVF or to the Intermediary pursuant
to the Master Exchange Agreement, in each case as of such date by Manufacturers
which are Eligible Program Manufacturers with respect to Vehicles that were
Eligible Vehicles and Eligible Program Vehicles when turned in to and accepted
by such Manufacturers or delivered and accepted for Auction, plus (iii) with
respect to Eligible Vehicles that were Eligible Program Vehicles that have been
delivered and accepted for Auction pursuant to a Manufacturer Program with a
Manufacturer which is an Eligible Program Manufacturer, all amounts receivable
(other than amounts specified in clause (ii) above) from any person or
entity in connection with the Auction of such Eligible Vehicles as of such
date, plus (iv) with respect to Eligible Vehicles that were Eligible Program
Vehicles that have been turned in to and accepted by the Manufacturer thereof,
delivered and accepted for Auction, otherwise sold or become a Casualty, any
accrued and unpaid Casualty Payments or Termination Payments with respect to
such Eligible Vehicles under the HVF Lease, plus (v) with respect to Eligible Vehicles that were Eligible
Program Vehicles that have been turned in to and accepted by the
Manufacturer thereof, delivered for Auction or otherwise sold, any accrued and
unpaid Monthly Base Rent with respect to such Eligible Vehicles under the HVF
Lease (net of amounts set forth in clauses (ii), (iii) and (iv)
above), plus (vi) with respect to Eligible Vehicles that were Eligible Program
Vehicles sold by HVF to a third party pursuant to Section 2.5(a) of the HVF
Lease, any non-return incentives payable to HVF under a Manufacturer Program by
an Eligible Program Manufacturer in respect of the sale of such Vehicles
outside of the related Manufacturer Program as of such date, plus (vii) if such
date is during the period from and including a Determination Date to but 

 38
 

excluding the next
Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment
Date with respect to all Eligible Vehicles that are Eligible Program Vehicles
as of such date and that have not been turned in to and accepted by the
Manufacturer thereof pursuant to its Manufacturer Program, not been delivered
and accepted for Auction pursuant to a Manufacturer Program and not otherwise
been sold or deemed to be sold under the Related Documents.

“Eligible Series Enhancement Account” means any
Series Account the amount on deposit in which is included in the Enhancement
Amount with respect to the related Series of Notes and the Series Supplement
with respect to which provides that, if there are any Ford Reimbursement
Obligations outstanding, amounts on deposit therein may only be applied to pay
principal of, or interest on, the related Series of Notes or to pay such Ford
Reimbursement Obligations.

“Excluded Redesignated Vehicle” means each
Vehicle manufactured by a Manufacturer with respect to which an Event of
Bankruptcy has occurred that becomes a Redesignated Vehicle prior to the
Inclusion Date for such Vehicle, as of and from the date such Vehicle becomes a
Redesignated Vehicle to and until the Inclusion Date for such Vehicle.

“Estimated Interest” has the meaning specified
in Section 3.3(b) of this Series Supplement.

“Estimated Interest Adjustment Amount” means,
with respect to any Determination Date, the result (whether a positive or
negative number) of (i) the actual amount of Class A Adjusted Monthly Interest
that accrued during the Estimated Interest Period which commenced on the
immediately preceding Determination Date minus (ii) the Estimated Interest with
respect to such Estimated Interest Period.

“Estimated Interest Adjustment Notice” has the
meaning specified in Section 3.3(b) of this Series Supplement.

“Estimated Interest Period” has the meaning
specified in Section 3.3(b) of this Series Supplement.

“Eurodollar Tranche” means the Class A-1
Eurodollar Tranche or the Class A-2 Eurodollar Tranche, as the context may
require.

“Expected Final Payment Date” means the
Three-Year Notes Expected Final Payment Date or the Five-Year Notes Expected
Final Payment Date, as applicable.

“Financial Assets” has the meaning specified in
Section 3.11(b)(i) of this Series Supplement.

“Five-Year Notes” means, collectively, the
Class A-2 Notes, the Class B-3 Notes and the Class B-4 Notes.

 39
 

“Five-Year Notes Expected Final Payment Date” means the
November 2010 Payment Date.

“Five-Year Notes Legal Final Payment Date”
means the November 2011 Payment Date.

“Fleet Equity Amount” means, on any date of
determination, the amount, if any, by which the sum of (a) the Aggregate Asset
Amount on such date and (b) the amount of cash and Permitted Investments on
deposit in the (i) Class A Reserve Account, (ii) the Class B Reserve Account,
(iii) the Class A Non-Ford Cash Collateral Account, (iv) the Class B Non-Ford
Cash Collateral Account, (v) the Series 2005-3 Excess Collection Account after
the required application of such funds in accordance with the priorities set
forth in clauses (i) through (v) of Section 2.2(f) of this
Series Supplement as of such date, (vi) the Series 2005-3 Collection Account
and available for reduction of the Series 2005-3 Principal Amount as of such
date, (vii) any Series-Specific Excess Collection Account (other than the
Series 2005-3 Excess Collection Account) after the required application of such
funds in accordance with the priorities set forth in the provisions of the
related Series Supplement governing the distribution of amounts on deposit in
such Series-Specific Excess Collection Account, other than amounts that are
permitted to be released to HVF, (viii) any Series-Specific Collection Account
(other than the Series 2005-3 Collection Account) and available for reduction
of the Principal Amount with respect to the related Series as of such date and
(ix) any other Eligible Series Enhancement Account exceeds the aggregate
Principal Amount of each Outstanding Series of Notes on such date.

“Fleet Equity Condition”
means, as of any date of determination, a condition that is satisfied if the
Fleet Equity Amount as of such date equals or exceeds the Minimum Fleet Equity
Amount as of such date.

“Ford Letter of Credit” means an irrevocable
letter of credit issued for the account of Ford or an affiliate thereof in
favor of the Trustee for the benefit of a Series of Notes or a class of a
Series of Notes.

“Ford LOC Disbursement” means any Class A LOC
Credit Disbursement under a Class A Ford Letter of Credit or any Class B LOC
Credit Disbursement under a Class B Ford Letter of Credit.

“Ford LOC Exposure Amount” means, on any date
of determination, the sum of (a) the aggregate amount available to be drawn
under all outstanding Ford Letters of Credit on such date, (b) the stated
amount of Ford Letters of Credit that Ford is committed to provide to HVF on
such date, after giving effect to the issuance of the Ford Letters of Credit
referenced in clause (a), (c) the aggregate amount of cash and Permitted
Investments on deposit in any Series Account (including the Class A Ford Cash
Collateral Account and the Class B Ford Cash Collateral Account) funded by an
amount drawn under a Ford Letter of Credit on such date and (d) (without double
counting any amount included in the preceding clause (c)) any
outstanding Ford Reimbursement Obligations on such date.

 40
 

“Ford Reimbursement Obligations” means any and
all obligations of HVF set forth in Section 3.17 of this Series
Supplement and any other payment obligation of HVF in respect of a Ford Letter
of Credit set forth in any other Series Supplement; provided, however
that no Ford Reimbursement Obligation in respect of a disbursement made under a
Ford Letter of Credit shall arise until such time as Ford has reimbursed the
provider of such Ford Letter of Credit for such disbursement.

“HVF Service Vehicle Amount” means, as of any
date of determination, an amount equal to the Manufacturer Non-Eligible Vehicle
Amount and the Manufacturer Eligible Program Vehicle Amount, in each case with
respect to HVF Service Vehicles as of such date.

“HVF Service Vehicles” means, an HVF Vehicle
used by Hertz’s employees, or to the extent permitted under the HVF Lease,
employees of Hertz Equipment Rental Corporation.

“Hyundai Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Hyundai as of such date.

“Inclusion Date” means, with respect to any
Vehicle manufactured by a Manufacturer with respect to which an Event of
Bankruptcy has occurred, the date that is three months after the earlier of
(i) the date such Vehicle became a Redesignated Vehicle and (ii) the
date upon which such Event of Bankruptcy with respect to the Manufacturer of
such Vehicle first occurred.

“Increase” has the meaning specified in Section
2.1(a) of this Series Supplement.

“Indenture Carrying Charges” means, as of any
day, any fees or other costs, fees and expenses and indemnity amounts, if any,
payable by HVF to the Trustee, the Administrator, the Intermediary under the
Master Exchange Agreement, the Class A-1 Administrative Agent under the Class
A-1 Note Purchase Agreement, the Class A-2 Administrative Agent under the Class
A-2 Note Purchase Agreement or the Nominee under the Indenture or the Related
Documents plus any other operating expenses of HVF then payable by HVF
including, without limitation, any amounts owing from HVF under each Series
2005-3 Interest Rate Hedge (other than Monthly Hedge Payments).

“Initial Class B Interest Period” shall have
the meaning with respect to any Class B Note specified in the related Class B
Notes Term Sheet.

“Initial Class B Notes Term Sheet” means the
Class B Notes Term Sheet relating to the initial issuance of Class B Notes.

“Insurance Agreement” means the Insurance
Agreement, dated as of December 21, 2005, among the Insurer, the Trustee and
HVF, which shall constitute an “Enhancement Agreement” with respect the Class A
Notes for all purposes under the Indenture.

 41
 

“Insurance Policy” means the Note Guaranty
Insurance Policy No. AB0954BE, dated December 21, 2005, issued by the Insurer.

“Insured Principal Deficit Amount” means, with
respect to any Payment Date, the excess, if any, of (a) the Class A Outstanding
Principal Amount measured as of such Payment Date (after giving effect to the
distribution of the Monthly Total Principal Allocation for the Related Month)
over (b) the sum on such Payment Date of (i) the Class A Asset Amount, (ii) the
Class A Available Reserve Account Amount, (iii) the Class A Letter of Credit
Amount, (iv) the Class B Available Reserve Account Amount, (v) the Class B
Letter of Credit Amount, (vi) the amount of cash and Permitted Investments on
deposit in the Series 2005-3 Excess Collection Account and (vii) the amount on deposit in the Series 2005-3
Distribution Account and allocated to effect a redemption of the Class A Notes
of any Class.

“Insurer” means Ambac Assurance Corporation, a
Wisconsin stock insurance corporation. 
The Insurer shall constitute an “Enhancement Provider” with respect to
the Class A Notes for all purposes under the Indenture and the other Related
Documents.

“Insurer Default” means (i) any failure by the
Insurer to pay a demand for payment made in accordance with the requirements of
the Insurance Policy and such failure shall not have been cured or (ii) the
occurrence of an Insurer Insolvency Event with respect to the Insurer.

“Insurer Fee” has the meaning set forth in the
Insurance Agreement.

“Insurer Insolvency Event” shall be deemed to
have occurred with respect to the Insurer if:

(a)           a
rehabilitation or liquidation proceeding shall be commenced against the
Insurer, without the consent of the Insurer, seeking the rehabilitation or
liquidation of the Insurer, the appointment of a trustee, receiver, custodian,
liquidator, assignee, sequestrator or the like for the Insurer or all or any
substantial part of its assets, or any similar action with respect to the
Insurer under any law relating to rehabilitation, liquidation, insolvency,
reorganization, winding up or composition or adjustment of debts, and such
proceeding shall continue undismissed, or unstayed and in effect, for a period
of 60 consecutive days; or

(b)           the
Insurer shall commence a voluntary proceeding under any applicable
rehabilitation, insolvency, reorganization, debt arrangement, dissolution or
other similar law now or hereafter in effect, or shall consent to the
appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) for the Insurer or
for any substantial part of its property, or shall make any general assignment
for the benefit of creditors; or

 42
 

(c)           the
board of directors of the Insurer shall vote to implement any of the actions
set forth in clause (b) above.

“Insurer Reimbursement Amounts” means, as of
any date of determination, (i) an amount equal to the aggregate of any amounts
due as of such date to the Insurer pursuant to the Insurance Agreement in
respect of unreimbursed draws under the Insurance Policy, including interest
thereon determined in accordance with the Insurance Agreement, and (ii) an
amount equal to the aggregate of any other amounts due as of such date to the
Insurer pursuant to the Insurance Agreement (other than the Insurer Fee).

“Interest Rate Hedge Provider” means HVF’s
counterparty under a Series 2005-3 Interest Rate Hedge.  Each Interest Rate Hedge Provider, for so
long as such Interest Rate Hedge Provider is not in default under its Series
2005-3 Interest Rate Hedge, and such Series 2005-3 Interest Rate Hedge
continues to be in effect, shall constitute an “Enhancement Provider” with
respect to the Series 2005-3 Notes for all purposes under the Indenture and the
other Related Documents.

“Investor Group” means a Class A-1 Investor
Group or a Class A-2 Investor Group, as the context may requires.

“Investor Group Principal Amount” means the
Class A-1 Investor Group Principal Amount or the Class A-2 Investor Group
Principal Amount, as the context may require.

“Jaguar Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Jaguar as of such date.

“Kia Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Kia as of such date.

“Land Rover Amount” means, as of any date of
determination, an amount equal to the sum of the Land Rover Program Amount and
the Land Rover Non-Program Amount as of such date.

“Land Rover Non-Program Amount” means, as of
any date of determination, an amount equal to the Manufacturer Non-Eligible
Vehicle Amount with respect to Land Rover as of such date.

“Land Rover Program Amount” means, as of any
date of determination, an amount equal to the Manufacturer Eligible Program
Vehicle Amount with respect to Land Rover as of such date.

“Lease Payment Deficit Notice” has the meaning
specified in Section 3.3(c) of this Series Supplement.

 43

“Legal Final Payment Date” means the Three-Year
Notes Legal Final Payment Date or the Five-Year Notes Legal Final Payment Date,
as the context may require.

“Lexus Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Lexus as of such date.

“LIBOR Determination Date” means, with respect
to any Series 2005-3 Interest Period, the second London Business Day preceding
the first day of such Series 2005-3 Interest Period.

“LOC Preference Payment Disbursement” means a
Class A LOC Preference Payment Disbursement and/or a Class B LOC Preference
Payment Disbursement, as the context may require.

“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.

“Mandatory Decrease” has the meaning specified
in Section 2.2(a) of this Series Supplement.

“Manufacturer Eligible Program Vehicle Amount”
means, as of any date of determination, with respect to any Manufacturer, an
amount equal to the sum, rounded to the nearest $100,000, of the following
amounts to the extent that such amounts are included in the definition of “Aggregate
Asset Amount” for such date: (i) the Net Book Value of all Eligible Program
Vehicles that are Eligible Vehicles as of such date that were manufactured by
such Manufacturer or an Affiliate thereof and not turned in to and accepted by
such Manufacturer pursuant to its Manufacturer Program, not delivered and
accepted for Auction pursuant to its Manufacturer Program or not otherwise sold
or deemed to be sold under the Related Documents, plus (ii) the aggregate amount
of Manufacturer Receivables (other than Excluded Payments) payable to HVF or to
the Intermediary pursuant to the Master Exchange Agreement, in each case as of
such date by such Manufacturer with respect to Vehicles that were Eligible
Vehicles and Eligible Program Vehicles when turned in to and accepted by such
Manufacturer or delivered and accepted for Auction, plus (iii) with respect to
Eligible Vehicles that were Eligible Program Vehicles that have been delivered
and accepted for Auction pursuant to a Manufacturer Program with such
Manufacturer, all amounts receivable (other than amounts specified in clause
(ii) above) from any person or entity in connection with the Auction of
such Eligible Vehicles as of such date, plus (iv) with respect to Eligible
Vehicles that were Eligible Program Vehicles manufactured by such Manufacturer
or an Affiliate thereof that have been turned in to and accepted by such
Manufacturer, delivered and accepted for Auction, otherwise sold or become a
Casualty, any accrued and unpaid Casualty Payments or Termination Payments with
respect to such Eligible Vehicles as of such date under the HVF Lease, plus (v)
with respect to Eligible Vehicles that were Eligible Program Vehicles
manufactured by such Manufacturer or an Affiliate 

 44
 

thereof that have been
turned in to and accepted by such Manufacturer, delivered and accepted for
Auction or otherwise sold, any accrued and unpaid Monthly Base Rent with
respect to such Eligible Vehicles under the HVF Lease (net of amounts set forth
in clauses (ii), (iii), and (iv) above) plus (vi) with
respect to Eligible Vehicles that were Eligible Program Vehicles sold by HVF to
a third party pursuant to Section 2.5(a) of the HVF Lease, any non-return
incentives payable to HVF under a Manufacturer Program by such Manufacturer in
respect of the sale of such Vehicles outside of the related Manufacturer
Program as of such date, plus (vii) if such date is during the period from and
including a Determination Date to but excluding the next Payment Date, accrued
and unpaid Monthly Base Rent payable on the next Payment Date with respect to
all Eligible Vehicles that are Eligible Program Vehicles as of such date that
were manufactured by such Manufacturer or an Affiliate thereof and that have
not been turned in to and accepted by such Manufacturer pursuant to its
Manufacturer Program, not been delivered and accepted for Auction pursuant to
its Manufacturer Program and not otherwise been sold or deemed to be sold under
the Related Documents.  For the purposes
of this definition, an Affiliate of a Manufacturer shall not include any Person
who is included as a Manufacturer hereunder.

“Manufacturer Non-Eligible Vehicle Amount”
means, as of any date of determination, with respect to any Manufacturer, an
amount equal to the sum, rounded to the nearest $100,000, of the following
amounts to the extent that such amounts are included in the definition of “Aggregate
Asset Amount” for such date: (i) the Net Book Value of all Non-Eligible Program
Vehicles or Non-Program Vehicles that are Eligible Vehicles as of such date
that were manufactured by such Manufacturer or an Affiliate thereof and not
turned in to and accepted by such Manufacturer thereof pursuant to its
Manufacturer Program, not delivered and accepted for Auction pursuant to its
Manufacturer Program or not otherwise sold or deemed to be sold under the
Related Documents, plus (ii) the aggregate amount of Manufacturer Receivables
(other than Excluded Payments) payable to HVF or to the Intermediary pursuant
to the Master Exchange Agreement, in each case as of such date by such
Manufacturer with respect to Vehicles that were Eligible Vehicles and
Non-Eligible Program Vehicles when turned in to and accepted by such
Manufacturer or delivered and accepted for Auction, plus (iii) with respect to
Eligible Vehicles that were Non-Eligible Program Vehicles that have been
delivered and accepted for Auction pursuant to a Manufacturer Program with such
Manufacturer, all amounts receivable (other than amounts specified in clause
(ii) above) from any Person in connection with the Auction of such Eligible
Vehicles as of such date, plus (iv) with respect to Eligible Vehicles that were
Non-Eligible Program Vehicles or Non-Program Vehicles manufactured by such
Manufacturer or an Affiliate thereof that have been turned in to and accepted
by such Manufacturer, delivered and accepted for Auction, otherwise sold or
become a Casualty, any accrued and unpaid Casualty Payments or Termination
Payments with respect to such Eligible Vehicles as of such date under the HVF
Lease, plus (v) with respect to Eligible Vehicles that were Non-Eligible
Program Vehicles or Non-Program Vehicles manufactured by such Manufacturer or
an Affiliate thereof that have been turned in to and accepted by such
Manufacturer, delivered and accepted for Auction or otherwise sold, any accrued
and unpaid Monthly Base Rent with respect to such Eligible Vehicles under the
HVF Lease (net of amounts 

 45
 

set forth in clauses
(ii), (iii) and (iv) above), plus (vi) if such date is during
the period from and including a Determination Date to but excluding the next
Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment
Date with respect to all Eligible Vehicles as of such date that are
Non-Eligible Program Vehicles or Non-Program Vehicles manufactured by such
Manufacturer or an Affiliate thereof and that have not been turned in to and
accepted by such Manufacturer thereof pursuant to its Manufacturer Program, not
been delivered and accepted for Auction pursuant to a Manufacturer Program and
not otherwise been sold or deemed to be sold under the Related Documents.  For the purposes of this definition, an
Affiliate of a Manufacturer shall not include any Person who is included as a
Manufacturer hereunder.

“Market Value Average” means, as of any day on
or after the third Determination Date, the percentage equivalent (not to exceed
100%) of a fraction, the numerator of which is the average of the Non-Program
Fleet Market Value as of such preceding Determination Date and the two Determination
Dates precedent thereto and the denominator of which is the average of the
aggregate Net Book Value of all Non-Program Vehicles (excluding any
Excluded Redesignated Vehicles) as of the preceding Determination Date and the
two Determination Dates precedent thereto.

“Maximum Investor Group Principal Amount” means
the Class A-1 Maximum Investor Group Amount or the Class A-2 Maximum Investor
Group Amount, as the context may require.

“Mazda Amount” means, as of any date of
determination, an amount equal to the sum of the Mazda Program Amount and the
Mazda Non-Program Amount as of such date.

“Mazda Non-Program Amount” means, as of any
date of determination, an amount equal to the Manufacturer Non-Eligible Vehicle
Amount with respect to Mazda as of such date.

“Mazda Program Amount” means, as of any date of
determination, an amount equal to the Manufacturer Eligible Program Vehicle
Amount with respect to Mazda as of such date.

“Mercedes Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Mercedes as of such date.

“Mitsubishi Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Mitsubishi as of such date.

“Monthly Hedge Payment” means, for any Payment
Date, the excess, if any, of (i) the aggregate amount payable by HVF as the “Fixed
Amount” under each Series 2005-3 Interest Rate Hedge on such Payment Date over
(ii) the aggregate amount payable to HVF as the “Floating Amount” under each
such Series 2005-3 Interest Rate 

 46
 

Hedge on such Payment
Date, in each case excluding any termination payments under such Series 2005-3
Interest Rate Hedges.

“Monthly Total Principal
Allocation” means for any Related Month the sum of all Series 2005-3
Principal Allocations with respect to such Related Month plus any amounts
deposited in the Series 2005-3 Collection Account pursuant to Section
3.3(h)(vi)(B) of this Series Supplement.

“New York UCC” has the meaning specified in Section
3.11(b)(i) of this Series Supplement.

“Non-Class B Rated Eligible Program Manufacturer”
means, as of any date of determination, each Eligible Program Manufacturer, who
as of such date had a long-term unsecured debt rating of less than “BBB-” from
Fitch or, if unrated by Fitch, each Eligible Program Manufacturer, who as of
such date had a long-term unsecured debt rating (or the equivalent thereof from
Moody’s or Standard & Poor’s, as applicable) of less than “Baa3” from Moody’s
or less than “BBB-” from Standard & Poor’s, and, if the Class B Notes are
rated by Standard & Poor’s, a long-term unsecured debt rating of less than “BBB-”
and, if the Class B Notes are rated by Moody’s a long-term unsecured debt
rating of less than “Baa3” provided that upon the downgrade of a
Manufacturer by Fitch or, if unrated by Fitch or the Class B Notes are rated by
Moody’s or Standard & Poor’s, by Moody’s or Standard & Poor’s, as
applicable, to a rating that would require inclusion of such Manufacturer in
this definition, for purposes of this definition and each instance in which
this definition is used in this Series Supplement, such Manufacturer shall be
deemed to be rated “BBB-” by Fitch or, if unrated by Fitch or the Class B Notes
are rated by Moody’s or Standard & Poor’s, rated “BBB-” and/or “Baa3”, as
applicable, by each Rating Agency that downgraded such Manufacturer for a
period of 30 days following the date on which the Administrator obtains actual
knowledge of such downgrade; provided further that, unless otherwise
agreed to by Fitch, (x) for so long as Ford is rated “BBB-” or lower by Fitch,
Ford shall be considered a “Non-Class B Rated Eligible Program Manufacturer”
and (y) for so long as GM is rated “BBB-” or lower by Fitch, GM shall be
considered a “Non-Class B Rated Eligible Program Manufacturer”.

“Non-Class B Rated Eligible Program Manufacturer
Amount” means, as of any date of determination, the sum for all Non-Class B
Rated Eligible Program Manufacturers of an amount, with respect to each
Non-Class B Rated Eligible Program Manufacturer, equal to the sum, rounded to
the nearest $100,000, of the following amounts to the extent that such amounts
are included in the definition of “Aggregate Asset Amount” for such date: (i)
the Net Book Value of all Eligible Program Vehicles that are Eligible Vehicles
as of such date that were manufactured by such Non-Class B Rated Eligible
Program Manufacturer or an Affiliate thereof and not turned in to and accepted
by such Non-Class B Rated Eligible Program Manufacturer pursuant to its
Manufacturer Program, not delivered and accepted for Auction pursuant to its
Manufacturer Program or not otherwise sold or deemed to be sold under the
Related Documents, plus (ii) the aggregate amount of Manufacturer Receivables
(other than Excluded Payments) payable to HVF or to the Intermediary pursuant
to the Master Exchange Agreement, in each case as of such date by such
Non-Class B Rated Eligible 

 47
 

Program Manufacturer with
respect to Vehicles that were Eligible Vehicles and Eligible Program Vehicles
when turned in to and accepted by such Non-Class B Rated Eligible Program
Manufacturer or delivered and accepted for Auction, plus (iii) with respect to
Eligible Vehicles that were Eligible Program Vehicles that have been delivered
and accepted for Auction pursuant to a Manufacturer Program with such Non-Class
B Rated Eligible Program Manufacturer, all amounts receivable (other than
amounts specified in clause (ii) above) from any person or entity in
connection with the Auction of such Eligible Vehicles as of such date, plus
(iv) with respect to Eligible Vehicles that were Eligible Program Vehicles
manufactured by such Non-Class B Rated Eligible Program Manufacturer or an
Affiliate thereof that have been turned in to and accepted by such Non-Class B
Rated Eligible Program Manufacturer, delivered and accepted for Auction,
otherwise sold or become a Casualty, any accrued and unpaid Casualty Payments
or Termination Payments with respect to such Eligible Vehicles as of such date
under the HVF Lease, plus (v) with respect to Eligible Vehicles that were
Eligible Program Vehicles manufactured by such Non-Class B Rated Eligible Program
Manufacturer or an Affiliate thereof that have been turned in to and accepted
by such Non-Class B Rated Eligible Program Manufacturer, delivered and accepted
for Auction or otherwise sold, any accrued and unpaid Monthly Base Rent with
respect to such Eligible Vehicles under the HVF Lease (net of amounts set forth
in clauses (ii), (iii), and (iv) above) plus (vi) with
respect to Eligible Vehicles that were Eligible Program Vehicles sold by HVF to
a third party pursuant to Section 2.5(a) of the HVF Lease, any non-return
incentives payable to HVF under a Manufacturer Program by such Non-Class B
Rated Eligible Program Manufacturer in respect of the sale of such Vehicles
outside of the related Manufacturer Program as of such date, plus (vii) if such
date is during the period from and including a Determination Date to but
excluding the next Payment Date, accrued and unpaid Monthly Base Rent payable
on the next Payment Date with respect to all Eligible Vehicles that are
Eligible Program Vehicles as of such date that were manufactured by such
Non-Class B Rated Eligible Program Manufacturer or an Affiliate thereof and
that have not been turned in to and accepted by such Non-Class B Rated Eligible
Program Manufacturer pursuant to its Manufacturer Program, not been delivered
and accepted for Auction pursuant to its Manufacturer Program and not otherwise
been sold or deemed to be sold under the Related Documents.  For the purposes of this definition, an
Affiliate of a Manufacturer shall not include any Person who is included as a
Manufacturer hereunder.

“Non-Eligible Manufacturer Amount” means, as of
any date of determination, an amount equal to the sum, rounded to the nearest
$100,000, of the following amounts to the extent that such amounts are included
in the definition of “Aggregate Asset Amount” for such date: (i) the Net Book
Value of all HVF Vehicles that are Eligible Vehicles as of such date that were
manufactured by Manufacturers other than Eligible Manufacturers and not turned
in to and accepted by the Manufacturer thereof pursuant to its Manufacturer
Program, not delivered and accepted for Auction pursuant to its Manufacturer
Program or not otherwise sold or deemed to be sold under the Related Documents,
plus (ii) the aggregate amount of Manufacturer Receivables (other than Excluded
Payments) payable to HVF or to the Intermediary pursuant to the Master Exchange
Agreement, in each case as of such date by Manufacturers other than Eligible
Manufacturers with respect to Vehicles that were Eligible Vehicles when turned

 48
 

in to and accepted by
such Manufacturers or delivered and accepted for Auction, plus (iii) with
respect to Eligible Vehicles that have been delivered and accepted for Auction
pursuant to a Manufacturer Program with a Manufacturer other than an Eligible
Manufacturer, all amounts receivable (other than amounts specified in clause
(ii) above) from any Person in connection with the Auction of such Eligible
Vehicles as of such date, plus (iv) with respect to Eligible Vehicles that were
manufactured by Manufacturers other than Eligible Manufacturers that have been
turned in to and accepted by the Manufacturer thereof, delivered and accepted
for Auction, otherwise sold or become a Casualty, any accrued and unpaid
Casualty Payments or Termination Payments with respect to such Eligible
Vehicles as of such date under the HVF Lease, plus (v) with respect to Eligible
Vehicles that were manufactured by Manufacturers other than Eligible
Manufacturers that have been turned in to and accepted by the Manufacturer
thereof, delivered and accepted for Auction or otherwise sold, any accrued and
unpaid Monthly Base Rent with respect to such Eligible Vehicles under the HVF
Lease (net of amounts set forth in clauses (ii), (iii) and (iv)
above), plus (vi) if such date is during the period from and including a
Determination Date to but excluding the next Payment Date, accrued and unpaid
Monthly Base Rent payable on the next Payment Date with respect to all Eligible
Vehicles as of such date that were manufactured by Manufacturers other than
Eligible Manufacturers and that have not been turned in to and accepted by the
Manufacturer thereof pursuant to its Manufacturer Program, not been delivered
and accepted for Auction pursuant to its Manufacturer Program and not otherwise
been sold or deemed to be sold under the Related Documents.

“Non-Eligible Vehicle Amount” means, as of any
date of determination, an amount equal to the sum, rounded to the nearest
$100,000, of the following amounts to the extent that such amounts are included
in the definition of “Aggregate Asset Amount” for such date: (i) the Net Book
Value of all Non-Eligible Program Vehicles and Non-Program Vehicles that are
Eligible Vehicles as of such date and not turned in to and accepted by the
Manufacturer thereof pursuant to its Manufacturer Program, not delivered and
accepted for Auction pursuant to its Manufacturer Program or not otherwise sold
or deemed to be sold under the Related Documents, plus (ii) the aggregate
amount of Manufacturer Receivables (other than Excluded Payments) payable to
HVF or to the Intermediary pursuant to the Master Exchange Agreement, in each
case as of such date by Manufacturers with respect to Vehicles that were
Eligible Vehicles and Non-Eligible Program Vehicles when turned in to and
accepted by such Manufacturers or delivered and accepted for Auction, plus
(iii) with respect to Eligible Vehicles that were Non-Eligible Program Vehicles
that have been delivered and accepted for Auction pursuant to a Manufacturer
Program with a Manufacturer, all amounts receivable (other than amounts
specified in clause (ii) above) from any Person in connection with the
Auction of such Eligible Vehicles as of such date, plus (iv) with respect to
Eligible Vehicles that were Non-Eligible Program Vehicles or Non-Program
Vehicles that have been turned in to and accepted by the Manufacturer thereof,
delivered and accepted for Auction, otherwise sold or become a Casualty, any
accrued and unpaid Casualty Payments or Termination Payments with respect to
such Eligible Vehicles as of such date under the HVF Lease, plus (v) with
respect to Eligible Vehicles that were Non-Eligible Program Vehicles or
Non-Program Vehicles that have been turned in to and accepted by 

 49
 

the Manufacturer thereof,
delivered and accepted for Auction or otherwise sold, any accrued and unpaid
Monthly Base Rent with respect to such Eligible Vehicles under the HVF Lease
(net of amounts set forth in clauses (ii), (iii) and (iv)
above), plus (vi) if such date is during the period from and including a
Determination Date to but excluding the next Payment Date, accrued and unpaid
Monthly Base Rent payable on the next Payment Date with respect to all Eligible
Vehicles as of such date that are Non-Eligible Program Vehicles or Non-Program
Vehicles and that have not been turned in to and accepted by the Manufacturer
thereof pursuant to its Manufacturer Program, not been delivered and accepted
for Auction pursuant to a Manufacturer Program and not otherwise been sold or
deemed to be sold under the Related Documents.

“Non-Investment Grade Eligible Program Manufacturer”
means, as of any date of determination, each Eligible Program Manufacturer who
as of such date does not have a long-term unsecured debt rating of at least “BBB-”
from Standard & Poor’s, at least “Baa3” from Moody’s and, unless otherwise
agreed to by Fitch, at least “BBB-” by Fitch; provided that upon the
withdrawal of the rating of a Manufacturer by a Rating Agency or upon the
downgrade of a Manufacturer by a Rating Agency to a rating that would require
inclusion of such Manufacturer in this definition, for purposes of this
definition and each instance in which this definition is used in this Series
Supplement, such Manufacturer shall be deemed to be rated “BBB-”, “Baa3” and/or
“BBB-”, as applicable, by the Rating Agency which downgraded such Manufacturer
for a period of 30 days following the earlier of (i) the date on which any of
the Administrator, HVF or the Servicer obtains actual knowledge of such
downgrade and (ii) the date on which the Trustee or the Insurer notifies the
Administrator of such downgrade.

“Non-Investment Grade Eligible Program Manufacturer
Vehicle Amount” means, as of any date of determination, the sum for all
Non-Investment Grade Eligible Program Manufacturers of an amount, with respect
to each Non-Investment Grade Eligible Program Manufacturer, equal to the sum,
rounded to the nearest $100,000, of the following amounts to the extent that
such amounts are included in the definition of “Aggregate Asset Amount” for
such date: (i) the Net Book Value of all Eligible Program Vehicles that are
Eligible Vehicles as of such date that were manufactured by such Non-Investment
Grade Eligible Program Manufacturer or an Affiliate thereof and not turned in
to and accepted by such Non-Investment Grade Eligible Program Manufacturer
pursuant to its Manufacturer Program, not delivered and accepted for Auction
pursuant to its Manufacturer Program or not otherwise sold or deemed to be sold
under the Related Documents, plus (ii) the aggregate amount of Manufacturer
Receivables (other than Excluded Payments) payable to HVF or to the
Intermediary pursuant to the Master Exchange Agreement, in each case as of such
date by such Non-Investment Grade Eligible Program Manufacturer with respect to
Vehicles that were Eligible Vehicles and Eligible Program Vehicles when turned
in to and accepted by such Non-Investment Grade Eligible Program Manufacturer
or delivered and accepted for Auction, plus (iii) with respect to Eligible
Vehicles that were Eligible Program Vehicles that have been delivered and
accepted for Auction pursuant to a Manufacturer Program with such
Non-Investment Grade Eligible Program Manufacturer, all amounts receivable
(other than amounts specified in clause (ii) above) from any person or
entity in connection with the Auction of such Eligible Vehicles as of such
date, plus (iv) with respect to Eligible 

 50
 

Vehicles that were
Eligible Program Vehicles manufactured by such Non-Investment Grade Eligible
Program Manufacturer or an Affiliate thereof that have been turned in to and
accepted by such Non-Investment Grade Eligible Program Manufacturer, delivered
and accepted for Auction, otherwise sold or become a Casualty, any accrued and
unpaid Casualty Payments or Termination Payments with respect to such Eligible Vehicles
as of such date under the HVF Lease, plus (v) with respect to Eligible Vehicles
that were Eligible Program Vehicles manufactured by such Non-Investment Grade
Eligible Program Manufacturer or an Affiliate thereof that have been turned in
to and accepted by such Non-Investment Grade Eligible Program Manufacturer,
delivered and accepted for Auction or otherwise sold, any accrued and unpaid
Monthly Base Rent with respect to such Eligible Vehicles under the HVF Lease
(net of amounts set forth in clauses (ii), (iii), and (iv)
above) plus (vi) with respect to Eligible Vehicles that were Eligible Program
Vehicles sold by HVF to a third party pursuant to Section 2.5(a) of the HVF
Lease, any non-return incentives payable to HVF under a Manufacturer Program by
such Non-Investment Grade Eligible Program Manufacturer in respect of the sale
of such Vehicles outside of the related Manufacturer Program as of such date,
plus (vii) if such date is during the period from and including a Determination
Date to but excluding the next Payment Date, accrued and unpaid Monthly Base
Rent payable on the next Payment Date with respect to all Eligible Vehicles
that are Eligible Program Vehicles as of such date that were manufactured by
such Non-Investment Grade Eligible Program Manufacturer or an Affiliate thereof
and that have not been turned in to and accepted by such Non-Investment Grade
Eligible Program Manufacturer pursuant to its Manufacturer Program, not been
delivered and accepted for Auction pursuant to its Manufacturer Program and not
otherwise been sold or deemed to be sold under the Related Documents.  For the purposes of this definition, an
Affiliate of a Manufacturer shall not include any Person who is included as a
Manufacturer hereunder.

“Non-Investment Grade
Manufacturer” means, as of any date of determination, each Eligible
Manufacturer who as of such date does not have a long-term unsecured debt
rating of at least “BBB-” from Standard & Poor’s, at least “Baa3” from
Moody’s and, unless otherwise agreed to by Fitch, at least “BBB-” by Fitch; provided
that upon the withdrawal of the rating of a Manufacturer by a Rating
Agency or upon the downgrade of a
Manufacturer by a Rating Agency to a rating that would require inclusion of
such Manufacturer in this definition, for purposes of this definition and each
instance in which this definition is used in this Series Supplement, such
Manufacturer shall be deemed to be rated “BBB-”, “Baa3” and/or “BBB-”, as
applicable, by the Rating Agency which downgraded such Manufacturer for a
period of 30 days following the earlier of (i) the date on which any of the
Administrator, HVF or the Servicer obtains actual knowledge of such downgrade
and (ii) the date on which the Trustee or Insurer notifies the Administrator of
such downgrade.

“Non-Investment Grade
Manufacturer Non-Eligible Vehicle Amount” means, as of any date of
determination, the sum for all Non-Investment Grade Manufacturers of an amount,
with respect to each Non-Investment Grade Manufacturer, equal to the sum,
rounded to the nearest $100,000, of the following amounts to the extent that
such amounts are included in the definition of “Aggregate Asset Amount” for
such date: (i) the Net Book Value of all Non-Eligible Program Vehicles and
Non-Program 

 51
 

Vehicles
that are Eligible Vehicles as of such date that were manufactured by such
Non-Investment Grade Manufacturer and not turned in to and accepted by such
Non-Investment Grade Manufacturer pursuant to its Manufacturer Program, not
delivered and accepted for Auction pursuant to its Manufacturer Program or not
otherwise sold or deemed to be sold under the Related Documents, plus (ii) the
aggregate amount of Manufacturer Receivables (other than Excluded Payments)
payable to HVF or to the Intermediary pursuant to the Master Exchange Agreement,
in each case as of such date by such Non-Investment Grade Manufacturer with
respect to Vehicles that were Eligible Vehicles and Non-Eligible Program
Vehicles when turned in to and accepted by such Non-Investment Grade
Manufacturer or delivered and accepted for Auction, plus (iii) with respect to
Eligible Vehicles that were Non-Eligible Program Vehicles that have been
delivered and accepted for Auction pursuant to its Manufacturer Program with
such Non-Investment Grade Manufacturer, all amounts receivable (other than
amounts specified in clause (ii) above) from any Person in connection
with the Auction of such Eligible Vehicles as of such date, plus (iv) with
respect to Eligible Vehicles that were Non-Eligible Program Vehicles or
Non-Program Vehicles that have been turned in to and accepted by such
Non-Investment Grade Manufacturer, delivered and accepted for Auction,
otherwise sold or become a Casualty, any accrued and unpaid Casualty Payments
or Termination Payments with respect to such Eligible Vehicles as of such date
under the HVF Lease, plus (v) with respect to Eligible Vehicles that were
Non-Eligible Program Vehicles or Non-Program Vehicles that have been turned in
to and accepted by such Non-Investment Grade Manufacturer, delivered and
accepted for Auction or otherwise sold, any accrued and unpaid Monthly Base
Rent with respect to such Eligible Vehicles under the HVF Lease (net of amounts
set forth in clauses (ii), (iii) and (iv) above), plus
(vi) if such date is during the period from and including a Determination Date
to but excluding the next Payment Date, accrued and unpaid Monthly Base Rent
payable on the next Payment Date with respect to all Eligible Vehicles as of
such date that are Non-Eligible Program Vehicles or Non-Program Vehicles and that
have not been turned in to and accepted by such Non-Investment Grade
Manufacturer pursuant to its Manufacturer Program, not been delivered and
accepted for Auction pursuant to its Manufacturer Program and not otherwise
been sold or deemed to be sold under the Related Documents.

“Non-Program Fleet Market Value” means, with
respect to all Non-Program Vehicles (excluding any Excluded Redesignated
Vehicles) as of any date of determination, the sum of the respective
Third-Party Market Values of each such Non-Program Vehicle.

“Non-Program Vehicle Measurement Month Average”
means, with respect to any Measurement Month, the lesser of (a) the percentage
equivalent of a fraction, the numerator of which is the aggregate amounts of
Disposition Proceeds paid or payable in respect of all Non-Program Vehicles
that are sold to third parties, at auction or otherwise (excluding salvage
sales), during such Measurement Month and the two Measurement Months preceding
such Measurement Month and the denominator of which is the aggregate Net Book
Values of such Non-Program Vehicles on the dates of their respective sales and
(b) 100%.

 52
 

“One-Month LIBOR” means, for each Series 2005-3
Interest Period, the rate per annum determined on the related LIBOR
Determination Date by the Calculation Agent to be the rate for Dollar deposits
having a maturity equal to one month, that appears on Telerate Page 3750 at
approximately 11:00 a.m., London time, on such LIBOR Determination Date; provided,
however, that if such rate does not appear on Telerate Page 3750,
One-Month LIBOR will mean, for such Series 2005-3 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 2005-3 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
2005-3 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 2005-3 Interest Period will mean
One-Month LIBOR as in effect with respect to the preceding Series 2005-3
Interest Period.

“Outstanding” means with respect to the Series
2005-3 Notes, all Series 2005-3 Notes theretofore authenticated and delivered
under the Indenture, except (a) Series 2005-3 Notes theretofore
cancelled or delivered to the Registrar for cancellation, (b) Series 2005-3
Notes which have not been presented for payment but funds for the payment of
which are on deposit in the Series 2005-3 Distribution Account and are
available for payment of such Series 2005-3 Notes, and Series 2005-3 Notes
which are considered paid pursuant to Section 8.1 of the Base Indenture, or (c)
Series 2005-3 Notes in exchange for or in lieu of other Series 2005-3 Notes
which have been authenticated and delivered pursuant to the Indenture unless
proof satisfactory to the Trustee is presented that any such Series 2005-3
Notes are held by a purchaser for value.

“Past Due Rent Payment” has the meaning
specified in Section 3.2(d) of this Series Supplement.

“Preference Amount” means any amount previously
paid by Hertz pursuant to the Series 2005-3 Demand Note and distributed to the
Series 2005-3 Noteholders in respect of amounts owing under the Series 2005-3
Notes that is recoverable or that has been recovered as a voidable preference
by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy
Code in accordance with a final nonappealable order of a court having competent
jurisdiction.

“Principal Deficit Amount” means, on any date
of determination, the excess, if any, of (a) the Series 2005-3 Adjusted
Principal Amount on such date (after giving effect to the distribution of the
Monthly Total Principal Allocation for the Related Month) over (b) the Series
2005-3 Asset Amount on such date; provided, however, the Principal Deficit
Amount on any date that is prior to the Five-Year Notes Legal Final 

 53
 

Payment
Date occurring during the period commencing on and including the date of the
filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy
Code to but excluding the date on which Hertz shall have resumed making all
payments of Monthly Variable Rent required to be made under the HVF Lease,
shall mean the excess, if any, of (x) the Series 2005-3 Adjusted Principal
Amount on such date (after giving effect to the distribution of the
Monthly Total Principal Allocation for the Related Month) over (y) the sum of (1) the Series 2005-3
Asset Amount on such date and (2) the lesser of (a) the Series 2005-3 Liquidity
Amount on such date and (b) the Series 2005-3 Required Liquidity Amount on such
date.

“Pro Rata Share” means, (a) with respect to any
Series 2005-3 Non-Ford Letter of Credit Provider, as of any date, the fraction
(expressed as a percentage) obtained by dividing (A) the available amount under
such Series 2005-3 Non-Ford Letter of Credit Provider’s Series 2005-3 Non-Ford
Letter of Credit as of such date by (B) an amount equal to the aggregate
available amount under all Series 2005-3 Non-Ford Letters of Credit, relating
to the same Class of Series 2005-3 Notes as such Series 2005-3 Non-Ford Letter
of Credit Provider’s Series 2005-3 Non-Ford Letter of Credit, as of such date
and (b) with respect to any Series 2005-3 Ford Letter of Credit Provider as of
any date, the fraction (expressed as a percentage) obtained by dividing (A) the
available amount under such Series 2005-3 Ford Letter of Credit Provider’s
Series 2005-3 Ford Letter of Credit as of such date by (B) an amount equal to
the aggregate available amount under all Series 2005-3 Ford Letters of Credit
relating to the same Class of Series 2005-3 Notes as such Series 2005-3 Ford
Letter of Credit Provider’s Series 2005-3 Ford Letter of Credit, as of such
date; provided, that only for purposes of calculating the Pro Rata Share
with respect to any Series 2005-3 Letter of Credit Provider as of any date, if
such Series 2005-3 Letter of Credit Provider has not complied with its
obligation to pay the Trustee the amount of any draw under its Series 2005-3
Letter of Credit made prior to such date, the available amount under such
Series 2005-3 Letter of Credit Provider’s Series 2005-3 Letter of Credit as of
such date shall be treated as reduced (for calculation purposes only) by the
amount of such unpaid demand and shall not be reinstated for purposes of such
calculation unless and until the date as of which such Series 2005-3 Letter of
Credit Provider has paid such amount to the Trustee and been reimbursed by the
Lessee for such amount (provided that the foregoing calculation shall not in
any manner reduce a Series 2005-3 Letter of Credit Provider’s actual liability
in respect of any failure to pay any demand under its Series 2005-3 Letter of
Credit).

“QIB” has the meaning specified in Section
6.2 of this Series Supplement.

“Rating Agencies” means, with respect to the
Series 2005-3 Notes, Standard & Poor’s, Moody’s and Fitch and any other
nationally recognized rating agency rating the Series 2005-3 Notes at the
request of HVF.

“Record Date” means, with respect to any
Payment Date, the last day of the Related Month.

“Redesignated Vehicle” means any Program
Vehicle manufactured by a Manufacturer with respect to which an Event of Bankruptcy
has occurred which has been 

 54
 

redesignated as a
Non-Program Vehicle pursuant to Section 18(b) of the HVF Lease in
accordance with Section 2.6 thereof.

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

“Regulation S” means Regulation S promulgated
under the Securities Act.

“Regulation S Global Notes” has the meaning
specified in Section 6.2(b) of this Series Supplement.

“Required Minimum Fleet Equity Amount” means,
on any date of determination, an amount equal to four times the Ford LOC
Exposure Amount as of such date.

“Required Noteholders” means with respect to
the Series 2005-3 Notes, subject to Section 7.7 of this Series
Supplement, Series 2005-3 Noteholders holding more than 50% of the Series
2005-3 Principal Amount (excluding any Series 2005-3 Notes held by HVF or any
Affiliate of HVF).

“Restricted Global Notes” has the meaning
specified in Section 6.2(a) of this Series Supplement.

“Restricted Notes” means the Restricted Global
Notes, and all other Series 2005-3 Notes evidencing the obligations, or any
portion of the obligations, initially evidenced by the Restricted Global Notes,
other than certificates transferred or exchanged upon certification as provided
in Section 6.4(i)(iv) of this Series Supplement.

“Restricted Period” means, with respect to any
Series 2005-3 Notes issued on the Series 2005-3 Closing Date, the period
commencing on such Series 2005-3 Closing Date and ending on the 40th day after
such Series 2005-3 Closing Date, and with respect to any Class B Notes issued
on a Series 2005-3 Class B Notes Closing Date, the period commencing on such
Series 2005-3 Class B Notes Closing Date and ending on the 40th day after such Series 2005-3 Class B Notes
Closing Date.

“Rule 144A” means Rule 144A promulgated under
the Securities Act.

“Senior Credit Facilities” means the Servicer’s
Senior Term Facility and Senior ABL Facility, each of which will be provided
under credit agreements, to be dated as of the date hereof, among the Servicer
and (with respect to the Senior ABL Facility only) Hertz Equipment Rental
Corporation and certain of the Servicer’s other subsidiaries, as borrower,
Deutsche Bank AG Cayman Islands Branch Inc., as administrative agent, Lehman
Commercial Paper Inc., as syndication agent, Merrill Lynch Capital Corporation,
as sole documentation agent, and the other financial institutions party thereto
from time to time.

“Series 2005-1 Notes” means the Series 2005-1
Medium Term Rental Car Asset Backed Notes issued by HVF on the date hereof
under that certain Series 

 55
 

Supplement to the Base
Indenture, dated as of the date hereof (as amended, modified, restated or
supplemented from time to time in accordance with the terms thereof), by and
between HVF and the Trustee.

“Series 2005-2 Notes” means the Series 2005-2
Medium Term Rental Car Asset Backed Notes issued by HVF on the date hereof
under that certain Series Supplement to the Base Indenture, dated as of the
date hereof (as amended, modified, restated or supplemented from time to time
in accordance with the terms thereof), by and between HVF and the Trustee.

“Series 2005-3 Accrued Amounts” means, on any
date of determination, the sum of (i) accrued and unpaid interest on the Series
2005-3 Notes as of such date, (ii) the Insurer Fee, if any, accrued to such
date and payable by HVF on the next succeeding Payment Date, (iii) any other
amounts due or accrued as of such date and payable to the Insurer pursuant to
the Insurance Agreement (other than unreimbursed amounts drawn under the Insurance
Policy to pay the principal of the Series 2005-3 Notes) on or prior to the next
succeeding Payment Date, (iv) the Monthly Hedge Payment and (v) the product of
(A) the Indenture Carrying Charges payable on the next succeeding Payment Date
times (B) the Series 2005-3 Percentage as of the Determination Date immediately
preceding such Payment Date.

“Series 2005-3 Accrued Interest Account” has
the meaning specified in Section 3.1(a) of this Series Supplement.

“Series 2005-3 Adjusted Principal Amount” means,
as of any date of determination, the sum of the Class A Adjusted Principal
Amount and the Class B Adjusted Principal Amount, in each case, as of such
date.

“Series 2005-3 Asset Amount” means, as of any
date of determination, the product of (i) the Series 2005-3 Invested Percentage
(with respect to principal) as of such date and (ii) the Aggregate Asset Amount
as of such date.

“Series 2005-3 Cash Collateral Accounts” means
the Class A Cash Collateral Account and the Class B Cash Collateral Account.

“Series 2005-3 Class B Notes Closing Date”
means, with respect to any issuance of Class B Notes, the date specified in the
Class B Notes Term Sheet related to such issuance of Class B Notes.

“Series 2005-3 Closing Date” means December 21,
2005.

“Series 2005-3 Collateral” means the
Collateral, any Series 2005-3 Interest Rate Hedges, each Series 2005-3 Letter
of Credit, the Series 2005-3 Series Account Collateral, the Class A Cash
Collateral Account Collateral, the Class B Cash Collateral Account Collateral,
the Series 2005-3 Demand Note, the Series 2005-3 Distribution Account
Collateral, the Class A Reserve Account Collateral and the Class B Reserve
Account Collateral.

 56
 

“Series 2005-3 Collection Account” has the
meaning specified in Section 3.1(a) of this Series Supplement.

“Series 2005-3 Demand Note” means each demand
note made by Hertz, substantially in the form of Exhibit H to this
Series Supplement, as amended, modified or restated from time to time in
accordance with its terms and the terms of this Series Supplement.

“Series 2005-3 Demand Note Payment Amount”
means, as of any date of determination, the excess, if any, of (a) the
aggregate amount of all proceeds of demands made on the Series 2005-3 Demand
Note that were deposited into the Series 2005-3 Distribution Account and paid
to the Series 2005-3 Noteholders during the one year period ending on such date
of determination over (b) the amount of any Preference Amount relating to such
proceeds that has been repaid to HVF (or any payee of HVF) with the proceeds of
any LOC Preference Payment Disbursement (or any withdrawal from any Series
2005-3 Cash Collateral Account); provided, however, that if an
Event of Bankruptcy (or the occurrence of an event described in clause (a)
of the definition thereof, without the lapse of a period of 60 consecutive
days) with respect to Hertz shall have occurred on or before such date of
determination, the Series 2005-3 Demand Note Payment Amount shall equal (i) on
any date of determination until the conclusion or dismissal of the proceedings
giving rise to such Event of Bankruptcy without continuing jurisdiction by the
court in such proceedings (or on any earlier date upon which the statute of
limitations in respect of avoidance actions in such proceedings has run or when
such actions otherwise become unavailable to the bankruptcy estate), the Series
2005-3 Demand Note Payment Amount as if it were calculated as of the date of
the occurrence of such Event of Bankruptcy and (ii) on any date of
determination thereafter, $0.

“Series 2005-3 Deposit Date” has the meaning
specified in Section 3.2 of this Series Supplement.

“Series 2005-3 Designated Account” has the
meaning specified in Section 3.11(a) of this Series Supplement.

“Series 2005-3 Distribution Account” has the
meaning specified in Section 3.10(a) of this Series Supplement.

“Series 2005-3 Distribution Account Collateral”
has the meaning specified in Section 3.10(d) of this Series Supplement.

“Series 2005-3 Excess Collection Account” has
the meaning specified in Section 3.1(a) of this Series Supplement.

“Series 2005-3 Ford Letter of Credit” means
each Class A Ford Letter of Credit and each Class B Ford Letter of Credit, as
the context may require.

“Series 2005-3 Ford Letter of Credit Provider”
means each Class A Ford Letter of Credit Provider and each Class B Ford Letter
of Credit Provider, as the context may require.

 57
 

“Series 2005-3 Ford Letter of Credit Termination
Date” means the date on which (i) all Series 2005-3 Ford Letters of Credit
have expired or been terminated and returned to the Series 2005-3 Ford Letter
of Credit Provider thereof, (ii) no Ford Reimbursement Obligations are
outstanding and (iii) Ford has been paid all amounts distributable to Ford
hereunder from the Series 2005-3 Cash Collateral Accounts.

“Series 2005-3 Global Note” means a Regulation
S Global Note, a Restricted Global Note or an Unrestricted Global Note.

“Series 2005-3 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 2005-3 Interest Period shall commence on and include
the Series 2005-3 Closing Date and end on and include January 24, 2006.

“Series 2005-3 Interest Rate Hedge” is defined
in Section 3.12(a) of this Series Supplement; provided that for
the avoidance of doubt each Series 2005-3 Interest Rate Hedge shall constitute
a “Series-Specific Swap Agreement”, but shall not constitute a “Swap Agreement”
for all purposes under the Base Indenture or any other Related Document.

“Series 2005-3 Invested Percentage” means on
any date of determination:

(a)           when
used with respect to Principal Collections, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which shall
be equal to the Series 2005-3 Required Adjusted Asset Amount, determined during
the Series 2005-3 Revolving Period as of the end of the immediately preceding
Related Month (or, until the end of the initial Related Month after the Series
2005-3 Closing Date, on the Series 2005-3 Closing Date), or, the Series 2005-3
Required Adjusted Asset Amount, determined during the Series 2005-3 Rapid
Amortization Period, as of the last day of the Series 2005-3 Revolving Period,
and the denominator of which shall be the greater of (I) the Aggregate Asset
Amount as of the end of the immediately preceding Related Month or, until the
end of the initial Related Month after the Series 2005-3 Closing Date, as of
the Series 2005-3 Closing Date and (II) as of the same date as in clause (I),
the Aggregate Required Asset Amount;

(b)           when
used with respect to Interest Collections, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which shall
be the Series 2005-3 Accrued Amounts on such date of determination, and the
denominator of which shall be the aggregate Accrued Amounts with respect to all
Series of Notes on such date of determination.

“Series 2005-3 Lease Interest Payment Deficit”
means on any Payment Date an amount equal to the excess, if any, of (a) the
aggregate amount of Interest Collections which pursuant to Section 3.2(a),
(b) or (c) of this Series Supplement would have been deposited
into the Series 2005-3 Accrued Interest Account if all payments of Monthly
Variable Rent required to have been made under the HVF Lease from and 

 58
 

excluding the preceding
Payment Date to and including such Payment Date were made in full over (b) the
aggregate amount of Interest Collections which pursuant to Section 3.2(a),
(b) or (c) of this Series Supplement have been received for
deposit into the Series 2005-3 Accrued Interest Account from and excluding the
preceding Payment Date to and including such Payment Date.

“Series 2005-3 Lease Payment Deficit” means
either a Series 2005-3 Lease Interest Payment Deficit or a Series 2005-3 Lease
Principal Payment Deficit.

“Series 2005-3 Lease Principal Payment Carryover
Deficit” means (a) for the initial Payment Date, zero and (b) for any other
Payment Date, the excess, if any, of (x) the Series 2005-3 Lease Principal
Payment Deficit, if any, on the preceding Payment Date over (y) the
amount deposited in the Series 2005-3 Distribution Account pursuant to Section
3.5(e) of this Series Supplement on such preceding Payment Date on account
of such Series 2005-3 Lease Principal Payment Deficit.

“Series 2005-3 Lease Principal Payment Deficit”
means on any Payment Date the sum of (a) the Series 2005-3 Monthly Lease
Principal Payment Deficit for such Payment Date and (b) the Series 2005-3 Lease
Principal Payment Carryover Deficit for such Payment Date.

“Series 2005-3 Letter of Credit” means a Class
A Letter of Credit and/or a Class B Letter of Credit, as the context may
require.

“Series 2005-3 Letter of Credit Provider” means
a Class A Letter of Credit Provider and/or a Class B Letter of Credit Provider,
as the context may require.

“Series 2005-3 Limited Liquidation Event of Default”
means, so long as such event or condition continues, any event or condition of
the type specified in clauses (a) through (l) of Article IV
of this Series Supplement that continues for thirty (30) days (without double
counting the cure period, if any, provided therein); provided  however,
that any event or condition of the type specified in clauses (a) through
(i) shall cease to constitute a Series 2005-3 Limited Liquidation Event
of Default if (i) within such thirty (30) day period, such Amortization Event
shall have been cured and (ii) the Trustee shall have received from the Series
2005-3 Noteholders holding more than 50% of the Controlling Class a waiver of
the occurrence of such Series 2005-3 Limited Liquidation Event of Default.

“Series 2005-3 Liquidity Amount” means, as of
any date of determination, the sum of (a) the Class A Liquidity Amount and (b)
the Class B Liquidity Amount, in each case on such date.

“Series 2005-3 Maximum Aggregate BMW/Lexus/Mercedes/Audi
Amount” means as of any
day, an amount equal to 6% of the Adjusted Aggregate Asset Amount on such day (or
such greater percentage as may be agreed to by HVF, the Insurer (such consent
not to be unreasonably withheld or delayed) for so long as any Class A Notes
are Outstanding, and the Rating Agencies, subject to satisfaction of the Series

 59
 

2005-3 Rating Agency
Condition; provided, that the consent of the Insurer shall not be required
to the extent such percentage is equal to or less than 15%).

“Series 2005-3 Maximum Amount”
means any of the Series 2005-3 Maximum Hyundai Amount, the Series 2005-3
Maximum Jaguar Amount, the Series 2005-3 Maximum Kia Amount, the Series 2005-3
Maximum Land Rover Amount, the Series 2005-3 Maximum Mazda Amount, the Series
2005-3 Maximum Mitsubishi Amount, the Series 2005-3 Maximum Subaru Amount, the
Series 2005-3 Maximum Volvo Amount, the Series 2005-3 Maximum Manufacturer
Non-Eligible Vehicle Amount, the Series 2005-3 Maximum Non-Eligible
Manufacturer Amount, the Series 2005-3 Maximum Non-Eligible Vehicle Amount,
the Series 2005-3 Maximum Audi Amount, the Series 2005-3 Maximum BMW Amount,
the Series 2005-3 Maximum Lexus Amount, the Series 2005-3 Maximum Mercedes
Amount, the Series 2005-3 Maximum Aggregate BMW/Lexus/Audi Mercedes Amount and
the Series 2005-3 Maximum HVF Service Vehicle Amount.

“Series 2005-3 Maximum Audi Amount” means, as
of any day, an amount equal to 3% of the Adjusted Aggregate Asset Amount on
such day  (or such greater percentage as
may be agreed to by HVF, the Insurer (such consent not to be unreasonably
withheld or delayed) for so long as any Class A Notes are Outstanding, and the
Rating Agencies, subject to satisfaction of the Series 2005-3 Rating Agency
Condition; provided, that the consent of the Insurer shall not be
required to the extent such percentage is equal to or less than 8%).

“Series 2005-3 Maximum BMW Amount” means, as of
any day, an amount equal to 3% of the Adjusted Aggregate Asset Amount on such
day (or such greater percentage as may be agreed to by HVF, the Insurer (such
consent not to be unreasonably withheld or delayed) for so long as any Class A
Notes are Outstanding, and the Rating Agencies, subject to satisfaction of the
Series 2005-3 Rating Agency Condition; provided, that the consent of the
Insurer shall not be required to the extent such percentage is equal to or less
than 5%).

“Series 2005-3 Maximum HVF Service Vehicle Amount”
means, as of any day, an amount equal to 2% of the Adjusted Aggregate Asset
Amount on such day.

“Series 2005-3 Maximum Hyundai Amount” means,
as of any day, an amount equal to 13% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-3 Maximum Jaguar Amount” means, as
of any day, an amount equal to 5% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-3 Maximum Kia Amount” means, as of
any day, an amount equal to 10% of the Adjusted Aggregate Asset Amount on such
day.

“Series 2005-3 Maximum Land Rover Amount”
means, as of any day, an amount equal to 5% of the Adjusted Aggregate Asset
Amount on such day.

 60
 

“Series 2005-3 Maximum Lexus Amount” means, as
of any day, an amount equal to 3% of the Adjusted Aggregate Asset Amount on
such day (or such greater percentage as may be agreed to by HVF, the Insurer
(such consent not to be unreasonably withheld or delayed) for so long as any
Class A Notes are Outstanding, and the Rating Agencies, subject to satisfaction
of the Series 2005-3 Rating Agency Condition; provided, that the consent
of the Insurer shall not be required to the extent such percentage is equal to
or less than 5%).

“Series 2005-3 Maximum Manufacturer Non-Eligible
Vehicle Amount” means, as of any day, with respect to any Manufacturer, an
amount equal to 40% of the Non-Eligible Vehicle Amount.

“Series 2005-3 Maximum Mazda Amount” means, as
of any day, an amount equal to 20% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-3 Maximum Mercedes Amount” means,
as of any day, an amount equal to 3% of the Adjusted Aggregate Asset Amount on
such day (or such greater percentage as may be agreed to by HVF, the Insurer
(such consent not to be unreasonably withheld or delayed) for so long as any
Class A Notes are Outstanding, and the Rating Agencies, subject to satisfaction
of the Series 2005-3 Rating Agency Condition; provided, that the consent
of the Insurer shall not be required to the extent such percentage is equal to
or less than 5%).

“Series 2005-3 Maximum Mitsubishi Amount”
means, as of any day, an amount equal to 10% of the Adjusted Aggregate Asset
Amount on such day.

“Series 2005-3 Maximum Non-Eligible Manufacturer
Amount” means, as of any day, an amount equal to 3% of the Adjusted
Aggregate Asset Amount on such day.

“Series 2005-3 Maximum Non-Eligible Vehicle Amount”
means, as of any day, an amount equal to 65% of the Adjusted Aggregate Asset
Amount.

“Series 2005-3 Maximum Subaru Amount” means, as
of any day, an amount equal to 5% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-3 Maximum Volvo Amount” means, as
of any day, an amount equal to 5% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-3 Monthly Lease Principal Payment
Deficit” means on any Payment Date an amount equal to the excess, if any,
of (a) the aggregate amount of Principal Collections which pursuant to Section
3.2(a), (b) or (c) of this Series Supplement would have been
deposited into the Series 2005-3 Collection Account if all payments required to
have been made under the HVF Lease from and excluding the preceding Payment
Date to and including such Payment Date were made in full over (b) the
aggregate amount of Principal Collections which pursuant to Section 3.2(a),
(b) or (c) of this Series Supplement have been received for
deposit into the Series 2005-3 Collection Account (without giving effect to any
amounts deposited into the Series 2005-3 Accrued Interest Account pursuant to
the proviso in Section 3.2(c)(ii) of this Series 

 61
 

Supplement) from and
excluding the preceding Payment Date to and including such Payment Date.

“Series 2005-3 Non-Ford Letter of Credit” means
each Class A Non-Ford Letter of Credit and each Class B Non-Ford Letter of
Credit, as the context may require.

“Series 2005-3 Non-Ford Letter of Credit Provider”
means each Class A Non-Ford Letter of Credit Provider and each Class B Non-Ford
Letter of Credit Provider, as the context may require.

“Series 2005-3 Note Rate” means the Class A-1
Note Rate, the Class A-2 Note Rate, the Class B-1 Note Rate, the Class B-2 Note
Rate, the Class B-3 Note Rate or the Class B-4 Note Rate, as the context may
require.

“Series 2005-3 Noteholders” means,
collectively, the Class A Noteholders and the Class B Noteholders.

“Series 2005-3 Notes” means, collectively, the
Class A Notes and the Class B Notes.

“Series 2005-3 Past Due Rent Payment” has the
meaning specified in Section 3.2(d) of this Series Supplement.

“Series 2005-3 Percentage” means, as of any
date of determination, a fraction, expressed as a percentage, the numerator of
which is the Series 2005-3 Principal Amount as of such date and the denominator
of which is the Aggregate Principal Amount as of such date.

“Series 2005-3 Principal Allocation” has the
meaning specified in Section 3.2 (a)(ii) of this Series Supplement.

“Series 2005-3 Principal Amount” means, as of
any date of determination, the sum of the Class A Principal Amount and the
Class B Principal Amount, in each case, as of such date.

“Series 2005-3 Rapid Amortization Period” means
the period beginning at the close of business on the Business Day immediately
preceding the day on which an Amortization Event is deemed to have occurred
with respect to the Series 2005-3 Notes and ending upon the earlier to occur of
(i) the date on which (A) the Series 2005-3 Notes are fully paid, (B) the
Insurer has been paid all Insurer Fees and all Insurer Reimbursement Amounts
then due, (C) each Interest Rate Hedge Provider has been paid all amounts due
and owing to it from HVF under its Series 2005-3 Interest Rate Hedge, and (D)
the Series 2005-3 Ford Letter of Credit Termination Date and (ii) the
termination of the Indenture.

“Series 2005-3 Rating Agency Condition” means,
with respect to the Series 2005-3 Notes and any action, including the issuance
of an additional Series of Notes, that each Rating Agency shall have notified
HVF, the Insurer and the Trustee in 

 62
 

writing that such action
will not result in a reduction or withdrawal of the ratings of the Class A
Notes (both with and without regard to the Insurance Policy in effect
immediately before the taking of such action) or the Class B Notes.

“Series 2005-3 Required Adjusted Asset Amount”
means, as of any date of determination, the sum of (i) the excess, if any, of
(A) the Class A Principal Amount as of such date over (B) the sum of (1) the
amount of cash and Permitted Investments on deposit in the Series 2005-3 Excess
Collection Account and (2) the amount of cash and Permitted Investments on
deposit in the Series 2005-3 Collection Account that, in the case of each of
(i)(B)(1) and (i)(B)(2), is required to be applied to reduce the Class A
Principal Amount, as of such date and (ii) the greater of (x) the Class A
Required Overcollateralization Amount as of such date and (y) the sum of (a)
the excess, if any, of (A) the Class B Principal Amount as of such date over
(B) the sum of (1) the amount of cash and Permitted Investments on deposit in
the Series 2005-3 Excess Collection Account and (2) the amount of cash and
Permitted Investments on deposit in the Series 2005-3 Collection Account that,
in the case of each of (ii)(B)(1) and (ii)(B)(2),is required to be applied to
reduce the Class B Principal Amount, as of such date and (b) the Class B
Required Overcollateralization Amount as of such date.

“Series 2005-3 Required Asset Amount” means, as
of any date of determination, the sum of (i) the Class A Adjusted Principal
Amount as of such date and (ii) the greater of (x) the Class A Required
Overcollateralization Amount as of such date and (y) the sum of (a) the Class B
Adjusted Principal Amount as of such date and (b) the Class B Required
Overcollateralization Amount as of such date.

“Series 2005-3 Required Asset Amount Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Series 2005-3 Required Asset Amount and
the denominator of which is the Aggregate Required Asset Amount as of such
date.

“Series 2005-3 Required Liquidity Amount”
means, as of any date of determination, an amount equal to the sum of (i) the
Class A Required Liquidity Amount and (ii) the Class B Required Liquidity
Amount, in each case on such date.

“Series 2005-3 Revolving
Period” means the period from and including the Series 2005-3
Closing Date to the earlier of (i) the Commitment Termination Date or (ii) the
commencement of the Series 2005-3 Rapid Amortization Period.

“Series 2005-3 Series Account
Collateral” has the meaning specified in Section 3.1(d) of this
Series Supplement.

“Series 2005-3 Series Accounts” has the meaning
specified in Section 3.1(a) of this Series Supplement.

“Series 2005-4 Notes” means the Series 2005-4
Variable Funding Rental Car Asset Backed Notes issued by HVF on the date hereof
under that certain Series Supplement to the Base Indenture, dated as of the
date hereof (as amended, modified, 

 63
 

restated or supplemented
from time to time in accordance with the terms thereof), by and between HVF and
the Trustee.

“Series-Specific Collection Account” means the
collection account established pursuant to a Series Supplement for the benefit
of a Series of Notes, which Series Supplement provides for the distribution of
funds allocated to such collection account to the payment of Ford Reimbursement
Obligations, after the payment of principal of such Series of Notes and prior
to any distribution or other release of such funds to HVF and prior to any
payment of termination payments under the Swap Agreements, and which provides
that for so long as the Ford LOC Exposure Amount is greater than zero no such
funds will be distributed to HVF or applied to make termination payments under
the Swap Agreements if, after giving effect to such distribution or
application, the Fleet Equity Amount would be less than the Required Minimum
Fleet Equity Amount.

“Series-Specific Excess Collection Account”
means the excess collection account established pursuant to a Series Supplement
for the benefit of a Series of Notes, which Series Supplement provides for the
distribution of funds allocated to such excess collection account to the
payment of Ford Reimbursement Obligations after the payment of principal of such
Series of Notes or any other Series of Notes and prior to any distribution or
other release of such funds to HVF and prior to any payment of termination
payments under the Swap Agreements, and which provides that for so long as the
Ford LOC Exposure Amount is greater than zero no such funds will be distributed
to HVF or applied to make termination payments under the Swap Agreements if,
after giving effect to such distribution or application, the Fleet Equity
Amount would be less than the Required Minimum Fleet Equity Amount.

“Series Supplement” has the meaning set forth
in the preamble.

“Servicer Event of Default” means the
occurrence of an event that results in amounts due under the Servicer’s Senior
Credit Facilities becoming immediately due and payable and that has not been
waived by the lenders under such facilities.

“Shadow Rating” means the rating of the Class A
Notes by Standard & Poor’s or Moody’s, as applicable, without giving effect
to the Insurance Policy.

“Subaru Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and Manufacturer Eligible Program Vehicle Amount, in each case with respect to
Subaru as of such date.

“Telerate Page 3750” means the display page so designated on the Moneyline Telerate Service or
any other page that may replace that page on that service for the purpose of
displaying comparable rates or prices.

“Third-Party Market Value” means, with respect
to any HVF Vehicle as of any date of determination, the market value of such
HVF Vehicle as specified in the Related Month’s published NADA Guide for the
model class and model year of such HVF Vehicle based on the average equipment
and the average mileage of each 

 64
 

HVF Vehicle of such model
class and model year; provided, that if the NADA Guide was not published
in the Related Month or the NADA Guide is being published but such HVF Vehicle
is not included therein, the Third-Party Market Value of such HVF Vehicle shall
be based on the market value specified in the Finance Guide for the model class
and model year of such HVF Vehicle based on the average equipment and the
average mileage of each HVF Vehicle of such model class and model year; provided,
further, that if the Finance Guide is being published but such HVF Vehicle is not
included therein, the Third-Party Market Value of such HVF Vehicle shall mean
the Net Book Value of such HVF Vehicle; provided, further, that if the
Finance Guide was not published in the Related Month, the Third-Party Market
Value of such HVF Vehicle shall be based on an independent third-party data
source selected by the Servicer and approved by each Rating Agency that is
rating any Series of Notes and, so long as any Class A Notes are Outstanding,
the Insurer (such approval not to be unreasonably withheld or delayed), at the
request of HVF based on the average equipment and average mileage of each HVF
Vehicle of such model class and model year; provided, further, that if
no such third-party data source or methodology shall have been so approved or
any such third-party source or methodology is not available, the Third-Party
Market Value of such HVF Vehicle shall be equal to a reasonable estimate of the
wholesale market value of such Vehicle as determined by the Servicer, based on
the Net Book Value of such Vehicle and any other factors deemed relevant by the
Servicer.

“Three-Year Notes” means, collectively, the
Class A-1 Notes, the Class B-1 Notes and the Class B-2 Notes.

“Three-Year Notes Expected Final Payment Date” means
the December 2008 Payment Date.

“Three-Year Notes Legal Final Payment Date”
means the December 2009 Payment Date.

“Top Two Non-Investment Grade EPM Amount”
means, as of any date of determination, the sum for both Top Two Non-Investment
Grade Manufacturers of an amount, with respect to each Top Two Non-Investment
Grade Manufacturers, equal to the sum, rounded to the nearest $100,000, of the
following amounts to the extent that such amounts are included in the
definition of “Aggregate Asset Amount” for such date: (i) the Net Book Value of
all Eligible Program Vehicles that are Eligible Vehicles as of such date that
were manufactured by such Top Two Non-Investment Grade Manufacturers or an
Affiliate thereof and not turned in to and accepted by such Top Two
Non-Investment Grade Manufacturers pursuant to their Manufacturer Programs, not
delivered and accepted for Auction pursuant to their Manufacturer Programs or
not otherwise sold or deemed to be sold under the Related Documents, plus (ii)
the aggregate amount of Manufacturer Receivables (other than Excluded Payments)
payable to HVF or to the Intermediary pursuant to the Master Exchange
Agreement, in each case as of such date by such Top Two Non-Investment Grade
Manufacturers with respect to Vehicles that were Eligible Vehicles and Eligible
Program Vehicles when turned in to and accepted by such Top Two Non-Investment
Grade Manufacturers or delivered and 

 65
 

accepted for Auction,
plus (iii) with respect to Eligible Vehicles that were Eligible Program
Vehicles that have been delivered and accepted for Auction pursuant to a
Manufacturer Program with such Top Two Non-Investment Grade Manufacturers, all
amounts receivable (other than amounts specified in clause (ii) above)
from any person or entity in connection with the Auction of such Eligible Vehicles
as of such date, plus (iv) with respect to Eligible Vehicles that were
Eligible Program Vehicles manufactured by such Top Two Non-Investment Grade
Manufacturers or an Affiliate thereof that have been turned in to and accepted
by such Top Two Non-Investment Grade Manufacturers, delivered and accepted for
Auction, otherwise sold or become a Casualty, any accrued and unpaid Casualty
Payments or Termination Payments with respect to such Eligible Vehicles as of
such date under the HVF Lease, plus (v) with respect to Eligible Vehicles that
were Eligible Program Vehicles manufactured by such Top Two Non-Investment
Grade Manufacturers or an Affiliate thereof that have been turned in to and
accepted by such Top Two Non-Investment Grade Eligible Program Manufacturer,
delivered and accepted for Auction or otherwise sold, any accrued and unpaid
Monthly Base Rent with respect to such Eligible Vehicles under the HVF Lease
(net of amounts set forth in clauses (ii), (iii), and (iv)
above) plus (vi) with respect to Eligible Vehicles that were Eligible Program
Vehicles sold by HVF to a third party pursuant to Section 2.5(a) of the
HVF Lease, any non-return incentives payable to HVF under a Manufacturer
Program by such Top Two Non-Investment Grade Manufacturers in respect of the
sale of such Vehicles outside of the related Manufacturer Program as of such
date, plus (vii) if such date is during the period from and including a
Determination Date to but excluding the next Payment Date, accrued and unpaid
Monthly Base Rent payable on the next Payment Date with respect to all Eligible
Vehicles that are Eligible Program Vehicles as of such date that were
manufactured by such Top Two Non-Investment Grade Manufacturers or an Affiliate
thereof and that have not been turned in to and accepted by such Top Two
Non-Investment Grade Manufacturers pursuant to their Manufacturer Programs, not
been delivered and accepted for Auction pursuant to their Manufacturer Programs
and not otherwise been sold or deemed to be sold under the Related Documents.

“Top Two Non-Investment Grade Manufacturer
Non-Eligible Vehicle Amount” means, as of any date of determination, the
sum for both Top Two Non-Investment Grade Manufacturers of an amount, with
respect to each Top Two Non-Investment Grade Manufacturers, equal to the sum,
rounded to the nearest $100,000, of the following amounts to the extent that
such amounts are included in the definition of “Aggregate Asset Amount” for
such date: (i) the Net Book Value of all Eligible Vehicles that were
Non-Eligible Program Vehicles or Non-Program Vehicles as of such date that were
manufactured by such Top Two Non-Investment Grade Manufacturers or an Affiliate
thereof and not turned in to and accepted by such Top Two Non-Investment Grade
Manufacturers pursuant to their Manufacturer Programs, not delivered and
accepted for Auction pursuant to their Manufacturer Programs or not otherwise
sold or deemed to be sold under the Related Documents, plus (ii) the aggregate
amount of Manufacturer Receivables (other than Excluded Payments) payable to
HVF or to the Intermediary pursuant to the Master Exchange Agreement, in each
case as of such date by such Top Two Non-Investment Grade Manufacturers with
respect to Vehicles that were Non-Eligible Program Vehicles or Non-Program
Vehicles when turned in to and 

 66
 

accepted by such Top Two
Non-Investment Grade Manufacturers or delivered and accepted for Auction, plus
(iii) with respect to Eligible Vehicles that were Non-Eligible Program Vehicles
or Non-Program Vehicles that have been delivered and accepted for Auction
pursuant to a Manufacturer Program with such Top Two Non-Investment Grade
Manufacturers, all amounts receivable (other than amounts specified in clause
(ii) above) from any person or entity in connection with the Auction of
such Eligible Vehicles as of such date, plus (iv) with respect to Eligible
Vehicles that were Non-Eligible Program Vehicles or Non-Program Vehicles
manufactured by such Top Two Non-Investment Grade Manufacturers or an Affiliate
thereof that have been turned in to and accepted by such Top Two Non-Investment
Grade Manufacturers, delivered and accepted for Auction, otherwise sold or
become a Casualty, any accrued and unpaid Casualty Payments or Termination
Payments with respect to such Eligible Vehicles as of such date under the HVF
Lease, plus (v) with respect to Eligible Vehicles that were Non-Eligible
Program Vehicles or Non-Program Vehicles manufactured by such Top Two
Non-Investment Grade Manufacturers or an Affiliate thereof that have been
turned in to and accepted by such Top Two Non-Investment Grade Eligible Program
Manufacturer, delivered and accepted for Auction or otherwise sold, any accrued
and unpaid Monthly Base Rent with respect to such Eligible Vehicles under the
HVF Lease (net of amounts set forth in clauses (ii), (iii), and (iv)
above) plus (vi) with respect to Eligible Vehicles that were Eligible Program
Vehicles sold by HVF to a third party pursuant to Section 2.5(a) of the
HVF Lease, any non-return incentives payable to HVF under a Manufacturer Program
by such Top Two Non-Investment Grade Manufacturers in respect of the sale of
such Vehicles outside of the related Manufacturer Program as of such date, plus
(vii) if such date is during the period from and including a Determination Date
to but excluding the next Payment Date, accrued and unpaid Monthly Base Rent
payable on the next Payment Date with respect to all Eligible Vehicles that
were Non-Eligible Program Vehicles or Non-Program Vehicles as of such date that
were manufactured by such Top Two Non-Investment Grade Manufacturers or an
Affiliate thereof and that have not been turned in to and accepted by such Top
Two Non-Investment Grade Manufacturers pursuant to their Manufacturer Programs,
not been delivered and accepted for Auction pursuant to their Manufacturer
Programs and not otherwise been sold or deemed to be sold under the Related
Documents.

“Top Two Non-Investment Grade Manufacturers”
means, as of any date of determination, the two Non-Investment Grade
Manufacturers with the largest portions of the Aggregate Asset Amount
attributable to Vehicles manufactured by such Non-Investment Grade
Manufacturers (or one or more Affiliates of such Non-Investment Grade
Manufacturers) and amounts receivable from such Manufacturers (or one or more
Affiliates of such Non-Investment Grade Manufacturers), in each case as of such
date.

“Unrestricted Global Notes” has the meaning
specified in Section 6.2(b) of this Series Supplement.

“Voluntary Decrease” has the meaning specified
in Section 2.2(b) of this Series Supplement.

 67

“Volvo Amount” means, as of any date of
determination, an amount equal to the sum of the Volvo Program Amount and the
Volvo Non-Program Amount as of such date.

“Volvo Non-Program Amount” means, as of any
date of determination, an amount equal to the Manufacturer Non-Eligible Vehicle
Amount with respect to Volvo as of such date.

“Volvo Program Amount” means, as of any date of
determination, an amount equal to the Manufacturer Eligible Program Vehicle
Amount with respect to Volvo as of such date.

ARTICLE II

INITIAL ISSUANCE AND INCREASES AND DECREASES

OF PRINCIPAL AMOUNT OF CLASS A NOTES

Section 2.1.            Initial
Issuance; Procedure for Increasing the Class A Principal Amount.

(a)           Subject to
satisfaction of the conditions precedent set forth in subsection (b) of
this Section 2.1 (in the case of subsections (b)(i), (b)(ii),
(b)(iii), (b)(iv), (b)(v), (b)(vi) and (b)(vii)
of this Section 2.1, as evidenced by an Advance Request delivered to the
Trustee as to which the Trustee may rely) (i) on the Series 2005-3 Closing
Date, HVF may issue Class A-1 Notes in the aggregate initial principal amount
equal to the Class A-1 Initial Principal Amount and Class A-2 Notes in the
aggregate initial principal amount equal to the Class A-2 Initial Principal
Amount and (ii) on any Business Day during the Series 2005-3 Revolving Period,
HVF may, in accordance with the Class A Note Purchase Agreements, increase the
Class A-1 Principal Amount and the Class A-2 Principal Amount (each such
increase referred to as an “Increase”), by issuing, at par, ratable
amounts of additional principal amounts of the Class A-1 Notes and Class A-2
Notes.  Each Increase shall be made in
accordance with the provisions of Sections 2.02 and 2.03 of the Class A Note
Purchase Agreements and shall be ratably allocated among the Class A Notes,
based on their respective portion of the Class A Principal Amount.  Proceeds from the initial issuance of the
Class A Notes and from any Increase shall be deposited into the Series 2005-3
Collection Account and allocated in accordance with Article III
hereof.  Upon each Increase, the Trustee
shall, or shall cause the Registrar to, indicate in the Note Register such
Increase.

(b)           The initial Class A
Notes will be issued on the Series 2005-3 Closing Date and the Class A
Principal Amount may be increased on any Business Day during the Series 2005-3
Revolving Period (subject to the limitations set forth in Section 2.2(a)
below), in each case pursuant to subsection (a) above, only upon
satisfaction of each of the following conditions with respect to such initial
issuance and each proposed Increase:

 68
 

(c)           the amount of such
issuance or Increase shall be equal to or greater than $12,500,000 and integral multiples of $100,000 in excess
thereof;

(d)           after giving effect
to such issuance or Increase, (A) the Investor Group Principal Amount with
respect to each Investor Group shall not exceed the Maximum Investor Group
Principal Amount with respect to such Investor Group, (B) the Class A Principal
Amount shall not exceed the Class A Maximum Principal Amount, (C) the
Class A-1 Principal Amount shall not exceed the Class A-1 Maximum Principal
Amount and (D) the Class A-2 Principal Amount shall not exceed the Class A-2
Maximum Principal Amount;

(e)           after giving effect
to such issuance or Increase and the application of the proceeds thereof, no
Class Enhancement Deficiency, Class Liquidity Deficiency or Aggregate Asset
Amount Deficiency shall exist;

(f)            after giving effect
to such Increase and the application of the proceeds thereof, the amount on deposit
in the Class A Reserve Account shall be equal to or greater than the Class A
Required Reserve Account Amount;

(g)           no Series 2005-3
Amortization Event has occurred and is continuing and such issuance or Increase
and the application of the proceeds thereof will not result in the occurrence
of (1) an Amortization Event with respect to the Series 2005-3 Notes or a
Series 2005-3 Limited Liquidation Event of Default, or (2) an event or
occurrence, which, with the passing of time or the giving of notice thereof, or
both, would become an Amortization Event with respect to the Series 2005-3
Notes or a Series 2005-3 Limited Liquidation Event of Default;

(h)           all representations
and warranties set forth in Article 7 of the Base Indenture shall be true and
correct with the same effect as if made on and as of such date (except to the
extent such representations relate to an earlier date); and

(i)            All conditions
precedent to the making of advances under each Class A Note Purchase Agreement
shall have been satisfied.

Section 2.2.            Procedure
for Decreasing the Class A Principal Amount.

(a)           Mandatory
Decrease.  Whenever (i) a Class
Enhancement Deficiency exists, then, on or before the Payment Date immediately
following discovery of such Class Enhancement Deficiency, HVF shall apply funds
in the Series 2005-3 Excess Collection Account in accordance with Section
3.2(f) of this Series Supplement, to make a pro rata reduction in the Class
A-1 Principal Amount and the Class A-2 Principal Amount (subject to the
limitations specified in Section 2.2(c) below) by the lesser of (x) the
amount necessary, so that after giving effect to all Decreases of the Class A
Principal Amount on such Payment Date, no such Class Enhancement Deficiency
shall exist and (y) the amount that would reduce the Class A Principal Amount
to zero, (ii) an Aggregate Asset Amount Deficiency exists, then, on or before
the Payment Date immediately following discovery of such Aggregate Asset Amount
Deficiency, HVF 

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shall allocate
to and deposit in the Series 2005-3 Excess Collection Account to be applied in
accordance with Section 3.2(f) of this Series Supplement, funds to make
a pro rata reduction in the Class A-1 Principal Amount and the Class A-2
Principal Amount (subject to the limitations specified in Section 2.2(c)
below) in an amount equal to the lesser of (x) the Series 2005-3 Invested
Percentage (with respect to Principal Collections) of the amount of such
Aggregate Asset Amount Deficiency and (y) the Class A Principal Amount as of
the date of application of such funds and (iii) a Class A Excess Principal Event shall have occurred, then,
on or before the Payment Date immediately following discovery of such Class A Excess Principal Event, HVF shall allocate
to and deposit in the Series 2005-3 Excess Collection Account to be applied in
accordance with Section 3.2(f) of this Series Supplement, funds to make
a pro rata reduction in the Class A-1 Principal Amount and the Class A-2
Principal Amount (subject to the limitations specified in Section 2.2(c)
below) by the lesser of (x) the amount necessary, so that after giving effect
to all Decreases of the Class A Principal Amount on such Payment Date, no such
Class A Excess Principal Event shall
exist and (y) the amount that would reduce the Class A Principal Amount to zero
(each reduction of the Class A Principal Amount pursuant to this Section
2.2(a), a “Mandatory Decrease”); plus, with respect to each
clause above, any associated breakage costs (including Class A Commercial Paper
discounts and interest scheduled to accrue through the maturity of such Class A
Commercial Paper) incurred as a result of such decrease (calculated in
accordance with the procedures outlined in Section 7.1 of this Series
Supplement for optional repurchases). 
Such Mandatory Decrease shall be ratably allocated among the Class A
Noteholders, based on their respective portion of the Class A Principal
Amount.  Upon discovery of such a Class
Enhancement Deficiency, Aggregate Asset Amount Deficiency or Class A Excess
Principal Event, HVF promptly, but in any event within 5 Business Days, shall
deliver written notice (by facsimile with original to follow by mail) of any
such Mandatory Decreases to the Trustee.

(b)           Voluntary
Decrease.  On any Business Day, upon
at least 3 Business Day’s prior notice to each Class A Noteholder, each
Committed Note Purchaser and the Trustee, HVF may decrease the Class A
Principal Amount (each such reduction of the Class A Principal Amount pursuant
to this Section 2.2(b), a “Voluntary Decrease”) by withdrawing
from the Series 2005-3 Excess Collection Account or, after the Series 2005-3
Revolving Period, the Series 2005-3 Collection Account, an amount (subject to
the last sentence of this Section 2.2(b)) up to the sum of all Principal
Collections on deposit in such accounts and, in the case of the Series 2005-3
Excess Collection Account, available for distribution to effect a Voluntary
Decrease pursuant to Section 3.2(f) of this Series Supplement, and
distributing pro rata to the Class A Noteholders in respect of principal of the
Class A Notes, the amount of such withdrawal in accordance with Section
3.5(f);  plus any associated
breakage costs (including Class A Commercial Paper discounts and interest
scheduled to accrue through the maturity of such Class A Commercial Paper) incurred
as a result of such decrease (calculated in accordance with the procedures
outlined in Section 7.1 of this Series Supplement for optional
repurchases).  Such Voluntary Decrease
shall be ratably allocated among the Class A Noteholders, based on their
respective portion of the Class A Principal Amount.  Each such Voluntary Decrease shall be, in the
aggregate for all Class A Notes, in a

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minimum
principal amount of $5,000,000 and integral
multiples of $100,000 in excess thereof.

(c)           Upon distribution to
the Class A Noteholders of principal of the Class A Notes in connection with
each Decrease, the Trustee shall, or shall cause the Registrar to indicate in
the Note Register such Decrease.  The
amount of any Decrease shall not exceed the amount allocated to the Series
2005-3 Excess Collection Account or the Series 2005-3 Collection Account and
available for distribution to Class A Noteholders in respect of principal of
the Class A Notes on the date of such Decrease pursuant to the terms hereof.

ARTICLE III

SERIES 2005-3 ALLOCATIONS

With respect to the Series 2005-3 Notes only, the
following shall apply:

Section 3.1.            Series
2005-3 Series Accounts.

(a)           Establishment of
Series 2005-3 Series Accounts.  HVF
shall establish and maintain in the name of the Trustee for the benefit of the
Series 2005-3 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider three accounts: the Series 2005-3 Collection Account (such account,
the “Series 2005-3 Collection Account”), the Series 2005-3 Accrued
Interest Account (such account, the “Series 2005-3 Accrued Interest Account”)
and the Series 2005-3 Excess Collection Account (such account, the “Series
2005-3 Excess Collection Account” and, together with the Series 2005-3
Collection Account and the Series 2005-3 Accrued Interest Account, the “Series
2005-3 Series Accounts”).  Each
Series 2005-3 Series Account shall bear a designation clearly indicating that
the funds deposited therein are held for the benefit of the Series 2005-3
Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider.  Each Series 2005-3 Series Account shall be an
Eligible Deposit Account.  If a Series
2005-3 Series Account is at any time no longer an Eligible Deposit Account, HVF
shall, within 10 Business Days of obtaining knowledge that such Series 2005-3
Series Account is no longer an Eligible Deposit Account, establish a new Series
2005-3 Series Account that is an Eligible Deposit Account.  If a new Series 2005-3 Series Account is
established, HVF shall instruct the Trustee in writing to transfer all cash and
investments from the non-qualifying Series 2005-3 Series Account into the new
Series 2005-3 Series Account.  Initially,
each of the Series 2005-3 Series Accounts will be established with The Bank of
New York.

(b)           Administration of
the Series 2005-3 Series Accounts. 
HVF may instruct (by standing instructions or otherwise) the institution
maintaining each of the Series 2005-3 Series Accounts to invest funds on
deposit in such Series 2005-3 Series Account from time to time in Permitted
Investments; provided, however, that (x) any such investment in
the Series 2005-3 Excess Collection Account shall mature not later than the
Business Day following the date on which such funds were received (including
funds received upon a payment in respect of a Permitted Investment made with
funds on

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deposit in the
Series 2005-3 Excess Collection Account) and (y) any such investment in the
Series 2005-3 Collection Account or the Series 2005-3 Accrued Interest Account
shall mature not later than the Business Day prior to the first Payment Date
following the date on which such funds were received (including funds received
upon a payment in respect of a Permitted Investment made with funds on deposit
in the Series 2005-3 Collection Account or Series 2005-3 Accrued Interest
Account), unless any such Permitted Investment is held with the Trustee, then
such investment may mature on such Payment Date so long as such funds shall be
available for withdrawal on or prior to such Payment Date.  HVF shall not direct the Trustee to dispose
of (or permit the disposal of) any Permitted Investments prior to the maturity
thereof to the extent such disposal would result in a loss of the initial
purchase price of such Permitted Investment. 
In the absence of written investment instructions hereunder, funds on
deposit in the Series 2005-3 Series Accounts shall remain uninvested.

(c)           Earnings from
Series 2005-3 Series Accounts.  All
interest and earnings (net of losses and investment expenses) paid on funds on
deposit in the Series 2005-3 Series Accounts shall be deemed to be on deposit
therein and available for distribution.

(d)           Series 2005-3
Series Accounts Constitute Additional Collateral for Series 2005-3 Notes.  In order to secure
and provide for the repayment and payment of the Note Obligations with respect
to the Series 2005-3 Notes, HVF hereby grants a security interest in and
assigns, pledges, grants, transfers and sets over to the Trustee, for the
benefit of the Series 2005-3 Noteholders, the Insurer, Ford and each Interest
Rate Hedge Provider, all of HVF’s right, title and interest in and to the
following (whether now or hereafter existing or acquired):  (i) the Series 2005-3 Series Accounts,
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 2005-3 Series Accounts 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 2005-3 Series Accounts, 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 2005-3 Series
Accounts, the funds on deposit therein from time to time or the investments
made with such funds; and (vi) all proceeds of any and all of the foregoing, including,
without limitation, cash (the items in the foregoing clauses (i) through
(vi) are referred to, collectively, as the “Series 2005-3 Series
Account Collateral”).

Section 3.2.            Allocations
with Respect to the Series 2005-3 Notes. 
The net proceeds from the initial sale of the Series 2005-3 Notes will
be deposited into the Series 2005-3 Excess Collection Account.  All amounts payable to HVF under any Series
2005-3 Interest Rate Hedges will be deposited into the Series 2005-3 Collection
Account.  On each Business Day on which
the proceeds of any Increase or Collections are deposited into the Collection
Account (each such date, a “Series 2005-3 Deposit Date”), the
Administrator will direct the Trustee in writing pursuant to the Administration

 72
 

Agreement to
apply from all amounts deposited into the Collection Account in accordance with
the provisions of this Section 3.2:

(a)           Allocations of
Collections During the Series 2005-3 Revolving Period.  During the Series 2005-3 Revolving Period,
the Administrator will direct the Trustee in writing pursuant to the
Administration Agreement, prior to 1:00p.m. (New York City time) on each Series
2005-3 Deposit Date, to apply from all amounts deposited into the Collection
Account as set forth below:

(i)            allocate to and deposit in the
Series 2005-3 Collection Account an amount equal to the sum of (A) the Series
2005-3 Invested Percentage (as of such day) of the aggregate amount of Interest
Collections on such day and (B) any amounts received by the Trustee in respect
of the Series 2005-3 Interest Rate Hedges. 
All such amounts deposited into the Series 2005-3 Collection Account
shall thereafter be deposited into the Series 2005-3 Accrued Interest Account;
and

(ii)           allocate to and deposit in the Series
2005-3 Excess Collection Account (A) an amount equal to the Series 2005-3
Invested Percentage (as of such day) of the aggregate amount of Principal
Collections on such day, (B) on the Series 2005-3 Closing Date, the net
proceeds from the issuance of the Series 2005-3 Notes and (C) on the date of
any Increase, the proceeds of such Increase (for any such day, the “Series
2005-3 Principal Allocation”).

(b)           [Reserved].

(c)           Allocations of
Collections During the Series 2005-3 Rapid Amortization Period.  During the Series 2005-3 Rapid Amortization
Period, the Administrator will direct the Trustee in writing pursuant to the
Administration Agreement, prior to 1:00 p.m. (New York City time) on any Series
2005-3 Deposit Date, to apply from all amounts deposited into the Collection
Account as set forth below:

(i)            allocate to and deposit in the
Series 2005-3 Collection Account an amount determined as set forth in Section
3.2(a)(i) above for such day, which amount shall be thereafter allocated to
and deposited in the Series 2005-3 Accrued Interest Account; and

(ii)           allocate to and deposit in the Series
2005-3 Collection Account an amount equal to the Series 2005-3 Principal
Allocation for such day, which amount shall be used to make principal payments
(I) on a pro  rata basis in respect of the Class A Notes until the
Class A Notes have been paid in full, (II) once the Class A Notes have been
paid in full, on a pro  rata basis in respect of the Class B Notes
until the Class B Notes have been paid in full, (III) once the Class B Notes
have been paid in full, to Ford, all unpaid Ford Reimbursement Obligations
until Ford has been paid in full, and (IV) once Ford has been paid in full,
only for so long as the Ford LOC Exposure Amount is greater than zero, only to
the extent that after giving effect to such payment the Fleet Equity Condition

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would be satisfied, on a pro  rata
basis to each Interest Rate Hedge Provider all amounts due and owing to it
under its Series 2005-3 Interest Rate Hedge; provided that if on any
Determination Date (A) the Administrator determines that the amount anticipated
to be available from Interest Collections allocable to the Series 2005-3 Notes,
any amounts payable to the Trustee in respect of any Series 2005-3 Interest
Rate Hedges and other amounts available pursuant to Section 3.3 of this
Series Supplement to pay Class A Adjusted Monthly Interest and the Monthly
Hedge Payment on the next succeeding Payment Date will be less than the sum of
the Class A Adjusted Monthly Interest and the Monthly Hedge Payment for such
Payment Date and (B) the Class A Enhancement Amount is greater than zero, then
the Administrator shall direct the Trustee in writing to withdraw from the
Series 2005-3 Collection Account a portion of the Principal Collections
allocated to the Series 2005-3 Notes during the Related Month equal to the
lesser of such insufficiency and the Class A Enhancement Amount and deposit
such amount into the Series 2005-3 Accrued Interest Account to be treated as
Interest Collections on such Payment Date.

(d)           Past Due Rental
Payments.  Notwithstanding the
foregoing, if, after the occurrence of a Series 2005-3 Lease Payment Deficit,
the Lessee shall make a payment of Rent or other amount payable by the Lessee
under the HVF Lease on or prior to the fifth Business Day after the occurrence
of such Series 2005-3 Lease Payment Deficit (a “Past Due Rent Payment”),
the Administrator shall direct the Trustee in writing pursuant to the
Administration Agreement to allocate to and deposit in the Series 2005-3
Collection Account an amount equal to the Series 2005-3 Invested Percentage as
of the date of the occurrence of such Series 2005-3 Lease Payment Deficit of
the Collections attributable to such Past Due Rent Payment (the “Series
2005-3 Past Due Rent Payment”).  The
Administrator shall instruct the Trustee in writing pursuant to the
Administration Agreement to withdraw from the Series 2005-3 Collection Account
and apply the Series 2005-3 Past Due Rent Payment in the following order:

(i)            if the occurrence of the related
Series 2005-3 Lease Payment Deficit resulted in a demand for payment being made
under the Insurance Policy, pay to the Insurer an amount equal to the lesser of
(x) the unreimbursed amount of the payment made by the Insurer under the
Insurance Policy in respect of such demand and (y) the amount of the Series
2005-3 Past Due Rent Payment;

(ii)           if the occurrence of the related
Series 2005-3 Lease Payment Deficit resulted in one or more Class A LOC Credit
Disbursements being made under the Class A Ford Letters of Credit, pay to Ford
an amount equal to the lesser of (x) the unreimbursed amount of such Class A
LOC Credit Disbursement and (y) the amount of the Series 2005-3 Past Due Rent
Payment remaining after any payment pursuant to clause (i) above;

(iii)          if the occurrence of such Series
2005-3 Lease Payment Deficit resulted in a withdrawal being made from the Class
A Ford Cash Collateral Account, deposit in the Class A Ford Cash Collateral
Account an

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amount equal to the lesser of (x) the amount
of the Series 2005-3 Past Due Rent Payment remaining after any payments
pursuant to clauses (i) and (ii) above and (y) the amount
withdrawn from the Class A Ford Cash Collateral Account on account of such
Series 2005-3 Lease Payment Deficit;

(iv)          if the occurrence of the related
Series 2005-3 Lease Payment Deficit resulted in one or more Class A LOC Credit
Disbursements being made under the Class A Non-Ford Letters of Credit, pay to
each Class A Non-Ford Letter of Credit Provider who made such a Class A LOC
Credit Disbursement for application in accordance with the provisions of the
applicable Class A Letter of Credit Reimbursement Agreement an amount equal to
the lesser of (x) the unreimbursed amount of such Class A Non-Ford Letter of
Credit Provider’s Class A LOC Credit Disbursement and (y) such Class A Non-Ford
Letter of Credit Provider’s pro rata share, calculated on the basis of the
unreimbursed amount of each such Class A Non-Ford Letter of Credit Provider’s
Class A LOC Credit Disbursement, of the amount of the Series 2005-3 Past Due
Rent Payment remaining after any payment pursuant to clauses (i) through
(iii) above;

(v)           if the occurrence of such Series
2005-3 Lease Payment Deficit resulted in a withdrawal being made from the Class
A Non-Ford Cash Collateral Account, deposit in the Class A Non-Ford Cash
Collateral Account an amount equal to the lesser of (x) the amount of the
Series 2005-3 Past Due Rent Payment remaining after any payments pursuant to clauses
(i) through (iv) above and (y) the amount withdrawn from the Class A
Non-Ford Cash Collateral Account on account of such Series 2005-3 Lease Payment
Deficit;

(vi)          if the occurrence of the related
Series 2005-3 Lease Payment Deficit resulted in one or more Class B LOC Credit
Disbursements being made under the Class B Ford Letters of Credit, pay to Ford
an amount equal to the lesser of (x) the unreimbursed amount of such Class B
LOC Credit Disbursement and (y) the amount of the Series 2005-3 Past Due Rent
Payment remaining after any payment pursuant to clauses (i) through (v)
above;

(vii)         if the occurrence of such Series 2005-3
Lease Payment Deficit resulted in a withdrawal being made from the Class B Ford
Cash Collateral Account, deposit in the Class B Ford Cash Collateral Account an
amount equal to the lesser of (x) the amount of the Series 2005-3 Past Due Rent
Payment remaining after any payments pursuant to clauses (i) through (vi)
above and (y) the amount withdrawn from the Class B Ford Cash Collateral
Account on account of such Series 2005-3 Lease Payment Deficit;

(viii)        if the occurrence of such Series 2005-3
Lease Payment Deficit resulted in a withdrawal being made from the Class A
Reserve Account pursuant to Section 3.3(d)(i) of this Series Supplement,
deposit in the Class A Reserve Account an amount equal to the lesser of (x) the
amount of the Series 2005-3 Past Due Rent Payment remaining after any payments
pursuant to clauses (i) 

 75
 

through (vii) above and (y) the
excess, if any, of the Class A Required Reserve Account Amount over the Class A
Available Reserve Account Amount on such day;

(ix)           if the occurrence of the related
Series 2005-3 Lease Payment Deficit resulted in one or more Class B LOC Credit
Disbursements being made under the Class B Non-Ford Letters of Credit, pay to
each Class B Non-Ford Letter of Credit Provider who made such a Class B LOC
Credit Disbursement for application in accordance with the provisions of the
applicable Class B Letter of Credit Reimbursement Agreement an amount equal to
the lesser of (x) the unreimbursed amount of such Class B Non-Ford Letter of
Credit Provider’s Class B LOC Credit Disbursement and (y) such Class B Non-Ford
Letter of Credit Provider’s pro rata share, calculated on the basis of the
unreimbursed amount of each such Class B Non-Ford Letter of Credit Provider’s
Class B LOC Credit Disbursement, of the amount of the Series 2005-3 Past Due
Rent Payment remaining after any payment pursuant to clauses (i) through
(viii) above;

(x)            if the occurrence of such Series
2005-3 Lease Payment Deficit resulted in a withdrawal being made from the Class
B Non-Ford Cash Collateral Account, deposit in the Class B Non-Ford Cash
Collateral Account an amount equal to the lesser of (x) the amount of the
Series 2005-3 Past Due Rent Payment remaining after any payments pursuant to clauses
(i) through (ix) above and (y) the amount withdrawn from the Class B
Non-Ford Cash Collateral Account on account of such Series 2005-3 Lease Payment
Deficit;

(xi)           if the occurrence of such Series
2005-3 Lease Payment Deficit resulted in a withdrawal being made from the Class
B Reserve Account pursuant to Section 3.3(d)(ii) of this Series
Supplement, deposit in the Class B Reserve Account an amount equal to the
lesser of (x) the amount of the Series 2005-3 Past Due Rent Payment remaining
after any payments pursuant to clauses (i) through (x) above and
(y) the excess, if any, of the Class B Required Reserve Account Amount over the
Class B Available Reserve Account Amount on such day;

(xii)          deposit into the Series 2005-3 Accrued
Interest Account the amount, if any, by which the Series 2005-3 Lease Interest
Payment Deficit, if any, relating to such Series 2005-3 Lease Payment Deficit
exceeds the amount of the Series 2005-3 Past Due Rent Payment applied pursuant
to clauses (i) through (xi) above; and

(xiii)         deposit into the Series 2005-3 Excess
Collection Account and treat as Principal Collections the remaining amount of
the Series 2005-3 Past Due Rent Payment.

(e)           Amounts Allocated
from Other Series.  Amounts allocated
to other Series of Notes that have been reallocated by HVF to the Series 2005-3
Notes (i) during 

 76
 

the Series
2005-3 Revolving Period shall be deposited into the Series 2005-3 Excess
Collection Account and applied in accordance with Section 3.2(f) of this
Series Supplement and (ii) during the Series 2005-3 Rapid Amortization Period
shall be deposited into the Series 2005-3 Collection Account and applied in
accordance with Section 3.2(c), as the case may be, of this Series
Supplement to make principal payments in respect of the Series 2005-3 Notes,
and after the Series 2005-3 Notes have been paid in full, to pay Ford all
unpaid Ford Reimbursement Obligations and, only for so long as the Ford LOC
Exposure Amount is greater than zero, only to the extent that after giving
effect to such payment the Fleet Equity Condition would be satisfied, to pay
each Interest Rate Hedge Provider all amounts due and owing to it under its
Series 2005-3 Interest Rate Hedge.

(f)            Series 2005-3
Excess Collection Account.  Amounts
deposited into the Series 2005-3 Excess Collection Account on any Series 2005-3
Deposit Date will be (i) first, withdrawn and deposited in the Class A
Reserve Account in an amount up to the excess, if any, of the Class A Required
Reserve Account Amount for such date over the Class A Available Reserve Account
Amount for such date, (ii) second, used to make a Mandatory Decrease, if
applicable, in accordance with Sections 2.2(a) and 3.5(f) of this
Series Supplement, (iii) third, used to pay (a) the outstanding
principal amount of the Class A-1 Notes, the Class B-1 Notes and the Class B-2
Notes in that order on the Three-Year Notes Expected Final Payment Date, and
(b) the outstanding principal amount of the Class A-2 Notes, the Class B-3
Notes and the Class B-4 Notes in that order on the Five-Year Notes Expected
Final Payment Date, (iv) fourth, withdrawn and deposited in the Class B
Reserve Account in an amount up to the excess, if any, of the Class B Required
Reserve Account Amount for such date over the Class B Available Reserve Account
Amount for such date, (v) fifth, used to pay the principal amount of
other Series of Notes that are then required to be paid or, at the option of
HVF, to pay the principal amount of other Series of Notes that may be paid
under the Indenture, (vi) sixth, used at the option of HVF to make a
Voluntary Decrease in accordance with Sections 2.2(b) and 3.5(f)
of this Series Supplement, (vii) seventh, used to pay Ford all unpaid
Ford Reimbursement Obligations, (viii) eighth, used to pay each Interest
Rate Hedge Provider all amounts due and owing to it under its Series 2005-3
Interest Rate Hedge and (ix) ninth, any remaining funds may be released
to HVF, in the case of clauses (iv) through (ix), only to the
extent that no Class Enhancement Deficiency or other Amortization Event with
respect to the Series 2005-3 Notes would result therefrom or exist immediately
thereafter and, in the case of clauses (viii) and (ix) only for
so long as the Ford LOC Exposure Amount is greater than zero, only to the
extent that after giving effect to such payment or release or immediately after
such payment or release, the Fleet Equity Condition would be satisfied.
Notwithstanding the foregoing, on the first day of the Series 2005-3 Rapid
Amortization Period, all funds on deposit in the Series 2005-3 Excess
Collection Account will be withdrawn from the Series 2005-3 Excess Collection
Account and deposited into the Series 2005-3 Collection Account and applied in
accordance with Section 3.2(c)(ii) of this Series Supplement.

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Section 3.3.            Application
of Interest Collections.

On the fourth Business Day prior to each Payment Date,
as provided below, the Administrator shall instruct the Trustee in writing
pursuant to the Administration Agreement to withdraw, and on such Payment Date
the Trustee, acting in accordance with such instructions, shall withdraw the
amounts required to be withdrawn from the Series 2005-3 Accrued Interest
Account pursuant to Section 3.3(b) below in respect of all funds
available from any Series 2005-3 Interest Rate Hedges and Interest Collections
processed since the preceding Payment Date and allocated to the holders of the
Series 2005-3 Notes.

(a)           Appointment of
Calculation Agent.  BNY MTC is hereby
appointed Calculation Agent for the purpose of determining the Class B-1 Note
Rate and the Class B-3 Note Rate for each Series 2005-3 Interest Period.  On each LIBOR Determination Date, the
Calculation Agent shall determine the Class B-1 Note Rate and the Class B-3
Note Rate for the next succeeding Series 2005-3 Interest Period and deliver
notice of the Class B-1 Note Rate and the Class B-3 Note Rate to the Trustee
and the Administrator.

(b)           Note Interest
with respect to the Series 2005-3 Notes. 
On the fourth Business Day prior to each Payment Date, the Administrator
shall instruct the Trustee in writing pursuant to the Administration Agreement
as to the amount to be withdrawn from the Series 2005-3 Accrued Interest
Account to the extent funds are anticipated to be available from Interest
Collections allocable to the Series 2005-3 Notes processed from but not
including the preceding Payment Date through the succeeding Payment Date and
any amounts payable to HVF under any Series 2005-3 Interest Rate Hedge during
that period in respect of (i) first, (I) first an amount equal to the
sum of (A) the Class A Adjusted Monthly Interest (excluding amounts referenced
in clause (ii) of the definition thereof to the extent duplicative of
Class A Deficiency Amounts payable under clause (iii) below) for such
Payment Date (the portion of such amount of Class A Adjusted Monthly Interest
that will accrue for the period (each an, “Estimated Interest Period”)
from and including the Determination Date immediately preceding such Payment
Date to but excluding such Payment Date (such portion of the Class A Adjusted
Monthly Interest with respect to any such Estimated Interest Period, the “Estimated
Interest”) shall be estimated by the Administrator on such Determination
Date) plus (B) the Estimated Interest Adjustment Amount with respect to such
Determination Date and (II) second an amount equal to any Indenture Carrying
Charges due to the Class A Noteholders and unpaid as of such Payment Date which
are not included in the definition of Class A Adjusted Monthly Interest, (ii) second,
an amount equal to the Monthly Hedge Payment, if any, for the next succeeding
Payment Date, (iii) third, an amount equal to the unpaid Class A
Deficiency Amounts, if any, as of the preceding Payment Date (together with any
accrued interest on such Class A Deficiency Amounts), (iv) fourth, an
amount equal to the Insurer Fee for such Series 2005-3 Interest Period plus any
Insurer Reimbursement Amounts then due and owing, (v) fifth, an amount
equal to the Class A Monthly Default Interest Amount, if any, for such Payment
Date, (vi) sixth, an amount equal to the Class B Monthly Interest for
the Series 2005-3 Interest Period ending on the day preceding such succeeding
Payment Date and (vii) seventh, an amount equal to the 

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unpaid Class B
Deficiency Amounts, if any, as of the preceding Payment Date (together with any
accrued interest on such Class B Deficiency Amounts).  On or before 10:00 a.m. (New York City time)
on the following Payment Date, the Trustee shall withdraw the amounts described
in the first sentence of this Section 3.3(b), from the Series 2005-3
Accrued Interest Account and deposit such amounts into the Series 2005-3
Distribution Account.

On or before 4:00 p.m. (New York City time) on the
Business Day immediately preceding each Determination Date, the Administrator
shall notify the Trustee of any Estimated Interest Adjustment Amount with
respect to such Determination Date, such notification to be in the form of Exhibit
I to this Series Supplement (each an “Estimated Interest Adjustment
Notice”).

(c)           Lease Payment
Deficit Notice.  On or before 10:00
a.m. (New York City time) on each Payment Date, the Administrator shall notify
the Trustee of the amount of any Series 2005-3 Lease Payment Deficit, such
notification to be in the form of Exhibit C to this Series Supplement
(each a “Lease Payment Deficit Notice”).

(d)           (i)  Withdrawals from the Class A Reserve
Account.  If the Administrator
determines on any Payment Date that the amounts available from the Series
2005-3 Accrued Interest Account are insufficient to pay the sum of the amounts
described in clauses  (i), (ii), (iii) and (iv)
of Section 3.3(b) of this Series Supplement on such Payment Date, the
Administrator shall instruct the Trustee in writing to withdraw from the Class
A Reserve Account and deposit in the Series 2005-3 Distribution Account on such
Payment Date an amount equal to the lesser of the Class A Available Reserve
Account Amount and such insufficiency. 
The Trustee shall withdraw such amount from the Class A Reserve Account
and deposit such amount in the Series 2005-3 Distribution Account.  During the continuance of an Insurer Default,
no amounts in respect of the Insurer Fee shall be withdrawn from the Class A
Reserve Account.

(ii)           Withdrawals from the Class B
Reserve Account.  If the
Administrator determines on any Payment Date that the amounts available from
the Series 2005-3 Accrued Interest Account are insufficient to pay the sum of
the amounts described in clauses  (i) through (vii) of Section
3.3(b) of this Series Supplement on such Payment Date, the Administrator
shall instruct the Trustee in writing to withdraw from the Class B Reserve
Account and deposit in the Series 2005-3 Distribution Account on such Payment
Date an amount equal to the lesser of the Class B Available Reserve Account
Amount and the lesser of (I) such insufficiency and (II) the amounts described
in clauses (vi) and (vii) of Section 3.3(b) of this Series
Supplement.  The Trustee shall withdraw
such amount from the Class B Reserve Account and deposit such amount in the
Series 2005-3 Distribution Account, solely for payment to the Class B Noteholders
in respect of amounts due and owing to them pursuant to clauses (vi) and
(vii) of Section 3.3(b) of this Series Supplement.

(e)           Draws on Series
2005-3 Letters of Credit.  (I)  (X)  If
the Administrator determines on any Payment Date that there exists a Series
2005-3 Lease 

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Interest
Payment Deficit, the Administrator shall instruct the Trustee in writing to
draw on the Class A Non-Ford Letters of Credit, if any, and, upon receipt of
such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on
such Payment Date, the Trustee shall, by 12:00 p.m. (New York City time) on
such Payment Date draw an amount, as set forth in such notice, equal to the
least of (i) such Series 2005-3 Lease Interest Payment Deficit, (ii) the
excess, if any, of the sum of the amounts described in clauses (i), (ii),
(iii) and (iv) of Section 3.3(b) of this Series Supplement
on such Payment Date over the amounts available from the Series 2005-3 Accrued
Interest Account plus the amount withdrawn from the Class A Reserve Account
pursuant to Section 3.3(d)(i) of this Series Supplement on such Payment
Date and (iii) the Class A Non-Ford Letter of Credit Liquidity Amount on the
Class A Non-Ford Letters of Credit by presenting to each Class A Letter of
Credit Provider a draft accompanied by a Class A Certificate of Credit Demand
and shall cause the Class A LOC Credit Disbursements to be deposited in the
Series 2005-3 Distribution Account on such Payment Date; provided, however,
that if the Class A Non-Ford Cash Collateral Account has been established and
funded, the Trustee shall withdraw from the Class A Non-Ford Cash Collateral
Account and deposit in the Series 2005-3 Distribution Account an amount equal
to the lesser of (x) the Class A Non-Ford Cash Collateral Percentage on such
Payment Date of the least of the amounts described in clauses (i), (ii)
or (iii) above and (y) the Class A Available Non-Ford Cash Collateral
Account Amount on such Payment Date and draw an amount equal to the remainder
of such amount on the Class A Non-Ford Letters of Credit.  During the continuance of an Insurer Default,
no amounts in respect of the Insurer Fee shall be drawn on the Class A Non-Ford
Letters of Credit or withdrawn from the Class A Non-Ford Cash Collateral
Account.

(Y)           If
the Administrator determines on any Payment Date that the sum of the amounts
described in clauses (i), (ii), (iii) and (iv) of Section
3.3(b) of this Series Supplement on such Payment Date exceeds the amounts
available from the Series 2005-3 Accrued Interest Account plus the amount
withdrawn from the Class A Reserve Account pursuant to Section 3.3(d)(i)
of this Series Supplement on such Payment Date plus the amounts to be drawn on
the Class A Non-Ford Letters of Credit (and/or withdrawn from the Class A
Non-Ford Cash Collateral Account) pursuant to clause (X) above on such
Payment Date, the Administrator shall instruct the Trustee in writing to draw
on the Class A Ford Letters of Credit, if any, and, upon receipt of such notice
by the Trustee on or prior to 10:30 a.m. (New York City time) on such Payment
Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Payment
Date draw an amount, as set forth in such notice, equal to the lesser of (i)
the excess, if any, of the sum of the amounts described in clauses (i), (ii),
(iii) and (iv) of Section 3.3(b) of this Series Supplement
on such Payment Date over the amounts available from the Series 2005-3 Accrued
Interest Account plus the amount withdrawn from the Class A Reserve Account
pursuant to Section 3.3(d)(i) of this Series Supplement on such Payment
Date plus the amounts to be drawn on the Class A Non-Ford Letters of Credit
(and/or withdrawn from the Class A Non-Ford Cash Collateral Account) pursuant
to clause (X) above on such Payment Date and (ii) the Class A Ford
Letter of Credit Liquidity Amount on the Class A Ford Letters of Credit by
presenting to each Class A Ford Letter of Credit Provider a draft accompanied
by a Class A Certificate of Credit Demand and shall cause the Class A LOC

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Credit Disbursements to
be deposited in the Series 2005-3 Distribution Account on such Payment Date; provided,
however, that if the Class A Ford Cash Collateral Account has been
established and funded, the Trustee shall withdraw from the Class A Ford Cash
Collateral Account and deposit in the Series 2005-3 Distribution Account an
amount equal to the lesser of (x) the Class A Ford Cash Collateral Percentage
on such Payment Date of the lesser of the amounts described in clauses (i)
and (ii) above and (y) the Class A Available Ford Cash Collateral
Account Amount on such Payment Date and draw an amount equal to the remainder
of such amount on the Class A Ford Letters of Credit.  During the continuance of an Insurer Default,
no amounts in respect of the Insurer Fee shall be drawn on the Class A Ford
Letters of Credit or withdrawn from the Class A Ford Cash Collateral Account.

(II)           (X)  If the Administrator determines on any
Payment Date that there exists a Series 2005-3 Lease Interest Payment Deficit,
the Administrator shall instruct the Trustee in writing to draw on the Class B
Non-Ford Letters of Credit, if any, and, upon receipt of such notice by the
Trustee on or prior to 10:30 a.m. (New York City time) on such Payment Date,
the Trustee shall, by 12:00 p.m. (New York City time) on such Payment Date draw
an amount, as set forth in such notice, equal to the least of (i) the excess,
if any, of such Series 2005-3 Lease Interest Payment Deficit over the sum of
the amounts to be drawn on the Class A Non-Ford Letters of Credit (and/or withdrawn
from the Class A Non-Ford Cash Collateral Accounts), (ii) the lesser of (A) the
excess, if any, of the sum of the amounts described in clauses (i)
through (vii) of Section 3.3(b) of this Series Supplement on such
Payment Date over the sum of the amounts available from the Series 2005-3
Accrued Interest Account plus the sum of the amount withdrawn from the Class A
Reserve Account pursuant to Section 3.3(d)(i) of this Series Supplement
and the amount withdrawn from the Class B Reserve Account pursuant to Section
3.3(d)(ii) of this Series Supplement on such Payment Date plus the amounts
to be drawn on the Class A Letters of Credit (and/or withdrawn from the Class A Cash
Collateral Accounts) pursuant to Section 3.3(e)(I) of this Series
Supplement on such Payment Date and (B) the sum of the amounts described in clauses
(vi) and (vii) of Section 3.3(b) of this Series Supplement
and (iii) the Class B Non-Ford Letter of Credit Liquidity Amount on the Class B
Non-Ford Letters of Credit by presenting to each Class B Non-Ford Letter of
Credit Provider a draft accompanied by a Class B Certificate of Credit Demand
and shall cause the Class B LOC Credit Disbursements to be deposited in the
Series 2005-3 Distribution Account on such Payment Date, solely for payment to
the Class B Noteholders in respect of amounts due and owing to them pursuant to
clauses (v) and (vi) of Section 3.3(b) of this Series
Supplement; provided, however that if the Class B Non-Ford Cash
Collateral Account has been established and funded, the Trustee shall withdraw
from the Class B Non-Ford Cash Collateral Account and deposit in the Series
2005-3 Distribution Account an amount equal to the lesser of (x) the Class B
Non-Ford Cash Collateral Percentage on such Payment Date of the least of the
amounts described in clauses (i), (ii) or (iii) above and
(y) the Class B Available Cash Collateral Account Amount on such Payment Date
and draw an amount equal to the remainder of such amount on the Class B
Non-Ford Letters of Credit.

(Y)           If
the Administrator determines on any Payment Date that the sum of the amounts
described in clauses (i) through (vii) of Section 3.3(b)
of this Series 

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Supplement on such
Payment Date exceeds the sum of the amounts available from the Series 2005-3
Accrued Interest Account plus the sum of the amount withdrawn from the Class A
Reserve Account pursuant to Section 3.3(d)(i) of this Series Supplement
and the amount withdrawn from the Class B Reserve Account pursuant to Section
3.3(d)(ii) of this Series Supplement and the amounts to be drawn on the
Class B Non-Ford Letters of Credit (and/or withdrawn from the Class B Non-Ford
Cash Collateral Account) pursuant to clause (X) above on such Payment
Date plus the amounts to be drawn on the Class A Letters of Credit (and/or withdrawn from the Class A Cash
Collateral Accounts) pursuant to Section 3.3(e)(I) of this Series
Supplement on such Payment Date, the Administrator shall instruct the Trustee
in writing to draw on the Class B Ford Letters of Credit, if any, and, upon
receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City
time) on such Payment Date, the Trustee shall, by 12:00 p.m. (New York City
time) on such Payment Date draw an amount, as set forth in such notice, equal
to the lesser of (i) the lesser of (A) the excess, if any, of the sum of the
amounts described in clauses (i) through (vii) of Section
3.3(b) of this Series Supplement on such Payment Date over the sum of the
amounts available from the Series 2005-3 Accrued Interest Account plus the sum
of the amount withdrawn from the Class A Reserve Account pursuant to Section
3.3(d)(i) of this Series Supplement and the amount withdrawn from the Class
B Reserve Account pursuant to Section 3.3(d)(ii) of this Series
Supplement and the amounts to be drawn on the Class B Non-Ford Letters of
Credit (and/or withdrawn from the Class B Non-Ford Cash Collateral Account)
pursuant to clause (X) above on such Payment Date plus the amounts to be
drawn on the Class A Letters of Credit (and/or withdrawn from the Class A Cash Collateral Accounts) pursuant to Section
3.3(e)(I) of this Series Supplement on such Payment Date and (B) the sum of
the amounts described in clauses (vi) and (vii) of Section
3.3(b) of this Series Supplement and (ii) the Class B Ford Letter of Credit
Liquidity Amount on the Class B Ford Letters of Credit by presenting to each
Class B Ford Letter of Credit Provider a draft accompanied by a Class B
Certificate of Credit Demand and shall cause the Class B LOC Credit
Disbursements to be deposited in the Series 2005-3 Distribution Account on such
Payment Date, solely for payment to the Class B Noteholders in respect of
amounts due and owing to them pursuant to clauses (vi) and (vii)
of Section 3.3(b) of this Series Supplement; provided, however,
that if the Class B Ford Cash Collateral Account has been established and
funded, the Trustee shall withdraw from the Class B Ford Cash Collateral
Account and deposit in the Series 2005-3 Distribution Account an amount equal
to the lesser of (x) the Class B Ford Cash Collateral Percentage on such
Payment Date of the lesser of the amounts described in clauses (i) and (ii)
above and (y) the Class B Available Ford Cash Collateral Account Amount on such
Payment Date and draw an amount equal to the remainder of such amount on the Class
B Ford Letters of Credit.

(f)            Insurance Policy.  (I)  If
the Administrator determines on the second Business Day prior to any Payment
Date that the Series 2005-3 Lease Interest Payment Deficit from the preceding
Payment Date, if any, remains unpaid and the Class A Liquidity Amount on such
date of determination is insufficient to pay the Class A Adjusted Monthly
Interest due on the upcoming Payment Date, the Administrator shall instruct the
Trustee in writing to make a demand on the Insurance Policy and, upon receipt
of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on

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the second
Business Day preceding such Payment Date, the Trustee shall, by 12:00 noon (New
York City time) on the second Business Day preceding such Payment Date, make a
demand on the Insurance Policy in an amount equal to such insufficiency in
accordance with the terms thereof and shall cause the proceeds thereof to be
deposited in the Series 2005-3 Distribution Account.

(II)           If the
Administrator determines on any Payment Date that the sum of the amounts
available from the Series 2005-3 Accrued Interest Account plus the amount
available under the Series 2005-3 Interest Rate Hedge plus the amount, if any,
to be withdrawn from the Class A Reserve Account pursuant to Section
3.3(d)(i) of this Series Supplement plus the amount, if any, to be drawn
under the Class A Letters of Credit and/or withdrawn from the Class A Cash
Collateral Accounts pursuant to Section 3.3(e)(I) of this Series
Supplement plus the amount, if any, deposited in the Series 2005-3 Distribution
Account pursuant to Section 3.3(f)(I) of this Series Supplement is
insufficient to pay the Class A Adjusted Monthly Interest for such Payment
Date, the Administrator shall instruct the Trustee in writing to make a demand
on the Insurance Policy and, upon receipt of such notice by the Trustee on or
prior to 11:00 a.m. (New York City time) on such Payment Date, the Trustee
shall, by 12:00 noon (New York City time) on such Payment Date, make a demand
on the Insurance Policy in an amount equal to such insufficiency in accordance
with the terms thereof and shall cause the proceeds thereof to be deposited in
the Series 2005-3 Distribution Account.

(g)           Deficiency
Amounts.  If the amounts described in
Sections 3.3(b), (c), (d), (e) and (f) of
this Series Supplement are insufficient to pay (i) the Class A Adjusted Monthly
Interest for any Payment Date, payments of interest to the Class A Noteholders
will be reduced on a pro  rata basis by the amount of such
deficiency or (ii) the Class B Monthly Interest for any Payment Date, payments
of interest to the Class B Noteholders will be reduced on a pro  rata
basis by the amount of such deficiency. 
The aggregate amount, if any, of such deficiency on any Payment Date
allocable to the Class A-1 Notes shall be referred to as the “Class A-1
Deficiency Amount”, the aggregate amount, if any, of such deficiency on any
Payment Date allocable to the Class A-2 Notes shall be referred to as the “Class
A-2 Deficiency Amount”, the aggregate amount, if any, of such deficiency on
any Payment Date allocable to the Class B-1 Notes shall be referred to as the “Class
B-1 Deficiency Amount”, the aggregate amount, if any, of such deficiency on
any Payment Date allocable to the Class B-2 Notes shall be referred to as the “Class
B-2 Deficiency Amount”, the aggregate amount, if any, of such deficiency on
any Payment Date allocable to the Class B-3 Notes shall be referred to as the “Class
B-3 Deficiency Amount” and the aggregate amount, if any, of such deficiency
on any Payment Date allocable to the Class B-4 Notes shall be referred to as
the “Class B-4 Deficiency Amount”. 
Interest shall accrue on the Deficiency Amount for each Class of Series
2005-3 Notes at the applicable Series 2005-3 Note Rate.

(h)           Balance.  On the fourth Business Day prior to each
Payment Date, the Administrator shall instruct the Trustee in writing pursuant
to the Administration Agreement to pay, on such Payment Date, the balance
(after making the payments required in Section 3.4 of this Series
Supplement), if any, of the amounts available from the Series 2005-3 Accrued
Interest Account plus the amount, if any, withdrawn from the 

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Class A
Reserve Account pursuant to Section 3.3(d)(i) of this Series Supplement
plus the amount, if any, withdrawn from the Class B Reserve Account pursuant to
Section 3.3(d)(ii) of this Series Supplement plus the amount, if any,
drawn under the Class A Letters of Credit and/or withdrawn from the Class A
Cash Collateral Accounts pursuant to Section 3.3(e)(I) of this Series
Supplement plus the amount, if any, drawn under the Class B Letters of Credit
and/or withdrawn from the Class B Cash Collateral Accounts pursuant to Section
3.3(e)(II) of this Series Supplement as follows:

(i)            first, on a pro  rata
basis to each Interest Rate Hedge Provider, in an amount equal to the portion
of the Monthly Hedge Payment for such Payment Date payable to such Interest
Rate Hedge Provider;

(ii)           second, to the Insurer, in an
amount equal to the sum of (x) the Insurer Fee for the Series 2005-3
Interest Period ending on the day preceding such Payment Date and (y) any other
Insurer Reimbursement Amounts then due and payable to the Insurer (excluding
therefrom any amounts included in Class A Monthly Interest for such Series
2005-3 Interest Period), provided that during the continuance of an Insurer
Default, no amounts in respect of the Insurer Fee shall be paid with the
proceeds of a draw on a Series 2005-3 Letters of Credit or a withdrawal from a
Series 2005-3 Cash Collateral Account;

(iii)          third, to the Administrator, in
an amount equal to the Series 2005-3 Percentage as of the beginning of the
Series 2005-3 Interest Period ending on the day preceding such Payment Date of
the Monthly Administration Fee for such Series 2005-3 Interest Period;

(iv)          fourth, to the Trustee, in an
amount equal to the Series 2005-3 Percentage as of the beginning of the Series
2005-3 Interest Period ending on the day preceding such Payment Date of the
Trustee’s fees for such Series 2005-3 Interest Period;

(v)           fifth, on a pro  rata
basis, (x) to each Interest Rate Hedge Provider, in an amount equal to any
remaining amounts due and owing to such Interest Rate Hedge Provider and (y) to
pay any Indenture Carrying Charges (other than Indenture Carrying Charges provided
for above and in the preceding clause (x)) to the Persons to whom such
amounts are owed, in an amount equal to the Series 2005-3 Percentage as of the
beginning of the Series 2005-3 Interest Period ending on the day preceding such
Payment Date of such Indenture Carrying Charges (other than Indenture Carrying
Charges provided for above) for such Series 2005-3 Interest Period; and

(vi)          sixth, the balance, if any,
shall be withdrawn from the Series 2005-3 Accrued Interest Account by the
Trustee and (A) during the Series 2005-3 Revolving Period, deposited into the
Series 2005-3 Excess Collection Account or (B) during the Series 2005-3 Rapid
Amortization Period, deposited into the Series 2005-3 Collection Account and
treated as Principal Collections.

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(i)            Trustee Fees.
 If, on any Payment Date after the
occurrence and during the continuance of a Liquidation Event of Default or a
Series 2005-3 Limited Liquidation Event of Default, (x) the funds available to
pay the Trustee fees pursuant to Section 3.3(h)(iv) of this Series
Supplement on such Payment Date are less than the amount payable to the Trustee
thereunder on such Payment Date or (y) the funds available to pay the portion
of the Indenture Carrying Charges payable to the Trustee pursuant to Section
3.3(h)(v) of this Series Supplement on such Payment Date are less than the
amount payable to the Trustee thereunder on such Payment Date, the
Administrator shall instruct the Trustee in writing to withdraw from (I) the
Class A Reserve Account and pay to itself on such Payment Date an amount equal
to the least of (A) the Class A Available Reserve Account Amount on such
Payment Date (after giving effect to any deposits thereto and withdrawals and
releases therefrom on such date), (B) the Class A Percentage of an amount
equal to the excess, if any, of (i) the Class A Percentage of 0.70% of the
Series 2005-3 Required Asset Amount as of the date of the occurrence of such
Liquidation Event of Default or Series 2005-3 Limited Liquidation Event of
Default over (ii) the aggregate of the amounts previously withdrawn from the
Class A Reserve Account under this Section 3.3(i)(I) in respect of fees
and other amounts due and owing to the Trustee and (C) the Class A Percentage
of such insufficiency and (II) the Class B Reserve Account and pay to itself on
such Payment Date an amount equal to the least of (A) the Class B Available
Reserve Account Amount on such Payment Date (after giving effect to all other
withdrawals therefrom pursuant to this Series Supplement on such Payment Date),
(B) the Class B Percentage of an amount equal to the excess, if any, of (i) the
Class B Percentage of 0.70% of the Series 2005-3 Required Asset Amount as of
the date of the occurrence of such Liquidation Event of Default or Series
2005-3 Limited Liquidation Event of Default over (ii) the aggregate of the
amounts previously withdrawn from the Class B Reserve Account under this Section
3.3(i)(II) in respect of fees and other amounts due and owing to the
Trustee and (C) the Class B Percentage of such insufficiency.  The Trustee shall withdraw such amounts from
the Class A Reserve Account and the Class B Reserve Account and pay or
reimburse itself.

(j)            Listing
Information Requirement.  Until the
Administrator shall give the Trustee written notice that the Class B-1 Notes
are not listed on the Luxembourg Stock Exchange, the Trustee shall, or shall
instruct the Paying Agent to, cause the Class B-1 Note Rate for the next
succeeding Series 2005-3 Interest Period, the number of days in such Series
2005-3 Interest Period, the Payment Date for such Series 2005-3 Interest Period
and the amount of interest payable on the Class B-1 Notes on such Payment Date
to be (A) communicated to DTC, the Paying Agent in Luxembourg and the
Luxembourg Stock Exchange no later than 11:00 a.m. (London time) on the
Business Day immediately following each LIBOR Determination Date and (B) notify
the Luxembourg Stock Exchange if, based solely on the information contained in
the Monthly Noteholders’ Statement, the amount of interest to be paid on the
Class B-1 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 2005-3 Interest
Period by the Business Day prior to such Payment Date.  So long as the Class B-1 Notes are listed on
the Luxembourg Stock Exchange and the rules of that stock exchange so require,
notices to Class B-1 Noteholders will be published in a 

 85
 

leading
newspaper having general circulation in Luxembourg (which is expected to be the
Luxemburger Wort), it being understood that the term “notices” as it is used in
this clause shall not include communications of the Class B-1 Note Rate.  Upon HVF’s request, and at HVF’s expense, the
Trustee shall cause the Paying Agent in Luxembourg to publish such notice.  Until the Administrator shall give the
Trustee written notice that the Class B-3 Notes are not listed on the
Luxembourg Stock Exchange, the Trustee shall, or shall instruct the Paying
Agent to, cause the Class B-3 Note Rate for the next succeeding Series 2005-3
Interest Period, the number of days in such Series 2005-3 Interest Period, the
Payment Date for such Series 2005-3 Interest Period and the amount of interest
payable on the Class B-3 Notes on such Payment Date to be (A) communicated to
DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later
than 11:00 a.m. (London time) on the Business Day immediately following each
LIBOR Determination Date and (B) notify the Luxembourg Stock Exchange if, based
solely on the information contained in the Monthly Noteholders’ Statement, the
amount of interest to be paid on the Class B-3 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 2005-3 Interest Period by the Business Day prior to such
Payment Date.  So long as the Class B-3
Notes are listed on the Luxembourg Stock Exchange and the rules of that stock
exchange so require, notices to Class B-3 Noteholders will be published in a
leading newspaper having general circulation in Luxembourg (which is expected
to be the Luxemburger Wort), it being understood that the term “notices” as it
is used in this clause shall not include communications of the Class B-3 Note
Rate.

(k)           Interest Payments
during Series 2005-3 Interest Period. 
On any Business Day during a Series 2005-3 Interest Period (each such
day, an “Additional Payment Date”), the Administrator may instruct the
Trustee in writing to withdraw from the Series 2005-3 Accrued Interest Account,
and on such Additional Payment Date the Trustee, acting in accordance with such
instructions, shall withdraw from the Series 2005-3 Accrued Interest Account,
as directed in writing by the Administrator, all or a portion of the Class A
Monthly Interest that will be due on the first Payment Date following such
Additional Payment Date to the extent that such amount does not exceed the
aggregate amount of Interest Collections processed since the preceding Payment
Date and allocated to the Class A Noteholders (less any portion thereof
previously paid to the Class A Noteholders during such period pursuant to this Section
3.3(k)) and shall deposit such amounts in the Series 2005-3 Distribution
Account for payment to the Class A Noteholders on the Additional Payment Date
pursuant to Section 3.4 in accordance with Section 6.1 of the Base
Indenture.

Section 3.4.            Payment
of Note Interest.

On each Payment Date and Additional Payment Date, the
Trustee shall, in accordance with Section 6.1 of the Base Indenture, pay to the
Series 2005-3 Noteholders from the Series 2005-3 Distribution Account the
amount deposited in the Series 2005-3 Distribution Account for the payment of
interest pursuant to Section 3.3 of this Series Supplement.

 86

Section 3.5.            Payment
of Note Principal.

(a)           Monthly Payments
During Series 2005-3 Rapid Amortization Period. Commencing on the first
Determination Date after the commencement of the Series 2005-3 Rapid
Amortization Period and on each Determination Date thereafter, the
Administrator shall instruct the Trustee in writing pursuant to the
Administration Agreement as to (v) the amount allocated to the Series 2005-3
Notes of each Class during the Related Month pursuant to Section 3.2(c)(ii)
of this Series Supplement, as the case may be, (w) any amounts to be withdrawn
from the Class A Reserve Account and the Class B Reserve Account and deposited
into the Series 2005-3 Distribution Account, (x) any amounts to be drawn on the
Series 2005-3 Letters of Credit (and/or withdrawn from the Series 2005-3 Cash
Collateral Accounts), (y) the amount of proceeds received in respect of a
demand made under the Series 2005-3 Demand Note and (z) the amount of any
demand on the Insurance Policy in accordance with the terms thereof.  On the Payment Date following each such
Determination Date, the Trustee shall withdraw the amount allocated to the
Series 2005-3 Notes of each Class during the Related Month pursuant to Section
3.2(c)(ii) of this Series Supplement, as the case may be, from the Series
2005-3 Collection Account and deposit such amount together with the proceeds of
any demand made on the Series 2005-3 Demand Note received during the period
from and excluding the immediately preceding Payment Date to and including such
Payment Date into the Series 2005-3 Distribution Account, which amount shall be
paid (i) first, to the Class A Noteholders until the Class A Notes have
been paid in full, (ii) second, once the Class A Notes have been paid in
full, to the Class B Noteholders until the Class B Notes have been paid in
full, (iii) third, once the Series 2005-3 Notes have been paid in full,
to Ford all unpaid Ford Reimbursement Obligations and (iv) fourth, once
all amounts due and owing to Ford under the immediately preceding clause have
been paid in full, only for so long as the Ford LOC Exposure Amount is greater
than zero, only to the extent that after giving effect to such payment the
Fleet Equity Condition would be satisfied, to each Interest Rate Hedge Provider
to which amounts have been allocated.

(b)           [Reserved].

(c)           Principal Deficit
Amount.  If the Principal Deficit
Amount is greater than zero on any date, the Administrator shall promptly
provide written notice thereof to the Insurer and the Trustee.  On each Payment Date on which the Principal
Deficit Amount is greater than zero, amounts shall be transferred to the Series
2005-3 Distribution Account as follows:

(i)            (A) 
Class B Reserve Account Withdrawal.  On each Payment Date on which the Principal
Deficit Amount is greater than zero, the Administrator shall instruct the
Trustee in writing prior to 12:00 noon (New York City time) on such Payment
Date, in the case of a Principal Deficit Amount resulting from a Series 2005-3
Lease Payment Deficit, or prior to 12:00 noon (New York City time) on the
second Business Day prior to such Payment Date, in the case of any other
Principal Deficit Amount, to withdraw from the Class B Reserve Account, an
amount equal to the sum of (I) the lesser of such Principal Deficit Amount and
the Class B Liquidity Surplus on such Payment Date (after 

 87
 

giving effect to any withdrawals from the
Class B Reserve Account on such Payment Date pursuant to Section 3.3(d)(ii)
of this Series Supplement and any draws under the Class B Letters of Credit
pursuant to Section 3.3(e)(II) of this Series Supplement) and
(II) the lesser of (x) the excess, if any, of such Principal Deficit
Amount on such Payment Date (after giving effect to any withdrawals from the
Class B Reserve Account on such Payment Date pursuant to clause (I)
above) over the Class A Liquidity Surplus on such Payment Date (after giving
effect to any withdrawals from the Class A Reserve Account on such Payment Date
pursuant to Section 3.3(d)(i) of this Series Supplement and the amounts
to be drawn under the Class A Letters of Credit pursuant to Section 3.3(e)(I)
of this Series Supplement) and (y) the Class B Available Reserve Account Amount
on such Payment Date (after giving effect to any withdrawals from the Class B
Reserve Account on such Payment Date pursuant to Section 3.3(d)(ii) of
this Series Supplement and pursuant to clause (I) above), and deposit
such withdrawal in the Series 2005-3 Distribution Account on such Payment Date.

(B)           Class
A Reserve Account Withdrawal.  On
each Payment Date on which the Principal Deficit Amount is greater than zero,
the Administrator shall instruct the Trustee in writing prior to 12:00 noon
(New York City time) on such Payment Date, in the case of a Principal Deficit
Amount resulting from a Series 2005-3 Lease Payment Deficit, or prior to 12:00
noon (New York City time) on the second Business Day prior to such Payment
Date, in the case of any other Principal Deficit Amount, to withdraw from the
Class A Reserve Account, an amount equal to the sum of (I) the lesser of such Principal
Deficit Amount (after giving effect to any withdrawals from the Class B Reserve
Account on such Payment Date pursuant to Section 3.5(c)(i)(A) of this
Series Supplement) and the Class A Liquidity Surplus on such Payment Date
(after giving effect to any withdrawals from the Class A Reserve Account on
such Payment Date pursuant to Section 3.3(d)(i) of this Series
Supplement and the amounts to be drawn under the Class A Letters of Credit
pursuant to Section 3.3(e)(I) of this Series Supplement) and (II) the
lesser of (x) such Principal Deficit Amount (after giving effect to any
withdrawals from the Class B Reserve Account on such Payment Date pursuant to Section
3.5(c)(i)(A) of this Series Supplement and any withdrawals from the Class A Reserve Account pursuant to
clause (I) above) on such Payment Date and (y) the Class A Available
Reserve Account Amount on such Payment Date (after giving effect to any
withdrawals from the Class A Reserve Account on such Payment Date pursuant to Section
3.3(d)(i) of this Series Supplement and pursuant to clause (I)
above), and deposit such withdrawal in the Series 2005-3 Distribution Account
on such Payment Date.

(ii)           Principal Draws on Series 2005-3
Letters of Credit.  If the
Administrator determines on any Payment Date that the Principal Deficit Amount
on such Payment Date, after giving effect to the distribution of amounts to be
deposited in the Series 2005-3 Distribution Account in accordance with clause
(i) of this Section 3.5(c) on such Payment Date, will be greater than zero (A)
in the case of a Payment Date that is not a Legal Final Payment Date, the
Administrator shall instruct the Trustee in writing to draw on:

 88
 

(I)                                    (X)
the Class B Non-Ford Letters of Credit, if any, to the extent that on such
Payment Date there exists a Series 2005-3 Lease Principal Payment Deficit in an
amount equal to the sum of (x) the least of (1) the Class B Liquidity Surplus
(after giving effect to any withdrawals from the Class B Reserve Account on
such Payment Date pursuant to Section 3.3(d)(ii) and Section
3.5(c)(i)(A) of this Series Supplement and any drawings on the Class B
Letters of Credit on such Payment Date pursuant to Section 3.3(e)(II) of
this Series Supplement), (2) the Series 2005-3 Lease Principal Payment
Deficit, (3) the amount by which the Principal Deficit Amount on such Payment
Date exceeds the sum of the amount to be deposited in the Series 2005-3
Distribution Account in accordance with clause (i) of this Section
3.5(c) and the amount, if any, paid by Hertz under the Series 2005-3 Demand
Note in respect of such Principal Deficit Amount on such Payment Date, and (4)
the Class B Non-Ford Letter of Credit Liquidity Amount (after giving effect to
the amounts to be drawn on the Class B Non-Ford Letters of Credit on such
Payment Date pursuant to Section 3.3(e)(II) of this Series Supplement)
and (y) the least of (1) the excess, if any, of the Series 2005-3 Lease
Principal Payment Deficit (after giving effect to the amounts to be drawn on
the Class B Non-Ford Letters of Credit on such Payment Date pursuant to clause
(x) above) over the Class A Liquidity Surplus on such Payment Date (after
giving effect to any withdrawal from the Class A Reserve Account on such
Payment Date pursuant to Section 3.3(d)(i) of this Series Supplement and
Section 3.5(c)(i)(B) of this Series Supplement and the amounts to be
drawn on the Class A Letters of Credit pursuant to Section 3.3(e)(I)
of this Series Supplement), (2) the excess, if any, of the amount by which the
Principal Deficit Amount on such Payment Date exceeds the sum of the amount to
be deposited in the Series 2005-3 Distribution Account in accordance with clause
(i) of this Section 3.5(c), the amounts to be drawn on the Class B
Non-Ford Letters of Credit on such Payment Date pursuant to clause (x) above
and the amount, if any, paid by Hertz under the Series 2005-3 Demand Note in
respect of such Principal Deficit Amount on such Payment Date over the Class A
Liquidity Surplus on such Payment Date (after giving effect to any withdrawal
from the Class A Reserve Account on such Payment Date pursuant to Section
3.3(d)(i) of this Series Supplement and Section 3.5(c)(i)(B) of this
Series Supplement and the amounts to be drawn on the Class A Letters of Credit
pursuant to Section 3.3(e)(I) of this Series Supplement), and (3) the
Class B Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class B Non-Ford Letters of Credit on such Payment Date
pursuant to Section 3.3(e)(II)(X) of this Series Supplement and clause
(x) above);

(Y) the Class B Ford Letters of Credit, if any, in an amount equal to
the lesser of (A) the excess, if any, of the amount by which the Principal
Deficit Amount on such Payment Date exceeds the sum of the amount to be
deposited in the Series 2005-3 Distribution Account in accordance with clause
(i) of this Section 3.5(c), and the amounts to be drawn on the Class
B Non-Ford Letters of Credit pursuant to clause (X) above and pursuant
to Section 3.13(d)(X) of this Series Supplement, each on such Payment Date
over the Class A Liquidity Surplus on such Payment 

 89
 

Date (after giving effect to any withdrawal from the Class A Reserve
Account on such Payment Date pursuant to Section 3.3(d)(i) of this
Series Supplement and Section 3.5(b)(i)(B) of this Series Supplement and
the amounts to be drawn on the Class A Letters of Credit pursuant to Section
3.3(e)(I) of this Series Supplement), and (B) the Class B Ford Letter of
Credit Liquidity Amount (after giving effect to any drawings on the Class B
Ford Letters of Credit on such Payment Date pursuant to Section
3.3(e)(II)(Y) of this Series Supplement);

(II)                                (X)
the Class A Non-Ford Letters of Credit, if any, to the extent that on such
Payment Date there exists a Series 2005-3 Lease Principal Payment Deficit in an
amount equal to the least of (1) the excess, if any, of the Series 2005-3 Lease
Principal Payment Deficit over the amounts drawn on the Class B Non-Ford
Letters of Credit pursuant to clause (I)(X) above on such Payment Date,
(2) the amount by which the Principal Deficit Amount on such Payment Date
exceeds the sum of the amount to be deposited in the Series 2005-3 Distribution
Account in accordance with Section 3.5(c)(i) of this Series Supplement,
the amounts to be drawn on the Class B Letters of Credit pursuant to clause (I)
above and pursuant to Section 3.13(d)(X) of this Series Supplement on
such Payment Date and the amount, if any, paid by Hertz under the Series 2005-3
Demand Note in respect of such Principal Deficit Amount on such Payment Date,
and (3) the Class A Non-Ford Letter of Credit Liquidity Amount (after giving
effect to any drawings on the Class A Non-Ford Letters of Credit on such
Payment Date pursuant to Section 3.3(e)(I)(X) of this Series
Supplement);

(Y) the Class A Ford Letters of Credit, if any, in an amount equal to
the lesser of (1) the amount by which the Principal Deficit Amount on such
Payment Date exceeds the sum of the amount to be deposited in the Series 2005-3
Distribution Account in accordance with Section 3.5(c)(i) of this Series
Supplement, the amounts to be drawn on the Class B Letters of Credit pursuant
to clause (I) above and pursuant to Section 3.13(d)(X) of this
Series Supplement and on the Class A Non-Ford Letters of Credit pursuant to clause
(II)(X) above and pursuant to Section 2.12(d)(Y) of this Series
Supplement, each on such Payment Date, and (2) the Class A Ford Letter of
Credit Liquidity Amount (after giving effect to any drawings on the Class A
Ford Letters of Credit on such Payment Date pursuant to Section 3.3(e)(I)(Y)
of this Series Supplement);

(B) in the case of the Three-Year Notes Legal
Final Payment Date:

(I)                                    (X)
the Class B Non-Ford Letters of Credit, if any, to the extent that on the
Three-Year Notes Legal Final Payment Date there exists a Series 2005-3 Lease
Principal Payment Deficit, in an amount equal to the least of:

(1)   the Series
2005-3 Lease Principal Payment Deficit;

(2)   the amount,
if any, by which the Class B Liquidity Amount (after giving effect to any
withdrawals from the Class B Reserve Account pursuant to Section 3.3(d)(ii)
and Section 3.5(c)(i)(A) of this Series Supplement 

 90
 

and any drawings under the Class B Letters of Credit pursuant to Section
3.3(e)(II) of this Series Supplement on the Three-Year Notes Legal Final
Payment Date) will exceed the Class B Required Liquidity Amount (after giving
effect to all anticipated reductions in the Class B Principal Amount on the
Three-Year Notes Legal Final Payment Date); and

(3)   the Class B
Non-Ford Letter of Credit Liquidity Amount (after giving effect to any drawings
on the Class B Non-Ford Letters of Credit on the Three-Year Notes Legal Final
Payment Date pursuant to Section 3.3(e)(II)(X) of this Series
Supplement); and

(Y) the
Class B Ford Letters of Credit, if any, in an amount equal to the lesser of:

(1)           the
Class B Ford Letter of Credit Liquidity Amount (after giving effect to any
draws to be made on the Class B Ford Letters of Credit on the Three-Year Notes
Legal Final Payment Date pursuant to Section 3.3(e)(II)(Y) of this Series
Supplement), and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Three-Year
Notes Legal Final Payment Date exceeds the sum of the amount to be
deposited in the Series 2005-3 Distribution Account in accordance with Section
3.5(c)(i) of this Series Supplement, the amounts to be drawn on the Class B
Non-Ford Letters of Credit pursuant to clause (X) above, each on such
Three-Year Notes Legal Final Payment Date and the amounts to be drawn on the
Class B Non-Ford Letters of Credit pursuant to Section 3.13(d)(X) of
this Series Supplement on the Business Day immediately preceding such
Three-Year Notes Legal Final Payment Date, and (Ab) the lesser of (x) the
amount by which the Class B Liquidity Amount (after giving effect to any
withdrawals to be made from the Class B Reserve Account pursuant to Section
3.3(d)(ii) and Section 3.5(c)(i)(A) of this Series Supplement and
any drawings to be made under the Class B Letters of Credit pursuant to Section
3.3(e)(II) of this Series Supplement on the Three-Year Notes Legal Final
Payment Date) will exceed the Class B Required Liquidity Amount (after giving
effect to all anticipated reductions in the Class B Principal Amount on the
Three-Year Notes Legal Final Payment Date) and (y) an amount equal to the
excess, if any, of (a) the Class B Required Liquidity Amount on the earlier of
(i) the date of the first occurrence of a Series 2005-3 Lease Interest Payment
Deficit (other than any Series 2005-3 Lease Interest Payment Deficit resulting
from a failure to pay Rent or any other amount payable by the Lessee under the
HVF Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure) and (ii) the Three-Year Notes Legal Final Payment
Date over (b) the aggregate amount, as of the Three-Year Notes Legal Final
Payment Date, of all withdrawals from the Class B Reserve Account made since
the date set forth in clause (2)(Ab)(y)(a) of this Section
3.5(c)(ii)(B)(I)(Y) or to be made in respect of the Three-Year Notes Legal
Final Payment Date pursuant to Section 3.3(d)(ii) of this Series
Supplement and all drawings made since such date or to be made in respect of
the Three-Year Notes Legal Final Payment Date under the Class B Letters of
Credit pursuant to Section 3.3(e)(II) of this Series Supplement; provided,
however, that any such withdrawals from the Class B Reserve Account
and/or drawings 

 91
 

made under the Class B
Letters of Credit on account of a Series 2005-3 Lease Interest Payment Deficit
resulting from a failure to pay Rent or other amount payable by the Lessee
under the HVF Lease that is cured in full on or prior to the fifth Business Day
after the occurrence of such failure shall be excluded from this clause (b);

(II)                                (X)  the Class A Non-Ford Letters of Credit, if
any, to the extent that on the Three-Year Notes Legal Final Payment Date there
exists a Series 2005-3 Lease Principal Payment Deficit, in an amount equal to
the least of:

(1)   the excess,
if any, of the Series 2005-3 Lease Principal Payment Deficit over the amounts
to be drawn on the Class B Non-Ford Letters of Credit pursuant to clause
(I)(X) above on such Payment Date;

(2)   the amount,
if any, by which the Class A Liquidity Amount (after giving effect to any
withdrawals from the Class A Reserve Account pursuant to Section 3.3(d)(i)
and Section 3.5(c)(i)(B) of this Series Supplement and any drawings
under the Class A Letters of Credit pursuant to Section 3.3(e)(I) of
this Series Supplement on the Three-Year Notes Legal Final Payment Date) will
exceed the Class A Required Liquidity Amount (after giving effect to all
anticipated reductions in the Class A Principal Amount on the Three-Year Notes
Legal Final Payment Date); and

(3)   the Class A
Non-Ford Letter of Credit Liquidity Amount (after giving effect to any drawings
on the Class A Non-Ford Letters of Credit on the Three-Year Notes Legal Final
Payment Date pursuant to Section 3.3(e)(I)(X) of this Series
Supplement); and

(Y)  the Class A Ford Letters of
Credit, if any, in an amount equal to the lesser of:

(1)           the
Class A Ford Letter of Credit Liquidity Amount (after giving effect to any
draws to be made on the Class A Ford Letters of Credit on the Three-Year Notes
Legal Final Payment Date pursuant to Section 3.3(e)(I)(Y) of this Series
Supplement), and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Three-Year Notes Legal Final Payment Date exceeds the sum of the
amount to be deposited in the Series 2005-3 Distribution Account in accordance
with Section 3.5(c)(i) of this Series Supplement, the amounts to be
drawn on the Class B Letters of Credit pursuant to clause (I) above and the
Class A Non-Ford Letters of Credit pursuant to clause (X) above, each on such
Three-Year Notes Legal Final Payment Date, the amounts to be drawn on the Class
B Non-Ford Letters of Credit pursuant to Section 3.13(d)(X) of this
Series Supplement and the amounts to be drawn on the Class A Non-Ford Letters
of Credit pursuant to Section 3.13(d)(Y) of this Series Supplement, each
on the Business Day immediately preceding such Three-Year Notes Legal Final
Payment Date, and (Ab) the lesser of (x) the amount by which the Class A
Liquidity Amount (after giving effect to any withdrawals to be made from the
Class A Reserve Account pursuant to Section 3.3(d)(i) and Section
3.5(c)(i)(B) of 

 92
 

this Series Supplement
and any drawings to be made under the Class A Letters of Credit pursuant to Section
3.3(e)(I) of this Series Supplement on the Three-Year Notes Legal Final
Payment Date) will exceed the Class A Required Liquidity Amount (after giving
effect to all anticipated reductions in the Class A Principal Amount on the
Three-Year Notes Legal Final Payment Date) and (y) an amount equal to the
excess, if any, of (a) the Class A Required Liquidity Amount on the earlier of
(i) the date of the first occurrence of a Series 2005-3 Lease Interest Payment
Deficit (other than any Series 2005-3 Lease Interest Payment Deficit resulting
from a failure to pay Rent or any other amount payable by the Lessee under the
HVF Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure) and (ii) the Three-Year Notes Legal Final Payment
Date over (b) the aggregate amount, as of the Three-Year Notes Legal Final
Payment Date, of all withdrawals from the Class A Reserve Account made since
the date set forth in clause (2)(Ab)(y)(a) of this Section
3.5(c)(ii)(B)(II)(Y) or to be made in respect of the Three-Year Notes Legal
Final Payment Date pursuant to Section 3.3(d)(i) of this Series
Supplement and all drawings made since such date or to be made in respect of
the Three-Year Notes Legal Final Payment Date under the Class A Letters of
Credit pursuant to Section 3.3(e)(I) of this Series Supplement; provided,
however, that any such withdrawals from the Class A Reserve Account
and/or drawings made under the Class A Letters of Credit on account of a Series
2005-3 Lease Interest Payment Deficit resulting from a failure to pay Rent or
other amount payable by the Lessee under the HVF Lease that is cured in full on
or prior to the fifth Business Day after the occurrence of such failure shall
be excluded from this clause (b);

(C)           [reserved]

(D)          in
the case of the Five-Year Notes Legal Final Payment Date:

(I)                                    (X)  the Class B Non-Ford Letters of Credit, if
any, to the extent that on the Five-Year Notes Legal Final Payment Date there
exists a Series 2005-3 Lease Principal Payment Deficit, in an amount equal to
the lesser of:

(1)   the Series
2005-3 Lease Principal Payment Deficit; and

(2)   the Class B
Non-Ford Letter of Credit Liquidity Amount (after giving effect to any drawings
on the Class B Non-Ford Letters of Credit on the Five-Year Notes Legal Final
Payment Date pursuant to Section 3.3(e)(II)(X) of this Series
Supplement); and

(Y)  the Class B Ford Letters of Credit, if any,
in an amount equal to the lesser of:

(1)           the
Class B Ford Letter of Credit Liquidity Amount (after giving effect to any
draws to be made on the Class B Ford Letters of Credit on the Five-Year Notes
Legal Final Payment Date pursuant to Section 3.3(e)(II)(Y) of this Series
Supplement); and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Five-Year Notes Legal Final Payment Date 

 93
 

exceeds the sum of the
amount to be deposited in the Series 2005-3 Distribution Account in accordance
with Section 3.5(c)(i) of this Series Supplement, the amounts to be
drawn on the Class B Non-Ford Letters of Credit pursuant to clause (X)
above, each on such Five-Year Notes Legal Final Payment Date, the amounts to be
drawn on the Class B Non-Ford Letters of Credit pursuant to Section
3.13(d)(X) of this Series Supplement on the Business Day immediately
preceding such Five-Year Notes Legal Final Payment Date, and (Ab) an amount
equal to the excess, if any, of (x) the Class B Required Liquidity Amount on
the earlier of (a) the date of the first occurrence of a Series 2005-3 Lease
Interest Payment Deficit (other than any Series 2005-3 Lease Interest Payment
Deficit resulting from a failure to pay Rent or other amount payable by the
Lessee under the HVF Lease that is cured in full on or prior to the fifth Business
Day after the occurrence of such failure) and (b) the Five-Year Notes Legal
Final Payment Date over (y) the aggregate amount, as of the Five-Year Notes
Legal Final Payment Date, of all withdrawals from the Class B Reserve Account
made since the date set forth in clause (2)(Ab)(x) of this Section
3.5(c)(ii)(D)(I)(Y) or to be made in respect of the Five-Year Notes Legal
Final Payment Date pursuant to Section 3.3(d)(ii) of this Series
Supplement and all drawings made since such date or to be made in respect of
the Five-Year Notes Legal Final Payment Date under the Class B Letters of
Credit pursuant to Section 3.3(e)(II) of this Series Supplement; provided,
however, that any such withdrawals from the Class B Reserve Account
and/or drawings made under the Class B Letters of Credit on account of a Series
2005-3 Lease Interest Payment Deficit resulting from a failure to pay Rent or
other amount payable by the Lessee under the HVF Lease that is cured in full on
or prior to the fifth Business Day after the occurrence of such failure shall
be excluded from this clause (y);

(II)                                (X)  the Class A Non-Ford Letters of Credit, if
any, to the extent that on the Five-Year Notes Legal Final Payment Date there
exists a Series 2005-3 Lease Principal Payment Deficit, in an amount equal to
the lesser of:

(1)   the excess,
if any, of the Series 2005-3 Lease Principal Payment Deficit over the amounts
to be drawn on the Class B Non-Ford Letters of Credit pursuant to clause (I)
above; and

(2)   the Class A
Non-Ford Letter of Credit Liquidity Amount (after giving effect to any drawings
on the Class A Non-Ford Letters of Credit on the Five-Year Notes Legal Final
Payment Date pursuant to Section 3.3(e)(I)(X) of this Series
Supplement).

(Y)  the Class A Ford Letters of Credit, if any,
in an amount equal to the lesser of:

(1)           the
Class A Ford Letter of Credit Liquidity Amount (after giving effect to any
draws to be made on the Class A Ford Letters of Credit on the Three-Year Notes
Legal Final Payment Date pursuant to Section 3.3(e)(I)(Y) of this Series
Supplement); and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Five-Year Notes Legal Final Payment Date 

 94
 

exceeds the sum of the
amount to be deposited in the Series 2005-3 Distribution Account in accordance
with Section 3.5(c)(i) of this Series Supplement, the amounts to be
drawn on the Class B Letters of Credit pursuant to clause (I) above and
the Class A Non-Ford Letters of Credit pursuant to clause (X) above,
each on such Five-Year Notes Legal Final Payment Date, the amounts to be drawn
on the Class B Non-Ford Letters of Credit pursuant to Section 3.13(d)(X)
of this Series Supplement and the amounts to be drawn on the Class A Non-Ford
Letters of Credit pursuant to Section 3.13(d)(Y) of this Series
Supplement, each on the Business Day immediately preceding such Five-Year Notes
Legal Final Payment Date, and (Ab) an amount equal to the excess, if any, of
(x) the Class A Required Liquidity Amount on the earlier of (I) the date of the
first occurrence of a Series 2005-3 Lease Interest Payment Deficit (other than
any Series 2005-3 Lease Interest Payment Deficit resulting from a failure to
pay Rent or other amount payable by the Lessee under the HVF Lease that is
cured in full on or prior to the fifth Business Day after the occurrence of
such failure) and (II) the Five-Year Notes Legal Final Payment Date over (y)
the aggregate amount, as of the Five-Year Notes Legal Final Payment Date, of
all withdrawals from the Class A Reserve Account made since the date set forth
in clause (2)(Ab)(x) of this Section 3.5(c)(ii)(D)(II)(Y) or to
be made in respect of the Five-Year Notes Legal Final Payment Date pursuant to Section
3.3(d)(i) of this Series Supplement and all drawings made since such date
or to be made in respect of the Five-Year Notes Legal Final Payment Date under
the Class A Letters of Credit pursuant to Section 3.3(e)(I) of this
Series Supplement; provided, however, that any such withdrawals
from the Class A Reserve Account and/or drawings made under the Class A Letters
of Credit on account of a Series 2005-3 Lease Interest Payment Deficit
resulting from a failure to pay Rent or other amount payable by the Lessee
under the HVF Lease that is cured in full on or prior to the fifth Business Day
after the occurrence of such failure shall be excluded from this clause (y).

Upon receipt of a notice by the Trustee from the
Administrator in respect of a Principal Deficit Amount on or prior to 10:30
a.m. (New York City time) on a Payment Date, the Trustee shall, by 12:00 p.m.
(New York City time) on such Payment Date draw an amount as set forth in such
notice equal to the applicable amount set forth above on:

(X) the Class A Non-Ford Letters of Credit by presenting to each
Class A Non-Ford Letter of Credit Provider a draft accompanied by a Class A
Certificate of Credit Demand and shall cause the Class A LOC Credit
Disbursements to be deposited in the Series 2005-3 Distribution Account on such
Payment Date; provided, however, that if the Class A Non-Ford
Cash Collateral Account has been established and funded, the Trustee shall
withdraw from the Class A Non-Ford Cash Collateral Account and deposit in the
Series 2005-3 Distribution Account an amount equal to the lesser of (x) the
Class A Non-Ford Cash Collateral Percentage on such Payment Date of the amount
set forth in the notice provided to the Trustee by the Administrator and (y)
the Class A Available Non-Ford Cash Collateral Account Amount on such Payment
Date and draw an amount equal to the remainder of such amount on the Class A
Non-Ford Letters of Credit;

 95
 

(Y) the Class A Ford Letters of Credit by presenting to each Class A
Ford Letter of Credit Provider a draft accompanied by a Class A Certificate of
Credit Demand and shall cause the Class A LOC Credit Disbursements to be
deposited in the Series 2005-3 Distribution Account on such Payment Date;
provided, however, that if the Class A Ford Cash Collateral Account has been
established and funded, the Trustee shall withdraw from the Class A Ford Cash
Collateral Account and deposit in the Series 2005-3 Distribution Account an
amount equal to the lesser of (x) the Class A Ford Cash Collateral Percentage
on such Payment Date of the amount set forth in the notice provided to the
Trustee by the Administrator and (y) the Class A Available Ford Cash Collateral
Account Amount on such Payment Date and draw an amount equal to the remainder
of such amount on the Class A Ford Letters of Credit; and

(II) (X) the Class B Non-Ford Letters of Credit by presenting to
each Class B Non-Ford Letter of Credit Provider a draft accompanied by a Class
B Certificate of Credit Demand and shall cause the Class B LOC Credit
Disbursements to be deposited in the Series 2005-3 Distribution Account on such
Payment Date; provided, however, that if the Class B Non-Ford
Cash Collateral Account has been established and funded, the Trustee shall
withdraw from the Class B Non-Ford Cash Collateral Account and deposit in the
Series 2005-3 Distribution Account an amount equal to the lesser of (x) the
Class B Non-Ford Cash Collateral Percentage on such Payment Date of the amount
set forth in the notice provided to the Trustee by the Administrator and (y)
the Class B Available Cash Collateral Account Amount on such Payment Date and
draw an amount equal to the remainder of such amount on the Class B Non-Ford
Letters of Credit; and

(Y) the Class B Ford Letters of Credit by presenting to each Class B
Ford Letter of Credit Provider a draft accompanied by a Class B Certificate of
Credit Demand and shall cause the Class B LOC Credit Disbursements to be
deposited in the Series 2005-3 Distribution Account on such Payment Date; provided,
however, that if the Class B Ford Cash Collateral Account has been
established and funded, the Trustee shall withdraw from the Class B Ford Cash
Collateral Account and deposit in the Series 2005-3 Distribution Account an
amount equal to the lesser of (x) the Class B Ford Cash Collateral Percentage
on such Payment Date of the amount set forth in the notice provided to the
Trustee by the Administrator and (y) the Class B Available Cash Collateral
Account Amount on such Payment Date and draw an amount equal to the remainder
of such amount on the Class B Ford Letters of Credit.

(iii)          Demand on Insurance Policy.  If the sum of the Class A Letter of Credit
Amount, the Class A Available Reserve Account Amount, the Class B Letter of
Credit Amount and the Class B Available Reserve Account Amount on any Payment
Date on which the Class A Principal Deficit Amount will be greater than zero
will be less than such Class A Principal Deficit Amount, the Trustee shall make
a demand on the Insurance Policy by 12:00 noon (New York City time) on the
second Business Day preceding such Payment Date in an 

 96
 

amount equal to the Insured Principal Deficit
Amount and shall cause the proceeds thereof to be deposited in the Series
2005-3 Distribution Account.

(d)           Legal Final
Payment Dates.  (A)  The Class A-1 Principal Amount, the Class B-1
Principal Amount and the Class B-2 Principal Amount shall be due and payable on
the Three-Year Notes Legal Final Payment Date. 
If the amount to be deposited in the Series 2005-3 Distribution Account
in accordance with Section 3.5(a) of this Series Supplement with respect
to the Three-Year Notes Legal Final Payment Date together with any amounts to
be deposited therein in accordance with Section 3.5(c) of this Series
Supplement on the Three-Year Notes Legal Final Payment Date, in each case to
pay principal of the Class A Notes and the Class B Notes, is less than the sum
of the Class A-1 Outstanding Principal Amount, the Class B-1 Principal Amount
and the Class B-2 Principal Amount on the Three-Year Notes Legal Final Payment
Date, prior to 10:30 a.m. (New York City time) on the second Business Day prior
to the Three-Year Notes Legal Final Payment Date, the Administrator shall
instruct the Trustee to withdraw from (I) the Class B Reserve Account, an
amount equal to the least of (i) the Class B Available Reserve Account Amount
(after giving effect to any withdrawals from the Class B Reserve Account
pursuant to Section 3.3(d)(ii) and Section 3.5(c)(i)(A) of this
Series Supplement), (ii) the amount by which the Class B Liquidity Amount
(after giving effect to any withdrawals from the Class B Reserve Account
pursuant to Section 3.3(d)(ii) and Section 3.5(c)(i)(A) of this Series
Supplement and any drawings under the Class B Letters of Credit pursuant to Section
3.3(e)(II) and Section 3.5(c)(ii)(B)(I) of this Series Supplement on
the Three-Year Notes Legal Final Payment Date) will exceed the Class B Required
Liquidity Amount (after giving effect to all anticipated reductions in the
Class B Principal Amount on the Three-Year Notes Legal Final Payment Date) and
(iii) such insufficiency and (II) the Class A Reserve Account, an amount equal
to the least of (i) the Class A Available Reserve Account Amount (after giving
effect to any withdrawals from the Class A Reserve Account pursuant to Section
3.3(d)(i) and Section 3.5(c)(i)(B) of this Series Supplement), (ii)
the amount by which the Class A Liquidity Amount (after giving effect to any
withdrawals from the Class A Reserve Account pursuant to Section 3.3(d)(i)
and Section 3.5(c)(i)(B) of this Series Supplement and any drawings
under the Class A Letters of Credit pursuant to Section 3.3(e)(I) and Section
3.5(c)(ii)(B)(II) of this Series Supplement on the Three-Year Notes Legal
Final Payment Date) will exceed the Class A Required Liquidity Amount (after
giving effect to all anticipated reductions in the Class A-1 Principal Amount
on the Three-Year Notes Legal Final Payment Date), and (iii) the excess of such
insufficiency over the sum of (X) the Class B-1 Principal Amount, (Y) the Class
B-2 Principal Amount and (Z) and the amounts withdrawn from the Class B Reserve
Account pursuant to clause (I) of this sentence, and deposit such withdrawn
amounts in the Series 2005-3 Distribution Account on the Three-Year Notes Legal
Final Payment Date.  The Trustee shall
withdraw such amounts from the Class A Reserve Account and the Class B Reserve
Account and deposit such amounts in the Series 2005-3 Distribution Account on
or prior to the Three-Year Notes Legal Final Payment Date.  

(B)           [reserved]

(C)           The
Class A-2 Principal Amount, the Class B-3 Principal Amount and the Class B-4
Principal Amount shall be due and payable on the Five-Year 

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Notes Legal Final Payment Date.  If the amount to be deposited in the Series
2005-3 Distribution Account in accordance with Section 3.5(a) of this
Series Supplement with respect to the Five-Year Notes Legal Final Payment Date
together with any amounts to be deposited therein in accordance with Section
3.5(c) of this Series Supplement on the Five-Year Notes Legal Final Payment
Date, in each case to pay principal of the Class A-2 Notes and the Class B
Notes, is less than the sum of the Class A-2 Outstanding Principal Amount, the
Class B-3 Principal Amount and the Class B-4 Principal Amount on the Five-Year
Notes Legal Final Payment Date, prior to 10:30 a.m. (New York City time) on the
second Business Day prior to the Five-Year Notes Legal Final Payment Date, the
Administrator shall instruct the Trustee to withdraw from (I) the Class B
Reserve Account, an amount equal to the lesser of (i) the Class B Available
Reserve Account Amount, (after giving effect to any withdrawals from the Class
B Reserve Account pursuant to Section 3.3(d)(ii) and Section
3.5(c)(i)(A) of this Series Supplement), and (ii) such insufficiency and
(II) the Class A Reserve Account, an amount equal to the lesser of (i) the
Class A Available Reserve Account Amount, (after giving effect to any
withdrawals from the Class A Reserve Account pursuant to Section 3.3(d)(i)
and Section 3.5(c)(i)(B) of this Series Supplement), and (ii) the excess
of such insufficiency over the amounts withdrawn from the Class B Reserve
Account pursuant to clause (I) above, and deposit such withdrawn amounts
in the Series 2005-3 Distribution Account on the Five-Year Notes Legal Final
Payment Date.  The Trustee shall withdraw
such amounts from the Class A Reserve Account and the Class B Reserve Account
and deposit such amounts in the Series 2005-3 Distribution Account on or prior
to the Five-Year Notes Legal Final Payment Date.

(D)          If,
after giving effect to any such deposits into the Series 2005-3 Distribution
Account for payment of the Class A Notes, the amount to be deposited in the
Series 2005-3 Distribution Account with respect to the Three-Year Notes Legal
Final Payment Date or the Five-Year Notes Legal Final Payment Date, as the case
may be, is or will be less than the Class A-1 Outstanding Principal Amount with
respect to the Three-Year Notes Legal Final Payment Date, and the Class A-2
Outstanding Principal Amount with respect to the Five-Year Notes Legal Final
Payment Date, the Administrator shall instruct the Trustee in writing to make a
demand on the Insurance Policy on the second Business Day preceding such Legal
Final Payment Date and, upon receipt of such notice, the Trustee shall make a
demand on the Insurance Policy on the second Business Day preceding such Legal
Final Payment Date in an amount equal to such insufficiency in accordance with
the terms thereof and shall cause the proceeds thereof to be deposited in the
Series 2005-3 Distribution Account.

(e)           Distribution.  On each Payment Date occurring on or after
the date a withdrawal is made pursuant to Section 3.5(a) of this Series
Supplement, the Trustee shall, in accordance with Section 6.1 of the Base
Indenture, pay (i) first, to the Class A Noteholders the amount
deposited in the Series 2005-3 Distribution Account for the payment of
principal of the Class A Notes held by such Class A Noteholders pursuant to Section
3.5(a) of this Series Supplement and any amounts deposited in the Series
2005-3 Distribution Account for the payment of principal of such Class A Notes
pursuant to Section 3.5(c) of this Series Supplement and, to the extent
necessary to pay the Class A-1 Outstanding Principal Amount on the Three-Year
Notes Legal Final Payment Date or to 

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pay the Class
A-2 Outstanding Principal Amount on the Five-Year Notes Legal Final Payment
Date, amounts deposited in the Series 2005-3 Distribution Account pursuant to Section
3.5(d) of this Series Supplement, (ii) second, once all amounts due
to such Class A Noteholders on such Payment Date have been paid in full, to the
Class B Noteholders the amount deposited in the Series 2005-3 Distribution
Account for the payment of principal of the Class B Notes held by such Class B
Noteholders pursuant to Section 3.5(a) of this Series Supplement and any
amounts deposited in the Series 2005-3 Distribution Account for the payment of
principal of such Class B Notes pursuant to Section 3.5(c) of this
Series Supplement and, to the extent necessary to pay the Class B-1 Principal
Amount and the Class B-2 Principal Amount on the Three-Year Notes Legal Final
Payment Date or to pay the Class B-3 Principal Amount and the Class B-4
Principal Amount on the Five-Year Notes Legal Final Payment Date, amounts
deposited in the Series 2005-3 Distribution Account pursuant to Section
3.5(d) of this Series Supplement, (iii) third, once the Series
2005-3 Notes have been paid in full, to Ford the amounts deposited in the
Series 2005-3 Distribution Account for the payment of all unpaid Ford
Reimbursement Obligations pursuant to Section 3.5(a) of this Series
Supplement and (iv) fourth, once all amounts due and owing to Ford
pursuant to the immediately preceding clause have been paid in full, only for
so long as the Ford LOC Exposure Amount is greater than zero, only to the
extent that after giving effect to such payment the Fleet Equity Condition
would be satisfied, to each Interest Rate Hedge Provider the amounts deposited
in the Series 2005-3 Distribution Account for the payment of all amounts due
and owing to it under its Series 2005-3 Interest Rate Hedge.

(f)            Decreases.  (I)  On any Business Day on which
(a) a Mandatory Decrease pursuant to Section 2.2(a) of this Series
Supplement shall be declared, the Trustee shall withdraw from the Series 2005-3
Excess Collection Account in accordance with the written instructions of the
Administrator an amount equal to the lesser of (x) the funds then allocated to
the Series 2005-3 Excess Collection Account (including proceeds from any
Increase) pursuant to Section 3.2(a)(ii) or (c)(ii) of this
Series Supplement and any amounts allocated by HVF to the Series 2005-3 Excess
Collection Account pursuant to Section 3.2(e) of this Series Supplement)
and, in each case, available for payment of such Mandatory Decrease pursuant to
Section 3.2(f) of this Series Supplement and (y) the amount of such
Mandatory Decrease, and distribute on a pro  rata basis such
amount to the Class A Noteholders as a payment of principal or (b) a Voluntary
Decrease pursuant to Section 2.2(b) and 3.2(f) of this Series
Supplement shall be declared, the Trustee shall distribute the amounts
withdrawn from the Series 2005-3 Excess Collection Account and/or the Series
2005-3 Collection Account pursuant to Section 3.2(c) of this Series
Supplement in connection with such Voluntary Decrease to the Class A
Noteholders as a payment of principal.

(II)           (a)  On the Three-Year Notes Expected Final Payment
Date, the Trustee shall withdraw from the Series 2005-3 Excess Collection
Account in accordance with the written instructions of the Administrator an
amount equal to the lesser of (x) the funds then allocated to the Series 2005-3
Excess Collection Account (including proceeds from any Increase) pursuant to Section
3.2(a)(ii) or (c)(ii) of this Series Supplement and any amounts
allocated by HVF to the Series 2005-3 Excess Collection Account pursuant to Section
3.2(e) of this Series Supplement) and, in each case, available for payment
of 

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principal of
the Class A Notes and the Class B Notes pursuant to Section 3.2(f) of
this Series Supplement and (y) the Class A-1 Year Outstanding Principal Amount,
the Class B-1 Principal Amount and the Class B-2 Principal Amount on such date,
and distribute such amount (I) to the Class A-1 Noteholders on a pro  rata
basis as payment of principal of the Class A-1 Notes until the Class A-1
Noteholders have been paid the Class A-1 Outstanding Principal Amount in full
and (II) once the Class A-1 Noteholders have been paid the Class A-1
Outstanding Principal Amount in full, to the Class B Noteholders on a pro
rata basis as a payment of principal of the Class B-1 Notes and the
Class B-2 Notes until the Class B-1 Notes and the Class B-2 Notes have been
paid in full and (b) on the Five-Year Notes Expected Final Payment Date, the
Trustee shall withdraw from the Series 2005-3 Excess Collection Account in
accordance with the written instructions of the Administrator an amount equal
to the lesser of (x) the funds then allocated to the Series 2005-3 Excess
Collection Account (including proceeds from any Increase) pursuant to Section
3.2(a)(ii) or (c)(ii) of this Series Supplement and any amounts
allocated by HVF to the Series 2005-3 Excess Collection Account pursuant to Section
3.2(e) of this Series Supplement) and, in each case, available for payment
of the Class A Notes and the Class B Notes pursuant to Section 3.2(f) of
this Series Supplement and (y) the Class A-2 Outstanding Principal Amount, the
Class B-3 Principal Amount and the Class B-4 Principal Amount on such date, and
distribute such amount (I) to the Class A Noteholders on a pro  rata
basis as payment of principal of the Class A-2 Notes until the Class A-2
Noteholders have been paid the Class A-2 Outstanding Principal Amount in full
and (II) once the Class A-2 Noteholders have been paid the Class A-2
Outstanding Principal Amount in full, to the Class B Noteholders on a pro
rata basis as a payment of principal of the Class B-3 Notes and the
Class B-4 Notes until the Class B-3 Notes and the Class B-4 Notes have been
paid in full.

Section 3.6.            Payment
by Wire Transfer.

On each Payment Date, pursuant to Section 6.1 of the
Base Indenture and Sections 3.4 and 3.5 hereof, the Trustee shall
cause the amounts (to the extent received by the Trustee) set forth in Section
3.4 or 3.5 of this Series Supplement to be paid by wire transfer of
immediately available funds released from the Series 2005-3 Distribution
Account no later than 4:30 p.m. (New York City time) for credit to the account
designated by the Series 2005-3 Noteholders.

Section 3.7.            The
Administrator’s Failure to Instruct the Trustee to Make a Deposit or Payment.

If the Administrator fails to give notice or
instructions to make any payment from or deposit into the Collection Account or
any Series 2005-3 Series Account required to be given by the Administrator, at
the time specified in the Administration Agreement or any other Related
Document (including applicable grace periods), the Trustee shall make such
payment or deposit into or from the Collection Account or such Series 2005-3
Series Account without such notice or instruction from the Administrator, provided
that the Administrator or, in the case of any payment from a Series 2005-3
Series Account, the Insurer, upon request of the Trustee or the Insurer,
promptly provides the Trustee with all information necessary to allow the
Trustee to 

 100
 

make such a payment or
deposit.  When any payment or deposit
hereunder or under any other Related Document is required to be made by the
Trustee 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 instructions to draw on any Series 2005-3 Letters of Credit with
respect to a Class of Series 2005-3 Notes required to be given by the
Administrator, at the time specified in this Series Supplement, the Trustee
shall draw on such Series 2005-3 Letters of Credit with respect to such Class
of Series 2005-3 Notes without such instruction from the Administrator, provided
that the Administrator or the Insurer (solely with respect to the Class A
Letters of Credit), upon request of the Trustee or the Insurer (solely with
respect to the Class A Letters of Credit), promptly provides the Trustee with
all information necessary to allow the Trustee to draw on each such Series
2005-3 Letter of Credit.

Section 3.8.            Class A
Reserve Account.

(a)           Establishment of
Class A Reserve Account.  HVF shall
establish and maintain in the name of the Trustee for the benefit of the Series
2005-3 Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider an
account (the “Class A Reserve Account”), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Series 2005-3 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider.  The Class A Reserve Account shall
be an Eligible Deposit Account.  If the
Class A Reserve Account is at any time no longer an Eligible Deposit Account,
HVF shall, within 10 Business Days of obtaining knowledge that the Class A
Reserve Account is no longer an Eligible Deposit Account, establish a new Class
A Reserve Account that is an Eligible Deposit Account.  If a new Class A Reserve Account is
established, HVF shall instruct the Trustee in writing to transfer all cash and
investments from the non-qualifying Class A Reserve Account into the new Class
A Reserve Account.  Initially, the Class
A Reserve Account will be established with the Trustee.

(b)           Administration of
the Class A Reserve Account.  HVF may
instruct (by standing instructions or otherwise) the institution maintaining
the Class A Reserve Account to invest funds on deposit in the Class A Reserve
Account from time to time in Permitted Investments; provided, however,
that any such investment shall mature not later than the Business Day prior to
the first Payment Date following the date on which such funds were received
(including funds received upon a payment in respect of a Permitted Investment
made with funds on deposit in the Class A Reserve Account), unless any
Permitted Investment held in the Class A Reserve Account is held with the
Trustee, then such investment may mature on such Payment Date so long as such
funds shall be available for withdrawal on or prior to such Payment Date.  HVF shall not direct the Trustee to dispose
of (or permit the disposal of) any Permitted Investments prior to the maturity
thereof to the extent such disposal would result in a loss of the initial
purchase price of such Permitted Investment. 
In the absence of written investment instructions hereunder, funds on
deposit in the Class A Reserve Account shall remain uninvested.

 101
 

(c)           Earnings from
Class A Reserve Account.  All
interest and earnings (net of losses and investment expenses) paid on funds on
deposit in the Class A Reserve Account shall be deemed to be on deposit therein
and available for distribution.

(d)           Class A Reserve
Account Constitutes Additional Collateral for Series 2005-3 Notes.  In order to secure
and provide for the repayment and payment of the Note Obligations with respect
to the Series 2005-3 Notes, HVF hereby grants a security interest in and
assigns, pledges, grants, transfers and sets over to the Trustee, for the
benefit of the Series 2005-3 Noteholders, the Insurer, Ford and each Interest
Rate Hedge Provider, all of HVF’s right, title and interest in and to the
following (whether now or hereafter existing or acquired):  (i) the Class A 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 Class A 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 Class A 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 Class A Reserve Account, the funds on
deposit therein from time to time or the investments made with such funds; and
(vi) all proceeds of any and all of the foregoing, including, without
limitation, cash (the items in the foregoing clauses (i) through (vi)
are referred to, collectively, as the “Class A Reserve Account Collateral”).

(e)           Class A Reserve
Account Surplus.  In the event that
the Class A Reserve Account Surplus on any Payment Date is greater than zero,
the Trustee, acting in accordance with the written instructions of the
Administrator (with a copy to the Insurer), shall withdraw from the Class A
Reserve Account an amount equal to the Class A Reserve Account Surplus and (i)
deposit in the Class B Reserve Account the lesser of (x) such Class A Reserve
Account Surplus and (y) the excess, if any, of the Class B Required Reserve
Account Amount as of such Payment Date over the Class B Available Reserve
Account Amount as of such Payment Date, in each case as of such Payment Date,
(ii) pay to Ford the lesser of (x) the excess of such Class A Reserve Account
Surplus over the amounts deposited pursuant to clause (i) above and (y)
all unpaid Ford Reimbursement Obligations and (iii) only for so long as the
Ford LOC Exposure Amount is greater than zero, only to the extent that after
giving effect to any such payment, the Fleet Equity Condition would be
satisfied, (A) pay to each Interest Rate Hedge Provider on a pro  rata
basis the lesser of (x) the excess of such Class A Reserve Account Surplus over
the amounts deposited and/or paid pursuant to clauses (i) and (ii)
above and (y) all amounts then due and owing to each such Interest Rate Hedge
Provider under its Series 2005-3 Interest Rate Hedge and (B) pay to HVF any
portion of such Class A Reserve Account Surplus remaining after any required
deposit and/or payment pursuant to clauses (i) through (iii)(A)
above.

(f)            Termination of
Class A Reserve Account.  On or after
the date on which the Series 2005-3 Notes are fully paid, the Insurer has been
paid all Insurer Fees and all other Insurer Reimbursement Amounts due, each
Interest Rate Hedge Provider has been paid all amounts due and owing to it from
HVF under its Series 2005-3 Interest 

 102
 

Rate Hedge and
Ford has been paid all unpaid Ford Reimbursement Obligations, the Trustee,
acting in accordance with the written instructions of the Administrator, only
for so long as the Ford LOC Exposure Amount is greater than zero, only to the
extent that after giving effect to any such withdrawal, the Fleet Equity
Condition would be satisfied, shall withdraw from the Class A Reserve Account
all remaining amounts on deposit therein for payment to HVF.

Section 3.9.            Class A
Letters of Credit and Class A Cash Collateral Accounts.

(a)           (I)  Class
A Ford Cash Collateral Account Constitutes Additional Collateral for Series
2005-3 Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-3 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-3 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Class A Ford Cash Collateral Account,
including any security entitlement thereto; (ii) all funds on deposit in the
Class A Ford Cash Collateral Account from time to time; (iii) all certificates
and instruments, if any, representing or evidencing any or all of the Class A
Ford Cash Collateral 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
Class A Ford Cash Collateral 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 Class A Ford Cash Collateral Account, the funds on
deposit therein from time to time or the investments made with such funds; and
(vi) all proceeds of any and all of the foregoing, including, without
limitation, cash (the items in the foregoing clauses (i) through (vi)
are referred to, collectively, as the “Class A Ford Cash Collateral Account
Collateral”).

(II)           Class
A Non-Ford Cash Collateral Account Constitutes Additional Collateral for Series
2005-3 Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-3 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-3 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Class A Non-Ford Cash Collateral
Account, including any security entitlement thereto; (ii) all funds on deposit
in the Class A Non-Ford Cash Collateral Account from time to time; (iii) all
certificates and instruments, if any, representing or evidencing any or all of
the Class A Non-Ford Cash Collateral 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 Class A Non-Ford Cash Collateral 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 Class A Non-Ford
Cash Collateral

 103
 

 Account, the funds on deposit therein from
time to time or the investments made with such funds; and (vi) all proceeds of
any and all of the foregoing, including, without limitation, cash (the items in
the foregoing clauses (i) through (vi) are referred to,
collectively, as the “Class A Non-Ford Cash Collateral Account Collateral”).

(b)           Class
A Letter of Credit Expiration Date. If prior to the date which is sixteen
(16) Business Days prior to the then scheduled Class A Letter of Credit
Expiration Date with respect to any Class A Letter of Credit, excluding the
amount available to be drawn under such Class A Letter of Credit but taking
into account each substitute Class A Letter of Credit which has been obtained
from a Class A Eligible Letter of Credit Provider or a Class A Eligible Ford
Letter of Credit Provider, as applicable, and is in full force and effect on
such date, (i) the Class A Adjusted Enhancement Amount would be equal to or
greater than the Class A Required Enhancement Amount, (ii) the Class A Adjusted
Liquidity Amount would be equal to or greater than the Class A Required
Liquidity Amount, (iii) the Class B Adjusted Enhancement Amount would be equal
to or greater than the Class B Required Enhancement Amount and (iv) if the
expiring Class A Letter of Credit is a Class A Non-Ford Letter of Credit, the
Class A Non-Ford Letter of Credit Liquidity Amount would be equal to or greater
than the Series 2005-3 Demand Note Payment Amount, then the Administrator shall
notify the Trustee and the Insurer in writing no later than fifteen
(15) Business Days prior to such Class A Letter of Credit Expiration Date
of such determination.  If prior to the
date which is sixteen (16) Business Days prior to the then scheduled Class A
Letter of Credit Expiration Date with respect to any Class A Letter of Credit,
excluding such Class A Letter of Credit but taking into account any substitute
Class A Letter of Credit which has been obtained from a Class A Eligible Letter
of Credit Provider or a Class A Eligible Ford Letter of Credit Provider, as
applicable, and is in full force and effect on such date, (i)  the Class A Adjusted Enhancement Amount would
be less than the Class A Required Enhancement Amount, (ii) the Class A Adjusted
Liquidity Amount would be less than the Class A Required Liquidity Amount,
(iii) the Class B Adjusted Enhancement Amount would be less than the Class B
Required Enhancement Amount, or (iv) if the expiring Class A Letter of Credit
is a Class A Non-Ford Letter of Credit, the Class A Non-Ford Letter of Credit
Liquidity Amount would be less than the Series 2005-3 Demand Note Payment
Amount, then the Administrator shall notify the Trustee and the Insurer in
writing no later than fifteen (15) Business Days prior to such Class A Letter
of Credit Expiration Date of (x) the greatest of (A) the excess, if any, of the
Class A Required Enhancement Amount over the Class A Adjusted Enhancement
Amount, excluding such Class A Letter of Credit but taking into account any
substitute Class A Letter of Credit which has been obtained from a Class A
Eligible Letter of Credit Provider or a Class A Eligible Ford Letter of Credit
Provider, as applicable, and is in full force and effect on such date, (B) the
excess, if any, of the Class A Required Liquidity Amount over the Class A
Adjusted Liquidity Amount, excluding such Class A Letter of Credit but taking
into account each substitute Class A Letter of Credit which has been obtained
from a Class A Eligible Letter of Credit Provider or a Class A Eligible Ford
Letter of Credit Provider as applicable, and is in full force and effect on
such date, (C) the excess, if any, of the Class B Required Enhancement Amount
over the Class B Adjusted Enhancement Amount, excluding such Class A Letter of
Credit but taking into account 

 104
 

any substitute
Class A Letter of Credit which has been obtained from a Class A Eligible Letter
of Credit Provider or a Class A Eligible Ford Letter of Credit Provider, as
applicable, and is in full force and effect on such date and (D) if the
expiring Class A Letter of Credit is a Class A Non-Ford Letter of Credit, the
excess, if any, of the Series 2005-3 Demand Note Payment Amount over the Class
A Non-Ford Letter of Credit Liquidity Amount, excluding such Class A Non-Ford
Letter of Credit but taking into account each substitute Class A Non-Ford
Letter of Credit which has been obtained from a Class A Eligible Letter of
Credit Provider and is in full force and effect on such date, and (y) the
amount available to be drawn on such expiring Class A Letter of Credit on such
date.  Upon receipt of such notice by the
Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the
Trustee shall, by 12:00 p.m. (New York City time) on such Business Day (or, in
the case of any notice given to the Trustee after 10:30 a.m. (New York City
time), by 12:00 p.m. (New York City time) on the next following Business Day),
draw the lesser of the amounts set forth in clauses (x) and (y)
above on such Class A Letter of Credit by presenting a draft accompanied by a
Class A Certificate of Termination Demand and shall cause the Class A LOC
Termination Disbursements to be deposited in the Class A Non-Ford Collateral
Account, in the case of a Class A LOC Termination Disbursement under a Class A
Non-Ford Letter of Credit, and the Class A Ford Cash Collateral Account, in the
case of a Class A LOC Termination Disbursement under a Class A Ford Letter of
Credit.  If the Trustee does not receive
the notice from the Administrator described above on or prior to the date that
is fifteen (15) Business Days prior to each Class A Letter of Credit Expiration
Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Business
Day draw the full amount of such Class A Letter of Credit by presenting a draft
accompanied by a Class A Certificate of Termination Demand and shall cause the
Class A LOC Termination Disbursements to be deposited in the applicable Class A
Cash Collateral Account.

(c)           Class A Letter of
Credit Providers.  The Administrator
shall notify the Trustee, Fitch and the Insurer in writing within one Business
Day of becoming aware that the short-term debt credit rating of any Class A
Letter of Credit Provider has fallen below “A-1” as determined by Standard
& Poor’s or “P-1” as determined by Moody’s or the long-term debt credit
rating of any Class A Letter of Credit Provider has fallen below “A+” as
determined by Standard & Poor’s or “A1” as determined by Moody’s (with
respect to any Class A Letter of Credit Provider, a “Class A Downgrade Event”).  On the thirtieth (30th) day after the
occurrence of a Class A Downgrade Event with respect to any Class A Letter of
Credit Provider, the Administrator shall notify the Trustee and the Insurer in
writing on such date of (i) the greatest of (A) the excess, if any, of the
Class A Required Enhancement Amount over the Class A Adjusted Enhancement
Amount, excluding the available amount under the Class A Letter of Credit
issued by such Class A Letter of Credit Provider, on such date, (B) the excess,
if any, of the Class A Required Liquidity Amount over the Class A Adjusted
Liquidity Amount, excluding the available amount under such Class A Letter of
Credit, on such date, (C) the excess, if any, of the Class B Required
Enhancement Amount over the Class B Adjusted Enhancement Amount, excluding the
available amount under the Class A Letter of Credit issued by such Class A
Letter of Credit Provider, on such date and (D) if the Class A Downgrade Event
affects a Class A Non-Ford Letter of Credit, the excess, if any, of the Series
2005-3 

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Demand Note
Payment Amount over the Class A Non-Ford Letter of Credit Liquidity Amount,
excluding the available amount under such Class A Non-Ford Letter of Credit, on
such date, and (ii) the amount available to be drawn on such Class A Letter of
Credit on such date.  Upon receipt of
such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on
any Business Day, the Trustee shall, by 12:00 p.m. (New York City time) on such
Business Day (or, in the case of any notice given to the Trustee after 10:30
a.m. (New York City time), by 12:00 p.m. (New York City time) on the next
following Business Day), draw on such Class A Letter of Credit in an amount
equal to the lesser of the amount in clause (i) or clause (ii) of
the immediately preceding sentence on such Business Day by presenting a draft
accompanied by a Class A Certificate of Termination Demand and shall cause the
Class A LOC Termination Disbursement to be deposited in a Class A Non-Ford Cash
Collateral Account, in the case of a Class A LOC Termination Disbursement under
a Class A Non-Ford Letter of Credit, and the Class A Ford Cash Collateral
Account, in the case of a Class A LOC Termination Disbursement under a Class A
Ford Letter of Credit.

(d)           Class A
Preference Amount Demands on the Class A Non-Ford Letters of Credit.  If the Insurer notifies the Trustee in
writing that the Insurer shall have made a payment under the Insurance Policy
in respect of a Class A Preference Amount, subject to the satisfaction of the
conditions set forth in the next succeeding sentence, the Trustee shall draw an
amount equal to the lesser of (i) such Class A Preference Amount and (ii) the
Class A Non-Ford Letter of Credit Liquidity Amount on the Class A Non-Ford
Letters of Credit by presenting to each Class A Non-Ford Letter of Credit
Provider (with a copy to the Insurer) a draft accompanied by a Class A
Certificate of Preference Payment Demand and shall cause the Class A LOC
Preference Payment Disbursements to be paid to the Insurer; provided, however,
that if the Class A Non-Ford Cash Collateral Account has been established and
funded, the Trustee shall draw an amount equal to the product of (a) 100% minus
the Class A Non-Ford Cash Collateral Percentage and (b) the lesser of the
amounts referred to in clause (i) and (ii) on such Business Day
on the Class A Non-Ford Letters of Credit as calculated by the Administrator,
at the request of the Trustee, and provided in writing to the Trustee and the
Insurer.  Prior to any draw on the Class
A Non-Ford Letters of Credit or withdrawal from the Class A Non-Ford Cash
Collateral Account pursuant to this Section 3.9(d), the Trustee shall
have received a certified copy of the order requiring the return of such Class
A Preference Amount.

(e)           (I)  Reductions
in Stated Amounts of the Class A Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-1-1, requesting a
reduction in the stated amount of any Class A Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to
the Class A Ford Letter of Credit Provider who issued such Class A Ford Letter
of Credit with a copy to Ford a Class A Notice of Reduction requesting a
reduction in the stated amount of such Class A Ford Letter of Credit in the
amount requested in such notice effective on the date set forth in such notice,
provided that on such effective date, after giving effect to the
requested reduction in the stated amount of such Class A Ford Letter of Credit,
(i) the Class A Adjusted Enhancement Amount will equal or exceed the Class A
Required Enhancement Amount, (ii) the Class A Adjusted Liquidity Amount will equal
or exceed the Class A Required Liquidity Amount, and (iii) the Class B 

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Adjusted
Enhancement Amount will equal or exceed the Class B Required Enhancement
Amount.  If the Trustee receives a
written notice from Ford, substantially in the form of Exhibit D-1-2,
requesting the replacement of any Class A Ford Letter of Credit, the Trustee
shall within two Business Days of the receipt of such notice and upon receipt
of a substitute Class A Ford Letter of Credit having a stated amount equal to
the available amount of the Class A Ford Letter of Credit being replaced issued
by a Class A Eligible Ford Letter of Credit Provider deliver to the Class A
Letter of Credit Provider who issued the Class A Ford Letter of Credit being
replaced a written notice in the form provided in such Class A Ford Letter of
Credit confirming cancellation of such Class A Ford Letter of Credit and shall
deliver such cancelled Class A Ford Letter of Credit to such Class A Letter of
Credit Provider as soon as practicable.

(II)           Reductions in
Stated Amounts of the Class A Non-Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-2, requesting a
reduction in the stated amount of any Class A Non-Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to
the Class A Non-Ford Letter of Credit Provider who issued such Class A Non-Ford
Letter of Credit a Class A Notice of Reduction requesting a reduction in the
stated amount of such Class A Non-Ford Letter of Credit in the amount requested
in such notice effective on the date set forth in such notice, provided
that on such effective date, after giving effect to the requested reduction in
the stated amount of such Class A Non-Ford Letter of Credit, (i) the Class A
Adjusted Enhancement Amount will equal or exceed the Class A Required
Enhancement Amount, (ii) the Class A Adjusted Liquidity Amount will equal or
exceed the Class A Required Liquidity Amount, (iii) the Class B Adjusted
Enhancement Amount will equal or exceed the Class B Required Enhancement
Amount, and (iv) the Class A Non-Ford Letter of Credit Liquidity Amount will
equal or exceed the Series 2005-3 Demand Note Payment Amount.

(f)            (I)  Draws
on the Class A Ford Letters of Credit. 
If there is more than one Class A Ford Letter of Credit on the date of
any draw on the Class A Ford Letters of Credit pursuant to the terms of this
Series Supplement (other than pursuant to Sections 3.9(b) and (c)
of this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Class A Ford Letter of Credit in an amount equal to
the Pro Rata Share of the Class A Ford Letter of Credit Provider issuing such
Class A Ford Letter of Credit of the amount of such draw on the Class A Ford
Letters of Credit.

(II)           Draws on the
Class A Non-Ford Letters of Credit. 
If there is more than one Class A Non-Ford Letter of Credit on the date
of any draw on the Class A Non-Ford Letters of Credit pursuant to the terms of
this Series Supplement (other than pursuant to Sections 3.9(b) and (c)
of this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Class A Non-Ford Letter of Credit in an amount equal
to the Pro Rata Share of the Class A Non-Ford Letter of Credit Provider issuing
such Class A Non-Ford Letter of Credit of the amount of such draw on the Class
A Non-Ford Letters of Credit.

(g)           (I)  Establishment
of Class A Ford Cash Collateral Account. 
On or prior to the date of any drawing under a Class A Ford Letter of
Credit pursuant to 

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Section 3.9(b)
or (c) of this Series Supplement, HVF shall establish and maintain in
the name of the Trustee for the benefit of the Series 2005-3 Noteholders, the
Insurer, Ford and each Interest Rate Hedge Provider, an account (the “Class
A Ford Cash Collateral Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Series 2005-3
Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider.  The Class A Ford Cash Collateral Account
shall be an Eligible Deposit Account.  If
the Class A Ford Cash Collateral Account is at any time no longer an Eligible
Deposit Account, HVF shall, within 10 Business Days of obtaining knowledge that
the Class A Ford Cash Collateral Account is no longer an Eligible Deposit
Account, establish a new Class A Ford Cash Collateral Account that is an
Eligible Deposit Account.  If a new Class
A Ford Cash Collateral Account is established, HVF shall instruct the Trustee
in writing to transfer all cash and investments from the non-qualifying Class A
Ford Cash Collateral Account into the new Class A Ford Cash Collateral Account.

(II)           Establishment of
Class A Non-Ford Cash Collateral Account. 
On or prior to the date of any drawing under a Class A Non-Ford Letter
of Credit pursuant to Section 3.9(b) or (c) of this Series
Supplement, HVF shall establish and maintain in the name of the Trustee for the
benefit of the Series 2005-3 Noteholders, the Insurer, Ford and each Interest
Rate Hedge Provider, an account (the “Class A Non-Ford Cash Collateral
Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2005-3 Noteholders,
the Insurer, Ford and each Interest Rate Hedge Provider.  The Class A Non-Ford Cash Collateral Account
shall be an Eligible Deposit Account.  If
the Class A Non-Ford Cash Collateral Account is at any time no longer an
Eligible Deposit Account, HVF shall, within 10 Business Days of obtaining
knowledge that the Class A Non-Ford Cash Collateral Account is no longer an
Eligible Deposit Account, establish a new Class A Non-Ford Cash Collateral
Account that is an Eligible Deposit Account. 
If a new Class A Non-Ford Cash Collateral Account is established, HVF
shall instruct the Trustee in writing to transfer all cash and investments from
the non-qualifying Class A Non-Ford Cash Collateral Account into the new Class
A Non-Ford Cash Collateral Account

(h)           Administration of
the Class A Cash Collateral Account. 
HVF may instruct (by standing instructions or otherwise) the institution
maintaining a Class A Cash Collateral Account to invest funds on deposit in a
Class A Cash Collateral Account from time to time in Permitted
Investments.  Any investment of funds on
deposit in a Class A Cash Collateral Account shall mature not later than the
Business Day prior to the first Payment Date following the date on which such
funds were received (including funds received upon a payment in respect of a
Permitted Investment made with funds on deposit in a Class A Cash Collateral
Account), unless any Permitted Investment held in such Class A Cash Collateral
Account is held with the Trustee, in which case such investment may mature on
such Payment Date so long as such funds shall be available for withdrawal on or
prior to such Payment Date.  HVF shall
not direct the Trustee to dispose of (or permit the disposal of) any Permitted
Investments prior to the maturity thereof to the extent such disposal would
result in a loss of the initial purchase price of such Permitted
Investment.  In the absence of written
investment instructions hereunder, funds on deposit in a Class A Cash
Collateral Account shall remain uninvested.

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(i)            Earnings from
Class A Cash Collateral Account.  All
Class A Cash Collateral Account Interest and Earnings shall be deemed to be on
deposit therein and available for distribution.

(j)            Class A Cash
Collateral Account Surplus.  (X) In
the event that the Class A Cash Collateral Account Surplus on any Payment Date
is greater than zero, the Administrator may direct the Trustee to, and the
Trustee, acting in accordance with the written instructions of the
Administrator (with a copy to the Insurer), shall, subject to the limitations
set forth in this Section 3.8(j)(X), withdraw the amount specified by
the Administrator from the Class A Cash Collateral Account specified by the
Administrator and apply such amount in accordance with the terms of this Section
3.8(j)(X).  The amount of any such
withdrawal from the Class A Ford Cash Collateral Account shall be limited to
the lesser of (a) the Class A Available Ford Cash Collateral Account Amount on
such Payment Date and (b) the Class A Cash Collateral Account Surplus (after
giving effect to any withdrawal from the Class A Non-Ford Cash Collateral
Account) on such Payment Date.  The
amount of any such withdrawal from the Class A Non-Ford Cash Collateral Account
shall be limited to the least of (a) the Class A Available Non-Ford Cash
Collateral Account Amount on such Payment Date, (b) the Class A Cash Collateral
Account Surplus (after giving effect to any withdrawal from the Class A Ford
Cash Collateral Account) on such Payment Date and (c) the excess, if any, of
the Class A Non-Ford Letter of Credit Liquidity Amount on such Payment Date over
the Series 2005-3 Demand Note Payment Amount on such Payment Date.  Any amounts withdrawn from the Class A Ford
Cash Collateral Account pursuant to this Section 3.8(j)(X) shall be paid
to Ford.  Any amounts withdrawn from the
Class A Non-Ford Cash Collateral Account shall be paid:  first, to Ford to the extent that
there are unpaid Ford Reimbursement Obligations due and owing to Ford, the
lesser of the amount withdrawn from the Class A Non-Ford Cash Collateral
Account and the amount of such unpaid Ford Reimbursement Obligations, second,
only for so long as the Ford LOC Exposure Amount is greater than zero, only to
the extent that after giving effect to any such withdrawal, the Fleet Equity
Condition would be satisfied, to the Class A Non-Ford Letter of Credit
Providers, to the extent that there are unreimbursed Class A Disbursements due
and owing to such Class A Non-Ford Letter of Credit Providers in respect of the
Class A Non-Ford Letters of Credit, for application in accordance with the
provisions of the respective Class A Non-Ford Letter of Credit Reimbursement
Agreement, and third, only for so long as the Ford LOC Exposure Amount
is greater than zero, only to the extent that after giving effect to any such
withdrawal, the Fleet Equity Condition would be satisfied, to HVF any remaining
amounts.  (Y) Irrespective of whether
there is a Class A Cash Collateral Account Surplus, in the event that the Class
A Ford Cash Collateral Account has been established pursuant to Section
3.8(g)(I) of this Series Supplement, the proceeds of one or more Class A
LOC Termination Disbursements have been deposited therein pursuant to Section
3.8(b) or Section 3.8(c) of this Series Supplement and Ford delivers
to the Trustee a Class A Ford Letter of Credit from a Class A Ford Eligible
Letter of Credit Provider the Administrator shall direct the Trustee to, and
the Trustee, acting in accordance with the written instructions of the
Administrator shall withdraw from the Class A Ford Cash Collateral Account an
amount equal to the stated amount of such Class A Ford Letter of Credit and pay
such amount to Ford.

 109

(k)           Termination of Class A Cash
Collateral Accounts.  (X)  On the earlier of the termination of this
Series Supplement in accordance with Section 7.14 of this Series
Supplement and the Five-Year Notes Legal Final Payment Date, the Trustee,
acting in accordance with the written instructions of the Administrator, shall
withdraw from the Class A Ford Cash Collateral Account and (i) pay to Ford an
amount equal to the lesser of (x) the Class A Available Ford Cash Collateral
Account Amount and (y) the excess, if any, of (A) the aggregate amount of Class
A LOC Termination Disbursements deposited into the Class A Ford Cash Collateral
Account pursuant to Section 3.9(b) or Section 3.9(c) of this
Series Supplement over (B) the aggregate amount withdrawn from the Class A Ford
Cash Collateral Account pursuant to Section 3.3(e)(I)(Y) or Section 3.5(c)(ii)
of this Series Supplement that has not be reimbursed by HVF in accordance with Section
3.17 of this Series Supplement on or prior to such date, (ii) pay to Ford,
an amount equal to the lesser of (x) the amount of unpaid Ford Reimbursement
Obligations due and owing to Ford and (y) the excess, if any, of the Class A
Available Ford Cash Collateral Account Amount over the amount paid to Ford
pursuant to clause (i) above and (iii) pay to HVF, any funds remaining
in the Class A Ford Cash Collateral Account..

(Y)  Upon the termination of this Series
Supplement in accordance with its terms, the Trustee, acting in accordance with
the written instructions of the Administrator, after the prior payment of all
amounts due and owing to the Series 2005-3 Noteholders, the Insurer, Ford and
each Interest Rate Hedge Provider and payable from the Class A Non-Ford Cash
Collateral Account as provided herein, shall withdraw from such Class A Non-Ford
Cash Collateral Account all amounts on deposit therein (to the extent not
withdrawn pursuant to Section 3.9(d) above) and shall pay such amounts, first,
to Ford to the extent that there are unpaid Ford Reimbursement Obligations due
and owing to Ford, second, only for so long as the Ford LOC Exposure
Amount is greater than zero, only to the extent that after giving effect to any
such withdrawal, the Fleet Equity Condition would be satisfied, pro  rata
to the Class A Non-Ford Letter of Credit Providers, to the extent that there
are unreimbursed Class A Disbursements due and owing to such Class A Non-Ford
Letter of Credit Providers, for application in accordance with the provisions
of the respective Class A Non-Ford Letters of Credit, and third, only
for so long as the Ford LOC Exposure Amount is greater than zero, only to the
extent that after giving effect to any such withdrawal, the Fleet Equity
Condition would be satisfied, to HVF any remaining amounts.

Section 3.10.          Series 2005-3 Distribution Account.

(a)           Establishment of
Series 2005-3 Distribution Account. 
The Trustee shall establish and maintain in the name of the Trustee for
the benefit of the Series 2005-3 Noteholders, the Series 2005-3 Interest Rate
Hedge Provider and Ford an account (the “Series 2005-3 Distribution Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Series 2005-3 Noteholders, the Series 2005-3
Interest Rate Hedge Provider and Ford. 
The Series 2005-3 Distribution Account shall be an Eligible Deposit
Account.  If the Series 2005-3
Distribution Account is at any time no longer an Eligible Deposit Account, HVF
shall, within 10 Business Days of obtaining knowledge that the Series 2005-3
Distribution Account is no longer an 

 110
 

Eligible Deposit Account, establish a new
Series 2005-3 Distribution Account that is an Eligible Deposit Account.  If a new Series 2005-3 Distribution Account
is established, HVF shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Series 2005-3 Distribution Account into
the new Series 2005-3 Distribution Account. 
Initially, the Series 2005-3 Distribution Account will be established
with the Trustee.

(b)           Administration of the Series
2005-3 Distribution Account.  The
Administrator may instruct the institution maintaining the Series 2005-3
Distribution Account in writing to invest funds on deposit in the Series 2005-3
Distribution Account from time to time in Permitted Investments; provided,
however, that any such investment shall mature not later than the
Business Day prior to the Payment Date following the date on which such funds
were received (including funds received upon a payment in respect of a
Permitted Investment made with funds on deposit in the Series 2005-3
Distribution Account), unless any Permitted Investment held in the Series
2005-3 Distribution Account is held with the Trustee, then such investment may
mature on such Payment Date and such funds shall be available for withdrawal on
or prior to such Payment Date.  All such
Permitted Investments will be credited to the Series 2005-3 Distribution
Account.  HVF shall not direct the
Trustee to dispose of (or permit the disposal of) any Permitted Investments
prior to the maturity thereof to the extent such disposal would result in a
loss of the initial purchase price of such Permitted Investment.  In the absence of written investment
instructions hereunder, funds on deposit in the Series 2005-3 Distribution
Account shall remain uninvested.

(c)           Earnings from Series 2005-3
Distribution Account.  All interest
and earnings (net of losses and investment expenses) paid on funds on deposit
in the Series 2005-3 Distribution Account shall be deemed to be on deposit and
available for distribution.

(d)           Series 2005-3
Distribution Account Constitutes Additional Collateral for Series 2005-3 Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Series 2005-3
Notes, HVF hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Series 2005-3
Noteholders and Ford, all of HVF’s right, title and interest in and to the
following (whether now or hereafter existing or acquired): (i) the Series
2005-3 Distribution Account, including any security entitlement thereto; (ii)
all funds on deposit therein from time to time; (iii) all certificates and
instruments, if any, representing or evidencing any or all of the Series 2005-3
Distribution Account or the funds on deposit therein from time to time; (iv)
all investments made at any time and from time to time with monies in the
Series 2005-3 Distribution Account, whether constituting securities,
instruments, general intangibles, investment property, financial assets or
other property; (v) all interest, dividends, cash, instruments and other
property from time to time received, receivable or otherwise distributed in
respect of or in exchange for the Series 2005-3 Distribution Account, the funds
on deposit therein from time to time or the investments made with such funds;
and (vi) all proceeds of any and all of the foregoing, including, without
limitation, cash (the items in the foregoing clauses (i) 

 111
 

through (vi) are referred to,
collectively, as the “Series 2005-3 Distribution Account Collateral”).

Section 3.11.          Trustee as Securities Intermediary.

(a)           The Trustee or other Person holding
the Series 2005-3 Collection Account, the Series 2005-3 Excess Collection
Account, the Series 2005-3 Accrued Interest Account, the Class A Reserve
Account, the Class B Reserve Account, the Series 2005-3 Cash Collateral Account
or the Series 2005-3 Distribution Account (each a “Series 2005-3 Designated
Account”) shall be the “Securities Intermediary”.  If the Securities Intermediary in respect of
any Series 2005-3 Designated Account is not the Trustee, HVF shall obtain the
express agreement of such Person to the obligations of the Securities
Intermediary set forth in this Section 3.11.

(b)           The Securities Intermediary agrees
that:

(i)            The
Series 2005-3 Designated Accounts are accounts to which “financial assets”
within the meaning of Section 8-102(a)(9) (“Financial Assets”) of the
UCC in effect in the State of New York (the “New York UCC”) will be
credited;

(ii)           All
securities or other property underlying any Financial Assets credited to any
Series 2005-3 Designated Account shall be registered in the name of the
Securities Intermediary, indorsed to the Securities Intermediary or in blank or
credited to another securities account maintained in the name of the Securities
Intermediary and in no case will any Financial Asset credited to any Series
2005-3 Designated Account be registered in the name of HVF, payable to the
order of HVF or specially endorsed to HVF;

(iii)          All
property delivered to the Securities Intermediary pursuant to this Series
Supplement will be promptly credited to the appropriate Series 2005-3
Designated Account;

(iv)          Each
item of property (whether investment property, security, instrument or cash)
credited to a Series 2005-3 Designated Account shall be treated as a Financial
Asset;

(v)           If
at any time the Securities Intermediary shall receive any order from the
Trustee directing transfer or redemption of any Financial Asset relating to the
Series 2005-3 Designated Accounts, the Securities Intermediary shall comply
with such entitlement order without further consent by HVF or the
Administrator;

(vi)          The Series 2005-3 Designated Accounts
shall be governed by the laws of the State of New York, regardless of any
provision of any other agreement.  For
purposes of the UCC, New York shall be deemed to the Securities Intermediary’s
jurisdiction and the Series 2005-3 Designated Accounts (as well as the “securities
entitlements” (as defined in Section 8-102(a)(17) of the 

 112
 

New York UCC) related thereto) shall be governed by the laws of the
State of New York;

(vii)         The
Securities Intermediary has not entered into, and until termination of this
Series Supplement, will not enter into, any agreement with any other Person
relating to the Series 2005-3 Designated Accounts and/or any Financial Assets
credited thereto pursuant to which it has agreed to comply with entitlement
orders (as defined in Section 8-102(a)(8) of the New York UCC) of such other
Person and the Securities Intermediary has not entered into, and until the
termination of this Series Supplement will not enter into, any agreement with
HVF purporting to limit or condition the obligation of the Securities
Intermediary to comply with entitlement orders as set forth in Section 3.11(b)(v)
of this Series Supplement; and

(viii)        Except
for the claims and interest of the Trustee and HVF in the Series 2005-3
Designated Accounts, the Securities Intermediary knows of no claim to, or
interest, in the Series 2005-3 Designated Accounts or in any Financial Asset
credited thereto.  If the Securities
Intermediary has actual knowledge of the assertion by any other person of any
lien, encumbrance, or adverse claim (including any writ, garnishment, judgment,
warrant of attachment, execution or similar process) against any Series 2005-3
Designated Account or in any Financial Asset carried therein, the Securities
Intermediary will promptly notify the Trustee, the Administrator and HVF
thereof.

(c)           The Trustee shall possess all right,
title and interest in all funds on deposit from time to time in the Series
2005-3 Designated Accounts and in all proceeds thereof, and shall be the only
person authorized to originate entitlement orders in respect of the Series
2005-3 Designated Accounts.

Section 3.12.          Series 2005-3 Interest Rate Hedges.

(a)           On the Series 2005-3
Closing Date, HVF shall acquire one or more interest rate caps or swaps, in
form and substance acceptable to the Insurer (each a “Series 2005-3 Interest
Rate Hedge”), from an Eligible Interest Rate Hedge Provider with funds
available to it.  The aggregate initial
notional amount of all Series 2005-3 Interest Rate Hedges shall equal the sum
of the Class B-1 Principal Amount and the Class B-3 Principal Amount on the
Series 2005-3 Closing Date, and, thereafter, the aggregate notional amount of
all Series 2005-3 Interest Rate Hedges may be reduced pursuant to the related
Series 2005-3 Interest Rate Hedge but shall not at any time be less than the
sum of the Class B-1 Principal Amount and the Class B-3 Principal Amount.  The strike rate of each Series 2005-3
Interest Rate Hedge in the form of a cap shall not be greater than 4.87%.  The fixed rate of each Series 2005-3 Interest
Rate Hedge in the form of a swap shall not be greater than 4.87%.  HVF shall satisfy the Series 2005-3 Rating
Agency Condition and, so long as the Class A Notes have not been paid in full
and retired, obtain the consent of the Insurer (such consent not to be
unreasonably withheld or delayed) in connection with its acquisition of any Series
2005-3 Interest Rate Hedge.  The Series
2005-3 Interest Rate Hedge must provide that (i) no payments from the Series
2005-3 

 113
 

Hedge Provider to HVF shall be conditioned
upon payment of amounts (other than the Monthly Hedge Payment) due to such
Series 2005-3 Interest Rate Hedge Provider from HVF, to the extent that any
such non-payment resulted only from the Fleet Equity Condition failing to be
satisfied, (ii) the Series 2005-3 Interest Rate Hedge Provider shall provide to
the Insurer a copy of any notice of payment default delivered to HVF,
simultaneously with delivery of such notice to HVF and (iii) in the event that
HVF shall fail to pay any amounts due to the Series 2005-3 Hedge Provider under
such Series 2005-3 Interest Rate Hedge, the Insurer shall have the right to
make any such payment on behalf of HVF. 
For so long as an Interest Rate Hedge Provider is not in default under
its Series 2005-3 Interest Rate Hedge, and such Series 2005-3 Interest Rate
Hedge continues to be in effect, such Interest Rate Hedge Provider shall
constitute an “Enhancement Provider” with respect to the Series 2005-3 Notes
for all purposes under the Indenture and the other Related Documents, and each
Series 2005-3 Interest Rate Hedge to which such Interest Rate Hedge Provider is
a party shall constitute an “Enhancement Agreement” with respect to the Series
2005-3 Notes for all purposes under the Base Indenture and the other Related
Documents.  Furthermore, each Interest
Rate Hedge Provider shall be deemed to be a “Secured Party” under the Base
Indenture and the Related Documents to the extent of amounts payable to each
such Interest Rate Hedge Provider pursuant to this Series Supplement.

(b)           If, at any time, an
Interest Rate Hedge Provider is not an Eligible Interest Rate Hedge Provider,
then HVF shall cause such Interest Rate Hedge Provider within 30 days following
such occurrence, at such Interest Rate Hedge Provider’s expense, to do one of
the following:  (i) obtain a replacement
interest rate cap or swap on the same terms as the Series 2005-3 Interest Rate
Hedge to which such Interest Rate Hedge Provider is a party (or with such
modifications as are acceptable to the Rating Agencies and the Insurer) from an
Eligible Interest Rate Hedge Provider and simultaneously with such replacement
HVF shall terminate the Series 2005-3 Interest Rate Hedge being replaced, (ii)
obtain a guaranty from, or contingent agreement of (in each case, in form and
substance acceptable to the Insurer), another person who qualifies as an
Eligible Interest Rate Hedge Provider to honor such Interest Rate Hedge
Provider’s obligations under its Series 2005-3 Interest Rate Hedge in
accordance with its terms and written confirmation from Standard & Poor’s
and Moody’s that the substantive terms of the guaranty agreement are sufficient
to maintain or restore the immediately prior Shadow Rating, (iii) post
collateral pursuant to and in accordance with its Series 2005-3 Interest Rate
Hedge, or (iv) enter into any arrangement satisfactory to Standard & Poor’s,  Moody’s and, so long as the Class A Notes are
Outstanding, the Insurer, which approval of the Insurer, during any period when
an Insurer Default is continuing, shall not be unreasonably withheld or
delayed, which is sufficient to maintain or restore the immediately prior
Shadow Rating.  If HVF is unable to cause
such Interest Rate Hedge Provider to take any of the actions described in clauses
(i), (ii), (iii) or (iv) of the preceding sentence
after making commercially reasonable efforts, (I) HVF will obtain a replacement
Series 2005-3 Interest Rate Hedge at the expense of the replaced Interest Rate
Hedge Provider or, if the replaced Interest Rate Hedge Provider fails to make
such payment, at the expense of HVF (in which event, such amount will be
considered Carrying Charges and paid solely from Interest Collections available
pursuant to 

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Section 3.3(h) of
this Series Supplement) and (II) to the extent that HVF does not obtain a
replacement Series 2005-3 Interest Rate Hedge, the Insurer shall be deemed to
have been materially and adversely effected. HVF must cause each Series 2005-3
Interest Rate Hedge to provide that if the Interest Rate Hedge Provider is
required to take any of the actions described in clauses (i), (ii),
or (iv) above and such action is not taken within 30 days, then the
Interest Rate Hedge Provider must, until a replacement Series 2005-3 Interest
Rate Hedge is executed and in effect, collateralize its obligations as required
under clause (iii) above.  Each
Series 2005-3 Noteholder by its acceptance of a Series 2005-3 Note hereby
acknowledges and agrees, and directs the Trustee to acknowledge and agree, and
the Trustee, at such direction, hereby acknowledges and agrees, that any
collateral posted by an Interest Rate Hedge Provider pursuant to clause (iii)
above (A) is collateral solely for the obligations of such Interest Rate Hedge
Provider under its Series 2005-3 Interest Rate Hedge, (B) does not constitute
collateral for the Series 2005-3 Notes (provided that in order to secure and
provide for the payment of the Note Obligations with respect to the Series
2005-3 Notes, HVF has pledged each Series 2005-3 Interest Rate Hedge and its
security interest in any collateral posted in connection therewith as
collateral for the Series 2005-3 Notes), and (C) will in no event be available
to satisfy any obligations of HVF hereunder or otherwise unless and until such
Interest Rate Hedge Provider defaults in its obligations under its Series
2005-3 Interest Rate Hedge and such collateral is applied in accordance with
the terms of such Series 2005-3 Interest Rate Hedge to satisfy such defaulted
obligations of such Interest Rate Hedge Provider.

(c)           If the long-term senior unsecured
debt rating of an Interest Rate Hedge Provider, or the Person that guarantees
all of the Interest Rate Hedge Provider’s obligations under its Series 2005-3
Interest Rate Hedge, is withdrawn or falls to or below “Baa1” by Moody’s or to
or below “BBB+” by Standard & Poor’s, then the Insurer may terminate such
Interest Rate Hedge Provider’s Series 2005-3 Interest Rate Hedge if, after 10
Business Days after the occurrence of such rating withdrawal or fall, the
Interest Rate Hedge Provider has not, at its own expense, (i) obtained a
replacement interest rate swap or cap on the same terms as the Series 2005-3
Interest Rate Hedge (or with such modifications as are acceptable to the Rating
Agencies and the Insurer) provided by such Interest Rate Hedge Provider from an
Eligible Interest Rate Hedge Provider and simultaneously with such replacement
terminated the Series 2005-3 Interest Rate Hedge being replaced or (ii) entered
into any arrangement satisfactory to S&P, Moody’s and, so long as the Class
A Notes have not been paid in full and retired, the Insurer, which approval of
the Insurer, during any period when an Insurer Default is continuing, will not
have been unreasonably withheld or delayed, which was sufficient to maintain or
restore the immediately prior Shadow Rating.

(d)           To secure payment of
the Note Obligations with respect to the Series 2005-3 Notes, HVF hereby grants
a security interest in, and assigns, pledges, grants, transfers and sets over
to the Trustee, for the benefit of the Series 2005-3 Noteholders and the
Insurer , all of HVF’s right, title and interest, whether now or hereafter existing
or acquired, in the Series 2005-3 Interest Rate Hedges and all proceeds
thereof.  HVF shall require all proceeds
of the Series 2005-3 Interest Rate Hedges to be paid, and the Trustee shall
allocate, all proceeds of the Series 2005-3 Interest Rate 

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Hedges to the Series 2005-3 Accrued Interest
Account or the Series 2005-3 Collection Account.

Section 3.13.          Series 2005-3 Demand Note
Constitutes Additional Collateral for Series 2005-3 Notes.

(a)           In order to secure and provide for
the repayment and payment of the Note Obligations with respect to the Series
2005-3 Notes, HVF hereby grants a security interest in and assigns, pledges,
grants, transfers and sets over to the Trustee, for the benefit of the Series
2005-3 Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider,
all of HVF’s right, title and interest in and to the following (whether now or
hereafter existing or acquired): (i) the Series 2005-3 Demand Note; (ii) all
certificates and instruments, if any, representing or evidencing the Series
2005-3 Demand Note; and (iii) all proceeds of any and all of the foregoing,
including, without limitation, cash.  On
the date hereof, HVF shall deliver to the Trustee, for the benefit of the
Series 2005-3 Noteholders, the Insurer, Ford 
and each Interest Rate Hedge Provider, the Series 2005-3 Demand Note,
endorsed in blank.  The Trustee, for the
benefit of the Series 2005-3 Noteholders, the Insurer, Ford  and each Interest Rate Hedge Provider, shall
be the only Person authorized to make a demand for payment on the Series 2005-3
Demand Note.

(b)           Other than pursuant to a payment made
upon a demand thereon by the Trustee, HVF shall not reduce the amount of the
Series 2005-3 Demand Note or forgive amounts payable thereunder so that the
outstanding principal amount of the Series 2005-3 Demand Note after such
reduction or forgiveness is less than the sum of the Class A Letter of Credit
Liquidity Amount and the Class B Letter of Credit Liquidity Amount.  HVF shall not agree, to any amendment of the
Series 2005-3 Demand Note without first satisfying the Series 2005-3 Rating
Agency Condition.

(c)           HVF agrees that on the Series 2005-3
Closing Date it will have capitalization in an amount equal to or greater than
4.17% of the sum of (i) the outstanding principal amount of the Series 2004-1
Rental Car Asset Backed Notes, (ii) the maximum outstanding principal amount of
the Series 2005-3 Notes, (iii) the outstanding principal amount of the Series
2005-1 Notes, (iv) the outstanding principal amount of the Series 2005-2 Notes
and (v) the maximum outstanding principal amount of the Series 2005-4 Notes.

(d)           Upon the occurrence
and during the continuance of an Amortization Event with respect to the Series
2005-3 Notes, the Trustee may and, at the written direction of the Insurer or
the Series 2005-3 Noteholders holding more than 50% of the Controlling Class
shall, make one or more demands (each a “Demand Notice”) on Hertz for
payment under the Series 2005-3 Demand Note, in each case, in an amount equal
to the lesser of (i) the principal amount of the Series 2005-3 Demand Note and
(ii) on any Business Day (A) prior to the second Business Day immediately
preceding the Three-Year Notes Legal Final Payment Date, the amount of any
Principal Deficit Amount on such date, (B) on or after the second Business Day
immediately preceding the Three-Year Notes Legal Final Payment Date but prior
to the second Business Day immediately preceding the Five-Year Notes Legal
Final Payment Date, the greater of (x) 

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the Principal Deficit Amount on such date and
(y) the sum of the Class A-1 Principal Amount, the Class B-1 Principal Amount
and the Class B-2 Principal Amount (on or prior to the Three-Year Notes Legal
Final Payment Date, calculated after giving effect to the distribution of all
amounts on account of principal that will be available to be distributed to the
Class A Noteholders (other than under the Insurance Policy) and the Class B-1
Noteholders and the Class B-2 Noteholders in accordance with this Series
Supplement on the Three-Year Notes Legal Final Payment Date (including, but not
limited to, amounts to be withdrawn from the Class A Reserve Account and the
Class B Reserve Account pursuant to Section 3.5(d) of this Series
Supplement)), and (C) on or after the second Business Day immediately preceding
the Five-Year Notes Legal Final Payment Date, the Class A-2 Principal Amount
(on or prior to the Five-Year Notes Legal Final Payment Date, calculated after
giving effect to the distribution of all amounts that will be available to be
distributed to the Class A-2 Noteholders (other than under the Insurance
Policy), the Class B-3 Noteholders and the Class B-4 Noteholders in accordance
with this Series Supplement on the Five-Year Notes Legal Final Payment Date
(including, but not limited to, amounts to be withdrawn from the Class A
Reserve Account and the Class B Reserve Account pursuant to Section 3.5(d)
of this Series Supplement)).  The Trustee
shall cause the proceeds of any demand on the Series 2005-3 Demand Note to be
deposited into the Series 2005-3 Distribution Account, and such proceeds shall
be treated as Principal Collections for all purposes hereunder.  If (i) the Trustee shall have made such a
Demand Notice and Hertz shall have failed to pay to the Trustee or deposit into
the Series 2005-3 Distribution Account the amount specified in such Demand
Notice in whole or in part by 12:00 noon (New York City time) on the Business
Day following the making of the Demand Notice or (ii) due to the occurrence of
an Event of Bankruptcy (or the occurrence of an event described in clause
(a) of the definition thereto, without the lapse of a period of 60
consecutive days) with respect to Hertz, the Trustee shall not have delivered
such Demand Notice to Hertz, the Trustee shall draw on:

(X)  the Class B Non-Ford Letters of Credit, if
any, by 12:00 p.m. (New York City time) on such Business Day an amount equal to
the least of:  (A) the amount that Hertz
failed to pay under the Series 2005-3 Demand Note (or the amount that the
Trustee failed to demand for payment thereunder);

(B)           the Class B Non-Ford Letter of Credit
Amount on such Business Day; and

(C)           on any Business Day:

(i)            other
than the Business Day immediately preceding a Legal Final Payment Date, the
Principal Deficit Amount on such Business Day;

(ii)           on the Business Day immediately
preceding the Three-Year Notes Legal Final Payment Date, the sum of (x) the
greater of the Principal Deficit Amount on such date and the sum of the Class A-1 Principal Amount, the Class B-1
Principal Amount and the Class B-2 Principal Amount on such Business Day and
(y) the lesser of (1) the amount by which the Class B Liquidity 

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Amount (after giving effect to any withdrawals to be made from the
Class B Reserve Account pursuant to Section 3.3(d)(ii) and Section
3.5(c)(i)(A) of this Series Supplement and any drawings to be made under
the Class B Letters of Credit pursuant to Section 3.3(e)(II) of this
Series Supplement on the Three-Year Notes Legal Final Payment Date) will exceed
the Class B Required Liquidity Amount (after giving effect to all anticipated
reductions in the Class B Principal Amount on the Three-Year Notes Legal Final
Payment Date) and (2) an amount equal to the excess, if any, of (a) the Class B
Required Liquidity Amount on the earlier of (I) the date of the first occurrence
of a Series 2005-3 Lease Interest Payment Deficit (other than any Series 2005-3
Lease Interest Payment Deficit resulting from a failure to pay Rent or any
other amount payable by the Lessee under the HVF Lease that is cured in full on
or prior to the fifth Business Day after the occurrence of such failure) and
(II) the Three-Year Notes Legal Final Payment Date over (b) the aggregate
amount, as of the Three-Year Notes Legal Final Payment Date, of all withdrawals
from the Class B Reserve Account made since the date set forth in clause (a)
of this subparagraph (C)(ii) or to be made in respect of the Three-Year
Notes Legal Final Payment Date pursuant to Section 3.3(d)(ii) of this
Series Supplement and all drawings made since such date or to be made in respect
of the Three-Year Notes Legal Final Payment Date under the Class B Letters of
Credit pursuant to Section 3.3(e)(II) of this Series Supplement; provided,
however, that any such withdrawals from the Class B Reserve Account
and/or drawings made under the Class B Letters of Credit on account of a Series
2005-3 Lease Interest Payment Deficit resulting from a failure to pay Rent or
other amount payable by the Lessee under the HVF Lease that is cured in full on
or prior to the fifth Business Day after the occurrence of such failure shall
be excluded from this clause (b);

(iii)          [reserved]

(iv)          on the Business Day immediately
preceding the Five-Year Notes Legal Final Payment Date, the sum of (x) the
greater of the Principal Deficit Amount on such date and the sum of the Class-2 Principal Amount, the Class B-3
Principal Amount and the Class B-4 Principal 
Amount on such Business Day and (y) an amount equal to the excess, if
any, of (a) the Class B Required Liquidity Amount on the earlier of (I) the
date of the first occurrence of a Series 2005-3 Lease Interest Payment Deficit
(other than any Series 2005-3 Lease Interest Payment Deficit resulting from a
failure to pay Rent or any other amount payable by the Lessee under the HVF
Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure) and (II) the Five-Year Notes Legal Final Payment
Date over (b) the aggregate amount, as of the Five-Year Notes Legal Final
Payment Date, of all withdrawals from the Class B Reserve Account made since
the date set forth in clause (a) of this subparagraph (C)(iv) or
to be made in respect of the Five-Year Notes Legal Final Payment Date pursuant
to Section 3.3(d)(ii) of this Series Supplement and all drawings made
since such date or to be made in respect of the Five-Year Notes Legal Final
Payment Date under the Class B Letters of Credit pursuant to Section
3.3(e)(II) of this Series Supplement; provided, however, that
any such withdrawals from the 

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Class B Reserve Account and/or drawings made under the Class B Letters
of Credit on account of a Series 2005-3 Lease Interest Payment Deficit
resulting from a failure to pay Rent or other amount payable by the Lessee
under the HVF Lease that is cured in full on or prior to the fifth Business Day
after the occurrence of such failure shall be excluded from this clause (b);

by presenting to each
Class B Non-Ford Letter of Credit Provider a draft accompanied by a Class B
Certificate of Unpaid Demand Note Demand; provided, however that
if the Class B Non-Ford Cash Collateral Account has been established and
funded, the Trustee shall withdraw from the Class B Non-Ford Cash Collateral
Account and deposit in the Series 2005-3 Distribution Account an amount equal
to the lesser of (x) the Class B Non-Ford Cash Collateral Percentage on such
Business Day of the least of the amounts set forth in clause (A), (B)
or (C) above and (y) the Class B Available Non-Ford Cash Collateral
Account Amount on such Business Day and draw an amount equal to the remainder
of such amount on the Class B Non-Ford Letters of Credit; and

(Y) the Class A Non-Ford
Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business
Day an amount equal to the least of:

(A)          the excess of the amount that Hertz
failed to pay under the Series 2005-3 Demand Note (or the amount that the
Trustee failed to demand for payment thereunder) over the aggregate amount of
any draws under the Class B Non-Ford Letter of Credit and/or withdrawals from
the Class B Non-Ford Cash Collateral Account pursuant to clause (X)
above on such Business Day;

(B)           the Class A Non-Ford Letter of Credit
Amount on such Business Day; and

(C)           on any Business Day:

(i)            other than the Business Day
immediately preceding a Legal Final Payment Date, the excess of the Principal Deficit
Amount on such Business Day over the aggregate amount of any draws under the
Class B Non-Ford Letter of Credit and/or withdrawals from the Class B Non-Ford
Cash Collateral Account pursuant to clause (X) above on such Business
Day;

(ii)           on the Business Day immediately
preceding the Three-Year Notes Legal Final Payment Date, the sum of (x) the
excess of the greater of the Principal Deficit Amount and the sum of the Class A-1 Principal Amount, the Class B-1
Principal Amount and the Class B-2 Principal Amount on such Business Day over
the aggregate amount of any draws under the Class B Non-Ford Letter of Credit
and/or withdrawals from the Class B Non-Ford Cash Collateral Account pursuant
to clause (X) above on such Business Day and (y) the lesser of (1) the
amount by which the Class A Liquidity Amount (after giving effect to any
withdrawals to be made from the Class A Reserve Account pursuant to Section
3.3(d)(i) and Section 3.5(c)(i)(B) of this Series Supplement and any
drawings to be made under the Class A Letters of Credit pursuant to 

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Section 3.3(e)(I)
of this Series Supplement on the Three-Year Notes Legal Final Payment Date)
will exceed the Class A Required Liquidity Amount (after giving effect to all
anticipated reductions in the Class A Principal Amount on the Three-Year Notes
Legal Final Payment Date) and (2) an amount equal to the excess, if any, of (a)
the Class A Required Liquidity Amount on the earlier of (I) the date of the
first occurrence of a Series 2005-3 Lease Interest Payment Deficit (other than
any Series 2005-3 Lease Interest Payment Deficit resulting from a failure to
pay Rent or any other amount payable by the Lessee under the HVF Lease that is
cured in full on or prior to the fifth Business Day after the occurrence of
such failure) and (II) the Three-Year Notes Legal Final Payment Date over (b)
the aggregate amount, as of the Three-Year Notes Legal Final Payment Date, of
all withdrawals from the Class A Reserve Account made since the date set forth
in clause (a) of this subparagraph (C)(ii) or to be made in
respect of the Three-Year Notes Legal Final Payment Date pursuant to Section
3.3(d)(i) of this Series Supplement and all drawings made since such date
or to be made in respect of the Three-Year Notes Legal Final Payment Date under
the Class A Letters of Credit pursuant to Section 3.3(e)(I) of this
Series Supplement; provided, however, that any such withdrawals
from the Class A Reserve Account and/or drawings made under the Class A Letters
of Credit on account of a Series 2005-3 Lease Interest Payment Deficit
resulting from a failure to pay Rent or other amount payable by the Lessee
under the HVF Lease that is cured in full on or prior to the fifth Business Day
after the occurrence of such failure shall be excluded from this clause (b);

(iii)          [reserved]

(iv)          on the Business Day immediately
preceding the Five-Year Notes Legal Final Payment Date, the sum of (x) the
excess of the greater of the Principal Deficit Amount and the sum of the Class A-2 Principal Amount, the Class B-3
Principal Amount and the Class B-4 Principal Amount on such Business Day over
the aggregate amount of any draws under the Class B Non-Ford Letter of Credit
and/or withdrawals from the Class B Non-Ford Cash Collateral Account pursuant
to clause (X) above on such Business Day and (y) an amount equal to the
excess, if any, of (a) the Class A Required Liquidity Amount on the
earlier of (I) the date of the first occurrence of a Series 2005-3 Lease
Interest Payment Deficit (other than any Series 2005-3 Lease Interest Payment
Deficit resulting from a failure to pay Rent or any other amount payable by the
Lessee under the HVF Lease that is cured in full on or prior to the fifth
Business Day after the occurrence of such failure) and (II) the Five-Year Notes
Legal Final Payment Date over (b) the aggregate amount, as of the Five-Year
Notes Legal Final Payment Date, of all withdrawals from the Class A Reserve
Account made since the date set forth in clause (a) of this subparagraph
(C)(iv) or to be made in respect of the Five-Year Notes Legal Final Payment
Date pursuant to Section 3.3(d)(i) of this Series Supplement and all
drawings made since such date or to be made in respect of the Five-Year Notes
Legal Final Payment Date under the Class A Letters of Credit pursuant to Section
3.3(e)(I) of this Series Supplement; provided, however, that
any such withdrawals from the Class A Reserve Account and/or drawings made
under the Class A Letters of Credit on account of a Series 

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2005-3 Lease
Interest Payment Deficit resulting from a failure to pay Rent or any other
amount payable by the Lessee under the HVF Lease that is cured in full on or
prior to the fifth Business Day after the occurrence of such failure shall be
excluded from this clause (b); and

by presenting to each
Class A Non-Ford Letter of Credit Provider a draft accompanied by a Class A
Certificate of Unpaid Demand Note Demand; provided, however that
if the Class A Non-Ford Cash Collateral Account has been established and
funded, the Trustee shall withdraw from the Class A Non-Ford Cash Collateral
Account and deposit in the Series 2005-3 Distribution Account an amount equal
to the lesser of (x) the Class A Non-Ford Cash Collateral Percentage on such
Business Day of the least of the amounts set forth in clause (A), (B)
or (C) above and (y) the Class A Available Non-Ford Cash Collateral
Account Amount on such Business Day and draw an amount equal to the remainder
of such amount on the Class A Non-Ford Letters of Credit.  The Trustee shall deposit, or cause the
deposit of, the proceeds of any such draw on the Class A Non-Ford Letters of
Credit and the proceeds of any such withdrawal from the Class A Non-Ford Cash
Collateral Account and any draw on the Class B Non-Ford Letters of Credit and
the proceeds of any such withdrawal from the Class B Non-Ford Cash Collateral
Account, into the Series 2005-3 Collection Account and such proceeds shall be
treated as Principal Collections for the Related Month.

Section 3.14.          Class B Reserve Account.

(a)           Establishment of Class B Reserve
Account.  On or prior to the first
Series 2005-3 Class B Notes Closing Date, HVF shall establish and maintain in
the name of the Trustee for the benefit of the Series 2005-3 Noteholders, Ford
and each Interest Rate Hedge Provider an account (the “Class B Reserve
Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2005-3 Noteholders,
Ford and each Interest Rate Hedge Provider. 
The Class B Reserve Account shall be an Eligible Deposit Account.  If the Class B Reserve Account is at any time
following such initial Series 2005-3 Class B Notes Closing Date no longer an
Eligible Deposit Account, HVF shall, within 10 Business Days of obtaining
knowledge that the Class B Reserve Account is no longer an Eligible Deposit
Account, establish a new Class B Reserve Account that is an Eligible Deposit
Account.  If a new Class B Reserve
Account is established, HVF shall instruct the Trustee in writing to transfer
all cash and investments from the non-qualifying Class B Reserve Account into
the new Class B Reserve Account. 
Initially, the Class B Reserve Account will be established with the
Trustee.

(b)           Administration of
the Class B Reserve Account.  HVF may
instruct (by standing instructions or otherwise) the institution maintaining
the Class B Reserve Account to invest funds on deposit in the Class B Reserve
Account from time to time in Permitted Investments; provided, however,
that any such investment shall mature not later than the Business Day prior to
the first Payment Date following the date on which such funds were received
(including funds received upon a payment in respect of a Permitted Investment
made with funds on deposit in the Class B Reserve Account), unless any
Permitted Investment held in the Class B Reserve Account is held with the 

 121
 

Trustee, then such investment may mature on
such Payment Date so long as such funds shall be available for withdrawal on or
prior to such Payment Date.  HVF shall
not direct the Trustee to dispose of (or permit the disposal of) any Permitted
Investments prior to the maturity thereof to the extent such disposal would
result in a loss of the initial purchase price of such Permitted
Investment.  In the absence of written
investment instructions hereunder, funds on deposit in the Class B Reserve
Account shall remain uninvested.

(c)           Earnings from Class B Reserve
Account.  All interest and earnings
(net of losses and investment expenses) paid on funds on deposit in the Class B
Reserve Account shall be deemed to be on deposit therein and available for
distribution.

(d)           Class B Reserve Account
Constitutes Additional Collateral for Series 2005-3 Notes.  In order to secure
and provide for the repayment and payment of the Note Obligations with respect
to the Series 2005-3 Notes, HVF hereby grants a security interest in and
assigns, pledges, grants, transfers and sets over to the Trustee, for the
benefit of the Series 2005-3 Noteholders, Ford and each Interest Rate Hedge
Provider, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Class B 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 Class B 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 Class B 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 Class B Reserve Account, the funds on
deposit therein from time to time or the investments made with such funds; and
(vi) all proceeds of any and all of the foregoing, including, without
limitation, cash (the items in the foregoing clauses (i) through (vi)
are referred to, collectively, as the “Class B Reserve Account Collateral”).

(e)           Class B Reserve Account Surplus.  In the event that the Class B Reserve Account
Surplus on any Payment Date is greater than zero, the Trustee, acting in
accordance with the written instructions of the Administrator, shall withdraw
from the Class B Reserve Account an amount equal to the Class B Reserve Account
Surplus and (i) pay to Ford, the lesser of (x) such Class B Reserve Account
Surplus and (y) all unpaid Ford Reimbursement Obligations and (ii) only for so
long as the Ford LOC Exposure Amount is greater than zero, only to the extent
that after giving effect to such payment the Fleet Equity Condition would be
satisfied,  (A)  pay to each Interest Rate Hedge Provider on a
pro  rata basis the lesser of (x) the excess of such Class B
Reserve Account Surplus over the amounts paid pursuant to clause (i)
above and (y) all amounts then due and owing to each such Interest Rate Hedge
Provider under its Series 2005-3 Interest Rate Hedge and (B) pay to HVF any
portion of such Class B Reserve Account Surplus remaining after any required
payments pursuant to clauses (i) and (ii)(A) above.

(f)            Termination of
Class B Reserve Account.  On or after
the date on which the Class B Notes are fully paid, each Interest Rate Hedge
Provider has been paid 

 122
 

all amounts due and owing to it from HVF
under its Series 2005-3 Interest Rate Hedge and Ford has been paid all unpaid
Ford Reimbursement Obligations, the Trustee, acting in accordance with the
written instructions of the Administrator, shall withdraw from the Class B
Reserve Account, only for so long as the Ford LOC Exposure Amount is greater
than zero, only to the extent that after giving effect to such payment the
Fleet Equity Condition be satisfied, all remaining amounts on deposit therein
for payment to HVF.

Section 3.15.          Class B Letters of Credit and Class
B Cash Collateral Account.

(a)           (I)  Class B Ford Cash
Collateral Account Constitutes Additional Collateral for Series 2005-3 Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Series 2005-3
Notes, HVF hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Series 2005-3
Noteholders, Ford and each Interest Rate Hedge Provider, all of HVF’s right,
title and interest in and to the following (whether now or hereafter existing
or acquired):  (i) the Class B Ford Cash
Collateral Account, including any security entitlement thereto; (ii) all funds
on deposit in the Class B Ford Cash Collateral Account from time to time; (iii)
all certificates and instruments, if any, representing or evidencing any or all
of the Class B Ford Cash Collateral 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 Class B Ford Cash Collateral 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 Class B Ford Cash Collateral Account, the
funds on deposit therein from time to time or the investments made with such
funds; and (vi) all proceeds of any and all of the foregoing, including,
without limitation, cash (the items in the foregoing clauses (i) through
(vi) are referred to, collectively, as the “Class B Ford Cash
Collateral Account Collateral”).

(II)           Class B Non-Ford
Cash Collateral Account Constitutes Additional Collateral for Series 2005-3
Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-3 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-3 Noteholders, Ford and each Interest Rate Hedge Provider, all of
HVF’s right, title and interest in and to the following (whether now or
hereafter existing or acquired):  (i) the
Class B Non-Ford Cash Collateral Account, including any security entitlement
thereto; (ii) all funds on deposit in the Class B Non-Ford Cash Collateral
Account from time to time; (iii) all certificates and instruments, if any,
representing or evidencing any or all of the Class B Non-Ford Cash Collateral
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 Class B Non-Ford Cash
Collateral 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 Class B Non-Ford Cash Collateral Account, the funds on 

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deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Class B
Non-Ford Cash Collateral Account Collateral”).

(b)           Class
B Letter of Credit Expiration Date. 
If prior to the date which is sixteen (16) Business Days prior to the
then scheduled Class B Letter of Credit Expiration Date with respect to any
Class B Letter of Credit, excluding the amount available to be drawn under such
Class B Letter of Credit but taking into account each substitute Class B Letter
of Credit which has been obtained from a Class B Eligible Letter of Credit
Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable,
and is in full force and effect on such date, (i) the Class A Adjusted
Enhancement Amount would be equal to or greater than the Class A Required
Enhancement Amount, (ii) the Class B Enhancement Amount would be equal to or
greater than the Class B Required Enhancement Amount, (iii) the Class B
Liquidity Amount would be equal to or greater than the Class B Required
Liquidity Amount or (iv) if the expiring Class B Letter of Credit is a Class B
Non-Ford Letter of Credit, the sum of the Class A Non-Ford Letter of Credit
Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount
would be equal to or greater than the Series 2005-3 Demand Note Payment Amount,
then the Administrator shall notify the Trustee in writing no later than
fifteen (15) Business Days prior to such Class B Letter of Credit Expiration
Date of such determination.  If prior to
the date which is sixteen (16) Business Days prior to the then scheduled Class
B Letter of Credit Expiration Date with respect to any Class B Letter of
Credit, excluding such Class B Letter of Credit but taking into account any
substitute Class B Letter of Credit which has been obtained from a Class B
Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit
Provider, as applicable, and is in full force and effect on such date,
(i) the Class A Adjusted Enhancement Amount would be less than the Class A
Required Enhancement Amount, (ii) the Class B Adjusted Enhancement Amount would
be less than the Class B Required Enhancement Amount , (iii) the Class B
Adjusted Liquidity Amount would be less than the Class B Required Liquidity Amount
or (iv) if the expiring Class B Letter of Credit is a Class B Non-Ford Letter
of Credit, the sum of the Class A Non-Ford Letter of Credit Liquidity Amount
and the Class B Non-Ford Letter of Credit Liquidity Amount would be less than
the Series 2005-3 Demand Note Payment Amount, then the Administrator shall
notify the Trustee in writing no later than fifteen (15) Business Days prior to
such Class B Letter of Credit Expiration Date of (x) the greatest of (A) the
excess, if any, of the Class A Required Enhancement Amount over the Class A
Adjusted Enhancement Amount, excluding such Class B Letter of Credit but taking
into account any substitute Class B Letter of Credit which has been obtained
from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford
Letter of Credit Provider, as applicable, and is in full force and effect on
such date, (B) the excess, if any, of the Class B Required Enhancement Amount
over the Class B Adjusted Enhancement Amount, excluding such Class B Letter of
Credit but taking into account any substitute Class B Letter of Credit which
has been obtained from a Class B Eligible Letter of Credit Provider or a Class
B Eligible Ford Letter of Credit Provider, as applicable, and is in full force
and effect on such date, (C) the excess, if any, of the Class B Required
Liquidity Amount over the 

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Class B Adjusted Liquidity Amount, excluding
such Class B Letter of Credit but taking into account each substitute Class B
Letter of Credit which has been obtained from a Class B Eligible Letter of
Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as
applicable, and is in full force and effect on such date, and (D) solely with
respect to a Class B Non-Ford Letter of Credit, the excess, if any, of the
Series 2005-3 Demand Note Payment Amount over the sum of the Class A Non-Ford
Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit
Liquidity Amount, excluding such Class B Non-Ford Letter of Credit but taking
into account each substitute Class B Non-Ford Letter of Credit which has been
obtained from a Class B Eligible Letter of Credit Provider and is in full force
and effect on such date and (y) the amount available to be drawn on such
expiring Class B Letter of Credit on such date. 
Upon receipt of such notice by the Trustee on or prior to 10:30 a.m.
(New York City time) on any Business Day, the Trustee shall, by 12:00 p.m. (New
York City time) on such Business Day (or, in the case of any notice given to
the Trustee after 10:00 a.m. (New York City time), by 12:00 p.m. (New York City
time) on the next following Business Day), draw the lesser of the amounts set
forth in clauses (x) and (y) above on such Class B Letter of
Credit by presenting a draft accompanied by a Class B Certificate of
Termination Demand and shall cause the Class B LOC Termination Disbursements to
be deposited in the Class B Non-Ford Cash Collateral Account, in the case of a
Class B LOC Termination Disbursement under a Class B Non-Ford Letter of Credit,
and the Class B Ford Cash Collateral Account, in the case of a Class B LOC
Termination Disbursement under a Class B Ford Letter of Credit.  If the
Trustee does not receive the notice from the Administrator described above on
or prior to the date that is fifteen (15) Business Days prior to each Class B
Letter of Credit Expiration Date, the Trustee shall, by 12:00 p.m. (New York
City time) on such Business Day draw the full amount of such Class B Letter of
Credit by presenting a draft accompanied by a Class B Certificate of
Termination Demand and shall cause the Class B LOC Termination Disbursements to
be deposited in the applicable Class B Cash Collateral Account.

(c)           Class B Letter of
Credit Providers.  The Administrator
shall notify the Trustee and Fitch in writing within one Business Day of
becoming aware that the short-term debt credit rating of any Class B Letter of
Credit Provider has fallen below “A-1” as determined by Standard & Poor’s
or “P-1” as determined by Moody’s or the long-term debt credit rating of any
Class B Letter of Credit Provider has fallen below “A+” as determined by
Standard & Poor’s or “A1” as determined by Moody’s (with respect to any
Class B Letter of Credit Provider, a “Class B Downgrade Event”).  On the thirtieth (30th) day after the
occurrence of a Class B Downgrade Event with respect to any Class B Letter of
Credit Provider, the Administrator shall notify the Trustee in writing on such
date of (i) the greatest of (A) the excess, if any, of the Class A Required
Enhancement Amount over the Class A Adjusted Enhancement Amount, excluding the
available amount under the Class B Letter of Credit issued by such Class B
Letter of Credit Provider, on such date, (B) the excess, if any, of the Class B
Required Enhancement Amount over the Class B Adjusted Enhancement Amount, excluding
the available amount under the Class B Letter of Credit issued by such Class B
Letter of Credit Provider, on such date, (C) the excess, if any, of the Class B
Required Liquidity Amount over the Class B Adjusted Liquidity Amount, excluding
the available amount 

 125
 

under such Class B Letter of Credit, on such
date, and (D) solely with respect to a Class B Non-Ford Letter of Credit, the
excess, if any, of the Series 2005-3 Demand Note Payment Amount minus the Class
A Non-Ford Letter of Credit Liquidity Amount over the Class B Non-Ford Letter
of Credit Liquidity Amount, excluding the available amount under such Class B
Letter of Credit, on such date, and (ii) the amount available to be drawn on
such Class B Non-Ford Letter of Credit on such date.  Upon receipt of such notice by the Trustee on
or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee
shall, by 12:00 p.m. (New York City time) on such Business Day (or, in the case
of any notice given to the Trustee after 10:30 a.m. (New York City time), by
12:00 p.m. (New York City time) on the next following Business Day), draw on
such Class B Letter of Credit in an amount equal to the lesser of the amount in
clause (i) or clause (ii) of the immediately preceding sentence
on such Business Day by presenting a draft accompanied by a Class B Certificate
of Termination Demand and shall cause the Class B LOC Termination Disbursement
to be deposited in a Class B Non-Ford Cash Collateral Account, in the case of a
Class B LOC Termination Disbursement under a Class B Non-Ford Letter of Credit,
and the Class B Ford Cash Collateral Account, in the case of a Class B LOC
Termination Disbursement under a Class B Ford Letter of Credit.

(d)           Class B Preference Amount Demands
on the Class B Letters of Credit.  If
a Class B Noteholder notifies the Trustee in writing that a Class B Preference
Amount is due and owing, subject to the satisfaction of the conditions set
forth in the next succeeding sentence, the Trustee shall draw an amount equal
to the lesser of (i) such Class B Preference Amount and (ii) the Class B
Non-Ford Letter of Credit Liquidity Amount on the Class B Non-Ford Letters of
Credit by presenting to each Class B Non-Ford Letter of Credit Provider a draft
accompanied by a Class B Certificate of Preference Payment Demand and shall
cause the Class B LOC Preference Payment Disbursements to be paid to the Class
B Noteholders; provided, however, that if the Class B Non-Ford
Cash Collateral Account has been established and funded, the Trustee shall draw
an amount equal to the product of (a) 100% minus the Class B Non-Ford Cash
Collateral Percentage and  (b) the lesser
of the amounts referred to in clause (i) and (ii) on such
Business Day on the Class B Non-Ford Letters of Credit as calculated by the
Administrator, at the request of the Trustee, and provided in writing to the
Trustee.  Prior to any draw on the Class
B Non-Ford Letters of Credit or withdrawal from the Class B Non-Ford Cash
Collateral Account pursuant to this Section 3.15(d), the Trustee shall have
received a certified copy of the order requiring the return of such Class B
Preference Amount.

(e)           (I)  Reductions
in Stated Amounts of the Class B Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-3-1, requesting a
reduction in the stated amount of any Class B Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to
the Class B Ford Letter of Credit Provider who issued such Class B Ford Letter
of Credit with a copy to Ford a Class B Notice of Reduction requesting a
reduction in the stated amount of such Class B Ford Letter of Credit in the
amount requested in such notice effective on the date set forth in such notice,
provided that on such effective date, after giving effect to the
requested reduction in the stated amount of such Class B Ford Letter of Credit,
(i) the Class A Adjusted Enhancement Amount will equal or exceed the 

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Class A Required Enhancement Amount, (ii) the
Class B Adjusted Enhancement Amount will equal or exceed the Class B Required
Enhancement Amount, and (iii) the Class B Adjusted Liquidity Amount will equal
or exceed the Class B Required Liquidity Amount.  If the Trustee receives a written notice from
Ford, substantially in the form of Exhibit D-3-2, requesting the
replacement of any Class B Ford Letter of Credit, the Trustee shall within two
Business Days of the receipt of such notice and upon receipt of a substitute
Class B Ford Letter of Credit having a stated amount equal to the available
amount of the Class B Ford Letter of Credit being replaced issued by a Class B
Eligible Ford Letter of Credit Provider deliver to the Class B Letter of Credit
Provider who issued the Class B Ford Letter of Credit being replaced a written
notice in the form provided in such Class B Ford Letter of Credit confirming
cancellation of such Class B Ford Letter of Credit and shall deliver such
cancelled Class B Ford Letter of Credit to such Class B Letter of Credit
Provider as soon as practicable.

(II)           Reductions in Stated Amounts of
the Class B Non-Ford Letters of Credit. 
If the Trustee receives a written notice from the Lessee, substantially
in the form of Exhibit D-4, requesting a reduction in the stated amount
of any Class B Non-Ford Letter of Credit, the Trustee shall within two Business
Days of the receipt of such notice deliver to the Class B Non-Ford Letter of
Credit Provider who issued such Class B Non-Ford Letter of Credit a Class B
Notice of Reduction requesting a reduction in the stated amount of such Class B
Non-Ford Letter of Credit in the amount requested in such notice effective on
the date set forth in such notice provided that on such effective date, after
giving effect to the requested reduction in the stated amount of such Class B
Non-Ford Letter of Credit, (i) the Class A Adjusted Enhancement Amount will
equal or exceed the Class A Required Enhancement Amount, (ii) the Class B
Adjusted Enhancement Amount will equal or exceed the Class B Required
Enhancement Amount, (iii) the Class B Adjusted Liquidity Amount will equal or
exceed the Class B Required Liquidity Amount and (iv) the Class B Non-Ford
Letter of Credit Liquidity Amount will equal or exceed the Series 2005-3 Demand
Note Payment Amount minus the Class A Non-Ford Letter of Credit Liquidity
Amount.

(f)            (I)  Draws on the Class
B Ford Letters of Credit.  If there
is more than one Class B Ford Letter of Credit on the date of any draw on the
Class B Ford Letters of Credit pursuant to the terms of this Series Supplement
(other than pursuant to Sections 3.15(b) and (c) of this Series
Supplement), the Administrator shall instruct the Trustee, in writing, to draw
on each Class B Ford Letter of Credit in an amount equal to the Pro Rata Share
of the Class B Ford Letter of Credit Provider issuing such Class B Ford Letter
of Credit of the amount of such draw on the Class B Ford Letters of Credit.

(II)           Draws on the
Class B Non-Ford Letters of Credit. 
If there is more than one Class B Non-Ford Letter of Credit on the date
of any draw on the Class B Non-Ford Letters of Credit pursuant to the terms of
this Series Supplement (other than pursuant to Sections 3.15(b) and (c)
of this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Class B Non-Ford Letter of Credit in an amount equal
to the Pro Rata Share of the Class B Non-Ford Letter of Credit Provider issuing
such Class B Non-Ford Letter of Credit of the amount of such draw on the Class
B Non-Ford Letters of Credit.

 127
 

(g)           (I)  Establishment of
Class B Ford Cash Collateral Account. 
On or prior to the date of any drawing under a Class B Ford Letter of
Credit pursuant to Section 3.15(b) or (c) of this Series
Supplement, HVF shall establish and maintain in the name of the Trustee for the
benefit of the Series 2005-3 Noteholders, Ford and each Interest Rate Hedge
Provider, an account (the “Class B Ford Cash Collateral Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Series 2005-3 Noteholders, Ford and each Interest
Rate Hedge Provider.  The Class B Ford
Cash Collateral Account shall be an Eligible Deposit Account.  If the Class B Ford Cash Collateral Account
is at any time no longer an Eligible Deposit Account, HVF shall, within 10
Business Days of obtaining knowledge that the Class B Ford Cash Collateral
Account is no longer an Eligible Deposit Account, establish a new Class B Ford
Cash Collateral Account that is an Eligible Deposit Account.  If a new Class B Ford Cash Collateral Account
is established, HVF shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Class B Ford Cash Collateral Account
into the new Class B Ford Cash Collateral Account.

(II)           Establishment of Class B Non-Ford
Cash Collateral Account.  On or prior
to the date of any drawing under a Class B Non-Ford Letter of Credit pursuant
to Section 3.15(b) or (c) of this Series Supplement, HVF shall
establish and maintain in the name of the Trustee for the benefit of the Series
2005-3 Noteholders, Ford and each Interest Rate Hedge Provider, an account (the
“Class B Non-Ford Cash Collateral Account”), bearing a designation
clearly indicating that the funds deposited therein are held for the benefit of
the Series 2005-3 Noteholders, Ford and each Interest Rate Hedge Provider.  The Class B Non-Ford Cash Collateral Account
shall be an Eligible Deposit Account.  If
the Class B Non-Ford Cash Collateral Account is at any time no longer an
Eligible Deposit Account, HVF shall, within 10 Business Days of obtaining
knowledge that the Class B Non-Ford Cash Collateral Account is no longer an
Eligible Deposit Account, establish a new Class B Non-Ford Cash Collateral
Account that is an Eligible Deposit Account. 
If a new Class B Non-Ford Cash Collateral Account is established, HVF
shall instruct the Trustee in writing to transfer all cash and investments from
the non-qualifying Class B Non-Ford Cash Collateral Account into the new Class
B Non-Ford Cash Collateral Account.

(h)           Administration of
the Class B Cash Collateral Account. 
HVF may instruct (by standing instructions or otherwise) the institution
maintaining a Class B Cash Collateral Account to invest funds on deposit in a
Class B Cash Collateral Account from time to time in Permitted Investments.  Any investment of funds on deposit in a Class
B Cash Collateral Account shall mature not later than the Business Day prior to
the first Payment Date following the date on which such funds were received
(including funds received upon a payment in respect of a Permitted Investment
made with funds on deposit in the Class B Cash Collateral Account), unless any
Permitted Investment held in the Class B Cash Collateral Account is held with
the Trustee, in which case such investment may mature on such Payment Date so
long as such funds shall be available for withdrawal on or prior to such
Payment Date.  HVF shall not direct the
Trustee to dispose of (or permit the disposal of) any Permitted Investments
prior to the maturity thereof to the extent such disposal would result in a
loss of the initial purchase price of 

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such Permitted Investment.  In the absence of written investment
instructions hereunder, funds on deposit in a Class B Cash Collateral Account
shall remain uninvested.

(i)            Earnings from Class B Cash
Collateral Account.  All Class B Cash
Collateral Account Interest and Earnings shall be deemed to be on deposit
therein and available for distribution.

(j)            Class B Cash
Collateral Account Surplus.  (X) In
the event that the Class B Cash Collateral Account Surplus on any Payment Date
is greater than zero, the Administrator may direct the Trustee to, and the
Trustee, acting in accordance with the written instructions of the
Administrator, shall, subject to the limitations set forth in this Section
3.15(j)(X), withdraw the amount specified by the Administrator from the
Class B Cash Collateral Account specified by the Administrator and apply such
amount in accordance with the terms of this Section 3.15(j)(X).  The amount of any such withdrawal from the
Class B Ford Cash Collateral Account shall be limited to the lesser of (a) the
Class B Available Ford Cash Collateral Account Amount on such Payment Date and
(b) the Class B Cash Collateral Account Surplus (after giving effect to any
withdrawal from the Class B Non-Ford Cash Collateral Account) on such Payment
Date.  The amount of any such withdrawal
from the Class B Non-Ford Cash Collateral Account shall be limited to the least
of (a) the Class B Available Non-Ford Cash Collateral Account Amount on such
Payment Date, (b) the Class B Cash Collateral Account Surplus (after giving
effect to any withdrawal from the Class B Ford Cash Collateral Account) on such
Payment Date and (c) the excess, if any, of the Class B Non-Ford Letter of
Credit Liquidity Amount on such Payment Date over the excess, if any, of the
Series 2005-3 Demand Note Payment Amount over the Class A Non-Ford Letter of
Credit Liquidity Amount on such Payment Date. 
Any amounts withdrawn from the Class B Ford Cash Collateral Account
pursuant to this Section 3.15(j)(X) shall be paid to Ford.  Any amounts withdrawn from the Class B
Non-Ford Cash Collateral Account shall be paid: 
first, to Ford to the extent that there are unpaid Ford
Reimbursement Obligations due and owing to Ford, the lesser of the amount
withdrawn from the Class B Non-Ford Cash Collateral Account and the amount of
such unpaid Ford Reimbursement Obligations, second, only for so long as
the Ford LOC Exposure Amount is greater than zero, only to the extent that
after giving effect to any such withdrawal, the Fleet Equity Condition would be
satisfied, to the Class B Non-Ford Letter of Credit Providers, to the extent
that there are unreimbursed Class B Disbursements due and owing to such Class B
Non-Ford Letter of Credit Providers in respect of the Class B Non-Ford Letters
of Credit, for application in accordance with the provisions of the respective
Class B Non-Ford Letter of Credit Reimbursement Agreement, and third,
only for so long as the Ford LOC Exposure Amount is greater than zero, only to
the extent that after giving effect to any such withdrawal, the Fleet Equity
Condition would be satisfied, to HVF any remaining amount.  (Y) Irrespective of whether there is a Class
B Cash Collateral Account Surplus, in the event that the Class B Ford Cash
Collateral Account has been established pursuant to Section 3.15(g)(I)
of this Series Supplement, the proceeds of one or more Class B LOC Termination
Disbursements have been deposited therein pursuant to Section 3.15(b) or
Section 3.15(c) of this Series Supplement and Ford delivers to the
Trustee a Class B Ford Letter of Credit from a Class B Eligible Ford Letter of
Credit Provider, the Administrator shall direct the Trustee to, and the
Trustee, acting in accordance with the written instructions of the Administrator

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shall withdraw from the Class B Ford Cash
Collateral Account an amount equal to the stated amount of such Class B Ford
Letter of Credit and pay such amount to Ford.

(k)           Termination of Class B Cash
Collateral Account.  On the earlier
of the termination of this Series Supplement in accordance with Section 7.14
and the Five-Year Notes Legal Final Payment Date, the Trustee, acting in
accordance with the written instructions of the Administrator, shall withdraw
from the Class B Ford Cash Collateral Account and (i) pay to Ford an amount
equal to the lesser of (x) the Class B Available Ford Cash Collateral Account
Amount and (y) the excess, if any, of (A) the aggregate amount of Class B LOC
Termination Disbursements deposited into the Class B Ford Cash Collateral
Account pursuant to Section 3.15(b) or Section 3.15(c) of this
Series Supplement over (B) the aggregate amount withdrawn from the Class B Ford
Cash Collateral Account pursuant to Section 3.3(e)(II)(Y) or Section
3.5(c)(ii) of this Series Supplement that has not be reimbursed by HVF in
accordance with Section 3.17 of this Series Supplement on or prior to
such date, (ii) pay to Ford, an amount equal to the lesser of (x) the amount of
unpaid Ford Reimbursement Obligations due and owing to Ford and (y) the excess,
if any, of the Class B Available Ford Cash Collateral Account Amount over the
amount paid to Ford pursuant to clause (i) above and (iii) pay to HVF, any
funds remaining in the Class B Ford Cash Collateral Account.

(Y)  Upon the termination of this Series
Supplement in accordance with its terms, the Trustee, acting in accordance with
the written instructions of the Administrator, after the prior payment of all
amounts due and owing to the Series 2005-3 Noteholders, the Insurer, Ford and each
Interest Rate Hedge Provider and payable from the Class B Non-Ford Cash
Collateral Account as provided herein, shall withdraw from such Class B
Non-Ford Cash Collateral Account all amounts on deposit therein (to the extent
not withdrawn pursuant to Section 3.15(d) above) and shall pay such
amounts, first, to Ford, to the extent that there are unpaid Ford
Reimbursement Obligations due and owing to Ford, second, only for so
long as the Ford LOC Exposure is greater than zero, only to the extent that
after giving effect to such payment the Fleet Equity Condition would be
satisfied, pro rata to the Class B Non-Ford Letter of Credit Providers,
to the extent that there are unreimbursed Class B Disbursements due and owing
to such Class B Non-Ford Letter of Credit Providers, for application in
accordance with the provisions of the respective Class B Non-Ford Letters of
Credit, and third, only for so long as the Ford LOC Exposure Amount is
greater than zero, only to the extent that after giving effect to such payment
the Fleet Equity Condition would be satisfied, to HVF any remaining amounts.

Section 3.16.          Subordination of Class B Notes.

Notwithstanding anything to the contrary contained
herein or in any other Related Document, the Class B Notes will be subordinate
in all respects to the Class A Notes.  No
payments on account of interest or principal with respect to the Class B Notes
shall be made on any Payment Date until all payments of interest and principal
then due and payable with respect to the Class A Notes on such Payment Date
(including, without limitation, all accrued interest, all interest accrued on
such accrued interest, all Class A Deficiency Amounts and all Mandatory
Decreases) have been paid in full and all Insurer 

 130
 

Fees and Insurer
Reimbursement Amounts due on such Payment Date have been paid in full.

The Class B Noteholders
shall not be entitled to receive the benefit of amounts (i) available under any
Class A Letter of Credit, (ii) on deposit in a Class A Cash Collateral Account
and (iii) on deposit in the Class A Reserve Account, in each case until the
Class A Notes have been paid in full.

Section 3.17.          Reimbursement Obligation.  (a)  HVF agrees to pay to Ford, in
accordance with, and solely to the extent of funds available therefore under,
the Indenture:

(i)            on
and after each date on which a Series 2005-3 Ford Letter of Credit Provider
shall pay any Ford LOC Disbursement under a Series 2005-3 Ford Letter of
Credit, an amount equal to such Ford LOC Disbursement;

(ii)           on
and after each date on which any amount is withdrawn from the Class A Ford Cash
Collateral Account pursuant to Section 3.3(e)(I)(Y) or Section 3.5(c)(ii) of this Series Supplement, an
amount equal to the amount of such withdrawal; and

(iii)          on
and after each date on which any amount is withdrawn from the Class B Ford Cash
Collateral Account pursuant to Section 3.3(e)(II)(Y) or Section 3.5(c)(ii) of this Series Supplement, an
amount equal to the amount of such withdrawal.

(b)           Notwithstanding the foregoing, prior
to the earlier of (i) the Five-Year Notes Legal Final Payment Date and (ii) the
termination of this Series Supplement in accordance with Section 7.14 of this
Series Supplement, any amount payable by HVF to Ford pursuant to Section
3.17(A)(ii) of this Series Supplement shall be paid by HVF by depositing such
amount in the Class A Ford Cash Collateral Account and any amount payable by
HVF to Ford pursuant to Section 3.17(A)(iii) of this Series Supplement shall be
paid by HVF by depositing such amount in the Class B Ford Cash Collateral
Account.

(c)           HVF agrees that Ford shall be deemed
a “Secured Party” under the Base Indenture and the Related Documents to the
extent of Ford Reimbursement Obligations payable by HVF to Ford.  Ford Reimbursement Obligations shall be
absolute, unconditional and irrevocable, and shall be paid under all
circumstances, including, without limitation, the following circumstances:

(i)            any
lack of validity or enforceability of this Series Supplement, the Indenture,
any Related Document or any Series 2005-3 Ford Letter of Credit;

(ii)           the existence of any claim, set-off,
defense or other right which HVF may have at any time against Ford, the Trustee
or any other beneficiary or any transferee of any Series 2005-3 Ford Letter of
Credit (or any persons or entities for whom the Trustee, any such beneficiary
or any such 

 131
 

transferee may be acting), whether in connection with this Series
Supplement, the transactions contemplated hereby or by the Related Documents or
any unrelated transaction;

(iii)          any
statement or any other document presented under any Series 2005-3 Ford Letter
of Credit proving to be forged, fraudulent or invalid in any respect or any
statement therein being untrue or inaccurate in any respect;

(iv)          any
statement or any other document presented under any Series 2005-3 Ford Letter
of Credit proving to be insufficient in any respect;

(v)           payment
by a Series 2005-3 Ford Letter of Credit Provider under a Series 2005-3 Ford
Letter of Credit against presentation of a draft or certificate which does not
strictly comply with the terms of such Series 2005-3 Ford Letter of Credit;

(vi)          any
non-application or misapplication by the Trustee of the proceeds of any Ford
LOC Disbursement or any withdrawal from the Class A Ford Cash Collateral
Account or the Class Ford B Cash Collateral Account; or

(vii)         any
other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including, without limitation, any other circumstance that might
otherwise constitute a defense available to, or a discharge of, HVF.

ARTICLE IV

AMORTIZATION EVENTS

In addition to the
Amortization Events set forth in Section 9.1 of the Base Indenture, the
following shall be Amortization Events with respect to the Series 2005-3 Notes
and shall constitute the Amortization Events set forth in Section 9.1(j) of the
Base Indenture with respect to the Series 2005-3 Notes:

(a)           HVF defaults in the payment of any
interest on, or other amount payable in respect of, the Series 2005-3 Notes
when the same becomes due and payable and such default continues for a period
of five (5) Business Days;

(b)           HVF defaults in the payment of any
principal of the Series 2005-3 Notes when the same becomes due and payable on
the applicable Legal Final Payment Date;

(c)           a Class Enhancement Deficiency shall
occur and continue for at least three (3) Business Days;

(d)           a Class Liquidity
Deficiency shall occur and continue for at least three (3) Business Days;

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(e)           (i) all principal of and interest on
the Class A-1 Notes, the Class B-1 Notes and the Class B-2 Notes is not paid in
full on or before the Three-Year Notes Expected Final Payment Date, or (ii) all
principal of and interest on the Class A-2 Notes, the Class B-3 Notes and the
Class B-4 Notes is not paid in full on or before the Five-Year Notes Expected
Final Payment Date;

(f)            the Class A Asset Amount shall be
less than the Class A Required Asset Amount for at least three (3) Business
Days or the Class B Asset Amount shall be less than the Series 2005-3 Required
Asset Amount for at least three (3) Business Days;

(g)           the Insured Principal Deficit Amount
shall be greater than zero;

(h)           the Class A Reserve Account, a Class
A Cash Collateral Account, the Class B Reserve Account, a Class B Cash
Collateral Account, the Series 2005-3 Excess Collection Account or any HVF
Exchange Account shall be subject to an injunction, estoppel or other stay or a
Lien (other than a Permitted Lien) for at least three (3) Business Days and
either a Class Enhancement Deficiency or a Class Liquidity Deficiency would
result from excluding the amount on deposit in any such account that is subject
to an injunction, estoppel or other stay or a Lien (other than a Permitted
Lien) for at least three (3) Business Days from the Class Enhancement Amount or
the Class Liquidity Amount, to the extent applicable;

(i)            the Trustee shall make a demand for
payment under the Insurance Policy;

(j)            the occurrence of an Event of
Bankruptcy with respect to the Insurer;

(k)           the Insurer fails to honor a demand
for payment made in accordance with the requirements of the Insurance Policy;

(l)             (i) with respect to the Three-Year
Notes, in the event that One-Month LIBOR exceeds 7.75%, HVF shall fail to
obtain, within 30 days of such an occurrence, one or more Series 2005-3
Interest Rate Hedges from one or more Eligible Interest Rate Hedge Providers in
an aggregate initial notional amount equal to the aggregate Principal Amount of
the Three Year Notes, each with a strike rate equal to no more than 8.75% or
(ii) with respect to the Five-Year Notes, in the event that One-Month LIBOR
exceeds 8.25%, HVF shall fail to obtain, within 30 days of such an occurrence,
one or more Series 2005-3 Interest Rate Hedges from one or more Eligible
Interest Rate Hedge Provider in an aggregate initial notional amount equal to
the aggregate Principal Amount of the Five Year Notes, each with a strike rate
equal to no more than 9.25%;

(m)          the Trustee shall for any reason cease
to have a valid and perfected first priority security interest in the Series
2005-3 Collateral (other than the Initial Hertz Vehicles and the Service
Vehicles) or any of the Lessee, HVF or any Affiliate of either so asserts in
writing;

(n)           the occurrence of a
Servicer Event of Default;

 133
 

(o)           HVF fails to comply with any of its
other agreements or covenants in, or provisions of, the Series 2005-3 Notes or
the Indenture and the failure to so comply materially and adversely affects the
interests of the Series 2005-3 Noteholders or the Insurer and continues to
materially and adversely affect the interests of the Series 2005-3 Noteholders
or the Insurer for a period of thirty (30) days after the earlier of (i) the
date on which HVF obtains knowledge thereof or (ii) the date on which written
notice of such failure, requiring the same to be remedied, shall have been
given to HVF by the Trustee or to HVF and the Trustee by the Required
Noteholders with respect to the Series 2005-3 Notes; or

(p)           any representation made by HVF in the
Indenture or any Related Document is false and such false representation
materially and adversely affects the interests of the Series 2005-3 Noteholders
or the Insurer and such false representation is not cured for a period of
thirty (30) days after the earlier of (i) the date on which HVF obtains
knowledge thereof or (ii) the date that written notice thereof is given to HVF
by the Trustee or to HVF and the Trustee by the Required Noteholders with
respect to the Series 2005-3 Notes.

In the case of

(i)            any
event described in clauses (a) through (m) above, an Amortization
Event with respect to the Series 2005-3 Notes will immediately occur without
any notice or other action on the part of the Trustee or any Series 2005-3
Noteholder or

(ii)           any
event described in clauses (n) through (p) above, either the
Trustee may, by written notice to HVF or the Required Noteholders with respect
to the Series 2005-3 Notes may, by written notice to HVF and the Trustee
declare that an Amortization Event with respect to the Series 2005-3 Notes has
occurred as of the date of the notice.

Amortization Events with
respect to the Series 2005-3 Notes described in clauses (j) and (k)
above will not be subject to waiver.  An
Amortization Event with respect to the Series 2005-3 Notes described in clauses
(a) through (i) and clauses (l) through (p) above will
be subject to waiver in accordance with Section 9.4 of the Base Indenture.

Notwithstanding
anything herein to the contrary, an Amortization Event with respect to the
Series 2005-3 Notes described in clause (m) above shall be curable at any time.

ARTICLE V

RESERVED

 134

ARTICLE VI

FORM OF SERIES 2005-3 NOTES

Section 6.1.            Issuance of Class A Notes.  The Class A Notes will be issued in the form
of definitive notes in fully registered form without interest coupons,
substantially in the form set forth in Exhibit A-1 hereto, and will be
sold to the Class A Noteholders pursuant to and in accordance with the Class A
Note Purchase Agreement and shall be duly executed by HVF and authenticated by
the Trustee in the manner set forth in Section 2.4 of the Base Indenture.  Other than in accordance with this Series
Supplement and the Class A Note Purchase Agreement, the Class A Notes will not
be permitted to be transferred, assigned, exchanged or otherwise pledged or
conveyed by the Class A Noteholders.  The
Class A Notes shall bear a face amount equal to up to the Class A Maximum
Principal Amount as of the Series 2005-3 Closing Date, and shall be initially
issued in a principal amount equal to the Class A Initial Principal
Amount.  The Trustee shall, or shall
cause the Registrar, to record any Increases or Decreases with respect to the
Class A Principal Amount such that the principal amount of the Class A Notes
that are outstanding accurately reflects all such Increases and Decreases.

The Class A Notes may
have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the
officers executing such Class A Notes, as evidenced by their execution of the
Class A Notes.  The Class A Notes may be
produced in any manner, all as determined by the officers executing such Class
A Notes, as evidenced by their execution of such Class A Notes. The initial
sale of the Class A Notes is limited to Persons who have executed the Class A
Note Purchase Agreement.

Section 6.2.            Issuance of Class B Notes.  The Class B Notes may be offered and sold on
any Series 2005-3 Class B Notes Closing Date by HVF pursuant to a Class B
Purchase Agreement.  The Class B Notes
will be resold initially only (A) to qualified institutional buyers (as defined
in Rule 144A) (“QIBs”) in reliance on Rule 144A and (B) to Persons other
than U.S. Persons (as defined in Regulation S) in reliance on Regulation
S.  The Class B Notes may thereafter be
transferred to QIBs or purchasers in reliance on Regulation S in accordance
with the procedure described herein.  The
Class B Notes will be Book-Entry Notes and DTC will be the Depository for the
Class B Notes.  The provisions of the rules
and procedures of DTC, the “Operating Procedures of the Euroclear System” and “Terms
and Conditions Governing Use of Euroclear” and the “General Terms and
Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream (the “Applicable
Procedures”) shall be applicable to transfers of beneficial interests in
the Class B Notes.

(a)           Restricted Global
Notes.  Each Class of the Class B
Notes offered and sold in their initial distribution in reliance upon Rule 144A
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-2-1,
A-3-1, A-4-1, A-5-1, A-6-1, and A-7-1
respectively, registered in the name of Cede, as nominee of DTC, and deposited
with BNY MTC, as 

 135
 

custodian of DTC (collectively, the “Restricted
Global Notes”).  The aggregate
initial principal amount of the Restricted Global Notes may from time to time
be increased or decreased by adjustments made on the records of BNY MTC, as
custodian for DTC, in connection with a corresponding decrease or increase in
the aggregate initial principal amount of the corresponding class of Regulation
S Global Notes or the Unrestricted Global Notes, as hereinafter provided.

(b)           Regulation S Global Notes and
Unrestricted Global Notes.  Any Class
B Notes offered and sold on a Series 2005-3 Class B Notes Closing Date in
reliance upon Regulation S will be issued in the form of one or more global
notes in fully registered form, without coupons, substantially in the forms set
forth in Exhibits A-2-2, A-3-2, A-4-2, A-5-2, A-6-2
and A-7-2, registered in the name of Cede, as nominee of DTC, and
deposited with BNY MTC, as custodian of DTC, for credit to the respective
accounts at DTC of the designated agents holding on behalf of Euroclear and
Clearstream.  Until such time as the
Restricted Period shall have terminated with respect to any Class B Note, such
Class B Notes shall be referred to herein collectively as the “Regulation S
Global Notes”.  After such time as
the Restricted Period shall have terminated, such Class B Notes shall be
exchangeable, in whole or in part, for interests in one or more permanent
global notes in registered form without interest coupons, substantially in the
forms set forth in Exhibits A-2-3, A-3-3, A-4-3, A-5-3,
A-6-3 and A-7-3, as hereinafter provided (collectively, the “Unrestricted
Global Notes”).  The aggregate
principal amount of the Regulation S Global Notes or the Unrestricted Global
Notes may from time to time be increased or decreased by adjustments made on
the records of BNY MTC, as custodian for DTC, in connection with a
corresponding decrease or increase of aggregate principal amount of the
corresponding Restricted Global Notes, as hereinafter provided.

Section 6.3.            Transfer of Class A Notes.

(a)           Subject to the terms of the Indenture and the
Class A Note Purchase Agreement, the holder of any Class A Note may transfer
the same in whole or in part, in an amount equivalent to an authorized
denomination, by surrendering such Class A Note at the office maintained by the
Registrar for such purpose pursuant to Section 2.5(a) of the Base Indenture,
with the form of transfer endorsed on it duly completed and executed by, or
accompanied by a written instrument of transfer in form satisfactory to HVF and
the Registrar by, the holder thereof and accompanied by a certificate
substantially in the form of Exhibit F-1 hereto; provided, that if the
holder of any Class A Note transfers, in whole or in part, its interest in any
Class A Note pursuant to (i) an Assignment and Assumption Agreement
substantially in the form of Exhibit B to a Class A Note Purchase Agreement or
(ii) an Investor Group Supplement substantially in the form of Exhibit C to a
Class A Note Purchase Agreement, then such Class A Noteholder will not be
required to submit a certificate substantially in the form of Exhibit F-1
hereto upon transfer of its interest in such Class A Note.  In exchange for any Class A Note properly
presented for transfer, HVF shall execute and the Trustee shall promptly authenticate
and deliver or cause to be authenticated and delivered in compliance with
applicable law, to the transferee at such office, or send by mail (at the risk
of the transferee) to such address as the transferee may request, Class A Notes
for the same aggregate principal amount as was transferred.  In the case of the transfer of any Class A 

 136
 

Note in part, HVF shall execute
and the Trustee shall promptly authenticate and deliver or cause to be
authenticated and delivered to the transferor at such office, or send by mail
(at the risk of the transferor) to such address as the transferor may request,
Class A Notes for the aggregate principal amount that was not transferred.  No transfer of any Class A Note shall be made
unless the request for such transfer is made by the Class A Noteholder at such
office.  Neither HVF nor the Trustee
shall be liable for any delay in delivery of transfer instructions and each may
conclusively rely on, and shall be protected in relying on, such
instructions.  Upon the issuance of
transferred Class A Notes, the Trustee shall recognize the Holders of such
Class A Note as Class A Noteholders.

(b)           Each Class A Note shall bear the
following legend:

THIS CLASS A NOTE HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR WITH ANY STATE SECURITIES OR “BLUE SKY” LAWS.  THE HOLDER HEREOF, BY ITS ACCEPTANCE HEREOF,
AGREES FOR THE BENEFIT OF HVF THAT SUCH CLASS A NOTE IS BEING ACQUIRED FOR ITS
OWN ACCOUNT AND NOT WITH A VIEW TO DISTRIBUTION AND TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH NOTE ONLY (A) TO HVF, (B) PURSUANT TO A REGISTRATION STATEMENT
THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) TO AN
INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A)(1), (2),
(3) OR (7) UNDER THE SECURITIES ACT OR (D) PURSUANT TO AN APPLICABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND, IN EACH SUCH
CASE, IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION, SUBJECT TO THE RIGHT
OF HVF, PRIOR TO ANY TRANSFER PURSUANT TO CLAUSE (C), TO REQUIRE THE
DELIVERY TO IT OF A PURCHASER’S LETTER IN THE FORM OF EXHIBIT F-1 TO THE
SERIES 2005-3 SUPPLEMENT CERTIFYING, AMONG OTHER THINGS, THAT SUCH PURCHASER IS
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT AND SUBJECT TO THE RIGHT OF HVF, PRIOR
TO ANY TRANSFER PURSUANT TO CLAUSE (D), TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

The required legends set
forth above shall not be removed from the Class A Notes except as provided
herein.

Section 6.4.            Transfer of Class B Notes.

(a)           A Series 2005-3
Global Note may not be transferred, in whole or in part, to any Person other
than DTC or a nominee thereof, or to a successor Depository or to a nominee of
a successor Depository, and no such transfer to any such other Person may be
registered; provided, however, that this Section 6.4(a)
shall not prohibit any transfer of a Class B Note that is issued in exchange
for a Series 2005-3 Global Note in accordance with Section 2.13 of the Base
Indenture and shall not prohibit any transfer of 

 137
 

a beneficial interest in a Series 2005-3
Global Note effected in accordance with the other provisions of this Section
6.4.

(b)           The transfer by a Class B Noteholder
holding a beneficial interest in a Restricted Global Note to a Person who
wishes to take delivery thereof in the form of a beneficial interest in the
Restricted Global Note shall be made upon the deemed representation of the
transferee that it is purchasing for its own account or an account with respect
to which it exercises sole investment discretion and that it and any such
account is a QIB, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding HVF
as such transferee has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying
upon its foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

(c)           If a Class B Noteholder holding a
beneficial interest in a Restricted Global Note wishes at any time to exchange
its interest in such Restricted Global Note for an interest in the Regulation S
Global Note, or to transfer such interest to a Person who wishes to take
delivery thereof in the form of a beneficial interest in the Regulation S
Global Note, such exchange or transfer may be effected, subject to the
Applicable Procedures, only in accordance with the provisions of this Section
6.4(c).  Upon receipt by the
Registrar, at the office of the Registrar, of (i) written instructions given in
accordance with the Applicable Procedures from a Clearing Agency Participant
directing the Registrar to credit or cause to be credited to a specified
Clearing Agency Participant’s account a beneficial interest in the Regulation S
Global Note, in a principal amount equal to that of the beneficial interest in
such Restricted Global Note to be so exchanged or transferred, (ii) a written
order given in accordance with the Applicable Procedures containing information
regarding the account of the Clearing Agency Participant (and the Euroclear or
Clearstream account, as the case may be) to be credited with, and the account
of the Clearing Agency Participant to be debited for, such beneficial interest
and (iii) a certificate in substantially the form set forth in Exhibit F-2
given by the Class B Noteholder holding such beneficial interest in such
Restricted Global Note, the Registrar shall instruct BNY MTC, as custodian of
DTC, to reduce the principal amount of the Restricted Global Note, and to
increase the principal amount of the Regulation S Global Note, by the principal
amount of the beneficial interest in such Restricted Global Note to be so
exchanged or transferred, and to credit or cause to be credited to the account
of the Person specified in such instructions (which shall be the Clearing
Agency Participant for Euroclear or Clearstream or both, as the case may be) a
beneficial interest in the Regulation S Global Note having a principal amount
equal to the amount by which the principal amount of such Restricted Global
Note was reduced upon such exchange or transfer.

(d)           If a Class B
Noteholder holding a beneficial interest in a Restricted Global Note wishes at
any time to exchange its interest in such Restricted Global Note for an
interest in the Unrestricted Global Note, or to transfer such interest to a
Person who wishes to take delivery thereof in the form of a beneficial interest
in the Unrestricted Global Note, such exchange or transfer may be effected,
subject to the Applicable Procedures, only in accordance with the provisions of
this Section 6.4(d).  Upon receipt

 138
 

by the Registrar, at the office of the
Registrar, of (A) written instructions given in accordance with the Applicable
Procedures from a Clearing Agency Participant directing the Registrar to credit
or cause to be credited to a specified Clearing Agency Participant’s account a
beneficial interest in the Unrestricted Global Note in a principal amount equal
to that of the beneficial interest in such Restricted Global Note to be so
exchanged or transferred, (ii) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the
Clearing Agency Participant (and the Euroclear or Clearstream account, as the
case may be) to be credited with, and the account of the Clearing Agency
Participant to be debited for, such beneficial interest and (iii) a certificate
in substantially the form of Exhibit F-3 given by the Class B Noteholder
holding such beneficial interest in such Restricted Global Note, the Registrar
shall instruct BNY MTC, as custodian of DTC, to reduce the principal amount of
such Restricted Global Note, and to increase the principal amount of the
Unrestricted Global Note, by the principal amount of the beneficial interest in
such Restricted Global Note to be so exchanged or transferred, and to credit or
cause to be credited to the account of the Person specified in such
instructions (which shall be the Clearing Agency Participant for Euroclear or
Clearstream or both, as the case may be) a beneficial interest in the
Unrestricted Global Note having a principal amount equal to the amount by which
the principal amount of such Restricted Global Note was reduced upon such
exchange or transfer.

(e)           If a Class B
Noteholder holding a beneficial interest in a Regulation S Global Note or an
Unrestricted Global Note wishes at any time to exchange its interest in such
Regulation S Global Note or such Unrestricted Global Note for an interest in
the Restricted Global Note, or to transfer such interest to a Person who wishes
to take delivery thereof in the form of a beneficial interest in the Restricted
Global Note, such exchange or transfer may be effected, subject to the
Applicable Procedures, only in accordance with the provisions of this Section
6.4(e).  Upon receipt by the Registrar,
at the office of the Registrar, of (i) written instructions given in accordance
with the Applicable Procedures from a Clearing Agency Participant directing the
Registrar to credit or cause to be credited to a specified Clearing Agency
Participant’s account a beneficial interest in the Restricted Global Note in a
principal amount equal to that of the beneficial interest in such Regulation S
Global Note or such Unrestricted Global Note, as the case may be, to be so
exchanged or transferred, (ii) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the
Clearing Agency Participant (and the Euroclear or Clearstream account, as the
case may be) to be credited with, and the account of the Clearing Agency
Participant to be debited for, such beneficial interest and (iii) with respect
to a transfer of a beneficial interest in such Regulation S Global Note (but
not such Unrestricted Global Note), a certificate in substantially the form set
forth in Exhibit F-4 given by such Class B Noteholder holding such
beneficial interest in such Regulation S Global Note, the Registrar shall
instruct BNY MTC, as custodian of DTC, to reduce the principal amount of such
Regulation S Global Note or such Unrestricted Global Note, as the case may be,
and to increase the principal amount of the Restricted Global Note, by the
principal amount of the beneficial interest in such Regulation S Global Note or
such Unrestricted Global Note to be so exchanged or transferred, and to credit
or cause to be credited to the 

 139
 

account of the Person specified in such
instructions (which shall be the Clearing Agency Participant for DTC) a
beneficial interest in the Restricted Global Note having a principal amount
equal to the amount by which the principal amount of such Regulation S Global
Note or such Unrestricted Global Note, as the case may be, was reduced upon
such exchange or transfer.

(f)            In the event that a Series 2005-3
Global Note or any portion thereof is exchanged for Class B Notes other than
Series 2005-3 Global Notes, such other Class B Notes may in turn be exchanged
(upon transfer or otherwise) for Class B Notes that are not Series 2005-3
Global Notes or for a beneficial interest in a Series 2005-3 Global Note (if
any is then outstanding) only in accordance with such procedures, which shall
be substantially consistent with the provisions of Sections 6.4(a)
through Section 6.4(e) and Section 6.4(g) of this Series
Supplement (including the certification requirement intended to ensure that
transfers and exchanges of beneficial interests in a Series 2005-3 Global Note
comply with Rule 144A or Regulation S under the Securities Act, as the case may
be) and any Applicable Procedures, as may be adopted from time to time by HVF
and the Registrar.

(g)           Until the termination of the
Restricted Period with respect to any Class B Note, interests in the Regulation
S Global Notes representing such Class B Note may be held only through Clearing
Agency Participants acting for and on behalf of Euroclear and Clearstream; provided,
that this Section 6.4(g) shall not prohibit any transfer in accordance
with Section 6.4(d) of this Series Supplement.  After the expiration of the applicable
Restricted Period, interests in the Unrestricted Global Notes may be
transferred without requiring any certifications.

(h)           The Class B Notes shall bear the
following legends to the extent indicated:

(i)            The
Restricted Notes shall bear the following legend:

THIS NOTE HAS NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR WITH ANY STATE SECURITIES LAWS.  THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HVF,
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
144A (A “QIB”) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB
TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO
ANOTHER

 140
 

AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF, PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION
OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

(ii)           The
Regulation S Global Notes shall bear the following legend:

THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER
JURISDICTION OF THE UNITED STATES.  UNTIL
40 DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES (THE “RESTRICTED PERIOD”) IN
CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES FROM OUTSIDE OF
THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO
CERTAIN CONDITIONS AND RESTRICTIONS.  THE
HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES
THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR
THE BENEFIT OF HERTZ VEHICLE FINANCING LLC (“HVF”) THAT THIS NOTE MAY BE
TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND
POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES,
AND PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (1) IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2)
PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO
HVF.

(iii)          The
Series 2005-3 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.

 141
 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC TO HVF OR THE 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.

(iv)          The
required legends set forth above shall not be removed from the applicable Class
B Notes except as provided herein.  The
legend required for a Restricted Note may be removed from such Restricted Note
if there is delivered to HVF and the Registrar such satisfactory evidence,
which may include an Opinion of Counsel as may be reasonably required by HVF
that neither such legend nor the restrictions on transfer set forth therein are
required to ensure that transfers of such Class B Note will not violate the
registration requirements of the Securities Act.  Upon provision of such satisfactory evidence,
the Trustee at the direction of HVF shall authenticate and deliver in exchange
for such Restricted Note a Class B Note or Class B Notes having an equal
aggregate principal amount that does not bear such legend.  If such a legend required for a Restricted
Note has been removed from a Class B Note as provided above, no other Class B
Note issued in exchange for all or any part of such Class B Note shall bear
such legend, unless HVF has reasonable cause to believe that such other Class B
Note is a “restricted security” within the meaning of Rule 144 under the
Securities Act and instructs the Trustee to cause a legend to appear thereon.

ARTICLE VII

GENERAL

Section 7.1.            Optional
Redemption of Class A Notes.  The
Class A Notes shall be subject to repurchase (in whole) by HVF at its option,
upon three (3) Business Days’ prior written notice to the Trustee, in
accordance with Section 6.1 of the Base Indenture at any time; provided,
however, that, as a condition precedent to any repurchase, on or prior
to the date on which any Class A Note is repurchased by HVF pursuant to this Section
7.1, HVF (i) shall pay the Insurer all Insurer Fees and all other Insurer
Reimbursement Amounts, (ii) shall pay to each Interest Rate Hedge Provider all
amounts due and owing to such Interest Rate Hedge Provider under its related
Series 2005-3 Interest Rate Hedge and (iii) shall pay to Ford all unpaid Ford
Reimbursement Obligations, in each case as of the Payment Date fixed for
redemption.  The repurchase price for any
Class A Note (in each case, the “Class A Repurchase Amount”) shall equal
the sum of (a) the aggregate outstanding principal balance of such Class A
Notes (determined after giving effect to any payments of principal and interest
on the Payment Date immediately preceding the date of purchase pursuant to this
Section 7.1), plus (b) (i) with respect to the portion of such principal
balance which was funded with Class A 

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Commercial Paper issued at a discount, all
accrued and unpaid discount on such Class A Commercial Paper from the issuance
date(s) thereof to the date of purchase under this Section 7.1 and the
aggregate discount to accrue on such Class A Commercial Paper from the date of
purchase under this Section 7.1 to the maturity date of such Class A
Commercial Paper, or (ii) with respect to the portion of such principal balance
which was funded with Class A Commercial Paper that was not issued at a
discount, all accrued and unpaid interest on such Class A Commercial Paper from
the issuance date(s) thereof to the date of purchase under this Section 7.1
(and any breakage costs associated with the prepayment of such interest-bearing
Class A Commercial Paper), or (iii) with respect to the portion of such
principal balance which was funded other than with Class A Commercial Paper,
all accrued and unpaid interest on such principal balance through the date of
purchase under this Section 7.1, plus (c) any other amounts then
due and payable to the holders of such Series 2005-3 Notes pursuant hereto and
pursuant to the Class A Note Purchase Agreements.

Section 7.2.            Optional Redemption of Class B
Notes.  (a)  HVF may, at
its option, redeem any Class of Class B Notes as a whole on any Payment Date on
which the Class B-1 Principal Amount, the Class B-2 Principal Amount, the Class
B-3 Principal Amount or the Class B-4 Principal Amount as the case may be, is
equal to or less than 10% of the Initial Class B-1 Principal Amount, the
Initial Class B-2 Principal Amount, the Initial Class B-3 Principal Amount or
the Initial Class B-4 Principal Amount, as the case may be, with funds
deposited in the Series 2005-3 Distribution Account pursuant to Section 3.2
of this Series Supplement, at 100% of the principal amount thereof, plus
accrued and unpaid interest thereon; provided, however, as a
condition precedent to any redemption, HVF shall pay to the Insurer all Insurer
Fees and all other Insurer Reimbursement Amounts due and payable, to each
Interest Rate Hedge Provider all amounts due and owing to such Interest Rate
Hedge Provider under its related Series 2005-3 Interest Rate Hedge and to Ford,
all unpaid Ford Reimbursement Obligations.

(b)           If HVF elects to redeem any Class of
the Class B Notes pursuant to the provisions of Section 7.2, it shall
notify the Trustee in writing at least 30 days prior to the intended date of
redemption of (i) such intended date of redemption, (ii) the Class B Notes
subject to redemption and (iii) the principal amount of the Class B Notes to be
redeemed.  Upon receipt of a notice of
redemption from HVF, the Trustee shall give notice of such redemption in the
manner provided in Section 13.1 of the Base Indenture to the Class B
Noteholders of the Class B Notes to be redeemed.  Such notice shall be given not less than ten
(10) days prior to the intended date of redemption.

Section 7.3.            Information.  On or before the fourth Business Day prior to
each Payment Date (unless otherwise agreed to by the Trustee), HVF shall cause
the Administrator to furnish to the Trustee a Monthly Noteholders’ Statement
with respect to the Series 2005-3 Notes, substantially in the form of Exhibit
G, setting forth, inter alia, the following information:

(i)            the total amount available to be
distributed to Series 2005-3 Noteholders on such Payment Date;

 143
 

(ii)           the
amount of such distribution allocable to the payment of principal of each Class
of the Series 2005-3 Notes;

(iii)          the
amount of such distribution allocable to the payment of interest on each Class
of the Series 2005-3 Notes;

(iv)          the
Class A Three Year Percentage and the Class A Five Year Percentage;

(v)           the
Series 2005-3 Invested Percentage with respect to Interest Collections and with
respect to Principal Collections for the period from and including the second
Determination Date preceding such Payment Date to but excluding the
Determination Date immediately preceding such Payment Date;

(vi)          the
Class A Enhancement Amount, the Class A Adjusted Enhancement Amount, the Class
A Liquidity Amount, the Class A Adjusted Liquidity Amount, the Class B
Enhancement Amount, the Class B Adjusted Enhancement Amount, the Class B
Liquidity Amount and the Class B Adjusted Liquidity Amount, in each case, as of
the close of business on the last day of the Related Month;

(vii)         whether,
to the knowledge of the Administrator, any Lien exists on any of the Collateral
(other than Permitted Liens);

(viii)        whether,
to the knowledge of the Administrator, any Operating Lease Event of Default has
occurred;

(ix)           whether,
to the knowledge of the Administrator, any Amortization Event or Potential
Amortization Event with respect to the Series 2005-3 Notes has occurred;

(x)            the
Aggregate Asset Amount and the amount of the Aggregate Asset Amount Deficiency,
if any, as of the close of business on the last day of the Related Month;

(xi)           the
Non-Eligible Vehicle Amount, the Class A Non-Eligible Vehicle Percentage, the
BBB-/Baa3 Vehicle Percentage, the BBB-/Baa3 EPM Amount, the BBB-/Baa3 Vehicle
Percentage Excess, the Mazda Vehicle Percentage Excess, and the Class A
Non-Investment Grade Manufacturer Vehicle Percentage as of the close of business
on the last day of the Related Month;

(xii)          the
Non-Eligible Manufacturer Amount as of the close of business on the last day of
the Related Month;

(xiii)         the Class A Required Non-Eligible
Vehicle Enhancement Percentage as of the close of business on the last day of
the Related Month and the Non-Program Vehicle Measurement Month Average, if
any, included in the 

 144
 

calculation of such Class A Required Non-Eligible Vehicle Enhancement
Percentage;

(xiv)        the
Class A Required Enhancement Incremental Amount and the Class B Required
Enhancement Incremental Amount, if any, as of the close of business on the last
day of the Related Month;

(xv)         the
Class A Required Liquidity Amount and the Class B Required Liquidity Amount, if
any, as of the close of business on the last day of the Related Month, and
whether a Class Liquidity Deficiency with respect to any Class of Series 2005-3
Notes existed and the amount thereof, in each case as of the close of business
on the last day of the Related Month;

(xvi)        the
Class A Required Enhancement Amount and the Class B Required Enhancement Amount
as of the close of business on the last day of the Related Month, and whether a
Class Enhancement Deficiency with respect to any Class of Series 2005-3 Notes
existed and the amount thereof, in each case as of the close of business on the
last day of the Related Month;

(xvii)       the
Class A Required Overcollateralization Amount, the Class A
Overcollateralization Amount, the Class B Required Overcollateralization Amount
and the Class B Overcollateralization Amount, in each case, as of the close of
business on the last day of the Related Month;

(xviii)      the
Class A Required Reserve Account Amount, the Class A Available Reserve Account
Amount, the Class B Required Reserve Account Amount and the Class B Available
Reserve Account Amount, in each case, as of the close of business on the last
day of the Related Month;

(xix)         the
percentage of all HVF Vehicles, with respect to each Manufacturer, as of the
close of business on the last day of the Related Month which were Eligible
Program Vehicles manufactured by such Manufacturer;

(xx)          the
percentage of all HVF Vehicles, with respect to each Manufacturer which is not
an Eligible Program Manufacturer, as of the close of business on the last day
of the Related Month which were Program Vehicles manufactured by such
Manufacturer;

(xxi)         the
percentage of all HVF Vehicles, with respect to each Manufacturer, as of the
close of business on the last day of the Related Month which were Non-Program
Vehicles manufactured by such Manufacturer;

(xxii)        the Principal Amount with respect to
each Class of Class A Notes as of such Payment Date and the Principal Amount
with respect to each Class of Class B Notes as of such Payment Date; and

(xxiii)       such
other items as may be specified in a Class B Notes Term Sheet.

 145
 

The
Trustee shall provide to the Series 2005-3 Noteholders, or their designated
agent, the Insurer and each Interest Rate Hedge Provider copies of each Monthly
Noteholders’ Statement.

Section 7.4.            Exhibits.  The following exhibits attached hereto
supplement the exhibits included in the Indenture.

	
  Exhibit A-1-1:

  	
  Series 2005-3
  Variable Funding Rental Car Asset Backed Notes, Class A-1

  
	
  Exhibit A-1-2:

  	
  Series 2005-3
  Variable Funding Rental Car Asset Backed Notes, Class A-2

  
	
  Exhibit A-2-1:

  	
  Form of
  Restricted Global Class B-1 Note

  
	
  Exhibit A-2-2:

  	
  Form of
  Regulation S Global Class B-1 Note

  
	
  Exhibit A-2-3:

  	
  Form of
  Unrestricted Global Class B-1 Note

  
	
  Exhibit A-3-1:

  	
  Form of
  Restricted Global Class B-2 Note

  
	
  Exhibit A-3-2:

  	
  Form of
  Regulation S Global Class B-2 Note

  
	
  Exhibit A-3-3:

  	
  Form of
  Unrestricted Global Class B-2 Note

  
	
  Exhibit A-4-1:

  	
  Form of
  Restricted Global Class B-3 Note

  
	
  Exhibit A-4-2:

  	
  Form of
  Regulation S Global Class B-3 Note

  
	
  Exhibit A-4-3:

  	
  Form of
  Unrestricted Global Class B-3 Note

  
	
  Exhibit A-5-1:

  	
  Form of
  Restricted Global Class B-4 Note

  
	
  Exhibit A-5-2:

  	
  Form of
  Regulation S Global Class B-4 Note

  
	
  Exhibit A-5-3:

  	
  Form of
  Unrestricted Global Class B-4 Note

  
	
  Exhibit B-1-1:

  	
  Form of Class A
  Letter of Credit

  
	
  Exhibit B-1-2:

  	
  Form of Class A
  Ford Letter of Credit

  
	
  Exhibit B-2-1:

  	
  Form of Class B
  Letter of Credit

  
	
  Exhibit B-2-2:

  	
  Form of Class B
  Ford Letter of Credit

  
	
  Exhibit C:

  	
  Form of Lease
  Payment Deficit Notice

  
	
  Exhibit D-1-1:

  	
  Form of Class A
  Ford Letter of Credit Reduction Notice

  
	
  Exhibit D-1-2:

  	
  Form of Class A
  Ford Letter of Credit Termination Notice

  
	
  Exhibit D-2:

  	
  Form of Class A
  Non-Ford Letter of Credit Reduction Notice

  
	
  Exhibit D-3-1:

  	
  Form of Class B
  Ford Letter of Credit Reduction Notice

  
	
  Exhibit D-3-2:

  	
  Form of Class B
  Ford Letter of Credit Termination Notice

  
	
  Exhibit D-4:

  	
  Form of Class B
  Non-Ford Letter of Credit Reduction Notice

  
	
  Exhibit E:

  	
  Form of
  Purchaser’s Letter

  
	
  Exhibit F-1:

  	
  Form of Class A
  Transfer Certificate

  
	
  Exhibit F-2:

  	
  Form of
  Restricted Global Note Transfer Certificates

  
	
  Exhibit F-3:

  	
  Form of
  Regulation S Global Note Transfer Certificates

  
	
  Exhibit F-4:

  	
  Form of
  Unrestricted Global Note Transfer Certificates

  
	
  Exhibit G:

  	
  Form of Monthly
  Noteholders’ Statement

  
	
  Exhibit H:

  	
  Form of Series
  2005-3 Demand Note

  
	
  Exhibit I:

  	
  Form of
  Estimated Interest Adjustment Notice

  

 

 146
 

Section 7.5.            Ratification of Base Indenture.  As supplemented by this Series Supplement,
the Base Indenture is in all respects ratified and confirmed and the Base
Indenture as so supplemented by this Series Supplement shall be read, taken,
and construed as one and the same instrument.

Section 7.6.            Notice to Insurer, the Rating
Agencies, each Interest Rate Hedge Provider and Ford.  The Trustee shall provide to the Insurer,
each Rating Agency and each Interest Rate Hedge Provider a copy of each notice
to the Series 2005-3 Noteholders, Opinion of Counsel and Officer’s Certificate
delivered to the Trustee pursuant to this Series Supplement or any other
Related Document.  Each such Opinion of
Counsel to be delivered to the Insurer shall be addressed to the Insurer, shall
be from counsel reasonably acceptable to the Insurer and shall be in form and
substance reasonably acceptable to the Insurer. 
The Trustee shall provide notice to each Rating Agency of any consent by
the Insurer to the waiver of the occurrence of any Series 2005-3 Limited
Liquidation Event of Default.  In
addition, for so long as the Ford LOC Exposure Amount is greater than zero, the
Trustee shall provide to Ford a copy of each report, notice and other
information provided to the Series 2005-3 Noteholders pursuant to this Series
Supplement or any other Related Document. 
All such notices, opinions, certificates or other items to be delivered
to the Insurer shall be forwarded to Ambac Assurance Corporation, One State
Street Plaza,  New York, New York 10004
Attention: General Counsel:  (212)
668-0340, confirmation:  (212) 208-3558
(Hertz Vehicle Financing LLC Series 2005-3 Rental Car Asset Backed Notes).  All such notices, opinions, certificates or
other items to be delivered to the Interest Rate Hedge Provider shall be
forwarded to the address specified for notices in the Series 2005-3 Interest
Rate Hedge.  All such notices, opinions,
certificates or other items to be delivered to Ford shall be forwarded to Ford
Motor Company, 1 American Road, Dearborn, MI 48126 Attention: Director — Global
Banking, Facsimile No.: (313) 594-0110. 
In the event that the Annualized Financing Cost, exceeds 10% with
respect to any Series 2005-4 Interest Period, HVF shall provide Moody’s with
notice of such event.  In the event that
(a) with respect to the Three-Year Notes, One-Month LIBOR exceeds 7.75% or (b)
with respect to the Five-Year Notes, One-Month LIBOR exceeds 8.25%, HVF shall
provide the Insurer with notice of such event.

Section 7.7.            Insurer
Deemed Class A Noteholder and Secured Party.  Except for any period during which an Insurer
Default is continuing, the Insurer shall be deemed to be the holder of 100% of
the Class A Notes for the purposes of giving any consents, waivers, approvals,
instructions, directions, declarations, notices and/or taking any other action
pursuant to the Base Indenture, this Series Supplement and the other Related
Documents.  Any reference in the Base
Indenture or the Related Documents to materially, adversely, or detrimentally
affecting the rights or interests of the Noteholders, or words of similar
meaning, shall be deemed, for purposes of the Class A Notes, to refer to the
rights or interests of the Insurer.  In
addition, the Insurer shall constitute an “Enhancement Provider” with respect
to the Series 2005-3 Notes for all purposes under the Base Indenture, the other
Related Documents and the Insurance Agreement shall constitute an “Enhancement
Agreement” with respect to the Series 2005-3 Notes for all purposes under the
Base Indenture and the other Related Documents. 
Furthermore, the 

 147
 

Insurer shall be deemed to be a “Secured
Party” under the Base Indenture and the Related Documents to the extent of
amounts payable to the Insurer pursuant to this Series Supplement.  Moreover, wherever in the Related Documents
money or other property is assigned, conveyed, granted or held for, a filing is
made for, action is taken for or agreed to be taken for, or a representation or
warranty is made for, the benefit of the Class A Noteholders, the Insurer shall
be deemed to be the Class A Noteholders with respect to 100% of the Series
2005-3 Notes for such purposes.  In
addition, all provisions of this Series Supplement (i) requiring the consent
(written or otherwise), approval, advice or satisfaction of the Insurer, (ii)
requiring notice to be provided to the Insurer, (iii) requiring any other
action or involvement on the part of the Insurer, (iv) granting to the Insurer
any rights or remedies, (v) taking into consideration the interests of the
Insurer, or the effect of any event or action on the Insurer or (vi) permitting
the Insurer to take any actions, in each case shall no longer have any effect
at any time after the Class A Notes have been paid in full and the Insurer has
been paid all Insurer Fees and all other Insurer Reimbursement Amounts due
under the Insurance Agreement.

Section 7.8.            Third Party Beneficiary.  Each of the Insurer, Ford, in its capacity as
accountholder of a Series 2005-3 Ford Letter of Credit, and each Interest Rate
Hedge Provider is an express third party beneficiary of (i) the Base Indenture
to the extent of provisions relating to any Enhancement Provider, in the case
of the Insurer and the Series 2005-3 Interest Rate Hedge Provider, or to the
extent of the provisions relating to Ford, in the case of Ford and (ii) this
Series Supplement.

Section 7.9.            Prior Notice by Trustee to
Insurer.  Subject to Section 10.1 of
the Base Indenture, except for any period during which an Insurer Default is
continuing, the Trustee agrees that so long as no Amortization Event shall have
occurred and be continuing with respect to any Series of Notes, other than the
Series 2005-3 Notes, it shall not exercise any rights or remedies available to
it as a result of the occurrence of an Amortization Event with respect to the
Series 2005-3 Notes (except those set forth in clauses (j) and (k)
of Article IV of this Series Supplement) until after the Trustee has
given prior written notice thereof to the Insurer and obtained the direction of
the Insurer, so long as the Insurer, through operation of Section 7.7 of
this Series Supplement, constitutes the Required Noteholders of the Series
2005-3 Notes.  The Trustee agrees to
notify the Insurer promptly following any exercise of rights or remedies
available to it as a result of the occurrence of an Amortization Event with
respect to the Series 2005-3 Notes.

Section 7.10.          Subrogation.  In furtherance of and not in limitation of
the Insurer’s equitable right of subrogation, each of the Trustee and HVF
acknowledge that, to the extent of any payment made by the Insurer under the
Insurance Policy with respect to interest on or principal of the Series 2005-3
Notes, the Insurer is to be fully subrogated to the extent of such payment and
any additional interest due on any late payment to the rights of the Series
2005-3 Noteholders under the Indenture. 
Each of HVF and the Trustee agree to such subrogation and, further, agree
to take such actions as the Insurer may reasonably request to evidence such
subrogation.

 148
 

Furthermore,
in furtherance of and not in limitation of Ford’s equitable right of
subrogation, each of the Trustee and HVF acknowledge that, to the extent that
Ford LOC Disbursements or amounts on deposit in the Class A Ford Cash
Collateral Account or Class B Ford Cash Collateral Account are applied to pay
interest on or principal of the Series 2005-3 Notes and Ford has reimbursed the
applicable Series 2005-3 Letter of Credit Providers for such Ford LOC
Disbursements or such amounts deposited in the Class A Ford Cash Collateral
Account or the Class B Ford Cash Collateral Account, Ford is to be fully
subrogated to the extent of such payment under the Indenture; provided
such rights shall be subordinated in all respects to the rights of subrogation
of the Insurer set forth in the preceding paragraph and to the rights of the
Noteholders to the payment in full of all amounts owing to them under the
Indenture.  Each of HVF and the Trustee
agree to such subrogation and, further, agree to take such actions as Ford may
reasonably request to evidence such subrogation.

Section 7.11.          Counterparts.  This Series Supplement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all of such counterparts shall together constitute but one and
the same instrument.

Section 7.12.          Governing Law.  This
Series Supplement shall be construed in accordance with the law of the State of
New York, and the obligations, rights and remedies of the parties hereto shall
be determined in accordance with such law.

Section 7.13.          Amendments.  This Series Supplement and any Class B Notes
Term Sheet may be modified or amended from time to time in accordance with the
terms of the Base Indenture, provided that if, pursuant to the terms of
the Base Indenture or this Series Supplement, the consent of the Required
Noteholders is required for an amendment or modification of this Series
Supplement, such requirement shall be satisfied if such amendment or
modification is consented to by the Required Noteholders with respect to the
Series 2005-3 Notes; provided, further, that, if the consent of the
Required Noteholders with respect to the Series 2005-3 Notes is required for a
proposed amendment or modification of this Series Supplement that does not
affect in any material respect one or more Classes of the Series 2005-3 Notes
(as evidenced by an Officer’s Certificate to such effect), then such
requirement shall be satisfied if such amendment or modification is consented
to by the Series 2005-3 Noteholders representing more than 50% of the aggregate
outstanding principal amount of the Classes of the Series 2005-3 Notes affected
by such amendment or modification (without the necessity of obtaining the consent
of the Series 2005-3 Noteholders holding the Classes of the Series 2005-3 Notes
not affected by such amendment or modification); provided, further,
that for so long as any Class B Notes are outstanding, any amendment to any of
the Related Documents that (i) pursuant to the terms of the Base Indenture
would require the consent of the Required Noteholders with respect to the
Series 2005-3 Notes and (ii) would result in a reduction in the amount of Rent
payable under the Lease or would otherwise have the effect of reducing the
Enhancement available to the Class B Notes shall require the consent of Class B
Noteholders holding more than 50% of the Class B Notes; provided,
further, that, any amendment or other modification to this Series Supplement or
any of the Related Documents that would extend the due date for, or reduce the
amount of, any scheduled repayment or prepayment of principal of or interest on
the Series 2005-3 Notes

 149
 

(or reduce the principal amount of or rate of
interest on the Series 2005-3 Notes), or, pursuant to the Related Documents,
would require the consent of 100% of the Series 2005-3 Noteholders or each
Series 2005-3 Noteholder affected by such amendment or modification, shall
require the prior written consent of each Conduit Investor and Committed Note
Purchaser or each Conduit Investor and each Committed Note Purchaser affected
thereby, as applicable.  Any amendment to
this Series Supplement that adversely affects in any material respect the
interests of an Interest Rate Hedge Provider shall require the prior written
consent of such Interest Rate Hedge Provider. 
For so long as the Ford LOC Exposure Amount is greater than zero, any
amendment to any provision of this Series Supplement shall be subject to Section
7.18 of this Series Supplement. Furthermore, for so long as any Class A
Notes are Outstanding, any amendment, waiver or other modification pursuant to
Section 12.2(iii) of the Base Indenture shall require the prior written consent
of the Insurer, such consent not to be unreasonably withheld or delayed.

Section 7.14.          Termination of Series Supplement.  This Series Supplement shall cease to be of
further effect when (i) all Outstanding Series 2005-3 Notes theretofore
authenticated and issued have been delivered (other than destroyed, lost, or
stolen Series 2005-3 Notes which have been replaced or paid) to the Trustee for
cancellation, (ii) HVF has paid all sums payable hereunder, (iii) the Insurer
has been paid all Insurer Fees and all other Insurer Reimbursement Amounts due
under the Insurance Agreement, (iv) each Interest Rate Hedge Provider has been
paid all amounts due and owing to it from HVF under its Series 2005-3 Interest
Rate Hedge, (v) Ford has been paid all amounts payable to it hereunder and
no amounts are required hereby to be retained in any Series Account with
respect to the Series 2005-3 Notes and (vi) the Series 2005-3 Demand Note
Payment Amount is equal to zero or the Class A Non-Ford Letter of Credit
Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount are
each equal to zero.

Section 7.15.          Discharge of Indenture.  Notwithstanding anything to the contrary
contained in the Base Indenture, so long as this Series Supplement shall be in
effect in accordance with Section 7.14 of this Series Supplement, no discharge
of the Indenture pursuant to Section 11.1(b) of the Base Indenture shall be
effective as to the Series 2005-3 Notes without the consent of the Required
Noteholders with respect to the Series 2005-3 Notes.

Section 7.16.          Effect
of Payment by Insurer.  Anything in
this Series Supplement to the contrary notwithstanding, any payments of
principal of or interest on the Class A Notes that is made with moneys received
pursuant to the terms of the Insurance Policy shall not (except for the purpose
of calculating the Class A-1 Outstanding Principal Amount and the Class A-2
Outstanding Principal Amount) be considered payment of the Class A Notes by
HVF.  The Trustee acknowledges that,
without the need for any further action on the part of the Insurer, (i) to the
extent the Insurer makes payments, directly or indirectly, on account of
principal of or interest on, the Class A Notes to the Trustee for the benefit
of the Class A Noteholders or to the Class A Noteholders (including any
Preference Amounts as defined in the Insurance Policy), the Insurer will be
fully subrogated to the rights of such Class A Noteholders to receive 

 150
 

such principal and interest and will be
deemed to the extent of the payments so made to be a Class A Noteholder and
(ii) the Insurer shall be paid principal and interest in its capacity as a
Class A Noteholder until all such payments by the Insurer have been fully
reimbursed, but only from the sources and in the manner provided in this Series
Supplement for payment of such principal and interest and, in each case, only
after the Class A Noteholders have received all payments of principal and
interest due to them under this Series Supplement on the related Payment Date.

Section 7.17.          Interest Rate Hedge Provider Deemed
Secured Party.  Each Interest Rate
Hedge Provider shall constitute an “Enhancement Provider” with respect to the
Series 2005-3 Notes for all purposes under the Base Indenture, the other
Related Documents and each Series 2005-3 Interest Rate Hedge shall constitute
an “Enhancement Agreement” with respect to the Series 2005-3 Notes for all
purposes under the Base Indenture and the other Related Documents.  Furthermore, each Interest Rate Hedge
Provider shall be deemed to be a “Secured Party” under the Base Indenture and
the Related Documents to the extent of amounts payable to such Interest Rate
Hedge Provider under its Series 2005-3 Interest Rate Hedge and pursuant to this
Series Supplement.

Section 7.18.          Ford Covenants.  HVF hereby covenants and agrees with Ford
that, for so long as the Ford LOC Exposure Amount is greater than zero:

(a)           Distributions to HVF.  No amounts will be distributed to HVF
pursuant to any provision of the Indenture if, after giving effect to that
distribution, the Fleet Equity Amount would be less than the Required Minimum
Fleet Equity Amount.

(b)           Inspection of Property, Books and
Records.  It will permit
representatives of Ford to visit and inspect any of its properties and to
examine any of its books and records, and to discuss its affairs, finances and
accounts with the Servicer and its officers, directors, employees and
independent public accountants all at such reasonable times and on reasonable
notice and as often as may reasonably be requested (but, prior to the
occurrence of a Potential Amortization Event or an Amortization Event, not more
than twice in any year).

(c)           Other Series Supplements.  Each Series Supplement will provide for the
payment of Ford Reimbursement Obligations prior to any distribution or other
release of funds to HVF thereunder and prior to any payment of any termination
payments under Swap Agreements; provided, however, that on or
prior to January 6, 2006, the Series 2002-1 Supplement, dated as of September
18, 2002, by and between HVF and the Trustee, as amended, supplemented or otherwise
modified from time to time, will not be required to provide for any payment of
Ford Reimbursement Obligations.

(d)           No Amendments.  It will not, without the prior written
consent of Ford (which consent shall not be unreasonably withheld or delayed),
(i) extend the Commitment Termination Date to a date after the November 2010
Payment Date or extend or otherwise modify the Three-Year Notes Expected Final
Payment Date, the Five-Year Notes Expected Final Payment Date, the Three-Year
Notes Legal Final 

 151
 

Payment Date or the Five-Year Notes Legal
Final Payment Date, (ii) amend, modify or waive Sections  3.2(d), (e)
and (f), 3.3(d) and (e), 3.5(a), (c), and (e),
3.8(e) and (f), 3.9(b), (c), (e), (f)(I),
(g), (h), (i), (j) and (k), 3.13, 3.14(e)
and (f), 3.15(b), (c), (e), (f)(I), (g),
(h), (i), (j) and (k), 3.17, 7.6, 7.8,
7.10, 7.13, 7.14 and 7.18 of this Series Supplement
or any other provision of the Series 2005-3 Supplement providing for drawings
on the Series 2005-3 Letters of Credit or withdrawals from the Class A Reserve
Account or the Class B Reserve Account or the payment by HVF of Ford
Reimbursement Obligations or any terms used in such provisions, (iii) amend,
modify or waive the definitions of Fleet Equity Amount, Fleet Equity Condition,
or Required Minimum Fleet Equity Amount, or the effect of the use of those
terms to prohibit certain payments, (iv) amend, modify or waive any provisions
of any other Series Supplement providing for the payment by HVF of Ford
Reimbursement Obligations, (v) amend, modify or waive the provisions of Sections
6.3(b) or 6.3(d) of the Base Indenture or (vi) amend, modify or
waive the Base Indenture, enter into any Series Supplement or amend, modify or
waive any Series Supplement in a manner that provides for an invested percentage
calculation that is different than that contained in the Series Supplements
relating to the Series of Notes being issued on the Series 2005-3 Closing Date.

(e)           Outstanding Letters of Credit.  After the Series 2005-3 Closing Date, it will
not, without the prior written consent of Ford (which consent shall not be
unreasonably withheld or delayed) obtain a Class A Non-Ford Letter of Credit
for so long as any Class B Ford Letters of Credit remain outstanding.

Section 7.19.          Issuances of Class B Notes.

(a)           Notwithstanding the inclusion of
Class B Notes in this Series Supplement, no Class B Notes will be issued on the
Series 2005-3 Closing Date.  Until such
time as Class B Notes are issued, all provisions relating to the Class B Notes
(other than the provisions of this Section 6.18) contained herein, shall
be disregarded.  From time to time on any
Distribution Date prior to the Expected Final Payment Date for a Class of Class
B Notes, HVF, subject to the conditions set forth in clause (b) below,
may issue Class B Notes of such Class.

(b)           Class B Notes may be issued only upon
satisfaction of the following conditions:

(i)            The
Trustee shall have received a Company Request at least two (2) Business Days
(or such shorter time as is acceptable to the Trustee) in advance of the
related Series 2005-3 Class B Notes Closing Date requesting that the Trustee
authenticate and deliver one or more Classes of Class B Notes specified in such
Company Request;

(ii)           The Trustee shall have received a
Company Order authorizing and directing the authentication and delivery of one
or more Classes of Class B Notes, to be issued pursuant to this Series
Supplement, as supplemented by the Class B Notes Term Sheet with respect to
such Class or Classes of Class B Notes, by the Trustee and specifying the
designation of such 

 152
 

Class or Classes of Class B Notes, the Initial Principal Amount (or the
method for calculating the Initial Principal Amount) of such Class or Classes
of Class B Notes to be authenticated and the Note Rate with respect to such
Class or Classes of Class B Notes;

(iii)          The
Trustee shall have received an Officer’s Certificate of HVF dated as of the
applicable Series 2005-3 Class B Notes Closing Date to the effect that:

(A)          no
Amortization Event, Limited Liquidation Event of Default, Potential
Amortization Event or Enhancement Deficiency with respect to any Series of
Notes Outstanding is continuing or will occur as a result of the issuance of
such Class or Classes of Class B Notes,

(B)           no
Liquidation Event of Default, Aggregate Asset Amount Deficiency, Manufacturer
Event of Default, Operating Lease Event of Default, Potential Operating Lease
Event of Default or Potential Manufacturer Event of Default is continuing or
will occur as a result of the issuance of such Class or Classes of Class B
Notes, and

(C)           all
conditions precedent provided in the Base Indenture and this Series Supplement
with respect to the authentication and delivery of such Class or Classes of
Class B Notes have been satisfied;

(iv)          a
Class B Notes Term Sheet, substantially in the form of Annex A hereto,
shall have been executed by HVF and the Trustee;

(v)           the
Series 2005-3 Rating Agency Condition shall have been satisfied in respect of
the issuance of such Class or Classes of Class B Notes;

(vi)          for
so long as any Class B Notes are Outstanding, one or more Series 2005-3
Interest Rate Hedges have been acquired from one or more Eligible Interest Rate
Hedge Provider in an aggregate initial notional amount equal to the aggregate
Principal Amount of the Class B Notes issued, each with a strike rate equal to
no more than 5.50% or as otherwise agreed by Fitch and each other Rating Agency
rating the Class B Notes and that otherwise satisfies Section 3.12 of
this Series Supplement;

(vii)         the
excess of the principal amount of any of the Class B Notes over their issue
price will not exceed the maximum amount permitted under the Code without the
creation of an original issue discount,

(viii)        the
Trustee shall have received opinions of counsel substantially similar to those
received in connection with the offering and sale of the Class A Notes,
including without limitation, opinions to the effect that:

(A)          the Class B Notes will be
characterized as indebtedness for federal income tax purposes,

 153
 

(B)           the
issuance of the Class B Notes will not affect adversely the United States
federal income tax characterization of any Series of Notes outstanding or Class
thereof that was (based upon on Opinion of Counsel) characterized as debt at
the time of their issuance and HVF will not be classified as an association or
as a publicly traded partnership taxable as a corporation for United States
federal income tax purposes,

(C)           all
instruments furnished to the Trustee conform to the requirements of the Base
Indenture and this Series Supplement and constitute all the documents required
to be delivered hereunder and thereunder for the Trustee to authenticate and
deliver the Class B Notes, and all conditions precedent provided for in the
Base Indenture and this Series Supplement with respect to the authentication
and delivery of the Class B Notes have been complied with,

(D)          the
Class B Notes Term Sheet with respect to the Class or Classes of Class B Notes
being issued on such Series 2005-3 Class B Notes Closing Date has been duly
authorized, executed and delivered by HVF,

(E)           the
Class B Notes being issued on such Series 2005-3 Class B Notes Closing Date
have been duly authorized and executed and, when authenticated and delivered in
accordance with the provisions of the Base Indenture and this Series Supplement,
will constitute valid, binding and enforceable obligations of HVF entitled to
the benefits of the Base Indenture and this Series Supplement, subject, in the
case of enforcement, to bankruptcy, insolvency, reorganization, moratorium and
other similar laws affecting creditors’ rights generally and to general
principles of equity,

(F)           each
of the Class B Notes Term Sheet with respect to Class B Notes being issued on
such Series 2005-3 Class B Notes Closing Date and this Series Supplement as
supplemented thereby is a legal, valid and binding agreement of HVF,
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

(G)           such other documents, instruments,
certifications, agreements or other items as the Trustee may reasonably
require.

 154
 

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

	
  

  	
  HERTZ VEHICLE
  FINANCING LLC,

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Robert H. Rillings

  
	
   

  	
   

  	
  Name:

  	
  Robert H.
  Rillings

  
	
   

  	
   

  	
  Title:

  	
  Vice President
  & Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BNY MIDWEST
  TRUST COMPANY,

  as Trustee,

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Marian Onischak

  
	
   

  	
   

  	
  Name:

  	
  Marian Onischak

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice
  President

  

 

 155EXHIBIT
4.9.5

HERTZ VEHICLE FINANCING LLC,

as Issuer

and

BNY MIDWEST TRUST COMPANY,

as Trustee and Securities Intermediary

AMENDED AND RESTATED SERIES
2005-4 SUPPLEMENT

dated as of August 1, 2006

to

SECOND AMENDED AND RESTATED

BASE INDENTURE

dated as of August 1, 2006

$250,000,000 Series
2005-4 Variable Funding Rental Car Asset Backed Notes, Class A

Series 2005-4 Floating Rate Rental Car Asset Backed Notes, Class B-1

Series 2005-4 Fixed Rate Rental Car Asset Backed Notes, Class B-2

TABLE OF
CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I            DEFINITIONS

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
  INITIAL ISSUANCE AND INCREASES AND DECREASES OF
  PRINCIPAL AMOUNT OF CLASS A NOTES

  	
   

  	
  60

  
	
  Section 2.1.

  	
   

  	
  Initial
  Issuance; Procedure for Increasing the Class A Principal Amount

  	
   

  	
  60

  
	
  Section 2.2.

  	
   

  	
  Procedure for
  Decreasing the Class A Principal Amount

  	
   

  	
  61

  
	
   

  	
   

  	
   

  
	
  ARTICLE III          SERIES
  2005-4 ALLOCATIONS

  	
   

  	
  62

  
	
  Section 3.1.

  	
   

  	
  Series 2005-4
  Series Accounts

  	
   

  	
  63

  
	
  Section 3.2.

  	
   

  	
  Allocations with
  Respect to the Series 2005-4 Notes

  	
   

  	
  64

  
	
  Section 3.3.

  	
   

  	
  Application of
  Interest Collections

  	
   

  	
  69

  
	
  Section 3.4.

  	
   

  	
  Payment of Note
  Interest

  	
   

  	
  77

  
	
  Section 3.5.

  	
   

  	
  Payment of Note
  Principal

  	
   

  	
  77

  
	
  Section 3.6.

  	
   

  	
  Payment by Wire
  Transfer

  	
   

  	
  88

  
	
  Section 3.7.

  	
   

  	
  The
  Administrator’s Failure to Instruct the Trustee to Make a Deposit or Payment

  	
   

  	
  88

  
	
  Section 3.8.

  	
   

  	
  Class A Reserve
  Account

  	
   

  	
  88

  
	
  Section 3.9.

  	
   

  	
  Class A Letters
  of Credit and Class A Cash Collateral Accounts

  	
   

  	
  90

  
	
  Section 3.10.

  	
   

  	
  Series 2005-4
  Distribution Account

  	
   

  	
  98

  
	
  Section 3.11.

  	
   

  	
  Trustee as
  Securities Intermediary

  	
   

  	
  99

  
	
  Section 3.12.

  	
   

  	
  Series 2005-4
  Interest Rate Hedges

  	
   

  	
  101

  
	
  Section 3.13.

  	
   

  	
  Series 2005-4 Demand Note Constitutes Additional
  Collateral for Series 2005-4 Notes

  	
   

  	
  103

  
	
  Section 3.14.

  	
   

  	
  Class B Reserve
  Account

  	
   

  	
  107

  
	
  Section 3.15.

  	
   

  	
  Class B Letters
  of Credit and Class B Cash Collateral Account

  	
   

  	
  109

  
	
  Section 3.16.

  	
   

  	
  Subordination of
  Class B Notes

  	
   

  	
  116

  
	
  Section 3.17.

  	
   

  	
  Reimbursement
  Obligation

  	
   

  	
  117

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV          AMORTIZATION
  EVENTS

  	
   

  	
  118

  
	
   

  	
   

  	
   

  
	
  ARTICLE V           RESERVED

  	
   

  	
  120

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI          FORM
  OF SERIES 2005-4 NOTES

  	
   

  	
  120

  
	
  Section 6.1.

  	
   

  	
  Issuance of
  Class A Notes

  	
   

  	
  120

  

 

 i
 

 

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.2.

  	
   

  	
  Issuance of
  Class B Notes

  	
   

  	
  121

  
	
  Section 6.3.

  	
   

  	
  Transfer of
  Class A Notes

  	
   

  	
  122

  
	
  Section 6.4.

  	
   

  	
  Transfer of Class
  B Notes

  	
   

  	
  123

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII        GENERAL

  	
   

  	
  128

  
	
  Section 7.1.

  	
   

  	
  Optional
  Redemption of Class A Notes

  	
   

  	
  128

  
	
  Section 7.2.

  	
   

  	
  Optional
  Redemption of Class B Notes

  	
   

  	
  128

  
	
  Section 7.3.

  	
   

  	
  Information

  	
   

  	
  129

  
	
  Section 7.4.

  	
   

  	
  Exhibits

  	
   

  	
  131

  
	
  Section 7.5.

  	
   

  	
  Ratification of
  Base Indenture

  	
   

  	
  132

  
	
  Section 7.6.

  	
   

  	
  Notice to
  Insurer, the Rating Agencies, each Interest Rate Hedge Provider and Ford

  	
   

  	
  132

  
	
  Section 7.7.

  	
   

  	
  Insurer Deemed
  Class A Noteholder and Secured Party

  	
   

  	
  133

  
	
  Section 7.8.

  	
   

  	
  Third Party
  Beneficiary

  	
   

  	
  133

  
	
  Section 7.9.

  	
   

  	
  Prior Notice by
  Trustee to Insurer

  	
   

  	
  133

  
	
  Section 7.10.

  	
   

  	
  Subrogation

  	
   

  	
  134

  
	
  Section 7.11.

  	
   

  	
  Counterparts

  	
   

  	
  134

  
	
  Section 7.12.

  	
   

  	
  Governing Law

  	
   

  	
  134

  
	
  Section 7.13.

  	
   

  	
  Amendments

  	
   

  	
  134

  
	
  Section 7.14.

  	
   

  	
  Termination of
  Series Supplement

  	
   

  	
  135

  
	
  Section 7.15.

  	
   

  	
  Discharge of
  Indenture

  	
   

  	
  135

  
	
  Section 7.16.

  	
   

  	
  Effect of
  Payment by Insurer

  	
   

  	
  136

  
	
  Section 7.17.

  	
   

  	
  Interest Rate
  Hedge Provider Deemed Secured Party

  	
   

  	
  136

  
	
  Section 7.18.

  	
   

  	
  Ford Covenants

  	
   

  	
  136

  
	
  Section 7.19.

  	
   

  	
  Issuances of
  Class B Notes

  	
   

  	
  137

  

 

 ii
 

 

	
  EXHIBITS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A-1:

  	
   

  	
  Series 2005-4 Variable Funding Rental Car Asset
  Backed Notes,Class A

  	
   

  	
   

  
	
  Exhibit A-2-1:

  	
   

  	
  Form of
  Restricted Global Class B-1 Note

  	
   

  	
   

  
	
  Exhibit A-2-2:

  	
   

  	
  Form of
  Regulation S Global Class B-1 Note

  	
   

  	
   

  
	
  Exhibit A-2-3:

  	
   

  	
  Form of
  Unrestricted Global Class B-1 Note

  	
   

  	
   

  
	
  Exhibit A-3-1:

  	
   

  	
  Form of
  Restricted Global Class B-2 Note

  	
   

  	
   

  
	
  Exhibit A-3-2:

  	
   

  	
  Form of
  Regulation S Global Class B-2 Note

  	
   

  	
   

  
	
  Exhibit A-3-3:

  	
   

  	
  Form of
  Unrestricted Global Class B-2 Note

  	
   

  	
   

  
	
  Exhibit B-1-1:

  	
   

  	
  Form of Class A Letter of Credit

  	
   

  	
   

  
	
  Exhibit B-1-2:

  	
   

  	
  Form of Class A Ford Letter of Credit

  	
   

  	
   

  
	
  Exhibit B-2-1:

  	
   

  	
  Form of Class B Letter of Credit

  	
   

  	
   

  
	
  Exhibit B-2-2:

  	
   

  	
  Form of Class B Ford Letter of Credit

  	
   

  	
   

  
	
  Exhibit C:

  	
   

  	
  Form of Lease Payment Deficit Notice

  	
   

  	
   

  
	
  Exhibit D-1-1:

  	
   

  	
  Form of Class A Ford Letter of Credit Reduction
  Notice

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit D-1-2:

  	
   

  	
  Form of Class A Ford Letter of Credit Termination
  Notice

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit D-2:

  	
   

  	
  Form of Class A Non-Ford Letter of Credit Reduction
  Notice

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit D-3-1:

  	
   

  	
  Form of Class B Ford Letter of Credit Reduction
  Notice

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit D-3-2:

  	
   

  	
  Form of Class B Ford Letter of Credit Termination
  Notice

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit D-4:

  	
   

  	
  Form of Class B Non-Ford Letter of Credit Reduction
  Notice

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit E:

  	
   

  	
  Form of Purchaser’s Letter

  	
   

  	
   

  
	
  Exhibit F-1:

  	
   

  	
  Form of Class A Transfer Certificate

  	
   

  	
   

  
	
  Exhibit F-2:

  	
   

  	
  Form of Restricted Global Note Transfer Certificates

  	
   

  	
   

  
	
  Exhibit F-3:

  	
   

  	
  Form of Regulation S Global Note Transfer
  Certificates

  	
   

  	
   

  
	
  Exhibit F-4:

  	
   

  	
  Form of Unrestricted Global Note Transfer
  Certificates

  	
   

  	
   

  
	
  Exhibit G:

  	
   

  	
  Form of Monthly Noteholders’ Statement

  	
   

  	
   

  
	
  Exhibit H:

  	
   

  	
  Form of Series 2005-4 Demand Note

  	
   

  	
   

  
	
  Exhibit I:

  	
   

  	
  Form of Estimated Interest Adjustment Notice

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ANNEXES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Annex A:

  	
   

  	
  Form of Class B Notes Term Sheet

  	
   

  	
   

  

 

 iii

AMENDED AND RESTATED SERIES 2005-4 SUPPLEMENT dated as
of August 1, 2006 (“Series Supplement”) between HERTZ VEHICLE FINANCING
LLC, a special purpose limited liability company established under the laws of
Delaware (“HVF”), and BNY MIDWEST TRUST COMPANY, an Illinois trust
company, as trustee (together with its successors in trust thereunder as
provided in the Base Indenture referred to below, the “Trustee”), and as
securities intermediary (in such capacity, the “Securities Intermediary”),
to the Second Amended and Restated Base Indenture, dated as of August 1, 2006,
between HVF and the Trustee (as amended, modified or supplemented from time to
time, exclusive of Series Supplements, the “Base Indenture”).

PRELIMINARY STATEMENT

WHEREAS, HVF and the Trustee entered into the Series
2005-4 Supplement dated as of December 21, 2005 (the “Prior Series
Supplement”);

WHEREAS, HVF and the Trustee desire to amend and
restate the Prior Series Supplement in its entirety as herein set forth; and

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

NOW, THEREFORE, the parties hereto agree as follows:

DESIGNATION

There is hereby created a Series of Notes to be issued
pursuant to the Base Indenture and this Series Supplement and such Series of
Notes shall be designated as Rental Car Asset Backed Notes, Series 2005-4.  On the Series 2005-4 Closing Date, one class
of Series 2005-4 Variable Funding Rental Car Asset Backed Notes, Class A shall
be issued, and be referred to herein as the “Class A Notes”.  At any time prior to the Expected Final
Payment Date for the Class of Class B Notes issued, additional Series 2005-4
Notes may be issued in up to two classes: the first of which shall be
designated as the Series 2005-4 Floating Rate Rental Car Asset Backed Notes,
Class B-1, and referred to herein as the Class B-1 Notes and the second of
which shall be designated as the Series 2005-4 Fixed Rate Rental Car Asset
Backed Notes, Class B-2, and referred to herein as the Class B-2 Notes.  The Class B-1 Notes and the Class B-2 Notes
are referred to herein collectively as the “Class B Notes”.  The Class A Notes and the Class B Notes are
referred to herein collectively as the “Series 2005-4 Notes.”  The Class B Notes shall be issued in minimum
denominations of $25,000 and integral multiples of $1,000 in excess thereof.

The net proceeds from the sale of the Series 2005-4
Notes shall be deposited in the Series 2005-4 Excess Collection Account and
used to make payments in reduction of the Principal Amount of other Series of
Notes or paid to HVF and used to acquire Eligible Vehicles from HGI pursuant to
the Purchase Agreement on the related 

Series 2005-4 Class B
Notes Closing Date or for other purposes permitted under the Related Documents.

ARTICLE I

DEFINITIONS

(a)           All capitalized
terms not otherwise defined herein shall have the meanings assigned thereto in
the Definitions List attached to the Base Indenture as Schedule I
thereto, as amended, modified, restated or supplemented from time to time in
accordance with the terms of the Base Indenture or the Class A Note Purchase
Agreement; provided, however, that to the extent any capitalized
term used but not defined herein has a meaning assigned to such term in both
the Definitions List attached to the Base Indenture as Schedule I
thereto and the Class A Note Purchase Agreement, then the meaning given to such
term in the Definitions List attached to the Base Indenture as Schedule I shall
apply.  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 2005-4 Notes and not to any other Series of Notes issued by
HVF.  All references herein to the “Series
2005-4 Supplement” shall mean the Base Indenture, as supplemented hereby.

(b)           The following words
and phrases shall have the following meanings with respect to the Series 2005-4
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:

“Additional Payment Date” has the meaning
specified in Section 3.3(k) of this Series Supplement.

“Adjusted Aggregate Asset
Amount” means, as of any day, the sum of (a) the Aggregate Asset Amount and
(b) the sum of (1) the amount of cash and Permitted Investments on deposit in
the Series 2005-4 Collection Account and available for reduction of the
Series 2005-4 Principal Amount and (2) the amount of cash and Permitted
Investments on deposit in the Series 2005-4
Excess Collection Account, in each case on such day.

“Aggregate BMW/Lexus/Mercedes/Audi Amount”
means as of any date of determination, the sum of the BMW Amount, the Lexus
Amount, the Mercedes Amount and the Audi Amount, in each case, as of such date.

“Annualized Financing Cost” means, with respect
to any Series 2005-3 Interest Period, the amounts payable pursuant to Sections
3.3(b)(i), (ii) and (iv) of this Series Supplement with
respect to such Series 2005-4 Interest Period, expressed as an annual percent
of the Class A Principal Amount.

 2
 

“Applicable Procedures” has the meaning
specified in Section 6.2 of this Series Supplement.

“Audi Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Audi as of such date.

“Bankrupt Manufacturer” means, as of any day,
each Manufacturer (other than a Top Two Non-Investment Grade Manufacturer) for
which an Event of Bankruptcy has occurred; provided that any such Manufacturer
for which an Event of Bankruptcy has occurred shall cease to constitute a
Bankrupt Manufacturer when it has satisfied the Confirmation Condition.

“Bankrupt Manufacturer Vehicle Amount” means,
as of any date of determination, an amount equal to the Manufacturer
Non-Eligible Vehicle Amount and the Manufacturer Eligible Program Vehicle
Amount, in each case with respect to each Bankrupt Manufacturer as of such
date.

“Bankrupt Manufacturer Vehicle Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Bankrupt Manufacturer Vehicle Amount as
of such date and the denominator of which is the excess of (A) the
Aggregate Asset Amount over (B) the amount of cash and Permitted
Investments on deposit in the Collection Account and the HVF Exchange Account,
in each case as of such date.

“BBB-/Baa3 EPM Amount” means, as of any date of
determination, the sum for all BBB-/Baa3 Manufacturers of an amount, with
respect to each BBB-/Baa3 Manufacturer, equal to the sum, rounded to the
nearest $100,000, of the following amounts to the extent that such amounts are
included in the definition of “Aggregate Asset Amount” for such date: (i) the
Net Book Value of all Eligible Program Vehicles that are Eligible Vehicles as
of such date that were manufactured by such BBB-/Baa3 Manufacturer or an
Affiliate thereof and not turned in to and accepted by such BBB-/Baa3
Manufacturer pursuant to its Manufacturer Program, not delivered and accepted
for Auction pursuant to its Manufacturer Program or not otherwise sold or
deemed to be sold under the Related Documents, plus (ii) the aggregate amount
of Manufacturer Receivables (other than Excluded Payments) payable to HVF or to
the Intermediary pursuant to the Master Exchange Agreement, in each case as of
such date by such each BBB-/Baa3 Manufacturer with respect to Vehicles that
were Eligible Vehicles and Eligible Program Vehicles when turned in to and
accepted by such BBB-/Baa3 Manufacturer or delivered and accepted for Auction,
plus (iii) with respect to Eligible Vehicles that were Eligible Program
Vehicles that have been delivered and accepted for Auction pursuant to a
Manufacturer Program with such BBB-/Baa3 Manufacturer, all amounts receivable
(other than amounts specified in clause (ii) above) from any person or
entity in connection with the Auction of such Eligible Vehicles as of such
date, plus (iv) with respect to Eligible Vehicles that were Eligible Program
Vehicles manufactured by such BBB-/Baa3 Manufacturer or an Affiliate thereof
that have been turned in to and accepted by such BBB-/Baa3 Manufacturer, delivered
and accepted for Auction, 

 3
 

otherwise sold or become
a Casualty, any accrued and unpaid Casualty Payments or Termination Payments
with respect to such Eligible Vehicles as of such date under the HVF Lease,
plus (v) with respect to Eligible Vehicles that were Eligible Program Vehicles
manufactured by such BBB-/Baa3 Manufacturer or an Affiliate thereof that have
been turned in to and accepted by such BBB-/Baa3 Manufacturer, delivered and
accepted for Auction or otherwise sold, any accrued and unpaid Monthly Base
Rent with respect to such Eligible Vehicles under the HVF Lease (net of amounts
set forth in clauses (ii), (iii), and (iv) above) plus
(vi) with respect to Eligible Vehicles that were Eligible Program Vehicles sold
by HVF to a third party pursuant to Section 2.5(a) of the HVF Lease, any
non-return incentives payable to HVF under a Manufacturer Program by such
BBB-/Baa3 Manufacturer in respect of the sale of such Vehicles outside of the
related Manufacturer Program as of such date, plus (vii) if such date is during
the period from and including a Determination Date to but excluding the next
Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment
Date with respect to all Eligible Vehicles that are Eligible Program Vehicles
as of such date that were manufactured by such BBB-/Baa3 Manufacturer or an
Affiliate thereof and that have not been turned in to and accepted by such
BBB-/Baa3 Manufacturer pursuant to its Manufacturer Program, not been delivered
and accepted for Auction pursuant to its Manufacturer Program and not otherwise
been sold or deemed to be sold under the Related Documents.  For the purposes of this definition, an
Affiliate of a Manufacturer shall not include any Person who is included as a
Manufacturer hereunder.

“BBB-/Baa3 EPM Vehicle Percentage” means, as of
any date of determination, the percentage equivalent of a fraction, the
numerator of which is the BBB-/Baa3 EPM Amount as of such date and the
denominator of which is the excess of (A) the Aggregate Asset Amount over
(B) the amount of cash and Permitted Investments on deposit in the
Collection Account and the HVF Exchange Account, in each case as of such date.

“BBB-/Baa3 EPM Vehicle Percentage Excess”
means, as of any date of determination, the excess, if any, of the BBB-/Baa3
EPM Vehicle Percentage as of such date over 10%.

“BBB-/Baa3 Manufacturer” means, as of any day,
each Manufacturer of a Program Vehicle from an Eligible Program Manufacturer
that is rated at least “BBB-” from S&P, at least “Baa3” from Moody’s and,
unless otherwise agreed to by Fitch, at least “BBB-” from Fitch, but which is
not rated at least “BBB” from S&P, at least “Baa2” from Moody’s and, unless
otherwise agreed to by Fitch, at least “BBB” from Fitch; provided that
upon the withdrawal of the rating of a Manufacturer by a Rating Agency or upon
the downgrade of a Manufacturer by a Rating Agency to a rating that would
require inclusion of such Manufacturer in this definition, for purposes of this
definition and each instance in which this definition is used in this Series
Supplement, such Manufacturer shall be deemed to be rated “BBB”, “Baa2” and/or “BBB”,
as applicable, by the Rating Agency which downgraded such Manufacturer for a
period of 30 days following the earlier of (i) the date on which any of the
Administrator, HVF or the Servicer obtains actual knowledge of such downgrade
and (ii) the date an which the Trustee or the Insurer notifies the
Administrator of such downgrade.

 4
 

“BMW Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to BMW as of such date.

“BNY MTC” means BNY Midwest Trust Company, an
Illinois trust company, and its successors and assigns.

“Calculation Agent” means BNY MTC, in its
capacity as calculation agent with respect to the Class B-1 Note Rate.

“Class” means a class of the Series 2005-4
Notes, which may be the Class A Notes, the Class B-1 Notes or the Class B-2
Notes.

“Class A Adjusted Daily Interest Amount” means,
for any day in a Series 2005-4 Interest Period, an amount equal to the result
of (a) the product of (i) the Class A Note Rate for such Series 2005-4 Interest
Period and (ii) the Class A Outstanding Principal Amount as of the close of
business on such date, divided by (b) 360.

“Class A Adjusted Enhancement Amount” means,
the Class A Enhancement Amount, excluding from the calculation thereof the
amount available to be drawn under any Series 2005-4 Letter of Credit if at the
time of such calculation (A) such Series 2005-4 Letter of Credit shall not be
in full force and effect, (B) an Event of Bankruptcy shall have occurred with
respect to the Series 2005-4 Letter of Credit Provider of such Series 2005-4
Letter of Credit, (C) such Series 2005-4 Letter of Credit Provider shall have
repudiated such Series 2005-4 Letter of Credit or failed to honor a draw
thereon made in accordance with the terms thereof or (D) a Class A Downgrade
Event shall have occurred and be continuing for at least 30 days with respect
to the Series 2005-4 Letter of Credit Provider of such Series 2005-4 Letter of
Credit.

“Class A Adjusted Liquidity Amount” means, the
Class A Liquidity Amount, excluding from the calculation thereof the amount
available to be drawn under any Class A Letter of Credit if at the time of such
calculation (A) such Class A Letter of Credit shall not be in full force and
effect, (B) an Event of Bankruptcy shall have occurred with respect to the
Class A Letter of Credit Provider of such Class A Letter of Credit, (C) such
Class A Letter of Credit Provider shall have repudiated such Class A Letter of
Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Class A Downgrade Event shall have occurred and be continuing
for at least 30 days with respect to the Series 2005-4 Letter of Credit
Provider of such Series 2005-4 Letter of Credit.

“Class A Adjusted Monthly Interest” means, with
respect to any Payment Date, the sum of (i) the Class A Adjusted Daily
Interest Amount for each day in the related Series 2005-4 Interest Period, plus
(ii) all previously due and unpaid amounts described in clause (i)
with respect to prior Series 2005-4 Interest Periods (together with interest on
such unpaid amounts required to be paid in this clause (ii) at the Class
A Note Rate), plus (iii) the Undrawn Facility Fee for such Payment Date,
calculated in accordance with Section 3.02(b) of the Class A Note Purchase
Agreement, minus (iv) the 

 5
 

amount of any interest
payments made to the Class A Noteholders during such Series 2005-4 Interest
Period pursuant to Section 3.3(k) of this Series Supplement.

“Class A Adjusted Principal Amount” means, as
of any date of determination, the excess, if any, of (A) the Class A Principal
Amount as of such date over (B) the sum of (1) the amount of cash and Permitted
Investments on deposit in the Series 2005-4 Excess Collection Account and (2)
the amount of cash and Permitted Investments on deposit in the Series 2005-4
Collection Account and available for reduction of the Class A Principal Amount,
in each case, as of such date.

“Class A Asset Amount” means, as of any date of
determination, the product of (i) the Class A Asset Percentage as of such date
and (ii) the Aggregate Asset Amount as of such date.

“Class A Asset Percentage” means, as of any
date of determination, a fraction, the numerator of which shall be equal to the
Class A Required Asset Amount, determined during the Series 2005-4 Revolving
Period as of the end of the immediately preceding Related Month (or, until the
end of the initial Related Month after the Series 2005-4 Closing Date, on the
Series 2005-4 Closing Date), or, during the Series 2005-4 Rapid Amortization
Period, as of the end of the Series 2005-4 Revolving Period, and the denominator
of which shall be the greater of (I) the Aggregate Asset Amount as of the end
of the immediately preceding Related Month or, until the end of the initial
Related Month after the Series 2005-4 Closing Date, as of the Series 2005-4
Closing Date and (II) as of the same date as in clause (I), the
Aggregate Required Asset Amount.

“Class A Available Cash Collateral Account Amount”
means, as of any date of determination, the sum of (a) the Class A Available
Ford Cash Collateral Account Amount and (b) the Class A Available Non-Ford Cash
Collateral Account Amount.

“Class A Available Ford Cash Collateral Account
Amount” means, as of any date of determination, the amount on deposit in
the Class A Ford Cash Collateral Account (after giving effect to any deposits
thereto and withdrawals and releases therefrom on such date).

“Class A Available Non-Ford Cash Collateral Account
Amount” means, as of any date of determination, the amount on deposit in
the Class A Non-Ford Cash Collateral Account (after giving effect to any deposits
thereto and withdrawals and releases therefrom on such date).

“Class A Available Reserve Account Amount”
means, as of any date of determination, the amount on deposit in the Class A
Reserve Account.

“Class A Base Rate Tranche” means that portion
of the Class A Principal Amount purchased or maintained with Class A Advances
which bear interest by reference to the Class A Base Rate.

“Class A Cash Collateral Account” means a Class
A Ford Cash Collateral Account and/or a Class A Non-Ford Cash Collateral Account,
as the context may require.

 6
 

“Class A Cash Collateral Account Interest and
Earnings” means with respect to a Class A Cash Collateral Account all
interest and earnings (net of losses and investment expenses) paid on funds on
deposit in such Class A Cash Collateral Account.

“Class A Cash Collateral Account Surplus”
means, with respect to any Payment Date, the lesser of (a) the sum of (x) the
Class A Available Ford Cash Collateral Account Amount and (y) the Class A
Available Non-Ford Cash Collateral Account Amount and (b) the least of (i) the
excess, if any, of the Class A Adjusted Enhancement Amount (after giving effect
to any withdrawal from the Class A Reserve Account on such Payment Date) over
the Class A Required Enhancement Amount on such Payment Date, (ii) the excess,
if any, of the Class A Adjusted Liquidity Amount over the Class A Required
Liquidity Amount on such Payment Date, and (iii) the excess, if any, of the
Class B Adjusted Enhancement Amount over the Class B Required Enhancement
Amount on such Payment Date.

“Class A Certificate of Credit Demand” means a
certificate in the form of Annex A to a Class A Letter of Credit.

“Class A Certificate of Preference Payment Demand”
means a certificate in the form of Annex C to a Class A Letter of Credit.

“Class A Certificate of Termination Demand”
means a certificate in the form of Annex D to a Class A Letter of Credit.

“Class A Certificate of Unpaid Demand Note Demand”
means a certificate in the form of Annex B to Class A Letter of Credit.

“Class A Commercial Paper” means the promissory
notes of each Class A Noteholder issued by such Class A Noteholder in the
commercial paper market and allocated to the funding of Class A Advances in
respect of the Class A Notes.

“Class A CP Tranche” means that portion of the
Class A Principal Amount purchased or maintained with Class A Advances which
bear interest by reference to the CP Rate.

“Class A Daily Interest Amount” means, for any
day in a Series 2005-4 Interest Period, an amount equal to the result of (a)
the product of (i) the Class A Note Rate for such Series 2005-4 Interest Period
and (ii) the Class A Principal Amount as of the close of business on such date
divided by (b) 360; provided, that the aggregate principal amount of any
Class A Notes that have been redeemed with the proceeds of a draw on the
Insurance Policy shall be deemed to accrue interest at the Late Payment Rate
(as defined in the Insurance Agreement).

“Class A Deficiency Amount” has the meaning
specified in Section 3.3(g) of this Series Supplement.

“Class A Disbursement” shall mean any Class A
LOC Credit Disbursement, any Class A LOC Preference Payment Disbursement, any
Class A LOC 

 7
 

Termination Disbursement
or any Class A LOC Unpaid Demand Note Disbursement under the Class A Letters of
Credit or any combination thereof, as the context may require.

“Class A Downgrade Event” has the meaning
specified in Section 3.9(c) of this Series Supplement.

“Class A Eligible Ford Letter of Credit Provider”
means a Person having, at the time of the issuance of the related Class A Ford
Letter of Credit, a long-term senior unsecured debt rating (or the equivalent
thereof in the case of Moody’s or Standard & Poor’s, as applicable) of at
least “A+” from Standard & Poor’s and, at least “A1” from Moody’s and a
short-term senior unsecured debt rating of at least “A-1” from Standard &
Poor’s and “P-1” from Moody’s; provided that, other than in connection
with the initial Series 2005-4 Ford Letter of Credit Provider, for so long as
any Class A Notes are Outstanding, each Class A Eligible Ford Letter of Credit
Provider shall be approved by the Insurer, such approval not to be unreasonably
withheld or delayed.

“Class A Eligible Letter of Credit Provider”
means a Person having, at the time of the issuance of the related Class A
Letter of Credit, a long-term senior unsecured debt rating (or the equivalent
thereof in the case of Moody’s or Standard & Poor’s, as applicable) of at
least “A+” from Standard & Poor’s and at least “A1” from Moody’s and a
short-term senior unsecured debt rating of at least “A-1” from Standard &
Poor’s and “P-1” from Moody’s; provided that, for so long as any Class A
Notes are Outstanding, each Class A Eligible Letter of Credit Provider shall be
approved by the Insurer, such approval not to be unreasonably withheld or
delayed.

“Class A Eligible Program Vehicle Percentage”
means, as of any date of determination, the result of (x) a fraction, expressed
as a percentage, the numerator of which is the excess, if any, of (i) the
Eligible Program Vehicle Amount as of such date over (ii) the Non-Investment
Grade Eligible Program Manufacturer Vehicle Amount as of such date and the
denominator of which is the excess of (A) the Aggregate Asset Amount over
(B) the amount of cash and Permitted Investments on deposit in the
Collection Account and the HVF Exchange Account, in each case as of such date
minus (y) the BBB-/Baa3 EPM Vehicle Percentage Excess.

“Class A Enhancement Amount” means, as of any
date of determination, the sum of (i) the greater of (x) the Class A Overcollateralization
Amount as of such date and (y)(A) as of any date on which no Aggregate Asset
Amount Deficiency exists, the Class B Adjusted Principal Amount plus the Class
B Overcollateralization Amount, in each case, as of such date or (B) as of any date
on which an Aggregate Asset Amount Deficiency exists, $0, (ii) the Class A
Letter of Credit Amount as of such date, (iii) the Class A Available Reserve
Account Amount as of such date (after giving effect to any deposits thereto and
withdrawals and releases therefrom on such date), (iv) the Class B Letter of
Credit Amount as of such date and (v) the Class B Available Reserve Account
Amount as of such date (after giving effect to any deposits thereto and
withdrawals and releases therefrom on such date).

 8
 

“Class A Enhancement Deficiency” means, on any
day, the amount by which the Class A Adjusted Enhancement Amount is less than
the Class A Required Enhancement Amount.

“Class A Eurodollar Tranche” means that portion
of the Class A Principal Amount purchased or maintained with Class A Advances
which bear interest by reference to the Class A Eurodollar Rate.

“Class A Excess Principal Event” shall be
deemed to have occurred if, on any date, the Class A Outstanding Principal
Amount exceeds the Class A Maximum Principal Amount.

“Class A Initial Principal Amount” means the
aggregate initial principal amount of the Class A Notes, which is $0.

“Class A Investor Group” has the meaning set
forth in the Class A Note Purchase Agreement.

“Class A Investor Group Principal Amount” has
the meaning set forth in the Class A Note Purchase Agreement.

“Class A Ford Cash Collateral Account” has the
meaning specified in Section 3.9(g)(I) of this Series Supplement.

“Class A Ford Cash Collateral Account Collateral”
has the meaning specified in Section 3.9(a)(I) of this Series Supplement.

“Class A Ford Cash Collateral Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Class A Available Ford Cash Collateral
Account Amount as of such date and the denominator of which is the Class A Ford
Letter of Credit Liquidity Amount as of such date.

“Class A Ford Letter of Credit” means an
irrevocable letter of credit, substantially in the form of Exhibit B-1-2
to this Series Supplement and otherwise in form and substance satisfactory to
the Insurer, issued for the account of Ford or an affiliate thereof by a Class
A Eligible Ford Letter of Credit Provider in favor of the Trustee for the
benefit of the Series 2005-4 Noteholders; provided, however, that
the Insurer agrees that any Class A Letter of Credit that is in the form and
substance of the Class A Letter of Credit delivered to the Trustee on the
Series 2005-4 Closing Date is in form and substance satisfactory to the
Insurer.

“Class A Ford Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class A Ford Letter of Credit, as
specified therein, and (b) if a Class A Ford Cash Collateral Account has been
established and funded pursuant to Section 3.9 of this Series
Supplement, the Class A Available Ford Cash Collateral Account Amount on such
date.

 9
 

“Class A Ford Letter of Credit Provider” means
the issuer of a Class A Ford Letter of Credit.

“Class A Hedged Percentage” means, as of any
date of determination, the percentage equivalent of a fraction, the numerator
of which is the portion of the Principal Amount of the Class A Notes that is
supported by a Series 2005-4 Interest Rate Hedge as of such date and the
denominator of which is the Class A Principal Amount as of such date.

“Class A Hedged Required Non-Eligible Vehicle
Enhancement Percentage” means 20% (or such lower percentage as may be
agreed to by HVF and the Rating Agencies, subject to satisfaction of the Series
2005-4 Rating Agency Condition).

“Class A Hedged Required Other Non-Investment Grade
Manufacturer Vehicle Enhancement Percentage” means 29.75% (or such lower
percentage as may be agreed to by HVF and the Rating Agencies, subject to
satisfaction of the Series 2005-4 Rating Agency Condition).

“Class A Hedged Required Program Vehicle
Enhancement Percentage” means 15% (or such lower percentage as may be
agreed to by HVF and the Rating Agencies, subject to satisfaction of the Series
2005-4 Rating Agency Condition).

“Class A Letter of Credit” means (i) a
Class A Ford Letter of Credit or (ii) an irrevocable letter of credit,
substantially in the form of Exhibit B-1-1 to this Series Supplement and
otherwise in form and substance satisfactory to the Insurer, issued by a Class
A Eligible Letter of Credit Provider in favor of the Trustee for the benefit of
the Series 2005-4 Noteholders; provided, however, that the
Insurer agrees that any Class A Letter of Credit that is in the form and substance
of the Class A Letter of Credit delivered to the Trustee on the Series 2005-4
Closing Date is in form and substance satisfactory to the Insurer.

“Class A Letter of Credit Agreement” means the
Class A Letter of Credit Reimbursement Agreement and any other agreement
pursuant to which a Class A Letter of Credit is issued in favor of the Trustee
for the benefit of the Series 2005-4 Noteholders.

“Class A Letter of Credit Amount” means, as of
any date of determination, the sum of the Class A Ford Letter of Credit
Liquidity Amount on such date and the Class A Non-Ford Letter of Credit Amount
on such date.

“Class A Letter of Credit Expiration Date”
means, with respect to any Class A Letter of Credit, the expiration date set
forth in such Class A Letter of Credit, as such date may be extended in
accordance with the terms of such Class A Letter of Credit.

“Class A Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class A Letter of Credit, as
specified therein, and (b) if a Class A Cash Collateral Account has been
established and funded pursuant to Section 3.9(g) of this Series
Supplement, the Class A Available Cash Collateral Account Amount on such date.

 10
 

“Class A Letter of Credit Provider” means the
issuer of a Class A Letter of Credit.

“Class A Letter of Credit Reimbursement Agreement”
means any and each reimbursement agreement providing for the reimbursement of a
Class A Letter of Credit Provider for draws under its Class A Letter of Credit,
other than any such reimbursement agreement between Ford and a Class A Ford
Letter of Credit Provider, as the same may be amended, restated, modified or
supplemented from time to time in accordance with its terms.

“Class A Liquidity Amount” means, as of any
date of determination, the sum of (a) the Class A Letter of Credit Liquidity
Amount and (b) the Class A Available Reserve Account Amount on such date (after
giving effect to any deposits thereto on such date).

“Class A Liquidity Deficiency”
means, as of any date of determination, the amount by which the Class A
Adjusted Liquidity Amount is less than the Class A Required Liquidity Amount as
of such date.

“Class A Liquidity Surplus”
means, with respect to any date of determination, the excess, if any, of the
Class A Adjusted Liquidity Amount over the Class A Required Liquidity Amount,
in each case, as of such date.

“Class A LOC Credit Disbursement” means an
amount drawn under a Class A Letter of Credit pursuant to a Class A Certificate
of Credit Demand.

“Class A LOC Preference Payment Disbursement”
means an amount drawn under a Class A Letter of Credit pursuant to a Class A
Certificate of Preference Payment Demand.

“Class A LOC Termination Disbursement” means an
amount drawn under a Class A Letter of Credit pursuant to a Class A Certificate
of Termination Demand.

“Class A LOC Unpaid Demand Note Disbursement”
means an amount drawn under a Class A Letter of Credit pursuant to a Class A
Certificate of Unpaid Demand Note Demand.

“Class A Maximum Investor Group Principal Amount”
has the meaning set forth in the Class A Note Purchase Agreement.

“Class A Maximum Principal Amount” means,
$250,000,000; provided that such amount may be reduced at any time and
from time to time by written agreement among HVF, each Class A Noteholder, the
Administrative Agent, each Class A Committed Note Purchaser and the Insurer in
accordance with the terms of the Class A Note Purchase Agreement.

“Class A Mazda Vehicle Percentage Excess”
means, as of any date of determination, the excess, if any, of (x) the
percentage equivalent of a fraction, the 

 11
 

numerator of which is the
Mazda Amount and the denominator of which is the excess of (A) the
Aggregate Asset Amount over (B) the amount of cash and Permitted
Investments on deposit in the Collection Account and the HVF Exchange Account,
in each case as of such date over (y) 10.00%; provided that on any date
of determination on which Mazda is a Bankrupt Manufacturer or a Top Two
Non-Investment Grade Manufacturer, the “Class A Mazda Vehicle Percentage Excess”
shall be zero.

“Class A Monthly Default Interest Amount”
means, with respect to any Payment Date, the sum of (i) an amount equal to the
result of (a) the product of (x) 2.0%, (y) the Class A Principal Amount as of
the close of business on such date and (z) the actual number of days in the
related Series 2005-4 Interest Period during which an Amortization Event has
occurred and is continuing with respect to the Series 2005-4 Notes divided by
(b) 360, plus (ii) all previously due and unpaid amounts described in clause
(i) with respect to prior Series 2005-4 Interest Periods (together with
interest on such unpaid amounts required to be paid in this clause (ii)
at the rate specified in clause (i)).

“Class A Monthly Interest” means, with respect
to any Payment Date, the sum of (i) the Class A Daily Interest Amount for each
day in the related Series 2005-4 Interest Period, plus (ii) all
previously due and unpaid amounts described in clause (i) with respect
to prior Series 2005-4 Interest Periods (together with interest on such unpaid
amounts required to be paid in this clause (ii) at the Class A Note
Rate), plus (iii) any Indenture Carrying Charges due to the Class A
Noteholders and unpaid as of such Payment Date (including, without limitation,
the Program Fee and the Undrawn Facility Fee for such Payment Date), minus
(iv) the amount of any interest payments made to the Class A Noteholders during
such Series 2005-4 Interest Period pursuant to Section 3.3(k) of this Series
Supplement.

“Class A Non-Eligible Vehicle Percentage”
means, as of any date of determination, the result of (x) the percentage
equivalent of a fraction, the numerator of which is the result of (i) the
Non-Eligible Vehicle Amount minus the Bankrupt Manufacturer Vehicle Amount (to
the extent included in the Non-Eligible Vehicle Amount), in each case as of
such date plus (ii) the Non-Investment Grade Eligible Program Manufacturer
Vehicle Amount minus the Bankrupt Manufacturer Vehicle Amount (to the extent
included in the Non-Investment Grade Eligible Program Manufacturer Vehicle
Amount), in each case as of such date minus (iii) the Top Two Non-Investment
Grade Manufacturer Non-Eligible Vehicle Amount minus the Bankrupt Manufacturer
Vehicle Amount (to the extent included in the Top Two Non-Investment Grade
Manufacturer Non-Eligible Vehicle Amount), in each case as of such date minus
(iv) the Top Two Non-Investment Grade EPM Amount minus the Bankrupt
Manufacturer Vehicle Amount (to the extent included in the Top Two
Non-Investment Grade EPM Amount), in each case as of such date and the
denominator of which is the excess of (A) the Aggregate Asset Amount over
(B) the amount of cash and Permitted Investments on deposit in the
Collection Account and the HVF Exchange Account, in each case as of such date
minus (y) the Class A Non-Investment Grade Manufacturer Vehicle Percentage
Excess minus (z) the Class A Mazda Vehicle Percentage Excess.

 12
 

“Class A Non-Ford Cash Collateral Account” has
the meaning specified in Section 3.9(g)(II) of this Series Supplement.

“Class A Non-Ford Cash Collateral Account
Collateral” has the meaning specified in Section 3.9(a)(II) of this Series
Supplement.

“Class A Non-Ford Cash Collateral Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Class A Available Non-Ford Cash
Collateral Account Amount as of such date and the denominator of which is the
Class A Non-Ford Letter of Credit Liquidity Amount as of such date.

“Class A Non-Ford Letter of Credit” means each
Class A Letter of Credit other than a Class A Ford Letter of Credit.

“Class A Non-Ford Letter of Credit Amount”
means, as of any date of determination, the lesser of (a) the sum of (i) the
aggregate amount available to be drawn on such date under the Class A Non-Ford
Letters of Credit, as specified therein, and (ii) if the Class A Non-Ford Cash
Collateral Account has been established and funded pursuant to Section 3.9
of this Series Supplement, the Class A Available Non-Ford Cash Collateral
Account Amount on such date and (b) the outstanding principal amount of the
Series 2005-4 Demand Note on such date.

“Class A Non-Ford Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class A Non-Ford Letter of
Credit, as specified therein, and (b) if a Class A Non-Ford Cash Collateral
Account has been established and funded pursuant to Section 3.9 of this
Series Supplement, the Class A Available Non-Ford Cash Collateral Account
Amount on such date.

“Class A Non-Ford Letter of Credit Provider”
means the issuer of a Class A Non-Ford Letter of Credit.

“Class A Non-Investment Grade Manufacturer Vehicle
Amount Excess” means, as of any date of determination, the result of (i)
the Non-Investment Grade Eligible Program Manufacturer Vehicle Amount as of
such date plus (ii) the Non-Investment Grade Manufacturer Non-Eligible Vehicle
Amount as of such date minus (iii) the Top Two Non-Investment Grade EPM Amount
as of such date minus (iv) the Top Two Non-Investment Grade Manufacturer
Non-Eligible Vehicle Amount as of such date.

“Class A Non-Investment Grade Manufacturer Vehicle
Percentage Excess” means, as of any date of determination, the excess, if
any, of (x) the percentage equivalent of a fraction, the numerator of which is
the Class A Non-Investment Grade Manufacturer Vehicle Amount Excess and the
denominator of which is the excess of (A) the Aggregate Asset Amount over
(B) the amount of cash and Permitted Investments on deposit in the
Collection Account and the HVF Exchange Account, in each case as of 

 13
 

such date over (y) the
sum of (i) 30.00%, (ii) the Class A Mazda Vehicle Percentage Excess and (iii)
the Bankrupt Manufacturer Vehicle Percentage.

“Class A Noteholder” means the Person in whose
name a Class A Note is registered in the Note Register.

“Class A Note Purchase Agreement” means the
Note Purchase Agreement, dated as of December 21, 2005, among HVF, the Class A
Noteholders, the Administrative Agent, the Administrator, the Class A Funding
Agents and the Class A Committed Note Purchasers, pursuant to which the Class A
Noteholders have agreed to purchase the Class A Notes from HVF, subject to the
terms and conditions set forth therein, as amended, supplemented, restated or
otherwise modified from time to time.

“Class A Note Rate” means, for any Series
2005-4 Interest Period, the sum of (i) the weighted average of the CP Rates
applicable to the Class A CP Tranche and the weighted average of the Class A
Eurodollar Rates (Reserve Adjusted) applicable to the Class A Eurodollar
Tranche and the weighted average of the Class A Base Rates applicable to the
Class A Base Rate Tranche, in each case for the Series 2005-4 Interest Period
and (ii) the Class A Program Fee Rate as defined in the Class A Note Purchase
Agreement; provided, however, that the Class A Note Rate will in
no event be higher than the maximum rate permitted by applicable law.

“Class A Notes” means any one of the Series
2005-4 Variable Funding Rental Car Asset Backed Notes, Class A, executed by HVF
and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-1.

“Class A Notice of Reduction” means a notice in
the form of Annex E to a Class A Letter of Credit.

“Class A Other Non-Investment Grade Manufacturer
Vehicle Percentage” means, as of any date of determination, the sum of (w)
the percentage equivalent of a fraction, the numerator of which is the sum of
(i) the Top Two Non-Investment Grade EPM Amount as of such date and (ii) the
Top Two Non-Investment Grade Manufacturer Non-Eligible Vehicle Amount as of
such date and the denominator of which is the excess of (A) the Aggregate
Asset Amount over (B) the amount of cash and Permitted Investments on
deposit in the Collection Account and the HVF Exchange Account, in each case as
of such date plus (x) the Class A Non-Investment Grade Manufacturer Vehicle
Percentage Excess plus (y) the Class A Mazda Vehicle Percentage Excess plus (z)
the Bankrupt Manufacturer Vehicle Percentage.

“Class A Outstanding Principal Amount” means,
when used with respect to any date, an amount equal to (a) the Class A Initial
Principal Amount minus (b) the amount of principal payments (whether
pursuant to a Decrease, a redemption or otherwise) made to the Class A
Noteholders on or prior to such date plus (c) any Increases in the Class
A Principal Amount pursuant to Section 2.1(a) of this Series Supplement
on or prior to such date; provided that at no time may the Class A
Outstanding Principal Amount exceed the Class A Maximum Principal Amount.

 14
 

“Class A Overcollateralization Amount” means as
of any date of determination, (i) on which no Aggregate Asset Amount Deficiency
exists, the Class A Required Overcollateralization Amount as of such date or
(ii) on which an Aggregate Asset Amount Deficiency exists, the excess, if any,
of the Class A Asset Amount over the Class A Adjusted Principal Amount as of
such date.

“Class A Percentage” shall mean a fraction
expressed as a percentage, the numerator of which is the Class A Principal
Amount and the denominator of which is the Series 2005-4 Principal Amount.

“Class A Preference Amount” means any amount
previously paid by Hertz pursuant to the Series 2005-4 Demand Note and
distributed to the Class A Noteholders in respect of amounts owing under the
Class A Notes that is recoverable or that has been recovered as a voidable
preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the
Bankruptcy Code in accordance with a final nonappealable order of a court
having competent jurisdiction.

“Class A Principal Amount” means when used with
respect to any date, an amount equal to the Class A Outstanding Principal
Amount plus the sum of (a) the amount of any principal payments made to Class A
Noteholders on or prior to such date with the proceeds of a demand on the
Insurance Policy and (b) the amount of any principal payments made to Class A
Noteholders, including any principal payments made to the Insurer, that have
been rescinded or otherwise returned by the Class A Noteholders or the Insurer
for any reason.

“Class A Principal Deficit Amount” means, on
any date of determination, the excess, if any, of (a) the Class A Adjusted
Principal Amount on such date (after giving effect to the distribution of the
Monthly Total Principal Allocation for the Related Month) over (b) the Class A
Asset Amount on such date; provided, however, the Class A Principal
Deficit Amount on any date that is prior to the Legal Final Payment Date
occurring during the period commencing on and including the date of the filing
by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to
but excluding the date on which Hertz shall have resumed making all payments of
Monthly Variable Rent required to be made under the HVF Lease, shall mean the
excess, if any, of (x) the Class A Adjusted Principal Amount on such date (after
giving effect to the distribution of the Monthly Total Principal Allocation for
the Related Month) over (y) the sum of
(1) the Class A Asset Amount on such date and (2) the lesser of (a) the Series
2005-4 Liquidity Amount on such date and (b) the Series 2005-4 Required
Liquidity Amount on such date.

“Class A Repurchase Amount” has the meaning
specified in Section 7.1 of this Series Supplement.

“Class A Required Asset Amount” means, as of
any date of determination, the sum of the Class A Adjusted Principal Amount and
the Class A Required Overcollateralization Amount, in each case, as of such
date.

 15
 

“Class A Required Asset Amount Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Class A Required Asset Amount and the
denominator of which is the Aggregate Required Asset Amount as of such date.

“Class A Required Enhancement Amount” means, as
of any date of determination, the sum of (i) the product of the Class A
Required Enhancement Percentage as of such date and the Class A Adjusted
Principal Amount as of such date and (ii) the Class A Required Enhancement
Incremental Amount as of such date; provided, however, that, as
of any date of determination after the occurrence of a Series 2005-4 Limited
Liquidation Event of Default, the Class A Required Enhancement Amount shall
equal the lesser of (x) the Class A Adjusted Principal Amount as of such date
and (y) the sum of (l) the product of the Class A Required Enhancement
Percentage as of such date of determination and the Class A Adjusted Principal
Amount as of the date of the occurrence of such Series 2005-4 Limited
Liquidation Event of Default and (2) the Class A Required Enhancement
Incremental Amount as of such date of determination.

“Class A Required Enhancement Incremental Amount”
means

(i)            as
of the Series 2005-4 Closing Date, $0; and

(ii)           as
of any date thereafter, the product of (A) the Class A Required Asset Amount
Percentage as of the immediately preceding Business Day and (B) the sum of (1)
the excess, if any, of the Non-Eligible Vehicle Amount (excluding from the
calculation thereof, to the extent that an Event of Bankruptcy has occurred
with respect to any of Ford, GM, Chrysler, Toyota and Honda, the Net Book Value
of the HVF Vehicles (other than Non-Program Vehicles manufactured by any such
Manufacturer as of the date of the occurrence of such Event of Bankruptcy)
manufactured by each such Manufacturer for which an Event of Bankruptcy has
occurred and any amounts related to such HVF Vehicles due from such
Manufacturer) over the Series 2005-4 Maximum Non-Eligible Vehicle Amount as of
such immediately preceding Business Day, (2) the excess, if any, of the Hyundai
Amount over the Series 2005-4 Maximum Hyundai Amount as of such immediately
preceding Business Day, (3) the excess, if any, of the Jaguar Amount over the
Series 2005-4 Maximum Jaguar Amount as of such immediately preceding Business
Day, (4) the excess, if any, of the Kia Amount over the Series 2005-4 Maximum
Kia Amount as of such immediately preceding Business Day, (5) the excess, if
any, of the Land Rover Amount over the Series 2005-4 Maximum Land Rover Amount
as of such immediately preceding Business Day, (6) the excess, if any, of the
Mazda Amount over the Series 2005-4 Maximum Mazda Amount as of such immediately
preceding Business Day, (7) the excess, if any, of the Mitsubishi Amount over
the Series 2005-4 Maximum Mitsubishi Amount as of such immediately preceding
Business Day, (8) the excess, if any, of the Subaru Amount over the Series
2005-4 Maximum Subaru Amount as of such immediately preceding Business Day, (9)
the excess, if any, of the Volvo Amount over the Series 2005-4 Maximum Volvo
Amount as of such immediately preceding Business Day, (10) the excess, if any,
of the Non-Eligible Manufacturer Amount over the Series 2005-4 Maximum
Non-Eligible Manufacturer Amount as of such immediately preceding 

 16
 

Business Day, (11) the
excess, if any, of the Manufacturer Non-Eligible Vehicle Amount with respect to
any Manufacturer (excluding from the calculation thereof, to the extent that an
Event of Bankruptcy has occurred with respect to any of Ford, GM, Chrysler,
Toyota and Honda, the Net Book Value of the HVF Vehicles (other than
Non-Program Vehicles manufactured by any such Manufacturer as of the date of
the occurrence of such Event of Bankruptcy) manufactured by each such
Manufacturer for which an Event of Bankruptcy has occurred and any amounts
related to such HVF Vehicles due from such Manufacturer) over the Series 2005-4
Maximum Manufacturer Non-Eligible Vehicle Amount as of such immediately
preceding Business Day, (12) the excess, if any, of the Audi Amount over the
Series 2005-4 Maximum Audi Amount as of such immediately preceding Business
Day, (13) the excess, if any of the BMW Amount over the Series 2005-4 Maximum
BMW Amount as of such immediately preceding Business Day, (14) the excess, if
any of the Lexus Amount over the Series 2005-4 Maximum Lexus Amount as of such
immediately preceding Business Day, (15) the excess, if any of the Mercedes
Amount over the Series 2005-4 Maximum Mercedes Amount as of such immediately
preceding Business Day, (16) the excess, if any of the Aggregate
BMW/Lexus/Mercedes/Audi Amount over the Series 2005-4 Maximum Aggregate
BMW/Lexus/Mercedes/Audi Amount as of such immediately preceding Business Day
and (17) the excess, if any of the HVF Service Vehicle Amount over the Series
2005-4 Maximum HVF Service Vehicle Amount as of such immediately preceding
Business Day.  The Manufacturer
Non-Eligible Vehicle Amounts with respect to Ford, Volvo, Jaguar and Land Rover
shall be calculated on an aggregate basis so that they will be considered as
one Manufacturer for the purpose of the calculation of the Series 2005-4
Maximum Manufacturer Non-Eligible Vehicle Amount for so long as each of Volvo,
Jaguar and Land Rover is an Affiliate of Ford.

“Class A Required Enhancement Percentage”
means, as of any date of determination, the sum of (i) the product of (A) the
Class A Weighted Average Required Program Vehicle Enhancement Percentage as of
such date times (B) the Class A Eligible Program Vehicle Percentage as of such
date, (ii) the product of (A) the Class A Weighted Average Required
Non-Eligible Vehicle Enhancement Percentage as of such date times (B) the
BBB-/Baa3 EPM Vehicle Percentage Excess as of such date and (iii) the greater
of (a) the product of (A) 28.25% (or such lower percentage as may be agreed to
by HVF and the Rating Agencies subject to the Series 2005-4 Rating Agency
Condition) and (B) the sum of (I) the Class A Non-Eligible Vehicle Percentage
as of such date and (II) the Class A Other Non-Investment Grade Manufacturer
Vehicle Percentage as of such date and (b) the sum of (I) the product of (A)
the Class A Weighted Average Required Non-Eligible Vehicle Enhancement
Percentage as of such date times (B) the Class A Non-Eligible Vehicle
Percentage as of such date and (II) the product of (A) the Class A Weighted
Average Required Other Non-Investment Grade Manufacturer Vehicle Enhancement
Percentage as of such date times (B) the Class A Other Non-Investment Grade
Manufacturer Vehicle Percentage as of such date.

“Class A Required Liquidity Amount” means, as
of any date of determination, an amount equal to the product of (i) the Class A
Required Liquidity Percentage as of such date times (ii) the Class A Adjusted
Principal Amount as of such date.

 17
 

“Class A Required Liquidity Percentage” means,
as of any date of determination, the sum of (i) the product of (x) 3.75% and
(y) the Class A Hedged Percentage and (ii) the product of (x) 50.00%, (y) the
Annualized Financing Cost and (z) the Class A Unhedged Percentage.

“Class A Required Overcollateralization Amount”
means, as of any date of determination, the excess, if any, of (a) the Class A
Required Enhancement Amount as of such date over (b) the sum of (i) the Class A
Available Reserve Account Amount as of such date (after giving effect to any
deposits thereto and withdrawals and releases therefrom on such date), (ii) the
Class A Letter of Credit Amount as of such date, (iii) the Class B Available
Reserve Account Amount as of such date (after giving effect to any deposits
thereto and withdrawals and releases therefrom on such date), and (iv) the
Class B Letter of Credit Amount as of such date.

“Class A Required Reserve
Account Amount” means, with respect to any date of determination, an amount
equal to the greatest of (a) the excess, if any, of the Class A Required Liquidity
Amount over the Class A Letter of Credit Liquidity Amount, in each case, as of
such date, excluding from the calculation thereof the amount available to be
drawn under any Class A Letter of Credit if at the time of such calculation (A)
such Class A Letter of Credit shall not be in full force and effect, (B) an
Event of Bankruptcy shall have occurred with respect to the Class A Letter of
Credit Provider of such Class A Letter of Credit, (C) such Class A Letter of
Credit Provider shall have repudiated such Class A Letter of Credit or failed
to honor a draw thereon made in accordance with the terms thereof or (D) a
Class A Downgrade Event shall have occurred and be continuing for at least 30
days with respect to the Series 2005-4 Letter of Credit Provider of such Class
A Letter of Credit, (b) the excess, if any, of the Class A Required Enhancement
Amount over the Class A Adjusted Enhancement Amount (excluding therefrom the
Class A Available Reserve Account Amount), in each case, as of such date
and (c) the excess, if any, of the Class B Required Enhancement Amount over the
Class B Enhancement Amount, in each case, as of such date.

“Class A Reserve Account”
has the meaning specified in Section 3.8(a) of this Series Supplement.

“Class A Reserve Account
Collateral” has the meaning specified in Section 3.8(d) of this
Series Supplement.

“Class A Reserve Account
Surplus” means, with respect to any date of determination, the excess, if
any, of the Class A Available Reserve Account Amount (after giving
effect to any deposits thereto and withdrawals and releases therefrom on such
date) over the Class A Required Reserve
Account Amount, in each case, as of such date.

“Class A Unhedged Percentage” means as of any
date of determination, the result of 100% minus the Class A Hedged Percentage,
as of such date.

 18
 

“Class A Unhedged Required Non-Eligible Vehicle
Enhancement Percentage” means 22.50% (or such lower percentage as may be
agreed to by HVF and the Rating Agencies, subject to satisfaction of the Series
2005-4 Rating Agency Condition).

“Class A Unhedged Required Other Non-Investment
Grade Manufacturer Vehicle Enhancement Percentage” means 32.25% (or such
lower percentage as may be agreed to by HVF and the Rating Agencies, subject to
satisfaction of the Series 2005-4 Rating Agency Condition).

“Class A Unhedged Required Program Vehicle
Enhancement Percentage” means 17.25% (or such lower percentage as may be
agreed to by HVF and the Rating Agencies, subject to satisfaction of the Series
2005-4 Rating Agency Condition).

“Class A Weighted Average Required Non-Eligible
Vehicle Enhancement Percentage” means, as of any date of determination, the
sum of (i) the product of the Class A Hedged Percentage as of such date times
the Class A Hedged Required Non-Eligible Vehicle Enhancement Percentage, (ii)
the product of the Class A Unhedged Percentage as of such date times the Class
A Unhedged Required Non-Eligible Vehicle Enhancement Percentage and (iii) an
amount equal to 100% minus the lower of (x) the lowest Non-Program Vehicle Measurement
Month Average for any Measurement Month within the preceding 12 calendar months
(or such fewer number of months as have elapsed since the Series 2005-4 Closing
Date) and (y) the lowest Market Value Average as of any Determination Date
within the preceding 12 calendar months (or such fewer number of months as have
elapsed since the Series 2005-4 Closing Date).

“Class A Weighted Average Required Other
Non-Investment Grade Manufacturer Vehicle Enhancement Percentage” means, as
of any date of determination, the sum of (i) the product of the Class A Hedged
Percentage as of such date times the Class A Hedged Required Other
Non-Investment Grade Manufacturer Vehicle Enhancement Percentage, (ii) the
product of the Class A Unhedged Percentage as of such date times the Class A
Unhedged Required Other Non-Investment Grade Manufacturer Vehicle Enhancement
Percentage and (iii) an amount equal to 100% minus the lower of (x) the lowest
Non-Program Vehicle Measurement Month Average for any Measurement Month within
the preceding 12 calendar months (or such fewer number of months as have
elapsed since the Series 2005-4 Closing Date) and (y) the lowest Market Value
Average as of any Determination Date within the preceding 12 calendar months
(or such fewer number of months as have elapsed since the Series 2005-4 Closing
Date).

“Class A Weighted Average Required Program Vehicle
Enhancement Percentage” means, as of any date of determination, the sum of
(i) the product of the Class A Hedged Percentage as of such date times the Class
A Hedged Required Program Vehicle Enhancement Percentage and (ii) the product
of the Class A Unhedged Percentage as of such date times the Class A Unhedged
Required Program Vehicle Enhancement Percentage.

 19
 

“Class B Adjusted Enhancement Amount” means, the
Class B Enhancement Amount, excluding from the calculation thereof the amount
available to be drawn under any Class B Letter of Credit if at the time of such
calculation (A) such Class B Letter of Credit shall not be in full force and
effect, (B) an Event of Bankruptcy shall have occurred with respect to the
Class B Letter of Credit Provider of such Class B Letter of Credit or (C) such
Class B Letter of Credit Provider shall have repudiated such Class B Letter of
Credit or failed to honor a draw thereon made in accordance with the terms
thereof.

“Class B Adjusted Liquidity Amount” means, the
Class B Liquidity Amount, excluding from the calculation thereof the amount
available to be drawn under any Class B Letter of Credit if at the time of such
calculation (A) such Class B Letter of Credit shall not be in full force and
effect, (B) an Event of Bankruptcy shall have occurred with respect to the
Class B Letter of Credit Provider of such Class B Letter of Credit or (C) such
Class B Letter of Credit Provider shall have repudiated such Class B Letter of
Credit or failed to honor a draw thereon made in accordance with the terms
thereof.

“Class B Adjusted Principal Amount” means, as
of any date of determination, the excess, if any, of (A) the Class B Principal
Amount as of such date over (B) the excess, if any, of (I) the sum of (1) the
amount of cash and Permitted Investments on deposit in the Series 2005-4 Excess
Collection Account and (2) the amount of cash and Permitted Investments on
deposit in the Series 2005-4 Collection Account and available for reduction of
the Series 2005-4 Principal Amount, in each case, as of such date over (II) the
Class A Principal Amount as of such date.

“Class B Available Cash Collateral Account Amount”
means, as of any date of determination, the sum of (a) the Class B Available
Ford Cash Collateral Account Amount and (b) the Class B Available Non-Ford Cash
Collateral Account Amount.

“Class B Available Ford Cash Collateral Account
Amount” means, as of any date of determination, the amount on deposit in
the Class B Ford Cash Collateral Account (after giving effect to any deposits
thereto and withdrawals and releases therefrom on such date).

“Class B Available Non-Ford Cash Collateral Account
Amount” means, as of any date of determination, the amount on deposit in
the Class B Non-Ford Cash Collateral Account (after giving effect to any
deposits thereto and withdrawals and releases therefrom on such date).

“Class B Available Reserve Account Amount”
means, as of any date of determination, the amount on deposit in the Class B
Reserve Account.

“Class B Cash Collateral Account” means a Class
B Ford Cash Collateral Account and/or a Class B Non-Ford Cash Collateral
Account, as the context may require.

 20
 

“Class B Cash Collateral Account Interest and
Earnings” means with respect to a Class B Cash Collateral Account all
interest and earnings (net of losses and investment expenses) paid on funds on
deposit in such Class B Cash Collateral Account.

“Class B Cash Collateral Account Surplus”
means, with respect to any Payment Date, the lesser of (a) the sum of (x) the
Class B Available Ford Cash Collateral Account Amount and (y) the Class B
Available Non-Ford Cash Collateral Account Amount and (b) the least of (i) the
excess, if any, of the Class B Adjusted Enhancement Amount (after giving effect
to any withdrawal from the Class A Reserve Account and the Class B Reserve
Account and any drawings under the Class A Letters of Credit (or any
withdrawals from a Class A Cash Collateral Account, if any) and under the Class
B Letters of Credit, in each case, on such Payment Date) over the Class B
Required Enhancement Amount on such Payment Date and (ii) the excess, if any,
of the Class B Adjusted Liquidity Amount (after giving effect to any withdrawal
from the Class B Reserve Account on such Payment Date) over the Class B
Required Liquidity Amount on such Payment Date.

“Class B Certificate of Credit Demand” means a
certificate in the form of Annex A to a Class B Letter of Credit.

“Class B Certificate of Preference Payment Demand”
means a certificate in the form of Annex C to a Class B Letter of Credit.

“Class B Certificate of Termination Demand”
means a certificate in the form of Annex D to a Class B Letter of Credit.

“Class B Certificate of Unpaid Demand Note Demand”
means a certificate in the form of Annex B to Class B Letter of Credit.

“Class B Deficiency Amount” means a Class B-1
Deficiency Amount or a Class B-2 Deficiency Amount.

“Class B Disbursement” shall mean any Class B
LOC Credit Disbursement, any Class B LOC Preference Payment Disbursement, any
Class B LOC Termination Disbursement or any Class B LOC Unpaid Demand Note
Disbursement under the Class B Letters of Credit or any combination thereof, as
the context may require.

“Class B Downgrade Event” has the meaning
specified in Section 3.15(c) of this Series Supplement.

“Class B Eligible Ford
Letter of Credit Provider” means, for so long as any Class A Notes are
Outstanding, a Class A Eligible Ford Letter of Credit Provider, and if no Class
A Notes are Outstanding, a Person having, at the time of the issuance of the
related Class B Ford Letter of Credit, a long-term senior unsecured debt rating
(or the equivalent thereof in the case of Moody’s or Standard & Poor’s , as
applicable) of at least “A+” from Standard & Poor’s and at least “A1” from
Moody’s and a short-term senior unsecured debt rating of at least “A-1” from
Standard & Poor’s and “P-1” from Moody’s.

 21

“Class B Eligible Letter of Credit Provider”
means, for so long as any Class A Notes are Outstanding, a Class A Eligible
Letter of Credit Provider, and if no Class A Notes are Outstanding, a Person
having, at the time of the issuance of the related Class B Letter of Credit, a
long-term senior unsecured debt rating (or the equivalent thereof in the case
of Moody’s or Standard & Poor’s, as applicable) of at least “A+” from
Standard & Poor’s and at least “A1” from Moody’s and a short-term senior unsecured
debt rating of at least “A-1” from Standard & Poor’s and “P-1” from Moody’s.

“Class B Enhancement Amount” means, as of any
date of determination, the sum of (i) the Class B Overcollateralization Amount
as of such date, (ii) the Class B Letter of Credit Amount as of such date,
(iii) the Class A Letter of Credit Amount as of such date, (iv) the Class B
Available Reserve Account Amount as of such date (after giving effect to any
deposits thereto and withdrawals and releases therefrom on such date)and (v)
the Class A Available Reserve Account Amount as of such date (after giving
effect to any deposits thereto and withdrawals and releases therefrom on such
date).

“Class B Enhancement Deficiency” means, on any
day, the amount by which the Class B Adjusted Enhancement Amount is less than
the Class B Required Enhancement Amount.

“Class B Ford Cash Collateral Account” has the
meaning specified in Section 3.15(g)(I) of this Series Supplement.

“Class B Ford Cash Collateral Account Collateral”
has the meaning specified in Section 3.15(a)(I) of this Series Supplement.

“Class B Ford Cash Collateral Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Class B Available Ford Cash Collateral
Account Amount as of such date and the denominator of which is the Class B Ford
Letter of Credit Liquidity Amount as of such date.

“Class B Ford Letter of Credit” means an
irrevocable letter of credit, substantially in the form of Exhibit B-2-2
to this Series Supplement, issued for the account of Ford or an affiliate
thereof by a Class B Eligible Ford Letter of Credit Provider in favor of the
Trustee for the benefit of the Series 2005-4 Noteholders.

“Class B Ford Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class B Ford Letter of Credit, as
specified therein, and (b) if a Class B Ford Cash Collateral Account has been
established and funded pursuant to Section 3.9 of this Series
Supplement, the Class B Available Ford Cash Collateral Account Amount on such
date.

“Class B Ford Letter of Credit Provider” means
the issuer of a Class B Ford Letter of Credit.

 22
 

“Class B Letter of Credit” means (i) a Class B
Ford Letter of Credit or (ii) a Class B Non-Ford Letter of Credit.

“Class B Letter of Credit Amount” means, as of
any date of determination, the sum of the Class B Ford Letter of Credit
Liquidity Amount on such date and the Class B Non-Ford Letter of Credit Amount
on such date.

“Class B Letter of Credit Expiration Date”
means, with respect to any Class B Letter of Credit, the expiration date set
forth in such Class B Letter of Credit, as such date may be extended in
accordance with the terms of such Class B Letter of Credit.

“Class B Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class B Letter of Credit, as
specified therein, and (b) if a Class B Cash Collateral Account has been
established and funded pursuant to Section 3.15(g) of this Series
Supplement, the Class B Available Cash Collateral Account Amount on such date.

“Class B Letter of Credit Provider” means the
issuer of a Class B Letter of Credit.

“Class B Letter of Credit Reimbursement Agreement”
means any and each reimbursement agreement providing for the reimbursement of a
Class B Letter of Credit Provider for draws under its Class B Letter of Credit,
other than any such reimbursement agreement between Ford and a Class B Ford
Letter of Credit Provider, as the same may be amended, restated, modified or
supplemented from time to time in accordance with its terms.

“Class B Liquidity Amount” means, as of any
date of determination, the sum of (a) the Class B Letter of Credit Liquidity
Amount and (b) the Class B Available Reserve Account Amount on such date (after
giving effect to any deposits thereto on such date).

“Class B Liquidity Deficiency”
means, as of any date of determination, the amount by which the Class B Adjusted
Liquidity Amount is less than the Class B Required Liquidity Amount as of such
date.

“Class B Liquidity Surplus”
means, with respect to any date of determination, the excess, if any, of the
Class B Adjusted Liquidity Amount over the Class B Required Liquidity Amount,
in each case, as of such date.

“Class B LOC Credit Disbursement” means an
amount drawn under a Class B Letter of Credit pursuant to a Class B Certificate
of Credit Demand.

“Class B LOC Preference Payment Disbursement”
means an amount drawn under a Class B Letter of Credit pursuant to a Class B
Certificate of Preference Payment Demand.

 23
 

“Class B LOC Termination Disbursement” means an
amount drawn under a Class B Letter of Credit pursuant to a Class B Certificate
of Termination Demand.

“Class B LOC Unpaid Demand Note Disbursement”
means an amount drawn under a Class B Letter of Credit pursuant to a Class B
Certificate of Unpaid Demand Note Demand.

“Class B Monthly Interest” means, with respect
to any Series 2005-4 Interest Period, the sum of Class B-1 Monthly Interest and
Class B-2 Monthly Interest for such Series 2005-4 Interest Period.

“Class B Non-Ford Cash Collateral Account” has
the meaning specified in Section 3.15(g)(II) of this Series Supplement.

“Class B Non-Ford Cash Collateral Account
Collateral” has the meaning specified in Section 3.15(a)(II) of this Series
Supplement.

“Class B Non-Ford Cash Collateral Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Class B Available Non-Ford Cash
Collateral Account Amount as of such date and the denominator of which is the
Class B Non-Ford Letter of Credit Liquidity Amount as of such date.

“Class B Non-Ford Letter of Credit” means an
irrevocable letter of credit, substantially in the form of Exhibit B-2-1
to this Series Supplement, issued by a Class B Eligible Letter of Credit
Provider in favor of the Trustee for the benefit of the Series 2005-4
Noteholders, other than a Class B Ford Letter of Credit.

“Class B Non-Ford Letter of Credit Amount”
means, as of any date of determination, the lesser of (a) the sum of (i) the
aggregate amount available to be drawn on such date under the Class B Non-Ford
Letters of Credit, as specified therein, and (ii) if a Class B Non-Ford Cash Collateral
Account has been established and funded pursuant to Section 3.15 of this
Series Supplement, the Class B Available Non-Ford Cash Collateral Account
Amount on such date and (b) the result of (x) the outstanding principal amount
of the Series 2005-4 Demand Note on such date minus (y) the Class A Non-Ford
Letter of Credit Amount.

“Class B Non-Ford Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class B Non-Ford Letter of
Credit, as specified therein, and (b) if a Class B Non-Ford Cash Collateral
Account has been established and funded pursuant to Section 3.9 of this
Series Supplement, the Class B Available Non-Ford Cash Collateral Account
Amount on such date.

“Class B Non-Ford Letter of Credit Provider”
means the issuer of a Class B Non-Ford Letter of Credit.

 24
 

“Class B Noteholders” means, collectively, the
Class B-1 Noteholders and the Class B-2 Noteholders.

“Class B Notes” means, collectively, the Class
B-1 Notes and the Class B-2 Notes.

“Class B Notes Term Sheet” means with respect
to each issuance of Class B Notes, the supplemental term sheet substantially in
the form of Annex A to this Series Supplement setting forth the terms
with respect to the Class B Notes being issued.

“Class B Notice of Reduction” means a notice in
the form of Annex E to a Class B Letter of Credit.

“Class B Overcollateralization Amount” means as
of any date of determination, (i) on which no Aggregate Asset Amount Deficiency
exists, the Class B Required Overcollateralization Amount as of such date or
(ii) on which an Aggregate Asset Amount Deficiency exists, the excess, if any,
of the Series 2005-4 Asset Amount over the Series 2005-4 Adjusted Principal
Amount, in each case as of such date.

“Class B Percentage” shall mean a fraction
expressed as a percentage, the numerator of which is the Class B Principal
Amount and the denominator of which is the Series 2005-4 Principal Amount.

“Class B Preference Amount” means any amount previously
paid by Hertz pursuant to the Series 2005-4 Demand Note and distributed to the
Class B Noteholders in respect of amounts owing under the Class B Notes that is
recoverable or that has been recovered as a voidable preference by the trustee
in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in
accordance with a final nonappealable order of a court having competent
jurisdiction.

“Class B Principal Amount” means, as of any
date of determination, the sum of the Class B-1 Principal Amount and the Class
B-2 Principal Amount.

“Class B Purchase Agreement” shall have the
meaning with respect to any Class B Note specified in the related Class B Notes
Term Sheet.

“Class B Required Enhancement Amount” means, as
of any date of determination, the sum of (i) the product of the Class B
Required Enhancement Percentage as of such date and the Series 2005-4 Adjusted
Principal Amount as of such date and (ii) the Class B Required Enhancement
Incremental Amount as of such date; provided, however, that, as of
any date of determination after the occurrence of a Series 2005-4 Limited
Liquidation Event of Default, the Class B Required Enhancement Amount shall
equal the lesser of (x) the Series 2005-4 Adjusted Principal Amount as of such
date and (y) the sum of (l) the product of the Class B Required Enhancement
Percentage as of such date of determination and the Series 2005-4 Adjusted
Principal Amount as of the date of the occurrence of such Series 2005-4 Limited
Liquidation Event of Default and (2) the Class B Required Enhancement
Incremental Amount as of such date of determination.

 25
 

“Class B Required Enhancement Incremental Amount”
means

(i)            as
of the Series 2005-4 Closing Date, $0; and

(ii)           as
of any date thereafter, the product of (A) the Series 2005-4 Required Asset
Amount Percentage as of the immediately preceding Business Day and (B) the sum
of (1) the excess, if any, of the Non-Eligible Vehicle Amount (excluding from
the calculation thereof, to the extent that an Event of Bankruptcy has occurred
with respect to any of Ford, GM, Chrysler, Toyota and Honda, the Net Book Value
of the HVF Vehicles (other than Non-Program Vehicles manufactured by any such
Manufacturer as of the date of the occurrence of such Event of Bankruptcy)
manufactured by each such Manufacturer for which an Event of Bankruptcy has
occurred and any amounts related to such HVF Vehicles due from such
Manufacturer) over the Series 2005-4 Maximum Non-Eligible Vehicle Amount as of
such immediately preceding Business Day, (2) the excess, if any, of the Hyundai
Amount over the Series 2005-4 Maximum Hyundai Amount as of such immediately
preceding Business Day, (3) the excess, if any, of the Jaguar Amount over the
Series 2005-4 Maximum Jaguar Amount as of such immediately preceding Business
Day, (4) the excess, if any, of the Kia Amount over the Series 2005-4 Maximum
Kia Amount as of such immediately preceding Business Day, (5) the excess, if
any, of the Land Rover Amount over the Series 2005-4 Maximum Land Rover Amount
as of such immediately preceding Business Day, (6) the excess, if any, of the
Mazda Amount over the Series 2005-4 Maximum Mazda Amount as of such immediately
preceding Business Day, (7) the excess, if any, of the Mitsubishi Amount over
the Series 2005-4 Maximum Mitsubishi Amount as of such immediately preceding
Business Day, (8) the excess, if any, of the Subaru Amount over the Series
2005-4 Maximum Subaru Amount as of such immediately preceding Business Day, (9)
the excess, if any, of the Volvo Amount over the Series 2005-4 Maximum Volvo Amount
as of such immediately preceding Business Day, (10) the excess, if any, of the
Non-Eligible Manufacturer Amount over the Series 2005-4 Maximum Non-Eligible
Manufacturer Amount as of such immediately preceding Business Day, (11) the
excess, if any, of the Manufacturer Non-Eligible Vehicle Amount with respect to
any Manufacturer (excluding from the calculation thereof, to the extent that an
Event of Bankruptcy has occurred with respect to any of Ford, GM, Chrysler,
Toyota and Honda, the Net Book Value of the HVF Vehicles (other than
Non-Program Vehicles manufactured by any such Manufacturer as of the date of
the occurrence of such Event of Bankruptcy) manufactured by each such
Manufacturer for which an Event of Bankruptcy has occurred and any amounts related
to such HVF Vehicles due from such Manufacturer) over the Series 2005-4 Maximum
Manufacturer Non-Eligible Vehicle Amount as of such immediately preceding
Business Day, (12) the excess, if any, of the Audi Amount over the Series
2005-4 Maximum Audi Amount as of such immediately preceding Business Day, (13)
the excess, if any of the BMW Amount over the Series 2005-4 Maximum BMW Amount
as of such immediately preceding Business Day, (14) the excess, if any of the
Lexus Amount over the Series 2005-4 Maximum Lexus Amount as of such immediately
preceding Business Day, (15) the excess, if any of the Mercedes Amount over the
Series 2005-4 Maximum Mercedes Amount as of such immediately preceding Business
Day and (16) the excess, if any of the Aggregate BMW/Lexus/Mercedes/Audi Amount
over the Series 2005-4 Maximum Aggregate BMW/Lexus/Mercedes/Audi 

 26
 

Amount as of such
immediately preceding Business Day.  The
Manufacturer Non-Eligible Vehicle Amounts with respect to Ford, Volvo, Jaguar
and Land Rover shall be calculated on an aggregate basis so that they will be
considered as one Manufacturer for the purpose of the calculation of the Series
2005-4 Maximum Manufacturer Non-Eligible Vehicle Amount for so long as each of
Volvo, Jaguar and Land Rover is an Affiliate of Ford.

“Class B Required Enhancement Percentage” shall
have the meaning specified in the Initial Class B Notes Term Sheet.

“Class B Required Liquidity Amount” means, as
of any date of determination, an amount equal to the product of (i) the Class B
Required Liquidity Percentage as of such date times (ii) the Class B Adjusted
Principal Amount on such date.

“Class B Required Liquidity Percentage” shall
have the meaning specified in the Initial Class B Notes Term Sheet.

“Class B Required Overcollateralization Amount”
means, as of any date of determination, the excess, if any, of (a) the Class B
Required Enhancement Amount as of such date over (b) the sum of (i) the Class A
Available Reserve Account Amount as of such date (after giving effect to any
deposits thereto and withdrawals and releases therefrom on such date), (ii) the
Class B Available Reserve Account Amount as of such date (after giving effect
to any deposits thereto and withdrawals and releases therefrom on such date),
(iii) the Class A Letter of Credit Amount as of such date and (iv) the Class B
Letter of Credit Amount as of such date.

“Class B Required Reserve
Account Amount” means, with respect to any date of determination, an amount
equal to the greater of (a) the excess, if any, of the Class B Required
Liquidity Amount over the Class B Letter of Credit Liquidity Amount, in each
case, as of such date, excluding from the calculation thereof the amount
available to be drawn under any Class B Letter of Credit if at the time of such
calculation (A) such Class B Letter of Credit shall not be in full force and
effect, (B) an Event of Bankruptcy shall have occurred with respect to the
Class B Letter of Credit Provider of such Class B Letter of Credit, (C) such
Class B Letter of Credit Provider shall have repudiated such Class B Letter of
Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Class B Downgrade Event shall have occurred and be continuing
for at least 30 days with respect to the Series 2005-4 Letter of Credit Provider
of such Class B Letter of Credit, and (b) the excess, if any, of the Class B
Required Enhancement Amount over the Class B Adjusted Enhancement Amount
(excluding therefrom the Class B Available Reserve Account Amount), in each
case, as of such date.

“Class B Reserve Account”
has the meaning specified in Section 3.14(a) of this Series Supplement.

“Class B Reserve Account
Collateral” has the meaning specified in Section 3.14(d) of this
Series Supplement.

 27
 

“Class B Reserve Account
Surplus” means, with respect to any date of determination, the excess, if
any, of the Class B Available Reserve Account Amount (after giving
effect to any deposits thereto and withdrawals and releases therefrom on such
date) over the Class B Required Reserve
Account Amount, in each case, as of such date.

“Class B-1 Deficiency Amount” has the meaning
specified in Section 3.3(g) of this Series Supplement.

“Class B-1 Initial Principal Amount” shall have
the meaning with respect to the Class B-1 Notes specified in the related Class
B Notes Term Sheet.

“Class B-1 Monthly Interest” means, with
respect to any Series 2005-4 Interest Period, an amount equal to the product of
(i) the Class B-1 Note Rate for such Series 2005-4 Interest Period, (ii) the
Class B-1 Principal Amount on the first day of such Series 2005-4 Interest
Period, after giving effect to any principal payments made on such date, or, in
the case of the initial Series 2005-4 Interest Period, the Class B-1 Initial
Principal Amount and (iii) a fraction, the numerator of which is the number of
days in such Series 2005-4 Interest Period and the denominator of which is 360.

“Class B-1 Note Rate” shall have the meaning
with respect to the Class B-1 Notes specified in the related Class B Notes Term
Sheet.

“Class B-1 Noteholder” means the Person in
whose name a Class B-1 Note is registered in the Note Register.

“Class B-1 Notes” means any one of the Series
2005-4 Floating Rate Rental Car Asset Backed Notes, Class B-1, executed by HVF
and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-2-1, Exhibit A-2-2 or Exhibit A-2-3.  Definitive Class B-1 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of
Section 2.13 of the Base Indenture.

“Class B-1 Percentage” means, as of any date of
determination, the percentage equivalent of fraction, the numerator of which is
the Class B-1 Principal Amount and the denominator of which is the sum of the
Class B-1 Principal Amount and the Class B-2 Principal Amount.

“Class B-1 Principal Amount” means, when used
with respect to any date, an amount equal to (a) the Class B-1 Initial
Principal Amount specified in the Class B Notes Term Sheet related to the
issuance of the Class B-1 Notes executed as of such date minus (b) the amount
of principal payments made to Class B-1 Noteholders on or prior to such date
plus (c) the amount of any principal payments made to Class B-1 Noteholders
that have been rescinded or otherwise returned by the Class B-1 Noteholders for
any reason.

“Class B-2 Deficiency Amount” has the meaning
specified in Section 3.3(g) of this Series Supplement.

 28
 

“Class B-2 Initial Principal Amount” shall have
the meaning with respect to the Class B-2 Notes specified in the related Class
B Notes Term Sheet.

“Class B-2 Monthly Interest” shall have the
meaning specified in the Class B Notes Term Sheet related to the issuance of
the Class B-2 Notes.

“Class B-2 Note Rate” shall have the meaning
with respect to the Class B-2 Notes specified in the related Class B Notes Term
Sheet.

“Class B-2 Noteholder” means the Person in
whose name a Class B-2 Note is registered in the Note Register.

“Class B-2 Notes” means any one of the Series
2005-4 Fixed Rate Rental Car Asset Backed Notes, Class B-2, executed by HVF and
authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-3-1, Exhibit A-3-2 or Exhibit A-3-3.  Definitive Class B-2 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of
Section 2.13 of the Base Indenture.

“Class B-2 Percentage” means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Class B-2 Principal Amount and the denominator of which is the sum of
the Class B-1 Principal Amount and the Class B-2 Principal Amount.

“Class B-2 Principal Amount” means, when used
with respect to any date, an amount equal to (a) the Class B-2 Initial
Principal Amount specified in the Class B Notes Term Sheet related to the
issuance of the Class B-2 Notes minus (b) the amount of principal payments made
to Class B-2 Noteholders on or prior to such date plus (c) the amount of any
principal payments made to Class B-2 Noteholders that have been rescinded or
otherwise returned by the Class B-2 Noteholders for any reason.

“Class Enhancement Amount” means the Class A
Adjusted Enhancement Amount and/or the Class B Adjusted Enhancement Amount, as
the context may require.

“Class Enhancement Deficiency” means a Class A
Enhancement Deficiency and/or a Class B Enhancement Deficiency, as the context
may require.

“Class Liquidity Amount” means the Class A
Adjusted Liquidity Amount and/or the Class B Adjusted Liquidity Amount, as the
context may require.

“Class Liquidity Deficiency” means a Class A
Liquidity Deficiency and/or a Class B Liquidity Deficiency, as the context may
require.

“Confirmation Condition” with respect to any
Bankrupt Manufacturer means a condition that is satisfied when the bankruptcy
court having jurisdiction over the Bankrupt Manufacturer issues an order that
remains in effect approving: (i) the assumption of the Bankrupt Manufacturer’s
Manufacturer Program (and the related Assignment Agreements) by the Bankrupt
Manufacturer or the trustee in bankruptcy of the Bankrupt Manufacturer under
Section 365 of the Bankruptcy Code and, at the time of 

 29
 

the assumption, all
amounts due from the Bankrupt Manufacturer under the Manufacturer Program have
been paid and all other defaults by the Bankrupt Manufacturer under the
Manufacturer Program have been cured or (ii) the execution, delivery and
performance by the Bankrupt Manufacturer of a new post-petition Eligible
Manufacturer Program (and the related Assignment Agreements) on the same terms
and covering the same Vehicles as the Bankrupt Manufacturer’s Manufacturer
Program (and the related Assignment Agreements) in effect on the date the
Bankrupt Manufacturer suffered an event of bankruptcy and, at the time of the
execution and delivery of the new post-petition Eligible Manufacturer program,
all amounts due and payable by the Bankrupt Manufacturer under the Manufacturer
Program have been paid and all other defaults by the Bankrupt Manufacturer
under the Manufacturer Program have been cured.

“Controlling Class” means the Class A Notes as
long as any Class A Notes are Outstanding, and upon payment in full of the
Class A Notes, the Class B Notes (in each case excluding any Series 2005-4
Notes held by HVF or any Affiliate of HVF).

“Decrease” means a Mandatory Decrease or a
Voluntary Decrease, as applicable.

“Deficiency Amount” means the Class A
Deficiency Amount and/or the Class B Deficiency Amount, as the context may
require.

“Demand Notice” has the meaning specified in Section
3.13(d) of this Series Supplement.

“Disbursement” means, each Class A Disbursement
and/or Class B Disbursement, as the context may require.

“Eligible Interest Rate Hedge Provider” means a
counterparty to a Series 2005-4 Interest Rate Hedge who is a bank or other
financial institution, that (A) has, or has all of its obligations under its
Series 2005-4 Interest Rate Hedge guaranteed by a person that has, a short-term
senior and unsecured debt rating of at least “A-1” from Standard & Poor’s
and a long-term senior unsecured debt rating of at least “A+” from Standard
& Poor’s, (B) has, or has all of its obligations under its Series 2005-4
Interest Rate Hedge guaranteed by a person that has, a short-term senior
unsecured debt rating of “P-1” from Moody’s and a long-term senior unsecured
debt rating of at least “A1” from Moody’s and (C) unless otherwise agreed to by
Fitch, has, or has all of its obligations under its Series 2005-4 Interest Rate
Hedge guaranteed by a person that has, a short-term senior and unsecured debt
rating of at least “F1” from Fitch and a long-term senior unsecured debt rating
of at least “A” from Fitch; provided that, for so long as any Class A Notes are
Outstanding, each Eligible Interest Rate Hedge Provider shall be approved by
the Insurer, such approval not to be unreasonably withheld or delayed.

“Eligible Program Vehicle Amount” means, as of
any date of determination, an amount equal to the sum, rounded to the nearest
$100,000, of the following amounts to the extent that such amounts are included
in the definition of “Aggregate Asset Amount” for such date: (i) the Net Book
Value of all Eligible Program 

 30
 

Vehicles that are
Eligible Vehicles as of such date and not turned in to and accepted by the
Manufacturer thereof pursuant to its Manufacturer Program, not delivered and
accepted for Auction pursuant to a Manufacturer Program or not otherwise sold
or deemed to be sold under the Related Documents, plus (ii) the aggregate
amount of Manufacturer Receivables (other than Excluded Payments) payable to
HVF or to the Intermediary pursuant to the Master Exchange Agreement, in each
case as of such date by Manufacturers which are Eligible Program Manufacturers
with respect to Vehicles that were Eligible Vehicles and Eligible Program
Vehicles when turned in to and accepted by such Manufacturers or delivered and
accepted for Auction, plus (iii) with respect to Eligible Vehicles that were
Eligible Program Vehicles that have been delivered and accepted for Auction
pursuant to a Manufacturer Program with a Manufacturer which is an Eligible
Program Manufacturer, all amounts receivable (other than amounts specified in clause
(ii) above) from any person or entity in connection with the Auction of
such Eligible Vehicles as of such date, plus (iv) with respect to Eligible
Vehicles that were Eligible Program Vehicles that have been turned in to and
accepted by the Manufacturer thereof, delivered and accepted for Auction,
otherwise sold or become a Casualty, any accrued and unpaid Casualty Payments
or Termination Payments with respect to such Eligible Vehicles under the HVF
Lease, plus (v)
with respect to Eligible Vehicles that were Eligible Program Vehicles that
have been turned in to and accepted by the Manufacturer thereof, delivered for
Auction or otherwise sold, any accrued and unpaid Monthly Base Rent with
respect to such Eligible Vehicles under the HVF Lease (net of amounts set forth
in clauses (ii), (iii) and (iv) above), plus (vi) with
respect to Eligible Vehicles that were Eligible Program Vehicles sold by HVF to
a third party pursuant to Section 2.5(a) of the HVF Lease, any non-return
incentives payable to HVF under a Manufacturer Program by an Eligible Program
Manufacturer in respect of the sale of such Vehicles outside of the related
Manufacturer Program as of such date, plus (vii) if such date is during the
period from and including a Determination Date to but excluding the next
Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment
Date with respect to all Eligible Vehicles that are Eligible Program Vehicles
as of such date and that have not been turned in to and accepted by the
Manufacturer thereof pursuant to its Manufacturer Program, not been delivered
and accepted for Auction pursuant to a Manufacturer Program and not otherwise
been sold or deemed to be sold under the Related Documents.

“Eligible Series Enhancement Account” means any
Series Account the amount on deposit in which is included in the Enhancement
Amount with respect to the related Series of Notes and the Series Supplement
with respect to which provides that, if there are any Ford Reimbursement
Obligations outstanding, amounts on deposit therein may only be applied to pay
principal of, or interest on, the related Series of Notes or to pay such Ford
Reimbursement Obligations.

“Estimated Interest” has the meaning specified
in Section 3.3(b) of this Series Supplement.

“Estimated Interest Adjustment Amount” means,
with respect to any Determination Date, the result (whether a positive or
negative number) of (i) the actual amount of Class A Adjusted Monthly Interest
that accrued during the Estimated Interest 

 31
 

Period which commenced on
the immediately preceding Determination Date minus (ii) the Estimated Interest
with respect to such Estimated Interest Period.

“Estimated Interest Adjustment Notice” has the
meaning specified in Section 3.3(b) of this Series Supplement.

“Estimated Interest Period” has the meaning
specified in Section 3.3(b) of this Series Supplement.

“Excluded Redesignated Vehicle” means each
Vehicle manufactured by a Manufacturer with respect to which an Event of
Bankruptcy has occurred that becomes a Redesignated Vehicle prior to the
Inclusion Date for such Vehicle, as of and from the date such Vehicle becomes a
Redesignated Vehicle to and until the Inclusion Date for such Vehicle.

“Expected Final Payment Date” means the
December 2009 Payment Date.

“Financial Assets” has the meaning specified in
Section 3.11(b)(i) of this Series Supplement.

“Fleet Equity Amount” means, on any date of
determination, the amount, if any, by which the sum of (a) the Aggregate Asset
Amount on such date and (b) the amount of cash and Permitted Investments on
deposit in the (i) Class A Reserve Account, (ii) the Class B Reserve Account,
(iii) the Class A Non-Ford Cash Collateral Account, (iv) the Class B Non-Ford
Cash Collateral Account, (v) the Series 2005-4 Excess Collection Account after
the required application of such funds in accordance with the priorities set
forth in clauses (i) through (v) of Section 2.2(f) of this
Series Supplement as of such date, (vi) the Series 2005-4 Collection Account
and available for reduction of the Series 2005-4 Principal Amount as of such
date, (vii) any Series-Specific Excess Collection Account (other than the
Series 2005-4 Excess Collection Account) after the required application of such
funds in accordance with the priorities set forth in the provisions of the
related Series Supplement governing the distribution of amounts on deposit in
such Series-Specific Excess Collection Account, other than amounts that are
permitted to be released to HVF, (viii) any Series-Specific Collection Account
(other than the Series 2005-4 Collection Account) and available for reduction
of the Principal Amount with respect to the related Series as of such date and
(ix) any other Eligible Series Enhancement Account exceeds the aggregate
Principal Amount of each Outstanding Series of Notes on such date.

“Fleet Equity Condition”
means, as of any date of determination, a condition that is satisfied if the
Fleet Equity Amount as of such date equals or exceeds the Minimum Fleet Equity
Amount as of such date.

“Ford Letter of Credit” means an irrevocable
letter of credit issued for the account of Ford or an affiliate thereof in
favor of the Trustee for the benefit of a Series of Notes or a class of a
Series of Notes.

 32
 

“Ford LOC Disbursement” means any Class A LOC
Credit Disbursement under a Class A Ford Letter of Credit or any Class B LOC
Credit Disbursement under a Class B Ford Letter of Credit.

“Ford LOC Exposure Amount” means, on any date
of determination, the sum of (a) the aggregate amount available to be drawn
under all outstanding Ford Letters of Credit on such date, (b) the stated
amount of Ford Letters of Credit that Ford is committed to provide to HVF on
such date, after giving effect to the issuance of the Ford Letters of Credit
referenced in clause (a), (c) the aggregate amount of cash and
Permitted Investments on deposit in any Series Account (including the Class A
Ford Cash Collateral Account and the Class B Ford Cash Collateral Account)
funded by an amount drawn under a Ford Letter of Credit on such date and (d)
(without double counting any amount included in the preceding clause (c))
any outstanding Ford Reimbursement Obligations on such date.

“Ford Reimbursement Obligations” means any and
all obligations of HVF set forth in Section 3.17 of this Series
Supplement and any other payment obligation of HVF in respect of a Ford Letter
of Credit set forth in any other Series Supplement; provided, however
that no Ford Reimbursement Obligation in respect of a disbursement made under a
Ford Letter of Credit shall arise until such time as Ford has reimbursed the
provider of such Ford Letter of Credit for such disbursement.

“HVF Service Vehicle Amount” means, as of any
date of determination, an amount equal to the Manufacturer Non-Eligible Vehicle
Amount and the Manufacturer Eligible Program Vehicle Amount, in each case with
respect to HVF Service Vehicles as of such date.

“HVF Service Vehicles” means, an HVF Vehicle
used by Hertz’s employees, or to the extent permitted under the HVF Lease,
employees of Hertz Equipment Rental Corporation.

“Hyundai Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Hyundai as of such date.

“Inclusion Date” means, with respect to any
Vehicle manufactured by a Manufacturer with respect to which an Event of
Bankruptcy has occurred, the date that is three months after the earlier of
(i) the date such Vehicle became a Redesignated Vehicle and (ii) the
date upon which such Event of Bankruptcy with respect to the Manufacturer of
such Vehicle first occurred.

“Increase” has the meaning specified in Section
2.1(a) of this Series Supplement.

“Indenture Carrying Charges” means, as of any
day, any fees or other costs, fees and expenses and indemnity amounts, if any,
payable by HVF to the Trustee, the Administrator, the Intermediary under the
Master Exchange Agreement, the Class 

 33
 

Administrative Agent
under the Class A Note Purchase Agreement or the Nominee under the Indenture or
the Related Documents plus any other operating expenses of HVF then payable by
HVF including, without limitation, any amounts owing from HVF under each Series
2005-4 Interest Rate Hedge (other than Monthly Hedge Payments).

“Initial Class B Interest Period” shall have
the meaning with respect to any Class B Note specified in the related Class B
Notes Term Sheet.

“Initial Class B Notes Term Sheet” means the
Class B Notes Term Sheet relating to the initial issuance of Class B Notes.

“Insurance Agreement” means the Insurance
Agreement, dated as of December 21, 2005, among the Insurer, the Trustee and
HVF, which shall constitute an “Enhancement Agreement” with respect the Class A
Notes for all purposes under the Indenture.

“Insurance Policy” means the Note Guaranty
Insurance Policy No. 47444, dated December 21, 2005, issued by the Insurer.

“Insured Principal Deficit Amount” means, with
respect to any Payment Date, the excess, if any, of (a) the Class A Outstanding
Principal Amount measured as of such Payment Date (after giving effect to the
distribution of the Monthly Total Principal Allocation for the Related Month)
over (b) the sum on such Payment Date of (i) the Class A Asset Amount, (ii) the
Class A Available Reserve Account Amount, (iii) the Class A Letter of Credit Amount,
(iv) the Class B Available Reserve Account Amount, (v) the Class B Letter of
Credit Amount, (vi) the amount of cash and Permitted Investments on deposit in
the Series 2005-4 Excess Collection Account and (vii) the amount on deposit in the Series 2005-4 Distribution Account and
allocated to effect a redemption of the Class A Notes of any Class.

“Insurer” means MBIA Insurance Corporation, a
New York corporation.  The Insurer shall
constitute an “Enhancement Provider” with respect to the Class A Notes for all
purposes under the Indenture and the other Related Documents.

“Insurer Default” means (i) any failure by the
Insurer to pay a demand for payment made in accordance with the requirements of
the Insurance Policy and such failure shall not have been cured or (ii) the
occurrence of an Insurer Insolvency Event with respect to the Insurer.

“Insurer Fee” has the meaning set forth in the
Insurance Agreement.

“Insurer Insolvency Event” shall be deemed to
have occurred with respect to the Insurer if:

(a)           a
rehabilitation or liquidation proceeding shall be commenced against the
Insurer, without the consent of the Insurer, seeking the rehabilitation or
liquidation of the Insurer, the appointment of a trustee, receiver, custodian,
liquidator, assignee, sequestrator or the like for the Insurer or all or any
substantial part of its assets, 

 34
 

or any similar action
with respect to the Insurer under any law relating to rehabilitation,
liquidation, insolvency, reorganization, winding up or composition or
adjustment of debts, and such proceeding shall continue undismissed, or
unstayed and in effect, for a period of 60 consecutive days; or

(b)           the
Insurer shall commence a voluntary proceeding under any applicable
rehabilitation, insolvency, reorganization, debt arrangement, dissolution or
other similar law now or hereafter in effect, or shall consent to the
appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) for the Insurer or
for any substantial part of its property, or shall make any general assignment
for the benefit of creditors; or

(c)           the
board of directors of the Insurer shall vote to implement any of the actions
set forth in clause (b) above.

“Insurer Reimbursement Amounts” means, as of any
date of determination, (i) an amount equal to the aggregate of any amounts due
as of such date to the Insurer pursuant to the Insurance Agreement in respect
of unreimbursed draws under the Insurance Policy, including interest thereon
determined in accordance with the Insurance Agreement, and (ii) an amount equal
to the aggregate of any other amounts due as of such date to the Insurer
pursuant to the Insurance Agreement (other than the Insurer Fee).

“Interest Rate Hedge Provider” means HVF’s
counterparty under a Series 2005-4 Interest Rate Hedge.  Each Interest Rate Hedge Provider, for so
long as such Interest Rate Hedge Provider is not in default under its Series
2005-4 Interest Rate Hedge, and such Series 2005-4 Interest Rate Hedge
continues to be in effect, shall constitute an “Enhancement Provider” with
respect to the Series 2005-4 Notes for all purposes under the Indenture and the
other Related Documents.

“Jaguar Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Jaguar as of such date.

“Kia Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Kia as of such date.

“Land Rover Amount” means, as of any date of
determination, an amount equal to the sum of the Land Rover Program Amount and
the Land Rover Non-Program Amount as of such date.

“Land Rover Non-Program Amount” means, as of
any date of determination, an amount equal to the Manufacturer Non-Eligible
Vehicle Amount with respect to Land Rover as of such date.

“Land Rover Program Amount” means, as of any
date of determination, an amount equal to the Manufacturer Eligible Program
Vehicle Amount with respect to Land Rover as of such date.

 35
 

“Lease Payment Deficit Notice” has the meaning
specified in Section 3.3(c) of this Series Supplement.

“Legal Final Payment Date” means the December
2010 Payment Date.

“Lexus Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Lexus as of such date.

“LIBOR Determination Date” means, with respect
to any Series 2005-4 Interest Period, the second London Business Day preceding
the first day of such Series 2005-4 Interest Period.

“LOC Preference Payment Disbursement” means a
Class A LOC Preference Payment Disbursement and/or a Class B LOC Preference
Payment Disbursement, as the context may require.

“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.

“Mandatory Decrease” has the meaning specified
in Section 2.2(a) of this Series Supplement.

“Manufacturer Eligible Program Vehicle Amount”
means, as of any date of determination, with respect to any Manufacturer, an
amount equal to the sum, rounded to the nearest $100,000, of the following
amounts to the extent that such amounts are included in the definition of “Aggregate
Asset Amount” for such date: (i) the Net Book Value of all Eligible Program Vehicles
that are Eligible Vehicles as of such date that were manufactured by such
Manufacturer or an Affiliate thereof and not turned in to and accepted by such
Manufacturer pursuant to its Manufacturer Program, not delivered and accepted
for Auction pursuant to its Manufacturer Program or not otherwise sold or
deemed to be sold under the Related Documents, plus (ii) the aggregate amount
of Manufacturer Receivables (other than Excluded Payments) payable to HVF or to
the Intermediary pursuant to the Master Exchange Agreement, in each case as of
such date by such Manufacturer with respect to Vehicles that were Eligible
Vehicles and Eligible Program Vehicles when turned in to and accepted by such
Manufacturer or delivered and accepted for Auction, plus (iii) with respect to
Eligible Vehicles that were Eligible Program Vehicles that have been delivered
and accepted for Auction pursuant to a Manufacturer Program with such
Manufacturer, all amounts receivable (other than amounts specified in clause
(ii) above) from any person or entity in connection with the Auction of
such Eligible Vehicles as of such date, plus (iv) with respect to Eligible
Vehicles that were Eligible Program Vehicles manufactured by such Manufacturer
or an Affiliate thereof that have been turned in to and accepted by such
Manufacturer, delivered and accepted for Auction, otherwise sold or become a
Casualty, any accrued and unpaid Casualty Payments or Termination Payments with
respect to such Eligible Vehicles as of such date under the HVF Lease, plus (v)
with respect to Eligible Vehicles 

 36
 

that were Eligible
Program Vehicles manufactured by such Manufacturer or an Affiliate thereof that
have been turned in to and accepted by such Manufacturer, delivered and
accepted for Auction or otherwise sold, any accrued and unpaid Monthly Base
Rent with respect to such Eligible Vehicles under the HVF Lease (net of amounts
set forth in clauses (ii), (iii), and (iv) above) plus
(vi) with respect to Eligible Vehicles that were Eligible Program Vehicles sold
by HVF to a third party pursuant to Section 2.5(a) of the HVF Lease, any
non-return incentives payable to HVF under a Manufacturer Program by such
Manufacturer in respect of the sale of such Vehicles outside of the related
Manufacturer Program as of such date, plus (vii) if such date is during the
period from and including a Determination Date to but excluding the next
Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment
Date with respect to all Eligible Vehicles that are Eligible Program Vehicles
as of such date that were manufactured by such Manufacturer or an Affiliate
thereof and that have not been turned in to and accepted by such Manufacturer
pursuant to its Manufacturer Program, not been delivered and accepted for
Auction pursuant to its Manufacturer Program and not otherwise been sold or
deemed to be sold under the Related Documents. 
For the purposes of this definition, an Affiliate of a Manufacturer
shall not include any Person who is included as a Manufacturer hereunder.

“Manufacturer Non-Eligible Vehicle Amount”
means, as of any date of determination, with respect to any Manufacturer, an
amount equal to the sum, rounded to the nearest $100,000, of the following
amounts to the extent that such amounts are included in the definition of “Aggregate
Asset Amount” for such date: (i) the Net Book Value of all Non-Eligible Program
Vehicles or Non-Program Vehicles that are Eligible Vehicles as of such date
that were manufactured by such Manufacturer or an Affiliate thereof and not
turned in to and accepted by such Manufacturer thereof pursuant to its
Manufacturer Program, not delivered and accepted for Auction pursuant to its
Manufacturer Program or not otherwise sold or deemed to be sold under the
Related Documents, plus (ii) the aggregate amount of Manufacturer Receivables
(other than Excluded Payments) payable to HVF or to the Intermediary pursuant
to the Master Exchange Agreement, in each case as of such date by such
Manufacturer with respect to Vehicles that were Eligible Vehicles and Non-Eligible
Program Vehicles when turned in to and accepted by such Manufacturer or
delivered and accepted for Auction, plus (iii) with respect to Eligible
Vehicles that were Non-Eligible Program Vehicles that have been delivered and
accepted for Auction pursuant to a Manufacturer Program with such Manufacturer,
all amounts receivable (other than amounts specified in clause (ii)
above) from any Person in connection with the Auction of such Eligible Vehicles
as of such date, plus (iv) with respect to Eligible Vehicles that were
Non-Eligible Program Vehicles or Non-Program Vehicles manufactured by such
Manufacturer or an Affiliate thereof that have been turned in to and accepted
by such Manufacturer, delivered and accepted for Auction, otherwise sold or
become a Casualty, any accrued and unpaid Casualty Payments or Termination
Payments with respect to such Eligible Vehicles as of such date under the HVF
Lease, plus (v) with respect to Eligible Vehicles that were Non-Eligible
Program Vehicles or Non-Program Vehicles manufactured by such Manufacturer or
an Affiliate thereof that have been turned in to and accepted by such
Manufacturer, delivered and accepted for Auction or otherwise sold, any accrued
and unpaid Monthly Base Rent with respect to such Eligible Vehicles under the
HVF Lease (net of amounts 

 37
 

set forth in clauses
(ii), (iii) and (iv) above), plus (vi) if such date is during
the period from and including a Determination Date to but excluding the next
Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment
Date with respect to all Eligible Vehicles as of such date that are
Non-Eligible Program Vehicles or Non-Program Vehicles manufactured by such
Manufacturer or an Affiliate thereof and that have not been turned in to and
accepted by such Manufacturer thereof pursuant to its Manufacturer Program, not
been delivered and accepted for Auction pursuant to a Manufacturer Program and
not otherwise been sold or deemed to be sold under the Related Documents.  For the purposes of this definition, an
Affiliate of a Manufacturer shall not include any Person who is included as a
Manufacturer hereunder.

“Market Value Average” means, as of any day on
or after the third Determination Date, the percentage equivalent (not to exceed
100%) of a fraction, the numerator of which is the average of the Non-Program
Fleet Market Value as of such preceding Determination Date and the two
Determination Dates precedent thereto and the denominator of which is the
average of the aggregate Net Book Value of all Non-Program Vehicles
(excluding any Excluded Redesignated Vehicles) as of the preceding
Determination Date and the two Determination Dates precedent thereto.

“Mazda Amount” means, as of any date of
determination, an amount equal to the sum of the Mazda Program Amount and the
Mazda Non-Program Amount as of such date.

“Mazda Non-Program Amount” means, as of any
date of determination, an amount equal to the Manufacturer Non-Eligible Vehicle
Amount with respect to Mazda as of such date.

“Mazda Program Amount” means, as of any date of
determination, an amount equal to the Manufacturer Eligible Program Vehicle
Amount with respect to Mazda as of such date.

“Mercedes Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Mercedes as of such date.

“Mitsubishi Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and the Manufacturer Eligible Program Vehicle Amount, in each case with respect
to Mitsubishi as of such date.

“Monthly Hedge Payment” means, for any Payment
Date, the excess, if any, of (i) the aggregate amount payable by HVF as the “Fixed
Amount” under each Series 2005-4 Interest Rate Hedge on such Payment Date over
(ii) the aggregate amount payable to HVF as the “Floating Amount” under each
such Series 2005-4 Interest Rate Hedge on such Payment Date, in each case
excluding any termination payments under such Series 2005-4 Interest Rate
Hedges.

 38

“Monthly Total Principal
Allocation” means for any Related Month the sum of all Series 2005-4
Principal Allocations with respect to such Related Month plus any amounts
deposited in the Series 2005-4 Collection Account pursuant to Section
3.3(h)(vi)(B) of this Series Supplement.

“New York UCC” has the meaning specified in Section
3.11(b)(i) of this Series Supplement.

“Non-Class B Rated Eligible Program Manufacturer”
means, as of any date of determination, each Eligible Program Manufacturer, who
as of such date had a long-term unsecured debt rating of less than “BBB-” from
Fitch or, if unrated by Fitch, each Eligible Program Manufacturer, who as of
such date had a long-term unsecured debt rating (or the equivalent thereof from
Moody’s or Standard & Poor’s, as applicable) of less than “Baa3” from Moody’s
or less than “BBB-” from Standard & Poor’s, and, if the Class B Notes are
rated by Standard & Poor’s, a long-term unsecured debt rating of less than “BBB-”
and, if the Class B Notes are rated by Moody’s a long-term unsecured debt
rating of less than “Baa3” provided that upon the downgrade of a
Manufacturer by Fitch or, if unrated by Fitch or the Class B Notes are rated by
Moody’s or Standard & Poor’s, by Moody’s or Standard & Poor’s, as
applicable, to a rating that would require inclusion of such Manufacturer in
this definition, for purposes of this definition and each instance in which
this definition is used in this Series Supplement, such Manufacturer shall be
deemed to be rated “BBB-” by Fitch or, if unrated by Fitch or the Class B Notes
are rated by Moody’s or Standard & Poor’s, rated “BBB-” and/or “Baa3”, as
applicable, by each Rating Agency that downgraded such Manufacturer for a
period of 30 days following the date on which the Administrator obtains actual knowledge
of such downgrade; provided further that, unless otherwise agreed to by
Fitch, (x) for so long as Ford is rated “BBB-” or lower by Fitch, Ford shall be
considered a “Non-Class B Rated Eligible Program Manufacturer” and (y) for so
long as GM is rated “BBB-” or lower by Fitch, GM shall be considered a “Non-Class
B Rated Eligible Program Manufacturer”.

“Non-Class B Rated Eligible Program Manufacturer
Amount” means, as of any date of determination, the sum for all Non-Class B
Rated Eligible Program Manufacturers of an amount, with respect to each
Non-Class B Rated Eligible Program Manufacturer, equal to the sum, rounded to
the nearest $100,000, of the following amounts to the extent that such amounts
are included in the definition of “Aggregate Asset Amount” for such date: (i)
the Net Book Value of all Eligible Program Vehicles that are Eligible Vehicles
as of such date that were manufactured by such Non-Class B Rated Eligible
Program Manufacturer or an Affiliate thereof and not turned in to and accepted
by such Non-Class B Rated Eligible Program Manufacturer pursuant to its
Manufacturer Program, not delivered and accepted for Auction pursuant to its
Manufacturer Program or not otherwise sold or deemed to be sold under the
Related Documents, plus (ii) the aggregate amount of Manufacturer Receivables
(other than Excluded Payments) payable to HVF or to the Intermediary pursuant
to the Master Exchange Agreement, in each case as of such date by such
Non-Class B Rated Eligible Program Manufacturer with respect to Vehicles that
were Eligible Vehicles and Eligible Program Vehicles when turned in to and
accepted by such Non-Class B Rated Eligible Program Manufacturer or delivered
and accepted for Auction, plus (iii) with respect to 

 39
 

Eligible Vehicles that
were Eligible Program Vehicles that have been delivered and accepted for
Auction pursuant to a Manufacturer Program with such Non-Class B Rated Eligible
Program Manufacturer, all amounts receivable (other than amounts specified in clause
(ii) above) from any person or entity in connection with the Auction of
such Eligible Vehicles as of such date, plus (iv) with respect to Eligible
Vehicles that were Eligible Program Vehicles manufactured by such Non-Class B
Rated Eligible Program Manufacturer or an Affiliate thereof that have been
turned in to and accepted by such Non-Class B Rated Eligible Program
Manufacturer, delivered and accepted for Auction, otherwise sold or become a
Casualty, any accrued and unpaid Casualty Payments or Termination Payments with
respect to such Eligible Vehicles as of such date under the HVF Lease, plus (v)
with respect to Eligible Vehicles that were Eligible Program Vehicles
manufactured by such Non-Class B Rated Eligible Program Manufacturer or an
Affiliate thereof that have been turned in to and accepted by such Non-Class B
Rated Eligible Program Manufacturer, delivered and accepted for Auction or
otherwise sold, any accrued and unpaid Monthly Base Rent with respect to such
Eligible Vehicles under the HVF Lease (net of amounts set forth in clauses
(ii), (iii), and (iv) above) plus (vi) with respect to
Eligible Vehicles that were Eligible Program Vehicles sold by HVF to a third
party pursuant to Section 2.5(a) of the HVF Lease, any non-return incentives
payable to HVF under a Manufacturer Program by such Non-Class B Rated Eligible
Program Manufacturer in respect of the sale of such Vehicles outside of the
related Manufacturer Program as of such date, plus (vii) if such date is during
the period from and including a Determination Date to but excluding the next
Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment
Date with respect to all Eligible Vehicles that are Eligible Program Vehicles
as of such date that were manufactured by such Non-Class B Rated Eligible Program
Manufacturer or an Affiliate thereof and that have not been turned in to and
accepted by such Non-Class B Rated Eligible Program Manufacturer pursuant to
its Manufacturer Program, not been delivered and accepted for Auction pursuant
to its Manufacturer Program and not otherwise been sold or deemed to be sold
under the Related Documents.  For the
purposes of this definition, an Affiliate of a Manufacturer shall not include
any Person who is included as a Manufacturer hereunder.

“Non-Eligible Manufacturer Amount” means, as of
any date of determination, an amount equal to the sum, rounded to the nearest
$100,000, of the following amounts to the extent that such amounts are included
in the definition of “Aggregate Asset Amount” for such date: (i) the Net Book Value
of all HVF Vehicles that are Eligible Vehicles as of such date that were
manufactured by Manufacturers other than Eligible Manufacturers and not turned
in to and accepted by the Manufacturer thereof pursuant to its Manufacturer
Program, not delivered and accepted for Auction pursuant to its Manufacturer
Program or not otherwise sold or deemed to be sold under the Related Documents,
plus (ii) the aggregate amount of Manufacturer Receivables (other than Excluded
Payments) payable to HVF or to the Intermediary pursuant to the Master Exchange
Agreement, in each case as of such date by Manufacturers other than Eligible
Manufacturers with respect to Vehicles that were Eligible Vehicles when turned
in to and accepted by such Manufacturers or delivered and accepted for Auction,
plus (iii) with respect to Eligible Vehicles that have been delivered and
accepted for Auction pursuant to a Manufacturer Program with a Manufacturer
other than an Eligible Manufacturer, all amounts receivable (other than amounts
specified in clause (ii) above) 

 40
 

from any Person in
connection with the Auction of such Eligible Vehicles as of such date, plus
(iv) with respect to Eligible Vehicles that were manufactured by Manufacturers
other than Eligible Manufacturers that have been turned in to and accepted by
the Manufacturer thereof, delivered and accepted for Auction, otherwise sold or
become a Casualty, any accrued and unpaid Casualty Payments or Termination
Payments with respect to such Eligible Vehicles as of such date under the HVF Lease,
plus (v) with respect to Eligible Vehicles that were manufactured by
Manufacturers other than Eligible Manufacturers that have been turned in to and
accepted by the Manufacturer thereof, delivered and accepted for Auction or
otherwise sold, any accrued and unpaid Monthly Base Rent with respect to such
Eligible Vehicles under the HVF Lease (net of amounts set forth in clauses
(ii), (iii) and (iv) above), plus (vi) if such date is during
the period from and including a Determination Date to but excluding the next
Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment
Date with respect to all Eligible Vehicles as of such date that were
manufactured by Manufacturers other than Eligible Manufacturers and that have
not been turned in to and accepted by the Manufacturer thereof pursuant to its
Manufacturer Program, not been delivered and accepted for Auction pursuant to
its Manufacturer Program and not otherwise been sold or deemed to be sold under
the Related Documents.

“Non-Eligible Vehicle Amount” means, as of any
date of determination, an amount equal to the sum, rounded to the nearest
$100,000, of the following amounts to the extent that such amounts are included
in the definition of “Aggregate Asset Amount” for such date: (i) the Net Book
Value of all Non-Eligible Program Vehicles and Non-Program Vehicles that are
Eligible Vehicles as of such date and not turned in to and accepted by the
Manufacturer thereof pursuant to its Manufacturer Program, not delivered and
accepted for Auction pursuant to its Manufacturer Program or not otherwise sold
or deemed to be sold under the Related Documents, plus (ii) the aggregate
amount of Manufacturer Receivables (other than Excluded Payments) payable to
HVF or to the Intermediary pursuant to the Master Exchange Agreement, in each
case as of such date by Manufacturers with respect to Vehicles that were
Eligible Vehicles and Non-Eligible Program Vehicles when turned in to and
accepted by such Manufacturers or delivered and accepted for Auction, plus (iii)
with respect to Eligible Vehicles that were Non-Eligible Program Vehicles that
have been delivered and accepted for Auction pursuant to a Manufacturer Program
with a Manufacturer, all amounts receivable (other than amounts specified in clause
(ii) above) from any Person in connection with the Auction of such Eligible
Vehicles as of such date, plus (iv) with respect to Eligible Vehicles that were
Non-Eligible Program Vehicles or Non-Program Vehicles that have been turned in
to and accepted by the Manufacturer thereof, delivered and accepted for
Auction, otherwise sold or become a Casualty, any accrued and unpaid Casualty
Payments or Termination Payments with respect to such Eligible Vehicles as of
such date under the HVF Lease, plus (v) with respect to Eligible Vehicles that
were Non-Eligible Program Vehicles or Non-Program Vehicles that have been
turned in to and accepted by the Manufacturer thereof, delivered and accepted
for Auction or otherwise sold, any accrued and unpaid Monthly Base Rent with respect
to such Eligible Vehicles under the HVF Lease (net of amounts set forth in clauses
(ii), (iii) and (iv) above), plus (vi) if such date is during
the period from and including a Determination Date to but excluding the next
Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment 

 41
 

Date with respect to all
Eligible Vehicles as of such date that are Non-Eligible Program Vehicles or
Non-Program Vehicles and that have not been turned in to and accepted by the
Manufacturer thereof pursuant to its Manufacturer Program, not been delivered
and accepted for Auction pursuant to a Manufacturer Program and not otherwise
been sold or deemed to be sold under the Related Documents.

“Non-Investment Grade Eligible Program Manufacturer”
means, as of any date of determination, each Eligible Program Manufacturer who
as of such date does not have a long-term unsecured debt rating of at least “BBB-”
from Standard & Poor’s, at least “Baa3” from Moody’s and, unless otherwise
agreed to by Fitch, at least “BBB-” by Fitch; provided that upon the
withdrawal of the rating of a Manufacturer by a Rating Agency or upon the
downgrade of a Manufacturer by a Rating Agency to a rating that would require
inclusion of such Manufacturer in this definition, for purposes of this
definition and each instance in which this definition is used in this Series
Supplement, such Manufacturer shall be deemed to be rated “BBB-”, “Baa3” and/or
“BBB-”, as applicable, by the Rating Agency which downgraded such Manufacturer
for a period of 30 days following the earlier of (i) the date on which any of
the Administrator, HVF or the Servicer obtains actual knowledge of such
downgrade and (ii) the date on which the Trustee or the Insurer notifies the
Administrator of such downgrade.

“Non-Investment Grade Eligible Program Manufacturer
Vehicle Amount” means, as of any date of determination, the sum for all
Non-Investment Grade Eligible Program Manufacturers of an amount, with respect
to each Non-Investment Grade Eligible Program Manufacturer, equal to the sum,
rounded to the nearest $100,000, of the following amounts to the extent that
such amounts are included in the definition of “Aggregate Asset Amount” for
such date: (i) the Net Book Value of all Eligible Program Vehicles that are
Eligible Vehicles as of such date that were manufactured by such Non-Investment
Grade Eligible Program Manufacturer or an Affiliate thereof and not turned in
to and accepted by such Non-Investment Grade Eligible Program Manufacturer
pursuant to its Manufacturer Program, not delivered and accepted for Auction
pursuant to its Manufacturer Program or not otherwise sold or deemed to be sold
under the Related Documents, plus (ii) the aggregate amount of Manufacturer
Receivables (other than Excluded Payments) payable to HVF or to the
Intermediary pursuant to the Master Exchange Agreement, in each case as of such
date by such Non-Investment Grade Eligible Program Manufacturer with respect to
Vehicles that were Eligible Vehicles and Eligible Program Vehicles when turned
in to and accepted by such Non-Investment Grade Eligible Program Manufacturer
or delivered and accepted for Auction, plus (iii) with respect to Eligible
Vehicles that were Eligible Program Vehicles that have been delivered and
accepted for Auction pursuant to a Manufacturer Program with such
Non-Investment Grade Eligible Program Manufacturer, all amounts receivable
(other than amounts specified in clause (ii) above) from any person or
entity in connection with the Auction of such Eligible Vehicles as of such
date, plus (iv) with respect to Eligible Vehicles that were Eligible Program
Vehicles manufactured by such Non-Investment Grade Eligible Program
Manufacturer or an Affiliate thereof that have been turned in to and accepted
by such Non-Investment Grade Eligible Program Manufacturer, delivered and
accepted for Auction, otherwise sold or become a Casualty, any accrued and
unpaid Casualty Payments or Termination Payments with respect to such Eligible
Vehicles as of 

 42
 

such date under the HVF
Lease, plus (v) with respect to Eligible Vehicles that were Eligible Program
Vehicles manufactured by such Non-Investment Grade Eligible Program
Manufacturer or an Affiliate thereof that have been turned in to and accepted
by such Non-Investment Grade Eligible Program Manufacturer, delivered and
accepted for Auction or otherwise sold, any accrued and unpaid Monthly Base
Rent with respect to such Eligible Vehicles under the HVF Lease (net of amounts
set forth in clauses (ii), (iii), and (iv) above) plus
(vi) with respect to Eligible Vehicles that were Eligible Program Vehicles sold
by HVF to a third party pursuant to Section 2.5(a) of the HVF Lease, any
non-return incentives payable to HVF under a Manufacturer Program by such
Non-Investment Grade Eligible Program Manufacturer in respect of the sale of
such Vehicles outside of the related Manufacturer Program as of such date, plus
(vii) if such date is during the period from and including a Determination Date
to but excluding the next Payment Date, accrued and unpaid Monthly Base Rent payable
on the next Payment Date with respect to all Eligible Vehicles that are
Eligible Program Vehicles as of such date that were manufactured by such
Non-Investment Grade Eligible Program Manufacturer or an Affiliate thereof and
that have not been turned in to and accepted by such Non-Investment Grade
Eligible Program Manufacturer pursuant to its Manufacturer Program, not been
delivered and accepted for Auction pursuant to its Manufacturer Program and not
otherwise been sold or deemed to be sold under the Related Documents.  For the purposes of this definition, an
Affiliate of a Manufacturer shall not include any Person who is included as a
Manufacturer hereunder.

“Non-Investment Grade
Manufacturer” means, as of any date of determination, each Eligible Manufacturer
who as of such date does not have a long-term unsecured debt rating of at least
“BBB-” from Standard & Poor’s, at least “Baa3” from Moody’s and, unless
otherwise agreed to by Fitch, at least “BBB-” by Fitch; provided that
upon the withdrawal of the rating of a Manufacturer by a Rating Agency
or upon the downgrade of a Manufacturer by
a Rating Agency to a rating that would require inclusion of such Manufacturer
in this definition, for purposes of this definition and each instance in which
this definition is used in this Series Supplement, such Manufacturer shall be
deemed to be rated “BBB-”, “Baa3” and/or “BBB-”, as applicable, by the Rating
Agency which downgraded such Manufacturer for a period of 30 days following the
earlier of (i) the date on which any of the Administrator, HVF or the Servicer
obtains actual knowledge of such downgrade and (ii) the date on which the
Trustee or Insurer notifies the Administrator of such downgrade.

“Non-Investment Grade
Manufacturer Non-Eligible Vehicle Amount” means, as of any date of
determination, the sum for all Non-Investment Grade Manufacturers of an amount,
with respect to each Non-Investment Grade Manufacturer, equal to the sum,
rounded to the nearest $100,000, of the following amounts to the extent that such
amounts are included in the definition of “Aggregate Asset Amount” for such
date: (i) the Net Book Value of all Non-Eligible Program Vehicles and
Non-Program Vehicles that are Eligible Vehicles as of such date that were
manufactured by such Non-Investment Grade Manufacturer and not turned in to and
accepted by such Non-Investment Grade Manufacturer pursuant to its Manufacturer
Program, not delivered and accepted for Auction pursuant to its Manufacturer
Program or not otherwise sold or deemed to be sold under the Related Documents,
plus (ii) the aggregate amount of 

 43
 

Manufacturer
Receivables (other than Excluded Payments) payable to HVF or to the
Intermediary pursuant to the Master Exchange Agreement, in each case as of such
date by such Non-Investment Grade Manufacturer with respect to Vehicles that
were Eligible Vehicles and Non-Eligible Program Vehicles when turned in to and
accepted by such Non-Investment Grade Manufacturer or delivered and accepted
for Auction, plus (iii) with respect to Eligible Vehicles that were
Non-Eligible Program Vehicles that have been delivered and accepted for Auction
pursuant to its Manufacturer Program with such Non-Investment Grade
Manufacturer, all amounts receivable (other than amounts specified in clause
(ii) above) from any Person in connection with the Auction of such Eligible
Vehicles as of such date, plus (iv) with respect to Eligible Vehicles that were
Non-Eligible Program Vehicles or Non-Program Vehicles that have been turned in
to and accepted by such Non-Investment Grade Manufacturer, delivered and
accepted for Auction, otherwise sold or become a Casualty, any accrued and
unpaid Casualty Payments or Termination Payments with respect to such Eligible
Vehicles as of such date under the HVF Lease, plus (v) with respect to Eligible
Vehicles that were Non-Eligible Program Vehicles or Non-Program Vehicles that
have been turned in to and accepted by such Non-Investment Grade Manufacturer,
delivered and accepted for Auction or otherwise sold, any accrued and unpaid
Monthly Base Rent with respect to such Eligible Vehicles under the HVF Lease
(net of amounts set forth in clauses (ii), (iii) and (iv)
above), plus (vi) if such date is during the period from and including a
Determination Date to but excluding the next Payment Date, accrued and unpaid
Monthly Base Rent payable on the next Payment Date with respect to all Eligible
Vehicles as of such date that are Non-Eligible Program Vehicles or Non-Program
Vehicles and that have not been turned in to and accepted by such Non-Investment
Grade Manufacturer pursuant to its Manufacturer Program, not been delivered and
accepted for Auction pursuant to its Manufacturer Program and not otherwise
been sold or deemed to be sold under the Related Documents.

“Non-Program Fleet Market Value” means, with
respect to all Non-Program Vehicles (excluding any Excluded Redesignated
Vehicles) as of any date of determination, the sum of the respective
Third-Party Market Values of each such Non-Program Vehicle.

“Non-Program Vehicle Measurement Month Average”
means, with respect to any Measurement Month, the lesser of (a) the percentage
equivalent of a fraction, the numerator of which is the aggregate amounts of
Disposition Proceeds paid or payable in respect of all Non-Program Vehicles
that are sold to third parties, at auction or otherwise (excluding salvage
sales), during such Measurement Month and the two Measurement Months preceding
such Measurement Month and the denominator of which is the aggregate Net Book
Values of such Non-Program Vehicles on the dates of their respective sales and
(b) 100%.

“One-Month LIBOR” means, for each Series 2005-4
Interest Period, the rate per annum determined on the related LIBOR
Determination Date by the Calculation Agent to be the rate for Dollar deposits
having a maturity equal to one month, that appears on Telerate Page 3750 at
approximately 11:00 a.m., London time, on such LIBOR Determination Date; provided,
however, that if such rate does not appear on 

 44
 

Telerate Page 3750,
One-Month LIBOR will mean, for such Series 2005-4 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 2005-4 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
2005-4 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 2005-4 Interest Period will mean
One-Month LIBOR as in effect with respect to the preceding Series 2005-4
Interest Period.

“Outstanding” means with respect to the Series
2005-4 Notes, all Series 2005-4 Notes theretofore authenticated and delivered
under the Indenture, except (a) Series 2005-4 Notes theretofore
cancelled or delivered to the Registrar for cancellation, (b) Series 2005-4
Notes which have not been presented for payment but funds for the payment of
which are on deposit in the Series 2005-4 Distribution Account and are
available for payment of such Series 2005-4 Notes, and Series 2005-4 Notes
which are considered paid pursuant to Section 8.1 of the Base Indenture, or (c)
Series 2005-4 Notes in exchange for or in lieu of other Series 2005-4 Notes
which have been authenticated and delivered pursuant to the Indenture unless
proof satisfactory to the Trustee is presented that any such Series 2005-4
Notes are held by a purchaser for value.

“Past Due Rent Payment” has the meaning
specified in Section 3.2(d) of this Series Supplement.

“Preference Amount” means any amount previously
paid by Hertz pursuant to the Series 2005-4 Demand Note and distributed to the
Series 2005-4 Noteholders in respect of amounts owing under the Series 2005-4
Notes that is recoverable or that has been recovered as a voidable preference
by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy
Code in accordance with a final nonappealable order of a court having competent
jurisdiction.

“Principal Deficit Amount” means, on any date
of determination, the excess, if any, of (a) the Series 2005-4 Adjusted
Principal Amount on such date (after giving effect to the distribution of the
Monthly Total Principal Allocation for the Related Month) over (b) the Series
2005-4 Asset Amount on such date; provided, however, the Principal Deficit
Amount on any date that is prior to the Legal Final Payment Date occurring
during the period commencing on and including the date of the filing by Hertz
of a petition for relief under Chapter 11 of the Bankruptcy Code to but
excluding the date on which Hertz shall have resumed making all payments of
Monthly Variable Rent required to be made under the HVF Lease, shall mean the
excess, if any, of (x) the Series 2005-4 Adjusted Principal Amount on such date
(after giving effect to the distribution of 

 45
 

the Monthly Total
Principal Allocation for the Related Month) over (y) the sum of (1) the Series 2005-4 Asset Amount on such date and
(2) the lesser of (a) the Series 2005-4 Liquidity Amount on such date and (b)
the Series 2005-4 Required Liquidity Amount on such date.

“Pro Rata Share” means, (a) with respect to any
Series 2005-4 Non-Ford Letter of Credit Provider, as of any date, the fraction
(expressed as a percentage) obtained by dividing (A) the available amount under
such Series 2005-4 Non-Ford Letter of Credit Provider’s Series 2005-4 Non-Ford
Letter of Credit as of such date by (B) an amount equal to the aggregate
available amount under all Series 2005-4 Non-Ford Letters of Credit, relating
to the same Class of Series 2005-4 Notes as such Series 2005-4 Non-Ford Letter
of Credit Provider’s Series 2005-4 Non-Ford Letter of Credit, as of such date
and (b) with respect to any Series 2005-4 Ford Letter of Credit Provider as of
any date, the fraction (expressed as a percentage) obtained by dividing (A) the
available amount under such Series 2005-4 Ford Letter of Credit Provider’s
Series 2005-4 Ford Letter of Credit as of such date by (B) an amount equal to
the aggregate available amount under all Series 2005-4 Ford Letters of Credit
relating to the same Class of Series 2005-4 Notes as such Series 2005-4 Ford
Letter of Credit Provider’s Series 2005-4 Ford Letter of Credit, as of such
date; provided, that only for purposes of calculating the Pro Rata Share
with respect to any Series 2005-4 Letter of Credit Provider as of any date, if
such Series 2005-4 Letter of Credit Provider has not complied with its
obligation to pay the Trustee the amount of any draw under its Series 2005-4
Letter of Credit made prior to such date, the available amount under such
Series 2005-4 Letter of Credit Provider’s Series 2005-4 Letter of Credit as of
such date shall be treated as reduced (for calculation purposes only) by the
amount of such unpaid demand and shall not be reinstated for purposes of such
calculation unless and until the date as of which such Series 2005-4 Letter of
Credit Provider has paid such amount to the Trustee and been reimbursed by the
Lessee for such amount (provided that the foregoing calculation shall not in
any manner reduce a Series 2005-4 Letter of Credit Provider’s actual liability
in respect of any failure to pay any demand under its Series 2005-4 Letter of
Credit).

“QIB” has the meaning specified in Section
6.2 of this Series Supplement.

“Rating Agencies” means, with respect to the
Series 2005-4 Notes, Standard & Poor’s, Moody’s and Fitch and any other
nationally recognized rating agency rating the Series 2005-4 Notes at the
request of HVF.

“Record Date” means, with respect to any
Payment Date, the last day of the Related Month.

“Redesignated Vehicle” means any Program
Vehicle manufactured by a Manufacturer with respect to which an Event of
Bankruptcy has occurred which has been redesignated as a Non-Program Vehicle pursuant
to Section 18(b) of the HVF Lease in accordance with Section 2.6
thereof.

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

 46
 

“Regulation S” means Regulation S promulgated
under the Securities Act.

“Regulation S Global Notes” has the meaning
specified in Section 6.2(b) of this Series Supplement.

“Required Minimum Fleet Equity Amount” means,
on any date of determination, an amount equal to four times the Ford LOC
Exposure Amount as of such date.

“Required Noteholders” means with respect to
the Series 2005-4 Notes, subject to Section 7.7 of this Series
Supplement, Series 2005-4 Noteholders holding more than 50% of the Series
2005-4 Principal Amount (excluding any Series 2005-4 Notes held by HVF or any
Affiliate of HVF).

“Restricted Global Notes” has the meaning
specified in Section 6.2(a) of this Series Supplement.

“Restricted Notes” means the Restricted Global
Notes, and all other Series 2005-4 Notes evidencing the obligations, or any
portion of the obligations, initially evidenced by the Restricted Global Notes,
other than certificates transferred or exchanged upon certification as provided
in Section 6.4(i)(iv) of this Series Supplement.

“Restricted Period” means, with respect to any
Series 2005-4 Notes issued on the Series 2005-4 Closing Date, the period
commencing on such Series 2005-4 Closing Date and ending on the 40th day after
such Series 2005-4 Closing Date, and with respect to any Class B Notes issued
on a Series 2005-4 Class B Notes Closing Date, the period commencing on such
Series 2005-4 Class B Notes Closing Date and ending on the 40th day after such Series 2005-4 Class B Notes
Closing Date.

“Rule 144A” means Rule 144A promulgated under
the Securities Act.

“Senior Credit Facilities” means the Servicer’s
Senior Term Facility and Senior ABL Facility, each of which will be provided
under credit agreements, to be dated as of the date hereof, among the Servicer
and (with respect to the Senior ABL Facility only) Hertz Equipment Rental
Corporation and certain of the Servicer’s other subsidiaries, as borrower,
Deutsche Bank AG Cayman Islands Branch Inc., as administrative agent, Lehman
Commercial Paper Inc., as syndication agent, Merrill Lynch Capital Corporation,
as sole documentation agent, and the other financial institutions party thereto
from time to time.

“Series 2005-1 Notes” means the Series 2005-1
Medium Term Rental Car Asset Backed Notes issued by HVF on the date hereof
under that certain Series Supplement to the Base Indenture, dated as of the
date hereof (as amended, modified, restated or supplemented from time to time
in accordance with the terms thereof), by and between HVF and the Trustee.

“Series 2005-2 Notes” means the Series 2005-2
Medium Term Rental Car Asset Backed Notes issued by HVF on the date hereof
under that certain Series 

 47
 

Supplement to the Base
Indenture, dated as of the date hereof (as amended, modified, restated or
supplemented from time to time in accordance with the terms thereof), by and
between HVF and the Trustee.

“Series 2005-3 Notes” means the Series 2005-3
Variable Funding Rental Car Asset Backed Notes issued by HVF on the date hereof
under that certain Series Supplement to the Base Indenture, dated as of the
date hereof (as amended, modified, restated or supplemented from time to time
in accordance with the terms thereof), by and between HVF and the Trustee.

“Series 2005-4 Accrued Amounts” means, on any
date of determination, the sum of (i) accrued and unpaid interest on the Series
2005-4 Notes as of such date, (ii) the Insurer Fee, if any, accrued to such
date and payable by HVF on the next succeeding Payment Date, (iii) any other
amounts due or accrued as of such date and payable to the Insurer pursuant to
the Insurance Agreement (other than unreimbursed amounts drawn under the
Insurance Policy to pay the principal of the Series 2005-4 Notes) on or prior
to the next succeeding Payment Date, (iv) the Monthly Hedge Payment and (v) the
product of (A) the Indenture Carrying Charges payable on the next succeeding Payment
Date times (B) the Series 2005-4 Percentage as of the Determination Date
immediately preceding such Payment Date.

“Series 2005-4 Accrued Interest Account” has
the meaning specified in Section 3.1(a) of this Series Supplement.

“Series 2005-4 Adjusted Principal Amount”
means, as of any date of determination, the sum of the Class A Adjusted
Principal Amount and the Class B Adjusted Principal Amount, in each case, as of
such date.

“Series 2005-4 Asset Amount” means, as of any
date of determination, the product of (i) the Series 2005-4 Invested Percentage
(with respect to principal) as of such date and (ii) the Aggregate Asset Amount
as of such date.

“Series 2005-4 Cash Collateral Accounts” means
the Class A Cash Collateral Account and the Class B Cash Collateral Account.

“Series 2005-4 Class B Notes Closing Date”
means, with respect to any issuance of Class B Notes, the date specified in the
Class B Notes Term Sheet related to such issuance of Class B Notes.

“Series 2005-4 Closing Date” means December 21,
2005.

“Series 2005-4 Collateral” means the
Collateral, any Series 2005-4 Interest Rate Hedges, each Series 2005-4 Letter
of Credit, the Series 2005-4 Series Account Collateral, the Class A Cash
Collateral Account Collateral, the Class B Cash Collateral Account Collateral,
the Series 2005-4 Demand Note, the Series 2005-4 Distribution Account
Collateral, the Class A Reserve Account Collateral and the Class B Reserve
Account Collateral.

 48
 

“Series 2005-4 Collection Account” has the
meaning specified in Section 3.1(a) of this Series Supplement.

“Series 2005-4 Demand Note” means each demand
note made by Hertz, substantially in the form of Exhibit H to this
Series Supplement, as amended, modified or restated from time to time in
accordance with its terms and the terms of this Series Supplement.

“Series 2005-4 Demand Note Payment Amount”
means, as of any date of determination, the excess, if any, of (a) the
aggregate amount of all proceeds of demands made on the Series 2005-4 Demand
Note that were deposited into the Series 2005-4 Distribution Account and paid
to the Series 2005-4 Noteholders during the one year period ending on such date
of determination over (b) the amount of any Preference Amount relating to such
proceeds that has been repaid to HVF (or any payee of HVF) with the proceeds of
any LOC Preference Payment Disbursement (or any withdrawal from any Series
2005-4 Cash Collateral Account); provided, however, that if an
Event of Bankruptcy (or the occurrence of an event described in clause (a)
of the definition thereof, without the lapse of a period of 60 consecutive
days) with respect to Hertz shall have occurred on or before such date of
determination, the Series 2005-4 Demand Note Payment Amount shall equal (i) on
any date of determination until the conclusion or dismissal of the proceedings
giving rise to such Event of Bankruptcy without continuing jurisdiction by the
court in such proceedings (or on any earlier date upon which the statute of
limitations in respect of avoidance actions in such proceedings has run or when
such actions otherwise become unavailable to the bankruptcy estate), the Series
2005-4 Demand Note Payment Amount as if it were calculated as of the date of
the occurrence of such Event of Bankruptcy and (ii) on any date of
determination thereafter, $0.

“Series 2005-4 Deposit Date” has the meaning
specified in Section 3.2 of this Series Supplement.

“Series 2005-4 Designated Account” has the
meaning specified in Section 3.11(a) of this Series Supplement.

“Series 2005-4 Distribution Account” has the
meaning specified in Section 3.10(a) of this Series Supplement.

“Series 2005-4 Distribution Account Collateral”
has the meaning specified in Section 3.10(d) of this Series Supplement.

“Series 2005-4 Excess Collection Account” has
the meaning specified in Section 3.1(a) of this Series Supplement.

“Series 2005-4 Ford Letter of Credit” means
each Class A Ford Letter of Credit and each Class B Ford Letter of Credit, as
the context may require.

“Series 2005-4 Ford Letter of Credit Provider”
means each Class A Ford Letter of Credit Provider and each Class B Ford Letter
of Credit Provider, as the context may require.

 49
 

“Series 2005-4 Ford Letter of Credit Termination
Date” means the date on which (i) all Series 2005-4 Ford Letters of Credit
have expired or been terminated and returned to the Series 2005-4 Ford Letter
of Credit Provider thereof, (ii) no Ford Reimbursement Obligations are
outstanding and (iii) Ford has been paid all amounts distributable to Ford
hereunder from the Series 2005-4 Cash Collateral Accounts.

“Series 2005-4 Global Note” means a Regulation
S Global Note, a Restricted Global Note or an Unrestricted Global Note.

“Series 2005-4 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 2005-4 Interest Period shall commence on and include
the Series 2005-4 Closing Date and end on and include January 24, 2006.

“Series 2005-4 Interest Rate Hedge” is defined
in Section 3.12(a) of this Series Supplement; provided that for
the avoidance of doubt each Series 2005-4 Interest Rate Hedge shall constitute
a “Series-Specific Swap Agreement”, but shall not constitute a “Swap Agreement”
for all purposes under the Base Indenture or any other Related Document.

“Series 2005-4 Invested Percentage” means on
any date of determination:

(a)           when
used with respect to Principal Collections, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which shall
be equal to the Series 2005-4 Required Adjusted Asset Amount, determined during
the Series 2005-4 Revolving Period as of the end of the immediately preceding
Related Month (or, until the end of the initial Related Month after the Series 2005-4
Closing Date, on the Series 2005-4 Closing Date), or, the Series 2005-4
Required Adjusted Asset Amount, determined during the Series 2005-4 Rapid
Amortization Period, as of the last day of the Series 2005-4 Revolving Period,
and the denominator of which shall be the greater of (I) the Aggregate Asset
Amount as of the end of the immediately preceding Related Month or, until the
end of the initial Related Month after the Series 2005-4 Closing Date, as of
the Series 2005-4 Closing Date and (II) as of the same date as in clause (I),
the Aggregate Required Asset Amount;

(b)           when
used with respect to Interest Collections, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which shall
be the Series 2005-4 Accrued Amounts on such date of determination, and the
denominator of which shall be the aggregate Accrued Amounts with respect to all
Series of Notes on such date of determination.

“Series 2005-4 Lease Interest Payment Deficit”
means on any Payment Date an amount equal to the excess, if any, of (a) the
aggregate amount of Interest Collections which pursuant to Section 3.2(a),
(b) or (c) of this Series Supplement would have been deposited
into the Series 2005-4 Accrued Interest Account if all payments of Monthly
Variable Rent required to have been made under the HVF Lease from and 

 50
 

excluding the preceding
Payment Date to and including such Payment Date were made in full over (b) the
aggregate amount of Interest Collections which pursuant to Section 3.2(a),
(b) or (c) of this Series Supplement have been received for
deposit into the Series 2005-4 Accrued Interest Account from and excluding the
preceding Payment Date to and including such Payment Date.

“Series 2005-4 Lease Payment Deficit” means
either a Series 2005-4 Lease Interest Payment Deficit or a Series 2005-4 Lease
Principal Payment Deficit.

“Series 2005-4 Lease Principal Payment Carryover
Deficit” means (a) for the initial Payment Date, zero and (b) for any other
Payment Date, the excess, if any, of (x) the Series 2005-4 Lease Principal
Payment Deficit, if any, on the preceding Payment Date over (y) the
amount deposited in the Series 2005-4 Distribution Account pursuant to Section
3.5(e) of this Series Supplement on such preceding Payment Date on account
of such Series 2005-4 Lease Principal Payment Deficit.

“Series 2005-4 Lease Principal Payment Deficit”
means on any Payment Date the sum of (a) the Series 2005-4 Monthly Lease
Principal Payment Deficit for such Payment Date and (b) the Series 2005-4 Lease
Principal Payment Carryover Deficit for such Payment Date.

“Series 2005-4 Letter of Credit” means a Class
A Letter of Credit and/or a Class B Letter of Credit, as the context may
require.

“Series 2005-4 Letter of Credit Provider” means
a Class A Letter of Credit Provider and/or a Class B Letter of Credit Provider,
as the context may require.

“Series 2005-4 Limited Liquidation Event of Default”
means, so long as such event or condition continues, any event or condition of
the type specified in clauses (a) through (l) of Article IV
of this Series Supplement that continues for thirty (30) days (without double
counting the cure period, if any, provided therein); provided  however,
that any event or condition of the type specified in clauses (a) through
(i) shall cease to constitute a Series 2005-4 Limited Liquidation Event
of Default if (i) within such thirty (30) day period, such Amortization Event
shall have been cured and (ii) the Trustee shall have received from the Series
2005-4 Noteholders holding more than 50% of the Controlling Class a waiver of
the occurrence of such Series 2005-4 Limited Liquidation Event of Default.

“Series 2005-4 Liquidity Amount” means, as of
any date of determination, the sum of (a) the Class A Liquidity Amount and (b)
the Class B Liquidity Amount, in each case on such date.

“Series 2005-4 Maximum Aggregate BMW/Lexus/Mercedes/Audi
Amount” means as of any
day, an amount equal to 6% of the Adjusted Aggregate Asset Amount on such day (or
such greater percentage as may be agreed to by HVF, the Insurer (such consent
not to be unreasonably withheld or delayed) for so long as any Class A Notes
are Outstanding, and the Rating Agencies, subject to satisfaction of the Series

 51
 

2005-4 Rating Agency
Condition; provided, that the consent of the Insurer shall not be
required to the extent such percentage is equal to or less than 15%).

“Series 2005-4 Maximum Amount”
means any of the Series 2005-4 Maximum Hyundai Amount, the Series 2005-4
Maximum Jaguar Amount, the Series 2005-4 Maximum Kia Amount, the Series 2005-4
Maximum Land Rover Amount, the Series 2005-4 Maximum Mazda Amount, the Series
2005-4 Maximum Mitsubishi Amount, the Series 2005-4 Maximum Subaru Amount, the
Series 2005-4 Maximum Volvo Amount, the Series 2005-4 Maximum Manufacturer
Non-Eligible Vehicle Amount, the Series 2005-4 Maximum Non-Eligible
Manufacturer Amount, the Series 2005-4 Maximum Non-Eligible Vehicle Amount,
the Series 2005-4 Maximum Audi Amount, the Series 2005-4 Maximum BMW Amount,
the Series 2005-4 Maximum Lexus Amount, the Series 2005-4 Maximum Mercedes
Amount, the Series 2005-4 Maximum Aggregate BMW/Lexus/Audi Mercedes Amount and
the Series 2005-4 Maximum HVF Service Vehicle Amount.

“Series 2005-4 Maximum Audi Amount” means, as
of any day, an amount equal to 3% of the Adjusted Aggregate Asset Amount on
such day  (or such greater percentage as
may be agreed to by HVF, the Insurer (such consent not to be unreasonably
withheld or delayed) for so long as any Class A Notes are Outstanding, and the
Rating Agencies, subject to satisfaction of the Series 2005-4 Rating Agency
Condition; provided, that the consent of the Insurer shall not be
required to the extent such percentage is equal to or less than 8%).

“Series 2005-4 Maximum BMW Amount” means, as of
any day, an amount equal to 3% of the Adjusted Aggregate Asset Amount on such
day (or such greater percentage as may be agreed to by HVF, the Insurer (such
consent not to be unreasonably withheld or delayed) for so long as any Class A
Notes are Outstanding, and the Rating Agencies, subject to satisfaction of the
Series 2005-4 Rating Agency Condition; provided, that the consent of the
Insurer shall not be required to the extent such percentage is equal to or less
than 5%).

“Series 2005-4 Maximum HVF Service Vehicle Amount”
means, as of any day, an amount equal to 2% of the Adjusted Aggregate Asset
Amount on such day.

“Series 2005-4 Maximum Hyundai Amount” means,
as of any day, an amount equal to 13% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-4 Maximum Jaguar Amount” means, as
of any day, an amount equal to 5% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-4 Maximum Kia Amount” means, as of
any day, an amount equal to 10% of the Adjusted Aggregate Asset Amount on such
day.

“Series 2005-4 Maximum Land Rover Amount”
means, as of any day, an amount equal to 5% of the Adjusted Aggregate Asset
Amount on such day.

 52
 

“Series 2005-4 Maximum Lexus Amount” means, as
of any day, an amount equal to 3% of the Adjusted Aggregate Asset Amount on
such day (or such greater percentage as may be agreed to by HVF, the Insurer
(such consent not to be unreasonably withheld or delayed) for so long as any
Class A Notes are Outstanding, and the Rating Agencies, subject to satisfaction
of the Series 2005-4 Rating Agency Condition; provided, that the consent
of the Insurer shall not be required to the extent such percentage is equal to
or less than 5%).

“Series 2005-4 Maximum Manufacturer Non-Eligible
Vehicle Amount” means, as of any day, with respect to any Manufacturer, an
amount equal to 40% of the Non-Eligible Vehicle Amount.

“Series 2005-4 Maximum Mazda Amount” means, as
of any day, an amount equal to 20% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-4 Maximum Mercedes Amount” means,
as of any day, an amount equal to 3% of the Adjusted Aggregate Asset Amount on
such day (or such greater percentage as may be agreed to by HVF, the Insurer
(such consent not to be unreasonably withheld or delayed) for so long as any
Class A Notes are Outstanding, and the Rating Agencies, subject to satisfaction
of the Series 2005-4 Rating Agency Condition; provided, that the consent
of the Insurer shall not be required to the extent such percentage is equal to
or less than 5%).

“Series 2005-4 Maximum Mitsubishi Amount”
means, as of any day, an amount equal to 10% of the Adjusted Aggregate Asset
Amount on such day.

“Series 2005-4 Maximum Non-Eligible Manufacturer
Amount” means, as of any day, an amount equal to 3% of the Adjusted
Aggregate Asset Amount on such day.

“Series 2005-4 Maximum Non-Eligible Vehicle Amount”
means, as of any day, an amount equal to 65% of the Adjusted Aggregate Asset
Amount.

“Series 2005-4 Maximum Subaru Amount” means, as
of any day, an amount equal to 5% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-4 Maximum Volvo Amount” means, as
of any day, an amount equal to 5% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-4 Monthly Lease Principal Payment
Deficit” means on any Payment Date an amount equal to the excess, if any,
of (a) the aggregate amount of Principal Collections which pursuant to Section
3.2(a), (b) or (c) of this Series Supplement would have been
deposited into the Series 2005-4 Collection Account if all payments required to
have been made under the HVF Lease from and excluding the preceding Payment
Date to and including such Payment Date were made in full over (b) the
aggregate amount of Principal Collections which pursuant to Section 3.2(a),
(b) or (c) of this Series Supplement have been received for
deposit into the Series 2005-4 Collection Account (without giving effect to any
amounts deposited into the Series 2005-4 Accrued Interest Account pursuant to
the proviso in Section 3.2(c)(ii) of this Series 

 53
 

Supplement) from and
excluding the preceding Payment Date to and including such Payment Date.

“Series 2005-4 Non-Ford Letter of Credit” means
each Class A Non-Ford Letter of Credit and each Class B Non-Ford Letter of
Credit, as the context may require.

“Series 2005-4 Non-Ford Letter of Credit Provider”
means each Class A Non-Ford Letter of Credit Provider and each Class B Non-Ford
Letter of Credit Provider, as the context may require.

“Series 2005-4 Note Rate” means the Class A
Note Rate, the Class B-1 Note Rate or the Class B-2 Note Rate, as the context
may require.

“Series 2005-4 Noteholders” means,
collectively, the Class A Noteholders and the Class B Noteholders.

“Series 2005-4 Notes” means, collectively, the
Class A Notes and the Class B Notes.

“Series 2005-4 Past Due Rent Payment” has the
meaning specified in Section 3.2(d) of this Series Supplement.

“Series 2005-4 Percentage” means, as of any
date of determination, a fraction, expressed as a percentage, the numerator of
which is the Series 2005-4 Principal Amount as of such date and the denominator
of which is the Aggregate Principal Amount as of such date.

“Series 2005-4 Principal Allocation” has the
meaning specified in Section 3.2 (a)(ii) of this Series Supplement.

“Series 2005-4 Principal Amount” means, as of
any date of determination, the sum of the Class A Principal Amount and the
Class B Principal Amount, in each case, as of such date.

“Series 2005-4 Rapid Amortization Period” means
the period beginning at the close of business on the Business Day immediately
preceding the day on which an Amortization Event is deemed to have occurred
with respect to the Series 2005-4 Notes and ending upon the earlier to occur of
(i) the date on which (A) the Series 2005-4 Notes are fully paid, (B) the
Insurer has been paid all Insurer Fees and all Insurer Reimbursement Amounts then
due, (C) each Interest Rate Hedge Provider has been paid all amounts due and
owing to it from HVF under its Series 2005-4 Interest Rate Hedge, and (D) the
Series 2005-4 Ford Letter of Credit Termination Date and (ii) the termination
of the Indenture.

“Series 2005-4 Rating Agency Condition” means,
with respect to the Series 2005-4 Notes and any action, including the issuance
of an additional Series of Notes, that each Rating Agency shall have notified
HVF, the Insurer and the Trustee in writing that such action will not result in
a reduction or withdrawal of the ratings of the 

 54
 

Class A Notes (both with
and without regard to the Insurance Policy in effect immediately before the
taking of such action) or the Class B Notes.

“Series 2005-4 Required Adjusted Asset Amount”
means, as of any date of determination, the sum of (i) the excess, if any, of
(A) the Class A Principal Amount as of such date over (B) the sum of (1) the
amount of cash and Permitted Investments on deposit in the Series 2005-4 Excess
Collection Account and (2) the amount of cash and Permitted Investments on
deposit in the Series 2005-4 Collection Account that, in the case of each of
(i)(B)(1) and (i)(B)(2), is required to be applied to reduce the Class A
Principal Amount, as of such date and (ii) the greater of (x) the Class A
Required Overcollateralization Amount as of such date and (y) the sum of (a)
the excess, if any, of (A) the Class B Principal Amount as of such date over
(B) the sum of (1) the amount of cash and Permitted Investments on deposit in
the Series 2005-4 Excess Collection Account and (2) the amount of cash and
Permitted Investments on deposit in the Series 2005-4 Collection Account that,
in the case of each of (ii)(B)(1) and (ii)(B)(2),is required to be applied to
reduce the Class B Principal Amount, as of such date and (b) the Class B
Required Overcollateralization Amount as of such date.

“Series 2005-4 Required Asset Amount” means, as
of any date of determination, the sum of (i) the Class A Adjusted Principal
Amount as of such date and (ii) the greater of (x) the Class A Required
Overcollateralization Amount as of such date and (y) the sum of (a) the Class B
Adjusted Principal Amount as of such date and (b) the Class B Required
Overcollateralization Amount as of such date.

“Series 2005-4 Required Asset Amount Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Series 2005-4 Required Asset Amount and
the denominator of which is the Aggregate Required Asset Amount as of such
date.

“Series 2005-4 Required Liquidity Amount”
means, as of any date of determination, an amount equal to the sum of (i) the
Class A Required Liquidity Amount and (ii) the Class B Required Liquidity
Amount, in each case on such date.

“Series 2005-4 Revolving
Period” means the period from and including the Series 2005-4
Closing Date to the earlier of (i) the Commitment Termination Date or (ii) the
commencement of the Series 2005-4 Rapid Amortization Period.

“Series 2005-4 Series Account
Collateral” has the meaning specified in Section 3.1(d) of this
Series Supplement.

“Series 2005-4 Series Accounts” has the meaning
specified in Section 3.1(a) of this Series Supplement.

“Series-Specific Collection Account” means the
collection account established pursuant to a Series Supplement for the benefit
of a Series of Notes, which Series Supplement provides for the distribution of
funds allocated to such collection account to the payment of Ford Reimbursement
Obligations, after the payment of 

 55
 

principal of such Series
of Notes and prior to any distribution or other release of such funds to HVF
and prior to any payment of termination payments under the Swap Agreements, and
which provides that for so long as the Ford LOC Exposure Amount is greater than
zero no such funds will be distributed to HVF or applied to make termination
payments under the Swap Agreements if, after giving effect to such distribution
or application, the Fleet Equity Amount would be less than the Required Minimum
Fleet Equity Amount.

“Series-Specific Excess Collection Account”
means the excess collection account established pursuant to a Series Supplement
for the benefit of a Series of Notes, which Series Supplement provides for the
distribution of funds allocated to such excess collection account to the
payment of Ford Reimbursement Obligations after the payment of principal of
such Series of Notes or any other Series of Notes and prior to any distribution
or other release of such funds to HVF and prior to any payment of termination payments
under the Swap Agreements, and which provides that for so long as the Ford LOC
Exposure Amount is greater than zero no such funds will be distributed to HVF
or applied to make termination payments under the Swap Agreements if, after
giving effect to such distribution or application, the Fleet Equity Amount
would be less than the Required Minimum Fleet Equity Amount.

“Series Supplement” has the meaning set forth
in the preamble.

“Servicer Event of Default” means the
occurrence of an event that results in amounts due under the Servicer’s Senior
Credit Facilities becoming immediately due and payable and that has not been
waived by the lenders under such facilities.

“Shadow Rating” means the rating of the Class A
Notes by Standard & Poor’s or Moody’s, as applicable, without giving effect
to the Insurance Policy.

“Subaru Amount” means, as of any date of
determination, an amount equal to the Manufacturer Non-Eligible Vehicle Amount
and Manufacturer Eligible Program Vehicle Amount, in each case with respect to
Subaru as of such date.

“Telerate Page 3750” means the display page so designated on the Moneyline Telerate Service or
any other page that may replace that page on that service for the purpose of
displaying comparable rates or prices.

“Third-Party Market Value” means, with respect
to any HVF Vehicle as of any date of determination, the market value of such
HVF Vehicle as specified in the Related Month’s published NADA Guide for the
model class and model year of such HVF Vehicle based on the average equipment
and the average mileage of each HVF Vehicle of such model class and model year;
provided, that if the NADA Guide was not published in the Related Month
or the NADA Guide is being published but such HVF Vehicle is not included
therein, the Third-Party Market Value of such HVF Vehicle shall be based on the
market value specified in the Finance Guide for the model class and model year
of such HVF Vehicle based on the average equipment and the average mileage of
each HVF Vehicle of such model class and model year; provided, further,
that 

 56
 

if the Finance Guide is
being published but such HVF Vehicle is not included therein, the Third-Party
Market Value of such HVF Vehicle shall mean the Net Book Value of such HVF
Vehicle; provided, further, that if the Finance Guide was not published
in the Related Month, the Third-Party Market Value of such HVF Vehicle shall be
based on an independent third-party data source selected by the Servicer and
approved by each Rating Agency that is rating any Series of Notes and, so long
as any Class A Notes are Outstanding, the Insurer (such approval not to be
unreasonably withheld or delayed), at the request of HVF based on the average
equipment and average mileage of each HVF Vehicle of such model class and model
year; provided, further, that if no such third-party data source or
methodology shall have been so approved or any such third-party source or
methodology is not available, the Third-Party Market Value of such HVF Vehicle
shall be equal to a reasonable estimate of the wholesale market value of such
Vehicle as determined by the Servicer, based on the Net Book Value of such
Vehicle and any other factors deemed relevant by the Servicer.

“Top Two Non-Investment Grade EPM Amount”
means, as of any date of determination, the sum for both Top Two Non-Investment
Grade Manufacturers of an amount, with respect to each Top Two Non-Investment
Grade Manufacturers, equal to the sum, rounded to the nearest $100,000, of the
following amounts to the extent that such amounts are included in the
definition of “Aggregate Asset Amount” for such date: (i) the Net Book Value of
all Eligible Program Vehicles that are Eligible Vehicles as of such date that
were manufactured by such Top Two Non-Investment Grade Manufacturers or an
Affiliate thereof and not turned in to and accepted by such Top Two
Non-Investment Grade Manufacturers pursuant to their Manufacturer Programs, not
delivered and accepted for Auction pursuant to their Manufacturer Programs or
not otherwise sold or deemed to be sold under the Related Documents, plus (ii)
the aggregate amount of Manufacturer Receivables (other than Excluded Payments)
payable to HVF or to the Intermediary pursuant to the Master Exchange
Agreement, in each case as of such date by such Top Two Non-Investment Grade Manufacturers
with respect to Vehicles that were Eligible Vehicles and Eligible Program
Vehicles when turned in to and accepted by such Top Two Non-Investment Grade
Manufacturers or delivered and accepted for Auction, plus (iii) with respect to
Eligible Vehicles that were Eligible Program Vehicles that have been delivered
and accepted for Auction pursuant to a Manufacturer Program with such Top Two
Non-Investment Grade Manufacturers, all amounts receivable (other than amounts
specified in clause (ii) above) from any person or entity in connection
with the Auction of such Eligible Vehicles as of such date, plus (iv) with
respect to Eligible Vehicles that were Eligible Program Vehicles manufactured
by such Top Two Non-Investment Grade Manufacturers or an Affiliate thereof that
have been turned in to and accepted by such Top Two Non-Investment Grade
Manufacturers, delivered and accepted for Auction, otherwise sold or become a
Casualty, any accrued and unpaid Casualty Payments or Termination Payments with
respect to such Eligible Vehicles as of such date under the HVF Lease, plus (v)
with respect to Eligible Vehicles that were Eligible Program Vehicles
manufactured by such Top Two Non-Investment Grade Manufacturers or an Affiliate
thereof that have been turned in to and accepted by such Top Two Non-Investment
Grade Eligible Program Manufacturer, delivered and accepted for Auction or
otherwise sold, any accrued and unpaid Monthly Base Rent with respect to such
Eligible Vehicles under the HVF Lease (net of amounts set forth in 

 57
 

clauses (ii),
(iii), and (iv) above) plus (vi) with respect to Eligible
Vehicles that were Eligible Program Vehicles sold by HVF to a third party
pursuant to Section 2.5(a) of the HVF Lease, any non-return incentives
payable to HVF under a Manufacturer Program by such Top Two Non-Investment
Grade Manufacturers in respect of the sale of such Vehicles outside of the
related Manufacturer Program as of such date, plus (vii) if such date is during
the period from and including a Determination Date to but excluding the next
Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment
Date with respect to all Eligible Vehicles that are Eligible Program Vehicles
as of such date that were manufactured by such Top Two Non-Investment Grade
Manufacturers or an Affiliate thereof and that have not been turned in to and
accepted by such Top Two Non-Investment Grade Manufacturers pursuant to their
Manufacturer Programs, not been delivered and accepted for Auction pursuant to
their Manufacturer Programs and not otherwise been sold or deemed to be sold
under the Related Documents.

“Top Two Non-Investment Grade Manufacturer
Non-Eligible Vehicle Amount” means, as of any date of determination, the
sum for both Top Two Non-Investment Grade Manufacturers of an amount, with
respect to each Top Two Non-Investment Grade Manufacturers, equal to the sum,
rounded to the nearest $100,000, of the following amounts to the extent that
such amounts are included in the definition of “Aggregate Asset Amount” for
such date: (i) the Net Book Value of all Eligible Vehicles that were
Non-Eligible Program Vehicles or Non-Program Vehicles as of such date that were
manufactured by such Top Two Non-Investment Grade Manufacturers or an Affiliate
thereof and not turned in to and accepted by such Top Two Non-Investment Grade
Manufacturers pursuant to their Manufacturer Programs, not delivered and
accepted for Auction pursuant to their Manufacturer Programs or not otherwise
sold or deemed to be sold under the Related Documents, plus (ii) the aggregate
amount of Manufacturer Receivables (other than Excluded Payments) payable to
HVF or to the Intermediary pursuant to the Master Exchange Agreement, in each
case as of such date by such Top Two Non-Investment Grade Manufacturers with respect
to Vehicles that were Non-Eligible Program Vehicles or Non-Program Vehicles
when turned in to and accepted by such Top Two Non-Investment Grade
Manufacturers or delivered and accepted for Auction, plus (iii) with respect to
Eligible Vehicles that were Non-Eligible Program Vehicles or Non-Program
Vehicles that have been delivered and accepted for Auction pursuant to a
Manufacturer Program with such Top Two Non-Investment Grade Manufacturers, all
amounts receivable (other than amounts specified in clause (ii) above)
from any person or entity in connection with the Auction of such Eligible
Vehicles as of such date, plus (iv) with respect to Eligible Vehicles that were
Non-Eligible Program Vehicles or Non-Program Vehicles manufactured by such Top
Two Non-Investment Grade Manufacturers or an Affiliate thereof that have been
turned in to and accepted by such Top Two Non-Investment Grade Manufacturers,
delivered and accepted for Auction, otherwise sold or become a Casualty, any
accrued and unpaid Casualty Payments or Termination Payments with respect to
such Eligible Vehicles as of such date under the HVF Lease, plus (v) with
respect to Eligible Vehicles that were Non-Eligible Program Vehicles or
Non-Program Vehicles manufactured by such Top Two Non-Investment Grade
Manufacturers or an Affiliate thereof that have been turned in to and accepted
by such Top Two Non-Investment Grade Eligible Program Manufacturer, delivered
and accepted for Auction or otherwise sold, any accrued and unpaid Monthly Base
Rent with 

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respect to such Eligible
Vehicles under the HVF Lease (net of amounts set forth in clauses (ii), (iii),
and (iv) above) plus (vi) with respect to Eligible Vehicles that were
Eligible Program Vehicles sold by HVF to a third party pursuant to Section
2.5(a) of the HVF Lease, any non-return incentives payable to HVF under a
Manufacturer Program by such Top Two Non-Investment Grade Manufacturers in
respect of the sale of such Vehicles outside of the related Manufacturer
Program as of such date, plus (vii) if such date is during the period from and
including a Determination Date to but excluding the next Payment Date, accrued
and unpaid Monthly Base Rent payable on the next Payment Date with respect to
all Eligible Vehicles that were Non-Eligible Program Vehicles or Non-Program
Vehicles as of such date that were manufactured by such Top Two Non-Investment
Grade Manufacturers or an Affiliate thereof and that have not been turned in to
and accepted by such Top Two Non-Investment Grade Manufacturers pursuant to
their Manufacturer Programs, not been delivered and accepted for Auction
pursuant to their Manufacturer Programs and not otherwise been sold or deemed
to be sold under the Related Documents.

“Top Two Non-Investment Grade Manufacturers”
means, as of any date of determination, the two Non-Investment Grade
Manufacturers with the largest portions of the Aggregate Asset Amount
attributable to Vehicles manufactured by such Non-Investment Grade
Manufacturers (or one or more Affiliates of such Non-Investment Grade Manufacturers)
and amounts receivable from such Manufacturers (or one or more Affiliates of
such Non-Investment Grade Manufacturers), in each case as of such date.

“Unrestricted Global Notes” has the meaning
specified in Section 6.2(b) of this Series Supplement.

“Voluntary Decrease” has the meaning specified
in Section 2.2(b) of this Series Supplement.

“Volvo Amount” means, as of any date of
determination, an amount equal to the sum of the Volvo Program Amount and the
Volvo Non-Program Amount as of such date.

“Volvo Non-Program Amount” means, as of any
date of determination, an amount equal to the Manufacturer Non-Eligible Vehicle
Amount with respect to Volvo as of such date.

“Volvo Program Amount” means, as of any date of
determination, an amount equal to the Manufacturer Eligible Program Vehicle
Amount with respect to Volvo as of such date.

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ARTICLE II

INITIAL ISSUANCE
AND INCREASES AND DECREASES

OF PRINCIPAL AMOUNT OF CLASS A NOTES

Section 2.1.            Initial
Issuance; Procedure for Increasing the Class A Principal Amount.

(a)           Subject to
satisfaction of the conditions precedent set forth in subsection (b) of
this Section 2.1 (in the case of subsections (b)(i), (b)(ii),
(b)(iii), (b)(iv), (b)(v), (b)(vi) and (b)(vii)
of this Section 2.1, as evidenced by an Advance Request delivered to the
Trustee as to which the Trustee may rely) (i) on the Series 2005-4 Closing
Date, HVF may issue Class A Notes in the aggregate initial principal amount
equal to the Class A Initial Principal Amount and (ii) on any Business Day
during the Series 2005-4 Revolving Period, HVF may, in accordance with the
Class A Note Purchase Agreement, increase the Class A Principal Amount (such
increase referred to as an “Increase”), by issuing, at par, ratable
amounts of additional principal amounts of the Class A Notes.  Each Increase shall be made in accordance
with the provisions of Sections 2.02 and 2.03 of the Class A Note Purchase
Agreement and shall be ratably allocated among the Class A Notes, based on
their respective portion of the Class A Principal Amount.  Proceeds from the initial issuance of the
Class A Notes and from any Increase shall be deposited into the Series 2005-4
Collection Account and allocated in accordance with Article III
hereof.  Upon each Increase, the Trustee
shall, or shall cause the Registrar to, indicate in the Note Register such
Increase.

(b)           The initial Class A
Notes will be issued on the Series 2005-4 Closing Date and the Class A
Principal Amount may be increased on any Business Day during the Series 2005-4
Revolving Period (subject to the limitations set forth in Section 2.2(a)
below), in each case pursuant to subsection (a) above, only upon
satisfaction of each of the following conditions with respect to such initial
issuance and each proposed Increase:

(i)            the amount of such issuance or
Increase shall be equal to or greater than $2,500,000 and integral multiples of $100,000 in excess thereof;

(ii)           after giving effect to such issuance
or Increase, (A) the Investor Group Principal Amount with respect to such
Investor Group shall not exceed the Maximum Investor Group Principal Amount
with respect to such Investor Group and (B) the Class A Principal Amount shall
not exceed the Class A Maximum Principal Amount;

(iii)          after giving effect to such issuance
or Increase and the application of the proceeds thereof, no Class Enhancement
Deficiency, Class  Liquidity Deficiency
or Aggregate Asset Amount Deficiency shall exist;

 60

(iv)          after giving effect to such Increase
and the application of the proceeds thereof, the amount on deposit in the Class
A Reserve Account shall be equal to or greater than the Class A Required
Reserve Account Amount;

(v)           no Series 2005-4 Amortization Event
has occurred and is continuing and such issuance or Increase and the
application of the proceeds thereof will not result in the occurrence of (1) an
Amortization Event with respect to the Series 2005-4 Notes or a Series 2005-4
Limited Liquidation Event of Default, or (2) an event or occurrence, which,
with the passing of time or the giving of notice thereof, or both, would become
an Amortization Event with respect to the Series 2005-4 Notes or a Series
2005-4 Limited Liquidation Event of Default;

(vi)          all representations and warranties set
forth in Article 7 of the Base Indenture shall be true and correct with the
same effect as if made on and as of such date (except to the extent such
representations relate to an earlier date); and

(vii)         All conditions precedent to the making
of advances under each Class A Note Purchase Agreement shall have been
satisfied.

Section 2.2.            Procedure
for Decreasing the Class A Principal Amount.

(a)           Mandatory
Decrease.  Whenever (i) a Class
Enhancement Deficiency exists, then, on or before the Payment Date immediately
following discovery of such Class Enhancement Deficiency, HVF shall apply funds
in the Series 2005-4 Excess Collection Account in accordance with Section
3.2(f) of this Series Supplement, to make a pro rata reduction in the Class
A Principal Amount (subject to the limitations specified in Section 2.2(c)
below) by the lesser of (x) the amount necessary, so that after giving effect
to all Decreases of the Class A Principal Amount on such Payment Date, no such
Class Enhancement Deficiency shall exist and (y) the amount that would reduce
the Class A Principal Amount to zero, (ii) an Aggregate Asset Amount Deficiency
exists, then, on or before the Payment Date immediately following discovery of
such Aggregate Asset Amount Deficiency, HVF shall allocate to and deposit in
the Series 2005-4 Excess Collection Account to be applied in accordance with Section
3.2(f) of this Series Supplement, funds to make a pro rata reduction in the
Class A Principal Amount (subject to the limitations specified in Section
2.2(c) below) in an amount equal to the lesser of (x) the Series 2005-4
Invested Percentage (with respect to Principal Collections) of the amount of
such Aggregate Asset Amount Deficiency and (y) the Class A Principal Amount as
of the date of application of such funds and (iii) a Class A Excess Principal Event shall have occurred, then,
on or before the Payment Date immediately following discovery of such Class A Excess Principal Event, HVF shall allocate
to and deposit in the Series 2005-4 Excess Collection Account to be applied in
accordance with Section 3.2(f) of this Series Supplement, funds to make
a pro rata reduction in the Class A Principal Amount (subject to the
limitations specified in Section 2.2(c) below) by the lesser of (x) the
amount necessary, so that after giving effect to all Decreases of the Class A
Principal Amount on such Payment Date, no such Class A Excess Principal Event shall 

 61
 

exist and (y)
the amount that would reduce the Class A Principal Amount to zero (each
reduction of the Class A Principal Amount pursuant to this Section 2.2(a),
a “Mandatory Decrease”); plus, with respect to each clause above,
any associated breakage costs (including Class A Commercial Paper discounts and
interest scheduled to accrue through the maturity of such Class A Commercial
Paper) incurred as a result of such decrease (calculated in accordance with the
procedures outlined in Section 7.1 of this Series Supplement for
optional repurchases).  Such Mandatory
Decrease shall be ratably allocated among the Class A Noteholders, based on
their respective portion of the Class A Principal Amount.  Upon discovery of such a Class Enhancement
Deficiency, Aggregate Asset Amount Deficiency or Class A Excess Principal
Event, HVF promptly, but in any event within 5 Business Days, shall deliver
written notice (by facsimile with original to follow by mail) of any such
Mandatory Decreases to the Trustee.

(b)           Voluntary
Decrease.  On any Business Day, upon
at least 3 Business Day’s prior notice to each Class A Noteholder, each
Committed Note Purchaser and the Trustee, HVF may decrease the Class A
Principal Amount (each such reduction of the Class A Principal Amount pursuant
to this Section 2.2(b), a “Voluntary Decrease”) by withdrawing
from the Series 2005-4 Excess Collection Account or, after the Series 2005-4
Revolving Period, the Series 2005-4 Collection Account, an amount (subject to
the last sentence of this Section 2.2(b)) up to the sum of all Principal
Collections on deposit in such accounts and, in the case of the Series 2005-4
Excess Collection Account, available for distribution to effect a Voluntary
Decrease pursuant to Section 3.2(f) of this Series Supplement, and
distributing pro rata to the Class A Noteholders in respect of principal of the
Class A Notes, the amount of such withdrawal in accordance with Section
3.5(f);  plus any associated
breakage costs (including Class A Commercial Paper discounts and interest
scheduled to accrue through the maturity of such Class A Commercial Paper)
incurred as a result of such decrease (calculated in accordance with the
procedures outlined in Section 7.1 of this Series Supplement for
optional repurchases).  Such Voluntary
Decrease shall be ratably allocated among the Class A Noteholders, based on
their respective portion of the Class A Principal Amount.  Each such Voluntary Decrease shall be, in the
aggregate for all Class A Notes, in a minimum principal amount of $5,000,000 and integral multiples of $100,000 in excess
thereof.

(c)           Upon distribution to
the Class A Noteholders of principal of the Class A Notes in connection with
each Decrease, the Trustee shall, or shall cause the Registrar to indicate in
the Note Register such Decrease.  The
amount of any Decrease shall not exceed the amount allocated to the Series
2005-4 Excess Collection Account or the Series 2005-4 Collection Account and
available for distribution to Class A Noteholders in respect of principal of
the Class A Notes on the date of such Decrease pursuant to the terms hereof.

ARTICLE
III

SERIES 2005-4 ALLOCATIONS

With respect to the Series 2005-4 Notes only, the
following shall apply:

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Section 3.1.            Series
2005-4 Series Accounts.

(a)           Establishment of
Series 2005-4 Series Accounts.  HVF
shall establish and maintain in the name of the Trustee for the benefit of the
Series 2005-4 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider three accounts: the Series 2005-4 Collection Account (such account,
the “Series 2005-4 Collection Account”), the Series 2005-4 Accrued
Interest Account (such account, the “Series 2005-4 Accrued Interest Account”)
and the Series 2005-4 Excess Collection Account (such account, the “Series
2005-4 Excess Collection Account” and, together with the Series 2005-4
Collection Account and the Series 2005-4 Accrued Interest Account, the “Series
2005-4 Series Accounts”).  Each
Series 2005-4 Series Account shall bear a designation clearly indicating that
the funds deposited therein are held for the benefit of the Series 2005-4
Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider.  Each Series 2005-4 Series Account shall be an
Eligible Deposit Account.  If a Series
2005-4 Series Account is at any time no longer an Eligible Deposit Account, HVF
shall, within 10 Business Days of obtaining knowledge that such Series 2005-4
Series Account is no longer an Eligible Deposit Account, establish a new Series
2005-4 Series Account that is an Eligible Deposit Account.  If a new Series 2005-4 Series Account is
established, HVF shall instruct the Trustee in writing to transfer all cash and
investments from the non-qualifying Series 2005-4 Series Account into the new
Series 2005-4 Series Account.  Initially,
each of the Series 2005-4 Series Accounts will be established with The Bank of
New York.

(b)           Administration of
the Series 2005-4 Series Accounts. 
HVF may instruct (by standing instructions or otherwise) the institution
maintaining each of the Series 2005-4 Series Accounts to invest funds on
deposit in such Series 2005-4 Series Account from time to time in Permitted Investments;
provided, however, that (x) any such investment in the Series
2005-4 Excess Collection Account shall mature not later than the Business Day
following the date on which such funds were received (including funds received
upon a payment in respect of a Permitted Investment made with funds on deposit
in the Series 2005-4 Excess Collection Account) and (y) any such investment in
the Series 2005-4 Collection Account or the Series 2005-4 Accrued Interest
Account shall mature not later than the Business Day prior to the first Payment
Date following the date on which such funds were received (including funds
received upon a payment in respect of a Permitted Investment made with funds on
deposit in the Series 2005-4 Collection Account or Series 2005-4 Accrued
Interest Account), unless any such Permitted Investment is held with the
Trustee, then such investment may mature on such Payment Date so long as such
funds shall be available for withdrawal on or prior to such Payment Date.  HVF shall not direct the Trustee to dispose
of (or permit the disposal of) any Permitted Investments prior to the maturity
thereof to the extent such disposal would result in a loss of the initial
purchase price of such Permitted Investment. 
In the absence of written investment instructions hereunder, funds on
deposit in the Series 2005-4 Series Accounts shall remain uninvested.

(c)           Earnings
from Series 2005-4 Series Accounts. 
All interest and earnings (net of losses and investment expenses) paid
on funds on deposit in the Series 

 63
 

2005-4 Series
Accounts shall be deemed to be on deposit therein and available for
distribution.

(d)           Series 2005-4
Series Accounts Constitute Additional Collateral for Series 2005-4 Notes.  In order to secure
and provide for the repayment and payment of the Note Obligations with respect
to the Series 2005-4 Notes, HVF hereby grants a security interest in and
assigns, pledges, grants, transfers and sets over to the Trustee, for the
benefit of the Series 2005-4 Noteholders, the Insurer, Ford and each Interest Rate
Hedge Provider, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Series 2005-4 Series Accounts,
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 2005-4 Series Accounts 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 2005-4 Series Accounts, 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 2005-4 Series
Accounts, the funds on deposit therein from time to time or the investments
made with such funds; and (vi) all proceeds of any and all of the foregoing,
including, without limitation, cash (the items in the foregoing clauses (i)
through (vi) are referred to, collectively, as the “Series 2005-4
Series Account Collateral”).

Section 3.2.            Allocations
with Respect to the Series 2005-4 Notes. 
The net proceeds from the initial sale of the Series 2005-4 Notes will
be deposited into the Series 2005-4 Excess Collection Account.  All amounts payable to HVF under any Series
2005-4 Interest Rate Hedges will be deposited into the Series 2005-4 Collection
Account.  On each Business Day on which
the proceeds of any Increase or Collections are deposited into the Collection
Account (each such date, a “Series 2005-4 Deposit Date”), the
Administrator will direct the Trustee in writing pursuant to the Administration
Agreement to apply from all amounts deposited into the Collection Account in
accordance with the provisions of this Section 3.2:

(a)           Allocations of
Collections During the Series 2005-4 Revolving Period.  During the Series 2005-4 Revolving Period,
the Administrator will direct the Trustee in writing pursuant to the
Administration Agreement, prior to 1:00 p.m. (New York City time) on each
Series 2005-4 Deposit Date, to apply from all amounts deposited into the
Collection Account as set forth below:

(i)            allocate to and deposit in the
Series 2005-4 Collection Account an amount equal to the sum of (A) the Series
2005-4 Invested Percentage (as of such day) of the aggregate amount of Interest
Collections on such day and (B) any amounts received by the Trustee in respect
of the Series 2005-4 Interest Rate Hedges. 
All such amounts deposited into the Series 2005-4 Collection Account
shall thereafter be deposited into the Series 2005-4 Accrued Interest Account;
and

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(ii)           allocate to and deposit in the Series
2005-4 Excess Collection Account (A) an amount equal to the Series 2005-4
Invested Percentage (as of such day) of the aggregate amount of Principal
Collections on such day, (B) on the Series 2005-4 Closing Date, the net
proceeds from the issuance of the Series 2005-4 Notes and (C) on the date of
any Increase, the proceeds of such Increase (for any such day, the “Series
2005-4 Principal Allocation”).

(b)            [Reserved].

(c)           Allocations of
Collections During the Series 2005-4 Rapid Amortization Period.  During the Series 2005-4 Rapid Amortization
Period, the Administrator will direct the Trustee in writing pursuant to the
Administration Agreement, prior to 1:00 p.m. (New York City time) on any Series
2005-4 Deposit Date, to apply from all amounts deposited into the Collection
Account as set forth below:

(i)            allocate to and deposit in the
Series 2005-4 Collection Account an amount determined as set forth in Section
3.2(a)(i) above for such day, which amount shall be thereafter allocated to
and deposited in the Series 2005-4 Accrued Interest Account; and

(ii)           allocate to and deposit in the Series
2005-4 Collection Account an amount equal to the Series 2005-4 Principal
Allocation for such day, which amount shall be used to make principal payments
(I) on a pro  rata basis in respect of the Class A Notes until the
Class A Notes have been paid in full, (II) once the Class A Notes have been
paid in full, on a pro  rata basis in respect of the Class B Notes
until the Class B Notes have been paid in full, (III) once the Class B Notes
have been paid in full, to Ford, all unpaid Ford Reimbursement Obligations
until Ford has been paid in full, and (IV) once Ford has been paid in full,
only for so long as the Ford LOC Exposure Amount is greater than zero, only to
the extent that after giving effect to such payment the Fleet Equity Condition
would be satisfied, on a pro  rata basis to each Interest Rate
Hedge Provider all amounts due and owing to it under its Series 2005-4 Interest
Rate Hedge; provided that if on any Determination Date (A) the
Administrator determines that the amount anticipated to be available from
Interest Collections allocable to the Series 2005-4 Notes, any amounts payable
to the Trustee in respect of any Series 2005-4 Interest Rate Hedges and other
amounts available pursuant to Section 3.3 of this Series Supplement to
pay Class A Adjusted Monthly Interest and the Monthly Hedge Payment on the next
succeeding Payment Date will be less than the sum of the Class A Adjusted
Monthly Interest and the Monthly Hedge Payment for such Payment Date and (B)
the Class A Enhancement Amount is greater than zero, then the Administrator
shall direct the Trustee in writing to withdraw from the Series 2005-4
Collection Account a portion of the Principal Collections allocated to the
Series 2005-4 Notes during the Related Month equal to the lesser of such
insufficiency and the Class A Enhancement Amount and deposit such amount into
the Series 2005-4 Accrued Interest Account to be treated as Interest
Collections on such Payment Date.

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(d)           Past Due Rental
Payments.  Notwithstanding the
foregoing, if, after the occurrence of a Series 2005-4 Lease Payment Deficit,
the Lessee shall make a payment of Rent or other amount payable by the Lessee
under the HVF Lease on or prior to the fifth Business Day after the occurrence of
such Series 2005-4 Lease Payment Deficit (a “Past Due Rent Payment”),
the Administrator shall direct the Trustee in writing pursuant to the
Administration Agreement to allocate to and deposit in the Series 2005-4
Collection Account an amount equal to the Series 2005-4 Invested Percentage as
of the date of the occurrence of such Series 2005-4 Lease Payment Deficit of
the Collections attributable to such Past Due Rent Payment (the “Series
2005-4 Past Due Rent Payment”).  The
Administrator shall instruct the Trustee in writing pursuant to the
Administration Agreement to withdraw from the Series 2005-4 Collection Account
and apply the Series 2005-4 Past Due Rent Payment in the following order:

(i)            if the occurrence of the related
Series 2005-4 Lease Payment Deficit resulted in a demand for payment being made
under the Insurance Policy, pay to the Insurer an amount equal to the lesser of
(x) the unreimbursed amount of the payment made by the Insurer under the
Insurance Policy in respect of such demand and (y) the amount of the Series
2005-4 Past Due Rent Payment;

(ii)           if the occurrence of the related
Series 2005-4 Lease Payment Deficit resulted in one or more Class A LOC Credit
Disbursements being made under the Class A Ford Letters of Credit, pay to Ford
an amount equal to the lesser of (x) the unreimbursed amount of such Class A
LOC Credit Disbursement and (y) the amount of the Series 2005-4 Past Due Rent
Payment remaining after any payment pursuant to clause (i) above;

(iii)          if the occurrence of such Series 2005-4
Lease Payment Deficit resulted in a withdrawal being made from the Class A Ford
Cash Collateral Account, deposit in the Class A Ford Cash Collateral Account an
amount equal to the lesser of (x) the amount of the Series 2005-4 Past Due Rent
Payment remaining after any payments pursuant to clauses (i) and (ii)
above and (y) the amount withdrawn from the Class A Ford Cash Collateral
Account on account of such Series 2005-4 Lease Payment Deficit;

(iv)          if
the occurrence of the related Series 2005-4 Lease Payment Deficit resulted in
one or more Class A LOC Credit Disbursements being made under the Class A
Non-Ford Letters of Credit, pay to each Class A Non-Ford Letter of Credit
Provider who made such a Class A LOC Credit Disbursement for application in
accordance with the provisions of the applicable Class A Letter of Credit
Reimbursement Agreement an amount equal to the lesser of (x) the unreimbursed
amount of such Class A Non-Ford Letter of Credit Provider’s Class A LOC Credit
Disbursement and (y) such Class A Non-Ford Letter of Credit Provider’s pro rata
share, calculated on the basis of the unreimbursed amount of each such Class A
Non-Ford Letter of Credit Provider’s Class A LOC Credit Disbursement, of the
amount of the Series 2005-4 Past Due 

 66
 

Rent Payment remaining after any payment
pursuant to clauses (i) through (iii) above;

(v)           if the occurrence of such Series
2005-4 Lease Payment Deficit resulted in a withdrawal being made from the Class
A Non-Ford Cash Collateral Account, deposit in the Class A Non-Ford Cash
Collateral Account an amount equal to the lesser of (x) the amount of the
Series 2005-4 Past Due Rent Payment remaining after any payments pursuant to clauses
(i) through (iv) above and (y) the amount withdrawn from the Class A
Non-Ford Cash Collateral Account on account of such Series 2005-4 Lease Payment
Deficit;

(vi)          if the occurrence of the related
Series 2005-4 Lease Payment Deficit resulted in one or more Class B LOC Credit
Disbursements being made under the Class B Ford Letters of Credit, pay to Ford
an amount equal to the lesser of (x) the unreimbursed amount of such Class B
LOC Credit Disbursement and (y) the amount of the Series 2005-4 Past Due Rent
Payment remaining after any payment pursuant to clauses (i) through (v)
above;

(vii)         if the occurrence of such Series 2005-4
Lease Payment Deficit resulted in a withdrawal being made from the Class B Ford
Cash Collateral Account, deposit in the Class B Ford Cash Collateral Account an
amount equal to the lesser of (x) the amount of the Series 2005-4 Past Due Rent
Payment remaining after any payments pursuant to clauses (i) through (vi)
above and (y) the amount withdrawn from the Class B Ford Cash Collateral
Account on account of such Series 2005-4 Lease Payment Deficit;

(viii)        if the occurrence of such Series 2005-4
Lease Payment Deficit resulted in a withdrawal being made from the Class A
Reserve Account pursuant to Section 3.3(d)(i) of this Series Supplement,
deposit in the Class A Reserve Account an amount equal to the lesser of (x) the
amount of the Series 2005-4 Past Due Rent Payment remaining after any payments
pursuant to clauses (i) through (vii) above and (y) the excess,
if any, of the Class A Required Reserve Account Amount over the Class A
Available Reserve Account Amount on such day;

(ix)           if
the occurrence of the related Series 2005-4 Lease Payment Deficit resulted in
one or more Class B LOC Credit Disbursements being made under the Class B
Non-Ford Letters of Credit, pay to each Class B Non-Ford Letter of Credit
Provider who made such a Class B LOC Credit Disbursement for application in
accordance with the provisions of the applicable Class B Letter of Credit
Reimbursement Agreement an amount equal to the lesser of (x) the unreimbursed
amount of such Class B Non-Ford Letter of Credit Provider’s Class B LOC Credit
Disbursement and (y) such Class B Non-Ford Letter of Credit Provider’s pro rata
share, calculated on the basis of the unreimbursed amount of each such Class B
Non-Ford Letter of Credit Provider’s Class B LOC Credit Disbursement, of the
amount of the Series 2005-4 Past Due 

 67
 

Rent Payment remaining after any payment
pursuant to clauses (i) through (viii) above;

(x)            if the occurrence of such Series
2005-4 Lease Payment Deficit resulted in a withdrawal being made from the Class
B Non-Ford Cash Collateral Account, deposit in the Class B Non-Ford Cash
Collateral Account an amount equal to the lesser of (x) the amount of the
Series 2005-4 Past Due Rent Payment remaining after any payments pursuant to clauses
(i) through (ix) above and (y) the amount withdrawn from the Class B
Non-Ford Cash Collateral Account on account of such Series 2005-4 Lease Payment
Deficit;

(xi)           if the occurrence of such Series
2005-4 Lease Payment Deficit resulted in a withdrawal being made from the Class
B Reserve Account pursuant to Section 3.3(d)(ii) of this Series
Supplement, deposit in the Class B Reserve Account an amount equal to the
lesser of (x) the amount of the Series 2005-4 Past Due Rent Payment remaining
after any payments pursuant to clauses (i) through (x) above and
(y) the excess, if any, of the Class B Required Reserve Account Amount over the
Class B Available Reserve Account Amount on such day;

(xii)          deposit into the Series 2005-4 Accrued
Interest Account the amount, if any, by which the Series 2005-4 Lease Interest
Payment Deficit, if any, relating to such Series 2005-4 Lease Payment Deficit
exceeds the amount of the Series 2005-4 Past Due Rent Payment applied pursuant
to clauses (i) through (xi) above; and

(xiii)         deposit into the Series 2005-4 Excess Collection
Account and treat as Principal Collections the remaining amount of the Series
2005-4 Past Due Rent Payment.

(e)           Amounts Allocated
from Other Series.  Amounts allocated
to other Series of Notes that have been reallocated by HVF to the Series 2005-4
Notes (i) during the Series 2005-4 Revolving Period shall be deposited into the
Series 2005-4 Excess Collection Account and applied in accordance with Section
3.2(f) of this Series Supplement and (ii) during the Series 2005-4 Rapid
Amortization Period shall be deposited into the Series 2005-4 Collection
Account and applied in accordance with Section 3.2(c), as the case may
be, of this Series Supplement to make principal payments in respect of the
Series 2005-4 Notes, and after the Series 2005-4 Notes have been paid in full,
to pay Ford all unpaid Ford Reimbursement Obligations and, only for so long as
the Ford LOC Exposure Amount is greater than zero, only to the extent that
after giving effect to such payment the Fleet Equity Condition would be satisfied,
to pay each Interest Rate Hedge Provider all amounts due and owing to it under
its Series 2005-4 Interest Rate Hedge.

(f)            Series
2005-4 Excess Collection Account. 
Amounts deposited into the Series 2005-4 Excess Collection Account on
any Series 2005-4 Deposit Date will be (i) first, withdrawn and
deposited in the Class A Reserve Account in an amount up to the 

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excess, if
any, of the Class A Required Reserve Account Amount for such date over the
Class A Available Reserve Account Amount for such date, (ii) second,
used to make a Mandatory Decrease, if applicable, in accordance with Sections
2.2(a) and 3.5(f) of this Series Supplement, (iii) third,
used to pay (a) the outstanding principal amount of the Class A Notes on the
Expected Final Payment Date, and (b) the outstanding principal amount of the
Class B-1 Notes and the Class B-2 Notes in that order on the Expected Final
Payment Date, (iv) fourth, withdrawn and deposited in the Class B
Reserve Account in an amount up to the excess, if any, of the Class B Required
Reserve Account Amount for such date over the Class B Available Reserve Account
Amount for such date, (v) fifth, used to pay the principal amount of
other Series of Notes that are then required to be paid or, at the option of
HVF, to pay the principal amount of other Series of Notes that may be paid
under the Indenture, (vi) sixth, used at the option of HVF to make a
Voluntary Decrease in accordance with Sections 2.2(b) and 3.5(f)
of this Series Supplement, (vii) seventh, used to pay Ford all unpaid
Ford Reimbursement Obligations, (viii) eighth, used to pay each Interest
Rate Hedge Provider all amounts due and owing to it under its Series 2005-4
Interest Rate Hedge and (ix) ninth, any remaining funds may be released
to HVF, in the case of clauses (iv) through (ix), only to the
extent that no Class Enhancement Deficiency or other Amortization Event with
respect to the Series 2005-4 Notes would result therefrom or exist immediately
thereafter and, in the case of clauses (viii) and (ix) only for
so long as the Ford LOC Exposure Amount is greater than zero, only to the
extent that after giving effect to such payment or release or immediately after
such payment or release, the Fleet Equity Condition would be satisfied.
Notwithstanding the foregoing, on the first day of the Series 2005-4 Rapid
Amortization Period, all funds on deposit in the Series 2005-4 Excess
Collection Account will be withdrawn from the Series 2005-4 Excess Collection
Account and deposited into the Series 2005-4 Collection Account and applied in
accordance with Section 3.2(c)(ii) of this Series Supplement.

Section 3.3.            Application
of Interest Collections.

On the fourth Business Day prior to each Payment Date,
as provided below, the Administrator shall instruct the Trustee in writing
pursuant to the Administration Agreement to withdraw, and on such Payment Date
the Trustee, acting in accordance with such instructions, shall withdraw the
amounts required to be withdrawn from the Series 2005-4 Accrued Interest
Account pursuant to Section 3.3(b) below in respect of all funds
available from any Series 2005-4 Interest Rate Hedges and Interest Collections
processed since the preceding Payment Date and allocated to the holders of the
Series 2005-4 Notes.

(a)           Appointment of
Calculation Agent.  BNY MTC is hereby
appointed Calculation Agent for the purpose of determining the Class B-1 Note
Rate for each Series 2005-4 Interest Period. 
On each LIBOR Determination Date, the Calculation Agent shall determine
the Class B-1 Note Rate for the next succeeding Series 2005-4 Interest Period
and deliver notice of the Class B-1 Note Rate to the Trustee and the
Administrator.

(b)           Note
Interest with respect to the Series 2005-4 Notes.  On the fourth Business Day prior to each
Payment Date, the Administrator shall instruct the 

 69
 

Trustee in
writing pursuant to the Administration Agreement as to the amount to be
withdrawn from the Series 2005-4 Accrued Interest Account to the extent funds
are anticipated to be available from Interest Collections allocable to the
Series 2005-4 Notes processed from but not including the preceding Payment Date
through the succeeding Payment Date and any amounts payable to HVF under any
Series 2005-4 Interest Rate Hedge during that period in respect of (i) first,
(I) first an amount equal to the sum of (A) the Class A Adjusted Monthly
Interest (excluding amounts referenced in clause (ii) of the definition
thereof to the extent duplicative of Class A Deficiency Amounts payable under clause
(iii) below) for such Payment Date (the portion of such amount of Class A
Adjusted Monthly Interest that will accrue for the period (each an, “Estimated
Interest Period”) from and including the Determination Date immediately
preceding such Payment Date to but excluding such Payment Date (such portion of
the Class A Adjusted Monthly Interest with respect to any such Estimated
Interest Period, the “Estimated Interest”) shall be estimated by the
Administrator on such Determination Date) plus (B) the Estimated Interest
Adjustment Amount with respect to such Determination Date and (II) second an
amount equal to any Indenture Carrying Charges due to the Class A Noteholders
and unpaid as of such Payment Date which are not included in the definition of
Class A Adjusted Monthly Interest, (ii) second, an amount equal to the
Monthly Hedge Payment, if any, for the next succeeding Payment Date, (iii) third,
an amount equal to the unpaid Class A Deficiency Amounts, if any, as of the
preceding Payment Date (together with any accrued interest on such Class A
Deficiency Amounts), (iv) fourth, an amount equal to the Insurer Fee for
such Series 2005-4 Interest Period plus any Insurer Reimbursement Amounts then
due and owing, (v) fifth, an amount equal to the Class A Monthly Default
Interest Amount, if any, for such Payment Date, (vi) sixth, an amount
equal to the Class B Monthly Interest for the Series 2005-4 Interest Period
ending on the day preceding such succeeding Payment Date and (vii) seventh,
an amount equal to the unpaid Class B Deficiency Amounts, if any, as of the
preceding Payment Date (together with any accrued interest on such Class B
Deficiency Amounts).  On or before 10:00
a.m. (New York City time) on the following Payment Date, the Trustee shall
withdraw the amounts described in the first sentence of this Section 3.3(b),
from the Series 2005-4 Accrued Interest Account and deposit such amounts into
the Series 2005-4 Distribution Account.

On or before 4:00 p.m. (New York City time) on the
Business Day immediately preceding each Determination Date, the Administrator
shall notify the Trustee of any Estimated Interest Adjustment Amount with
respect to such Determination Date, such notification to be in the form of Exhibit
I to this Series Supplement (each an “Estimated Interest Adjustment
Notice”).

(c)           Lease Payment
Deficit Notice.  On or before 10:00
a.m. (New York City time) on each Payment Date, the Administrator shall notify
the Trustee of the amount of any Series 2005-4 Lease Payment Deficit, such
notification to be in the form of Exhibit C to this Series Supplement
(each a “Lease Payment Deficit Notice”).

(d)           (i)  Withdrawals
from the Class A Reserve Account. 
If the Administrator determines on any Payment Date that the amounts
available from the Series 2005-4 Accrued Interest Account are insufficient to
pay the sum of the amounts 

 70
 

described in clauses
(i), (ii), (iii) and (iv) of Section 3.3(b)
of this Series Supplement on such Payment Date, the Administrator shall
instruct the Trustee in writing to withdraw from the Class A Reserve Account
and deposit in the Series 2005-4 Distribution Account on such Payment Date an
amount equal to the lesser of the Class A Available Reserve Account Amount and
such insufficiency.  The Trustee shall
withdraw such amount from the Class A Reserve Account and deposit such amount
in the Series 2005-4 Distribution Account. 
During the continuance of an Insurer Default, no amounts in respect of
the Insurer Fee shall be withdrawn from the Class A Reserve Account.

(ii)           Withdrawals from the Class B
Reserve Account.  If the
Administrator determines on any Payment Date that the amounts available from
the Series 2005-4 Accrued Interest Account are insufficient to pay the sum of
the amounts described in clauses  (i) through (vii) of Section
3.3(b) of this Series Supplement on such Payment Date, the Administrator
shall instruct the Trustee in writing to withdraw from the Class B Reserve
Account and deposit in the Series 2005-4 Distribution Account on such Payment
Date an amount equal to the lesser of the Class B Available Reserve Account
Amount and the lesser of (I) such insufficiency and (II) the amounts described
in clauses (vi) and (vii) of Section 3.3(b) of this Series
Supplement.  The Trustee shall withdraw
such amount from the Class B Reserve Account and deposit such amount in the
Series 2005-4 Distribution Account, solely for payment to the Class B
Noteholders in respect of amounts due and owing to them pursuant to clauses
(vi) and (vii) of Section 3.3(b) of this Series Supplement.

(e)           Draws
on Series 2005-4 Letters of Credit.  (I)  (X)  If
the Administrator determines on any Payment Date that there exists a Series
2005-4 Lease Interest Payment Deficit, the Administrator shall instruct the
Trustee in writing to draw on the Class A Non-Ford Letters of Credit, if any,
and, upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New
York City time) on such Payment Date, the Trustee shall, by 12:00 p.m. (New
York City time) on such Payment Date draw an amount, as set forth in such
notice, equal to the least of (i) such Series 2005-4 Lease Interest Payment
Deficit, (ii) the excess, if any, of the sum of the amounts described in clauses
(i), (ii), (iii) and (iv) of Section 3.3(b) of
this Series Supplement on such Payment Date over the amounts available from the
Series 2005-4 Accrued Interest Account plus the amount withdrawn from the Class
A Reserve Account pursuant to Section 3.3(d)(i) of this Series
Supplement on such Payment Date and (iii) the Class A Non-Ford Letter of Credit
Liquidity Amount on the Class A Non-Ford Letters of Credit by presenting to
each Class A Letter of Credit Provider a draft accompanied by a Class A
Certificate of Credit Demand and shall cause the Class A LOC Credit
Disbursements to be deposited in the Series 2005-4 Distribution Account on such
Payment Date; provided, however, that if the Class A Non-Ford
Cash Collateral Account has been established and funded, the Trustee shall
withdraw from the Class A Non-Ford Cash Collateral Account and deposit in the
Series 2005-4 Distribution Account an amount equal to the lesser of (x) the
Class A Non-Ford Cash Collateral Percentage on such Payment Date of the least
of the amounts described in clauses (i), (ii) or (iii)
above and (y) the Class A Available Non-Ford Cash Collateral Account Amount on
such Payment Date and draw an amount equal to the remainder of such amount on
the Class A Non-Ford Letters of Credit. 
During the 

 71
 

continuance of
an Insurer Default, no amounts in respect of the Insurer Fee shall be drawn on
the Class A Non-Ford Letters of Credit or withdrawn from the Class A Non-Ford
Cash Collateral Account.

(Y) If the Administrator determines on any Payment
Date that the sum of the amounts described in clauses (i), (ii), (iii)
and (iv) of Section 3.3(b) of this Series Supplement on such
Payment Date exceeds the amounts available from the Series 2005-4 Accrued
Interest Account plus the amount withdrawn from the Class A Reserve Account
pursuant to Section 3.3(d)(i) of this Series Supplement on such Payment
Date plus the amounts to be drawn on the Class A Non-Ford Letters of Credit
(and/or withdrawn from the Class A Non-Ford Cash Collateral Account) pursuant
to clause (X) above on such Payment Date, the Administrator shall
instruct the Trustee in writing to draw on the Class A Ford Letters of Credit,
if any, and, upon receipt of such notice by the Trustee on or prior to 10:30
a.m. (New York City time) on such Payment Date, the Trustee shall, by 12:00
p.m. (New York City time) on such Payment Date draw an amount, as set forth in
such notice, equal to the lesser of (i) the excess, if any, of the sum of the
amounts described in clauses (i), (ii), (iii) and (iv)
of Section 3.3(b) of this Series Supplement on such Payment Date over
the amounts available from the Series 2005-4 Accrued Interest Account plus the
amount withdrawn from the Class A Reserve Account pursuant to Section
3.3(d)(i) of this Series Supplement on such Payment Date plus the amounts
to be drawn on the Class A Non-Ford Letters of Credit (and/or withdrawn from
the Class A Non-Ford Cash Collateral Account) pursuant to clause (X)
above on such Payment Date and (ii) the Class A Ford Letter of Credit Liquidity
Amount on the Class A Ford Letters of Credit by presenting to each Class A Ford
Letter of Credit Provider a draft accompanied by a Class A Certificate of
Credit Demand and shall cause the Class A LOC Credit Disbursements to be
deposited in the Series 2005-4 Distribution Account on such Payment Date; provided,
however, that if the Class A Ford Cash Collateral Account has been
established and funded, the Trustee shall withdraw from the Class A Ford Cash
Collateral Account and deposit in the Series 2005-4 Distribution Account an
amount equal to the lesser of (x) the Class A Ford Cash Collateral Percentage
on such Payment Date of the lesser of the amounts described in clauses (i)
and (ii) above and (y) the Class A Available Ford Cash Collateral
Account Amount on such Payment Date and draw an amount equal to the remainder
of such amount on the Class A Ford Letters of Credit.  During the continuance of an Insurer Default,
no amounts in respect of the Insurer Fee shall be drawn on the Class A Ford
Letters of Credit or withdrawn from the Class A Ford Cash Collateral Account.

(II)           (X)  If the Administrator determines on any
Payment Date that there exists a Series 2005-4 Lease Interest Payment Deficit,
the Administrator shall instruct the Trustee in writing to draw on the Class B
Non-Ford Letters of Credit, if any, and, upon receipt of such notice by the
Trustee on or prior to 10:30 a.m. (New York City time) on such Payment Date, the
Trustee shall, by 12:00 p.m. (New York City time) on such Payment Date draw an
amount, as set forth in such notice, equal to the least of (i) the excess, if
any, of such Series 2005-4 Lease Interest Payment Deficit over the sum of the
amounts to be drawn on the Class A Non-Ford Letters of Credit (and/or withdrawn
from the Class A Non-Ford Cash Collateral Accounts), (ii) the lesser of (A) the
excess, if any, of the sum of the amounts described in clauses (i)
through (vii) of Section 3.3(b) of 

 72
 

this Series Supplement
on such Payment Date over the sum of the amounts available from the Series
2005-4 Accrued Interest Account plus the sum of the amount withdrawn from the
Class A Reserve Account pursuant to Section 3.3(d)(i) of this Series
Supplement and the amount withdrawn from the Class B Reserve Account pursuant
to Section 3.3(d)(ii) of this Series Supplement on such Payment Date
plus the amounts to be drawn on the Class A Letters of Credit (and/or withdrawn from the Class A Cash
Collateral Accounts) pursuant to Section 3.3(e)(I) of this Series
Supplement on such Payment Date and (B) the sum of the amounts described in clauses
(vi) and (vii) of Section 3.3(b) of this Series Supplement
and (iii) the Class B Non-Ford Letter of Credit Liquidity Amount on the Class B
Non-Ford Letters of Credit by presenting to each Class B Non-Ford Letter of
Credit Provider a draft accompanied by a Class B Certificate of Credit Demand
and shall cause the Class B LOC Credit Disbursements to be deposited in the
Series 2005-4 Distribution Account on such Payment Date, solely for payment to
the Class B Noteholders in respect of amounts due and owing to them pursuant to
clauses (v) and (vi) of Section 3.3(b) of this Series
Supplement; provided, however that if the Class B Non-Ford Cash
Collateral Account has been established and funded, the Trustee shall withdraw
from the Class B Non-Ford Cash Collateral Account and deposit in the Series
2005-4 Distribution Account an amount equal to the lesser of (x) the Class B
Non-Ford Cash Collateral Percentage on such Payment Date of the least of the
amounts described in clauses (i), (ii) or (iii) above and
(y) the Class B Available Cash Collateral Account Amount on such Payment Date
and draw an amount equal to the remainder of such amount on the Class B
Non-Ford Letters of Credit.

(Y) If the
Administrator determines on any Payment Date that the sum of the amounts
described in clauses (i) through (vii) of Section 3.3(b)
of this Series Supplement on such Payment Date exceeds the sum of the amounts
available from the Series 2005-4 Accrued Interest Account plus the sum of the
amount withdrawn from the Class A Reserve Account pursuant to Section
3.3(d)(i) of this Series Supplement and the amount withdrawn from the Class
B Reserve Account pursuant to Section 3.3(d)(ii) of this Series
Supplement and the amounts to be drawn on the Class B Non-Ford Letters of
Credit (and/or withdrawn from the Class B Non-Ford Cash Collateral Account)
pursuant to clause (X) above on such Payment Date plus the amounts to be
drawn on the Class A Letters of Credit (and/or withdrawn from the Class A Cash
Collateral Accounts) pursuant to Section 3.3(e)(I) of this Series
Supplement on such Payment Date, the Administrator shall instruct the Trustee
in writing to draw on the Class B Ford Letters of Credit, if any, and, upon
receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City
time) on such Payment Date, the Trustee shall, by 12:00 p.m. (New York City
time) on such Payment Date draw an amount, as set forth in such notice, equal
to the lesser of (i) the lesser of (A) the excess, if any, of the sum of the
amounts described in clauses (i) through (vii) of Section
3.3(b) of this Series Supplement on such Payment Date over the sum of the
amounts available from the Series 2005-4 Accrued Interest Account plus the sum
of the amount withdrawn from the Class A Reserve Account pursuant to Section
3.3(d)(i) of this Series Supplement and the amount withdrawn from the Class
B Reserve Account pursuant to Section 3.3(d)(ii) of this Series
Supplement and the amounts to be drawn on the Class B Non-Ford Letters of
Credit (and/or withdrawn from the Class B Non-Ford Cash Collateral Account)
pursuant to clause (X) above on such Payment Date plus the amounts to be
drawn on the Class A Letters of Credit (and/or withdrawn from 

 73
 

the Class A Cash
Collateral Accounts) pursuant to Section 3.3(e)(I) of this Series
Supplement on such Payment Date and (B) the sum of the amounts described in clauses
(vi) and (vii) of Section 3.3(b) of this Series Supplement
and (ii) the Class B Ford Letter of Credit Liquidity Amount on the Class B Ford
Letters of Credit by presenting to each Class B Ford Letter of Credit Provider
a draft accompanied by a Class B Certificate of Credit Demand and shall cause
the Class B LOC Credit Disbursements to be deposited in the Series 2005-4
Distribution Account on such Payment Date, solely for payment to the Class B
Noteholders in respect of amounts due and owing to them pursuant to clauses
(vi) and (vii) of Section 3.3(b) of this Series Supplement; provided,
however, that if the Class B Ford Cash Collateral Account has been
established and funded, the Trustee shall withdraw from the Class B Ford Cash
Collateral Account and deposit in the Series 2005-4 Distribution Account an
amount equal to the lesser of (x) the Class B Ford Cash Collateral Percentage
on such Payment Date of the lesser of the amounts described in clauses (i)
and (ii) above and (y) the Class B Available Ford Cash Collateral
Account Amount on such Payment Date and draw an amount equal to the remainder
of such amount on the Class B Ford Letters of Credit.

(f)            Insurance Policy.  (I)  If the Administrator
determines on the second Business Day prior to any Payment Date that the Series
2005-4 Lease Interest Payment Deficit from the preceding Payment Date, if any,
remains unpaid and the Class A Liquidity Amount on such date of determination
is insufficient to pay the Class A Adjusted Monthly Interest due on the
upcoming Payment Date, the Administrator shall instruct the Trustee in writing
to make a demand on the Insurance Policy and, upon receipt of such notice by
the Trustee on or prior to 11:00 a.m. (New York City time) on the second
Business Day preceding such Payment Date, the Trustee shall, by 12:00 noon (New
York City time) on the second Business Day preceding such Payment Date, make a
demand on the Insurance Policy in an amount equal to such insufficiency in
accordance with the terms thereof and shall cause the proceeds thereof to be
deposited in the Series 2005-4 Distribution Account.

(II)           If the Administrator determines on
any Payment Date that the sum of the amounts available from the Series 2005-4
Accrued Interest Account plus the amount available under the Series 2005-4
Interest Rate Hedge plus the amount, if any, to be withdrawn from the Class A
Reserve Account pursuant to Section 3.3(d)(i) of this Series Supplement
plus the amount, if any, to be drawn under the Class A Letters of Credit and/or
withdrawn from the Class A Cash Collateral Accounts pursuant to Section 3.3(e)(I)
of this Series Supplement plus the amount, if any, deposited in the Series
2005-4 Distribution Account pursuant to Section 3.3(f)(I) of this Series
Supplement is insufficient to pay the Class A Adjusted Monthly Interest for
such Payment Date, the Administrator shall instruct the Trustee in writing to
make a demand on the Insurance Policy and, upon receipt of such notice by the
Trustee on or prior to 11:00 a.m. (New York City time) on such Payment Date,
the Trustee shall, by 12:00 noon (New York City time) on such Payment Date,
make a demand on the Insurance Policy in an amount equal to such insufficiency
in accordance with the terms thereof and shall cause the proceeds thereof to be
deposited in the Series 2005-4 Distribution Account.

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(g)           Deficiency Amounts.  If the amounts described in Sections
3.3(b), (c), (d), (e) and (f) of this Series
Supplement are insufficient to pay (i) the Class A Adjusted Monthly Interest
for any Payment Date, payments of interest to the Class A Noteholders will be
reduced on a pro  rata basis by the amount of such deficiency or
(ii) the Class B Monthly Interest for any Payment Date, payments of interest to
the Class B Noteholders will be reduced on a pro  rata basis by
the amount of such deficiency.  The
aggregate amount, if any, of such deficiency on any Payment Date allocable to
the Class A Notes shall be referred to as the “Class A Deficiency Amount”,
the aggregate amount, if any, of such deficiency on any Payment Date allocable
to the Class B-1 Notes shall be referred to as the “Class B-1 Deficiency
Amount”, and the aggregate amount, if any, of such deficiency on any
Payment Date allocable to the Class B-2 Notes shall be referred to as the “Class
B-2 Deficiency Amount”.  Interest
shall accrue on the Deficiency Amount for each Class of Series 2005-4 Notes at
the applicable Series 2005-4 Note Rate.

(h)           Balance.  On the fourth Business Day prior to each
Payment Date, the Administrator shall instruct the Trustee in writing pursuant
to the Administration Agreement to pay, on such Payment Date, the balance
(after making the payments required in Section 3.4 of this Series
Supplement), if any, of the amounts available from the Series 2005-4 Accrued
Interest Account plus the amount, if any, withdrawn from the Class A Reserve
Account pursuant to Section 3.3(d)(i) of this Series Supplement plus the
amount, if any, withdrawn from the Class B Reserve Account pursuant to Section
3.3(d)(ii) of this Series Supplement plus the amount, if any, drawn under
the Class A Letters of Credit and/or withdrawn from the Class A Cash Collateral
Accounts pursuant to Section 3.3(e)(I) of this Series Supplement plus
the amount, if any, drawn under the Class B Letters of Credit and/or withdrawn
from the Class B Cash Collateral Accounts pursuant to Section 3.3(e)(II)
of this Series Supplement as follows:

(i)            first,
on a pro  rata basis to each Interest Rate Hedge Provider, in an
amount equal to the portion of the Monthly Hedge Payment for such Payment Date
payable to such Interest Rate Hedge Provider;

(ii)           second,
to the Insurer, in an amount equal to the sum of (x) the Insurer Fee for the
Series 2005-4 Interest Period ending on the day preceding such Payment Date and
(y) any other Insurer Reimbursement Amounts then due and payable to the Insurer
(excluding therefrom any amounts included in Class A Monthly Interest for such
Series 2005-4 Interest Period), provided that during the continuance of an
Insurer Default, no amounts in respect of the Insurer Fee shall be paid with
the proceeds of a draw on a Series 2005-4 Letters of Credit or a withdrawal
from a Series 2005-4 Cash Collateral Account;

(iii)          third,
to the Administrator, in an amount equal to the Series 2005-4 Percentage as of
the beginning of the Series 2005-4 Interest Period ending on the day preceding
such Payment Date of the Monthly Administration Fee for such Series 2005-4
Interest Period;

(iv)          fourth, to the Trustee, in an
amount equal to the Series 2005-4 Percentage as of the beginning of the Series
2005-4 Interest Period ending 

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on the day preceding such Payment Date of the Trustee’s fees for such
Series 2005-4 Interest Period;

(v)           fifth,
on a pro  rata basis, (x) to each Interest Rate Hedge Provider, in
an amount equal to any remaining amounts due and owing to such Interest Rate
Hedge Provider and (y) to pay any Indenture Carrying Charges (other than
Indenture Carrying Charges provided for above and in the preceding clause
(x)) to the Persons to whom such amounts are owed, in an amount equal to
the Series 2005-4 Percentage as of the beginning of the Series 2005-4 Interest
Period ending on the day preceding such Payment Date of such Indenture Carrying
Charges (other than Indenture Carrying Charges provided for above) for such
Series 2005-4 Interest Period; and

(vi)          sixth,
the balance, if any, shall be withdrawn from the Series 2005-4 Accrued Interest
Account by the Trustee and (A) during the Series 2005-4 Revolving Period,
deposited into the Series 2005-4 Excess Collection Account or (B) during the
Series 2005-4 Rapid Amortization Period, deposited into the Series 2005-4
Collection Account and treated as Principal Collections.

(i)            Trustee Fees.
If, on any Payment Date after the occurrence and during the continuance of a
Liquidation Event of Default or a Series 2005-4 Limited Liquidation Event of
Default, (x) the funds available to pay the Trustee fees pursuant to Section
3.3(h)(iv) of this Series Supplement on such Payment Date are less than the
amount payable to the Trustee thereunder on such Payment Date or (y) the funds
available to pay the portion of the Indenture Carrying Charges payable to the
Trustee pursuant to Section 3.3(h)(v) of this Series Supplement on such
Payment Date are less than the amount payable to the Trustee thereunder on such
Payment Date, the Administrator shall instruct the Trustee in writing to
withdraw from (I) the Class A Reserve Account and pay to itself on such Payment
Date an amount equal to the least of (A) the Class A Available Reserve Account
Amount on such Payment Date (after giving effect to any deposits thereto and
withdrawals and releases therefrom on such date), (B) the Class A Percentage of
an amount equal to the excess, if any, of (i) the Class A Percentage of 0.70%
of the Series 2005-4 Required Asset Amount as of the date of the occurrence of
such Liquidation Event of Default or Series 2005-4 Limited Liquidation Event of
Default over (ii) the aggregate of the amounts previously withdrawn from the
Class A Reserve Account under this Section 3.3(i)(I) in respect of fees
and other amounts due and owing to the Trustee and (C) the Class A Percentage
of such insufficiency and (II) the Class B Reserve Account and pay to itself on
such Payment Date an amount equal to the least of (A) the Class B Available
Reserve Account Amount on such Payment Date (after giving effect to all other
withdrawals therefrom pursuant to this Series Supplement on such Payment Date),
(B) the Class B Percentage of an amount equal to the excess, if any, of (i) the
Class B Percentage of 0.70% of the Series 2005-4 Required Asset Amount as of
the date of the occurrence of such Liquidation Event of Default or Series
2005-4 Limited Liquidation Event of Default over (ii) the aggregate of the
amounts previously withdrawn from the Class B Reserve Account under this Section
3.3(i)(II) in respect of fees and other amounts due and owing to the
Trustee and (C) the Class B Percentage of 

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such insufficiency.  The Trustee shall withdraw such amounts from
the Class A Reserve Account and the Class B Reserve Account and pay or
reimburse itself.

(j)            Listing Information Requirement.  Until the Administrator shall give the
Trustee written notice that the Class B-1 Notes are not listed on the
Luxembourg Stock Exchange, the Trustee shall, or shall instruct the Paying
Agent to, cause the Class B-1 Note Rate for the next succeeding Series 2005-4
Interest Period, the number of days in such Series 2005-4 Interest Period, the
Payment Date for such Series 2005-4 Interest Period and the amount of interest
payable on the Class B-1 Notes on such Payment Date to be (A) communicated to
DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later
than-- 11:00 a.m. (London time) on the Business Day immediately following each
LIBOR Determination Date and (B) notify the Luxembourg Stock Exchange if, based
solely on the information contained in the Monthly Noteholders’ Statement, the
amount of interest to be paid on the Class B-1 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 2005-4 Interest Period by the Business Day prior to such
Payment Date.  So long as the Class B-1
Notes are listed on the Luxembourg Stock Exchange and the rules of that stock
exchange so require, notices to Class B-1 Noteholders will be published in a
leading newspaper having general circulation in Luxembourg (which is expected
to be the Luxemburger Wort), it being understood that the term “notices” as it
is used in this clause shall not include communications of the Class B-1 Note
Rate.

(k)           Interest Payments during Series
2005-4 Interest Period.  On any
Business Day during a Series 2005-4 Interest Period (each such day, an “Additional
Payment Date”), the Administrator may instruct the Trustee in writing to
withdraw from the Series 2005-4 Accrued Interest Account, and on such
Additional Payment Date the Trustee, acting in accordance with such
instructions, shall withdraw from the Series 2005-4 Accrued Interest Account,
as directed in writing by the Administrator, all or a portion of the Class A
Monthly Interest that will be due on the first Payment Date following such
Additional Payment Date to the extent that such amount does not exceed the
aggregate amount of Interest Collections processed since the preceding Payment
Date and allocated to the Class A Noteholders (less any portion thereof
previously paid to the Class A Noteholders during such period pursuant to this Section
3.3(k)) and shall deposit such amounts in the Series 2005-4 Distribution
Account for payment to the Class A Noteholders on the Additional Payment Date
pursuant to Section 3.4 in accordance with Section 6.1 of the Base
Indenture.

Section 3.4.            Payment
of Note Interest.  On each Payment
Date and Additional Payment Date, the Trustee shall, in accordance with Section
6.1 of the Base Indenture, pay to the Series 2005-4 Noteholders from the Series
2005-4 Distribution Account the amount deposited in the Series 2005-4
Distribution Account for the payment of interest pursuant to Section 3.3
of this Series Supplement.

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Section 3.5.            Payment
of Note Principal.

(a)           Monthly Payments During Series
2005-4 Rapid Amortization Period. Commencing on the first Determination
Date after the commencement of the Series 2005-4 Rapid Amortization Period and
on each Determination Date thereafter, the Administrator shall instruct the
Trustee in writing pursuant to the Administration Agreement as to (v) the
amount allocated to the Series 2005-4 Notes of each Class during the Related
Month pursuant to Section 3.2(c)(ii) of this Series Supplement, as the
case may be, (w) any amounts to be withdrawn from the Class A Reserve Account
and the Class B Reserve Account and deposited into the Series 2005-4
Distribution Account, (x) any amounts to be drawn on the Series 2005-4 Letters
of Credit (and/or withdrawn from the Series 2005-4 Cash Collateral Accounts),
(y) the amount of proceeds received in respect of a demand made under the
Series 2005-4 Demand Note and (z) the amount of any demand on the Insurance
Policy in accordance with the terms thereof. 
On the Payment Date following each such Determination Date, the Trustee
shall withdraw the amount allocated to the Series 2005-4 Notes of each Class
during the Related Month pursuant to Section 3.2(c)(ii) of this Series
Supplement, as the case may be, from the Series 2005-4 Collection Account and
deposit such amount together with the proceeds of any demand made on the Series
2005-4 Demand Note received during the period from and excluding the
immediately preceding Payment Date to and including such Payment Date into the
Series 2005-4 Distribution Account, which amount shall be paid (i) first,
to the Class A Noteholders until the Class A Notes have been paid in full, (ii)
second, once the Class A Notes have been paid in full, to the Class B
Noteholders until the Class B Notes have been paid in full, (iii) third,
once the Series 2005-4 Notes have been paid in full, to Ford all unpaid Ford
Reimbursement Obligations  and (iv) fourth,
once all amounts due and owing to Ford under the immediately preceding clause
have been paid in full, only for so long as the Ford LOC Exposure Amount is
greater than zero, only to the extent that after giving effect to such payment
the Fleet Equity Condition would  be
satisfied, to each Interest Rate Hedge Provider to which amounts have been
allocated.

(b)            [Reserved].

(c)           Principal Deficit Amount.  If the Principal Deficit Amount is greater
than zero on any date, the Administrator shall promptly provide written notice
thereof to the Insurer and the Trustee. 
On each Payment Date on which the Principal Deficit Amount is greater
than zero, amounts shall be transferred to the Series 2005-4 Distribution
Account as follows:

(i)            (A) 
Class B Reserve Account Withdrawal.  On each Payment Date on which the Principal
Deficit Amount is greater than zero, the Administrator shall instruct the
Trustee in writing prior to 12:00 noon (New York City time) on such Payment
Date, in the case of a Principal Deficit Amount resulting from a Series 2005-4
Lease Payment Deficit, or prior to 12:00 noon (New York City time) on the
second Business Day prior to such Payment Date, in the case of any other
Principal Deficit Amount, to withdraw from the Class B Reserve Account, an
amount equal to the sum of (I) the lesser of such Principal Deficit Amount and
the Class B Liquidity Surplus on such Payment Date (after giving effect to any
withdrawals from the Class B Reserve Account on such Payment Date pursuant to Section
3.3(d)(ii) of this Series Supplement and any 

 78
 

draws under the Class B Letters of Credit pursuant to Section
3.3(e)(II) of this Series Supplement) and (II) the lesser of (x) the
excess, if any, of such Principal Deficit Amount on such Payment Date (after
giving effect to any withdrawals from the Class B Reserve Account on such
Payment Date pursuant to clause (I) above) over the Class A Liquidity
Surplus on such Payment Date (after giving effect to any withdrawals from the
Class A Reserve Account on such Payment Date pursuant to Section 3.3(d)(i)
of this Series Supplement and the amounts to be drawn under the Class A Letters
of Credit pursuant to Section 3.3(e)(I) of this Series Supplement) and (y) the
Class B Available Reserve Account Amount on such Payment Date (after giving
effect to any withdrawals from the Class B Reserve Account on such Payment Date
pursuant to Section 3.3(d)(ii) of this Series Supplement and pursuant to
clause (I) above), and deposit such withdrawal in the Series 2005-4
Distribution Account on such Payment Date.

(B)           Class A Reserve Account Withdrawal.  On each Payment Date on which the Principal
Deficit Amount is greater than zero, the Administrator shall instruct the
Trustee in writing prior to 12:00 noon (New York City time) on such Payment
Date, in the case of a Principal Deficit Amount resulting from a Series 2005-4
Lease Payment Deficit, or prior to 12:00 noon (New York City time) on the
second Business Day prior to such Payment Date, in the case of any other
Principal Deficit Amount, to withdraw from the Class A Reserve Account, an
amount equal to the sum of (I) the lesser of such Principal Deficit Amount
(after giving effect to any withdrawals from the Class B Reserve Account on
such Payment Date pursuant to Section 3.5(c)(i)(A) of this Series
Supplement) and the Class A Liquidity Surplus on such Payment Date (after
giving effect to any withdrawals from the Class A Reserve Account on such
Payment Date pursuant to Section 3.3(d)(i) of this Series Supplement and
the amounts to be drawn under the Class A Letters of Credit pursuant to Section
3.3(e)(I) of this Series Supplement) and (II) the lesser of (x) such
Principal Deficit Amount (after giving effect to any withdrawals from the Class
B Reserve Account on such Payment Date pursuant to Section 3.5(c)(i)(A)
of this Series Supplement and any withdrawals from the Class A Reserve Account pursuant to clause
(I) above) on such Payment Date and (y) the Class A Available
Reserve Account Amount on such Payment Date (after giving effect to any
withdrawals from the Class A Reserve Account on such Payment Date pursuant to Section
3.3(d)(i) of this Series Supplement and pursuant to clause (I)
above), and deposit such withdrawal in the Series 2005-4 Distribution Account
on such Payment Date.

(ii)           Principal
Draws on Series 2005-4 Letters of Credit. 
If the Administrator determines on any Payment Date that the Principal
Deficit Amount on such Payment Date, after giving effect to the distribution of
amounts to be deposited in the Series 2005-4 Distribution Account in accordance
with clause (i) of this Section 3.5(c) on such Payment Date, will be
greater than zero (A) in the case of a Payment Date that is not the Legal Final
Payment Date, the Administrator shall instruct the Trustee in writing to draw
on:

 79

(I)                                    (X) the
Class B Non-Ford Letters of Credit, if any, to the extent that on such Payment
Date there exists a Series 2005-4 Lease Principal Payment Deficit in an amount
equal to the sum of (x) the least of (1) the Class B Liquidity Surplus (after
giving effect to any withdrawals from the Class B Reserve Account on such
Payment Date pursuant to Section 3.3(d)(ii) and Section 3.5(c)(i)(A)
of this Series Supplement and any drawings on the Class B Letters of Credit on
such Payment Date pursuant to Section 3.3(e)(II) of this Series
Supplement), (2) the Series 2005-4 Lease Principal Payment Deficit, (3) the
amount by which the Principal Deficit Amount on such Payment Date exceeds the
sum of the amount to be deposited in the Series 2005-4 Distribution Account in
accordance with clause (i) of this Section 3.5(c) and the amount,
if any, paid by Hertz under the Series 2005-4 Demand Note in respect of such
Principal Deficit Amount on such Payment Date, and (4) the Class B Non-Ford
Letter of Credit Liquidity Amount (after giving effect to the amounts to be
drawn on the Class B Non-Ford Letters of Credit on such Payment Date pursuant
to Section 3.3(e)(II) of this Series Supplement) and (y) the least of
(1) the excess, if any, of the Series 2005-4 Lease Principal Payment Deficit
(after giving effect to the amounts to be drawn on the Class B Non-Ford Letters
of Credit on such Payment Date pursuant to clause (x) above) over the
Class A Liquidity Surplus on such Payment Date (after giving effect to any
withdrawal from the Class A Reserve Account on such Payment Date pursuant to Section
3.3(d)(i) of this Series Supplement and Section 3.5(c)(i)(B) of this
Series Supplement and the amounts to be drawn on the Class A Letters of Credit
pursuant to Section 3.3(e)(I) of this Series Supplement), (2) the
excess, if any, of the amount by which the Principal Deficit Amount on such
Payment Date exceeds the sum of the amount to be deposited in the Series 2005-4
Distribution Account in accordance with clause (i) of this Section
3.5(c), the amounts to be drawn on the Class B Non-Ford Letters of Credit
on such Payment Date pursuant to clause (x) above and the amount, if any, paid
by Hertz under the Series 2005-4 Demand Note in respect of such Principal
Deficit Amount on such Payment Date over the Class A Liquidity Surplus on such
Payment Date (after giving effect to any withdrawal from the Class A Reserve
Account on such Payment Date pursuant to Section 3.3(d)(i) of this
Series Supplement and Section 3.5(c)(i)(B) of this Series Supplement and
the amounts to be drawn on the Class A Letters of Credit pursuant to Section
3.3(e)(I) of this Series Supplement), and (3) the Class B Non-Ford Letter
of Credit Liquidity Amount (after giving effect to any drawings on the Class B
Non-Ford Letters of Credit on such Payment Date pursuant to Section
3.3(e)(II)(X) of this Series Supplement and clause (x) above);

(Y) the Class B Ford Letters of Credit, if any, in an amount equal to
the lesser of (A) the excess, if any, of the amount by which the Principal
Deficit Amount on such Payment Date exceeds the sum of the amount to be
deposited in the Series 2005-4 Distribution Account in accordance with clause
(i) of this Section 3.5(c), and the amounts to be drawn on the Class
B Non-Ford Letters of Credit pursuant to clause (X) above and pursuant
to Section 3.13(d)(X) of this Series Supplement, each on such Payment
Date over the Class A Liquidity Surplus on such Payment Date (after giving
effect to any withdrawal from the Class A Reserve Account on such Payment Date
pursuant to Section 3.3(d)(i) of this Series Supplement and 

 80
 

Section 3.5(b)(i)(B) of this Series Supplement and
the amounts to be drawn on the Class A Letters of Credit pursuant to Section
3.3(e)(I) of this Series Supplement), and (B) the Class B Ford Letter of Credit
Liquidity Amount (after giving effect to any drawings on the Class B Ford
Letters of Credit on such Payment Date pursuant to Section 3.3(e)(II)(Y)
of this Series Supplement);

(II)                                (X) the
Class A Non-Ford Letters of Credit, if any, to the extent that on such Payment
Date there exists a Series 2005-4 Lease Principal Payment Deficit in an amount
equal to the least of (1) the excess, if any, of the Series 2005-4 Lease
Principal Payment Deficit over the amounts drawn on the Class B Non-Ford
Letters of Credit pursuant to clause (I)(X) above on such Payment Date,
(2) the amount by which the Principal Deficit Amount on such Payment Date
exceeds the sum of the amount to be deposited in the Series 2005-4 Distribution
Account in accordance with Section 3.5(c)(i) of this Series Supplement,
the amounts to be drawn on the Class B Letters of Credit pursuant to clause
(I) above and pursuant to Section 3.13(d)(X) of this Series
Supplement on such Payment Date and the amount, if any, paid by Hertz under the
Series 2005-4 Demand Note in respect of such Principal Deficit Amount on such
Payment Date, and (3) the Class A Non-Ford Letter of Credit Liquidity Amount
(after giving effect to any drawings on the Class A Non-Ford Letters of Credit
on such Payment Date pursuant to Section 3.3(e)(I)(X) of this Series
Supplement);

(Y) the Class A Ford Letters of Credit, if any, in an amount equal to
the lesser of (1) the amount by which the Principal Deficit Amount on such
Payment Date exceeds the sum of the amount to be deposited in the Series 2005-4
Distribution Account in accordance with Section 3.5(c)(i) of this Series
Supplement, the amounts to be drawn on the Class B Letters of Credit pursuant
to clause (I) above and pursuant to Section 3.13(d)(X) of this
Series Supplement and on the Class A Non-Ford Letters of Credit pursuant to clause
(II)(X) above and pursuant to Section 2.12(d)(Y) of this Series
Supplement, each on such Payment Date, and (2) the Class A Ford Letter of
Credit Liquidity Amount (after giving effect to any drawings on the Class A
Ford Letters of Credit on such Payment Date pursuant to Section 3.3(e)(I)(Y)
of this Series Supplement);

(B)           in
the case of the Legal Final Payment Date:

(I)                                    (X)  the Class B Non-Ford Letters of Credit, if
any, to the extent that on the Legal Final Payment Date there exists a Series
2005-4 Lease Principal Payment Deficit, in an amount equal to the least of:

(1)           the
Series 2005-4 Lease Principal Payment Deficit;

(2)           the
amount, if any, by which the Class B Liquidity Amount (after giving effect to
any withdrawals from the Class B Reserve Account pursuant to Section
3.3(d)(ii) and Section 3.5(c)(i)(A) of this Series Supplement and
any drawings under the Class B Letters of Credit pursuant to Section
3.3(e)(II) of this Series Supplement on the Legal Final Payment Date) will
exceed the Class B 

 81
 

Required Liquidity Amount
(after giving effect to all anticipated reductions in the Class B Principal
Amount on the Legal Final Payment Date); and

(3)           the
Class B Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class B Non-Ford Letters of Credit on the Legal Final Payment
Date pursuant to Section 3.3(e)(II)(X) of this Series Supplement); and

(Y)  the Class B Ford Letters of
Credit, if any, in an amount equal to the lesser of:

(1)           the
Class B Ford Letter of Credit Liquidity Amount (after giving effect to any
draws to be made on the Class B Ford Letters of Credit on the Legal Final
Payment Date pursuant to Section 3.3(e)(II)(Y) of this Series Supplement), and
(2) the sum of (Aa) the amount by which the Principal Deficit Amount on the Legal Final Payment Date exceeds
the sum of the amount to be deposited in the Series 2005-4 Distribution Account
in accordance with Section 3.5(c)(i) of this Series Supplement, the
amounts to be drawn on the Class B Non-Ford Letters of Credit pursuant to clause
(X) above, each on such Legal Final Payment Date and the amounts to be
drawn on the Class B Non-Ford Letters of Credit pursuant to Section
3.13(d)(X) of this Series Supplement on the Business Day immediately
preceding such Legal Final Payment Date, and (Ab) an amount equal to the
excess, if any, of (a) the Class B Required Liquidity Amount on the earlier of
(i) the date of the first occurrence of a Series 2005-4 Lease Interest Payment
Deficit (other than any Series 2005-4 Lease Interest Payment Deficit resulting
from a failure to pay Rent or any other amount payable by the Lessee under the
HVF Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure) and (ii) the Legal Final Payment Date over (b) the
aggregate amount, as of the Legal Final Payment Date, of all withdrawals from
the Class B Reserve Account made since the date set forth in clause
(2)(Ab)(y)(a) of this Section 3.5(c)(ii)(B)(I)(Y) or to be made in
respect of the Legal Final Payment Date pursuant to Section 3.3(d)(ii)
of this Series Supplement and all drawings made since such date or to be made
in respect of the Legal Final Payment Date under the Class B Letters of Credit
pursuant to Section 3.3(e)(II) of this Series Supplement; provided,
however, that any such withdrawals from the Class B Reserve Account
and/or drawings made under the Class B Letters of Credit on account of a Series
2005-4 Lease Interest Payment Deficit resulting from a failure to pay Rent or
other amount payable by the Lessee under the HVF Lease that is cured in full on
or prior to the fifth Business Day after the occurrence of such failure shall
be excluded from this clause (b);

(II)                                (X)  the Class A Non-Ford Letters of Credit, if
any, to the extent that on the Legal Final Payment Date there exists a Series
2005-4 Lease Principal Payment Deficit, in an amount equal to the least of:

(1)           the
excess, if any, of the Series 2005-4 Lease Principal Payment Deficit over the
amounts to be drawn on the Class B Non-Ford Letters of Credit pursuant to clause
(I)(X) above on such Payment Date;

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(2)           the
amount, if any, by which the Class A Liquidity Amount (after giving effect to
any withdrawals from the Class A Reserve Account pursuant to Section
3.3(d)(i) and Section 3.5(c)(i)(B) of this Series Supplement and any
drawings under the Class A Letters of Credit pursuant to Section 3.3(e)(I)
of this Series Supplement on the Legal Final Payment Date) will exceed the
Class A Required Liquidity Amount (after giving effect to all anticipated
reductions in the Class A Principal Amount on the Legal Final Payment Date);
and

(3)           the
Class A Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class A Non-Ford Letters of Credit on the Legal Final Payment
Date pursuant to Section 3.3(e)(I)(X) of this Series Supplement); and

(Y)  the Class A Ford Letters of
Credit, if any, in an amount equal to the lesser of:

(1)           the
Class A Ford Letter of Credit Liquidity Amount (after giving effect to any
draws to be made on the Class A Ford Letters of Credit on the Legal Final
Payment Date pursuant to Section 3.3(e)(I)(Y) of this Series
Supplement), and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Legal Final Payment Date exceeds the sum of the amount to be
deposited in the Series 2005-4 Distribution Account in accordance with Section
3.5(c)(i) of this Series Supplement, the amounts to be drawn on the Class B
Letters of Credit pursuant to clause (I) above and the Class A Non-Ford Letters
of Credit pursuant to clause (X) above, each on such Legal Final Payment Date,
the amounts to be drawn on the Class B Non-Ford Letters of Credit pursuant to Section
3.13(d)(X) of this Series Supplement and the amounts to be drawn on the
Class A Non-Ford Letters of Credit pursuant to Section 3.13(d)(Y) of
this Series Supplement, each on the Business Day immediately preceding such
Legal Final Payment Date, and (Ab) an amount equal to the excess, if any, of
(a) the Class A Required Liquidity Amount on the earlier of (i) the date of the
first occurrence of a Series 2005-4 Lease Interest Payment Deficit (other than
any Series 2005-4 Lease Interest Payment Deficit resulting from a failure to
pay Rent or any other amount payable by the Lessee under the HVF Lease that is
cured in full on or prior to the fifth Business Day after the occurrence of
such failure) and (ii) the Legal Final Payment Date over (b) the aggregate
amount, as of the Legal Final Payment Date, of all withdrawals from the Class A
Reserve Account made since the date set forth in clause (2)(Ab)(y)(a) of
this Section 3.5(c)(ii)(B)(II)(Y) or to be made in respect of the Legal
Final Payment Date pursuant to Section 3.3(d)(i) of this Series
Supplement and all drawings made since such date or to be made in respect of
the Legal Final Payment Date under the Class A Letters of Credit pursuant to Section
3.3(e)(I) of this Series Supplement; provided, however, that
any such withdrawals from the Class A Reserve Account and/or drawings made
under the Class A Letters of Credit on account of a Series 2005-4 Lease
Interest Payment Deficit resulting from a failure to pay Rent or other amount
payable by the Lessee under the HVF Lease that is cured in full on or prior to
the fifth Business Day after the occurrence of such failure shall be excluded
from this clause (b);

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(C)          
[reserved]

(D)         
[reserved]

Upon receipt of a notice by the Trustee from the
Administrator in respect of a Principal Deficit Amount on or prior to 10:30
a.m. (New York City time) on a Payment Date, the Trustee shall, by 12:00 p.m.
(New York City time) on such Payment Date draw an amount as set forth in such
notice equal to the applicable amount set forth above on:

(I)                                    (X)  the Class A Non-Ford Letters of Credit by
presenting to each Class A Non-Ford Letter of Credit Provider a draft
accompanied by a Class A Certificate of Credit Demand and shall cause the Class
A LOC Credit Disbursements to be deposited in the Series 2005-4 Distribution
Account on such Payment Date; provided, however, that if the
Class A Non-Ford Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Class A Non-Ford Cash Collateral Account and
deposit in the Series 2005-4 Distribution Account an amount equal to the lesser
of (x) the Class A Non-Ford Cash Collateral Percentage on such Payment Date of
the amount set forth in the notice provided to the Trustee by the Administrator
and (y) the Class A Available Non-Ford Cash Collateral Account Amount on such
Payment Date and draw an amount equal to the remainder of such amount on the
Class A Non-Ford Letters of Credit;

(Y)  the Class A Ford Letters of
Credit by presenting to each Class A Ford Letter of Credit Provider a draft
accompanied by a Class A Certificate of Credit Demand and shall cause the Class
A LOC Credit Disbursements to be deposited in the Series 2005-4 Distribution
Account on such Payment Date; provided, however, that if the Class A Ford Cash
Collateral Account has been established and funded, the Trustee shall withdraw
from the Class A Ford Cash Collateral Account and deposit in the Series 2005-4
Distribution Account an amount equal to the lesser of (x) the Class A Ford Cash
Collateral Percentage on such Payment Date of the amount set forth in the
notice provided to the Trustee by the Administrator and (y) the Class A
Available Ford Cash Collateral Account Amount on such Payment Date and draw an
amount equal to the remainder of such amount on the Class A Ford Letters of
Credit; and

(II)                                (X) the
Class B Non-Ford Letters of Credit by presenting to each Class B Non-Ford
Letter of Credit Provider a draft accompanied by a Class B Certificate of
Credit Demand and shall cause the Class B LOC Credit Disbursements to be
deposited in the Series 2005-4 Distribution Account on such Payment Date; provided,
however, that if the Class B Non-Ford Cash Collateral Account has been
established and funded, the Trustee shall withdraw from the Class B Non-Ford
Cash Collateral Account and deposit in the Series 2005-4 Distribution Account
an amount equal to the lesser of (x) the Class B Non-Ford Cash Collateral
Percentage on such Payment Date of the amount set forth in the notice provided
to the Trustee by the Administrator and (y) the Class B Available Cash 

 84
 

Collateral Account Amount on such Payment Date and draw an amount equal
to the remainder of such amount on the Class B Non-Ford Letters of Credit; and

(Y)  the Class B Ford Letters of
Credit by presenting to each Class B Ford Letter of Credit Provider a draft
accompanied by a Class B Certificate of Credit Demand and shall cause the Class
B LOC Credit Disbursements to be deposited in the Series 2005-4 Distribution
Account on such Payment Date; provided, however, that if the
Class B Ford Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Class B Ford Cash Collateral Account and
deposit in the Series 2005-4 Distribution Account an amount equal to the lesser
of (x) the Class B Ford Cash Collateral Percentage on such Payment Date of the
amount set forth in the notice provided to the Trustee by the Administrator and
(y) the Class B Available Cash Collateral Account Amount on such Payment Date
and draw an amount equal to the remainder of such amount on the Class B Ford
Letters of Credit.

(iii)          Demand on Insurance Policy.  If the sum of the Class A Letter of Credit
Amount, the Class A Available Reserve Account Amount, the Class B Letter of
Credit Amount and the Class B Available Reserve Account Amount on any Payment
Date on which the Class A Principal Deficit Amount will be greater than zero
will be less than such Class A Principal Deficit Amount, the Trustee shall make
a demand on the Insurance Policy by 12:00 noon (New York City time) on the
second Business Day preceding such Payment Date in an amount equal to the
Insured Principal Deficit Amount and shall cause the proceeds thereof to be
deposited in the Series 2005-4 Distribution Account.

(d)           Legal Final
Payment Dates.  (A)  The Class A Principal Amount, the Class B-1
Principal Amount and the Class B-2 Principal Amount shall be due and payable on
the Legal Final Payment Date.  If the
amount to be deposited in the Series 2005-4 Distribution Account in accordance
with Section 3.5(a) of this Series Supplement with respect to the Legal
Final Payment Date together with any amounts to be deposited therein in
accordance with Section 3.5(c) of this Series Supplement on the Legal
Final Payment Date, in each case to pay principal of the Class A Notes and the
Class B Notes, is less than the sum of the Class A Outstanding Principal
Amount, the Class B-1 Principal Amount and the Class B-2 Principal Amount on
the Legal Final Payment Date, prior to 10:30 a.m. (New York City time) on the
second Business Day prior to the Legal Final Payment Date, the Administrator
shall instruct the Trustee to withdraw from (I) the Class B Reserve Account, an
amount equal to the least of (i) the Class B Available Reserve Account Amount
(after giving effect to any withdrawals from the Class B Reserve Account
pursuant to Section 3.3(d)(ii) and Section 3.5(c)(i)(A) of this
Series Supplement), (ii) the amount by which the Class B Liquidity Amount
(after giving effect to any withdrawals from the Class B Reserve Account
pursuant to Section 3.3(d)(ii) and Section 3.5(c)(i)(A) of this
Series Supplement and any drawings under the Class B Letters of Credit pursuant
to Section 3.3(e)(II) and Section 3.5(c)(ii)(B)(I) of this Series
Supplement on the Legal Final Payment Date) will exceed the Class B Required
Liquidity Amount (after giving effect to all anticipated reductions in the
Class B Principal Amount on the Legal Final Payment Date) and (iii) such
insufficiency and (II) 

 85
 

the Class A
Reserve Account, an amount equal to the least of (i) the Class A Available
Reserve Account Amount (after giving effect to any withdrawals from the Class A
Reserve Account pursuant to Section 3.3(d)(i) and Section
3.5(c)(i)(B) of this Series Supplement), (ii) the amount by which the Class
A Liquidity Amount (after giving effect to any withdrawals from the Class A
Reserve Account pursuant to Section 3.3(d)(i) and Section
3.5(c)(i)(B) of this Series Supplement and any drawings under the Class A
Letters of Credit pursuant to Section 3.3(e)(I) and Section
3.5(c)(ii)(B)(II) of this Series Supplement on the Legal Final Payment
Date) will exceed the Class A Required Liquidity Amount (after giving effect to
all anticipated reductions in the Class A Principal Amount on the Legal Final
Payment Date), and (iii) the excess of such insufficiency over the sum of (X)
the Class B-1 Principal Amount, (Y) the Class B-2 Principal Amount and (Z) and
the amounts withdrawn from the Class B Reserve Account pursuant to clause
(I) of this sentence, and deposit such withdrawn amounts in the Series
2005-4 Distribution Account on the Legal Final Payment Date.  The Trustee shall withdraw such amounts from
the Class A Reserve Account and the Class B Reserve Account and deposit such
amounts in the Series 2005-4 Distribution Account on or prior to the Legal
Final Payment Date.

(B)          
[reserved]

(C)          
[reserved]

(D)          If,
after giving effect to any such deposits into the Series 2005-4 Distribution
Account for payment of the Class A Notes, the amount to be deposited in the
Series 2005-4 Distribution Account with respect to the Legal Final Payment Date
is or will be less than the Class A Outstanding Principal Amount with respect
to the Legal Final Payment Date, the Administrator shall instruct the Trustee
in writing to make a demand on the Insurance Policy on the second Business Day
preceding such Legal Final Payment Date and, upon receipt of such notice, the
Trustee shall make a demand on the Insurance Policy on the second Business Day
preceding such Legal Final Payment Date in an amount equal to such
insufficiency in accordance with the terms thereof and shall cause the proceeds
thereof to be deposited in the Series 2005-4 Distribution Account.

(e)           Distribution.  On each Payment Date occurring on or after
the date a withdrawal is made pursuant to Section 3.5(a) of this Series
Supplement, the Trustee shall, in accordance with Section 6.1 of the
Base Indenture, pay (i) first, to the Class A Noteholders the amount
deposited in the Series 2005-4 Distribution Account for the payment of
principal of the Class A Notes held by such Class A Noteholders pursuant to Section
3.5(a) of this Series Supplement and any amounts deposited in the Series
2005-4 Distribution Account for the payment of principal of such Class A Notes
pursuant to Section 3.5(c) of this Series Supplement and, to the extent
necessary to pay the Class A Outstanding Principal Amount on the Legal Final
Payment Date, amounts deposited in the Series 2005-4 Distribution Account
pursuant to Section 3.5(d) of this Series Supplement, (ii) second,
once all amounts due to such Class A Noteholders on such Payment Date have been
paid in full, to the Class B Noteholders the amount deposited in the Series
2005-4 Distribution Account for the payment of principal of the Class B Notes 

 86
 

held by such
Class B Noteholders pursuant to Section 3.5(a) of this Series Supplement
and any amounts deposited in the Series 2005-4 Distribution Account for the
payment of principal of such Class B Notes pursuant to Section 3.5(c) of
this Series Supplement and, to the extent necessary to pay the Class B-1
Principal Amount and the Class B-2 Principal Amount on the Legal Final Payment
Date, amounts deposited in the Series 2005-4 Distribution Account pursuant to Section
3.5(d) of this Series Supplement, (iii) third, once the Series
2005-4 Notes have been paid in full, to Ford the amounts deposited in the
Series 2005-4 Distribution Account for the payment of all unpaid Ford
Reimbursement Obligations pursuant to Section 3.5(a) of this Series
Supplement and (iv) fourth, once all amounts due and owing to Ford
pursuant to the immediately preceding clause have been paid in full, only for
so long as the Ford LOC Exposure Amount is greater than zero, only to the
extent that after giving effect to such payment the Fleet Equity Condition
would be satisfied, to each Interest Rate Hedge Provider the amounts deposited
in the Series 2005-4 Distribution Account for the payment of all amounts due
and owing to it under its Series 2005-4 Interest Rate Hedge.

(f)            Decreases.  (I)  On any Business Day on which
(a) a Mandatory Decrease pursuant to Section 2.2(a) of this Series
Supplement shall be declared, the Trustee shall withdraw from the Series 2005-4
Excess Collection Account in accordance with the written instructions of the
Administrator an amount equal to the lesser of (x) the funds then allocated to
the Series 2005-4 Excess Collection Account (including proceeds from any
Increase) pursuant to Section 3.2(a)(ii) or (c)(ii) of this
Series Supplement and any amounts allocated by HVF to the Series 2005-4 Excess
Collection Account pursuant to Section 3.2(e) of this Series Supplement)
and, in each case, available for payment of such Mandatory Decrease pursuant to
Section 3.2(f) of this Series Supplement and (y) the amount of such
Mandatory Decrease, and distribute on a pro  rata basis such
amount to the Class A Noteholders as a payment of principal or (b) a Voluntary
Decrease pursuant to Section 2.2(b) and 3.2(f) of this Series
Supplement shall be declared, the Trustee shall distribute the amounts
withdrawn from the Series 2005-4 Excess Collection Account and/or the Series 2005-4
Collection Account pursuant to Section 3.2(c) of this Series Supplement
in connection with such Voluntary Decrease to the Class A Noteholders as a
payment of principal.

(II)           On the Expected
Final Payment Date, the Trustee shall withdraw from the Series 2005-4 Excess
Collection Account in accordance with the written instructions of the
Administrator an amount equal to the lesser of (x) the funds then allocated to
the Series 2005-4 Excess Collection Account (including proceeds from any
Increase) pursuant to Section 3.2(a)(ii) or (c)(ii) of this
Series Supplement and any amounts allocated by HVF to the Series 2005-4 Excess
Collection Account pursuant to Section 3.2(e) of this Series Supplement)
and, in each case, available for payment of principal of the Class A Notes and
the Class B Notes pursuant to Section 3.2(f) of this Series Supplement
and (y) the Class A Year Outstanding Principal Amount, the Class B-1 Principal
Amount and the Class B-2 Principal Amount on such date, and distribute such
amount (I) to the Class A Noteholders on a pro  rata basis as
payment of principal of the Class A Notes until the Class A Noteholders have
been paid the Class A Outstanding Principal Amount in full and (II) once the
Class A Noteholders have been paid the Class A Outstanding Principal Amount in
full, to the Class B Noteholders on a pro  rata basis as 

 87
 

a payment of
principal of the Class B-1 Notes and the Class B-2 Notes until the Class B-1
Notes and the Class B-2 Notes have been paid in full.

Section 3.6.            Payment
by Wire Transfer.  On each Payment
Date, pursuant to Section 6.1 of the Base Indenture and Sections 3.4
and 3.5 hereof, the Trustee shall cause the amounts (to the extent
received by the Trustee) set forth in Section 3.4 or 3.5 of this
Series Supplement to be paid by wire transfer of immediately available funds
released from the Series 2005-4 Distribution Account no later than 4:30 p.m.
(New York City time) for credit to the account designated by the Series 2005-4
Noteholders.

Section 3.7.            The
Administrator’s Failure to Instruct the Trustee to Make a Deposit or Payment.  If the Administrator fails to give notice or
instructions to make any payment from or deposit into the Collection Account or
any Series 2005-4 Series Account required to be given by the Administrator, at
the time specified in the Administration Agreement or any other Related
Document (including applicable grace periods), the Trustee shall make such
payment or deposit into or from the Collection Account or such Series 2005-4
Series Account without such notice or instruction from the Administrator, provided
that the Administrator or, in the case of any payment from a Series 2005-4
Series Account, the Insurer, upon request of the Trustee or the Insurer,
promptly provides the Trustee with all information necessary to allow the
Trustee to make such a payment or deposit. 
When any payment or deposit hereunder or under any other Related
Document is required to be made by the Trustee 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
instructions to draw on any Series 2005-4 Letters of Credit with respect to a
Class of Series 2005-4 Notes required to be given by the Administrator, at the
time specified in this Series Supplement, the Trustee shall draw on such Series
2005-4 Letters of Credit with respect to such Class of Series 2005-4 Notes
without such instruction from the Administrator, provided that the
Administrator or the Insurer (solely with respect to the Class A Letters of
Credit), upon request of the Trustee or the Insurer (solely with respect to the
Class A Letters of Credit), promptly provides the Trustee with all information
necessary to allow the Trustee to draw on each such Series 2005-4 Letter of
Credit.

Section 3.8.            Class A
Reserve Account.

(a)           Establishment of
Class A Reserve Account.  HVF shall
establish and maintain in the name of the Trustee for the benefit of the Series
2005-4 Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider an
account (the “Class A Reserve Account”), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Series 2005-4 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider.  The Class A Reserve Account
shall be an Eligible Deposit Account.  If
the Class A Reserve Account is at any time no longer an Eligible Deposit Account,
HVF shall, within 10 Business Days of obtaining knowledge that the Class A
Reserve Account is no longer an Eligible Deposit Account, establish a new Class
A Reserve Account that is an Eligible Deposit Account.  If a new Class A Reserve Account is
established, HVF shall instruct the Trustee in writing to transfer all cash and
investments from the non-qualifying Class A Reserve Account into the new Class
A 

 88
 

Reserve
Account.  Initially, the Class A Reserve
Account will be established with the Trustee.

(b)           Administration of
the Class A Reserve Account.  HVF may
instruct (by standing instructions or otherwise) the institution maintaining
the Class A Reserve Account to invest funds on deposit in the Class A Reserve
Account from time to time in Permitted Investments; provided, however,
that any such investment shall mature not later than the Business Day prior to
the first Payment Date following the date on which such funds were received
(including funds received upon a payment in respect of a Permitted Investment
made with funds on deposit in the Class A Reserve Account), unless any Permitted
Investment held in the Class A Reserve Account is held with the Trustee, then
such investment may mature on such Payment Date so long as such funds shall be
available for withdrawal on or prior to such Payment Date.  HVF shall not direct the Trustee to dispose
of (or permit the disposal of) any Permitted Investments prior to the maturity
thereof to the extent such disposal would result in a loss of the initial
purchase price of such Permitted Investment. 
In the absence of written investment instructions hereunder, funds on
deposit in the Class A Reserve Account shall remain uninvested.

(c)           Earnings from
Class A Reserve Account.  All
interest and earnings (net of losses and investment expenses) paid on funds on
deposit in the Class A Reserve Account shall be deemed to be on deposit therein
and available for distribution.

(d)           Class A Reserve
Account Constitutes Additional Collateral for Series 2005-4 Notes.  In order to secure
and provide for the repayment and payment of the Note Obligations with respect
to the Series 2005-4 Notes, HVF hereby grants a security interest in and
assigns, pledges, grants, transfers and sets over to the Trustee, for the
benefit of the Series 2005-4 Noteholders, the Insurer, Ford and each Interest
Rate Hedge Provider, all of HVF’s right, title and interest in and to the
following (whether now or hereafter existing or acquired):  (i) the Class A 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 Class A 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 Class A 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 Class A Reserve Account, the funds on
deposit therein from time to time or the investments made with such funds; and
(vi) all proceeds of any and all of the foregoing, including, without
limitation, cash (the items in the foregoing clauses (i) through (vi)
are referred to, collectively, as the “Class A Reserve Account Collateral”).

(e)           Class A Reserve
Account Surplus.  In the event that
the Class A Reserve Account Surplus on any Payment Date is greater than zero,
the Trustee, acting in accordance with the written instructions of the
Administrator (with a copy to the Insurer), shall withdraw from the Class A
Reserve Account an amount equal to the Class A Reserve Account Surplus and (i)
deposit in the Class B Reserve Account the lesser of (x) 

 89
 

such Class A
Reserve Account Surplus and (y) the excess, if any, of the Class B Required
Reserve Account Amount as of such Payment Date over the Class B Available
Reserve Account Amount as of such Payment Date, in each case as of such Payment
Date, (ii) pay to Ford the lesser of (x) the excess of such Class A Reserve
Account Surplus over the amounts deposited pursuant to clause (i) above
and (y) all unpaid Ford Reimbursement Obligations and (iii) only for so long as
the Ford LOC Exposure Amount is greater than zero, only to the extent that
after giving effect to any such payment, the Fleet Equity Condition would be
satisfied, (A) pay to each Interest Rate Hedge Provider on a pro  rata
basis the lesser of (x) the excess of such Class A Reserve Account Surplus over
the amounts deposited and/or paid pursuant to clauses (i) and (ii)
above and (y) all amounts then due and owing to each such Interest Rate Hedge
Provider under its Series 2005-4 Interest Rate Hedge and (B) pay to HVF any
portion of such Class A Reserve Account Surplus remaining after any required
deposit and/or payment pursuant to clauses (i) through (iii)(A)
above.

(f)            Termination of
Class A Reserve Account.  On or after
the date on which the Series 2005-4 Notes are fully paid, the Insurer has been
paid all Insurer Fees and all other Insurer Reimbursement Amounts due, each
Interest Rate Hedge Provider has been paid all amounts due and owing to it from
HVF under its Series 2005-4 Interest Rate Hedge and Ford has been paid all
unpaid Ford Reimbursement Obligations, the Trustee, acting in accordance with
the written instructions of the Administrator, only for so long as the Ford LOC
Exposure Amount is greater than zero, only to the extent that after giving
effect to any such withdrawal, the Fleet Equity Condition would be satisfied,
shall withdraw from the Class A Reserve Account all remaining amounts on
deposit therein for payment to HVF.

Section 3.9.            Class A
Letters of Credit and Class A Cash Collateral Accounts.

(a)           (I)  Class
A Ford Cash Collateral Account Constitutes Additional Collateral for Series
2005-4 Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-4 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-4 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Class A Ford Cash Collateral Account,
including any security entitlement thereto; (ii) all funds on deposit in the
Class A Ford Cash Collateral Account from time to time; (iii) all certificates
and instruments, if any, representing or evidencing any or all of the Class A
Ford Cash Collateral 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
Class A Ford Cash Collateral 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 Class A Ford Cash Collateral Account, the
funds on deposit therein from time to time or the investments made with such
funds; and (vi) all proceeds of any and all of the foregoing, including,
without limitation, cash (the items in the foregoing 

 90
 

clauses (i)
through (vi) are referred to, collectively, as the “Class A Ford Cash
Collateral Account Collateral”).

(II)           Class
A Non-Ford Cash Collateral Account Constitutes Additional Collateral for Series
2005-4 Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-4 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-4 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Class A Non-Ford Cash Collateral
Account, including any security entitlement thereto; (ii) all funds on deposit
in the Class A Non-Ford Cash Collateral Account from time to time; (iii) all
certificates and instruments, if any, representing or evidencing any or all of
the Class A Non-Ford Cash Collateral 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 Class A Non-Ford Cash Collateral 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 Class A Non-Ford
Cash Collateral Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Class A
Non-Ford Cash Collateral Account Collateral”).

(b)           Class
A Letter of Credit Expiration Date. If prior to the date which is sixteen
(16) Business Days prior to the then scheduled Class A Letter of Credit
Expiration Date with respect to any Class A Letter of Credit, excluding the
amount available to be drawn under such Class A Letter of Credit but taking
into account each substitute Class A Letter of Credit which has been obtained
from a Class A Eligible Letter of Credit Provider or a Class A Eligible Ford
Letter of Credit Provider, as applicable, and is in full force and effect on
such date, (i) the Class A Adjusted Enhancement Amount would be equal to or
greater than the Class A Required Enhancement Amount, (ii) the Class A Adjusted
Liquidity Amount would be equal to or greater than the Class A Required
Liquidity Amount, (iii) the Class B Adjusted Enhancement Amount would be equal
to or greater than the Class B Required Enhancement Amount and (iv) if the
expiring Class A Letter of Credit is a Class A Non-Ford Letter of Credit, the
Class A Non-Ford Letter of Credit Liquidity Amount would be equal to or greater
than the Series 2005-4 Demand Note Payment Amount, then the Administrator shall
notify the Trustee and the Insurer in writing no later than fifteen (15)
Business Days prior to such Class A Letter of Credit Expiration Date of such
determination.  If prior to the date
which is sixteen (16) Business Days prior to the then scheduled Class A Letter
of Credit Expiration Date with respect to any Class A Letter of Credit,
excluding such Class A Letter of Credit but taking into account any substitute
Class A Letter of Credit which has been obtained from a Class A Eligible Letter
of Credit Provider or a Class A Eligible Ford Letter of Credit Provider, as applicable,
and is in full force and effect on such date, (i)  the Class A Adjusted Enhancement Amount would
be less than the Class A Required Enhancement Amount, (ii) the Class A Adjusted
Liquidity 

 91
 

Amount would
be less than the Class A Required Liquidity Amount, (iii) the Class B Adjusted
Enhancement Amount would be less than the Class B Required Enhancement Amount,
or (iv) if the expiring Class A Letter of Credit is a Class A Non-Ford Letter
of Credit, the Class A Non-Ford Letter of Credit Liquidity Amount would be less
than the Series 2005-4 Demand Note Payment Amount, then the Administrator shall
notify the Trustee and the Insurer in writing no later than fifteen (15)
Business Days prior to such Class A Letter of Credit Expiration Date of (x) the
greatest of (A) the excess, if any, of the Class A Required Enhancement Amount
over the Class A Adjusted Enhancement Amount, excluding such Class A Letter of
Credit but taking into account any substitute Class A Letter of Credit which
has been obtained from a Class A Eligible Letter of Credit Provider or a Class
A Eligible Ford Letter of Credit Provider, as applicable, and is in full force
and effect on such date, (B) the excess, if any, of the Class A Required
Liquidity Amount over the Class A Adjusted Liquidity Amount, excluding such
Class A Letter of Credit but taking into account each substitute Class A Letter
of Credit which has been obtained from a Class A Eligible Letter of Credit
Provider or a Class A Eligible Ford Letter of Credit Provider as applicable, and
is in full force and effect on such date, (C) the excess, if any, of the Class
B Required Enhancement Amount over the Class B Adjusted Enhancement Amount,
excluding such Class A Letter of Credit but taking into account any substitute
Class A Letter of Credit which has been obtained from a Class A Eligible Letter
of Credit Provider or a Class A Eligible Ford Letter of Credit Provider, as
applicable, and is in full force and effect on such date and (D) if the
expiring Class A Letter of Credit is a Class A Non-Ford Letter of Credit, the
excess, if any, of the Series 2005-4 Demand Note Payment Amount over the Class
A Non-Ford Letter of Credit Liquidity Amount, excluding such Class A Non-Ford
Letter of Credit but taking into account each substitute Class A Non-Ford
Letter of Credit which has been obtained from a Class A Eligible Letter of
Credit Provider and is in full force and effect on such date, and (y) the
amount available to be drawn on such expiring Class A Letter of Credit on such
date.  Upon receipt of such notice by the
Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the
Trustee shall, by 12:00 p.m. (New York City time) on such Business Day (or, in
the case of any notice given to the Trustee after 10:30 a.m. (New York City time),
by 12:00 p.m. (New York City time) on the next following Business Day), draw
the lesser of the amounts set forth in clauses (x) and (y) above
on such Class A Letter of Credit by presenting a draft accompanied by a Class A
Certificate of Termination Demand and shall cause the Class A LOC Termination
Disbursements to be deposited in the Class A Non-Ford Collateral Account, in
the case of a Class A LOC Termination Disbursement under a Class A Non-Ford
Letter of Credit, and the Class A Ford Cash Collateral Account, in the case of
a Class A LOC Termination Disbursement under a Class A Ford Letter of
Credit.  If the Trustee does not receive
the notice from the Administrator described above on or prior to the date that
is fifteen (15) Business Days prior to each Class A Letter of Credit Expiration
Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Business
Day draw the full amount of such Class A Letter of Credit by presenting a draft
accompanied by a Class A Certificate of Termination Demand and shall cause the
Class A LOC Termination Disbursements to be deposited in the applicable Class A
Cash Collateral Account.

(c)           Class A Letter of
Credit Providers.  The Administrator
shall notify the Trustee, Fitch and the Insurer in writing within one Business
Day of becoming aware 

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that the
short-term debt credit rating of any Class A Letter of Credit Provider has
fallen below “A-1” as determined by Standard & Poor’s or “P-1” as
determined by Moody’s or the long-term debt credit rating of any Class A Letter
of Credit Provider has fallen below “A+” as determined by Standard & Poor’s
or “A1” as determined by Moody’s (with respect to any Class A Letter of Credit
Provider, a “Class A Downgrade Event”). 
On the thirtieth (30th) day after the occurrence of a Class A Downgrade
Event with respect to any Class A Letter of Credit Provider, the Administrator
shall notify the Trustee and the Insurer in writing on such date of (i) the
greatest of (A) the excess, if any, of the Class A Required Enhancement Amount
over the Class A Adjusted Enhancement Amount, excluding the available amount
under the Class A Letter of Credit issued by such Class A Letter of Credit
Provider, on such date, (B) the excess, if any, of the Class A Required
Liquidity Amount over the Class A Adjusted Liquidity Amount, excluding the
available amount under such Class A Letter of Credit, on such date, (C) the
excess, if any, of the Class B Required Enhancement Amount over the Class B
Adjusted Enhancement Amount, excluding the available amount under the Class A
Letter of Credit issued by such Class A Letter of Credit Provider, on such date
and (D) if the Class A Downgrade Event affects a Class A Non-Ford Letter of
Credit, the excess, if any, of the Series 2005-4 Demand Note Payment Amount
over the Class A Non-Ford Letter of Credit Liquidity Amount, excluding the
available amount under such Class A Non-Ford Letter of Credit, on such date,
and (ii) the amount available to be drawn on such Class A Letter of Credit on
such date.  Upon receipt of such notice by
the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day,
the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day (or,
in the case of any notice given to the Trustee after 10:30 a.m. (New York City
time), by 12:00 p.m. (New York City time) on the next following Business Day),
draw on such Class A Letter of Credit in an amount equal to the lesser of the
amount in clause (i) or clause (ii) of the immediately preceding
sentence on such Business Day by presenting a draft accompanied by a Class A
Certificate of Termination Demand and shall cause the Class A LOC Termination
Disbursement to be deposited in a Class A Non-Ford Cash Collateral Account, in
the case of a Class A LOC Termination Disbursement under a Class A Non-Ford
Letter of Credit, and the Class A Ford Cash Collateral Account, in the case of
a Class A LOC Termination Disbursement under a Class A Ford Letter of Credit.

(d)           Class A
Preference Amount Demands on the Class A Non-Ford Letters of Credit.  If the Insurer notifies the Trustee in
writing that the Insurer shall have made a payment under the Insurance Policy
in respect of a Class A Preference Amount, subject to the satisfaction of the
conditions set forth in the next succeeding sentence, the Trustee shall draw an
amount equal to the lesser of (i) such Class A Preference Amount and (ii) the
Class A Non-Ford Letter of Credit Liquidity Amount on the Class A Non-Ford
Letters of Credit by presenting to each Class A Non-Ford Letter of Credit
Provider (with a copy to the Insurer) a draft accompanied by a Class A
Certificate of Preference Payment Demand and shall cause the Class A LOC
Preference Payment Disbursements to be paid to the Insurer; provided, however,
that if the Class A Non-Ford Cash Collateral Account has been established and
funded, the Trustee shall draw an amount equal to the product of (a) 100% minus
the Class A Non-Ford Cash Collateral Percentage and (b) the lesser of the
amounts referred to in clause (i) and (ii) on such Business Day
on the Class A Non-Ford Letters of Credit as calculated by the Administrator,
at the request of the 

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Trustee, and
provided in writing to the Trustee and the Insurer.  Prior to any draw on the Class A Non-Ford
Letters of Credit or withdrawal from the Class A Non-Ford Cash Collateral
Account pursuant to this Section 3.9(d), the Trustee shall have received
a certified copy of the order requiring the return of such Class A Preference
Amount.

(e)           (I)  Reductions
in Stated Amounts of the Class A Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-1-1, requesting a
reduction in the stated amount of any Class A Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to
the Class A Ford Letter of Credit Provider who issued such Class A Ford Letter
of Credit with a copy to Ford a Class A Notice of Reduction requesting a
reduction in the stated amount of such Class A Ford Letter of Credit in the
amount requested in such notice effective on the date set forth in such notice,
provided that on such effective date, after giving effect to the
requested reduction in the stated amount of such Class A Ford Letter of Credit,
(i) the Class A Adjusted Enhancement Amount will equal or exceed the Class A
Required Enhancement Amount, (ii) the Class A Adjusted Liquidity Amount will
equal or exceed the Class A Required Liquidity Amount, and (iii) the Class B
Adjusted Enhancement Amount will equal or exceed the Class B Required Enhancement
Amount.  If the Trustee receives a
written notice from Ford, substantially in the form of Exhibit D-1-2,
requesting the replacement of any Class A Ford Letter of Credit, the Trustee
shall within two Business Days of the receipt of such notice and upon receipt
of a substitute Class A Ford Letter of Credit having a stated amount equal to
the available amount of the Class A Ford Letter of Credit being replaced issued
by a Class A Eligible Ford Letter of Credit Provider deliver to the Class A
Letter of Credit Provider who issued the Class A Ford Letter of Credit being
replaced a written notice in the form provided in such Class A Ford Letter of
Credit confirming cancellation of such Class A Ford Letter of Credit and shall
deliver such cancelled Class A Ford Letter of Credit to such Class A Letter of
Credit Provider as soon as practicable.

(II)           Reductions in
Stated Amounts of the Class A Non-Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-2, requesting a
reduction in the stated amount of any Class A Non-Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to
the Class A Non-Ford Letter of Credit Provider who issued such Class A Non-Ford
Letter of Credit a Class A Notice of Reduction requesting a reduction in the
stated amount of such Class A Non-Ford Letter of Credit in the amount requested
in such notice effective on the date set forth in such notice, provided
that on such effective date, after giving effect to the requested reduction in
the stated amount of such Class A Non-Ford Letter of Credit, (i) the Class A
Adjusted Enhancement Amount will equal or exceed the Class A Required
Enhancement Amount, (ii) the Class A Adjusted Liquidity Amount will equal or
exceed the Class A Required Liquidity Amount, (iii) the Class B Adjusted
Enhancement Amount will equal or exceed the Class B Required Enhancement
Amount, and (iv) the Class A Non-Ford Letter of Credit Liquidity Amount will
equal or exceed the Series 2005-4 Demand Note Payment Amount.

(f)            (I)  Draws
on the Class A Ford Letters of Credit. 
If there is more than one Class A Ford Letter of Credit on the date of
any draw on the Class A Ford 

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Letters of
Credit pursuant to the terms of this Series Supplement (other than pursuant to Sections
3.9(b) and (c) of this Series Supplement), the Administrator shall
instruct the Trustee, in writing, to draw on each Class A Ford Letter of Credit
in an amount equal to the Pro Rata Share of the Class A Ford Letter of Credit
Provider issuing such Class A Ford Letter of Credit of the amount of such draw
on the Class A Ford Letters of Credit.

(II)           Draws on the
Class A Non-Ford Letters of Credit. 
If there is more than one Class A Non-Ford Letter of Credit on the date
of any draw on the Class A Non-Ford Letters of Credit pursuant to the terms of
this Series Supplement (other than pursuant to Sections 3.9(b) and (c)
of this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Class A Non-Ford Letter of Credit in an amount equal
to the Pro Rata Share of the Class A Non-Ford Letter of Credit Provider issuing
such Class A Non-Ford Letter of Credit of the amount of such draw on the Class
A Non-Ford Letters of Credit.

(g)           (I)  Establishment
of Class A Ford Cash Collateral Account. 
On or prior to the date of any drawing under a Class A Ford Letter of
Credit pursuant to Section 3.9(b) or (c) of this Series
Supplement, HVF shall establish and maintain in the name of the Trustee for the
benefit of the Series 2005-4 Noteholders, the Insurer, Ford and each Interest
Rate Hedge Provider, an account (the “Class A Ford Cash Collateral Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Series 2005-4 Noteholders, the Insurer, Ford and
each Interest Rate Hedge Provider.  The
Class A Ford Cash Collateral Account shall be an Eligible Deposit Account.  If the Class A Ford Cash Collateral Account
is at any time no longer an Eligible Deposit Account, HVF shall, within 10
Business Days of obtaining knowledge that the Class A Ford Cash Collateral
Account is no longer an Eligible Deposit Account, establish a new Class A Ford
Cash Collateral Account that is an Eligible Deposit Account.  If a new Class A Ford Cash Collateral Account
is established, HVF shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Class A Ford Cash Collateral Account
into the new Class A Ford Cash Collateral Account.

(II)           Establishment of
Class A Non-Ford Cash Collateral Account. 
On or prior to the date of any drawing under a Class A Non-Ford Letter
of Credit pursuant to Section 3.9(b) or (c) of this Series
Supplement, HVF shall establish and maintain in the name of the Trustee for the
benefit of the Series 2005-4 Noteholders, the Insurer, Ford and each Interest
Rate Hedge Provider, an account (the “Class A Non-Ford Cash Collateral
Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2005-4 Noteholders,
the Insurer, Ford and each Interest Rate Hedge Provider.  The Class A Non-Ford Cash Collateral Account
shall be an Eligible Deposit Account.  If
the Class A Non-Ford Cash Collateral Account is at any time no longer an
Eligible Deposit Account, HVF shall, within 10 Business Days of obtaining
knowledge that the Class A Non-Ford Cash Collateral Account is no longer an
Eligible Deposit Account, establish a new Class A Non-Ford Cash Collateral
Account that is an Eligible Deposit Account. 
If a new Class A Non-Ford Cash Collateral Account is established, HVF
shall instruct the Trustee in writing to transfer all cash and investments from
the non-qualifying Class A Non-Ford Cash Collateral Account into the new Class A
Non-Ford Cash Collateral Account

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(h)           Administration of
the Class A Cash Collateral Account. 
HVF may instruct (by standing instructions or otherwise) the institution
maintaining a Class A Cash Collateral Account to invest funds on deposit in a
Class A Cash Collateral Account from time to time in Permitted
Investments.  Any investment of funds on
deposit in a Class A Cash Collateral Account shall mature not later than the
Business Day prior to the first Payment Date following the date on which such
funds were received (including funds received upon a payment in respect of a
Permitted Investment made with funds on deposit in a Class A Cash Collateral
Account), unless any Permitted Investment held in such Class A Cash Collateral
Account is held with the Trustee, in which case such investment may mature on
such Payment Date so long as such funds shall be available for withdrawal on or
prior to such Payment Date.  HVF shall
not direct the Trustee to dispose of (or permit the disposal of) any Permitted
Investments prior to the maturity thereof to the extent such disposal would
result in a loss of the initial purchase price of such Permitted
Investment.  In the absence of written
investment instructions hereunder, funds on deposit in a Class A Cash
Collateral Account shall remain uninvested.

(i)            Earnings from
Class A Cash Collateral Account.  All
Class A Cash Collateral Account Interest and Earnings shall be deemed to be on
deposit therein and available for distribution.

(j)            Class A Cash
Collateral Account Surplus.  (X) In
the event that the Class A Cash Collateral Account Surplus on any Payment Date
is greater than zero, the Administrator may direct the Trustee to, and the
Trustee, acting in accordance with the written instructions of the
Administrator (with a copy to the Insurer), shall, subject to the limitations
set forth in this Section 3.8(j)(X), withdraw the amount specified by
the Administrator from the Class A Cash Collateral Account specified by the
Administrator and apply such amount in accordance with the terms of this Section
3.8(j)(X).  The amount of any such
withdrawal from the Class A Ford Cash Collateral Account shall be limited to
the lesser of (a) the Class A Available Ford Cash Collateral Account Amount on
such Payment Date and (b) the Class A Cash Collateral Account Surplus (after
giving effect to any withdrawal from the Class A Non-Ford Cash Collateral
Account) on such Payment Date.  The
amount of any such withdrawal from the Class A Non-Ford Cash Collateral Account
shall be limited to the least of (a) the Class A Available Non-Ford Cash
Collateral Account Amount on such Payment Date, (b) the Class A Cash Collateral
Account Surplus (after giving effect to any withdrawal from the Class A Ford
Cash Collateral Account) on such Payment Date and (c) the excess, if any, of
the Class A Non-Ford Letter of Credit Liquidity Amount on such Payment Date
over the Series 2005-4 Demand Note Payment Amount on such Payment Date.  Any amounts withdrawn from the Class A Ford
Cash Collateral Account pursuant to this Section 3.8(j)(X) shall be paid
to Ford.  Any amounts withdrawn from the
Class A Non-Ford Cash Collateral Account shall be paid:  first, to Ford to the extent that
there are unpaid Ford Reimbursement Obligations due and owing to Ford, the
lesser of the amount withdrawn from the Class A Non-Ford Cash Collateral
Account and the amount of such unpaid Ford Reimbursement Obligations, second,
only for so long as the Ford LOC Exposure Amount is greater than zero, only to
the extent that after giving effect to any such withdrawal, the Fleet Equity
Condition would be satisfied, to the Class A Non-Ford Letter of Credit
Providers, to the extent that there are unreimbursed Class A Disbursements due
and owing to such Class A 

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Non-Ford
Letter of Credit Providers in respect of the Class A Non-Ford Letters of
Credit, for application in accordance with the provisions of the respective
Class A Non-Ford Letter of Credit Reimbursement Agreement, and third,
only for so long as the Ford LOC Exposure Amount is greater than zero, only to
the extent that after giving effect to any such withdrawal, the Fleet Equity
Condition would be satisfied, to HVF any remaining amounts.  (Y) Irrespective of whether there is a Class
A Cash Collateral Account Surplus, in the event that the Class A Ford Cash
Collateral Account has been established pursuant to Section 3.8(g)(I) of
this Series Supplement, the proceeds of one or more Class A LOC Termination
Disbursements have been deposited therein pursuant to Section 3.8(b) or Section
3.8(c) of this Series Supplement and Ford delivers to the Trustee a Class A
Ford Letter of Credit from a Class A Ford Eligible Letter of Credit Provider
the Administrator shall direct the Trustee to, and the Trustee, acting in
accordance with the written instructions of the Administrator shall withdraw
from the Class A Ford Cash Collateral Account an amount equal to the stated
amount of such Class A Ford Letter of Credit and pay such amount to Ford.

(k)           Termination of
Class A Cash Collateral Accounts. 
(X)  On the earlier of the
termination of this Series Supplement in accordance with Section 7.14 of
this Series Supplement and the Legal Final Payment Date, the Trustee, acting in
accordance with the written instructions of the Administrator, shall withdraw
from the Class A Ford Cash Collateral Account and (i) pay to Ford an amount
equal to the lesser of (x) the Class A Available Ford Cash Collateral Account
Amount and (y) the excess, if any, of (A) the aggregate amount of Class A LOC
Termination Disbursements deposited into the Class A Ford Cash Collateral
Account pursuant to Section 3.9(b) or Section 3.9(c) of this
Series Supplement over (B) the aggregate amount withdrawn from the Class A Ford
Cash Collateral Account pursuant to Section 3.3(e)(I)(Y) or Section
3.5(c)(ii) of this Series Supplement that has not be reimbursed by HVF in
accordance with Section 3.17 of this Series Supplement on or prior to
such date, (ii) pay to Ford, an amount equal to the lesser of (x) the amount of
unpaid Ford Reimbursement Obligations due and owing to Ford and (y) the excess,
if any, of the Class A Available Ford Cash Collateral Account Amount over the
amount paid to Ford pursuant to clause (i) above and (iii) pay to HVF,
any funds remaining in the Class A Ford Cash Collateral Account..

(Y)  Upon the
termination of this Series Supplement in accordance with its terms, the
Trustee, acting in accordance with the written instructions of the
Administrator, after the prior payment of all amounts due and owing to the
Series 2005-4 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider and payable from the Class A Non-Ford Cash Collateral Account as
provided herein, shall withdraw from such Class A Non-Ford Cash Collateral
Account all amounts on deposit therein (to the extent not withdrawn pursuant to
Section 3.9(d) above) and shall pay such amounts, first, to Ford
to the extent that there are unpaid Ford Reimbursement Obligations due and
owing to Ford, second, only for so long as the Ford LOC Exposure Amount
is greater than zero, only to the extent that after giving effect to any such
withdrawal, the Fleet Equity Condition would be satisfied, pro  rata
to the Class A Non-Ford Letter of Credit Providers, to the extent that there
are unreimbursed Class A Disbursements due and owing to such Class A Non-Ford
Letter of Credit Providers, for application in accordance with the provisions
of the respective Class A Non-Ford Letters of Credit, and third, only
for so long as the Ford 

 97
 

LOC Exposure Amount is
greater than zero, only to the extent that after giving effect to any such
withdrawal, the Fleet Equity Condition would be satisfied, to HVF any remaining
amounts.

Section 3.10.          Series 2005-4 Distribution Account.

(a)           Establishment of Series 2005-4
Distribution Account.  The Trustee
shall establish and maintain in the name of the Trustee for the benefit of the
Series 2005-4 Noteholders, the Series 2005-4 Interest Rate Hedge Provider and
Ford an account (the “Series 2005-4 Distribution Account”), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Series 2005-4 Noteholders, the Series 2005-4 Interest Rate
Hedge Provider and Ford.  The Series
2005-4 Distribution Account shall be an Eligible Deposit Account.  If the Series 2005-4 Distribution Account is
at any time no longer an Eligible Deposit Account, HVF shall, within 10
Business Days of obtaining knowledge that the Series 2005-4 Distribution
Account is no longer an Eligible Deposit Account, establish a new Series 2005-4
Distribution Account that is an Eligible Deposit Account.  If a new Series 2005-4 Distribution Account
is established, HVF shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Series 2005-4 Distribution Account into
the new Series 2005-4 Distribution Account. 
Initially, the Series 2005-4 Distribution Account will be established
with the Trustee.

(b)           Administration of the Series
2005-4 Distribution Account.  The
Administrator may instruct the institution maintaining the Series 2005-4
Distribution Account in writing to invest funds on deposit in the Series 2005-4
Distribution Account from time to time in Permitted Investments; provided,
however, that any such investment shall mature not later than the
Business Day prior to the Payment Date following the date on which such funds
were received (including funds received upon a payment in respect of a
Permitted Investment made with funds on deposit in the Series 2005-4
Distribution Account), unless any Permitted Investment held in the Series
2005-4 Distribution Account is held with the Trustee, then such investment may
mature on such Payment Date and such funds shall be available for withdrawal on
or prior to such Payment Date.  All such
Permitted Investments will be credited to the Series 2005-4 Distribution
Account.  HVF shall not direct the
Trustee to dispose of (or permit the disposal of) any Permitted Investments
prior to the maturity thereof to the extent such disposal would result in a
loss of the initial purchase price of such Permitted Investment.  In the absence of written investment
instructions hereunder, funds on deposit in the Series 2005-4 Distribution
Account shall remain uninvested.

(c)           Earnings from Series 2005-4
Distribution Account.  All interest
and earnings (net of losses and investment expenses) paid on funds on deposit
in the Series 2005-4 Distribution Account shall be deemed to be on deposit and
available for distribution.

(d)           Series 2005-4 Distribution Account
Constitutes Additional Collateral for Series 2005-4 Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Series 2005-4
Notes, HVF hereby 

 98
 

grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-4 Noteholders and Ford, all of HVF’s right, title and interest in
and to the following (whether now or hereafter existing or acquired): (i) the
Series 2005-4 Distribution Account, including any security entitlement thereto;
(ii) all funds on deposit therein from time to time; (iii) all certificates and
instruments, if any, representing or evidencing any or all of the Series 2005-4
Distribution Account or the funds on deposit therein from time to time; (iv)
all investments made at any time and from time to time with monies in the
Series 2005-4 Distribution Account, whether constituting securities,
instruments, general intangibles, investment property, financial assets or
other property; (v) all interest, dividends, cash, instruments and other
property from time to time received, receivable or otherwise distributed in
respect of or in exchange for the Series 2005-4 Distribution Account, the funds
on deposit therein from time to time or the investments made with such funds;
and (vi) all proceeds of any and all of the foregoing, including, without
limitation, cash (the items in the foregoing clauses (i) through (vi)
are referred to, collectively, as the “Series 2005-4 Distribution Account
Collateral”).

Section 3.11.          Trustee as Securities Intermediary.

(a)           The Trustee or other Person holding
the Series 2005-4 Collection Account, the Series 2005-4 Excess Collection
Account, the Series 2005-4 Accrued Interest Account, the Class A Reserve
Account, the Class B Reserve Account, the Series 2005-4 Cash Collateral Account
or the Series 2005-4 Distribution Account (each a “Series 2005-4 Designated
Account”) shall be the “Securities Intermediary”.  If the Securities Intermediary in respect of
any Series 2005-4 Designated Account is not the Trustee, HVF shall obtain the express
agreement of such Person to the obligations of the Securities Intermediary set
forth in this Section 3.11.

(b)           The Securities Intermediary agrees
that:

(i)            The
Series 2005-4 Designated Accounts are accounts to which “financial assets”
within the meaning of Section 8-102(a)(9) (“Financial Assets”) of
the UCC in effect in the State of New York (the “New York UCC”) will be
credited;

(ii)           All
securities or other property underlying any Financial Assets credited to any
Series 2005-4 Designated Account shall be registered in the name of the
Securities Intermediary, indorsed to the Securities Intermediary or in blank or
credited to another securities account maintained in the name of the Securities
Intermediary and in no case will any Financial Asset credited to any Series
2005-4 Designated Account be registered in the name of HVF, payable to the
order of HVF or specially endorsed to HVF;

(iii)          All
property delivered to the Securities Intermediary pursuant to this Series
Supplement will be promptly credited to the appropriate Series 2005-4
Designated Account;

 99
 

(iv)          Each
item of property (whether investment property, security, instrument or cash)
credited to a Series 2005-4 Designated Account shall be treated as a Financial
Asset;

(v)           If
at any time the Securities Intermediary shall receive any order from the
Trustee directing transfer or redemption of any Financial Asset relating to the
Series 2005-4 Designated Accounts, the Securities Intermediary shall comply
with such entitlement order without further consent by HVF or the
Administrator;

(vi)          The
Series 2005-4 Designated Accounts shall be governed by the laws of the State of
New York, regardless of any provision of any other agreement.  For purposes of the UCC, New York shall be
deemed to the Securities Intermediary’s jurisdiction and the Series 2005-4
Designated Accounts (as well as the “securities entitlements” (as defined in Section
8-102(a)(17) of the New York UCC) related thereto) shall be governed by the
laws of the State of New York;

(vii)         The
Securities Intermediary has not entered into, and until termination of this
Series Supplement, will not enter into, any agreement with any other Person
relating to the Series 2005-4 Designated Accounts and/or any Financial Assets
credited thereto pursuant to which it has agreed to comply with entitlement
orders (as defined in Section 8-102(a)(8) of the New York UCC) of such
other Person and the Securities Intermediary has not entered into, and until
the termination of this Series Supplement will not enter into, any agreement
with HVF purporting to limit or condition the obligation of the Securities
Intermediary to comply with entitlement orders as set forth in Section
3.11(b)(v) of this Series Supplement; and

(viii)        Except
for the claims and interest of the Trustee and HVF in the Series 2005-4
Designated Accounts, the Securities Intermediary knows of no claim to, or
interest, in the Series 2005-4 Designated Accounts or in any Financial Asset
credited thereto.  If the Securities Intermediary
has actual knowledge of the assertion by any other person of any lien,
encumbrance, or adverse claim (including any writ, garnishment, judgment,
warrant of attachment, execution or similar process) against any Series 2005-4
Designated Account or in any Financial Asset carried therein, the Securities
Intermediary will promptly notify the Trustee, the Administrator and HVF
thereof.

(c)           The Trustee shall possess all right,
title and interest in all funds on deposit from time to time in the Series
2005-4 Designated Accounts and in all proceeds thereof, and shall be the only
person authorized to originate entitlement orders in respect of the Series
2005-4 Designated Accounts.

 100

Section 3.12.          Series 2005-4 Interest Rate Hedges.

(a)           On the Series 2005-4
Closing Date, HVF shall acquire one or more interest rate caps or swaps, in
form and substance acceptable to the Insurer (each a “Series 2005-4 Interest
Rate Hedge”), from an Eligible Interest Rate Hedge Provider with funds
available to it.  The aggregate initial
notional amount of all Series 2005-4 Interest Rate Hedges shall equal the Class
B-1 Principal Amount on the Series 2005-4 Closing Date, and, thereafter, the
aggregate notional amount of all Series 2005-4 Interest Rate Hedges may be
reduced pursuant to the related Series 2005-4 Interest Rate Hedge but shall not
at any time be less than the Class B-1 Principal Amount.  The strike rate of each Series 2005-4
Interest Rate Hedge in the form of a cap shall not be greater than 4.87%.  The fixed rate of each Series 2005-4 Interest
Rate Hedge in the form of a swap shall not be greater than 4.87%.  HVF shall satisfy the Series 2005-4 Rating
Agency Condition and, so long as the Class A Notes have not been paid in full
and retired, obtain the consent of the Insurer (such consent not to be
unreasonably withheld or delayed) in connection with its acquisition of any
Series 2005-4 Interest Rate Hedge.  The
Series 2005-4 Interest Rate Hedge must provide that (i) no payments from the
Series 2005-4 Hedge Provider to HVF shall be conditioned upon payment of
amounts (other than the Monthly Hedge Payment) due to such Series 2005-4
Interest Rate Hedge Provider from HVF, to the extent that any such non-payment
resulted only from the Fleet Equity Condition failing to be satisfied, (ii) the
Series 2005-4 Interest Rate Hedge Provider shall provide to the Insurer a copy
of any notice of payment default delivered to HVF, simultaneously with delivery
of such notice to HVF and (iii) in the event that HVF shall fail to pay any
amounts due to the Series 2005-4 Hedge Provider under such Series 2005-4
Interest Rate Hedge, the Insurer shall have the right to make any such payment
on behalf of HVF.  For so long as an
Interest Rate Hedge Provider is not in default under its Series 2005-4 Interest
Rate Hedge, and such Series 2005-4 Interest Rate Hedge continues to be in
effect, such Interest Rate Hedge Provider shall constitute an “Enhancement
Provider” with respect to the Series 2005-4 Notes for all purposes under the
Indenture and the other Related Documents, and each Series 2005-4 Interest Rate
Hedge to which such Interest Rate Hedge Provider is a party shall constitute an
“Enhancement Agreement” with respect to the Series 2005-4 Notes for all
purposes under the Base Indenture and the other Related Documents.  Furthermore, each Interest Rate Hedge
Provider shall be deemed to be a “Secured Party” under the Base Indenture and
the Related Documents to the extent of amounts payable to each such Interest
Rate Hedge Provider pursuant to this Series Supplement.

(b)           If, at any time, an
Interest Rate Hedge Provider is not an Eligible Interest Rate Hedge Provider,
then HVF shall cause such Interest Rate Hedge Provider within 30 days following
such occurrence, at such Interest Rate Hedge Provider’s expense, to do one of
the following:  (i) obtain a replacement
interest rate cap or swap on the same terms as the Series 2005-4 Interest Rate
Hedge to which such Interest Rate Hedge Provider is a party (or with such
modifications as are acceptable to the Rating Agencies and the Insurer) from an
Eligible Interest Rate Hedge Provider and simultaneously with such replacement
HVF shall terminate the Series 2005-4 Interest Rate Hedge being replaced, (ii)
obtain a guaranty from, or contingent agreement of (in each case, in form and
substance acceptable to the Insurer), another person who qualifies as an
Eligible Interest Rate Hedge Provider to honor such Interest Rate Hedge
Provider’s obligations under its Series 2005-4 Interest Rate Hedge in
accordance with its terms and written confirmation from Standard & Poor’s
and Moody’s that the substantive terms of 

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the guaranty
agreement are sufficient to maintain or restore the immediately prior Shadow
Rating, (iii) post collateral pursuant to and in accordance with its Series
2005-4 Interest Rate Hedge, or (iv) enter into any arrangement satisfactory to
Standard & Poor’s,  Moody’s and, so
long as the Class A Notes are Outstanding, the Insurer, which approval of the
Insurer, during any period when an Insurer Default is continuing, shall not be
unreasonably withheld or delayed, which is sufficient to maintain or restore
the immediately prior Shadow Rating.  If
HVF is unable to cause such Interest Rate Hedge Provider to take any of the
actions described in clauses (i), (ii), (iii) or (iv)
of the preceding sentence after making commercially reasonable efforts, (I) HVF
will obtain a replacement Series 2005-4 Interest Rate Hedge at the expense of
the replaced Interest Rate Hedge Provider or, if the replaced Interest Rate
Hedge Provider fails to make such payment, at the expense of HVF (in which
event, such amount will be considered Carrying Charges and paid solely from
Interest Collections available pursuant to Section 3.3(h) of this Series
Supplement) and (II) to the extent that HVF does not obtain a replacement
Series 2005-4 Interest Rate Hedge, the Insurer shall be deemed to have been
materially and adversely effected. HVF must cause each Series 2005-4 Interest
Rate Hedge to provide that if the Interest Rate Hedge Provider is required to
take any of the actions described in clauses (i), (ii), or (iv)
above and such action is not taken within 30 days, then the Interest Rate Hedge
Provider must, until a replacement Series 2005-4 Interest Rate Hedge is
executed and in effect, collateralize its obligations as required under clause
(iii) above.  Each Series 2005-4
Noteholder by its acceptance of a Series 2005-4 Note hereby acknowledges and
agrees, and directs the Trustee to acknowledge and agree, and the Trustee, at
such direction, hereby acknowledges and agrees, that any collateral posted by
an Interest Rate Hedge Provider pursuant to clause (iii) above (A) is
collateral solely for the obligations of such Interest Rate Hedge Provider
under its Series 2005-4 Interest Rate Hedge, (B) does not constitute collateral
for the Series 2005-4 Notes (provided that in order to secure and provide for
the payment of the Note Obligations with respect to the Series 2005-4 Notes, HVF
has pledged each Series 2005-4 Interest Rate Hedge and its security interest in
any collateral posted in connection therewith as collateral for the Series
2005-4 Notes), and (C) will in no event be available to satisfy any obligations
of HVF hereunder or otherwise unless and until such Interest Rate Hedge
Provider defaults in its obligations under its Series 2005-4 Interest Rate
Hedge and such collateral is applied in accordance with the terms of such
Series 2005-4 Interest Rate Hedge to satisfy such defaulted obligations of such
Interest Rate Hedge Provider.

(c)           If the long-term
senior unsecured debt rating of an Interest Rate Hedge Provider, or the Person
that guarantees all of the Interest Rate Hedge Provider’s obligations under its
Series 2005-4 Interest Rate Hedge, is withdrawn or falls to or below “Baa1” by
Moody’s or to or below “BBB+” by Standard & Poor’s, then the Insurer may
terminate such Interest Rate Hedge Provider’s Series 2005-4 Interest Rate Hedge
if, after 10 Business Days after the occurrence of such rating withdrawal or
fall, the Interest Rate Hedge Provider has not, at its own expense, (i)
obtained a replacement interest rate swap or cap on the same terms as the
Series 2005-4 Interest Rate Hedge (or with such modifications as are acceptable
to the Rating Agencies and the Insurer) provided by such Interest Rate Hedge
Provider from an Eligible Interest Rate Hedge Provider and simultaneously with
such replacement terminated the Series 2005-4 Interest Rate Hedge being
replaced or (ii) entered into any arrangement satisfactory to S&P, Moody’s
and, so 

 102
 

long as the
Class A Notes have not been paid in full and retired, the Insurer, which
approval of the Insurer, during any period when an Insurer Default is
continuing, will not have been unreasonably withheld or delayed, which was
sufficient to maintain or restore the immediately prior Shadow Rating.

(d)           To secure payment of
the Note Obligations with respect to the Series 2005-4 Notes, HVF hereby grants
a security interest in, and assigns, pledges, grants, transfers and sets over
to the Trustee, for the benefit of the Series 2005-4 Noteholders and the
Insurer , all of HVF’s right, title and interest, whether now or hereafter
existing or acquired, in the Series 2005-4 Interest Rate Hedges and all proceeds
thereof.  HVF shall require all proceeds
of the Series 2005-4 Interest Rate Hedges to be paid, and the Trustee shall
allocate, all proceeds of the Series 2005-4 Interest Rate Hedges to the Series
2005-4 Accrued Interest Account or the Series 2005-4 Collection Account.

Section 3.13.          Series
2005-4 Demand Note Constitutes Additional Collateral for Series 2005-4 Notes.

(a)           In order to secure
and provide for the repayment and payment of the Note Obligations with respect
to the Series 2005-4 Notes, HVF hereby grants a security interest in and
assigns, pledges, grants, transfers and sets over to the Trustee, for the
benefit of the Series 2005-4 Noteholders, the Insurer, Ford and each Interest
Rate Hedge Provider, all of HVF’s right, title and interest in and to the
following (whether now or hereafter existing or acquired): (i) the Series
2005-4 Demand Note; (ii) all certificates and instruments, if any, representing
or evidencing the Series 2005-4 Demand Note; and (iii) all proceeds of any and
all of the foregoing, including, without limitation, cash.  On the date hereof, HVF shall deliver to the
Trustee, for the benefit of the Series 2005-4 Noteholders, the Insurer,
Ford  and each Interest Rate Hedge
Provider, the Series 2005-4 Demand Note, endorsed in blank.  The Trustee, for the benefit of the Series
2005-4 Noteholders, the Insurer, Ford 
and each Interest Rate Hedge Provider, shall be the only Person
authorized to make a demand for payment on the Series 2005-4 Demand Note.

(b)           Other than pursuant
to a payment made upon a demand thereon by the Trustee, HVF shall not reduce
the amount of the Series 2005-4 Demand Note or forgive amounts payable
thereunder so that the outstanding principal amount of the Series 2005-4 Demand
Note after such reduction or forgiveness is less than the sum of the Class A
Letter of Credit Liquidity Amount and the Class B Letter of Credit Liquidity
Amount.  HVF shall not agree, to any
amendment of the Series 2005-4 Demand Note without first satisfying the Series
2005-4 Rating Agency Condition.

(c)           HVF agrees that on
the Series 2005-4 Closing Date it will have capitalization in an amount equal
to or greater than 4.17% of the sum of (i) the outstanding principal amount of
the Series 2004-1 Rental Car Asset Backed Notes, (ii) the maximum outstanding
principal amount of the Series 2005-4 Notes, (iii) the outstanding principal
amount of the Series 2005-1 Notes, (iv) the outstanding principal amount of the
Series 2005-2 Notes and (v) the maximum outstanding principal amount of the
Series 2005-3 Notes.

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(d)           Upon the occurrence
and during the continuance of an Amortization Event with respect to the Series
2005-4 Notes, the Trustee may and, at the written direction of the Insurer or
the Series 2005-4 Noteholders holding more than 50% of the Controlling Class
shall, make one or more demands (each a “Demand Notice”) on Hertz for
payment under the Series 2005-4 Demand Note, in each case, in an amount equal
to the lesser of (i) the principal amount of the Series 2005-4 Demand Note and
(ii) on any Business Day (A) prior to the second Business Day immediately
preceding the Legal Final Payment Date, the amount of any Principal Deficit
Amount on such date and (B) on or after the second Business Day immediately
preceding the Legal Final Payment Date, the Class A Principal Amount (on or
prior to the Legal Final Payment Date, calculated after giving effect to the
distribution of all amounts that will be available to be distributed to the
Class A Noteholders (other than under the Insurance Policy), the Class B-1 Noteholders
and the Class B-2 Noteholders in accordance with this Series Supplement on the
Legal Final Payment Date (including, but not limited to, amounts to be
withdrawn from the Class A Reserve Account and the Class B Reserve Account
pursuant to Section 3.5(d) of this Series Supplement)).  The Trustee shall cause the proceeds of any
demand on the Series 2005-4 Demand Note to be deposited into the Series 2005-4
Distribution Account, and such proceeds shall be treated as Principal
Collections for all purposes hereunder. 
If (i) the Trustee shall have made such a Demand Notice and Hertz shall
have failed to pay to the Trustee or deposit into the Series 2005-4
Distribution Account the amount specified in such Demand Notice in whole or in
part by 12:00 noon (New York City time) on the Business Day following the
making of the Demand Notice or (ii) due to the occurrence of an Event of
Bankruptcy (or the occurrence of an event described in clause (a) of the
definition thereto, without the lapse of a period of 60 consecutive days) with
respect to Hertz, the Trustee shall not have delivered such Demand Notice to
Hertz, the Trustee shall draw on:

(X)  the Class B
Non-Ford Letters of Credit, if any, by 12:00 p.m. (New York City time) on such
Business Day an amount equal to the least of: (A) the amount that Hertz failed
to pay under the Series 2005-4 Demand Note (or the amount that the Trustee
failed to demand for payment thereunder);

(B)           the
Class B Non-Ford Letter of Credit Amount on such Business Day; and

(C)           on
any Business Day:

(i)            other than the Business Day
immediately preceding a Legal Final Payment Date, the Principal Deficit Amount
on such Business Day; and

(ii)           on the Business Day immediately
preceding the Legal Final Payment Date, the sum of (x) the greater of the
Principal Deficit Amount on such date and the sum of the Class A Principal Amount, the Class B-1
Principal Amount and the Class B-2 Principal Amount on such Business Day and
(y) the lesser of (1) the amount by which the Class B Liquidity Amount (after giving
effect to any withdrawals to be made from the Class B Reserve Account pursuant
to Section 3.3(d)(ii) and Section 3.5(c)(i)(A) of this Series
Supplement and any 

 104
 

drawings to be made under the Class B Letters
of Credit pursuant to Section 3.3(e)(II) of this Series Supplement on
the Legal Final Payment Date) will exceed the Class B Required Liquidity Amount
(after giving effect to all anticipated reductions in the Class B Principal
Amount on the Legal Final Payment Date) and (2) an amount equal to the excess,
if any, of (a) the Class B Required Liquidity Amount on the earlier of (I) the
date of the first occurrence of a Series 2005-4 Lease Interest Payment Deficit
(other than any Series 2005-4 Lease Interest Payment Deficit resulting from a
failure to pay Rent or any other amount payable by the Lessee under the HVF
Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure) and (II) the Legal Final Payment Date over (b) the
aggregate amount, as of the Legal Final Payment Date, of all withdrawals from
the Class B Reserve Account made since the date set forth in clause (a)
of this subparagraph (C)(ii) or to be made in respect of the Legal Final
Payment Date pursuant to Section 3.3(d)(ii) of this Series Supplement and
all drawings made since such date or to be made in respect of the Legal Final
Payment Date under the Class B Letters of Credit pursuant to Section
3.3(e)(II) of this Series Supplement; provided, however, that
any such withdrawals from the Class B Reserve Account and/or drawings made
under the Class B Letters of Credit on account of a Series 2005-4 Lease
Interest Payment Deficit resulting from a failure to pay Rent or other amount
payable by the Lessee under the HVF Lease that is cured in full on or prior to
the fifth Business Day after the occurrence of such failure shall be excluded
from this clause (b);

(iii)           [reserved]

(iv)           [reserved]

by presenting to each Class B Non-Ford Letter of
Credit Provider a draft accompanied by a Class B Certificate of Unpaid Demand
Note Demand; provided, however that if the Class B Non-Ford Cash
Collateral Account has been established and funded, the Trustee shall withdraw
from the Class B Non-Ford Cash Collateral Account and deposit in the Series
2005-4 Distribution Account an amount equal to the lesser of (x) the Class B
Non-Ford Cash Collateral Percentage on such Business Day of the least of the
amounts set forth in clause (A), (B) or (C) above and (y)
the Class B Available Non-Ford Cash Collateral Account Amount on such Business
Day and draw an amount equal to the remainder of such amount on the Class B
Non-Ford Letters of Credit; and

(Y)  the Class A
Non-Ford Letters of Credit, if any, by 12:00 p.m. (New York City time) on such
Business Day an amount equal to the least of:

(A)          the
excess of the amount that Hertz failed to pay under the Series 2005-4 Demand
Note (or the amount that the Trustee failed to demand for payment thereunder)
over the aggregate amount of any draws under the Class B Non-Ford Letter of
Credit and/or withdrawals from the Class B Non-Ford Cash Collateral Account
pursuant to clause (X) above on such Business Day;

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(B)           the
Class A Non-Ford Letter of Credit Amount on such Business Day; and

(C)           on
any Business Day:

(i)            other
than the Business Day immediately preceding a Legal Final Payment Date, the
excess of the Principal Deficit Amount on such Business Day over the aggregate
amount of any draws under the Class B Non-Ford Letter of Credit and/or
withdrawals from the Class B Non-Ford Cash Collateral Account pursuant to clause
(X) above on such Business Day;

(ii)           on
the Business Day immediately preceding the Legal Final Payment Date, the sum of
(x) the excess of the greater of the Principal Deficit Amount and the sum of
the Class A Principal Amount, the
Class B-1 Principal Amount and the Class B-2 Principal Amount on such Business
Day over the aggregate amount of any draws under the Class B Non-Ford Letter of
Credit and/or withdrawals from the Class B Non-Ford Cash Collateral Account
pursuant to clause (X) above on such Business Day and (y) the lesser of
(1) the amount by which the Class A Liquidity Amount (after giving effect to
any withdrawals to be made from the Class A Reserve Account pursuant to Section
3.3(d)(i) and Section 3.5(c)(i)(B) of this Series Supplement and any
drawings to be made under the Class A Letters of Credit pursuant to Section
3.3(e)(I) of this Series Supplement on the Legal Final Payment Date) will
exceed the Class A Required Liquidity Amount (after giving effect to all
anticipated reductions in the Class A Principal Amount on the Legal Final
Payment Date) and (2) an amount equal to the excess, if any, of (a) the Class A
Required Liquidity Amount on the earlier of (I) the date of the first
occurrence of a Series 2005-4 Lease Interest Payment Deficit (other than any
Series 2005-4 Lease Interest Payment Deficit resulting from a failure to pay
Rent or any other amount payable by the Lessee under the HVF Lease that is
cured in full on or prior to the fifth Business Day after the occurrence of such
failure) and (II) the Legal Final Payment Date over (b) the aggregate amount,
as of the Legal Final Payment Date, of all withdrawals from the Class A Reserve
Account made since the date set forth in clause (a) of this subparagraph
(C)(ii) or to be made in respect of the Legal Final Payment Date pursuant
to Section 3.3(d)(i) of this Series Supplement and all drawings made
since such date or to be made in respect of the Legal Final Payment Date under
the Class A Letters of Credit pursuant to Section 3.3(e)(I) of this
Series Supplement; provided, however, that any such withdrawals
from the Class A Reserve Account and/or drawings made under the Class A Letters
of Credit on account of a Series 2005-4 Lease Interest Payment Deficit
resulting from a failure to pay Rent or other amount payable by the Lessee
under the HVF Lease that is cured in full on or prior to the fifth Business Day
after the occurrence of such failure shall be excluded from this clause (b);

(iii)          [reserved]

(iv)          [reserved]

 106
 

by presenting to each Class A Non-Ford Letter of
Credit Provider a draft accompanied by a Class A Certificate of Unpaid Demand
Note Demand; provided, however that if the Class A Non-Ford Cash
Collateral Account has been established and funded, the Trustee shall withdraw
from the Class A Non-Ford Cash Collateral Account and deposit in the Series
2005-4 Distribution Account an amount equal to the lesser of (x) the Class A
Non-Ford Cash Collateral Percentage on such Business Day of the least of the
amounts set forth in clause (A), (B) or (C) above and (y)
the Class A Available Non-Ford Cash Collateral Account Amount on such Business
Day and draw an amount equal to the remainder of such amount on the Class A
Non-Ford Letters of Credit.  The Trustee
shall deposit, or cause the deposit of, the proceeds of any such draw on the
Class A Non-Ford Letters of Credit and the proceeds of any such withdrawal from
the Class A Non-Ford Cash Collateral Account and any draw on the Class B
Non-Ford Letters of Credit and the proceeds of any such withdrawal from the
Class B Non-Ford Cash Collateral Account, into the Series 2005-4 Collection
Account and such proceeds shall be treated as Principal Collections for the
Related Month.

Section 3.14.          Class B
Reserve Account.

(a)           Establishment of
Class B Reserve Account.  On or prior
to the first Series 2005-4 Class B Notes Closing Date, HVF shall establish and
maintain in the name of the Trustee for the benefit of the Series 2005-4
Noteholders, Ford and each Interest Rate Hedge Provider an account (the “Class
B Reserve Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Series 2005-4
Noteholders, Ford and each Interest Rate Hedge Provider.  The Class B Reserve Account shall be an
Eligible Deposit Account.  If the Class B
Reserve Account is at any time following such initial Series 2005-4 Class B
Notes Closing Date no longer an Eligible Deposit Account, HVF shall, within 10
Business Days of obtaining knowledge that the Class B Reserve Account is no
longer an Eligible Deposit Account, establish a new Class B Reserve Account
that is an Eligible Deposit Account.  If
a new Class B Reserve Account is established, HVF shall instruct the Trustee in
writing to transfer all cash and investments from the non-qualifying Class B
Reserve Account into the new Class B Reserve Account.  Initially, the Class B Reserve Account will
be established with the Trustee.

(b)           Administration of
the Class B Reserve Account.  HVF may
instruct (by standing instructions or otherwise) the institution maintaining
the Class B Reserve Account to invest funds on deposit in the Class B Reserve
Account from time to time in Permitted Investments; provided, however,
that any such investment shall mature not later than the Business Day prior to
the first Payment Date following the date on which such funds were received
(including funds received upon a payment in respect of a Permitted Investment
made with funds on deposit in the Class B Reserve Account), unless any
Permitted Investment held in the Class B Reserve Account is held with the
Trustee, then such investment may mature on such Payment Date so long as such
funds shall be available for withdrawal on or prior to such Payment Date.  HVF shall not direct the Trustee to dispose
of (or permit the disposal of) any Permitted Investments prior to the maturity
thereof to the extent such disposal would result in a loss of the initial
purchase price of such Permitted Investment. 
In the absence of written investment 

 107
 

instructions
hereunder, funds on deposit in the Class B Reserve Account shall remain
uninvested.

(c)           Earnings from
Class B Reserve Account.  All
interest and earnings (net of losses and investment expenses) paid on funds on
deposit in the Class B Reserve Account shall be deemed to be on deposit therein
and available for distribution.

(d)           Class B Reserve
Account Constitutes Additional Collateral for Series 2005-4 Notes.  In order to secure
and provide for the repayment and payment of the Note Obligations with respect
to the Series 2005-4 Notes, HVF hereby grants a security interest in and
assigns, pledges, grants, transfers and sets over to the Trustee, for the
benefit of the Series 2005-4 Noteholders, Ford and each Interest Rate Hedge
Provider, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Class B 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 Class B 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 Class B 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 Class B Reserve Account, the funds on
deposit therein from time to time or the investments made with such funds; and
(vi) all proceeds of any and all of the foregoing, including, without
limitation, cash (the items in the foregoing clauses (i) through (vi)
are referred to, collectively, as the “Class B Reserve Account Collateral”).

(e)           Class B Reserve
Account Surplus.  In the event that
the Class B Reserve Account Surplus on any Payment Date is greater than zero,
the Trustee, acting in accordance with the written instructions of the
Administrator, shall withdraw from the Class B Reserve Account an amount equal
to the Class B Reserve Account Surplus and (i) pay to Ford, the lesser of (x)
such Class B Reserve Account Surplus and (y) all unpaid Ford Reimbursement Obligations
and (ii) only for so long as the Ford LOC Exposure Amount is greater than zero,
only to the extent that after giving effect to such payment the Fleet Equity
Condition would be satisfied,  (A)  pay to each Interest Rate Hedge Provider on a
pro  rata basis the lesser of (x) the excess of such Class B
Reserve Account Surplus over the amounts paid pursuant to clause (i)
above and (y) all amounts then due and owing to each such Interest Rate Hedge
Provider under its Series 2005-4 Interest Rate Hedge and (B) pay to HVF any
portion of such Class B Reserve Account Surplus remaining after any required
payments pursuant to clauses (i) and (ii)(A) above.

(f)            Termination of
Class B Reserve Account.  On or after
the date on which the Class B Notes are fully paid, each Interest Rate Hedge
Provider has been paid all amounts due and owing to it from HVF under its
Series 2005-4 Interest Rate Hedge and Ford has been paid all unpaid Ford
Reimbursement Obligations, the Trustee, acting in accordance with the written instructions
of the Administrator, shall withdraw from the Class B Reserve Account, only for
so long as the Ford LOC Exposure Amount is greater 

 108
 

than zero,
only to the extent that after giving effect to such payment the Fleet Equity
Condition be satisfied, all remaining amounts on deposit therein for payment to
HVF.

Section 3.15.          Class B
Letters of Credit and Class B Cash Collateral Account.

(a)           (I)  Class
B Ford Cash Collateral Account Constitutes Additional Collateral for Series
2005-4 Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-4 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-4 Noteholders, Ford and each Interest Rate Hedge Provider, all of
HVF’s right, title and interest in and to the following (whether now or
hereafter existing or acquired):  (i) the
Class B Ford Cash Collateral Account, including any security entitlement
thereto; (ii) all funds on deposit in the Class B Ford Cash Collateral Account
from time to time; (iii) all certificates and instruments, if any, representing
or evidencing any or all of the Class B Ford Cash Collateral 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 Class B Ford Cash Collateral
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 Class
B Ford Cash Collateral Account, the funds on deposit therein from time to time
or the investments made with such funds; and (vi) all proceeds of any and all
of the foregoing, including, without limitation, cash (the items in the
foregoing clauses (i) through (vi) are referred to, collectively,
as the “Class B Ford Cash Collateral Account Collateral”).

(II)           Class B Non-Ford
Cash Collateral Account Constitutes Additional Collateral for Series 2005-4
Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-4 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-4 Noteholders, Ford and each Interest Rate Hedge Provider, all of
HVF’s right, title and interest in and to the following (whether now or
hereafter existing or acquired):  (i) the
Class B Non-Ford Cash Collateral Account, including any security entitlement
thereto; (ii) all funds on deposit in the Class B Non-Ford Cash Collateral
Account from time to time; (iii) all certificates and instruments, if any,
representing or evidencing any or all of the Class B Non-Ford Cash Collateral
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 Class B Non-Ford Cash
Collateral 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 Class
B Non-Ford Cash Collateral Account, the funds on deposit therein from time to
time or the investments made with such funds; and (vi) all proceeds of any and
all of the foregoing, including, without limitation, cash (the items in the
foregoing clauses (i) through (vi) are referred to, collectively,
as the “Class B Non-Ford Cash Collateral Account Collateral”).

 109
 

(b)           Class
B Letter of Credit Expiration Date. 
If prior to the date which is sixteen (16) Business Days prior to the
then scheduled Class B Letter of Credit Expiration Date with respect to any
Class B Letter of Credit, excluding the amount available to be drawn under such
Class B Letter of Credit but taking into account each substitute Class B Letter
of Credit which has been obtained from a Class B Eligible Letter of Credit
Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable,
and is in full force and effect on such date, (i) the Class A Adjusted Enhancement
Amount would be equal to or greater than the Class A Required Enhancement
Amount, (ii) the Class B Enhancement Amount would be equal to or greater than
the Class B Required Enhancement Amount, (iii) the Class B Liquidity Amount
would be equal to or greater than the Class B Required Liquidity Amount or (iv)
if the expiring Class B Letter of Credit is a Class B Non-Ford Letter of
Credit, the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and
the Class B Non-Ford Letter of Credit Liquidity Amount would be equal to or
greater than the Series 2005-4 Demand Note Payment Amount, then the
Administrator shall notify the Trustee in writing no later than fifteen (15)
Business Days prior to such Class B Letter of Credit Expiration Date of such
determination.  If prior to the date
which is sixteen (16) Business Days prior to the then scheduled Class B Letter
of Credit Expiration Date with respect to any Class B Letter of Credit,
excluding such Class B Letter of Credit but taking into account any substitute
Class B Letter of Credit which has been obtained from a Class B Eligible Letter
of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as
applicable, and is in full force and effect on such date, (i) the Class A
Adjusted Enhancement Amount would be less than the Class A Required Enhancement
Amount, (ii) the Class B Adjusted Enhancement Amount would be less than the
Class B Required Enhancement Amount , (iii) the Class B Adjusted Liquidity
Amount would be less than the Class B Required Liquidity Amount or (iv) if the
expiring Class B Letter of Credit is a Class B Non-Ford Letter of Credit, the
sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B
Non-Ford Letter of Credit Liquidity Amount would be less than the Series 2005-4
Demand Note Payment Amount, then the Administrator shall notify the Trustee in
writing no later than fifteen (15) Business Days prior to such Class B Letter
of Credit Expiration Date of (x) the greatest of (A) the excess, if any, of the
Class A Required Enhancement Amount over the Class A Adjusted Enhancement
Amount, excluding such Class B Letter of Credit but taking into account any
substitute Class B Letter of Credit which has been obtained from a Class B
Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit
Provider, as applicable, and is in full force and effect on such date, (B) the
excess, if any, of the Class B Required Enhancement Amount over the Class B
Adjusted Enhancement Amount, excluding such Class B Letter of Credit but taking
into account any substitute Class B Letter of Credit which has been obtained
from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford
Letter of Credit Provider, as applicable, and is in full force and effect on
such date, (C) the excess, if any, of the Class B Required Liquidity Amount
over the Class B Adjusted Liquidity Amount, excluding such Class B Letter of
Credit but taking into account each substitute Class B Letter of Credit which
has been obtained from a Class B Eligible Letter of Credit Provider or a Class
B Eligible Ford Letter of Credit Provider, as applicable, and is in full force
and effect on such date, and (D) solely with respect to a Class B Non-Ford
Letter of Credit, the excess, if any, of the Series 2005-4 

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Demand Note
Payment Amount over the sum of the Class A Non-Ford Letter of Credit Liquidity
Amount and the Class B Non-Ford Letter of Credit Liquidity Amount, excluding
such Class B Non-Ford Letter of Credit but taking into account each substitute
Class B Non-Ford Letter of Credit which has been obtained from a Class B
Eligible Letter of Credit Provider and is in full force and effect on such date
and (y) the amount available to be drawn on such expiring Class B Letter of
Credit on such date.  Upon receipt of
such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on
any Business Day, the Trustee shall, by 12:00 p.m. (New York City time) on such
Business Day (or, in the case of any notice given to the Trustee after 10:00
a.m. (New York City time), by 12:00 p.m. (New York City time) on the next
following Business Day), draw the lesser of the amounts set forth in clauses
(x) and (y) above on such Class B Letter of Credit by presenting a
draft accompanied by a Class B Certificate of Termination Demand and shall
cause the Class B LOC Termination Disbursements to be deposited in the Class B
Non-Ford Cash Collateral Account, in the case of a Class B LOC Termination
Disbursement under a Class B Non-Ford Letter of Credit, and the Class B Ford
Cash Collateral Account, in the case of a Class B LOC Termination Disbursement
under a Class B Ford Letter of Credit.  If the Trustee does not receive the notice from
the Administrator described above on or prior to the date that is fifteen (15)
Business Days prior to each Class B Letter of Credit Expiration Date, the
Trustee shall, by 12:00 p.m. (New York City time) on such Business Day draw the
full amount of such Class B Letter of Credit by presenting a draft accompanied
by a Class B Certificate of Termination Demand and shall cause the Class B LOC
Termination Disbursements to be deposited in the applicable Class B Cash
Collateral Account.

(c)           Class B Letter of
Credit Providers.  The Administrator
shall notify the Trustee and Fitch in writing within one Business Day of
becoming aware that the short-term debt credit rating of any Class B Letter of
Credit Provider has fallen below “A-1” as determined by Standard & Poor’s
or “P-1” as determined by Moody’s or the long-term debt credit rating of any
Class B Letter of Credit Provider has fallen below “A+” as determined by
Standard & Poor’s or “A1” as determined by Moody’s (with respect to any
Class B Letter of Credit Provider, a “Class B Downgrade Event”).  On the thirtieth (30th) day after the
occurrence of a Class B Downgrade Event with respect to any Class B Letter of
Credit Provider, the Administrator shall notify the Trustee in writing on such
date of (i) the greatest of (A) the excess, if any, of the Class A Required
Enhancement Amount over the Class A Adjusted Enhancement Amount, excluding the
available amount under the Class B Letter of Credit issued by such Class B
Letter of Credit Provider, on such date, (B) the excess, if any, of the Class B
Required Enhancement Amount over the Class B Adjusted Enhancement Amount,
excluding the available amount under the Class B Letter of Credit issued by
such Class B Letter of Credit Provider, on such date, (C) the excess, if any,
of the Class B Required Liquidity Amount over the Class B Adjusted Liquidity
Amount, excluding the available amount under such Class B Letter of Credit, on
such date, and (D) solely with respect to a Class B Non-Ford Letter of Credit,
the excess, if any, of the Series 2005-4 Demand Note Payment Amount minus the
Class A Non-Ford Letter of Credit Liquidity Amount over the Class B Non-Ford
Letter of Credit Liquidity Amount, excluding the available amount under such
Class B Letter of Credit, on such date, and (ii) the amount available to be
drawn on such Class B Non-Ford Letter of Credit on such date.  Upon receipt of such 

 111
 

notice by the
Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the
Trustee shall, by 12:00 p.m. (New York City time) on such Business Day (or, in
the case of any notice given to the Trustee after 10:30 a.m. (New York City
time), by 12:00 p.m. (New York City time) on the next following Business Day),
draw on such Class B Letter of Credit in an amount equal to the lesser of the
amount in clause (i) or clause (ii) of the immediately preceding
sentence on such Business Day by presenting a draft accompanied by a Class B
Certificate of Termination Demand and shall cause the Class B LOC Termination
Disbursement to be deposited in a Class B Non-Ford Cash Collateral Account, in
the case of a Class B LOC Termination Disbursement under a Class B Non-Ford
Letter of Credit, and the Class B Ford Cash Collateral Account, in the case of
a Class B LOC Termination Disbursement under a Class B Ford Letter of Credit.

(d)           Class B
Preference Amount Demands on the Class B Letters of Credit.  If a Class B Noteholder notifies the Trustee
in writing that a Class B Preference Amount is due and owing, subject to the
satisfaction of the conditions set forth in the next succeeding sentence, the
Trustee shall draw an amount equal to the lesser of (i) such Class B Preference
Amount and (ii) the Class B Non-Ford Letter of Credit Liquidity Amount on the
Class B Non-Ford Letters of Credit by presenting to each Class B Non-Ford
Letter of Credit Provider a draft accompanied by a Class B Certificate of
Preference Payment Demand and shall cause the Class B LOC Preference Payment
Disbursements to be paid to the Class B Noteholders; provided, however,
that if the Class B Non-Ford Cash Collateral Account has been established and
funded, the Trustee shall draw an amount equal to the product of (a) 100% minus
the Class B Non-Ford Cash Collateral Percentage and  (b) the lesser of the amounts referred to in clause
(i) and (ii) on such Business Day on the Class B Non-Ford Letters of
Credit as calculated by the Administrator, at the request of the Trustee, and
provided in writing to the Trustee. 
Prior to any draw on the Class B Non-Ford Letters of Credit or
withdrawal from the Class B Non-Ford Cash Collateral Account pursuant to this Section
3.15(d), the Trustee shall have received a certified copy of the order
requiring the return of such Class B Preference Amount.

(e)           (I)  Reductions
in Stated Amounts of the Class B Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-3-1, requesting a
reduction in the stated amount of any Class B Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to
the Class B Ford Letter of Credit Provider who issued such Class B Ford Letter
of Credit with a copy to Ford a Class B Notice of Reduction requesting a
reduction in the stated amount of such Class B Ford Letter of Credit in the
amount requested in such notice effective on the date set forth in such notice,
provided that on such effective date, after giving effect to the
requested reduction in the stated amount of such Class B Ford Letter of Credit,
(i) the Class A Adjusted Enhancement Amount will equal or exceed the Class A
Required Enhancement Amount, (ii) the Class B Adjusted Enhancement Amount will
equal or exceed the Class B Required Enhancement Amount, and (iii) the Class B
Adjusted Liquidity Amount will equal or exceed the Class B Required Liquidity
Amount.  If the Trustee receives a
written notice from Ford, substantially in the form of Exhibit D-3-2,
requesting the replacement of any Class B Ford Letter of Credit, the Trustee
shall within two Business Days of the receipt of such notice and upon receipt
of a substitute 

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Class B Ford
Letter of Credit having a stated amount equal to the available amount of the
Class B Ford Letter of Credit being replaced issued by a Class B Eligible Ford
Letter of Credit Provider deliver to the Class B Letter of Credit Provider who
issued the Class B Ford Letter of Credit being replaced a written notice in the
form provided in such Class B Ford Letter of Credit confirming cancellation of
such Class B Ford Letter of Credit and shall deliver such cancelled Class B
Ford Letter of Credit to such Class B Letter of Credit Provider as soon as
practicable.

(II)           Reductions in
Stated Amounts of the Class B Non-Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-4, requesting a
reduction in the stated amount of any Class B Non-Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to
the Class B Non-Ford Letter of Credit Provider who issued such Class B Non-Ford
Letter of Credit a Class B Notice of Reduction requesting a reduction in the
stated amount of such Class B Non-Ford Letter of Credit in the amount requested
in such notice effective on the date set forth in such notice provided that on
such effective date, after giving effect to the requested reduction in the
stated amount of such Class B Non-Ford Letter of Credit, (i) the Class A
Adjusted Enhancement Amount will equal or exceed the Class A Required
Enhancement Amount, (ii) the Class B Adjusted Enhancement Amount will equal or
exceed the Class B Required Enhancement Amount, (iii) the Class B Adjusted
Liquidity Amount will equal or exceed the Class B Required Liquidity Amount and
(iv) the Class B Non-Ford Letter of Credit Liquidity Amount will equal or
exceed the Series 2005-4 Demand Note Payment Amount minus the Class A Non-Ford
Letter of Credit Liquidity Amount.

(f)            (I)  Draws
on the Class B Ford Letters of Credit. 
If there is more than one Class B Ford Letter of Credit on the date of
any draw on the Class B Ford Letters of Credit pursuant to the terms of this
Series Supplement (other than pursuant to Sections 3.15(b) and (c)
of this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Class B Ford Letter of Credit in an amount equal to
the Pro Rata Share of the Class B Ford Letter of Credit Provider issuing such
Class B Ford Letter of Credit of the amount of such draw on the Class B Ford
Letters of Credit.

(II)           Draws on the
Class B Non-Ford Letters of Credit. 
If there is more than one Class B Non-Ford Letter of Credit on the date
of any draw on the Class B Non-Ford Letters of Credit pursuant to the terms of
this Series Supplement (other than pursuant to Sections 3.15(b) and (c)
of this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Class B Non-Ford Letter of Credit in an amount equal
to the Pro Rata Share of the Class B Non-Ford Letter of Credit Provider issuing
such Class B Non-Ford Letter of Credit of the amount of such draw on the Class
B Non-Ford Letters of Credit.

(g)           (I)  Establishment
of Class B Ford Cash Collateral Account. 
On or prior to the date of any drawing under a Class B Ford Letter of
Credit pursuant to Section 3.15(b) or (c) of this Series
Supplement, HVF shall establish and maintain in the name of the Trustee for the
benefit of the Series 2005-4 Noteholders, Ford and each Interest Rate Hedge
Provider, an account (the “Class B Ford Cash Collateral Account”),
bearing a 

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designation
clearly indicating that the funds deposited therein are held for the benefit of
the Series 2005-4 Noteholders, Ford and each Interest Rate Hedge Provider.  The Class B Ford Cash Collateral Account
shall be an Eligible Deposit Account.  If
the Class B Ford Cash Collateral Account is at any time no longer an Eligible
Deposit Account, HVF shall, within 10 Business Days of obtaining knowledge that
the Class B Ford Cash Collateral Account is no longer an Eligible Deposit
Account, establish a new Class B Ford Cash Collateral Account that is an
Eligible Deposit Account.  If a new Class
B Ford Cash Collateral Account is established, HVF shall instruct the Trustee
in writing to transfer all cash and investments from the non-qualifying Class B
Ford Cash Collateral Account into the new Class B Ford Cash Collateral Account.

(II)           Establishment of
Class B Non-Ford Cash Collateral Account. 
On or prior to the date of any drawing under a Class B Non-Ford Letter
of Credit pursuant to Section 3.15(b) or (c) of this Series
Supplement, HVF shall establish and maintain in the name of the Trustee for the
benefit of the Series 2005-4 Noteholders, Ford and each Interest Rate Hedge
Provider, an account (the “Class B Non-Ford Cash Collateral Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Series 2005-4 Noteholders, Ford and each Interest
Rate Hedge Provider.  The Class B
Non-Ford Cash Collateral Account shall be an Eligible Deposit Account.  If the Class B Non-Ford Cash Collateral
Account is at any time no longer an Eligible Deposit Account, HVF shall, within
10 Business Days of obtaining knowledge that the Class B Non-Ford Cash
Collateral Account is no longer an Eligible Deposit Account, establish a new
Class B Non-Ford Cash Collateral Account that is an Eligible Deposit Account.  If a new Class B Non-Ford Cash Collateral
Account is established, HVF shall instruct the Trustee in writing to transfer
all cash and investments from the non-qualifying Class B Non-Ford Cash
Collateral Account into the new Class B Non-Ford Cash Collateral Account.

(h)           Administration of
the Class B Cash Collateral Account. 
HVF may instruct (by standing instructions or otherwise) the institution
maintaining a Class B Cash Collateral Account to invest funds on deposit in a
Class B Cash Collateral Account from time to time in Permitted
Investments.  Any investment of funds on
deposit in a Class B Cash Collateral Account shall mature not later than the
Business Day prior to the first Payment Date following the date on which such
funds were received (including funds received upon a payment in respect of a
Permitted Investment made with funds on deposit in the Class B Cash Collateral
Account), unless any Permitted Investment held in the Class B Cash Collateral
Account is held with the Trustee, in which case such investment may mature on
such Payment Date so long as such funds shall be available for withdrawal on or
prior to such Payment Date.  HVF shall
not direct the Trustee to dispose of (or permit the disposal of) any Permitted
Investments prior to the maturity thereof to the extent such disposal would
result in a loss of the initial purchase price of such Permitted
Investment.  In the absence of written
investment instructions hereunder, funds on deposit in a Class B Cash
Collateral Account shall remain uninvested.

(i)            Earnings from
Class B Cash Collateral Account.  All
Class B Cash Collateral Account Interest and Earnings shall be deemed to be on
deposit therein and available for distribution.

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(j)            Class B Cash
Collateral Account Surplus.  (X) In
the event that the Class B Cash Collateral Account Surplus on any Payment Date
is greater than zero, the Administrator may direct the Trustee to, and the
Trustee, acting in accordance with the written instructions of the
Administrator, shall, subject to the limitations set forth in this Section
3.15(j)(X), withdraw the amount specified by the Administrator from the
Class B Cash Collateral Account specified by the Administrator and apply such
amount in accordance with the terms of this Section 3.15(j)(X).  The amount of any such withdrawal from the
Class B Ford Cash Collateral Account shall be limited to the lesser of (a) the
Class B Available Ford Cash Collateral Account Amount on such Payment Date and
(b) the Class B Cash Collateral Account Surplus (after giving effect to any
withdrawal from the Class B Non-Ford Cash Collateral Account) on such Payment
Date.  The amount of any such withdrawal
from the Class B Non-Ford Cash Collateral Account shall be limited to the least
of (a) the Class B Available Non-Ford Cash Collateral Account Amount on such
Payment Date, (b) the Class B Cash Collateral Account Surplus (after giving
effect to any withdrawal from the Class B Ford Cash Collateral Account) on such
Payment Date and (c) the excess, if any, of the Class B Non-Ford Letter of
Credit Liquidity Amount on such Payment Date over the excess, if any, of the
Series 2005-4 Demand Note Payment Amount over the Class A Non-Ford Letter of
Credit Liquidity Amount on such Payment Date. 
Any amounts withdrawn from the Class B Ford Cash Collateral Account pursuant
to this Section 3.15(j)(X) shall be paid to Ford.  Any amounts withdrawn from the Class B
Non-Ford Cash Collateral Account shall be paid: 
first, to Ford to the extent that there are unpaid Ford
Reimbursement Obligations due and owing to Ford, the lesser of the amount
withdrawn from the Class B Non-Ford Cash Collateral Account and the amount of
such unpaid Ford Reimbursement Obligations, second, only for so long as
the Ford LOC Exposure Amount is greater than zero, only to the extent that
after giving effect to any such withdrawal, the Fleet Equity Condition would be
satisfied, to the Class B Non-Ford Letter of Credit Providers, to the extent
that there are unreimbursed Class B Disbursements due and owing to such Class B
Non-Ford Letter of Credit Providers in respect of the Class B Non-Ford Letters
of Credit, for application in accordance with the provisions of the respective
Class B Non-Ford Letter of Credit Reimbursement Agreement, and third,
only for so long as the Ford LOC Exposure Amount is greater than zero, only to
the extent that after giving effect to any such withdrawal, the Fleet Equity
Condition would be satisfied, to HVF any remaining amount.  (Y) Irrespective of whether there is a Class
B Cash Collateral Account Surplus, in the event that the Class B Ford Cash
Collateral Account has been established pursuant to Section 3.15(g)(I)
of this Series Supplement, the proceeds of one or more Class B LOC Termination
Disbursements have been deposited therein pursuant to Section 3.15(b) or
Section 3.15(c) of this Series Supplement and Ford delivers to the
Trustee a Class B Ford Letter of Credit from a Class B Eligible Ford Letter of
Credit Provider, the Administrator shall direct the Trustee to, and the
Trustee, acting in accordance with the written instructions of the
Administrator shall withdraw from the Class B Ford Cash Collateral Account an
amount equal to the stated amount of such Class B Ford Letter of Credit and pay
such amount to Ford.

(k)           Termination of
Class B Cash Collateral Account.  On
the earlier of the termination of this Series Supplement in accordance with Section
7.14 and the Legal Final Payment Date, the Trustee, acting in accordance
with the written instructions of the Administrator, shall withdraw from the
Class B Ford Cash Collateral Account and (i) pay 

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to Ford an
amount equal to the lesser of (x) the Class B Available Ford Cash Collateral
Account Amount and (y) the excess, if any, of (A) the aggregate amount of Class
B LOC Termination Disbursements deposited into the Class B Ford Cash Collateral
Account pursuant to Section 3.15(b) or Section 3.15(c) of this
Series Supplement over (B) the aggregate amount withdrawn from the Class B Ford
Cash Collateral Account pursuant to Section 3.3(e)(II)(Y) or Section
3.5(c)(ii) of this Series Supplement that has not be reimbursed by HVF in
accordance with Section 3.17 of this Series Supplement on or prior to
such date, (ii) pay to Ford, an amount equal to the lesser of (x) the amount of
unpaid Ford Reimbursement Obligations due and owing to Ford and (y) the excess,
if any, of the Class B Available Ford Cash Collateral Account Amount over the
amount paid to Ford pursuant to clause (i) above and (iii) pay to HVF, any
funds remaining in the Class B Ford Cash Collateral Account.

(Y)  Upon the
termination of this Series Supplement in accordance with its terms, the
Trustee, acting in accordance with the written instructions of the
Administrator, after the prior payment of all amounts due and owing to the
Series 2005-4 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider and payable from the Class B Non-Ford Cash Collateral Account as
provided herein, shall withdraw from such Class B Non-Ford Cash Collateral
Account all amounts on deposit therein (to the extent not withdrawn pursuant to
Section 3.15(d) above) and shall pay such amounts, first, to
Ford, to the extent that there are unpaid Ford Reimbursement Obligations due
and owing to Ford, second, only for so long as the Ford LOC Exposure is
greater than zero, only to the extent that after giving effect to such payment
the Fleet Equity Condition would be satisfied, pro rata to the Class B
Non-Ford Letter of Credit Providers, to the extent that there are unreimbursed
Class B Disbursements due and owing to such Class B Non-Ford Letter of Credit
Providers, for application in accordance with the provisions of the respective
Class B Non-Ford Letters of Credit, and third, only for so long as the
Ford LOC Exposure Amount is greater than zero, only to the extent that after
giving effect to such payment the Fleet Equity Condition would be satisfied, to
HVF any remaining amounts.

Section 3.16.          Subordination
of Class B Notes.  Notwithstanding
anything to the contrary contained herein or in any other Related Document, the
Class B Notes will be subordinate in all respects to the Class A Notes.  No payments on account of interest or
principal with respect to the Class B Notes shall be made on any Payment Date
until all payments of interest and principal then due and payable with respect
to the Class A Notes on such Payment Date (including, without limitation, all
accrued interest, all interest accrued on such accrued interest, all Class A
Deficiency Amounts and all Mandatory Decreases) have been paid in full and all
Insurer Fees and Insurer Reimbursement Amounts due on such Payment Date have
been paid in full.

The Class B Noteholders shall not be entitled to
receive the benefit of amounts (i) available under any Class A Letter of
Credit, (ii) on deposit in a Class A Cash Collateral Account and (iii) on deposit
in the Class A Reserve Account, in each case until the Class A Notes have been
paid in full.

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Section 3.17.          Reimbursement
Obligation.  (a)  HVF agrees to pay to Ford, in accordance
with, and solely to the extent of funds available therefore under, the Indenture:

(i)            on and after each date on which a
Series 2005-4 Ford Letter of Credit Provider shall pay any Ford LOC
Disbursement under a Series 2005-4 Ford Letter of Credit, an amount equal to
such Ford LOC Disbursement;

(ii)           on and after each date on which any
amount is withdrawn from the Class A Ford Cash Collateral Account pursuant to Section 3.3(e)(I)(Y) or Section 3.5(c)(ii) of
this Series Supplement, an amount equal to the amount of such withdrawal; and

(iii)          on and after each date on which any
amount is withdrawn from the Class B Ford Cash Collateral Account pursuant to Section 3.3(e)(II)(Y) or Section 3.5(c)(ii) of
this Series Supplement, an amount equal to the amount of such withdrawal.

(b)           Notwithstanding the
foregoing, prior to the earlier of (i) the Legal Final Payment Date and (ii)
the termination of this Series Supplement in accordance with Section 7.14
of this Series Supplement, any amount payable by HVF to Ford pursuant to Section
3.17(A)(ii) of this Series Supplement shall be paid by HVF by depositing
such amount in the Class A Ford Cash Collateral Account and any amount payable
by HVF to Ford pursuant to Section 3.17(A)(iii) of this Series
Supplement shall be paid by HVF by depositing such amount in the Class B Ford
Cash Collateral Account.

(c)           HVF agrees that Ford
shall be deemed a “Secured Party” under the Base Indenture and the Related
Documents to the extent of Ford Reimbursement Obligations payable by HVF to
Ford.  Ford Reimbursement Obligations
shall be absolute, unconditional and irrevocable, and shall be paid under all
circumstances, including, without limitation, the following circumstances:

(i)            any lack of validity or
enforceability of this Series Supplement, the Indenture, any Related Document
or any Series 2005-4 Ford Letter of Credit;

(ii)           the existence of any claim, set-off,
defense or other right which HVF may have at any time against Ford, the Trustee
or any other beneficiary or any transferee of any Series 2005-4 Ford Letter of
Credit (or any persons or entities for whom the Trustee, any such beneficiary
or any such transferee may be acting), whether in connection with this Series
Supplement, the transactions contemplated hereby or by the Related Documents or
any unrelated transaction;

(iii)          any statement or any other document presented
under any Series 2005-4 Ford Letter of Credit proving to be forged, fraudulent
or invalid in any respect or any statement therein being untrue or inaccurate
in any respect;

 117
 

(iv)          any statement or any other document
presented under any Series 2005-4 Ford Letter of Credit proving to be
insufficient in any respect;

(v)           payment by a Series 2005-4 Ford
Letter of Credit Provider under a Series 2005-4 Ford Letter of Credit against
presentation of a draft or certificate which does not strictly comply with the
terms of such Series 2005-4 Ford Letter of Credit;

(vi)          any non-application or misapplication
by the Trustee of the proceeds of any Ford LOC Disbursement or any withdrawal
from the Class A Ford Cash Collateral Account or the Class Ford B Cash
Collateral Account; or

(vii)         any other circumstance or happening
whatsoever, whether or not similar to any of the foregoing, including, without
limitation, any other circumstance that might otherwise constitute a defense
available to, or a discharge of, HVF.

ARTICLE IV

AMORTIZATION
EVENTS

In addition to the Amortization Events set forth in Section
9.1 of the Base Indenture, the following shall be Amortization Events with
respect to the Series 2005-4 Notes and shall constitute the Amortization Events
set forth in Section 9.1(j) of the Base Indenture with respect to the
Series 2005-4 Notes:

(a)           HVF defaults in the
payment of any interest on, or other amount payable in respect of, the Series
2005-4 Notes when the same becomes due and payable and such default continues
for a period of five (5) Business Days;

(b)           HVF defaults in the
payment of any principal of the Series 2005-4 Notes when the same becomes due
and payable on the applicable Legal Final Payment Date;

(c)           a Class Enhancement
Deficiency shall occur and continue for at least three (3) Business Days;

(d)           a Class Liquidity
Deficiency shall occur and continue for at least three (3) Business Days;

(e)           all principal of and
interest on the Class A Notes, the Class B-1 Notes and the Class B-2 Notes is
not paid in full on or before the Expected Final Payment Date;

(f)            the Class A Asset
Amount shall be less than the Class A Required Asset Amount for at least three
(3) Business Days or the Class B Asset Amount shall be less than the Series
2005-4 Required Asset Amount for at least three (3) Business Days;

 118

(g)           the Insured
Principal Deficit Amount shall be greater than zero;

(h)           the Class A Reserve
Account, a Class A Cash Collateral Account, the Class B Reserve Account, a
Class B Cash Collateral Account, the Series 2005-4 Excess Collection Account or
any HVF Exchange Account shall be subject to an injunction, estoppel or other
stay or a Lien (other than a Permitted Lien) for at least three (3) Business
Days and either a Class Enhancement Deficiency or a Class Liquidity Deficiency
would result from excluding the amount on deposit in any such account that is
subject to an injunction, estoppel or other stay or a Lien (other than a
Permitted Lien) for at least three (3) Business Days from the Class Enhancement
Amount or the Class Liquidity Amount, to the extent applicable;

(i)            the Trustee shall
make a demand for payment under the Insurance Policy;

(j)            the occurrence of
an Event of Bankruptcy with respect to the Insurer;

(k)           the Insurer fails to
honor a demand for payment made in accordance with the requirements of the
Insurance Policy;

(l)            in the event that
One-Month LIBOR exceeds 8.00%, HVF shall fail to obtain, within 30 days of such
an occurrence, one or more Series 2005-4 Interest Rate Hedges from one or more
Eligible Interest Rate Hedge Providers in an aggregate initial notional amount
equal to the aggregate Principal Amount of the Class A Notes, each with a
strike rate equal to no more than 9.00%;

(m)          the Trustee shall for
any reason cease to have a valid and perfected first priority security interest
in the Series 2005-4 Collateral (other than the Initial Hertz Vehicles and the
Service Vehicles) or any of the Lessee, HVF or any Affiliate of either so
asserts in writing;

(n)           the occurrence of a
Servicer Event of Default;

(o)           HVF fails to comply
with any of its other agreements or covenants in, or provisions of, the Series
2005-4 Notes or the Indenture and the failure to so comply materially and
adversely affects the interests of the Series 2005-4 Noteholders or the Insurer
and continues to materially and adversely affect the interests of the Series
2005-4 Noteholders or the Insurer for a period of thirty (30) days after the
earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date
on which written notice of such failure, requiring the same to be remedied,
shall have been given to HVF by the Trustee or to HVF and the Trustee by the
Required Noteholders with respect to the Series 2005-4 Notes; or

(p)           any representation
made by HVF in the Indenture or any Related Document is false and such false representation
materially and adversely affects the interests of the Series 2005-4 Noteholders
or the Insurer and such false representation is not cured for a period of
thirty (30) days after the earlier of (i) the date on which HVF 

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obtains
knowledge thereof or (ii) the date that written notice thereof is given to HVF
by the Trustee or to HVF and the Trustee by the Required Noteholders with
respect to the Series 2005-4 Notes.

In the case of

(i)            any event described in clauses
(a) through (m) above, an Amortization Event with respect to the
Series 2005-4 Notes will immediately occur without any notice or other action
on the part of the Trustee or any Series 2005-4 Noteholder or

(ii)           any event described in clauses (n)
through (p) above, either the Trustee may, by written notice to HVF or
the Required Noteholders with respect to the Series 2005-4 Notes may, by
written notice to HVF and the Trustee declare that an Amortization Event with
respect to the Series 2005-4 Notes has occurred as of the date of the notice.

Amortization Events with respect to the Series 2005-4
Notes described in clauses (j) and (k) above will not be subject
to waiver.  An Amortization Event with
respect to the Series 2005-4 Notes described in clauses (a) through (i)
and clauses (l) through (p) above will be subject to waiver in
accordance with Section 9.4 of the Base Indenture.

Notwithstanding anything herein to the contrary, an
Amortization Event with respect to the Series 2005-4 Notes described in clause
(m) above shall be curable at any time.

ARTICLE V

RESERVED

ARTICLE VI

FORM OF SERIES 2005-4 NOTES

Section 6.1.            Issuance
of Class A Notes.  The Class A Notes
will be issued in the form of definitive notes in fully registered form without
interest coupons, substantially in the form set forth in Exhibit A-1 hereto,
and will be sold to the Class A Noteholders pursuant to and in accordance with
the Class A Note Purchase Agreement and shall be duly executed by HVF and
authenticated by the Trustee in the manner set forth in Section 2.4 of
the Base Indenture.  Other than in
accordance with this Series Supplement and the Class A Note Purchase Agreement,
the Class A Notes will not be permitted to be transferred, assigned, exchanged
or otherwise pledged or conveyed by the Class A Noteholders.  The Class A Notes shall bear a face amount
equal to up to the Class A Maximum Principal Amount as of the Series 2005-4
Closing Date, and shall be initially issued in a principal amount equal to the
Class A Initial Principal Amount.  The
Trustee shall, or shall cause the Registrar, to record any Increases or
Decreases with 

 120
 

respect to the
Class A Principal Amount such that the principal amount of the Class A Notes
that are outstanding accurately reflects all such Increases and Decreases.

The Class A Notes may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon
as may be required to comply with the rules of any securities exchange or as
may, consistently herewith, be determined by the officers executing such Class
A Notes, as evidenced by their execution of the Class A Notes.  The Class A Notes may be produced in any
manner, all as determined by the officers executing such Class A Notes, as
evidenced by their execution of such Class A Notes. The initial sale of the
Class A Notes is limited to Persons who have executed the Class A Note Purchase
Agreement.

Section 6.2.            Issuance
of Class B Notes.  The Class B Notes
may be offered and sold on any Series 2005-4 Class B Notes Closing Date by HVF
pursuant to a Class B Purchase Agreement. 
The Class B Notes will be resold initially only (A) to qualified
institutional buyers (as defined in Rule 144A) (“QIBs”) in reliance on
Rule 144A and (B) to Persons other than U.S. Persons (as defined in Regulation
S) in reliance on Regulation S.  The
Class B Notes may thereafter be transferred to QIBs or purchasers in reliance
on Regulation S in accordance with the procedure described herein.  The Class B Notes will be Book-Entry Notes
and DTC will be the Depository for the Class B Notes.  The provisions of the rules and procedures of
DTC, the “Operating Procedures of the Euroclear System” and “Terms and
Conditions Governing Use of Euroclear” and the “General Terms and Conditions of
Clearstream Banking” and “Customer Handbook” of Clearstream (the “Applicable
Procedures”) shall be applicable to transfers of beneficial interests in
the Class B Notes.

(a)           Restricted Global
Notes.  Each Class of the Class B
Notes offered and sold in their initial distribution in reliance upon Rule 144A
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-2-1
and A-3-1 respectively, registered in the name of Cede, as nominee of
DTC, and deposited with BNY MTC, as custodian of DTC (collectively, the “Restricted
Global Notes”).  The aggregate
initial principal amount of the Restricted Global Notes may from time to time
be increased or decreased by adjustments made on the records of BNY MTC, as
custodian for DTC, in connection with a corresponding decrease or increase in
the aggregate initial principal amount of the corresponding class of Regulation
S Global Notes or the Unrestricted Global Notes, as hereinafter provided.

(b)           Regulation S
Global Notes and Unrestricted Global Notes. 
Any Class B Notes offered and sold on a Series 2005-4 Class B Notes
Closing Date in reliance upon Regulation S will be issued in the form of one or
more global notes in fully registered form, without coupons, substantially in
the forms set forth in Exhibits A-2-2 and A-3-2, registered in
the name of Cede, as nominee of DTC, and deposited with BNY MTC, as custodian
of DTC, for credit to the respective accounts at DTC of the designated agents
holding on behalf of Euroclear and Clearstream. 
Until such time as the Restricted Period shall have terminated with
respect to any Class B Note, such Class B Notes shall be referred to herein
collectively as the “Regulation S Global Notes”.  After such time as the Restricted Period
shall have terminated, such Class B Notes shall be exchangeable, in 

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whole or in
part, for interests in one or more permanent global notes in registered form
without interest coupons, substantially in the forms set forth in Exhibits
A-2-3 and A-3-3, as hereinafter provided (collectively, the “Unrestricted
Global Notes”).  The aggregate
principal amount of the Regulation S Global Notes or the Unrestricted Global
Notes may from time to time be increased or decreased by adjustments made on
the records of BNY MTC, as custodian for DTC, in connection with a
corresponding decrease or increase of aggregate principal amount of the
corresponding Restricted Global Notes, as hereinafter provided.

Section 6.3.            Transfer
of Class A Notes.

(a)           Subject to the terms of the Indenture and the
Class A Note Purchase Agreement, the holder of any Class A Note may transfer
the same in whole or in part, in an amount equivalent to an authorized
denomination, by surrendering such Class A Note at the office maintained by the
Registrar for such purpose pursuant to Section 2.5(a) of the Base
Indenture, with the form of transfer endorsed on it duly completed and executed
by, or accompanied by a written instrument of transfer in form satisfactory to
HVF and the Registrar by, the holder thereof and accompanied by a certificate
substantially in the form of Exhibit F-1 hereto; provided, that if the
holder of any Class A Note transfers, in whole or in part, its interest in any
Class A Note pursuant to (i) an Assignment and Assumption Agreement
substantially in the form of Exhibit B to the Class A Note Purchase Agreement
or (ii) an Investor Group Supplement substantially in the form of Exhibit C to
the Class A Note Purchase Agreement, then such Class A Noteholder will not be
required to submit a certificate substantially in the form of Exhibit F-1
hereto upon transfer of its interest in such Class A Note.  In exchange for any Class A Note properly
presented for transfer, HVF shall execute and the Trustee shall promptly
authenticate and deliver or cause to be authenticated and delivered in
compliance with applicable law, to the transferee at such office, or send by
mail (at the risk of the transferee) to such address as the transferee may
request, Class A Notes for the same aggregate principal amount as was
transferred.  In the case of the transfer
of any Class A Note in part, HVF shall execute and the Trustee shall promptly
authenticate and deliver or cause to be authenticated and delivered to the
transferor at such office, or send by mail (at the risk of the transferor) to such
address as the transferor may request, Class A Notes for the aggregate
principal amount that was not transferred. 
No transfer of any Class A Note shall be made unless the request for
such transfer is made by the Class A Noteholder at such office.  Neither HVF nor the Trustee shall be liable
for any delay in delivery of transfer instructions and each may conclusively
rely on, and shall be protected in relying on, such instructions.  Upon the issuance of transferred Class A
Notes, the Trustee shall recognize the Holders of such Class A Note as Class A
Noteholders.

(b)           Each Class A Note
shall bear the following legend:

THIS CLASS A NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY STATE
SECURITIES OR “BLUE SKY” LAWS.  THE
HOLDER HEREOF, BY ITS ACCEPTANCE HEREOF, AGREES FOR THE BENEFIT OF HVF THAT
SUCH CLASS A NOTE IS BEING ACQUIRED FOR ITS OWN ACCOUNT AND NOT 

 122
 

WITH A VIEW TO DISTRIBUTION AND TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HVF, (B) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) TO AN
INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A)(1), (2),
(3) OR (7) UNDER THE SECURITIES ACT OR (D) PURSUANT TO AN APPLICABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND, IN EACH SUCH
CASE, IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION, SUBJECT TO THE RIGHT
OF HVF, PRIOR TO ANY TRANSFER PURSUANT TO CLAUSE (C), TO REQUIRE THE
DELIVERY TO IT OF A PURCHASER’S LETTER IN THE FORM OF EXHIBIT F-1 TO THE
SERIES 2005-4 SUPPLEMENT CERTIFYING, AMONG OTHER THINGS, THAT SUCH PURCHASER IS
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT AND SUBJECT TO THE RIGHT OF HVF, PRIOR
TO ANY TRANSFER PURSUANT TO CLAUSE (D), TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

The required legends set forth above shall not be
removed from the Class A Notes except as provided herein.

Section 6.4.            Transfer
of Class B Notes.

(a)           A Series 2005-4
Global Note may not be transferred, in whole or in part, to any Person other
than DTC or a nominee thereof, or to a successor Depository or to a nominee of
a successor Depository, and no such transfer to any such other Person may be
registered; provided, however, that this Section 6.4(a)
shall not prohibit any transfer of a Class B Note that is issued in exchange
for a Series 2005-4 Global Note in accordance with Section 2.13 of the
Base Indenture and shall not prohibit any transfer of a beneficial interest in
a Series 2005-4 Global Note effected in accordance with the other provisions of
this Section 6.4.

(b)           The transfer by a
Class B Noteholder holding a beneficial interest in a Restricted Global Note to
a Person who wishes to take delivery thereof in the form of a beneficial
interest in the Restricted Global Note shall be made upon the deemed
representation of the transferee that it is purchasing for its own account or
an account with respect to which it exercises sole investment discretion and
that it and any such account is a QIB, and is aware that the sale to it is
being made in reliance on Rule 144A and acknowledges that it has received such
information regarding HVF as such transferee has requested pursuant to Rule
144A or has determined not to request such information and that it is aware
that the transferor is relying upon its foregoing representations in order to
claim the exemption from registration provided by Rule 144A.

(c)           If a Class B
Noteholder holding a beneficial interest in a Restricted Global Note wishes at
any time to exchange its interest in such Restricted Global Note for an
interest in the Regulation S Global Note, or to transfer such interest to a
Person 

 123
 

who wishes to
take delivery thereof in the form of a beneficial interest in the Regulation S
Global Note, such exchange or transfer may be effected, subject to the
Applicable Procedures, only in accordance with the provisions of this Section
6.4(c).  Upon receipt by the
Registrar, at the office of the Registrar, of (i) written instructions given in
accordance with the Applicable Procedures from a Clearing Agency Participant
directing the Registrar to credit or cause to be credited to a specified
Clearing Agency Participant’s account a beneficial interest in the Regulation S
Global Note, in a principal amount equal to that of the beneficial interest in
such Restricted Global Note to be so exchanged or transferred, (ii) a written
order given in accordance with the Applicable Procedures containing information
regarding the account of the Clearing Agency Participant (and the Euroclear or
Clearstream account, as the case may be) to be credited with, and the account
of the Clearing Agency Participant to be debited for, such beneficial interest
and (iii) a certificate in substantially the form set forth in Exhibit F-2
given by the Class B Noteholder holding such beneficial interest in such
Restricted Global Note, the Registrar shall instruct BNY MTC, as custodian of
DTC, to reduce the principal amount of the Restricted Global Note, and to
increase the principal amount of the Regulation S Global Note, by the principal
amount of the beneficial interest in such Restricted Global Note to be so
exchanged or transferred, and to credit or cause to be credited to the account
of the Person specified in such instructions (which shall be the Clearing
Agency Participant for Euroclear or Clearstream or both, as the case may be) a
beneficial interest in the Regulation S Global Note having a principal amount
equal to the amount by which the principal amount of such Restricted Global
Note was reduced upon such exchange or transfer.

(d)           If a Class B
Noteholder holding a beneficial interest in a Restricted Global Note wishes at
any time to exchange its interest in such Restricted Global Note for an
interest in the Unrestricted Global Note, or to transfer such interest to a
Person who wishes to take delivery thereof in the form of a beneficial interest
in the Unrestricted Global Note, such exchange or transfer may be effected,
subject to the Applicable Procedures, only in accordance with the provisions of
this Section 6.4(d).  Upon receipt
by the Registrar, at the office of the Registrar, of (A) written instructions
given in accordance with the Applicable Procedures from a Clearing Agency
Participant directing the Registrar to credit or cause to be credited to a
specified Clearing Agency Participant’s account a beneficial interest in the
Unrestricted Global Note in a principal amount equal to that of the beneficial
interest in such Restricted Global Note to be so exchanged or transferred, (ii)
a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Clearing Agency Participant (and the
Euroclear or Clearstream account, as the case may be) to be credited with, and
the account of the Clearing Agency Participant to be debited for, such beneficial
interest and (iii) a certificate in substantially the form of Exhibit F-3
given by the Class B Noteholder holding such beneficial interest in such
Restricted Global Note, the Registrar shall instruct BNY MTC, as custodian of
DTC, to reduce the principal amount of such Restricted Global Note, and to
increase the principal amount of the Unrestricted Global Note, by the principal
amount of the beneficial interest in such Restricted Global Note to be so
exchanged or transferred, and to credit or cause to be credited to the account
of the Person specified in such instructions (which shall be the Clearing
Agency Participant for Euroclear or Clearstream or both, as the case may be) a
beneficial interest in the 

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Unrestricted
Global Note having a principal amount equal to the amount by which the
principal amount of such Restricted Global Note was reduced upon such exchange
or transfer.

(e)           If a Class B
Noteholder holding a beneficial interest in a Regulation S Global Note or an
Unrestricted Global Note wishes at any time to exchange its interest in such
Regulation S Global Note or such Unrestricted Global Note for an interest in
the Restricted Global Note, or to transfer such interest to a Person who wishes
to take delivery thereof in the form of a beneficial interest in the Restricted
Global Note, such exchange or transfer may be effected, subject to the
Applicable Procedures, only in accordance with the provisions of this Section
6.4(e).  Upon receipt by the
Registrar, at the office of the Registrar, of (i) written instructions given in
accordance with the Applicable Procedures from a Clearing Agency Participant
directing the Registrar to credit or cause to be credited to a specified
Clearing Agency Participant’s account a beneficial interest in the Restricted
Global Note in a principal amount equal to that of the beneficial interest in
such Regulation S Global Note or such Unrestricted Global Note, as the case may
be, to be so exchanged or transferred, (ii) a written order given in accordance
with the Applicable Procedures containing information regarding the account of
the Clearing Agency Participant (and the Euroclear or Clearstream account, as
the case may be) to be credited with, and the account of the Clearing Agency
Participant to be debited for, such beneficial interest and (iii) with respect
to a transfer of a beneficial interest in such Regulation S Global Note (but
not such Unrestricted Global Note), a certificate in substantially the form set
forth in Exhibit F-4 given by such Class B Noteholder holding such
beneficial interest in such Regulation S Global Note, the Registrar shall
instruct BNY MTC, as custodian of DTC, to reduce the principal amount of such
Regulation S Global Note or such Unrestricted Global Note, as the case may be,
and to increase the principal amount of the Restricted Global Note, by the
principal amount of the beneficial interest in such Regulation S Global Note or
such Unrestricted Global Note to be so exchanged or transferred, and to credit
or cause to be credited to the account of the Person specified in such
instructions (which shall be the Clearing Agency Participant for DTC) a
beneficial interest in the Restricted Global Note having a principal amount
equal to the amount by which the principal amount of such Regulation S Global Note
or such Unrestricted Global Note, as the case may be, was reduced upon such
exchange or transfer.

(f)            In the event that a
Series 2005-4 Global Note or any portion thereof is exchanged for Class B Notes
other than Series 2005-4 Global Notes, such other Class B Notes may in turn be
exchanged (upon transfer or otherwise) for Class B Notes that are not Series
2005-4 Global Notes or for a beneficial interest in a Series 2005-4 Global Note
(if any is then outstanding) only in accordance with such procedures, which
shall be substantially consistent with the provisions of Sections 6.4(a)
through Section 6.4(e) and Section 6.4(g) of this Series
Supplement (including the certification requirement intended to ensure that
transfers and exchanges of beneficial interests in a Series 2005-4 Global Note
comply with Rule 144A or Regulation S under the Securities Act, as the case may
be) and any Applicable Procedures, as may be adopted from time to time by HVF
and the Registrar.

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(g)           Until the
termination of the Restricted Period with respect to any Class B Note,
interests in the Regulation S Global Notes representing such Class B Note may
be held only through Clearing Agency Participants acting for and on behalf of
Euroclear and Clearstream; provided, that this Section 6.4(g)
shall not prohibit any transfer in accordance with Section 6.4(d) of
this Series Supplement.  After the
expiration of the applicable Restricted Period, interests in the Unrestricted
Global Notes may be transferred without requiring any certifications.

(h)           The Class B Notes
shall bear the following legends to the extent indicated:

(i)            The Restricted Notes shall bear the
following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY STATE SECURITIES
LAWS.  THE HOLDER OF THIS NOTE BY ITS
ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY
(A) TO HVF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A
PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A (A “QIB”) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED
STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E)
PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF, PRIOR TO ANY SUCH OFFER, SALE
OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

(ii)           The Regulation S Global Notes shall
bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY SECURITIES
REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED
STATES.  UNTIL 40 DAYS AFTER THE ORIGINAL
ISSUE DATE OF THE NOTES (THE “RESTRICTED PERIOD”) IN CONNECTION WITH THE
OFFERING OF THE NOTES IN THE UNITED STATES FROM OUTSIDE OF THE UNITED STATES,
THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AND
RESTRICTIONS.  THE HOLDER HEREOF, BY 

 126
 

PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT
OF HERTZ VEHICLE FINANCING LLC (“HVF”) THAT THIS NOTE MAY BE TRANSFERRED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE
UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE
EXPIRATION OF THE RESTRICTED PERIOD, ONLY (1) IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN
ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF.

(iii)          The Series 2005-4 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
HVF OR THE 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.

(iv)          The
required legends set forth above shall not be removed from the applicable Class
B Notes except as provided herein.  The
legend required for a Restricted Note may be removed from such Restricted Note
if there is delivered to HVF and the Registrar such satisfactory evidence,
which may include an Opinion of Counsel as may be reasonably required by HVF
that neither such legend nor the restrictions on transfer set forth therein are
required to ensure that transfers of such Class B Note will not violate the
registration requirements of the Securities Act.  Upon provision of such satisfactory evidence,
the Trustee at the 

 127
 

direction of HVF shall authenticate and deliver in exchange for such
Restricted Note a Class B Note or Class B Notes having an equal aggregate
principal amount that does not bear such legend.  If such a legend required for a Restricted
Note has been removed from a Class B Note as provided above, no other Class B
Note issued in exchange for all or any part of such Class B Note shall bear
such legend, unless HVF has reasonable cause to believe that such other Class B
Note is a “restricted security” within the meaning of Rule 144 under the Securities
Act and instructs the Trustee to cause a legend to appear thereon.

ARTICLE VII

GENERAL

Section 7.1.            Optional Redemption of Class A
Notes.  The Class A Notes shall be
subject to repurchase (in whole) by HVF at its option, upon three (3) Business
Days’ prior written notice to the Trustee, in accordance with Section 6.1
of the Base Indenture at any time; provided, however, that, as a
condition precedent to any repurchase, on or prior to the date on which any
Class A Note is repurchased by HVF pursuant to this Section 7.1, HVF (i)
shall pay the Insurer all Insurer Fees and all other Insurer Reimbursement
Amounts, (ii) shall pay to each Interest Rate Hedge Provider all amounts due
and owing to such Interest Rate Hedge Provider under its related Series 2005-4
Interest Rate Hedge and (iii) shall pay to Ford all unpaid Ford Reimbursement
Obligations, in each case as of the Payment Date fixed for redemption.  The repurchase price for any Class A Note (in
each case, the “Class A Repurchase Amount”) shall equal the sum of (a)
the aggregate outstanding principal balance of such Class A Notes (determined
after giving effect to any payments of principal and interest on the Payment
Date immediately preceding the date of purchase pursuant to this Section 7.1),
plus (b) (i) with respect to the portion of such principal balance which was
funded with Class A Commercial Paper issued at a discount, all accrued and
unpaid discount on such Class A Commercial Paper from the issuance date(s)
thereof to the date of purchase under this Section 7.1 and the aggregate
discount to accrue on such Class A Commercial Paper from the date of purchase
under this Section 7.1 to the maturity date of such Class A Commercial
Paper, or (ii) with respect to the portion of such principal balance which was
funded with Class A Commercial Paper that was not issued at a discount, all
accrued and unpaid interest on such Class A Commercial Paper from the issuance
date(s) thereof to the date of purchase under this Section 7.1 (and any
breakage costs associated with the prepayment of such interest-bearing Class A
Commercial Paper), or (iii) with respect to the portion of such principal
balance which was funded other than with Class A Commercial Paper, all accrued
and unpaid interest on such principal balance through the date of purchase
under this Section 7.1, plus (c) any other amounts then due and
payable to the holders of such Series 2005-4 Notes pursuant hereto and pursuant
to the Class A Note Purchase Agreement.

Section 7.2.            Optional Redemption of Class B
Notes.  (a)  HVF may, at
its option, redeem any Class of Class B Notes as a whole on any Payment Date on
which the Class B-1 Principal Amount or the Class B-2 Principal Amount as the
case may be, is equal to or less than 10% of the Initial Class B-1 Principal
Amount or the Initial Class B-

 128
 

2 Principal Amount, as the case may be, with
funds deposited in the Series 2005-4 Distribution Account pursuant to Section
3.2 of this Series Supplement, at 100% of the principal amount thereof,
plus accrued and unpaid interest thereon; provided, however, as a
condition precedent to any redemption, HVF shall pay to the Insurer all Insurer
Fees and all other Insurer Reimbursement Amounts due and payable, to each
Interest Rate Hedge Provider all amounts due and owing to such Interest Rate
Hedge Provider under its related Series 2005-4 Interest Rate Hedge and to Ford,
all unpaid Ford Reimbursement Obligations.

(b)           If HVF elects to redeem any Class of
the Class B Notes pursuant to the provisions of Section 7.2, it shall notify
the Trustee in writing at least 30 days prior to the intended date of
redemption of (i) such intended date of redemption, (ii) the Class B Notes
subject to redemption and (iii) the principal amount of the Class B Notes to be
redeemed.  Upon receipt of a notice of
redemption from HVF, the Trustee shall give notice of such redemption in the
manner provided in Section 13.1 of the Base Indenture to the Class B
Noteholders of the Class B Notes to be redeemed.  Such notice shall be given not less than ten
(10) days prior to the intended date of redemption.

Section 7.3.            Information.  On or before the fourth Business Day prior to
each Payment Date (unless otherwise agreed to by the Trustee), HVF shall cause
the Administrator to furnish to the Trustee a Monthly Noteholders’ Statement
with respect to the Series 2005-4 Notes, substantially in the form of Exhibit
G, setting forth, inter alia, the following information:

(i)            the
total amount available to be distributed to Series 2005-4 Noteholders on such
Payment Date;

(ii)           the
amount of such distribution allocable to the payment of principal of each Class
of the Series 2005-4 Notes;

(iii)          the
amount of such distribution allocable to the payment of interest on each Class
of the Series 2005-4 Notes;

(iv)          the
Class A Percentage;

(v)           the
Series 2005-4 Invested Percentage with respect to Interest Collections and with
respect to Principal Collections for the period from and including the second
Determination Date preceding such Payment Date to but excluding the
Determination Date immediately preceding such Payment Date;

(vi)          the
Class A Enhancement Amount, the Class A Adjusted Enhancement Amount, the Class
A Liquidity Amount, the Class A Adjusted Liquidity Amount, the Class B
Enhancement Amount, the Class B Adjusted Enhancement Amount, the Class B
Liquidity Amount and the Class B Adjusted Liquidity Amount, in each case, as of
the close of business on the last day of the Related Month;

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(vii)         whether,
to the knowledge of the Administrator, any Lien exists on any of the Collateral
(other than Permitted Liens);

(viii)        whether,
to the knowledge of the Administrator, any Operating Lease Event of Default has
occurred;

(ix)           whether,
to the knowledge of the Administrator, any Amortization Event or Potential
Amortization Event with respect to the Series 2005-4 Notes has occurred;

(x)            the
Aggregate Asset Amount and the amount of the Aggregate Asset Amount Deficiency,
if any, as of the close of business on the last day of the Related Month;

(xi)           the
Non-Eligible Vehicle Amount, the Class A Non-Eligible Vehicle Percentage, the
BBB-/Baa3 Vehicle Percentage, the BBB-/Baa3 EPM Amount, the BBB-/Baa3 Vehicle
Percentage Excess, the Mazda Vehicle Percentage Excess, and the Class A
Non-Investment Grade Manufacturer Vehicle Percentage as of the close of
business on the last day of the Related Month;

(xii)          the
Non-Eligible Manufacturer Amount as of the close of business on the last day of
the Related Month;

(xiii)         the
Class A Required Non-Eligible Vehicle Enhancement Percentage as of the close of
business on the last day of the Related Month and the Non-Program Vehicle
Measurement Month Average, if any, included in the calculation of such Class A
Required Non-Eligible Vehicle Enhancement Percentage;

(xiv)        the
Class A Required Enhancement Incremental Amount and the Class B Required
Enhancement Incremental Amount, if any, as of the close of business on the last
day of the Related Month;

(xv)         the
Class A Required Liquidity Amount and the Class B Required Liquidity Amount, if
any, as of the close of business on the last day of the Related Month, and
whether a Class Liquidity Deficiency with respect to any Class of Series 2005-4
Notes existed and the amount thereof, in each case as of the close of business
on the last day of the Related Month;

(xvi)        the
Class A Required Enhancement Amount and the Class B Required Enhancement Amount
as of the close of business on the last day of the Related Month, and whether a
Class Enhancement Deficiency with respect to any Class of Series 2005-4 Notes
existed and the amount thereof, in each case as of the close of business on the
last day of the Related Month;

(xvii)       the
Class A Required Overcollateralization Amount, the Class A
Overcollateralization Amount, the Class B Required 

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Overcollateralization Amount and the Class B Overcollateralization
Amount, in each case, as of the close of business on the last day of the
Related Month;

(xviii)      the
Class A Required Reserve Account Amount, the Class A Available Reserve Account
Amount, the Class B Required Reserve Account Amount and the Class B Available
Reserve Account Amount, in each case, as of the close of business on the last
day of the Related Month;

(xix)         the
percentage of all HVF Vehicles, with respect to each Manufacturer, as of the
close of business on the last day of the Related Month which were Eligible
Program Vehicles manufactured by such Manufacturer;

(xx)          the
percentage of all HVF Vehicles, with respect to each Manufacturer which is not
an Eligible Program Manufacturer, as of the close of business on the last day
of the Related Month which were Program Vehicles manufactured by such
Manufacturer;

(xxi)         the
percentage of all HVF Vehicles, with respect to each Manufacturer, as of the
close of business on the last day of the Related Month which were Non-Program
Vehicles manufactured by such Manufacturer;

(xxii)        the
Principal Amount with respect to each Class of Class A Notes as of such Payment
Date and the Principal Amount with respect to each Class of Class B Notes as of
such Payment Date; and

(xxiii)       such
other items as may be specified in a Class B Notes Term Sheet.

The
Trustee shall provide to the Series 2005-4 Noteholders, or their designated
agent, the Insurer and each Interest Rate Hedge Provider copies of each Monthly
Noteholders’ Statement.

Section 7.4.            Exhibits.  The following exhibits attached hereto
supplement the exhibits included in the Indenture.

Exhibit
A-1:                                                          Series
2005-4 Variable Funding Rental Car Asset Backed Notes, Class A

Exhibit
A-2-1:                                                Form
of Restricted Global Class B-1 Note

Exhibit
A-2-2:                                                Form
of Regulation S Global Class B-1 Note

Exhibit
A-2-3:                                              Form
of Unrestricted Global Class B-1 Note

Exhibit
A-3-1:                                              Form
of Restricted Global Class B-2 Note

Exhibit
A-3-2:                                              Form
of Regulation S Global Class B-2 Note

Exhibit
A-3-3:                                              Form
of Unrestricted Global Class B-2 Note

Exhibit
B-1-1:                                                  Form
of Class A Letter of Credit

Exhibit
B-1-2:                                                  Form
of Class A Ford Letter of Credit

Exhibit
B-2-1:                                                  Form
of Class B Letter of Credit

Exhibit
B-2-2:                                                  Form
of Class B Ford Letter of Credit

Exhibit
C:                                                                      Form
of Lease Payment Deficit Notice

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Exhibit
D-1-1:                                                 Form
of Class A Ford Letter of Credit Reduction Notice

Exhibit
D-1-2:                                                 Form
of Class A Ford Letter of Credit Termination Notice

Exhibit
D-2:                                                           Form of Class A Non-Ford Letter of Credit
Reduction Notice

Exhibit
D-3-1:                                                 Form
of Class B Ford Letter of Credit Reduction Notice

Exhibit
D-3-2:                                                 Form
of Class B Ford Letter of Credit Termination Notice

Exhibit
D-4:                                                           Form of Class B Non-Ford Letter of Credit
Reduction Notice

Exhibit
E:                                                                       Form
of Purchaser’s Letter

Exhibit
F-1:                                                             Form
of Class A Transfer Certificate

Exhibit
F-2:                                                             Form
of Restricted Global Note Transfer Certificates

Exhibit
F-3:                                                             Form
of Regulation S Global Note Transfer Certificates

Exhibit
F-4:                                                             Form
of Unrestricted Global Note Transfer Certificates

Exhibit
G:                                                                      Form
of Monthly Noteholders’ Statement

Exhibit
H:                                                                     Form
of Series 2005-4 Demand Note

Exhibit I:                                                                          Form
of Estimated Interest Adjustment Notice

Section 7.5.            Ratification of Base Indenture.  As supplemented by this Series Supplement,
the Base Indenture is in all respects ratified and confirmed and the Base
Indenture as so supplemented by this Series Supplement shall be read, taken,
and construed as one and the same instrument.

Section 7.6.            Notice to Insurer, the Rating
Agencies, each Interest Rate Hedge Provider and Ford.  The Trustee shall provide to the Insurer,
each Rating Agency and each Interest Rate Hedge Provider a copy of each notice
to the Series 2005-4 Noteholders, Opinion of Counsel and Officer’s Certificate
delivered to the Trustee pursuant to this Series Supplement or any other
Related Document.  Each such Opinion of
Counsel to be delivered to the Insurer shall be addressed to the Insurer, shall
be from counsel reasonably acceptable to the Insurer and shall be in form and
substance reasonably acceptable to the Insurer. 
The Trustee shall provide notice to each Rating Agency of any consent by
the Insurer to the waiver of the occurrence of any Series 2005-4 Limited
Liquidation Event of Default.  In
addition, for so long as the Ford LOC Exposure Amount is greater than zero, the
Trustee shall provide to Ford a copy of each report, notice and other
information provided to the Series 2005-4 Noteholders pursuant to this Series
Supplement or any other Related Document. 
All such notices, opinions, certificates or other items to be delivered
to the Insurer shall be forwarded to MBIA Insurance Corporation, 113 King
Street, Armonk, New York 10504, Attention: Insured Portfolio Management
Structured Finance (IPM-SF) (Hertz Vehicle Financing LLC Series 2005-4 Rental
Car Asset Backed Notes), Facsimile No.: (914) 765-3810, Confirmation No.: (914)
273-4545.  All such notices, opinions,
certificates or other items to be delivered to the Interest Rate Hedge Provider
shall be forwarded to the address specified for notices in the Series 2005-4
Interest Rate Hedge.  All such notices,
opinions, certificates or other items to be delivered to Ford shall be
forwarded to Ford Motor Company, 1 American Road, Dearborn, MI 48126 Attention:
Director — Global Banking, Facsimile No.: (313) 594-0110.  In the event that the Annualized Financing
Cost, calculated with respect to the amounts payable in any Series 2005-4
Interest Period, exceeds 10%, HVF shall provide Moody’s with notice of such
event.  In the event that One-Month LIBOR
exceeds 8.00%, HVF shall provide the Insurer with notice of such event.

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Section 7.7.            Insurer Deemed Class A Noteholder
and Secured Party.  Except for any
period during which an Insurer Default is continuing, the Insurer shall be
deemed to be the holder of 100% of the Class A Notes for the purposes of giving
any consents, waivers, approvals, instructions, directions, declarations,
notices and/or taking any other action pursuant to the Base Indenture, this
Series Supplement and the other Related Documents.  Any reference in the Base Indenture or the Related
Documents to materially, adversely, or detrimentally affecting the rights or
interests of the Noteholders, or words of similar meaning, shall be deemed, for
purposes of the Class A Notes, to refer to the rights or interests of the
Insurer.  In addition, the Insurer shall
constitute an “Enhancement Provider” with respect to the Series 2005-4 Notes
for all purposes under the Base Indenture, the other Related Documents and the
Insurance Agreement shall constitute an “Enhancement Agreement” with respect to
the Series 2005-4 Notes for all purposes under the Base Indenture and the other
Related Documents.  Furthermore, the
Insurer shall be deemed to be a “Secured Party” under the Base Indenture and
the Related Documents to the extent of amounts payable to the Insurer pursuant
to this Series Supplement.  Moreover,
wherever in the Related Documents money or other property is assigned,
conveyed, granted or held for, a filing is made for, action is taken for or
agreed to be taken for, or a representation or warranty is made for, the
benefit of the Class A Noteholders, the Insurer shall be deemed to be the Class
A Noteholders with respect to 100% of the Series 2005-4 Notes for such
purposes.  In addition, all provisions of
this Series Supplement (i) requiring the consent (written or otherwise),
approval, advice or satisfaction of the Insurer, (ii) requiring notice to be
provided to the Insurer, (iii) requiring any other action or involvement on the
part of the Insurer, (iv) granting to the Insurer any rights or remedies, (v)
taking into consideration the interests of the Insurer, or the effect of any
event or action on the Insurer or (vi) permitting the Insurer to take any
actions, in each case shall no longer have any effect at any time after the
Class A Notes have been paid in full and the Insurer has been paid all Insurer
Fees and all other Insurer Reimbursement Amounts due under the Insurance
Agreement.

Section 7.8.            Third Party Beneficiary.  Each of the Insurer, Ford, in its capacity as
accountholder of a Series 2005-4 Ford Letter of Credit, and each Interest Rate
Hedge Provider is an express third party beneficiary of (i) the Base Indenture
to the extent of provisions relating to any Enhancement Provider, in the case
of the Insurer and the Series 2005-4 Interest Rate Hedge Provider, or to the
extent of the provisions relating to Ford, in the case of Ford and (ii) this
Series Supplement.

Section 7.9.            Prior Notice by Trustee to
Insurer.  Subject to Section 10.1
of the Base Indenture, except for any period during which an Insurer Default is
continuing, the Trustee agrees that so long as no Amortization Event shall have
occurred and be continuing with respect to any Series of Notes, other than the
Series 2005-4 Notes, it shall not exercise any rights or remedies available to
it as a result of the occurrence of an Amortization Event with respect to the
Series 2005-4 Notes (except those set forth in clauses (j) and (k)
of Article IV of this Series Supplement) until after the Trustee has
given prior written notice thereof to the Insurer and obtained the direction of
the Insurer, so long as the Insurer, through operation of Section 7.7 of
this Series Supplement, constitutes the Required Noteholders of the Series
2005-4 Notes.  The Trustee agrees to
notify the Insurer promptly following any exercise of rights or remedies
available to it as 

 133
 

a result of the occurrence of an Amortization
Event with respect to the Series 2005-4 Notes.

Section 7.10.          Subrogation.  In furtherance of and not in limitation of
the Insurer’s equitable right of subrogation, each of the Trustee and HVF
acknowledge that, to the extent of any payment made by the Insurer under the
Insurance Policy with respect to interest on or principal of the Series 2005-4
Notes, the Insurer is to be fully subrogated to the extent of such payment and
any additional interest due on any late payment to the rights of the Series
2005-4 Noteholders under the Indenture. 
Each of HVF and the Trustee agree to such subrogation and, further, agree
to take such actions as the Insurer may reasonably request to evidence such
subrogation.

Furthermore, in
furtherance of and not in limitation of Ford’s equitable right of subrogation,
each of the Trustee and HVF acknowledge that, to the extent that Ford LOC
Disbursements or amounts on deposit in the Class A Ford Cash Collateral Account
or Class B Ford Cash Collateral Account are applied to pay interest on or
principal of the Series 2005-4 Notes and Ford has reimbursed the applicable
Series 2005-4 Letter of Credit Providers for such Ford LOC Disbursements or
such amounts deposited in the Class A Ford Cash Collateral Account or the Class
B Ford Cash Collateral Account, Ford is to be fully subrogated to the extent of
such payment under the Indenture; provided such rights shall be
subordinated in all respects to the rights of subrogation of the Insurer set
forth in the preceding paragraph and to the rights of the Noteholders to the
payment in full of all amounts owing to them under the Indenture.  Each of HVF and the Trustee agree to such
subrogation and, further, agree to take such actions as Ford may reasonably
request to evidence such subrogation.

Section 7.11.          Counterparts.  This Series Supplement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original,
but all of such counterparts shall together constitute but one and the same
instrument.

Section 7.12.          Governing Law.  This
Series Supplement shall be construed in accordance with the law of the State of
New York, and the obligations, rights and remedies of the parties hereto shall
be determined in accordance with such law.

Section 7.13.          Amendments.  This Series Supplement and any Class B Notes
Term Sheet may be modified or amended from time to time in accordance with the
terms of the Base Indenture, provided that if, pursuant to the terms of
the Base Indenture or this Series Supplement, the consent of the Required
Noteholders is required for an amendment or modification of this Series
Supplement, such requirement shall be satisfied if such amendment or
modification is consented to by the Required Noteholders with respect to the
Series 2005-4 Notes; provided, further, that, if the consent of the
Required Noteholders with respect to the Series 2005-4 Notes is required for a
proposed amendment or modification of this Series Supplement that does not
affect in any material respect one or more Classes of the Series 2005-4 Notes
(as evidenced by an Officer’s Certificate to such effect), then such
requirement shall be satisfied if such amendment or modification is consented
to by the Series 2005-4 Noteholders representing more than 50% of the aggregate
outstanding principal amount of the Classes of the Series 2005-4 

 134
 

Notes affected by such amendment or
modification (without the necessity of obtaining the consent of the Series
2005-4 Noteholders holding the Classes of the Series 2005-4 Notes not affected
by such amendment or modification); provided, further, that for
so long as any Class B Notes are outstanding, any amendment to any of the
Related Documents that (i) pursuant to the terms of the Base Indenture would
require the consent of the Required Noteholders with respect to the Series
2005-4 Notes and (ii) would result in a reduction in the amount of Rent payable
under the Lease or would otherwise have the effect of reducing the Enhancement
available to the Class B Notes shall require the consent of Class B Noteholders
holding more than 50% of the Class B Notes; provided, further, that, any
amendment or other modification to this Series Supplement or any of the Related
Documents that would extend the due date for, or reduce the amount of, any
scheduled repayment or prepayment of principal of or interest on the Series
2005-4 Notes (or reduce the principal amount of or rate of interest on the
Series 2005-4 Notes), or, pursuant to the Related Documents, would require the
consent of 100% of the Series 2005-4 Noteholders or each Series 2005-4
Noteholder affected by such amendment or modification, shall require the prior
written consent of each Conduit Investor and Committed Note Purchaser or each
Conduit Investor and each Committed Note Purchaser affected thereby, as
applicable.  Any amendment to this Series
Supplement that adversely affects in any material respect the interests of an
Interest Rate Hedge Provider shall require the prior written consent of such
Interest Rate Hedge Provider.  For so
long as the Ford LOC Exposure Amount is greater than zero, any amendment to any
provision of this Series Supplement shall be subject to Section 7.18 of
this Series Supplement. Furthermore, for so long as any Class A Notes are
Outstanding, any amendment, waiver or other modification pursuant to Section
12.2(iii) of the Base Indenture shall require the prior written consent of
the Insurer, such consent not to be unreasonably withheld or delayed.

Section 7.14.          Termination of Series Supplement.  This Series Supplement shall cease to be of
further effect when (i) all Outstanding Series 2005-4 Notes theretofore
authenticated and issued have been delivered (other than destroyed, lost, or
stolen Series 2005-4 Notes which have been replaced or paid) to the Trustee for
cancellation, (ii) HVF has paid all sums payable hereunder, (iii) the Insurer
has been paid all Insurer Fees and all other Insurer Reimbursement Amounts due
under the Insurance Agreement, (iv) each Interest Rate Hedge Provider has been
paid all amounts due and owing to it from HVF under its Series 2005-4 Interest
Rate Hedge, (v) Ford has been paid all amounts payable to it hereunder and
no amounts are required hereby to be retained in any Series Account with
respect to the Series 2005-4 Notes and (vi) the Series 2005-4 Demand Note
Payment Amount is equal to zero or the Class A Non-Ford Letter of Credit
Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount are
each equal to zero.

Section 7.15.          Discharge of Indenture.  Notwithstanding anything to the contrary
contained in the Base Indenture, so long as this Series Supplement shall be in
effect in accordance with Section 7.14 of this Series Supplement, no discharge
of the Indenture pursuant to Section 11.1(b) of the Base Indenture shall
be effective as to the Series 2005-4 Notes without the consent of the Required
Noteholders with respect to the Series 2005-4 Notes.

 135
 

Section 7.16.          Effect of Payment by Insurer.  Anything in this Series Supplement to the
contrary notwithstanding, any payments of principal of or interest on the Class
A Notes that is made with moneys received pursuant to the terms of the
Insurance Policy shall not (except for the purpose of calculating the Class A
Outstanding Principal Amount) be considered payment of the Class A Notes by
HVF.  The Trustee acknowledges that,
without the need for any further action on the part of the Insurer, (i) to the
extent the Insurer makes payments, directly or indirectly, on account of
principal of or interest on, the Class A Notes to the Trustee for the benefit
of the Class A Noteholders or to the Class A Noteholders (including any
Preference Amounts as defined in the Insurance Policy), the Insurer will be fully
subrogated to the rights of such Class A Noteholders to receive such principal
and interest and will be deemed to the extent of the payments so made to be a
Class A Noteholder and (ii) the Insurer shall be paid principal and interest in
its capacity as a Class A Noteholder until all such payments by the Insurer
have been fully reimbursed, but only from the sources and in the manner
provided in this Series Supplement for payment of such principal and interest
and, in each case, only after the Class A Noteholders have received all
payments of principal and interest due to them under this Series Supplement on
the related Payment Date.

Section 7.17.          Interest Rate Hedge Provider Deemed
Secured Party.  Each Interest Rate
Hedge Provider shall constitute an “Enhancement Provider” with respect to the
Series 2005-4 Notes for all purposes under the Base Indenture, the other
Related Documents and each Series 2005-4 Interest Rate Hedge shall constitute
an “Enhancement Agreement” with respect to the Series 2005-4 Notes for all
purposes under the Base Indenture and the other Related Documents.  Furthermore, each Interest Rate Hedge
Provider shall be deemed to be a “Secured Party” under the Base Indenture and
the Related Documents to the extent of amounts payable to such Interest Rate
Hedge Provider under its Series 2005-4 Interest Rate Hedge and pursuant to this
Series Supplement.

Section 7.18.          Ford Covenants.  HVF hereby covenants and agrees with Ford
that, for so long as the Ford LOC Exposure Amount is greater than zero:

(a)           Distributions to HVF.  No amounts will be distributed to HVF
pursuant to any provision of the Indenture if, after giving effect to that
distribution, the Fleet Equity Amount would be less than the Required Minimum
Fleet Equity Amount.

(b)           Inspection of Property, Books and
Records.  It will permit
representatives of Ford to visit and inspect any of its properties and to
examine any of its books and records, and to discuss its affairs, finances and
accounts with the Servicer and its officers, directors, employees and
independent public accountants all at such reasonable times and on reasonable
notice and as often as may reasonably be requested (but, prior to the
occurrence of a Potential Amortization Event or an Amortization Event, not more
than twice in any year).

(c)           Other Series Supplements.  Each Series Supplement will provide for the
payment of Ford Reimbursement Obligations prior to any distribution or other
release of funds to HVF thereunder and prior to any payment of any termination 

 136
 

payments under Swap Agreements; provided,
however, that on or prior to January 6, 2006, the Series 2002-1
Supplement, dated as of September 18, 2002, by and between HVF and the Trustee,
as amended, supplemented or otherwise modified from time to time, will not be
required to provide for any payment of Ford Reimbursement Obligations.

(d)           No Amendments.  It will not, without the prior written
consent of Ford (which consent shall not be unreasonably withheld or delayed),
(i) extend the Commitment Termination Date to a date after the November 2010
Payment Date or extend or otherwise modify the Expected Final Payment Date or
the Legal Final Payment Date, (ii) amend, modify or waive Sections  3.2(d),
(e) and (f), 3.3(d) and (e), 3.5(a), (c),
and (e), 3.8(e) and (f), 3.9(b), (c), (e),
(f)(I), (g), (h), (i), (j) and (k), 3.13,
3.14(e) and (f), 3.15(b), (c), (e), (f)(I),
(g), (h), (i), (j) and (k), 3.17, 7.6,
7.8, 7.10, 7.13, 7.14 and 7.18 of this
Series Supplement or any other provision of the Series 2005-4 Supplement
providing for drawings on the Series 2005-4 Letters of Credit or withdrawals
from the Class A Reserve Account or the Class B Reserve Account or the payment
by HVF of Ford Reimbursement Obligations or any terms used in such provisions,
(iii) amend, modify or waive the definitions of Fleet Equity Amount, Fleet
Equity Condition, or Required Minimum Fleet Equity Amount, or the effect of the
use of those terms to prohibit certain payments, (iv) amend, modify or waive
any provisions of any other Series Supplement providing for the payment by HVF
of Ford Reimbursement Obligations, (v) amend, modify or waive the provisions of
Sections 6.3(b) or 6.3(d) of the Base Indenture or (vi) amend,
modify or waive the Base Indenture, enter into any Series Supplement or amend,
modify or waive any Series Supplement in a manner that provides for an invested
percentage calculation that is different than that contained in the Series
Supplements relating to the Series of Notes being issued on the Series 2005-4
Closing Date.

(e)           Outstanding Letters of Credit.  After the Series 2005-4 Closing Date, it will
not, without the prior written consent of Ford (which consent shall not be
unreasonably withheld or delayed) obtain a Class A Non-Ford Letter of Credit
for so long as any Class B Ford Letters of Credit remain outstanding.

Section 7.19.          Issuances of Class B Notes.

(a)           Notwithstanding the inclusion of
Class B Notes in this Series Supplement, no Class B Notes will be issued on the
Series 2005-4 Closing Date.  Until such
time as Class B Notes are issued, all provisions relating to the Class B Notes
(other than the provisions of this Section 6.18) contained herein, shall
be disregarded.  From time to time on any
Distribution Date prior to the Expected Final Payment Date for a Class of Class
B Notes, HVF, subject to the conditions set forth in clause (b) below,
may issue Class B Notes of such Class.

(b)           Class B Notes may be issued only upon
satisfaction of the following conditions:

(i)            The
Trustee shall have received a Company Request at least two (2) Business Days
(or such shorter time as is acceptable to the Trustee) in advance of the
related Series 2005-4 Class B Notes Closing Date requesting 

 137
 

that the Trustee authenticate and deliver one or more Classes of Class
B Notes specified in such Company Request;

(ii)           The
Trustee shall have received a Company Order authorizing and directing the
authentication and delivery of one or more Classes of Class B Notes, to be
issued pursuant to this Series Supplement, as supplemented by the Class B Notes
Term Sheet with respect to such Class or Classes of Class B Notes, by the
Trustee and specifying the designation of such Class or Classes of Class B
Notes, the Initial Principal Amount (or the method for calculating the Initial
Principal Amount) of such Class or Classes of Class B Notes to be authenticated
and the Note Rate with respect to such Class or Classes of Class B Notes;

(iii)          The
Trustee shall have received an Officer’s Certificate of HVF dated as of the
applicable Series 2005-4 Class B Notes Closing Date to the effect that:

(A)          no
Amortization Event, Limited Liquidation Event of Default, Potential
Amortization Event or Enhancement Deficiency with respect to any Series of
Notes Outstanding is continuing or will occur as a result of the issuance of
such Class or Classes of Class B Notes,

(B)           no
Liquidation Event of Default, Aggregate Asset Amount Deficiency, Manufacturer
Event of Default, Operating Lease Event of Default, Potential Operating Lease
Event of Default or Potential Manufacturer Event of Default is continuing or
will occur as a result of the issuance of such Class or Classes of Class B
Notes, and

(C)           all
conditions precedent provided in the Base Indenture and this Series Supplement
with respect to the authentication and delivery of such Class or Classes of
Class B Notes have been satisfied;

(iv)          a
Class B Notes Term Sheet, substantially in the form of Annex A hereto, shall
have been executed by HVF and the Trustee;

(v)           the
Series 2005-4 Rating Agency Condition shall have been satisfied in respect of
the issuance of such Class or Classes of Class B Notes;

(vi)          for
so long as any Class B Notes are Outstanding, one or more Series 2005-4
Interest Rate Hedges have been acquired from one or more Eligible Interest Rate
Hedge Provider in an aggregate initial notional amount equal to the aggregate
Principal Amount of the Class B Notes issued, each with a strike rate equal to
no more than 5.50% or as otherwise agreed by Fitch and each other Rating Agency
rating the Class B Notes and that otherwise satisfies Section 3.12 of
this Series Supplement;

 138
 

(vii)         the
excess of the principal amount of any of the Class B Notes over their issue
price will not exceed the maximum amount permitted under the Code without the
creation of an original issue discount,

(viii)        the
Trustee shall have received opinions of counsel substantially similar to those
received in connection with the offering and sale of the Class A Notes,
including without limitation, opinions to the effect that:

(A)          the
Class B Notes will be characterized as indebtedness for federal income tax
purposes,

(B)           the
issuance of the Class B Notes will not affect adversely the United States
federal income tax characterization of any Series of Notes outstanding or Class
thereof that was (based upon on Opinion of Counsel) characterized as debt at
the time of their issuance and HVF will not be classified as an association or
as a publicly traded partnership taxable as a corporation for United States
federal income tax purposes,

(C)           all
instruments furnished to the Trustee conform to the requirements of the Base
Indenture and this Series Supplement and constitute all the documents required
to be delivered hereunder and thereunder for the Trustee to authenticate and
deliver the Class B Notes, and all conditions precedent provided for in the
Base Indenture and this Series Supplement with respect to the authentication
and delivery of the Class B Notes have been complied with,

(D)          the
Class B Notes Term Sheet with respect to the Class or Classes of Class B Notes
being issued on such Series 2005-4 Class B Notes Closing Date has been duly
authorized, executed and delivered by HVF,

(E)           the
Class B Notes being issued on such Series 2005-4 Class B Notes Closing Date
have been duly authorized and executed and, when authenticated and delivered in
accordance with the provisions of the Base Indenture and this Series
Supplement, will constitute valid, binding and enforceable obligations of HVF
entitled to the benefits of the Base Indenture and this Series Supplement,
subject, in the case of enforcement, to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors’ rights generally and to
general principles of equity,

(F)           each
of the Class B Notes Term Sheet with respect to Class B Notes being issued on
such Series 2005-4 Class B Notes Closing Date and this Series Supplement as
supplemented thereby is a legal, valid and binding agreement of HVF,
enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, 

 139
 

moratorium and other similar laws affecting creditors’ rights generally
and to general principles of equity; and

(G)           such
other documents, instruments, certifications, agreements or other items as the
Trustee may reasonably require.

 140
 

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

	
  

  	
  HERTZ VEHICLE
  FINANCING LLC

  

 

	
  

  	
  By:

  	
   

  	
   

  	
  /s/ Robert H. Rillings

  
	
   

  	
   

  	
  Name: Robert H. Rillings

  
	
   

  	
   

  	
  Title: Vice President & Treasurer

  
						

 

	
  

  	
  BNY MIDWEST TRUST COMPANY,

  	
   

  
	
   

  	
   

  	
  as Trustee,

  	
   

  
				

 

 

	
  

  	
  By:

  	
   

  	
   

  	
  /s/ Marian Onischak

  
	
   

  	
   

  	
  Name: Marian Onischak

  
	
   

  	
   

  	
  Title: Assistant Vice President

  

 

 141

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