Document:

Series 2011-1 Supplement, dated December 29, 2011

 Exhibit 10.38 
 ZIPCAR VEHICLE FINANCING LLC, 
 as Issuer 

and 
 DEUTSCHE
BANK TRUST COMPANY AMERICAS, 
 as Trustee and Securities Intermediary 

 
  

SERIES 2011-1 SUPPLEMENT 
 dated as of December 29, 2011 
 to 

AMENDED AND RESTATED 
 BASE INDENTURE 
 dated as of May 11, 2011 

 
  

$50,000,000 Series 2011-1 Variable Funding Car Sharing Asset Backed Notes 

 TABLE OF CONTENT 

 

									
	 	 	 	 	 	  	Page	 
		
	Article I DEFINITIONS	  	 	1	  
		
	Article II INITIAL ISSUANCE AND INCREASES AND DECREASES OF PRINCIPAL AMOUNT OF SERIES 2011-1 NOTES	  	 	31	  
				
		 	Section 2.1.	 	Initial Issuance; Procedure for Increasing the Series 2011-1 Principal Amount	  	 	31	  
				
		 	Section 2.2.	 	Procedure for Decreasing the Series 2011-1 Principal Amount	  	 	33	  
		
	Article III SERIES 2011-1 ALLOCATIONS	  	 	35	  
				
		 	Section 3.1.	 	Series 2011-1 Series Accounts	  	 	35	  
				
		 	Section 3.2.	 	Allocations with Respect to the Series 2011-1 Notes	  	 	36	  
				
		 	Section 3.3.	 	Application of Interest Collections	  	 	40	  
				
		 	Section 3.4.	 	Payment of Note Interest	  	 	43	  
				
		 	Section 3.5.	 	Payment of Note Principal	  	 	43	  
				
		 	Section 3.6.	 	Payment by Wire Transfer	  	 	49	  
				
		 	Section 3.7.	 	The Administrator’s Failure to Instruct the Trustee to Make a Deposit or Payment	  	 	49	  
				
		 	Section 3.8.	 	Series 2011-1 Reserve Account	  	 	49	  
				
		 	Section 3.9.	 	Series 2011-1 Letters of Credit and Series 2011-1 Cash Collateral Accounts	  	 	51	  
				
		 	Section 3.10.	 	Series 2011-1 Distribution Account	  	 	55	  
				
		 	Section 3.11.	 	Trustee as Securities Intermediary	  	 	56	  
				
		 	Section 3.12.	 	Series 2011-1 Interest Rate Caps	  	 	58	  
				
		 	Section 3.13.	 	Series 2011-1 Demand Note Constitutes Additional Collateral for Series 2011-1 Notes	  	 	59	  
		
	Article IV AMORTIZATION EVENTS	  	 	60	  
		
	Article V FORM OF SERIES 2011-1 NOTES	  	 	63	  
				
		 	Section 5.1.	 	Issuance of Series 2011-1 Notes	  	 	63	  
				
		 	Section 5.2.	 	Transfer of Series 2011-1 Notes	  	 	64	  
		
	Article VI GENERAL	  	 	65	  
				
		 	Section 6.1.	 	Optional Redemption of the Series 2011-1 Notes	  	 	65	  
				
		 	Section 6.2.	 	Information	  	 	66	  
				
		 	Section 6.3.	 	Exhibits	  	 	68	  
				
		 	Section 6.4.	 	Ratification of Base Indenture	  	 	69	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	 	 	  	Page
				
		 	Section 6.5.	 	Third Party Beneficiary	  	69
				
		 	Section 6.6.	 	Counterparts	  	69
				
		 	Section 6.7.	 	Governing Law	  	69
				
		 	Section 6.8.	 	Amendments	  	69
				
		 	Section 6.9.	 	Covenant Regarding Affiliate Issuers	  	70
				
		 	Section 6.10.	 	Annual Security Interest Opinions	  	70
				
		 	Section 6.11.	 	Termination of Series Supplement	  	70
				
		 	Section 6.12.	 	Discharge of Indenture	  	70
				
		 	Section 6.13.	 	Replacement Notes	  	71
				
		 	Section 6.14.	 	Patriot Act	  	71
				
		 	Section 6.15.	 	Trustee Protections	  	71
				
		 	Section 6.16.	 	Waiver of Jury Trial	  	71

  
 ii 

 EXHIBITS 
  

			
	Exhibit A:	  	Form of Series 2011-1 Variable Funding Car Sharing Asset Backed Notes
	Exhibit B:	  	Form of Series 2011-1 Letter of Credit
	Exhibit C:	  	Form of Lease Payment Deficit Notice
	Exhibit D:	  	Form of Series 2011-1 Letter of Credit Reduction Notice
	Exhibit E:	  	Form of Purchaser’s Letter
	Exhibit F:	  	Form of Monthly Noteholders’ Statement
	Exhibit G-1:	  	Form of Demand Notice
	Exhibit G-2:	  	Form of Series 2011-1 Demand Note
	Exhibit H:	  	Form of Estimated Interest Adjustment Notice
	Exhibit I:	  	Form of Transferee Certificate for Transfers of Series 2011-1 Notes

 SERIES 2011-1 SUPPLEMENT dated as of December 29, 2011 (“Series
Supplement”) between ZIPCAR VEHICLE FINANCING LLC, a special purpose limited liability company established under the laws of Delaware (“ZVF”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as
trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the “Trustee”), and as a bank and as securities intermediary, to the Amended and Restated Base Indenture, dated as of
May 11, 2011, between ZVF and the Trustee (as amended, modified or supplemented from time to time, exclusive of Series Supplements, the “Base Indenture”). 
 PRELIMINARY STATEMENT 
 WHEREAS, Sections 2.2 and 12.1 of the Base
Indenture provide, among other things, that ZVF 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 Series 2011-1 Variable Funding Car Sharing Asset Backed Notes. On the Series 2011-1 Closing Date, one class of Series 2011-1 Variable Funding
Car Sharing Asset Backed Notes shall be issued, and be referred to herein as the “Series 2011-1 Notes”. 

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 Series 2011-1 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 Series 2011-1 Note Purchase Agreement, then the meaning given to such term in the Series 2011-1 Note Purchase
Agreement shall apply; provided, further, that to the extent any capitalized term defined herein also has a meaning assigned to such term in the Definitions List attached to the Base Indenture, the meaning given to such term herein
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 2011-1 Notes and not to any other Series of Indenture Notes issued by ZVF. All references herein to the “Series
2011-1 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 2011-1 Notes (whether such words and phrases are used in this Series Supplement, the Base Indenture or any other Related Document) 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 Series 2011-1 Notes”
has the meaning specified in Section 5.1 of this Series Supplement. 
 “Adjusted Aggregate Asset
Amount” means, as of any date of determination, 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 2011-1 Collection Account and available
for reduction of the Series 2011-1 Principal Amount and (2) the amount of cash and Permitted Investments on deposit in the Series 2011-1 Excess Collection Account (after giving effect to any withdrawals therefrom on such date in accordance with
Section 3.2(e) of this Series Supplement), in each case, on such date. 
 “Audi Amount” means, as
of any date of determination, an amount equal to the Manufacturer Vehicle Amount with respect to Audi as of such date. 

“Back-Up Administrator” has the meaning specified in the Back-Up Administration Agreement. 

“Back-Up Disposition Agent” has the meaning specified in the Back-Up Disposition Agent Agreement. 

“BMW/Mini Amount” means, as of any date of determination, an amount equal to the sum of the Manufacturer Vehicle Amounts
with respect to BMW and Mini as of such date. 
 “Capital Stock” means any and all shares, interests,
participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests (including membership interests) in a Person (other than a corporation) and any and all warrants or options to
purchase any of the foregoing. 
 “Capped Category 2 Manufacturer Eligible Program Vehicle Percentage” means,
as of any date of determination, the lesser of (i) the Category 2 Manufacturer Program Vehicle Percentage as of such date and (ii) 10%. 
 “Category 1 Manufacturer” means, as of any date of determination, each Eligible Manufacturer who as of such date has both (i) a long-term unsecured debt rating of at least
“Baa2” from Moody’s and (ii) a long-term unsecured debt rating of at least “BBB” from Standard & Poor’s; provided, that if (a) the rating of a Manufacturer by Moody’s or
Standard & Poor’s is withdrawn by Moody’s or Standard & Poor’s or a Manufacturer is downgraded by Moody’s or Standard & Poor’s to a rating that would

  
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require the exclusion of such Manufacturer from this definition and (b) prior to such withdrawal or downgrade, as the case may be, such Manufacturer was a Category 1 Manufacturer, then such
Manufacturer shall be deemed to be a Category 1 Manufacturer for a period of thirty (30) days following the earlier of (i) the date on which any of the Administrator, ZVF or the Servicer obtains actual knowledge of such withdrawal or
downgrade and (ii) the date on which the Administrative Agent notifies the Servicer of such withdrawal or downgrade. 

“Category 1 Manufacturer Eligible Program Vehicle Amount” means, as of any date of determination, an amount equal to the
sum of the Manufacturer Eligible Program Vehicle Amounts with respect to each Category 1 Manufacturer as of such date. 

“Category 1 Manufacturer Eligible Program Vehicle Percentage” means, as of any date of determination, the percentage
equivalent of a fraction, the numerator of which is the Category 1 Manufacturer Eligible Program 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 as of such date. 
 “Category 2 Manufacturer” means,
as of any date of determination, each Eligible Manufacturer who as of such date has both (i) a long-term unsecured debt rating of at least “Baa3” from Moody’s and (ii) a long-term unsecured debt rating of at least
“BBB-” from Standard & Poors, but which does not have (i) a long-term unsecured debt rating of at least “Baa2” from Moody’s and (ii) a long-term unsecured debt rating of at least “BBB” from
Standard & Poor’s; provided that if (a) the rating of a Manufacturer by Moody’s or Standard & Poor’s is withdrawn or a Manufacturer is downgraded by Moody’s or Standard & Poor’s to a
rating that would require the exclusion of such Manufacturer from this definition and (b) prior to such withdrawal or downgrade, as the case may be, such Manufacturer was a Category 2 Manufacturer, then such Manufacturer shall be deemed to be a
Category 2 Manufacturer, for a period of thirty (30) days following the earlier of (i) the date on which any of the Administrator, ZVF or the Servicer obtains actual knowledge of such withdrawal or downgrade and (ii) the date on which
the Administrative Agent notifies the Servicer of such withdrawal or downgrade; provided further that any Manufacturer deemed to be a Category 1 Manufacturer pursuant to the proviso of the definition thereof shall not be a Category 2
Manufacturer. 
 “Category 2 Manufacturer Eligible Program Vehicle Amount” means, as of any date of
determination, an amount equal to the sum of the Manufacturer Eligible Program Vehicle Amounts with respect to each Category 2 Manufacturer as of such date. 
 “Category 2 Manufacturer Eligible Program Vehicle Percentage” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Category 2
Manufacturer Eligible Program 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 as of such
date. 

  
 3 

 “Change of Control” means the occurrence of any of the following events:
(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), shall be the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of shares of Voting
Stock having more than 35% of the total voting power of all the Voting Stock of Zipcar (for the purposes of this clause, such person or group shall be deemed to beneficially own any Voting Stock of Zipcar held by a parent entity, if such person or
group “beneficially owns” (as defined above), directly or indirectly, more than 35% of the voting power of the Voting Stock of such parent entity); (b) the Continuing Directors shall cease to constitute a majority of the members of
the Board of Directors of Zipcar, (c) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of Zipcar to
any “person” (as such term is used in Section 13(d) and 14(d) of the Exchange Act) or (d) Zipcar shall cease to own directly 100% of the Capital Stock (including, without limitation, the Voting Stock) of ZVF. 

“Commercial Paper” means the promissory notes of each Series 2011-1 Noteholder issued by such Series 2011-1 Noteholder
in the commercial paper market and allocated to the funding of Advances. 
 “Committed Note Purchaser” has the
meaning specified in the Series 2011-1 Note Purchase Agreement. 
 “Committed Purchaser” means a special
purpose company or any other Person, including each Committed Note Purchaser, that has committed to purchase a Series of Notes from ZVF from time to time and that may finance such purchases with, among other things, the proceeds of commercial paper
notes. 
 “Continuing Directors” means the directors of Zipcar on the Series 2011-1 Closing Date and each
other director whose election or nomination for election to the board of directors of Zipcar is recommended by at least a majority of the then Continuing Directors. 
 “Corporate Debt Facility” shall mean each credit agreement, loan agreement, indenture or other agreement evidencing an obligation for borrowed money with respect to which Zipcar is
an obligor. 
 “CP Rate” has the meaning set forth in the Series 2011-1 Note Purchase Agreement.

 “Credit Support Annex” has the meaning set forth in Section 3.12(b) of this Series Supplement.

 “Daimler/Smart Amount” means, as of any date of determination, an amount equal to the sum of the
Manufacturer Vehicle Amounts with respect to Daimler and Smart as of such date. 

  
 4 

 “Decrease” means a Mandatory Decrease or a Voluntary Decrease, as
applicable. 
 “Demand Notice” has the meaning specified in Section 3.5(b)(iii) of this Series
Supplement. 
 “Discounted MSRP” means, with respect to any ZVF Vehicle, the product of (i) 80% and
(ii) the applicable Manufacturer’s suggested retail price for the model class and model year of such ZVF Vehicle at the time such ZVF Vehicle is purchased by ZVF from the applicable Manufacturer or dealer. 

“Eligible Interest Rate Cap Provider” means a counterparty to a Series 2011-1 Interest Rate Cap that is a bank, other
financial institution or Person which satisfies the First Trigger Required Ratings (or whose present and future obligations under its Series 2011-1 Interest Rate Cap are guaranteed pursuant to a guarantee satisfying the requirements set forth in the
related Series 2011-1 Interest Rate Cap provided by a guarantor which satisfies the First Trigger Required Ratings) that is reasonably satisfactory to the Administrative Agent. 

“Eligible Manufacturer” means (a) any “Eligible Manufacturer” as defined in the Definitions List attached
to the Base Indenture as Schedule I thereto and (b) GM. 
 “Estimated Interest” has the meaning
specified in Section 3.3(a) 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 Series 2011-1 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(a) of this Series
Supplement. 
 “Estimated Interest Period” has the meaning specified in Section 3.3(a) of this
Series Supplement. 
 “Fiat/Alfa Romeo Amount” means, as of any date of determination, an amount equal to the
sum of the Manufacturer Vehicle Amounts with respect to Fiat and Alfa Romeo as of such date. 
 “First Trigger Required
Ratings” means, with respect to any entity, rating requirements which are satisfied where (x) (i) if such entity has a short-term, unsecured and unsubordinated debt obligation rating by Moody’s, such rating is
“Prime-1” and its long-term senior unsecured debt, deposit, claims paying or credit (as the case may be) rating is “A2” or above by Moody’s or (ii) if such entity does not have a short-term, unsecured and unsubordinated
debt obligation rating by Moody’s, its long-term senior unsecured debt, deposit, claims paying or credit (as the case may be) rating is “A1” or 

  
 5 

 
above by Moody’s and (y) (i) if such entity has a short-term, unsecured and unsubordinated debt obligation rating by Standard & Poor’s, such rating is “A-1”
and its long-term senior unsecured debt, deposit, claims paying or credit (as the case may be) rating is “A” or above by Standard & Poor’s or (ii) if such entity does not have a short-term, unsecured and unsubordinated
debt obligation rating by Standard & Poor’s, its long-term senior unsecured debt, deposit, claims paying or credit (as the case may be) rating is “A+” or above by Standard & Poor’s. 

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

“Ford Amount” means, as of any date of determination, an amount equal to the Manufacturer Vehicle Amount with respect to
Ford as of such date. 
 “GM” means General Motors Company, a Delaware corporation, and its successors.

 “GM Amount” means, as of any date of determination, an amount equal to the Manufacturer Vehicle Amount with
respect to GM as of such date. 
 “Honda/Acura Amount” means, as of any date of determination, an amount equal
to the sum of the Manufacturer Vehicle Amounts with respect to Honda and Acura as of such date. 
 ‘Hyundai/Kia
Amount” means, as of any date of determination, an amount equal to the sum of the Manufacturer Vehicle Amounts with respect to Hyundai and Kia as of such date. 
 “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 ZVF to the Trustee, the Servicer, the Back-Up
Disposition Agent, the Administrator, the Back-Up Administrator, the Administrative Agent and the Series 2011-1 Noteholders under the Series 2011-1 Note Purchase Agreement (other than any Program Fee or any Undrawn Fee), plus any other operating
expenses of ZVF then payable by ZVF. 
 “Interest Rate Cap Provider” means ZVF’s counterparty under a
Series 2011-1 Interest Rate Cap. 
 “Lease Payment Deficit Notice” has the meaning specified in
Section 3.3(b) of this Series Supplement. 
 “Legal Final Payment Date” means the date that is six
(6) months after the Series 2011-1 Expected Final Payment Date. 

  
 6 

 “Limited Liquidation Event of Default” means, so long as such event or
condition continues, (a) any event or condition of the type specified in Section 9.1(c) of the Base Indenture or clauses (a), (c), (d), (g), (h), (i), (j), (k), (m),
(p) or (r) of Article IV of this Series Supplement that continues for thirty (30) days (without double counting the cure period, if any, provided therein), or (b) any event or condition of the type specified
in clauses (b), (e), or (q) of Article IV of this Series Supplement. 
 “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 ZVF 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 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 ZVF Lease,
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
or otherwise sold, any accrued and unpaid Monthly Base Rent with respect to such Eligible Vehicles as of such date under the ZVF Lease plus (v) with respect to Eligible Vehicles that were Eligible Program Vehicles sold by ZVF to a third
party pursuant to Section 2.5(a) of the ZVF Lease, any non-return incentives payable to ZVF 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 (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 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. 

  
 7 

 “Manufacturer Non-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 Non-Program Vehicles that are Eligible Vehicles as of such date that were manufactured by such Manufacturer or an Affiliate thereof and not sold or deemed to be sold under the Related Documents, plus
(ii) the aggregate amount of Manufacturer Receivables (other than Excluded Payments) payable to ZVF as of such date by such Manufacturer with respect to Vehicles that were Eligible Vehicles and Non-Program Vehicles and were subject to a
Manufacturer Program with such Manufacturer when turned in to and accepted by such Manufacturer or delivered and accepted for Auction, plus (iii) with respect to Non-Program Vehicles that are Eligible Vehicles manufactured by such
Manufacturer or an Affiliate thereof that have been delivered and accepted for auction or otherwise sold, any accrued and unpaid Monthly Base Rent with respect to such Eligible Vehicles as of such date under the ZVF Lease, plus (iv) with
respect to Eligible Vehicles that were Non-Program Vehicles manufactured by such Manufacturer or an Affiliate thereof that have been sold or become a Casualty, any accrued and unpaid Casualty Payments with respect to such ZVF Vehicles as of such
date under the ZVF Lease plus (v) 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
Non-Program Vehicles that are Eligible Vehicles as of such date manufactured by such Manufacturer or an Affiliate thereof and that have not 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 separate Manufacturer hereunder. 
 “Manufacturer
Vehicle Amount” means, as of any date of determination with respect to any Manufacturer, the sum of the Manufacturer Eligible Program Vehicle Amount and the Manufacturer Non-Program Vehicle Amount, in each case, with respect to such
Manufacturer, as of such date. 
 “Mazda Amount” means, as of any date of determination, an amount equal to the
Manufacturer Vehicle Amount with respect to Mazda as of such date. 
 “Measurement Month” means, as of any date
of determination, each calendar month, or the smallest number of consecutive calendar months, preceding such date in which at least the lesser of the following (a) and (b) were sold to third parties, at auction or otherwise (excluding
salvage sales): (a) one-twelfth of the number of Zipcar Fleet Vehicles (other than (x) any Non-Program Vehicles that are returned to a Manufacturer pursuant to a Manufacturer Program in accordance with Section 2.5(b) of the ZVF Lease
and (y) any other Zipcar Fleet Vehicles that are returned to a Manufacturer in accordance with a Manufacturer Program) as of the last day of such calendar month or consecutive calendar months and (b) 25 Zipcar Fleet Vehicles (other than
(x) any Non-Program Vehicles that are returned to a Manufacturer pursuant to a Manufacturer Program in accordance with Section 2.5(b) of the ZVF Lease and (y) any other Zipcar Fleet Vehicles that are returned to a Manufacturer in
accordance with a Manufacturer Program); provided, however, that no calendar month included in a single Measurement Month shall be included in any other Measurement Month. 

  
 8 

 “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 amount of Disposition Proceeds paid or payable in respect of all Zipcar Fleet Vehicles (other than (x) any Non-Program Vehicles that are
returned to a Manufacturer pursuant to a Manufacturer Program in accordance with Section 2.5(b) of the ZVF Lease and (y) any other Zipcar Fleet Vehicle which is returned to a Manufacturer in accordance with a Manufacturer Program) 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 (or, with respect to any Measurement Month that is comprised of or includes
January, February or March of any calendar year, such Measurement Month and the five Measurement Months preceding such Measurement Month) and the denominator of which is the aggregate Zipcar Fleet Vehicle Net Book Values of such Zipcar Fleet
Vehicles on the dates of their respective sales and (b) 100%. 
 “Month of Return Eligibility” means, with
respect to any Eligible Program Vehicle, the first calendar month during which such Eligible Program Vehicle may be turned back to the applicable Manufacturer or delivered for Auction, in each case, in accordance with its related Manufacturer
Program. 
 “New York UCC” has the meaning specified in Section 3.11(a)(i) of this Series
Supplement. 
 “New ZVF Vehicle” means a ZVF Vehicle that is an Eligible Vehicle and a Non-Program Vehicle and
is not older than 12 months from the date of the original manufacturer invoice therefor. 
 “New ZVF 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 New ZVF Vehicles as of such date not sold or deemed to be sold under the Related Documents, plus (ii) with respect to New ZVF Vehicles that have been delivered and accepted for auction or
otherwise sold and were New ZVF Vehicles at the time of such sale, any accrued and unpaid Monthly Base Rent with respect to such New ZVF Vehicles as of such date under the ZVF Lease, plus (iii) with respect to New ZVF Vehicles that have
been delivered and accepted for auction or otherwise sold or become a Casualty, any accrued and unpaid Casualty Payments with respect to such New ZVF Vehicles as of such date under the ZVF Lease, plus (iv) 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 New ZVF Vehicles as of such date that have not been sold or deemed to be
sold under the Related Documents, minus (v) all amounts specified in clause (ii) or clause (iii) above which are past due as of such date after giving effect to any grace period provided for in the ZVF Lease for making such
payments. 

  
 9 

 “New ZVF Vehicle Market Value Adjustment Amount” means, as of any date of
determination with respect to a New ZVF Vehicle, the excess of (x) the Net Book Value with respect to such New ZVF Vehicle as of such date over (y) the Third-Party Market Value with respect to such New ZVF Vehicle as of such date.

 “New ZVF Vehicle Percentage” means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the New ZVF Vehicle Amount as of such date and the denominator of which is the excess of (x) the Aggregate Asset Amount over (y) the amount of cash and Permitted Investments on deposit in the Collection
Account as of such date. 
 “Nissan/Infiniti Amount” means, as of any date of determination, an amount equal to
the sum of the Manufacturer Vehicle Amounts with respect to Nissan and Infiniti as of such date. 
 “Non-Eligible
Manufacturer Amount” means, as of any date of determination, an amount equal to the sum of the Manufacturer Vehicle Amounts with respect to each Manufacturer that is not an Eligible Manufacturer as of such date. 

“Non-Investment Grade Manufacturer Non-Program Vehicle Amount” means, as of any date of determination, an amount equal
to the sum of the Manufacturer Non-Program Vehicle Amounts with respect to each Non-Investment Grade Manufacturer as of such date. 
 “Non-Investment Grade Manufacturer Non-Program Vehicle Percentage” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the
Non-Investment Grade Manufacturer Non-Program 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 Investment on deposit in the
Collection Account as of such date. 
 “Outstanding” means with respect to the Series 2011-1 Notes, all Series
2011-1 Notes theretofore authenticated and delivered under the Indenture, except (a) Series 2011-1 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2011-1 Notes which have not been presented for
payment but funds for the payment of which are on deposit in the Series 2011-1 Distribution Account and are available for payment of such Series 2011-1 Notes, and Series 2011-1 Notes which are considered paid pursuant to Section 8.1 of the Base
Indenture, or (c) Series 2011-1 Notes in exchange for or in lieu of other Series 2011-1 Notes which have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Trustee is presented that any such Series
2011-1 Notes are held by a purchaser for value. 
 “Past Due Rent Payment” has the meaning specified in
Section 3.2(c) of this Series Supplement. 

  
 10 

 “Preference Amount” means any amount previously paid by Zipcar pursuant to
the Series 2011-1 Demand Note and distributed to the Series 2011-1 Noteholders in respect of amounts owing under the Series 2011-1 Notes that is recoverable or that has been recovered as a voidable preference by the trustee in a bankruptcy
proceeding of Zipcar pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction. 
 “Pre-MRE Eligible Program Vehicle” means an Eligible Program Vehicle prior to the Month of Return Eligibility for such Vehicle. 

“Principal Amount” means, with respect to the Series 2011-1 Notes, the Series 2011-1 Principal Amount. 

“Principal Deficit Amount” means, on any date of determination, the excess, if any, of (a) the Series 2011-1
Adjusted Principal Amount on such date (if such date is a Payment Date, after giving effect to the distribution on such Payment Date of all Principal Collections allocated to the Series 2011-1 Notes during the Related Month or related Series 2011-1
Rapid Amortization Payment Period, as applicable) over (b) the Series 2011-1 Asset Amount on such date; provided, however, that 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 Zipcar of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Zipcar shall have resumed making all payments of Monthly Variable Rent
required to be made under the ZVF Lease, shall mean the excess, if any, of (x) the Series 2011-1 Adjusted Principal Amount on such date (if such date is a Payment Date, after giving effect to the distribution on such Payment Date of all
Principal Collections allocated to the Series 2011-1 Notes during the Related Month or related Series 2011-1 Rapid Amortization Payment Period, as applicable) over (y) the sum of (1) the Series 2011-1 Asset Amount on such date and
(2) the lesser of (a) the Series 2011-1 Liquidity Amount on such date and (b) the Series 2011-1 Required Liquidity Amount on such date. 
 “Program Vehicle Depreciation Enhancement Amount” means, as of any date of determination, with respect to each Pre-MRE Eligible Program Vehicle, the excess of the Net Book Value of such
Vehicle as of such date over the projected Net Book Value of such Pre-MRE Eligible Program Vehicle as of the Determination Date occurring in the Month of Return Eligibility for such Vehicle. 

“Pro Rata Share” means, with respect to any Series 2011-1 Letter of Credit Provider, as of any date, the fraction
(expressed as a percentage) obtained by dividing (A) the available amount under such Series 2011-1 Letter of Credit Provider’s Series 2011-1 Letter of Credit as of such date by (B) an amount equal to the aggregate available amount
under all Series 2011-1 Letters of Credit as of such date; provided, that only for purposes of calculating the Pro Rata Share with respect to any Series 2011-1 Letter of Credit Provider as of any date, if such Series 2011-1 Letter of Credit
Provider has not complied with its obligation to pay the Trustee the amount of any draw under its Series 2011-1 Letter of Credit made prior to such date, the available amount under such Series 2011-1 Letter of Credit Provider’s Series 2011-1
Letter of Credit as of such date 

  
 11 

 
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 2011-1 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 2011-1 Letter of Credit
Provider’s actual liability in respect of any failure to pay any demand under its Series 2011-1 Letter of Credit). 

“Rating Agency” means any of Standard & Poor’s, Moody’s, Fitch, DBRS, Inc., or any other nationally
recognized statistical rating agency, in each case, rating the Series 2011-1 Notes at the request of ZVF. 
 “Rating
Agency Condition” means, as of any date of determination with respect to any action, if on such date any Rating Agency is rating the Series 2011-1 Notes at the request of ZVF, that each such Rating Agency has confirmed in writing that such
action will not result in a downgrade or withdrawal of the rating (in effect immediately before the taking of such action) by such Rating Agency of the Series 2011-1 Notes. 
 “Record Date” means, with respect to any Payment Date, the last day of the Related Month. 
 “Required Noteholders” means, with respect to the Series 2011-1 Notes, Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount, excluding any Series 2011-1
Notes held by ZVF or any Affiliate of ZVF (other than an Affiliate Issuer so long as such Affiliate Issuer has assigned all voting, consent and control rights associated with such Series 2011-1 Notes to Persons that are not Affiliates of ZVF).

 “Second Trigger Required Ratings” means, with respect to any entity, rating requirements which are satisfied
where such entity’s (x) long-term senior unsecured debt, deposit, claims paying or credit (as the case may be) rating is “A3” or above by Moody’s and (y) long-term senior unsecured debt, deposit, claims paying or credit
(as the case may be) rating is “A-” or above by Standard & Poor’s. 
 “Securities
Intermediary” has the meaning specified in Section 3.11(a) of this Series Supplement. 
 “Senior
Credit Facilities” means any Corporate Debt Facility of Zipcar entered into for general corporate purposes, the proceeds of which are primarily intended for use as working capital. 

“Series 2011-1 Accrued Amounts” means, on any date of determination, the sum of (i) accrued and unpaid interest on
the Series 2011-1 Notes as of such date (including any accrued and unpaid Program Fee and Undrawn Fee), (ii) the Indenture Carrying Charges due and payable to the Series 2011-1 Noteholders or the Administrative Agent on the next succeeding
Payment Date and (iii) the product of (x) the Series 2011-1 Percentage as of such date of determination and (y) the Indenture Carrying Charges not included in clause (ii) above. 

  
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 “Series 2011-1 Accrued Interest Account” has the meaning specified in
Section 3.1(a) of this Series Supplement. 
 “Series 2011-1 Additional Investor Group” means
“Additional Investor Group” as defined in the Series 2011-1 Note Purchase Agreement. 
 “Series 2011-1
Additional Investor Group Initial Principal Amount” means “Additional Investor Group Initial Principal Amount” as defined in the Series 2011-1 Note Purchase Agreement. 

“Series 2011-1 Adjusted Enhancement Amount” means, as of any date of determination, the Series 2011-1 Enhancement Amount
as of such date, excluding from the calculation thereof the amount available to be drawn under any Series 2011-1 Letter of Credit if as of such date (A) such Series 2011-1 Letter of Credit shall not be in full force and effect, (B) an
Event of Bankruptcy shall have occurred with respect to the Series 2011-1 Letter of Credit Provider of such Series 2011-1 Letter of Credit, (C) such Series 2011-1 Letter of Credit Provider shall have repudiated such Series 2011-1 Letter of
Credit or failed to honor a draw thereon made in accordance with the terms thereof or (D) a Series 2011-1 Downgrade Event shall have occurred and be continuing for at least 30 days with respect to the Series 2011-1 Letter of Credit Provider of
such Series 2011-1 Letter of Credit. 
 “Series 2011-1 Adjusted Liquidity Amount” means, as of any date of
determination, the Series 2011-1 Liquidity Amount as of such date, excluding from the calculation thereof the amount available to be drawn under any Series 2011-1 Letter of Credit if as of such date (A) such Series 2011-1 Letter of Credit shall
not be in full force and effect, (B) an Event of Bankruptcy shall have occurred with respect to the Series 2011-1 Letter of Credit Provider of such Series 2011-1 Letter of Credit, (C) such Series 2011-1 Letter of Credit Provider shall have
repudiated such Series 2011-1 Letter of Credit or failed to honor a draw thereon made in accordance with the terms thereof or (D) a Series 2011-1 Downgrade Event shall have occurred and be continuing for at least 30 days with respect to the
Series 2011-1 Letter of Credit Provider of such Series 2011-1 Letter of Credit. 
 “Series 2011-1 Adjusted Principal
Amount” means, as of any date of determination, the excess, if any, of (A) the Series 2011-1 Principal Amount as of such date over (B) the sum of (1) the amount of cash and Permitted Investments on deposit in the Series
2011-1 Excess Collection Account (after giving effect to any withdrawals therefrom on such date in accordance with Section 3.2(e) of this Series Supplement) and (2) the amount of cash and Permitted Investments on deposit in the
Series 2011-1 Collection Account and available for reduction of the Series 2011-1 Principal Amount, in each case, as of such date. 

  
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 “Series 2011-1 Asset Amount” means, as of any date of determination, the
product of (i) the Series 2011-1 Asset Percentage as of such date and (ii) the Aggregate Asset Amount as of such date. 
 “Series 2011-1 Asset Percentage” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which shall be equal to the Series 2011-1 Required Asset
Amount, determined during the Series 2011-1 Revolving Period as of the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2011-1 Closing Date, on the Series 2011-1 Closing Date), or,
during the Series 2011-1 Rapid Amortization Period, as of the last day of the Series 2011-1 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 2011-1 Closing Date, as of the Series 2011-1 Closing Date and (II) as of the same date as in clause (I), the Aggregate Required Asset Amount. 

“Series 2011-1 Available Cash Collateral Account Amount” means, as of any date of determination, the amount on deposit
in the Series 2011-1 Cash Collateral Account (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date). 
 “Series 2011-1 Available Reserve Account Amount” means, as of any date of determination, the amount on deposit in the Series 2011-1 Reserve Account. 

“Series 2011-1 Base Rate Tranche” means that portion of the Series 2011-1 Principal Amount purchased or maintained with
Advances which bear interest by reference to the Series 2011-1 Base Rate. 
 “Series 2011-1 Cash Collateral
Account” has the meaning specified in Section 3.9(f) of this Series Supplement. 
 “Series 2011-1
Cash Collateral Account Collateral” has the meaning specified in Section 3.9(a) of this Series Supplement. 

“Series 2011-1 Cash Collateral Account Interest and Earnings” means with respect to a Series 2011-1 Cash Collateral
Account all interest and earnings (net of losses and investment expenses) paid on funds on deposit in such Series 2011-1 Cash Collateral Account. 
 “Series 2011-1 Cash Collateral Account Surplus” means, with respect to any Payment Date, the lesser of (a) the Series 2011-1 Available Cash Collateral Account Amount and (b) the
lesser of (i) the excess, if any, of the Series 2011-1 Adjusted Enhancement Amount (after giving effect to any withdrawal from the Series 2011-1 Reserve Account on such Payment Date) over the Series 2011-1 Required Enhancement Amount on such
Payment Date and (ii) the excess, if any, of the Series 2011-1 Adjusted Liquidity Amount over the Series 2011-1 Required Liquidity Amount on such Payment Date. 

  
 14 

 “Series 2011-1 Cash Collateral Percentage” means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which is the Series 2011-1 Available Cash Collateral Account Amount as of such date and the denominator of which is the Series 2011-1 Letter of Credit Liquidity Amount as of
such date. 
 “Series 2011-1 Certificate of Credit Demand” means a certificate in the form of Annex A to a
Series 2011-1 Letter of Credit. 
 “Series 2011-1 Certificate of Preference Payment Demand” means a certificate
in the form of Annex C to a Series 2011-1 Letter of Credit. 
 “Series 2011-1 Certificate of Termination
Demand” means a certificate in the form of Annex D to a Series 2011-1 Letter of Credit. 
 “Series 2011-1
Certificate of Unpaid Demand Note Demand” means a certificate in the form of Annex B to Series 2011-1 Letter of Credit. 
 “Series 2011-1 Closing Date” means December 29, 2011. 

“Series 2011-1 Collateral” means the Collateral, the Series 2011-1 Interest Rate Caps, each Series 2011-1 Letter of
Credit, the Series 2011-1 Series Account Collateral, the Series 2011-1 Cash Collateral Account Collateral, the Series 2011-1 Demand Note, the Series 2011-1 Distribution Account Collateral and the Series 2011-1 Reserve Account Collateral. 

“Series 2011-1 Collection Account” has the meaning specified in Section 3.1(a) of this Series Supplement.

 “Series 2011-1 CP Tranche” means that portion of the Series 2011-1 Principal Amount purchased or maintained
with Advances which bear interest by reference to the CP Rate. 
 “Series 2011-1 Daily Interest Amount” means,
for any day in a Series 2011-1 Interest Period, an amount equal to the result of (a) the product of (i) the Series 2011-1 Note Rate for such Series 2011-1 Interest Period and (ii) the Series 2011-1 Principal Amount as of the close of
business on such date divided by (b) 360. 
 “Series 2011-1 Deficiency Amount” has the meaning specified
in Section 3.3(e) of this Series Supplement. 
 “Series 2011-1 Demand Note” means each demand note
made by Zipcar, substantially in the form of Exhibit G-2 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 2011-1 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 

  
 15 

 
made on the Series 2011-1 Demand Note that were deposited into the Series 2011-1 Distribution Account and paid to the Series 2011-1 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 ZVF (or any payee of ZVF) with the proceeds of any Series 2011-1 LOC Preference Payment Disbursement (or any withdrawal from any Series
2011-1 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 Zipcar shall have occurred on or before such date of determination, the Series 2011-1 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 2011-1 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 2011-1 Deposit Date” has the meaning specified in Section 3.2 of this Series Supplement. 

“Series 2011-1 Designated Account” has the meaning specified in Section 3.11(a) of this Series Supplement.

 “Series 2011-1 Disbursement” shall mean any Series 2011-1 LOC Credit Disbursement, any Series 2011-1 LOC
Preference Payment Disbursement, any Series 2011-1 LOC Termination Disbursement or any Series 2011-1 LOC Unpaid Demand Note Disbursement under the Series 2011-1 Letters of Credit or any combination thereof. 

“Series 2011-1 Distribution Account” has the meaning specified in Section 3.10(a) of this Series Supplement.

 “Series 2011-1 Distribution Account Collateral” has the meaning specified in Section 3.10(d) of
this Series Supplement. 
 “Series 2011-1 Downgrade Event” has the meaning specified in
Section 3.9(c) of this Series Supplement. 
 “Series 2011-1 Eligible Letter of Credit Provider”
means a Person having, at the time of the issuance of the related Series 2011-1 Letter of Credit, (i) 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 “A1” from Moody’s and at least “A” from Standard & Poor’s and a short-term senior unsecured debt rating (or the equivalent thereof in the case of Moody’s or Standard &
Poor’s, as applicable) of at least “P-1” from Moody’s and at least “A-1” from Standard & Poor’s and (ii) capital, surplus and undivided profits of not less than $500,000,000 as set forth in its most
recent published annual report of condition. 

  
 16 

 “Series 2011-1 Enhancement Amount” means, as of any date of determination,
the sum of (i) the Series 2011-1 Overcollateralization Amount as of such date, (ii) the Series 2011-1 Letter of Credit Amount as of such date and (iii) the Series 2011-1 Available Reserve Account Amount as of such date (after giving
effect to any deposits thereto and withdrawals and releases therefrom on such date). 
 “Series 2011-1 Enhancement
Deficiency” means, as of any date of determination, the amount by which the Series 2011-1 Adjusted Enhancement Amount is less than the Series 2011-1 Required Enhancement Amount, in each case as of such date. 

“Series 2011-1 Eurodollar Rate (Reserve Adjusted)” means the “Eurodollar Rate (Reserve Adjusted)” as defined
in the Series 2011-1 Note Purchase Agreement. 
 “Series 2011-1 Eurodollar Tranche” means that portion of the
Series 2011-1 Principal Amount purchased or maintained with Advances which bear interest by reference to the Series 2011-1 Eurodollar Rate (Reserve Adjusted). 
 “Series 2011-1 Excess Collection Account” has the meaning specified in Section 3.1(a) of this Series Supplement. 

“Series 2011-1 Expected Final Payment Date” means the Payment Date occurring in the twenty-fourth calendar month after
the calendar month in which the Series 2011-1 Commitment Termination Date occurs. 
 “Series 2011-1 Highest Enhancement
Percentage” means, with respect to any date of determination, 55% (or such lower percentage as may be agreed to by ZVF and each Series 2011-1 Noteholder). 
 “Series 2011-1 Highest Enhancement Vehicle Percentage” means, as of any date of determination, the Non-Investment Grade Manufacturer Non-Program Vehicle Percentage, as of such date.

 “Series 2011-1 Initial Principal Amount” means the aggregate initial principal amount of the Series 2011-1
Notes, which is $0. 
 “Series 2011-1 Interest Period” means a period commencing on and including a Payment
Date and ending on and including the day preceding the next succeeding Payment Date; provided, however, that the initial Series 2011-1 Interest Period shall commence on and include the Series 2011-1 Closing Date and end on and include
January 24, 2012. 
 “Series 2011-1 Interest Rate Cap” means any interest rate cap entered into in
accordance with the provisions of Section 3.12(a) of this Series Supplement, including, without limitation, the Series 2011-1 Interest Rate Cap Documents with respect thereto; provided that for the avoidance of doubt each Series
2011-1 Interest Rate Cap 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. 

  
 17 

 “Series 2011-1 Interest Rate Cap Documents” means, with respect to any
Series 2011-1 Interest Rate Cap, the ISDA Master Agreement which governs such Series 2011-1 Interest Rate Cap, together with the schedule and credit support annex thereto and the applicable confirmations thereunder. 

“Series 2011-1 Intermediate Enhancement Percentage” means, with respect to any date of determination, 52% (or such lower
percentage as may be agreed to by ZVF and each Series 2011-1 Noteholder). 
 “Series 2011-1 Intermediate Enhancement
Vehicle Percentage” means, as of any date of determination, the excess of (i) 100% over (ii) the sum of (x) the Series 2011-1 Lowest Enhancement Vehicle Percentage as of such date plus (y) the Series 2011-1
Highest Enhancement Vehicle Percentage as of such date. 
 “Series 2011-1 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 2011-1 Required Asset Amount, determined (x) during the Series 2011-1 Revolving Period, as of the last day of the immediately preceding Related Month
(or, until the end of the initial Related Month after the Series 2011-1 Closing Date, on the Series 2011-1 Closing Date), (y) following the commencement of the Series 2011-1 Rapid Amortization Period but prior to the occurrence of
an Amortization Event with respect to any other Series of Notes during such Series 2011-1 Rapid Amortization Period, as of the last day of the Series 2011-1 Revolving Period and (z) following the commencement of the Series 2011-1
Rapid Amortization Period and after the occurrence of an Amortization Event with respect to any other Series of Notes during such Series 2011-1 Rapid Amortization Period, as of the Business Day immediately preceding the day on which the last
occurring Amortization Event with respect to any other Series of Notes is deemed to have occurred, 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 2011-1 Closing Date, as of the Series 2011-1 Closing Date and (II) the sum of the numerators used to determine the Invested Percentages with respect to Principal Collections as of such date
for all Series of Notes and all Classes of such Series of Notes; 
 (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 2011-1 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 2011-1 Investor Group” means an
“Investor Group” as defined in the Series 2011-1 Note Purchase Agreement. 
 “Series 2011-1 Investor Group
Principal Amount” means “Investor Group Principal Amount” as defined in the Series 2011-1 Note Purchase Agreement. 

  
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 “Series 2011-1 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) or (b) of this Series Supplement would have been deposited into the Series 2011-1 Accrued Interest
Account if all payments of Monthly Variable Rent required to have been made under the ZVF Lease from but 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), or (b) of this Series Supplement have been received for deposit into the Series 2011-1 Accrued Interest Account from but excluding the preceding Payment Date to and including such
Payment Date. 
 “Series 2011-1 Lease Payment Deficit” means either a Series 2011-1 Lease Interest Payment
Deficit or a Series 2011-1 Lease Principal Payment Deficit. 
 “Series 2011-1 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 2011-1 Lease Principal Payment Deficit, if any, on the preceding Payment Date over
(y) the amount deposited in the Series 2011-1 Distribution Account pursuant to Section 3.5(b) of this Series Supplement on such preceding Payment Date on account of such Series 2011-1 Lease Principal Payment Deficit. 

“Series 2011-1 Lease Principal Payment Deficit” means on any Payment Date the sum of (a) the Series 2011-1 Monthly
Lease Principal Payment Deficit for such Payment Date and (b) the Series 2011-1 Lease Principal Payment Carryover Deficit for such Payment Date. 
 “Series 2011-1 Letter of Credit” means an irrevocable letter of credit, substantially in the form of Exhibit B to this Series Supplement issued by a Series 2011-1 Eligible Letter
of Credit Provider in favor of the Trustee for the benefit of the Series 2011-1 Noteholders. 
 “Series 2011-1 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 Series 2011-1 Letters of Credit, as specified therein, and (ii) if the
Series 2011-1 Cash Collateral Account has been established and funded pursuant to Section 3.9 of this Series Supplement, the Series 2011-1 Available Cash Collateral Account Amount on such date and (b) the outstanding principal
amount of the Series 2011-1 Demand Note on such date. 
 “Series 2011-1 Letter of Credit Expiration Date”
means, with respect to any Series 2011-1 Letter of Credit, the expiration date set forth in such Series 2011-1 Letter of Credit, as such date may be extended in accordance with the terms of such Series 2011-1 Letter of Credit. 

“Series 2011-1 Letter of Credit Liquidity Amount” means, as of any date of determination, the sum of (a) the
aggregate amount available to be drawn on such date under each Series 2011-1 Letter of Credit, as specified therein, and (b) if a Series 2011-1 

  
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Cash Collateral Account has been established and funded pursuant to Section 3.9(e) of this Series Supplement, the Series 2011-1 Available Cash Collateral Account Amount on such date.

 “Series 2011-1 Letter of Credit Provider” means the issuer of a Series 2011-1 Letter of Credit. 

“Series 2011-1 Letter of Credit Reimbursement Agreement” means any and each reimbursement agreement providing for the
reimbursement of a Series 2011-1 Letter of Credit Provider for draws under its Series 2011-1 Letter of Credit, as the same may be amended, modified or supplemented from time to time in accordance with its terms. 

“Series 2011-1 Liquidity Amount” means, as of any date of determination, the sum of (a) the Series 2011-1 Letter of
Credit Liquidity Amount and (b) the Series 2011-1 Available Reserve Account Amount on such date (after giving effect to any deposits thereto on such date). 
 “Series 2011-1 Liquidity Deficiency” means, as of any date of determination, the amount, if any, by which the Series 2011-1 Adjusted Liquidity Amount is less than the Series 2011-1
Required Liquidity Amount, in each case, as of such date. 
 “Series 2011-1 Liquidity Surplus” means, with
respect to any date of determination, the excess, if any, of the Series 2011-1 Adjusted Liquidity Amount over the Series 2011-1 Required Liquidity Amount, in each case, as of such date. 

“Series 2011-1 LOC Credit Disbursement” means an amount drawn under a Series 2011-1 Letter of Credit pursuant to a
Series 2011-1 Certificate of Credit Demand. 
 “Series 2011-1 LOC Preference Payment Disbursement” means an
amount drawn under a Series 2011-1 Letter of Credit pursuant to a Series 2011-1 Certificate of Preference Payment Demand. 

“Series 2011-1 LOC Termination Disbursement” means an amount drawn under a Series 2011-1 Letter of Credit pursuant to a
Series 2011-1 Certificate of Termination Demand. 
 “Series 2011-1 LOC Unpaid Demand Note Disbursement” means
an amount drawn under a Series 2011-1 Letter of Credit pursuant to a Series 2011-1 Certificate of Unpaid Demand Note Demand. 

“Series 2011-1 Lowest Enhancement Percentage” means, with respect to any date of determination, 28% (or such lower
percentage as may be agreed to by ZVF and each Series 2011-1 Noteholder). 
 “Series 2011-1 Lowest Enhancement Vehicle
Percentage” means, as of any date of determination, the sum of (a) the Category 1 Manufacturer Eligible Program Vehicle Percentage as of such date plus (b) the Capped Category 2 Manufacturer Eligible Program Vehicle
Percentage as of such date. 

  
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 “Series 2011-1 Maximum Amount” means any of the Series 2011-1 Maximum Audi
Amount, Series 2011-1 Maximum BMW/Mini Amount, the Series 2011-1 Maximum Daimler/Smart Amount, the Series 2011-1 Maximum Fiat/Alfa Romeo Amount, the Series 2011-1 Maximum Ford Amount, the Series 2011-1 Maximum GM Amount, the Series 2011-1 Maximum
Honda/Acura Amount, the Series 2011-1 Maximum Hyundai/Kia Amount, the Series 2011-1 Maximum Mazda Amount, the Series 2011-1 Maximum Nissan/Infiniti Amount, the Series 2011-1 Maximum Non-Eligible Manufacturer Amount, the Series 2011-1 Maximum Subaru
Amount, the Series 2011-1 Maximum Toyota/Scion/Lexus Amount, the Series 2011-1 Maximum Volkswagen/Audi Amount and the Series 2011-1 Maximum Volvo Amount. 
 “Series 2011-1 Maximum Audi Amount” means, as of any date of determination, an amount equal to 30% of the Adjusted Aggregate Asset Amount on such date.” 

“Series 2011-1 Maximum BMW/Mini Amount” means, as of any date of determination, an amount equal to 50% of the Adjusted
Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Daimler/Smart Amount” means, as of any date of
determination, an amount equal to 20% of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum
Fiat/Alfa Romeo Amount” means, as of any date of determination, an amount equal to 5% of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Ford Amount” means, as of any date of determination, an amount equal to 20% of the Adjusted Aggregate Asset Amount on such date. 

“Series 2011-1 Maximum GM Amount” means, as of any date of determination, an amount equal to 10% of the Adjusted
Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Honda/Acura Amount” means, as of any date of
determination, an amount equal to 50% of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum
Hyundai/Kia Amount” means, as of any date of determination, an amount equal to 10% of the Adjusted Aggregate Asset Amount on such date. 

  
 21 

 “Series 2011-1 Maximum Investor Group Principal Amount” means “Maximum
Investor Group Principal Amount” as defined in the Series 2011-1 Note Purchase Agreement. 
 “Series 2011-1 Maximum
Mazda Amount” means, as of any date of determination, an amount equal to 35% of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Nissan/Infiniti Amount” means, as of any date of determination, an amount equal to 25% of the Adjusted Aggregate Asset Amount on such date. 

“Series 2011-1 Maximum Non-Eligible Manufacturer Amount” means, as of any date of determination, an amount equal to 3%
of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Principal Amount” means,
$50,000,000; provided that such amount may be (i) reduced at any time and from time to time by ZVF upon notice to each Series 2011-1 Noteholder, each Conduit Investor and each Committed Note Purchaser in accordance with the terms of the
Series 2011-1 Note Purchase Agreement and this Series Supplement, (ii) increased at any time and from time to time by ZVF upon notice to each Series 2011-1 Noteholder, each Conduit Investor and each Committed Note Purchaser with the consent of
each such party, or (iii) increased at any time and from time to time upon a Series 2011-1 Additional Investor Group becoming party to the Series 2011-1 Note Purchase Agreement in accordance with the terms thereof. 

“Series 2011-1 Maximum Subaru Amount” means, as of any date of determination, an amount equal to 10% of the Adjusted
Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Toyota/Scion/Lexus Amount” means, as of any date
of determination, an amount equal to 50% of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum
Volkswagen/Audi Amount” means, as of any date of determination, an amount equal to 40% of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Volvo Amount” means, as of any date of determination, an amount equal to 10% of the Adjusted Aggregate Asset Amount on such date. 

“Series 2011-1 Monthly Default Interest Amount” means, with respect to any Payment Date, the sum of (i) an amount
equal to the product of (x) 2.0% and (y) the result of (a) the sum of the Series 2011-1 Principal Amount for each day during the related Series 2011-1 Interest Period (after giving effect to any increases or decreases to the Series
2011-1 Principal Amount on such day) during which an Amortization Event 

  
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with respect to the Series 2011-1 Notes has occurred and is continuing divided by (b) 360 plus (ii) all previously due and unpaid amounts described in clause (i) with
respect to prior Series 2011-1 Interest Periods (together with interest on such unpaid amounts required to be paid in this clause (ii) at the rate specified in clause (i)). 

“Series 2011-1 Monthly Interest” means, with respect to any Payment Date, the sum of (i) the Series 2011-1 Daily
Interest Amount for each day in the related Series 2011-1 Interest Period, plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Series 2011-1 Interest Periods (together with interest
on such unpaid amounts required to be paid in this clause (ii) at the Series 2011-1 Note Rate), plus (iii) the Undrawn Fee for such Payment Date, calculated in accordance with Section 3.02(b) of the Series 2011-1 Note
Purchase Agreement. 
 “Series 2011-1 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), or (b) of this Series Supplement would have been deposited into the Series 2011-1 Collection
Account if all payments required to have been made under the ZVF Lease from but 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) or (b) of this Series Supplement have been received for deposit into the Series 2011-1 Collection Account (without giving effect to any amounts deposited into the Series 2011-1 Accrued Interest Account pursuant
to the proviso in Section 3.2(b)(ii) of this Series Supplement) from but excluding the preceding Payment Date to and including such Payment Date. 
 “Series 2011-1 New ZVF Vehicle Market Value Adjustment Amount” means, as of any date of determination, an amount equal to the product of (a) the Series 2011-1 Required Asset Amount
Percentage as of the immediately preceding Business Day and (b) the sum, for all New ZVF Vehicles as of such date, of the New ZVF Vehicle Market Value Adjustment Amount as of such date with respect to each such New ZVF Vehicle. 

“Series 2011-1 Noteholder” means each Person in whose name a Series 2011-1 Note is registered in the Note Register.

 “Series 2011-1 Note Purchase Agreement” means the Series 2011-1 Note Purchase Agreement, dated as of
December 29, 2011, among ZVF, the Administrator, the Servicer, the Lessee, the Funding Agents, the Conduit Investors, the Committed Note Purchasers and the Administrative Agent, pursuant to which the Series 2011-1 Investor Groups have agreed to
purchase the Series 2011-1 Notes from ZVF, subject to the terms and conditions set forth therein, as amended, modified or supplemented from time to time. 
 “Series 2011-1 Note Rate” means, for any Series 2011-1 Interest Period, the sum of (i) the weighted average of (x) the weighted average of the CP Rates applicable to the Series
2011-1 CP Tranche, (y) the weighted average of the Series 2011-1 Eurodollar Rates (Reserve Adjusted) applicable to the Series 2011-1 Eurodollar Tranche and (z) the weighted average of the Series 2011-1 Base Rates applicable to the

  
 23 

 
Series 2011-1 Base Rate Tranche, in each case for the Series 2011-1 Interest Period and (ii) the weighted average of the applicable Series 2011-1 Program Fee Rates for such Series 2011-1
Interest Period; provided, however, that the Series 2011-1 Note Rate will in no event be higher than the maximum rate permitted by applicable law. 
 “Series 2011-1 Notes” means any one of the Series 2011-1 Variable Funding Car Sharing Asset Backed Notes executed by ZVF and authenticated by or on behalf of the Trustee, substantially in
the form of Exhibit A hereto. 
 “Series 2011-1 Notice of Reduction” means a notice in the form of Annex
G to a Series 2011-1 Letter of Credit. 
 “Series 2011-1 Outstanding Amount” means, as of any date of
determination, the sum of (i) the Series 2011-1 Principal Amount as of such date, (ii) all accrued and unpaid interest thereon as of such date and (iii) any other amounts due and payable to the Administrative Agent and the Series
2011-1 Noteholders pursuant to the Series 2011-1 Note Purchase Agreement as of such date. 
 “Series 2011-1 Outstanding
Principal Amount” means, when used with respect to any date, an amount equal to (a) the sum of (i) the Series 2011-1 Initial Principal Amount plus (ii), without duplication, the sum of the Series 2011-1 Additional Investor Group
Initial Principal Amounts for each Series 2011-1 Additional Investor Group as of such date minus (b) the aggregate amount of principal payments (whether pursuant to a Decrease, a redemption or otherwise) made to the Series 2011-1
Noteholders on or prior to such date plus (c) any Increases in the Series 2011-1 Principal Amount pursuant to Section 2.1(a) of this Series Supplement on or prior to such date. 

“Series 2011-1 Overcollateralization Amount” means, as of any date of determination, (i) on which no Aggregate
Asset Amount Deficiency exists, the Series 2011-1 Required Overcollateralization Amount as of such date or (ii) on which an Aggregate Asset Amount Deficiency exists, the excess, if any, of the Series 2011-1 Asset Amount over the Series 2011-1
Adjusted Principal Amount as of such date. 
 “Series 2011-1 Past Due Rent Payment” has the meaning specified
in Section 3.2(c) of this Series Supplement. 
 “Series 2011-1 Percentage” means, as of any date of
determination, a fraction, expressed as a percentage, the numerator of which is the Series 2011-1 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date. 

“Series 2011-1 Principal Amount” means when used with respect to any date, an amount equal to the Series 2011-1
Outstanding Principal Amount plus the amount of any principal payments made to Series 2011-1 Noteholders that have been rescinded or otherwise returned by the Series 2011-1 Noteholders for any reason; provided that, during the Series 2011-1
Revolving Period, for purposes of determining whether or not the Series 2011-1 Noteholders or the Required Noteholders have given any consent, waiver, direction or instruction, the Series 2011-1 Principal Amount held by

  
 24 

 
such Series 2011-1 Noteholder shall be deemed to include, without double-counting, the undrawn portion of the “Series 2011-1 Maximum Investor Group Invested Amount” for such Series
2011-1 Noteholder’s Series 2011-1 Investor Group. 
 “Series 2011-1 Principal Allocation” has the meaning
specified in Section 3.2 (a)(ii) of this Series Supplement. 
 “Series 2011-1 Program Fee Rate”
means the “Program Fee Rate” as defined in the Series 2011-1 Note Purchase Agreement. 
 “Series 2011-1
Program Vehicle Depreciation Enhancement Amount” means, as of any date of determination, the sum of the Program Vehicle Depreciation Enhancement Amounts for all Pre-MRE Eligible Program Vehicles as of such date. 

“Series 2011-1 Rapid Amortization Payment Period” means, with respect to any Payment Date during the Series 2011-1 Rapid
Amortization Period, the period from but excluding the Determination Date immediately preceding the prior Payment Date (or, in the case of the first Payment Date during the Series 2011-1 Rapid Amortization Period, the period from and including the
date of the commencement of such Series 2011-1 Rapid Amortization Period) to and including the Determination Date immediately preceding such Payment Date; provided that any Monthly Base Rent paid by the Lessee under the ZVF Lease on a Payment
Date during the Series 2011-1 Rapid Amortization Period shall be deemed to have been received during the Series 2011-1 Rapid Amortization Payment Period with respect to such Payment Date. 

“Series 2011-1 Rapid Amortization Period” means the period beginning on 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 2011-1 Notes, and ending upon the earlier to occur of (i) the date on which (A) the Series 2011-1 Notes are fully paid and
(B) the termination of the Indenture. 
 “Series 2011-1 Repurchase Amount” has the meaning specified in
Section 6.1(a) of this Series Supplement. 
 “Series 2011-1 Required Asset Amount” means, as of any
date of determination, the sum of (i) the Series 2011-1 Adjusted Principal Amount as of such date and (ii) the Series 2011-1 Required Overcollateralization Amount as of such date. 

“Series 2011-1 Required Asset Amount Percentage” means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Series 2011-1 Required Asset Amount and the denominator of which is the Aggregate Required Asset Amount as of such date. 
 “Series 2011-1 Required Enhancement Amount” means, as of any date of determination, the sum of (a) the product of (i) the Series 2011-1 Required Enhancement Percentage as of
such date and (ii) the Series 2011-1 Adjusted Principal Amount as of such date, (b) the Series 2011-1 New ZVF Vehicle Market Value Adjustment Amount as 

  
 25 

 
of such date, (c) the Series 2011-1 Required Incremental Enhancement Amount as of such date and (d) the Series 2011-1 Program Vehicle Depreciation Enhancement Amount as of such date;
provided, however, that, as of any date of determination after the occurrence of a Limited Liquidation Event of Default, the Series 2011-1 Required Enhancement Amount shall equal the lesser of (x) the Series 2011-1 Adjusted
Principal Amount as of such date and (y) the sum of (a) the product of (x) the Series 2011-1 Required Enhancement Percentage as of such date and (y) the Series 2011-1 Adjusted Principal Amount as of such date, (b) the Series
2011-1 New ZVF Vehicle Market Value Adjustment Amount as of such date, (c) the Series 2011-1 Required Incremental Enhancement Amount as of such date and (d) the Series 2011-1 Program Vehicle Depreciation Enhancement Amount as of such date.

 “Series 2011-1 Required Enhancement Percentage” means, as of any date of determination, the greater of
(I) 49% and (II) the sum of (a) the sum of (i) the product of (1) the Series 2011-1 Lowest Enhancement Percentage as of such date and (2) the Series 2011-1 Lowest Enhancement Vehicle Percentage as of such date, (ii) the
product of (1) the Series 2011-1 Intermediate Enhancement Percentage as of such date and (2) the Series 2011-1 Intermediate Enhancement Vehicle Percentage as of such date and (iii) the product of (1) the Series 2011-1 Highest
Enhancement Percentage and (2) the Series 2011-1 Highest Enhancement Vehicle Percentage and (b) if positive, a percentage equal to the sum of (i) the product of (1) 100% minus the Measurement Month Average with respect to the
immediately preceding Measurement Month and (2) the New ZVF Vehicle Percentage as of such date and (ii) the product of (1) 100% minus the lower of (A) the Measurement Month Average for the immediately preceding Measurement Month
and (B) the lowest Standard ZVF Vehicle Market Value Average as of each of the three Determination Dates immediately preceding such date (or, if such date is a Determination Date, as of such date and the two Determination Dates immediately
preceding such date) and (2) the Standard ZVF Vehicle Percentage as of such date 
 “Series 2011-1 Required
Incremental Enhancement Amount” means 
 (i) as of the Series 2011-1 Closing Date, $0; and (ii) as of any date
thereafter on which the Series 2011-1 Adjusted Principal Amount is greater than zero, the product of (A) the Series 2011-1 Required Asset Amount Percentage as of the immediately preceding Business Day and (B) the sum of (1) the
excess, if any, of the Audi Amount over the Series 2011-1 Maximum Audi Amount as of such immediately preceding Business Day, (2) the excess, if any, of the BMW/Mini Amount over the Series 2011-1 Maximum BMW/Mini Amount as of such immediately
preceding Business Day, (3) the excess, if any, of the Daimler/Smart Amount over the Series 2011-1 Maximum Daimler/Smart Amount as of such immediately preceding Business Day, (4) the excess, if any, of the Fiat/Alfa Romeo Amount over the
Series 2011-1 Maximum Fiat/Alfa Romeo Amount as of such immediately preceding Business Day, (5) the excess, if any, of the Ford Amount over the Series 2011-1 Maximum Ford Amount as of such immediately preceding Business Day, (6) the
excess, if any, of the GM Amount over the Series 2011-1 Maximum GM Amount as of such immediately preceding Business Day (7) the excess, if any, of the Honda/Acura Amount over the Series 2011-1 Maximum Honda/Acura Amount as of such immediately
preceding Business Day, (8) the excess, if any, of the 

  
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Hyundai/Kia Amount over the Series 2011-1 Maximum Hyundai/Kia Amount as of such immediately preceding Business Day, (9) the excess, if any, of the Mazda Amount over the Series 2011-1 Maximum
Mazda Amount as of such immediately preceding Business Day, (10) the excess, if any, of the Nissan/Infiniti Amount over the Series 2011-1 Maximum Nissan/Infiniti Amount as of such immediately preceding Business Day, (11) the excess, if
any, of the Subaru Amount over the Series 2011-1 Maximum Subaru Amount as of such immediately preceding Business Day, (12) the excess, if any, of the Toyota/Scion/Lexus Amount over the Series 2011-1 Maximum Toyota/Scion/Lexus Amount as of such
immediately preceding Business Day, (13) the excess, if any, of the Volkswagen/Audi Amount over the Series 2011-1 Maximum Volkswagen/Audi Amount as of such immediately preceding Business Day, (14) the excess, if any, of the Volvo Amount
over the Series 2011-1 Maximum Volvo Amount as of such immediately preceding Business Day and (15) the excess, if any, of the Non-Eligible Manufacturer Amount over the Series 2011-1 Maximum Non-Eligible Manufacturer Amount as of such
immediately preceding Business Day. 
 “Series 2011-1 Required Liquidity Amount” means, as of any date of
determination, an amount equal to the product of (A) the Series 2011-1 Required Liquidity Percentage as of such date and (B) the Series 2011-1 Adjusted Principal Amount as of such date. 

“Series 2011-1 Required Liquidity Percentage” means, as of any date of determination, 8.25%. 

“Series 2011-1 Required Overcollateralization Amount” means, as of any date of determination, the excess, if any, of
(a) the Series 2011-1 Required Enhancement Amount as of such date over (b) the sum of (i) the Series 2011-1 Available Reserve Account Amount as of such date (after giving effect to any deposits thereto and withdrawals and releases
therefrom on such date) and (ii) the portion of the Series 2011-1 Letter of Credit Amount which constitutes part of the Series 2011-1 Adjusted Enhancement Amount as of such date. 

“Series 2011-1 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 Series 2011-1 Required Liquidity Amount over the Series 2011-1 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 Series 2011-1 Letter of Credit if at the time of such calculation (A) such Series 2011-1 Letter of Credit shall not be in full force and effect, (B) an Event of Bankruptcy shall have occurred with respect to the Series 2011-1
Letter of Credit Provider of such Series 2011-1 Letter of Credit, (C) such Series 2011-1 Letter of Credit Provider shall have repudiated such Series 2011-1 Letter of Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Series 2011-1 Downgrade Event shall have occurred and be continuing for at least 30 days with respect to the Series 2011-1 Letter of Credit Provider of such Series 2011-1 Letter of Credit and (b) the excess, if any, of the
Series 2011-1 Required Enhancement Amount over the Series 2011-1 Adjusted Enhancement Amount (excluding therefrom the Series 2011-1 Available Reserve Account Amount), in each case, as of such date. 

  
 27 

 “Series 2011-1 Reserve Account” has the meaning specified in
Section 3.8(a) of this Series Supplement. 
 “Series 2011-1 Reserve Account Collateral” has the
meaning specified in Section 3.8(d) of this Series Supplement. 
 “Series 2011-1 Reserve Account
Surplus” means, with respect to any date of determination, the excess, if any, of the Series 2011-1 Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the
Series 2011-1 Required Reserve Account Amount, in each case, as of such date. 
 “Series 2011-1 Revolving
Period” means the period from and including the Series 2011-1 Closing Date to the commencement of the Series 2011-1 Rapid Amortization Period. 
 “Series 2011-1 Series Account Collateral” has the meaning specified in Section 3.1(d) of this Series Supplement. 

“Series 2011-1 Series Accounts” has the meaning specified in Section 3.1(a) of this Series Supplement.

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

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

“Standard ZVF Vehicle” means a ZVF Vehicle that is an Eligible Vehicle and is a Non-Program Vehicle and is not a New ZVF
Vehicle. 
 “Standard ZVF 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 Standard ZVF Vehicles as of such date
and not sold or deemed to be sold under the Related Documents, plus (ii) with respect to Standard ZVF Vehicles that have been delivered and accepted for auction or otherwise sold and were Standard ZVF Vehicles at the time of such sale,
any accrued and unpaid Monthly Base Rent with respect to such Standard ZVF Vehicles as of such date under the ZVF Lease, plus (iii) with respect to Standard ZVF Vehicles that have been delivered and accepted for auction or otherwise sold
or become a Casualty, any accrued and unpaid Casualty Payments with respect to such Standard ZVF Vehicles as of such date under the ZVF Lease, plus (iv) 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 Standard ZVF Vehicles as of such date that have not been sold or deemed to be sold under the Related Documents, minus
(v) all amounts specified in clause (ii) or clause (iii) above which are past due as of such date after giving effect to any grace period provided for in the ZVF Lease for making such payments. 

  
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 “Standard ZVF Vehicle Fleet Market Value” means, with respect to all
Standard ZVF Vehicles as of any date of determination, the sum of the respective Third-Party Market Values of each such Standard ZVF Vehicle as of such date. 
 “Standard ZVF Vehicle Market Value Average” means, as of any date of determination on or after the initial Determination Date following the Initial Closing Date, the percentage equivalent
(not to exceed 100%) of a fraction, the numerator of which is the Standard ZVF Vehicle Fleet Market Value as of the preceding Determination Date (or as of such date, if such date is a Determination Date) and the denominator of which is the aggregate
Net Book Value of all such Standard ZVF Vehicles as of such preceding Determination Date (or as of such date, if such date is a Determination Date). 
 “Standard ZVF Vehicle Percentage” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Standard ZVF Vehicle Amount as of such
date and the denominator of which is the excess of (x) the Aggregate Asset Amount over (y) the amount of cash and Permitted Investments on deposit in the Collection Account as of such date. 

“Subaru Amount” means, as of any date of determination, an amount equal to the Manufacturer Vehicle Amount with respect
to Subaru as of such date. 
 “Third-Party Market Value” means, with respect to any ZVF Vehicle as of any date
of determination: 
 (a) if such ZVF Vehicle is a New ZVF Vehicle as of such date, (x) the Net Book Value with respect to
such ZVF Vehicle as of such date minus (y) the excess of (i) the Capitalized Cost with respect to such ZVF Vehicle over (ii) the Discounted MSRP with respect to such ZVF Vehicle; and 

(b) if such ZVF Vehicle is a Standard ZVF Vehicle as of such date, the wholesale market value of such ZVF Vehicle as specified in the
Related Month’s published NADA Guide for the model class and model year of such ZVF Vehicle based on the average equipment and the average mileage of each ZVF 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 ZVF Vehicle is not included therein, the Third-Party Market Value of such ZVF Vehicle shall be based on the wholesale market value specified in the Finance Guide
for the model class and model year of such ZVF Vehicle based on the average equipment and the average mileage of each ZVF Vehicle of such model class and model year; provided, further, that if the Finance Guide is being published but such ZVF
Vehicle is not included therein or if the Finance Guide was not published in the Related Month, the Third-Party Market Value of such ZVF Vehicle shall be based on an independent third-party data source selected by the Servicer and approved by the
Administrative Agent (such approval not to be unreasonably withheld or delayed), at the request of ZVF based on the average equipment 

  
 29 

 
and average mileage of each ZVF 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 ZVF 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. 
 “Toyota/Scion/Lexus Amount”
means, as of any date of determination, an amount equal to the sum of the Manufacturer Vehicle Amounts with respect to Toyota, Scion and Lexus as of such date. 
 “Undrawn Fee” means the “Undrawn Fee” as defined in the Series 2011-1 Note Purchase Agreement. 
 “Volkswagen/Audi Amount” means, as of any date of determination, an amount equal to the sum of the Manufacturer Vehicle Amounts with respect to Volkswagen and Audi as of such date.

 “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 Manufacturer Vehicle Amount
with respect to Volvo as of such date. 
 “Voting Stock” means, with respect to any Person, shares of Capital
Stock entitled to vote generally in the election of directors. 
 “Zipcar Fleet Vehicle Capitalized Cost”
means, with respect to each Zipcar Fleet Vehicle, an amount equal to (a) the price paid for such Zipcar Fleet Vehicle by Zipcar or any subsidiary thereof to the Manufacturer, dealer or other Person selling such Zipcar Fleet Vehicle, as
established by the invoice delivered in connection with the purchase of such Zipcar Fleet Vehicle, plus (b) any delivery charges for such Zipcar Fleet Vehicle, minus (c) the amount of any upfront incentive fees paid or
payable to Zipcar or any subsidiary thereof by the Manufacturer of such Zipcar Fleet Vehicle in respect of the purchase of such Zipcar Fleet Vehicle. 
 “Zipcar Fleet Vehicle Depreciation Charges” means, with respect to any Zipcar Fleet Vehicle for any calendar month, a monthly depreciation charge equal to the product of (x) the
Zipcar Fleet Vehicle Capitalized Cost with respect to such Zipcar Fleet Vehicle and (y) a percentage equal to the Depreciation Charge for such calendar month with respect to a ZVF Vehicle that is a Non-Program Vehicle of the same make, model
and model year as such Zipcar Fleet Vehicle. The Zipcar Fleet Vehicle Depreciation Charge with respect to any Zipcar Fleet Vehicle for the calendar month in which such Zipcar Fleet Vehicle (x) becomes a Zipcar Fleet Vehicle or (y) is sold
or otherwise ceases to be a Zipcar Fleet Vehicle, shall equal the product of (i) the Depreciation Charge for such calendar month with respect to such Zipcar Fleet Vehicle and (ii) 50%. 

  
 30 

 “Zipcar Fleet Vehicle Net Book Value” means, as of any date of
determination, (x) with respect to any ZVF Vehicle, the Net Book Value of such ZVF Vehicle on such date and (y) with respect to each other Zipcar Fleet Vehicle, (a) the Zipcar Fleet Vehicle Capitalized Cost with respect to such Zipcar
Fleet Vehicle minus (b) the aggregate Zipcar Fleet Vehicle Depreciation Charges accrued with respect to such Zipcar Fleet Vehicle through the last day of the most recently ended calendar month. 

“Zipcar Fleet Vehicle” means any passenger automobile or light-duty truck that is owned directly or indirectly by Zipcar
for use in its car sharing business (including any ZVF Vehicle) and titled in the United States and which is not an Eligible Program Vehicle. 
 ARTICLE II 
 INITIAL ISSUANCE AND INCREASES AND DECREASES 

OF PRINCIPAL AMOUNT OF SERIES 2011-1 NOTES 
 Section 2.1. Initial Issuance; Procedure for Increasing the Series 2011-1 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) through (b)(viii),
subsection (b)(x) and, in the case of the issuance of Additional Series 2011-1 Notes, subsection (b)(ix), 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 2011-1 Closing Date, ZVF shall issue Series 2011-1 Notes in the aggregate initial principal amount equal to the Series 2011-1 Initial Principal Amount, (ii) on any Business Day during the Series 2011-1 Revolving Period,
ZVF may issue Additional Series 2011-1 Notes in an aggregate initial principal amount equal to the Series 2011-1 Additional Investor Group Initial Principal Amount with respect to the related Series 2011-1 Additional Investor Group and (iii) on
any Business Day during the Series 2011-1 Revolving Period, ZVF may, in accordance with the Series 2011-1 Note Purchase Agreement, increase the Series 2011-1 Principal Amount (each such increase referred to as an “Increase”), by
issuing, at par, ratable amounts of additional principal amounts of the Series 2011-1 Notes. Each Increase of the Series 2011-1 Notes shall be made in accordance with the provisions of Sections 2.02 and 2.03 of the Series 2011-1 Note Purchase
Agreement and shall be ratably allocated among the Series 2011-1 Notes, based on their respective portion of the Series 2011-1 Principal Amount prior to giving effect to such Increase. Proceeds from the initial issuance of the Series 2011-1 Notes,
from any additional issuance of Additional Series 2011-1 Notes and from any Increase with respect to the Series 2011-1 Notes shall be deposited into the Collection Account and such proceeds shall be 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 Series 2011-1 Notes will be issued on the Series 2011-1 Closing Date, Additional Series 2011-1 Notes will be issued on
any Business Day during 

  
 31 

 
the Series 2011-1 Revolving Period that a Series 2011-1 Additional Investor Group becomes a party to the Series 2011-1 Note Purchase Agreement, and ZVF may request an Increase on any Business Day
during the Series 2011-1 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, such additional issuance of Additional Series 2011-1 Notes and each proposed Increase: 

(i) other than in the case of the initial issuance of the Series 2011-1 Notes on the Series 2011-1 Closing Date, the
amount of such issuance or Increase shall be equal to or greater than $500,000 and integral multiples of $100,000 in excess thereof; 
 (ii) after giving effect to such issuance or Increase, (A) the Series 2011-1 Investor Group Principal Amount with respect to each Series 2011-1 Investor Group shall not exceed the Series 2011-1
Maximum Investor Group Principal Amount with respect to such Series 2011-1 Investor Group and (B) the Series 2011-1 Principal Amount shall not exceed the Series 2011-1 Maximum Principal Amount; 

(iii) after giving effect to such issuance or Increase and the application of the proceeds thereof, no Series 2011-1
Enhancement Deficiency, Series 2011-1 Liquidity Deficiency or Aggregate Asset Amount Deficiency shall exist; 

(iv) after giving effect to such issuance or Increase and the application of the proceeds thereof, the amount on deposit
in the Series 2011-1 Reserve Account shall be equal to or greater than the Series 2011-1 Required Reserve Account Amount; 
 (v) no Amortization Event or Potential Amortization Event with respect to the Series 2011-1 Notes shall have occurred and be continuing and such issuance or Increase and the application of the proceeds
thereof shall not result in the occurrence of (1) an Amortization Event with respect to the Series 2011-1 Notes or a 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 2011-1 Notes or a 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 expressly relate to an earlier date); 
 (vii) with respect to such issuance or any Increase, all
conditions precedent to such issuance or the making of advances, as applicable, under the applicable Series 2011-1 Note Purchase Agreement shall have been satisfied; 

  
 32 

 (viii) ZVF shall have acquired and shall be maintaining in force one or more
Series 2011-1 Interest Rate Caps in accordance with Section 3.12 of this Series Supplement after giving effect to such issuance or Increase; 
 (ix) with respect to the issuance of any Additional Series 2011-1 Notes, ZVF shall have received the prior written consent of each existing Series 2011-1 Noteholder; and 

(x) after giving effect to such Increase, no more than three Increases shall have occurred during such calendar week.

 Section 2.2. Procedure for Decreasing the Series 2011-1 Principal Amount. 

(a) Mandatory Decrease. 
 (i) If on any date a Series 2011-1 Enhancement Deficiency exists, then ZVF shall instruct the Trustee to withdraw from the Series 2011-1 Excess Collection Account funds in an amount equal to the least of
(x) the amount necessary, so that after giving effect to all Decreases of the Series 2011-1 Principal Amount on such date, no such Series 2011-1 Enhancement Deficiency shall exist, (y) the Series 2011-1 Principal Amount and (z) the
amount of Principal Collections on deposit in the Series 2011-1 Excess Collection Account on such date and available for distribution to effect a Mandatory Decrease pursuant to Section 3.2(e) of this Series Supplement, and distribute
such amount pro rata to the Series 2011-1 Noteholders in respect of principal on the Series 2011-1 Notes in accordance with Section 3.5(e) of this Series Supplement (in accordance with and subject to the limitations specified in
Section 2.2(c) below). 
 (ii) If on any date an Aggregate Asset Amount Deficiency exists, then ZVF
shall instruct the Trustee to withdraw from the Series 2011-1 Excess Collection Account funds in an amount equal to the least of (x) the Series 2011-1 Invested Percentage (with respect to Principal Collections) of the amount of such Aggregate
Asset Amount Deficiency, (y) the Series 2011-1 Principal Amount as of the date of application of such funds and (z) the amount of Principal Collections on deposit in the Series 2011-1 Excess Collection Account on such date and available
for distribution to effect a Mandatory Decrease pursuant to Section 3.2(e) of this Series Supplement, and distribute such amount pro rata to the Series 2011-1 Noteholders in respect of principal on the Series 2011-1 Notes in accordance
with Section 3.5(e) of this Series Supplement (in accordance with and subject to the limitations specified in Section 2.2(c) below) (each reduction of the Series 2011-1 Principal Amount pursuant to this
Section 2.2(a), a “Mandatory Decrease”). 
 (iii) With respect to any Mandatory
Decrease of the Series 2011-1 Principal Amount, ZVF shall also instruct the Trustee to withdraw from the Series 2011-1 Excess Collection Account funds in an amount equal to any associated 

  
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breakage costs (including Commercial Paper discounts and interest scheduled to accrue through the maturity of such Commercial Paper) incurred as a result of such Mandatory Decrease (paid together
with such Mandatory Decrease and calculated in accordance with the procedures outlined in Section 6.1 of this Series Supplement for optional repurchases) to pay such costs pursuant to Section 3.2(e) of this Series Supplement.

 (iv) Each Mandatory Decrease of the Series 2011-1 Principal Amount shall be ratably allocated among the Series
2011-1 Noteholders, based on their respective portion of the Series 2011-1 Principal Amount prior to giving effect to such Mandatory Decrease. Upon discovery of such a Series 2011-1 Enhancement Deficiency, Aggregate Asset Amount Deficiency, ZVF
shall promptly deliver written notice (by facsimile with original to follow by mail) of any related Mandatory Decreases to the Trustee. 
 (b) Voluntary Decrease of Series 2011-1 Notes. On any Business Day, upon at least 3 Business Day’s prior notice to each Series 2011-1 Noteholder, each Conduit Investor, each Committed Note
Purchaser and the Trustee, ZVF may decrease the Series 2011-1 Principal Amount (each such reduction of the Series 2011-1 Principal Amount pursuant to this Section 2.2(b), a “Voluntary Decrease”) by withdrawing from the
Series 2011-1 Excess Collection Account or, after the conclusion of the Series 2011-1 Revolving Period, the Series 2011-1 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 account (or, in the case of the Series 2011-1 Collection Account, up to the total amount available in such account for payment of principal of the Series 2011-1 Notes) and, in the case of the Series 2011-1 Excess
Collection Account, available for distribution to effect a Voluntary Decrease pursuant to Section 3.2(e) of this Series Supplement, and distributing pro rata to the Series 2011-1 Noteholders in respect of principal of the Series 2011-1
Notes, the amount of such withdrawal in accordance with Section 3.5(e) of this Series Supplement, together with any associated breakage costs (including Commercial Paper discounts and interest scheduled to accrue through the maturity of
such Commercial Paper) incurred as a result of such decrease (paid together with such decrease and calculated in accordance with the procedures outlined in Section 6.1 of this Series Supplement for optional repurchases); provided
that ZVF shall not effect a Voluntary Decrease pursuant to this Section 2.2(b) more than three times in any calendar week; provided further that the Trustee shall not be required to monitor the compliance of ZVF with the
limitation on the frequency of Voluntary Decreases set forth in the immediately preceding proviso. Such Voluntary Decrease shall be ratably allocated among the Series 2011-1 Noteholders, based on their respective portion of the Series 2011-1
Principal Amount. Each such Voluntary Decrease shall be, in the aggregate for all Series 2011-1 Notes, in a minimum principal amount of $500,000 and integral multiples of $100,000 in excess thereof. 

(c) Upon distribution to the Series 2011-1 Noteholders of principal of the Series 2011-1 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 2011-1 Excess Collection

  
 34 

 
Account or the Series 2011-1 Collection Account and available for distribution to Series 2011-1 Noteholders in respect of principal of the Series 2011-1 Notes on the date of such Decrease
pursuant to the terms hereof; provided that, for the avoidance of doubt, any amounts on deposit in the Series 2011-1 Collection Account and identified for payment to the Series 2011-1 Noteholders pursuant to Section 3.5(a) of this
Series Supplement shall not be considered to be available for distribution to Series 2011-1 Noteholders pursuant to the terms of this Section 2.2. 
 ARTICLE III 
 SERIES 2011-1 ALLOCATIONS 

With respect to the Series 2011-1 Notes only, the following shall apply: 

Section 3.1. Series 2011-1 Series Accounts. 
 (a) Establishment of Series 2011-1 Series Accounts. ZVF shall establish and maintain in the name of the Trustee for the benefit of the Series 2011-1 Noteholders three accounts: the Series 2011-1
Collection Account (such account, the “Series 2011-1 Collection Account”), the Series 2011-1 Accrued Interest Account (such account, the “Series 2011-1 Accrued Interest Account”) and the Series 2011-1 Excess
Collection Account (such account, the “Series 2011-1 Excess Collection Account” and, together with the Series 2011-1 Collection Account and the Series 2011-1 Accrued Interest Account, the “Series 2011-1 Series
Accounts”). Each Series 2011-1 Series Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2011-1 Noteholders. Each Series 2011-1 Series Account shall be an Eligible
Deposit Account. If a Series 2011-1 Series Account is at any time no longer an Eligible Deposit Account, ZVF shall, within 10 Business Days of obtaining knowledge that such Series 2011-1 Series Account is no longer an Eligible Deposit Account,
establish a new Series 2011-1 Series Account that is an Eligible Deposit Account and shall instruct the Trustee in writing to transfer all cash and investments from the non-qualifying Series 2011-1 Series Account into the new Series 2011-1 Series
Account. Initially, each of the Series 2011-1 Series Accounts will be established with Deutsche Bank Trust Company Americas. 

(b) Administration of the Series 2011-1 Series Accounts. ZVF may instruct (by standing instructions or otherwise) the institution
maintaining each of the Series 2011-1 Series Accounts to invest funds on deposit in such Series 2011-1 Series Account from time to time in Permitted Investments; provided, however, that (x) any such investment in the Series 2011-1
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 2011-1
Excess Collection Account) and (y) any such investment in the Series 2011-1 Collection Account or the Series 2011-1 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 2011-1 

  
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Collection Account or Series 2011-1 Accrued Interest Account). ZVF 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 2011-1 Series Accounts shall remain
uninvested. 
 (c) Earnings from Series 2011-1 Series Accounts. All interest and earnings (net of losses and investment
expenses) paid on funds on deposit in the Series 2011-1 Series Accounts shall be deemed to be on deposit therein and available for distribution. 
 (d) Series 2011-1 Series Accounts Constitute Additional Collateral for Series 2011-1 Notes. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the
Series 2011-1 Notes, ZVF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2011-1 Noteholders, all of ZVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired): (i) the Series 2011-1 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 2011-1 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 2011-1 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 2011-1 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 cash (the
items in the foregoing clauses (i) through (vi) are referred to, collectively, as the “Series 2011-1 Series Account Collateral”). 
 Section 3.2. Allocations with Respect to the Series 2011-1 Notes. 

The net proceeds from the initial sale of the Series 2011-1 Notes and any Increase with respect to the Series 2011-1 Notes shall be
deposited into the Collection Account and shall be allocated in accordance with clause (a)(ii) of this Section 3.2 below. All amounts payable to ZVF under the Series 2011-1 Interest Rate Caps will be deposited into the Series
2011-1 Collection Account. On each Business Day on which the proceeds of the initial sale of the Series 2011-1 Notes, any Increase or Collections are deposited into the Collection Account (each such date, a “Series 2011-1 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 2011-1 Revolving Period. During the Series 2011-1 Revolving Period,
the Administrator will direct the Trustee in writing pursuant to the Administration Agreement, prior to 12:00 noon (New York City time) on each Series 2011-1 Deposit Date, to apply from all amounts deposited into the Collection Account as set forth
below: 

  
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 (i) allocate to and deposit in the Series 2011-1 Collection Account an
amount equal to the sum of (A) the Series 2011-1 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 2011-1 Interest Rate
Caps. All such amounts deposited into the Series 2011-1 Collection Account shall thereafter be deposited into the Series 2011-1 Accrued Interest Account; and 
 (ii) allocate to and deposit in the Series 2011-1 Excess Collection Account (A) an amount equal to the Series 2011-1 Invested Percentage (as of such day) of the aggregate amount of Principal
Collections on such day, (B) on the Series 2011-1 Closing Date, the net proceeds from the issuance of the Series 2011-1 Notes and (C) on the date of any Increase, the proceeds of such Increase (for any such day, the “Series 2011-1
Principal Allocation”). 
 (b) Allocations of Collections During the Series 2011-1 Rapid Amortization Period.
During the Series 2011-1 Rapid Amortization Period, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement, prior to 12:00 noon (New York City time) on any Series 2011-1 Deposit Date, to apply from all amounts
deposited into the Collection Account as set forth below following payment in full of all fees, costs and expenses owed to the Trustee and the Collateral Agent hereunder or under any Related Document: 

(i) allocate to and deposit in the Series 2011-1 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 2011-1 Accrued Interest Account; and 
 (ii) allocate to and deposit in the Series 2011-1 Collection Account an amount equal to the Series 2011-1 Principal Allocation for such day, which amount shall be used pursuant to Section 3.5
of this Series Supplement to make principal payments on a pro rata basis in respect of the Series 2011-1 Notes until the Series 2011-1 Notes have been paid in full; provided that (a) if on any Determination Date
(A) the Administrator determines that the amount anticipated to be available from Interest Collections allocable to the Series 2011-1 Notes (less any amounts used to pay fees, costs and expenses owed to the Trustee or the Collateral Agent), any
amounts payable to the Trustee in respect of any Series 2011-1 Interest Rate Caps and other amounts available pursuant to Section 3.3 of this Series Supplement to pay Series 2011-1 Monthly Interest on the next succeeding Payment Date
will be less than the Series 2011-1 Monthly Interest for such Payment Date and (B) the Series 2011-1 Enhancement Amount is greater than zero, then the Administrator shall direct the Trustee in writing to withdraw from the Series 2011-1
Collection Account a portion of such Principal Collections allocated to the Series 2011-1 Notes during the related Series 2011-1 Rapid Amortization Payment Period equal to the lesser of such insufficiency and the

  
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Series 2011-1 Enhancement Amount and deposit such amount into the Series 2011-1 Accrued Interest Account to be treated as Interest Collections on such Payment Date. 

(c) Past Due Rental Payments. Notwithstanding the foregoing, if, after the occurrence of a Series 2011-1 Lease Payment Deficit,
the Lessee shall make a payment of Rent or other amount payable by the Lessee under the ZVF Lease on or prior to the fifth Business Day after the occurrence of such Series 2011-1 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 2011-1 Collection Account an amount equal to the Series 2011-1 Invested Percentage as of the date of the
occurrence of such Series 2011-1 Lease Payment Deficit of the Collections attributable to such Past Due Rent Payment (the “Series 2011-1 Past Due Rent Payment”). The Administrator shall instruct the Trustee in writing pursuant to
the Administration Agreement to withdraw from the Series 2011-1 Collection Account and apply the Series 2011-1 Past Due Rent Payment in the following order: 
 (i) if the occurrence of the related Series 2011-1 Lease Payment Deficit resulted in one or more Series 2011-1 LOC Credit Disbursements being made under the Series 2011-1 Letters of Credit, pay to each
Series 2011-1 Letter of Credit Provider who made such a Series 2011-1 LOC Credit Disbursement for application in accordance with the provisions of the applicable Series 2011-1 Letter of Credit Reimbursement Agreement an amount equal to the lesser of
(x) the unreimbursed amount of such Series 2011-1 Letter of Credit Provider’s Series 2011-1 LOC Credit Disbursement and (y) such Series 2011-1 Letter of Credit Provider’s pro rata share, calculated on the basis of the
unreimbursed amount of each such Series 2011-1 Letter of Credit Provider’s Series 2011-1 LOC Credit Disbursement, of the amount of the Series 2011-1 Past Due Rent Payment; 

(ii) if the occurrence of such Series 2011-1 Lease Payment Deficit resulted in a withdrawal being made from the Series
2011-1 Cash Collateral Account, deposit in the Series 2011-1 Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2011-1 Past Due Rent Payment remaining after any payments pursuant to clause
(i) above and (y) the amount withdrawn from the Series 2011-1 Cash Collateral Account on account of such Series 2011-1 Lease Payment Deficit; 
 (iii) if the occurrence of such Series 2011-1 Lease Payment Deficit resulted in a withdrawal being made from the Series 2011-1 Reserve Account pursuant to Section 3.3(c) of this Series
Supplement, deposit in the Series 2011-1 Reserve Account an amount equal to the lesser of (x) the amount of the Series 2011-1 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and
(y) the excess, if any, of the Series 2011-1 Required Reserve Account Amount over the Series 2011-1 Available Reserve Account Amount on such day; 

  
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 (iv) deposit into the Series 2011-1 Accrued Interest Account the amount, if
any, by which the Series 2011-1 Lease Interest Payment Deficit, if any, relating to such Series 2011-1 Lease Payment Deficit exceeds the amount of the Series 2011-1 Past Due Rent Payment applied pursuant to clauses (i) through
(iii) above; and 
 (v) deposit into the Series 2011-1 Excess Collection Account and treat as
Principal Collections the remaining amount of the Series 2011-1 Past Due Rent Payment. 
 (d) Amounts Allocated from Other
Series. Amounts allocated to other Series of Notes that have been reallocated by ZVF to the Series 2011-1 Notes (i) during the Series 2011-1 Revolving Period shall be deposited into the Series 2011-1 Excess Collection Account and applied in
accordance with Section 3.2(e) of this Series Supplement and (ii) during the Series 2011-1 Rapid Amortization Period shall be deposited into the Series 2011-1 Collection Account and applied in accordance with
Section 3.2(b) of this Series Supplement to make principal payments in respect of the Series 2011-1 Notes. 
 (e)
Series 2011-1 Excess Collection Account. Amounts deposited into the Series 2011-1 Excess Collection Account on any Series 2011-1 Deposit Date will be (i) first, withdrawn and deposited in the Series 2011-1 Reserve Account in an
amount up to the excess, if any, of the Series 2011-1 Required Reserve Account Amount for such date over the Series 2011-1 Available Reserve Account Amount for such date, (ii) second, used (x) to make a Mandatory Decrease, if
applicable, in accordance with Sections 2.2(a) and 3.5(e) of this Series Supplement and (y) to pay any associated costs pursuant to Section 2.2(a)(iii), (iii) third, used to pay the principal amount of
other Series of Notes that are then required to be paid or, at the option of ZVF, to pay the principal amount of other Series of Notes that may be paid under the Indenture, (iv) fourth, at the option of ZVF to make a Voluntary Decrease
in accordance with Sections 2.2(b) and 3.5(e) of this Series Supplement, and (v) fifth, any remaining funds may be released to ZVF, in the case of clauses (iii) through (v), only to the extent that no
Series 2011-1 Enhancement Deficiency or other Amortization Event with respect to the Series 2011-1 Notes would result therefrom or exist immediately thereafter. Notwithstanding the foregoing, on the first day of the Series 2011-1 Rapid Amortization
Period, all funds on deposit in the Series 2011-1 Excess Collection Account (including amounts allocated thereto pursuant to Section 3.2(a)(ii) or (c)(v) of this Series Supplement and any amounts allocated thereto pursuant to
Section 3.2(d) of this Series Supplement) will be withdrawn from the Series 2011-1 Excess Collection Account and deposited into the Series 2011-1 Collection Account and applied in accordance with Section 3.2(b)(ii) of this
Series Supplement. For the avoidance of doubt, the proceeds of any capital contribution to ZVF may, at ZVF’s discretion, be allocated to, and deposited in, the Series 2011-1 Excess Collection Account and may be used for the purposes set forth
in this Section 3.2(e). 

  
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 Section 3.3. Application of Interest Collections. 

(a) Note Interest with respect to the Series 2011-1 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 2011-1 Accrued Interest Account to the extent funds are anticipated to be available from Interest
Collections allocable to the Series 2011-1 Notes processed from but not including the preceding Payment Date through the succeeding Payment Date and any amounts payable to ZVF under any Series 2011-1 Interest Rate Cap during that period in respect
of (i) first, an amount equal to the sum of (A) the Series 2011-1 Monthly Interest (excluding amounts referenced in clause (ii) of the definition thereof to the extent duplicative of Series 2011-1 Deficiency Amounts
payable under clause (iii) below) for such Payment Date (the portion of such amount of Series 2011-1 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 Series 2011-1 Monthly Interest with respect to any such Estimated Interest Period, the “Estimated Interest”) shall be
estimated by the Administrator on such Determination Date) and (B) the Estimated Interest Adjustment Amount with respect to such Determination Date, (ii) second, an amount equal to any Indenture Carrying Charges due to the Series
2011-1 Noteholders and unpaid as of such Payment Date which are not included in the definition of Series 2011-1 Monthly Interest, (iii) third, an amount equal to the sum of the unpaid Series 2011-1 Deficiency Amounts, if any, as of the
preceding Payment Date (together with any accrued interest on such Series 2011-1 Deficiency Amounts), and (iv) fourth, an amount equal to the Series 2011-1 Monthly Default Interest Amount, if any, for such Payment Date. 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(a), from the Series 2011-1 Accrued Interest Account and deposit such amounts into
the Series 2011-1 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 H to this Series Supplement (each an
“Estimated Interest Adjustment Notice”). 
 (b) 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 2011-1 Lease Payment Deficit, such notification to be in the form of Exhibit C to this Series Supplement (each a “Lease
Payment Deficit Notice”). 
 (c) Withdrawals from the Series 2011-1 Reserve Account. If the Administrator
determines on any Payment Date that the amounts available from the Series 2011-1 Accrued Interest Account are insufficient to pay the sum of the amounts described in clauses (i) through (iii) of Section 3.3(a) of
this Series Supplement on such Payment Date, the Administrator shall instruct the Trustee by 11:00 a.m. (New York City time) in writing to withdraw from the Series 2011-1 Reserve Account and deposit in the Series 2011-1 Distribution Account on such
Payment Date an amount equal to the lesser of the Series 2011-1 Available Reserve Account Amount and such insufficiency. The Trustee shall withdraw such amount from the Series 2011-1 Reserve Account and deposit such amount in the Series 2011-1
Distribution Account. 

  
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 (d) Draws on Series 2011-1 Letters of Credit. If the Administrator determines on any
Payment Date that there exists a Series 2011-1 Lease Interest Payment Deficit, the Administrator shall instruct the Trustee in writing to draw on the Series 2011-1 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 on the Series 2011-1 Letters of Credit an amount, as set forth in such notice, equal to the least of
(i) such Series 2011-1 Lease Interest Payment Deficit, (ii) the excess, if any, of (x) the sum of the amounts described in clauses (i) through (iii) of Section 3.3(a) of this Series Supplement on
such Payment Date over (y) the amounts available from the Series 2011-1 Accrued Interest Account plus the amount to be withdrawn from the Series 2011-1 Reserve Account pursuant to Section 3.3(c) of this Series Supplement on such
Payment Date and (iii) the Series 2011-1 Letter of Credit Liquidity Amount on such Payment Date by presenting to each Series 2011-1 Letter of Credit Provider a draft accompanied by a Series 2011-1 Certificate of Credit Demand and shall cause
the Series 2011-1 LOC Credit Disbursements to be deposited in the Series 2011-1 Distribution Account on such Payment Date; provided, however, that if the Series 2011-1 Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Series 2011-1 Cash Collateral Account and deposit in the Series 2011-1 Distribution Account an amount equal to the lesser of (x) the Series 2011-1 Cash Collateral Percentage on such Payment Date of the least of
the amounts described in clauses (i), (ii) or (iii) above and (y) the Series 2011-1 Available Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the
Series 2011-1 Letters of Credit. 
 (e) Deficiency Amounts. If the amounts described in Sections 3.3(a),
(c) and (d) of this Series Supplement and available to pay Series 2011-1 Monthly Interest, as applicable, are insufficient to pay the Series 2011-1 Monthly Interest for any Payment Date, payments of interest to the Series
2011-1 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 Series 2011-1 Notes shall be referred to as a
“Series 2011-1 Deficiency Amount”. Interest shall accrue on any Series 2011-1 Deficiency Amount at the Series 2011-1 Note Rate. 
 (f) 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 2011-1 Accrued Interest Account as follows: 

(i) first, to the Administrator, in an amount equal to the Series 2011-1 Percentage as of the beginning of the
Series 2011-1 Interest Period ending on the day preceding such Payment Date of the Monthly Administration Fee for such Series 2011-1 Interest Period; 

  
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 (ii) second, to the Trustee, in an amount equal to the Series 2011-1
Percentage as of the beginning of the Series 2011-1 Interest Period ending on the day preceding such Payment Date of any Trustee’s fees for such Series 2011-1 Interest Period that remain unpaid on such Payment Date; 

(iii) third, on a pro rata basis, to the Back-Up Disposition Agent and the Back-Up Administrator, in
an amount equal to the Series 2011-1 Percentage as of the beginning of the Series 2011-1 Interest Period ending on the day preceding such Payment Date of the Back-Up Disposition Agent’s and the Back-Up Administrator’s fees for such Series
2011-1 Interest Period; 
 (iv) fourth, on a pro rata basis, to pay any Indenture Carrying
Charges (other than Indenture Carrying Charges provided for above) that remain unpaid on such Payment Date to the Persons to whom such amounts are owed, in an amount equal to the Series 2011-1 Percentage as of the beginning of the Series 2011-1
Interest Period ending on the day preceding such Payment Date of such Indenture Carrying Charges for such Series 2011-1 Interest Period; and 
 (v) fifth, the balance, if any, shall be withdrawn from the Series 2011-1 Accrued Interest Account by the Trustee and (A) during the Series 2011-1 Revolving Period, deposited into the Series
2011-1 Excess Collection Account or (B) during the Series 2011-1 Rapid Amortization Period, deposited into the Series 2011-1 Collection Account and treated as Principal Collections. 

(g) Trustee Fees. If, on any Payment Date after the occurrence and during the continuance of a Liquidation Event of Default or a
Limited Liquidation Event of Default, (x) the funds available to pay the Trustee fees pursuant to Section 3.3(f)(ii) 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(f)(iv) 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 the Series 2011-1 Reserve Account and pay to itself on such Payment Date an amount equal to the least of (A) the Series 2011-1
Available Reserve Account Amount on such Payment Date (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date), (B) an amount equal to the excess, if any, of (i) 0.70% of the Series 2011-1 Required
Asset Amount as of the date of the occurrence of such Liquidation Event of Default or Limited Liquidation Event of Default over (ii) the aggregate of all amounts previously withdrawn from the Series 2011-1 Reserve Account pursuant to this
Section 3.3(g) in respect of fees and other amounts due and owing to the Trustee and (C) such insufficiency. The Trustee shall withdraw such amounts from the Series 2011-1 Reserve Account and pay or reimburse itself. 

(h) Back-Up Servicing Fees. If, on any Payment Date after the occurrence and during the continuance of a Liquidation Event of
Default or a Limited Liquidation Event of Default, (x) the funds available to pay the Back-Up Disposition Agent fees and the Back-Up Administrator fees pursuant to Section 3.3(f)(iii) of this

  
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Series Supplement on such Payment Date are less than the amount payable to the Back-Up Disposition Agent and the Back-Up Administrator thereunder on such Payment Date or (y) the funds
available to pay the portion of the Indenture Carrying Charges payable to the Back-Up Disposition Agent and the Back-Up Administrator pursuant to Section 3.3(f)(iv) of this Series Supplement on such Payment Date are less than the amount
payable to the Back-Up Disposition Agent and the Back-Up Administrator thereunder on such Payment Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series 2011-1 Reserve Account (after giving effect to any
withdrawals therefrom in accordance with Section 3.3(g) of this Series Supplement) and pay to the Back-Up Disposition Agent and the Back-Up Administrator, on a pro rata basis on such Payment Date an amount equal to the
least of (A) the Series 2011-1 Available Reserve Account Amount on such Payment Date (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date), (B) an amount equal to the excess, if any, of
(i) 0.70% of the Series 2011-1 Required Asset Amount as of the date of the occurrence of such Liquidation Event of Default or Limited Liquidation Event of Default over (ii) the aggregate of the amounts previously withdrawn from the Series
2011-1 Reserve Account under this Section 3.3(h) in respect of fees and other amounts due and owing to the Back-Up Administrator and Back-Up Disposition Agent and (C) such insufficiency. The Trustee shall withdraw such amounts from
the Series 2011-1 Reserve Account and pay or reimburse the Back-Up Disposition Agent and the Back-Up Administrator. 

Section 3.4. Payment of Note Interest. 
 On each Payment Date, the Trustee shall, in accordance with Section 6.1 of the Base Indenture, pay to the Series 2011-1 Noteholders from the Series 2011-1 Distribution Account the amount deposited in
the Series 2011-1 Distribution Account pursuant to Section 3.3 of this Series Supplement in the order of priority set forth in Section 3.3(a) of this Series Supplement. 

Section 3.5. Payment of Note Principal. 
 (a) Monthly Payments During Series 2011-1 Rapid Amortization Period. Commencing on the first Determination Date after the commencement of the Series 2011-1 Rapid Amortization Period and on each
Determination Date thereafter, the Administrator shall instruct the Trustee in writing pursuant to the Administration Agreement with respect to the related Payment Date as to (w) the amount allocated to the Series 2011-1 Notes pursuant to
Section 3.2(b)(ii) of this Series Supplement and any amounts allocated from the Series 2011-1 Excess Collection Account to the Series 2011-1 Collection Account pursuant to Section 3.2(e) of this Series Supplement and/or
allocated to the Series 2011-1 Collection Account pursuant to Section 3.2(d) or Section 3.3(f) of this Series Supplement, in each case, prior to such date and not previously deposited into the Series 2011-1 Distribution
Account for payment to the Series 2011-1 Noteholders, as the case may be, (x) any amounts to be withdrawn from the Series 2011-1 Reserve Account and deposited into the Series 2011-1 Distribution Account pursuant to this
Section 3.5, (y) any amounts to be drawn on the Series 2011-1 Letters of Credit (and/or withdrawn from the Series 2011-1 Cash Collateral Account) pursuant to this 

  
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Section 3.5 and (z) the amount of any demand to be made under the Series 2011-1 Demand Note. On the Payment Date following each such Determination Date during the Series
2011-1 Rapid Amortization Period, the Trustee shall withdraw such amounts allocated to pay principal of the Series 2011-1 Notes from the Series 2011-1 Collection Account and deposit such amount together with the proceeds of any demand made on the
Series 2011-1 Demand Note received during the period from but excluding the immediately preceding Payment Date to and including such Payment Date into the Series 2011-1 Distribution Account along with any other amounts deposited in the Series 2011-1
Distribution Account for the payment of principal of such Series 2011-1 Notes pursuant to Section 3.5(b) of this Series Supplement and any amounts deposited in the Series 2011-1 Distribution Account pursuant to Section 3.5(c)
of this Series Supplement, in each case during the related Series 2011-1 Rapid Amortization Payment Period, which amount shall be paid pursuant to Section 3.5(d) of this Series Supplement. 

(b) Principal Deficit Amount. If the Principal Deficit Amount is greater than zero on any date or the Administrator determines
that there exists a Series 2011-1 Lease Principal Payment Deficit, the Administrator shall promptly provide written notice thereof to the Administrative Agent and the Trustee. On each Payment Date on which the Principal Deficit Amount is greater
than zero or a Series 2011-1 Lease Principal Payment Deficit exists, amounts shall be transferred to the Series 2011-1 Distribution Account as follows: 
 (i) Series 2011-1 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 11:00
a.m. (New York City time) on such Payment Date, in the case of a Principal Deficit Amount resulting from a Series 2011-1 Lease Payment Deficit, or prior to 11:00 a.m. (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 Series 2011-1 Reserve Account, an amount equal to the lesser of (x) such Principal Deficit Amount and (y) the Series 2011-1 Available Reserve Account Amount on such Payment
Date (after giving effect to any withdrawals from the Series 2011-1 Reserve Account on such Payment Date pursuant to Section 3.3(c) of this Series Supplement), and deposit such withdrawal in the Series 2011-1 Distribution Account on such
Payment Date. 
 (ii) Principal Draws on Series 2011-1 Letters of Credit. If the Administrator determines
on any Payment Date that there exists a Series 2011-1 Lease Principal Payment Deficit that exceeds the amount, if any, withdrawn from the Series 2011-1 Reserve Account in accordance with clause (i) of this Section 3.5(b),
then the Administrator shall instruct the Trustee in writing to draw on the Series 2011-1 Letters of Credit, if any, in an amount equal to the least of (1) the excess of the Series 2011-1 Lease Principal Payment Deficit over the amount, if
any, withdrawn from the Series 2011-1 Reserve Account in accordance with clause (i) of this Section 3.5(b), (2) the Series 2011-1 Letter of Credit Liquidity Amount (after giving effect to any drawings on the Series
2011-1 Letters of Credit on such Payment Date pursuant to Section 3.3(d) of this Series 

  
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Supplement) and (3) 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 Zipcar of a petition for
relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Zipcar shall have resumed making all payments of Monthly Variable Rent required to be made under the ZVF Lease, the excess, if any, of the Principal Deficit Amount
over the amount, if any, withdrawn from the Series 2011-1 Reserve Account in accordance with clause (i) of this Section 3.5(b). Upon receipt of a notice by the Trustee from the Administrator in respect of a Series 2011-1
Lease Principal Payment Deficit 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 the Series 2011-1 Letters of Credit by presenting to each Series 2011-1 Letter of Credit Provider a draft accompanied by a Series 2011-1 Certificate of Credit Demand and shall cause the Series 2011-1 LOC Credit Disbursements to be
deposited in the Series 2011-1 Distribution Account on such Payment Date; provided, however, that if the Series 2011-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2011-1 Cash
Collateral Account and deposit in the Series 2011-1 Distribution Account an amount equal to the lesser of (x) the Series 2011-1 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 Series 2011-1 Available Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Series 2011-1 Letters of Credit. 

(iii) Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit
Amount on the next succeeding Payment Date (after giving effect to the withdrawal from the Series 2011-1 Reserve Account on such Payment Date pursuant to clause (i) of this Section 3.5(b) of this Series Supplement and any
drawings on the Series 2011-1 Letters of Credit on such Payment Date pursuant to clause (ii) of this Section 3.5(b)) will be greater than zero, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior
to such Payment Date, the Administrator shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit G-1 to this Series Supplement (each a
“Demand Notice”) on Zipcar for payment under the Series 2011-1 Demand Note in an amount equal to the lesser of (i) the Principal Deficit Amount less the amount to be deposited in the Series 2011-1 Distribution Account in
accordance with clauses (i) and/or (ii) of this Section 3.5(b) of this Series Supplement and (ii) the principal amount of the Series 2011-1 Demand Note. The Trustee shall, prior to 12:00 noon (New York City
time) on the second Business Day preceding such Payment Date, deliver such Demand Notice to Zipcar; provided, however, that if 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 Zipcar shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to Zipcar. The Trustee shall cause the proceeds of any
demand on the Series 2011-1 Demand Note to be deposited into the Series 2011-1 Distribution Account, and such proceeds shall be treated as Principal Collections. 

  
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 (iv) Letter of Credit Draw. If (1) the Trustee shall have
delivered a Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Zipcar shall have failed to pay to the Trustee or deposit into the Series 2011-1 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, (2) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the
definition thereof, without the lapse of a period of 60 consecutive days) with respect to Zipcar, the Trustee shall not have delivered such Demand Notice to Zipcar or (3) there is a Preference Amount (of which the Trustee has actual knowledge
or with respect to which the Trustee has received written notice thereof), the Trustee shall draw on the Series 2011-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of
(A) the amount that Zipcar failed to pay under the Series 2011-1 Demand Note, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (B) the Series 2011-1 Letter of Credit
Amount on such Business Day, by presenting to each Series 2011-1 Letter of Credit Provider a draft accompanied by a Series 2011-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2011-1 Certificate of
Preference Payment Demand; provided, however that if the Series 2011-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2011-1 Cash Collateral Account and deposit in the Series 2011-1
Distribution Account an amount equal to the lesser of (x) the Series 2011-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series
2011-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2011-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw
on the Series 2011-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2011-1 Cash Collateral Account into the Series 2011-1 Distribution Account and such proceeds shall be treated as Principal Collections. 

(c) Legal Final Payment Dates. The Series 2011-1 Principal Amount shall be due and payable on the Legal Final Payment Date. In
connection therewith: 
 (i) Reserve Account Withdrawal. If the amount to be deposited in the Series
2011-1 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(b) of this
Series Supplement on the Legal Final Payment Date, in each case, to pay principal of the Series 2011-1 Notes, is less than the Series 2011-1 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 the Series 2011-1 

  
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Reserve Account, an amount equal to the lesser of (i) the Series 2011-1 Available Reserve Account Amount (after giving effect to any withdrawals from the Series 2011-1 Reserve Account
pursuant to Section 3.3(c) and Section 3.5(b)(i) of this Series Supplement), and (ii) such insufficiency, and deposit such withdrawn amounts in the Series 2011-1 Distribution Account on the Legal Final Payment Date. The
Trustee shall withdraw such amounts from the Series 2011-1 Reserve Account and deposit such amounts in the Series 2011-1 Distribution Account on or prior to the Legal Final Payment Date. 

(ii) Demand Note Draw. If the amount to be deposited in the Series 2011-1 Distribution Account pursuant to
Section 3.5(a) of this Series Supplement together with any amounts to be deposited therein in accordance with Section 3.5(b) and Section 3.5(c)(i) of this Series Supplement on the Legal Final Payment Date is less
than the Series 2011-1 Principal Amount, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Legal Final Payment Date, the Administrator shall instruct the Trustee in writing (and provide the requisite information
to the Trustee) to deliver a Demand Notice to Zipcar for payment under the Series 2011-1 Demand Note in an amount equal to the lesser of (i) such insufficiency and (ii) the principal amount of the Series 2011-1 Demand Note. The Trustee
shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Legal Final Payment Date, deliver such Demand Notice to Zipcar; 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 Zipcar shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to
Zipcar. The Trustee shall cause the proceeds of any demand on the Series 2011-1 Demand Note to be deposited into the Series 2011-1 Distribution Account, and such proceeds shall be treated as Principal Collections for all purposes hereunder.

 (iii) Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided
in Section 3.5(c)(ii) of this Series Supplement and Zipcar shall have failed to pay to the Trustee or deposit into the Series 2011-1 Distribution Account the amount specified in such Demand Notice referred to in
Section 3.5(c)(ii) of this Series Supplement in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of an Event of Bankruptcy (or the
occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to Zipcar, the Trustee shall not have delivered such Demand Notice to Zipcar or (3) there
is a Preference Amount, the Trustee shall draw on the Series 2011-1 Letters of Credit, if any, by 3:00 p.m. (New York City time) on such Business Day an amount equal to the lesser of (A) the amount that Zipcar failed to pay under the Series
2011-1 Demand Note (or the amount that the Trustee failed to demand for payment thereunder) or the Preference Amount, as the case may be; and (B) the Series 2011-1 Letter of Credit Amount on such Business Day, by presenting to each Series
2011-1 Letter of Credit Provider a draft accompanied by a Series 2011-1 Certificate of Unpaid 

  
 47 

 
Demand Note Demand or, in the case of a Preference Amount, a Series 2011-1 Certificate of Preference Demand; provided, however that if the Series 2011-1 Cash Collateral Account has
been established and funded, the Trustee shall withdraw from the Series 2011-1 Cash Collateral Account and deposit in the Series 2011-1 Distribution Account an amount equal to the lesser of (x) the Series 2011-1 Cash Collateral Percentage on
such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 2011-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of
such amount on the Series 2011-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2011-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2011-1 Cash
Collateral Account into the Series 2011-1 Distribution Account and such proceeds shall be treated as Principal Collections. 

(d) 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 and any amounts are deposited in the Series 2011-1 Distribution Account for the payment of principal of such Series 2011-1 Notes pursuant to Section 3.5(b) of this Series Supplement and/or
Section 3.5(c) of this Series Supplement, the Trustee shall in accordance with instructions of the Administrator, pursuant to and in accordance with Section 6.1 of the Base Indenture, pay to the Series 2011-1 Noteholders the amount
deposited in the Series 2011-1 Distribution Account for the payment of principal of the Series 2011-1 Notes held by such Series 2011-1 Noteholders pursuant to Section 3.5(a) of this Series Supplement. After the commencement of the Series
2011-1 Rapid Amortization Period and the payment in full of the Series 2011-1 Principal Amount, any remaining Principal Collections allocated to the Series 2011-1 Notes in accordance with Section 3.2(b) of this Series Supplement shall be
withdrawn from the Series 2011-1 Collection Account and/or the Series 2011-1 Excess Collection Account and used to pay any remaining amounts payable by the Issuer pursuant to this Series Supplement or the applicable Series 2011-1 Note Purchase
Agreement in accordance with the priorities set forth in Sections 3.3(a) and (f) of this Series Supplement. 

(e) Decreases. On any Business Day on which (i) a Mandatory Decrease pursuant to Section 2.2(a) of this Series
Supplement shall be required, the Trustee shall withdraw from the Series 2011-1 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 2011-1 Excess Collection Account and available for payment of such Mandatory Decrease pursuant to Section 3.2(e) of this Series Supplement and (y) the amount of such Mandatory Decrease, and distribute on a pro
rata basis such amount to the Series 2011-1 Noteholders as a payment of principal of the Series 2011-1 Notes, or (ii) a Voluntary Decrease pursuant to Section 2.2(b) of this Series Supplement shall be declared, the Trustee
shall distribute the amounts withdrawn from the Series 2011-1 Excess Collection Account (and available for payment of such Voluntary Decrease pursuant to Section 3.2(e) of this Series Supplement) and/or the Series 2011-1 Collection
Account (and available in such account for payment of principal of the Series 2011-1 Notes) on a pro rata basis to the Series 2011-1 Noteholders as a payment of principal of the Series 2011-1 Notes. 

  
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 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 2011-1 Distribution Account no later
than 4:30 p.m. (New York City time) for credit to the account designated by the Series 2011-1 Noteholders. 
 Section 3.7.
The Administrator’s Failure to Instruct the Trustee to Make a Deposit or Payment. 
 If the Administrator fails to give instructions
to make any payment from or deposit into the Collection Account or any Series 2011-1 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 not be required to make such payment or deposit into or from the Collection Account or such Series 2011-1 Series Account without such instruction from the Administrator. When any payment or deposit, or any demand on
the Series 2011-1 Demand Note or any draw on the Series 2011-1 Letters of Credit is required to be made by the Trustee hereunder or under any Related Document 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 2011-1 Letters of Credit required to be given by the Administrator, at the time specified in this
Series Supplement, the Trustee shall draw on such Series 2011-1 Letters of Credit without such instruction from the Administrator, provided that the Administrator, upon request of the Trustee, the Administrative Agent, or any Funding Agent,
promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Series 2011-1 Letter of Credit. 
 Section 3.8. Series 2011-1 Reserve Account. 
 (a)
Establishment of Series 2011-1 Reserve Account. ZVF shall establish and maintain in the name of the Trustee for the benefit of the Series 2011-1 Noteholders an account (the “Series 2011-1 Reserve Account”), bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2011-1 Noteholders. The Series 2011-1 Reserve Account shall be an Eligible Deposit Account. If the Series 2011-1 Reserve Account is at any time no
longer an Eligible Deposit Account, ZVF shall, within 10 Business Days of obtaining knowledge that the Series 2011-1 Reserve Account is no longer an Eligible Deposit Account, establish a new Series 2011-1 Reserve Account that is an Eligible Deposit
Account and shall instruct the Trustee in writing to transfer all cash and investments from the non-qualifying Series 2011-1 Reserve Account into the new Series 2011-1 Reserve Account. Initially, the Series 2011-1 Reserve Account will be established
with the Trustee. 
 (b) Administration of the Series 2011-1 Reserve Account. ZVF may instruct (by standing instructions
or otherwise) the institution maintaining the Series 

  
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2011-1 Reserve Account to invest funds on deposit in the Series 2011-1 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 Series 2011-1
Reserve Account). ZVF 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 2011-1 Reserve Account shall remain uninvested. 
 (c) Earnings from Series 2011-1 Reserve Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2011-1 Reserve Account shall be deemed to
be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof. 
 (d)
Series 2011-1 Reserve Account Constitutes Additional Collateral for Series 2011-1 Notes. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2011-1 Notes, ZVF hereby grants a
security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2011-1 Noteholders, all of ZVF’s right, title and interest in and to the following (whether now or hereafter existing or
acquired): (i) the Series 2011-1 Reserve Account, including any security entitlement thereto; (ii) all funds on deposit therein from time to time; (iii) all certificates and instruments, if any, representing or evidencing any or all
of the Series 2011-1 Reserve Account or the funds on deposit therein from time to time; (iv) all investments made at any time and from time to time with monies in the Series 2011-1 Reserve Account, whether constituting securities, instruments,
general intangibles, investment property, financial assets or other property; (v) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the
Series 2011-1 Reserve Account, the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and all of the foregoing, including cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Series 2011-1 Reserve Account Collateral”). 
 (e) Series 2011-1 Reserve Account Surplus. In the event that the Series 2011-1 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 Administrative Agent), shall withdraw from the Series 2011-1 Reserve Account an amount equal to the Series 2011-1 Reserve Account Surplus and pay such Series 2011-1 Reserve Account Surplus to
ZVF. 
 (f) Termination of Series 2011-1 Reserve Account. On or after the first date on which there are no Series 2011-1
Notes Outstanding, the Trustee, acting in accordance with the written instructions of the Administrator, shall withdraw from the Series 2011-1 Reserve Account all remaining amounts on deposit therein for payment to ZVF. 

  
 50 

 Section 3.9. Series 2011-1 Letters of Credit and Series 2011-1 Cash Collateral
Accounts. 
 (a) Series 2011-1 Cash Collateral Account Constitutes Additional Collateral for Series 2011-1 Notes. In
order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2011-1 Notes, ZVF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit
of the Series 2011-1 Noteholders, all of ZVF’s right, title and interest in and to the following (whether now or hereafter existing or acquired): (i) the Series 2011-1 Cash Collateral Account, including any security entitlement thereto;
(ii) all funds on deposit in the Series 2011-1 Cash Collateral Account from time to time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series 2011-1 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 Series 2011-1 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 Series 2011-1 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 cash (the items in the foregoing clauses (i) through (vi) are
referred to, collectively, as the “Series 2011-1 Cash Collateral Account Collateral”). 
 (b) Series 2011-1
Letter of Credit Expiration Date. If prior to the date which is sixteen (16) Business Days prior to the then scheduled Series 2011-1 Letter of Credit Expiration Date with respect to any Series 2011-1 Letter of Credit, excluding the amount
available to be drawn under such Series 2011-1 Letter of Credit but taking into account each substitute Series 2011-1 Letter of Credit which has been obtained from a Series 2011-1 Eligible Letter of Credit Provider and is in full force and effect on
such date, (i) the Series 2011-1 Adjusted Enhancement Amount would be equal to or greater than the Series 2011-1 Required Enhancement Amount, (ii) the Series 2011-1 Adjusted Liquidity Amount would be equal to or greater than the Series
2011-1 Required Liquidity Amount, or (iii) the Series 2011-1 Letter of Credit Liquidity Amount would be equal to or greater than the Series 2011-1 Demand Note Payment Amount, then the Administrator shall notify the Trustee and the
Administrative Agent in writing no later than fifteen (15) Business Days prior to such Series 2011-1 Letter of Credit Expiration Date of such determination. If prior to the date which is sixteen (16) Business Days prior to the then
scheduled Series 2011-1 Letter of Credit Expiration Date with respect to any Series 2011-1 Letter of Credit, excluding such Series 2011-1 Letter of Credit but taking into account any substitute Series 2011-1 Letter of Credit which has been obtained
from a Series 2011-1 Eligible Letter of Credit Provider and is in full force and effect on such date, (i) the Series 2011-1 Adjusted Enhancement Amount would be less than the Series 2011-1 Required Enhancement Amount, (ii) the Series
2011-1 Adjusted Liquidity Amount would be less than the Series 2011-1 Required Liquidity Amount, or (iii) the Series 2011-1 Letter of Credit Liquidity Amount would be less than the Series 2011-1 Demand Note Payment Amount, then the
Administrator shall notify the Trustee and the Administrative Agent in writing no later than fifteen (15) Business Days prior to such Series 2011-1 

  
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Letter of Credit Expiration Date of (x) the greatest of (A) the excess, if any, of the Series 2011-1 Required Enhancement Amount over the Series 2011-1 Adjusted Enhancement Amount,
excluding such Series 2011-1 Letter of Credit but taking into account any substitute Series 2011-1 Letter of Credit which has been obtained from a Series 2011-1 Eligible Letter of Credit Provider and is in full force and effect on such date,
(B) the excess, if any, of the Series 2011-1 Required Liquidity Amount over the Series 2011-1 Adjusted Liquidity Amount, excluding such Series 2011-1 Letter of Credit but taking into account each substitute Series 2011-1 Letter of Credit which
has been obtained from a Series 2011-1 Eligible Letter of Credit Provider and is in full force and effect on such date, and (C) the excess, if any, of the Series 2011-1 Demand Note Payment Amount over the Series 2011-1 Letter of Credit
Liquidity Amount, excluding such Series 2011-1 Letter of Credit but taking into account each substitute Series 2011-1 Letter of Credit which has been obtained from a Series 2011-1 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 Series 2011-1 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 Series 2011-1 Letter of Credit by presenting a draft accompanied by a Series 2011-1 Certificate of Termination Demand and shall cause the Series 2011-1 LOC Termination
Disbursements to be deposited in the Series 2011-1 Cash Collateral Account. 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 Series 2011-1
Letter of Credit Expiration Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day draw the full amount of such Series 2011-1 Letter of Credit by presenting a draft accompanied by a Series 2011-1 Certificate of Termination
Demand and shall cause the Series 2011-1 LOC Termination Disbursements to be deposited in the applicable Series 2011-1 Cash Collateral Account. 
 (c) Series 2011-1 Letter of Credit Providers. The Administrator shall notify the Trustee and the Administrative Agent in writing within one Business Day of becoming aware that the short-term debt
credit rating of any Series 2011-1 Letter of Credit Provider has fallen below “P-1” as determined by Moody’s or “A-1” as determined by Standard & Poor’s or the long-term debt credit rating of any Series 2011-1
Letter of Credit Provider has fallen below “A1” as determined by Moody’s or “A” as determined by Standard & Poor’s (with respect to any Series 2011-1 Letter of Credit Provider, a “Series 2011-1
Downgrade Event”). On the thirtieth (30th) day after the occurrence of a Series 2011-1 Downgrade Event with respect to any Series 2011-1 Letter of Credit Provider, the Administrator shall notify the Trustee and the Administrative Agent
in writing on such date of (i) the greatest of (A) the excess, if any, of the Series 2011-1 Required Enhancement Amount over the Series 2011-1 Adjusted Enhancement Amount, excluding the available amount under the Series 2011-1 Letter of
Credit issued by such Series 2011-1 Letter of Credit Provider, on such date, (B) the excess, if any, of the Series 2011-1 Required Liquidity Amount over the Series 2011-1 Adjusted Liquidity Amount, excluding the available amount under such
Series 2011-1 Letter of Credit, on such date, and (C) the excess, if any, of the Series 2011-1 Demand Note Payment 

  
 52 

 
Amount over the Series 2011-1 Letter of Credit Liquidity Amount, excluding the available amount under such Series 2011-1 Letter of Credit, on such date, and (ii) the amount available to be
drawn on such Series 2011-1 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 Series 2011-1 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 Series 2011-1 Certificate of Termination Demand and shall cause the Series 2011-1 LOC Termination
Disbursement to be deposited in a Series 2011-1 Cash Collateral Account. 
 (d) Reductions in Stated Amounts of the Series
2011-1 Letters of Credit. If the Trustee receives a written notice from the Lessee, substantially in the form of Exhibit D to this Series Supplement, requesting a reduction in the stated amount of any Series 2011-1 Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to the Series 2011-1 Letter of Credit Provider who issued such Series 2011-1 Letter of Credit a Series 2011-1 Notice of Reduction requesting a reduction in the stated
amount of such Series 2011-1 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 Series 2011-1 Letter of Credit, (i) the Series 2011-1 Adjusted Enhancement Amount will equal or exceed the Series 2011-1 Required Enhancement Amount, (ii) the Series 2011-1 Adjusted Liquidity Amount will equal or exceed the Series
2011-1 Required Liquidity Amount, and (iii) the Series 2011-1 Letter of Credit Liquidity Amount will equal or exceed the Series 2011-1 Demand Note Payment Amount; provided, further that the Trustee shall not be required to
determine compliance with the foregoing clauses (i) through (iii). 
 (e) Draws on the Series 2011-1
Letters of Credit. If there is more than one Series 2011-1 Letter of Credit on the date of any draw on the Series 2011-1 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 Series 2011-1 Letter of Credit in an amount equal to the Pro Rata Share of the Series 2011-1 Letter of Credit Provider issuing such
Series 2011-1 Letter of Credit of the amount of such draw on the Series 2011-1 Letters of Credit. 
 (f) Establishment of
Series 2011-1 Cash Collateral Account. On or prior to the date of any drawing under a Series 2011-1 Letter of Credit pursuant to Section 3.9(b) or (c) of this Series Supplement, ZVF shall establish and maintain in the
name of the Trustee for the benefit of the Series 2011-1 Noteholders, an account (the “Series 2011-1 Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of
the Series 2011-1 Noteholders. The Series 2011-1 Cash Collateral Account shall be an Eligible Deposit Account. If the Series 2011-1 Cash Collateral Account is at any time no longer an Eligible Deposit Account, ZVF shall, within 10 Business Days of
obtaining knowledge that the Series 

  
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2011-1 Cash Collateral Account is no longer an Eligible Deposit Account, establish a new Series 2011-1 Cash Collateral Account that is an Eligible Deposit Account and shall instruct the Trustee
in writing to transfer all cash and investments from the non-qualifying Series 2011-1 Cash Collateral Account into the new Series 2011-1 Cash Collateral Account 
 (g) Administration of the Series 2011-1 Cash Collateral Account. ZVF may instruct (by standing instructions or otherwise) the institution maintaining a Series 2011-1 Cash Collateral Account to
invest funds on deposit in a Series 2011-1 Cash Collateral Account from time to time in Permitted Investments. Any investment of funds on deposit in a Series 2011-1 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 Series 2011-1 Cash Collateral Account). ZVF 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 Series 2011-1 Cash Collateral Account shall remain uninvested. 
 (h)
Earnings from Series 2011-1 Cash Collateral Account. All Series 2011-1 Cash Collateral Account Interest and Earnings shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms
hereof. 
 (i) Series 2011-1 Cash Collateral Account Surplus. In the event that the Series 2011-1 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 Administrative Agent), shall, subject to the
limitations set forth in this Section 3.9(i), withdraw the amount specified by the Administrator from the Series 2011-1 Cash Collateral Account specified by the Administrator and apply such amount in accordance with the terms of this
Section 3.9(i). The amount of any such withdrawal from the Series 2011-1 Cash Collateral Account shall be limited to the least of (a) the Series 2011-1 Available Cash Collateral Account Amount on such Payment Date, (b) the
Series 2011-1 Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Series 2011-1 Letter of Credit Liquidity Amount on such Payment Date over the Series 2011-1 Demand Note Payment Amount on such Payment Date.
Any amounts withdrawn from the Series 2011-1 Cash Collateral Account pursuant to this Section 3.9(i) shall be paid: first, to the Series 2011-1 Letter of Credit Providers, to the extent that there are unreimbursed Series 2011-1
Disbursements due and owing to such Series 2011-1 Letter of Credit Providers in respect of the Series 2011-1 Letters of Credit, for application in accordance with the provisions of the respective Series 2011-1 Letter of Credit Reimbursement
Agreement, and second, to ZVF any remaining amounts. 
 (j) Termination of Series 2011-1 Cash Collateral Account.
Upon the termination of this Series Supplement in accordance with its terms, the Trustee, acting in 

  
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accordance with the written instructions of the Administrator, after the prior payment of all amounts due and owing to the Series 2011-1 Noteholders and payable from the Series 2011-1 Cash
Collateral Account as provided herein, shall withdraw from such Series 2011-1 Cash Collateral Account all amounts on deposit therein and shall pay such amounts, first, pro rata to the Series 2011-1 Letter of Credit Providers, to the
extent that there are unreimbursed Series 2011-1 Disbursements due and owing to such Series 2011-1 Letter of Credit Providers, for application in accordance with the provisions of the respective Series 2011-1 Letters of Credit, and second, to
ZVF any remaining amounts. 
 Section 3.10. Series 2011-1 Distribution Account. 

(a) Establishment of Series 2011-1 Distribution Account. The Trustee shall establish and maintain in the name of the Trustee for
the benefit of the Series 2011-1 Noteholders an account (the “Series 2011-1 Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2011-1 Noteholders.
The Series 2011-1 Distribution Account shall be an Eligible Deposit Account. If the Series 2011-1 Distribution Account is at any time no longer an Eligible Deposit Account, ZVF shall, within 10 Business Days of obtaining knowledge that the Series
2011-1 Distribution Account is no longer an Eligible Deposit Account, establish a new Series 2011-1 Distribution Account that is an Eligible Deposit Account and shall instruct the Trustee in writing to transfer all cash and investments from the
non-qualifying Series 2011-1 Distribution Account into the new Series 2011-1 Distribution Account. Initially, the Series 2011-1 Distribution Account will be established with the Trustee. 

(b) Administration of the Series 2011-1 Distribution Account. The Administrator may instruct the institution maintaining the
Series 2011-1 Distribution Account in writing to invest funds on deposit in the Series 2011-1 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 2011-1 Distribution Account). All such
Permitted Investments will be credited to the Series 2011-1 Distribution Account. ZVF 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 2011-1 Distribution Account shall remain uninvested. 

(c) Earnings from Series 2011-1 Distribution Account. All interest and earnings (net of losses and investment expenses) paid on
funds on deposit in the Series 2011-1 Distribution Account shall be deemed to be on deposit and available for distribution unless previously distributed pursuant to the terms hereof. 

(d) Series 2011-1 Distribution Account Constitutes Additional Collateral for Series 2011-1 Notes. In order to secure and provide
for the repayment and payment of the Note Obligations with respect to the Series 2011-1 Notes, ZVF hereby 

  
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grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2011-1 Noteholders, all of ZVF’s right, title and interest
in and to the following (whether now or hereafter existing or acquired): (i) the Series 2011-1 Distribution Account, including any security entitlement thereto; (ii) all funds on deposit therein from time to time; (iii) all
certificates and instruments, if any, representing or evidencing any or all of the Series 2011-1 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 2011-1 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 2011-1 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 cash (the items in the foregoing clauses (i) through (vi) are referred to, collectively, as the “Series 2011-1 Distribution Account Collateral”). 

Section 3.11. Trustee as Securities Intermediary. 

(a) The Trustee or other Person holding the Series 2011-1 Collection Account, the Series 2011-1 Excess Collection Account, the Series
2011-1 Accrued Interest Account, the Series 2011-1 Reserve Account, the Series 2011-1 Cash Collateral Account or the Series 2011-1 Distribution Account (each a “Series 2011-1 Designated Account”) shall be the “securities
intermediary” (as defined in Section 8-102 of the UCC in effect in the State of New York (the “New York UCC”) and a “bank” (as defined in Section 9-102 of the New York UCC), in such capacities, the
“Securities Intermediary”). As of the date hereof, the Trustee shall be the Securities Intermediary. If the Securities Intermediary in respect of any Series 2011-1 Designated Account is not the Trustee, ZVF 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 2011-1 Designated Accounts are accounts to which
“financial assets” within the meaning of Section 8-102(a)(9) (“Financial Assets”) of the New York UCC are or will be credited; 

(ii) All securities or other property underlying any Financial Assets credited to any Series 2011-1 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 2011-1 Designated Account be registered in the name of ZVF, payable to the order of ZVF or specially endorsed to ZVF; 
  

	 	(iii)	All property delivered to the Securities Intermediary pursuant to this Series Supplement will be promptly credited to the appropriate Series 2011-1 Designated Account;

  
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 (iv) Each item of property (whether investment property, security,
instrument or cash) credited to a Series 2011-1 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 2011-1 Designated Accounts or instructions from the Trustee with respect to the Series
2011-1 Designated Accounts, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by ZVF or the Administrator; 

(vi) The Series 2011-1 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, including Section 8-110 and Section 9-304 thereof, New York shall be deemed to the Securities Intermediary’s jurisdiction and the Series 2011-1 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 2011-1 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) or instructions 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 ZVF purporting to limit or condition the
obligation of the Securities Intermediary to comply with entitlement orders or instructions 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 ZVF in the Series 2011-1 Designated Accounts, the Securities
Intermediary knows of no claim to, or interest, in the Series 2011-1 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 2011-1 Designated Account or in any Financial Asset carried therein, the Securities Intermediary will promptly
notify the Trustee, the Administrator and ZVF thereof. 
 (c) The Trustee shall possess all right, title and interest in all
funds on deposit from time to time in the Series 2011-1 Designated Accounts and in all proceeds thereof, and shall be the only person authorized to originate entitlement orders or instructions in respect of the Series 2011-1 Designated Accounts.

  
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 Section 3.12. Series 2011-1 Interest Rate Caps. 

(a) On or prior to the date of the first Increase hereunder, ZVF shall acquire one or more Series 2011-1 Interest Rate Caps from an
Eligible Interest Rate Cap Provider in an aggregate notional amount equal to the Series 2011-1 Maximum Principal Amount. The aggregate notional amount of all Series 2011-1 Interest Rate Caps may be reduced to the extent that the Series 2011-1
Maximum Principal Amount is reduced after the acquisition of the initial Series 2011-1 Interest Rate Caps but shall not at any time during the Series 2011-1 Revolving Period be less than the Series 2011-1 Maximum Principal Amount at such time. ZVF
shall acquire one or more additional Series 2011-1 Interest Rate Caps in connection with any increase of the Series 2011-1 Maximum Principal Amount such that the aggregate notional amounts of all Series 2011-1 Interest Rate Caps shall equal the
Series 2011-1 Maximum Principal Amount after giving effect to such increase. Following the end of the Series 2011-1 Revolving Period, the aggregate notional amount of the Series 2011-1 Interest Rate Caps may be reduced to an amount agreed to between
ZVF and the Administrative Agent, which amount as of any date of determination shall not be less than the Series 2011-1 Principal Amount as of such date. The strike rate of each Series 2011-1 Interest Rate Cap shall not be greater than 5.0%. Each
Series 2011-1 Interest Rate Cap shall have a term of at least until the Legal Final Payment Date. 
 (b) If, at any time, an
Interest Rate Cap Provider (and, if the present and future obligations of an Interest Rate Cap Provider under its Series 2011-1 Interest Rate Cap are guaranteed pursuant to a guarantee, the related guarantor) fails to satisfy the First Trigger
Required Ratings, then, the Interest Rate Cap Provider will be required, pursuant to the terms of the related Series 2011-1 Interest Rate Cap, at such Interest Rate Cap Provider’s expense, to post and maintain collateral pursuant to a credit
support annex entered into in connection with the Series 2011-1 Interest Rate Cap (the “Credit Support Annex”) in form and substance reasonably satisfactory to the Administrative Agent; 

(c) If, at any time, an Interest Rate Cap Provider (and, if the present and future obligations of an Interest Rate Cap Provider under its
Series 2011-1 Interest Rate Cap are guaranteed pursuant to a guarantee, the related guarantor) fails to satisfy the Second Trigger Required Ratings, then such Interest Rate Cap Provider will be required, pursuant to the terms of the related Series
2011-1 Interest Rate Cap, at such Interest Rate Cap Provider’s expense, to: 
 (i) obtain a guarantee of the
present and future obligations of such Interest Rate Cap Provider under its Series 2011-1 Interest Rate Cap from a guarantor satisfying the First Trigger Required Ratings, or 

(ii) procure (x) a replacement interest rate cap on the same terms as the Series 2011-1 Interest Rate Cap (or with
such modifications as are acceptable to the Administrative Agent) from an Eligible Interest Rate Cap Provider or (y) a transfer of the Interest Rate Cap to an Eligible Interest Rate Cap Provider. 

Simultaneously with any replacement described in clause (ii) above, ZVF shall terminate the Series 2011-1 Interest Rate Cap being replaced;
provided that no termination of the Series 2011-1 Interest Rate Cap shall occur until ZVF has entered into a replacement 

  
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Series 2011-1 Interest Rate Cap. If ZVF is unable to cause such Interest Rate Cap Provider to take any of the actions described in this Section 3.12 after making commercially
reasonable efforts, ZVF will obtain a replacement Series 2011-1 Interest Rate Cap at the expense of the replaced Interest Rate Cap Provider or, if the replaced Interest Rate Cap Provider fails to make such payment, at the expense of ZVF (in which
event, such amount will be considered Indenture Carrying Charges and paid solely from Interest Collections available pursuant to Section 3.3(f) of this Series Supplement). 

(d) Each Series 2011-1 Noteholder by its acceptance of a Series 2011-1 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 Cap Provider pursuant to clause (c) above (A) is collateral solely for the obligations of such
Interest Rate Cap Provider under its Series 2011-1 Interest Rate Cap, (B) does not constitute collateral for the Series 2011-1 Notes (provided that in order to secure and provide for the payment of the Note Obligations with respect to the
Series 2011-1 Notes, ZVF has pledged each Series 2011-1 Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 2011-1 Notes), and (C) will in no event be available to satisfy
any obligations of ZVF hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 2011-1 Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 2011-1
Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider. 
 (e) ZVF shall require all
proceeds of each Series 2011-1 Interest Rate Cap (including amounts received in respect of the obligations of the related Interest Rate Cap Provider from a guarantor or from the application of collateral posted by such Interest Rate Cap Provider) to
be paid to the Collection Account, and the Trustee shall allocate all such proceeds to the Series 2011-1 Accrued Interest Account in accordance with Section 3.2 of this Series Supplement. 

(f) To secure payment of the Note Obligations with respect to the Series 2011-1 Notes, ZVF hereby grants a security interest in, and
assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2011-1 Noteholders, all of ZVF’s right, title and interest, whether now or hereafter existing or acquired, in the Series 2011-1 Interest Rate Caps
and all proceeds thereof. 
 Section 3.13. Series 2011-1 Demand Note Constitutes Additional Collateral for Series
2011-1 Notes. 
 (a) In order to secure and provide for the repayment and payment of the Note Obligations with respect to
the Series 2011-1 Notes, ZVF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2011-1 Noteholders, all of ZVF’s right, title and interest in and to the
following (whether now or hereafter existing or acquired): (i) the Series 2011-1 Demand Note; (ii) all certificates and instruments, if any, representing or evidencing the Series 2011-1 Demand Note; and (iii) all proceeds of any and
all of the foregoing, including cash. On the Series 2011-1 Closing Date, ZVF shall deliver to the Trustee, for 

  
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the benefit of the Series 2011-1 Noteholders, the Series 2011-1 Demand Note, endorsed in blank. The Trustee, for the benefit of the Series 2011-1 Noteholders, shall be the only Person authorized
to make a demand for payment on the Series 2011-1 Demand Note. 
 (b) Other than pursuant to a payment made upon a demand
thereon by the Trustee, ZVF shall not reduce the amount of the Series 2011-1 Demand Note or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2011-1 Demand Note after such reduction or forgiveness is less than
the Series 2011-1 Letter of Credit Liquidity Amount. ZVF shall not agree, to any amendment of the Series 2011-1 Demand Note without first obtaining the prior written consent of the Administrative Agent. 

(c) Other than pursuant to a demand thereon pursuant to Section 3.5(b) or (c) of this Series Supplement, ZVF
shall not reduce the amount of the Series 2011-1 Demand Note or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2011-1 Demand Note after such forgiveness or reduction is less than the greater of (i) the
Series 2011-1 Letter of Credit Liquidity Amount and (ii) an amount equal to 3.00% of the Series 2011-1 Principal Amount. 

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 2011-1 Notes and shall constitute the
Amortization Events set forth in Section 9.1(j) of the Base Indenture with respect to the Series 2011-1 Notes: 
 (a) ZVF
defaults in the payment of any interest on, or other amount payable in respect of, the Series 2011-1 Notes (other than the payments described in clauses (e) and (f) below) when the same becomes due and payable and such
default continues for a period of three (3) Business Days; 
 (b) a Change of Control shall have occurred; 

(c) a Series 2011-1 Enhancement Deficiency shall occur and continue for at least three (3) Business Days; 

(d) a Series 2011-1 Liquidity Deficiency shall occur and continue for at least three (3) Business Days; 

(e) all principal of and interest on the Series 2011-1 Notes is not paid in full on or before the Series 2011-1 Expected Final Payment
Date; 
 (f) all principal of and interest on the Series 2011-1 Notes is not paid in full on or before the Series 2011-1
Commitment Termination Date; 

  
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 (g) the Series 2011-1 Asset Amount shall be less than the Series 2011-1 Required Asset
Amount for at least three (3) Business Days; 
 (h) the Principal Deficit Amount shall be greater than zero; 

(i) the Collection Account, any Collateral Account, any Series 2011-1 Series Account, the Series 2011-1 Distribution Account shall be
subject to an injunction, estoppel or other stay or a Lien (other than a Permitted Lien) and 30 days shall have elapsed without such Lien having been released or discharged; 
 (j) (A) the Series 2011-1 Reserve 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 or (B) the
Trustee shall cease to have a valid and perfected first priority security interest in the Series 2011-1 Reserve Account Collateral (or any of the Lessee, ZVF or any Affiliate of either so asserts in writing) and, in each case, either (x) a
Series 2011-1 Enhancement Deficiency would result from excluding the Series 2011-1 Available Reserve Account Amount from the Series 2011-1 Enhancement Amount or (y) the Series 2011-1 Adjusted Liquidity Amount, excluding therefrom the Series
2011-1 Available Reserve Account Amount, would be less than the Series 2011-1 Required Liquidity Amount; 
 (k) from and after
the funding of the Series 2011-1 Cash Collateral Account, (A) the Series 2011-1 Cash Collateral 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
or (B) the Trustee shall cease to have a valid and perfected first priority security interest in the Series 2011-1 Cash Collateral Account Collateral (or any of the Lessee, ZVF or any Affiliate of either so asserts in writing) and, in each
case, either (x) a Series 2011-1 Enhancement Deficiency would result from excluding the Series 2011-1 Available Cash Collateral Account Amount from the Series 2011-1 Enhancement Amount or (y) the Series 2011-1 Adjusted Liquidity Amount,
excluding therefrom the Series 2011-1 Available Cash Collateral Account Amount, would be less than the Series 2011-1 Required Liquidity Amount; 
 (l) at any time on or after the date of the first Increase hereunder ZVF shall fail to acquire and maintain in force one or more Series 2011-1 Interest Rate Caps at the times and in the notional amounts
required by the terms of Section 3.12 of this Series Supplement or at any time any such Series 2011-1 Interest Rate Caps shall fail to be enforceable against the applicable Interest Rate Cap Provider; 

(m) the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2011-1 Collateral
(other than the Series 2011-1 Reserve Account Collateral and the Series 2011-1 Cash Collateral Account Collateral) or any of the Lessee, ZVF or any Affiliate of either so asserts in writing; 

(n) ZVF fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2011-1 Notes, the Indenture, this
Series Supplement or any other Related Document (other than any covenants expressly described elsewhere in this 

  
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Article IV) and the failure to so comply materially and adversely affects the interests of the Series 2011-1 Noteholders and continues to materially and adversely affect the interests of
the Series 2011-1 Noteholders for a period of thirty (30) days after the earlier of (i) the date on which ZVF 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 ZVF by the Trustee or to ZVF and the Trustee by the Administrative Agent or the Required Noteholders with respect to the Series 2011-1 Notes; 
 (o) any representation made by ZVF in the Indenture, this Series Supplement or any other Related Document is false and such false representation materially and adversely affects the interests of the
Series 2011-1 Noteholders and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which ZVF obtains knowledge thereof or (ii) the date that written notice thereof is given to
ZVF by the Trustee or to ZVF and the Trustee by the Administrative Agent or the Required Noteholders with respect to the Series 2011-1 Notes; 
 (p) the Administrator fails to comply with any of its other agreements or covenants in, or provisions of, any Related Document (other than any covenants expressly described elsewhere in this Article
IV) or any representation made by the Administrator in any Related Document is false and the failure to so comply or such false representation, as the case may be, materially and adversely affects the interests of the Series 2011-1 Noteholders
and continues to materially and adversely affect the interests of the Series 2011-1 Noteholders for a period of thirty (30) days after the earlier of (i) the date on which the Administrator 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 the Administrator by the Trustee or to the Administrator and the Trustee by the Administrative Agent or the Required Noteholders with respect to the
Series 2011-1 Notes; 
 (q) the Administrator or ZVF fails to comply with any covenant contained in Section 8.02 of the
Series 2011-1 Note Purchase Agreement; or 
 (r) a Servicer Event of Default shall have occurred and be continuing for a period
of at least thirty (30) days without cure or waiver. 
 In the case of 

(i) any event described in clauses (a) through (m) above, an Amortization Event with respect to
the Series 2011-1 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2011-1 Noteholder or 
 (ii) any event described in clauses (n) through (r) above, either the Trustee may, by written notice to ZVF, or the Required Noteholders, may by written notice to ZVF and the
Trustee, declare that an Amortization Event with respect to the Series 2011-1 Notes has occurred as of the date of the notice. 

  
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 An Amortization Event with respect to the Series 2011-1 Notes described in clauses (a) through
(k), (m), (n) (with respect to any agreement, covenant or provision in the Series 2011-1 Notes, the Indenture, this Series Supplement or any other Related Document the amendment or modification of which requires the consent
of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount or which otherwise prohibits ZVF from taking any action without the consent of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal
Amount), (p) and (q) above may be waived solely with the written consent of Series 2011-1 Noteholders holding 100% of the Series 2011-1 Principal Amount in accordance with Section 9.4 of the Base Indenture. An
Amortization Event with respect to the Series 2011-1 Notes described in clauses (l), (n) (other than with respect to any agreement, covenant or provision in the Series 2011-1 Notes, the Indenture, this Series Supplement or any
other Related Document the amendment or modification of which requires the consent of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount or which otherwise prohibits ZVF from taking any action without the consent
of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount), (o) and (r) may be waived by the Required Noteholders with respect to the Series 2011-1 Notes in accordance with Section 9.4 of
the Base Indenture. 
 Notwithstanding anything herein to the contrary, an Amortization Event with respect to the Series 2011-1 Notes described
in clause (m) above shall be curable at any time. 
 ARTICLE V 

FORM OF SERIES 2011-1 NOTES 
 Section 5.1. Issuance of Series 2011-1 Notes. 
 The Series 2011-1 Notes and any Additional
Series 2011-1 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 hereto, and will be sold to the Series 2011-1 Noteholders pursuant to and in
accordance with the Series 2011-1 Note Purchase Agreement and will be duly executed by ZVF 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 Series 2011-1 Note Purchase Agreement, the Series 2011-1 Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the Series 2011-1 Noteholders. The initial Series 2011-1 Notes issued on the Series
2011-1 Closing Date shall bear an aggregate face amount equal to up to the Series 2011-1 Maximum Principal Amount as of the Series 2011-1 Closing Date, and shall initially be issued in an aggregate principal amount equal to the Series 2011-1
Principal Amount as of such date. Additional Series 2011-1 Notes (“Additional Series 2011-1 Notes”) may be issued subsequent to the Series 2011-1 Closing Date in accordance with Section 2.1 hereof in connection with the
addition of a Series 2011-1 Additional Investor Group pursuant to Section 9.16 of the Series 2011-1 Note Purchase Agreement. Additional Series 2011-1 Notes shall bear a face amount equal to up to the Series 2011-1 Maximum Investor Group
Principal Amount with respect to the related Series 2011-1 Additional 

  
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Investor Group and shall initially be issued in a principal amount equal to the Series 2011-1 Additional Investor Group Initial Principal Amount with respect to such Series 2011-1 Additional
Investor Group. Upon the issuance of any Additional Series 2011-1 Notes, the Series 2011-1 Maximum Principal Account shall be increased by an amount equal to the Series 2011-1 Maximum Investor Group Principal Amount with respect to the related
Series 2011-1 Additional Investor Group. The Trustee shall, or shall cause the Registrar, to record any Increases, Decreases or additional issuances with respect to the Series 2011-1 Principal Amount such that the principal amount of the Series
2011-1 Notes that are outstanding accurately reflects all such Increases, Decreases and additional issuances. 
 The Series
2011-1 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 Series 2011-1 Notes, as evidenced by their execution of the Series 2011-1 Notes. The Series 2011-1 Notes may be produced in any manner, all as determined by the officers executing such Series 2011-1 Notes, as evidenced by
their execution of such Series 2011-1 Notes. The initial sale of the Series 2011-1 Notes is limited to Persons who have executed the Series 2011-1 Note Purchase Agreement. The sale of Additional Series 2011-1 Notes shall be limited to Persons who
become a party to the Series 2011-1 Note Purchase Agreement in accordance with Section 9.16 thereof. 

Section 5.2. Transfer of Series 2011-1 Notes. 
 (a) Subject to the terms of the Indenture and the Series 2011-1 Note Purchase Agreement, the holder of any Series 2011-1 Note may transfer the same in whole or in part, in an amount equivalent to an
authorized denomination, by surrendering such Series 2011-1 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 ZVF and the Registrar by, the holder thereof and accompanied by a certificate substantially in the form of Exhibit E hereto and a certificate substantially in the
form of Exhibit I; provided, that if the holder of any Series 2011-1 Note transfers, in whole or in part, its interest in any Series 2011-1 Note pursuant to (i) an Assignment and Assumption Agreement substantially in the form of Exhibit
B to the Series 2011-1 Note Purchase Agreement, or (ii) an Investor Group Supplement substantially in the form of Exhibit C to the Series 2011-1 Note Purchase Agreement, then in each case such Series 2011-1 Noteholder will not be required to
submit a certificate substantially in the form of Exhibit E hereto upon transfer of its interest in such Series 2011-1 Note. In exchange for any Series 2011-1 Note properly presented for transfer, ZVF 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, Series
2011-1 Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series 2011-1 Note in part, ZVF shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and
delivered to the transferor at 

  
 64 

 
such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Series 2011-1 Notes for the aggregate principal amount that was not transferred. No
transfer of any Series 2011-1 Note shall be made unless the request for such transfer is made by the Series 2011-1 Noteholder at such office. Neither ZVF 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 Series 2011-1 Notes, the Trustee shall recognize the Holders of such Series 2011-1 Note as Series 2011-1 Noteholders. 

(b) Each Series 2011-1 Note shall bear the following legend: 
 THIS SERIES 2011-1 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 ZIPCAR VEHICLE FINANCING LLC, A SPECIAL PURPOSE LIMITED LIABILITY COMPANY ESTABLISHED UNDER THE LAWS OF DELAWARE (THE “COMPANY”), THAT SUCH SERIES 2011-1 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 THE COMPANY, (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 THE COMPANY, PRIOR TO ANY TRANSFER PURSUANT TO CLAUSE (C), TO REQUIRE THE DELIVERY TO IT
OF A PURCHASER’S LETTER IN THE FORM OF EXHIBIT E TO THE SERIES 2011-1 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 THE COMPANY, 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. 

ARTICLE VI 

GENERAL 

Section 6.1. Optional Redemption of the Series 2011-1 Notes. 
 The Series 2011-1 Notes shall be subject to repurchase (in whole) by ZVF at its option, upon five (5) Business Days’ prior written notice to the Trustee (for forwarding promptly to the Series
2011-1 Noteholders), in accordance with Section 6.1 of the Base Indenture 

  
 65 

 
at any time. The repurchase price for any Series 2011-1 Note (in each case, the “Series 2011-1 Repurchase Amount”) shall equal the sum of (a) the aggregate outstanding
principal balance of such Series 2011-1 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 6.1), plus
(b) (i) with respect to the portion of such principal balance which was funded with Commercial Paper issued at a discount, all accrued and unpaid discount on such Commercial Paper from the issuance date(s) thereof to the date of purchase
under this Section 6.1 and the aggregate discount to accrue on such Commercial Paper from the date of purchase under this Section 6.1 to the maturity date of such Commercial Paper, or (ii) with respect to the portion of
such principal balance which was funded with Commercial Paper that was not issued at a discount, all accrued and unpaid interest on such Commercial Paper from the issuance date(s) thereof to the date of purchase under this Section 6.1
(and any breakage costs associated with the prepayment of such interest-bearing Commercial Paper), or (iii) with respect to the portion of such principal balance which was funded other than with Commercial Paper, all accrued and unpaid interest
on such principal balance through the date of purchase under this Section 6.1, plus (c) any other amounts then due and payable to the holders of such Series 2011-1 Notes pursuant hereto and pursuant to the Series 2011-1 Note
Purchase Agreement. 
 Section 6.2. Information. 

(a) On or before the fourth Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), ZVF shall cause the
Administrator to furnish to the Trustee a Monthly Noteholders’ Statement with respect to the Series 2011-1 Notes, in a Microsoft Excel electronic file (or similar electronic file) substantially in the form of Exhibit F hereto setting
forth, inter alia, the following information: 
 (i) the total amount available to be distributed to Series
2011-1 Noteholders on such Payment Date; 
 (ii) the amount of such distribution allocable to the payment of
principal of the Series 2011-1 Notes; 
 (iii) the amount of such distribution allocable to the payment of
interest on the Series 2011-1 Notes; 
 (iv) the Series 2011-1 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; 

(v) the Series 2011-1 Enhancement Amount, the Series 2011-1 Adjusted Enhancement Amount, the Series 2011-1 Liquidity
Amount, the Series 2011-1 Adjusted Liquidity Amount, in each case, as of the close of business on the last day of the Related Month; 

  
 66 

 (vi) whether, to the knowledge of the Administrator, any Lien exists on any
of the Collateral (other than Permitted Liens); 
 (vii) whether, to the knowledge of the Administrator, any
Operating Lease Event of Default has occurred; 
 (viii) whether, to the knowledge of the Administrator, any
Amortization Event or Potential Amortization Event with respect to the Series 2011-1 Notes has occurred; 
 (ix)
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; 
 (x) the Non-Eligible Manufacturer Amount as of the close of business on the last day of the Related Month; 
 (xi) the Capped Category 2 Manufacturer Eligible Program Vehicle Percentage, the Category 1 Manufacturer Eligible Program Vehicle Amount, the Category 1 Eligible Manufacturer Eligible Program Vehicle
Percentage, the Category 2 Manufacturer Eligible Program Vehicle Amount, the Category 2 Manufacturer Eligible Program Vehicle Percentage, the Series 2011-1 New ZVF Vehicle Market Value Adjustment Amount, the Series 2011-1 Highest Enhancement
Percentage, the Series 2011-1 Highest Enhancement Vehicle Percentage, the Series 2011-1 Intermediate Enhancement Percentage, the Series 2011-1 Intermediate Enhancement Vehicle Percentage, the Series 2011-1 Lowest Enhancement Percentage, the Series
2011-1 Lowest Enhancement Vehicle Percentage, the Series 2011-1 Program Vehicle Depreciation Enhancement Amount, the Series 2011-1 Required Enhancement Amount, as of the close of business on the last day of the Related Month and the Standard ZVF
Vehicle Market Value Average, Measurement Month Average and all calculations related thereto; 
 (xii) the Audi
Amount, the BMW/Mini Amount, the Daimler/Smart Amount, the Fiat/Alfa Romeo Amount, the Ford Amount, the GM Amount, the Honda/Acura Amount, the Hyundai/Kia Amount, the Mazda Amount, the Nissan/Infiniti Amount, the Subaru Amount, the
Toyota/Scion/Lexus Amount, the Volkswagen/Audi Amount and the Volvo Amount as of the close of business on the last day of the Related Month; 
 (xiii) the Series 2011-1 Required Incremental Enhancement Amount, if any, as of the close of business on the last day of the Related Month; 

(xiv) the Series 2011-1 Required Liquidity Amount, if any, as of the close of business on the last day of the Related
Month, and whether a Series 2011-1 Liquidity Deficiency with respect to the Series 2011-1 Notes existed and the amount thereof, in each case, as of the close of business on the last day of the Related Month; 

  
 67 

 (xv) the Series 2011-1 Required Enhancement Amount, the Series 2011-1
Required Enhancement Percentage, the Series 2011-1 Required Enhancement Amount as of the close of business on the last day of the Related Month, and whether a Series 2011-1 Enhancement Deficiency existed and the amount thereof, in each case, as of
the close of business on the last day of the Related Month; 
 (xvi) the Series 2011-1 Required Asset Amount, the
Series 2011-1 Required Asset Amount Percentage, the Series 2011-1 Required Overcollateralization Amount, the Series 2011-1 Overcollateralization Amount and the Series 2011-1 Required Asset Amount, in each case, as of the close of business on the
last day of the Related Month; 
 (xvii) the Series 2011-1 Required Reserve Account Amount and the Series 2011-1
Available Reserve Account Amount, in each case, as of the close of business on the last day of the Related Month; 
 (xviii) the Manufacturer Vehicle Amount of each Manufacturer not listed in clause (xii) above and the rating of each Manufacturer of ZVF Vehicles, with respect to each Manufacturer, as of the
close of business on the last day of the Related Month; 
 (xix) the Series 2011-1 Letter of Credit Liquidity
Amount, the Series 2011-1 Demand Note Payment Amount and the Series 2011-1 Letter of Credit Amount, in each case, as of the close of business on the last day of the Related Month; and 

(xx) the Series 2011-1 Principal Amount, the Series 2011-1 Adjusted Principal Amount and the Series 2011-1 Outstanding
Principal Amount, in each case, as of such Payment Date. 
 The Trustee shall provide to the Series 2011-1 Noteholders, or their
designated agent, and each Interest Rate Cap Provider copies of each Monthly Noteholders’ Statement, which may be transmitted by electronic mail at the option of the Trustee. 

Section 6.3. Exhibits. 

The following exhibits attached hereto supplement the exhibits included in the Indenture. 

Exhibit A:    Series 2011-1 Variable Funding Car Sharing Asset Backed Notes 

Exhibit B:    Form of Series 2011-1 Letter of Credit 

Exhibit C:    Form of Lease Payment Deficit Notice 

Exhibit D:    Form of Series 2011-1 Letter of Credit Reduction Notice 

Exhibit E:     Form of Purchaser’s Letter 

Exhibit F:     Form of Monthly Noteholders’ Statement 

  
 68 

 Exhibit G-1:    Form of Demand Notice 

Exhibit G-2:    Form of Series 2011-1 Demand Note 

Exhibit H:       Form of Estimated Interest Adjustment Notice 

Exhibit I:         Form of Transferee Certificate for Transfers of Series 2011-1 Notes

 Section 6.4. 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 6.5. Third Party Beneficiary. 

The Administrative Agent is an express third party beneficiary of (i) the Base Indenture and (ii) this Series Supplement. 

Section 6.6. 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 6.7. Governing Law. 
 This Series Supplement and all matters arising out of or relating thereto in any way whatsoever (whether in contract, tort or otherwise) 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
6.8. Amendments. 
 This Series Supplement 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 2011-1 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 2011-1 Notes (or reduce the principal amount of or rate of interest on the Series 2011-1 Notes),
alter any provisions (including any relevant definitions) relating to the pro rata treatment of payments to the Series 2011-1 Noteholders, the Conduit Investors and the Committed Note Purchasers, amend or modify this Section 6.8 or
otherwise amend or modify any provision relating to the amendment or modification of this Series Supplement, or, pursuant to the Related Documents, would require the consent of 100% of the Series 2011-1 Noteholders or each

  
 69 

 
Series 2011-1 Noteholder affected by such amendment or modification, shall require the prior written consent of each Conduit Investor and each Committed Note Purchaser or each Conduit Investor
and each Committed Note Purchaser affected thereby, as applicable. 
 Section 6.9. Covenant Regarding Affiliate Issuers.

 ZVF shall not issue or sell Notes of any Series of Notes to an Affiliate Issuer unless, in connection with such issuance or sale, such
Affiliate Issuer has assigned all voting, consent and control rights associated with such Notes to Persons that are not Affiliates of ZVF. 
 Section 6.10. Annual Security Interest Opinions. 
 On or before June 30 of each
calendar year, commencing with June 30, 2012, ZVF shall furnish to the Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and
refiling of this Series Supplement and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as are necessary to maintain the perfection of the lien and security interest
created by this Series Supplement in the Series 2011-1 Collateral and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such lien and security interest. Such
Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Series Supplement and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in
the opinion of such counsel, be required to maintain the perfection of the lien and security interest of this Series Supplement in the Series 2011-1 Collateral until June 30 in the following calendar year. 

Section 6.11. Termination of Series Supplement. 
 This Series Supplement shall cease to be of further effect when (i) all Outstanding Series 2011-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen
Series 2011-1 Notes which have been replaced or paid) to the Trustee for cancellation, (ii) ZVF has paid all sums payable hereunder and (iii) the Series 2011-1 Demand Note Payment Amount is equal to zero or the Series 2011-1 Letter of
Credit Liquidity Amount is equal to zero. 
 Section 6.12. 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 6.10 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 2011-1 Notes without the consent of the Required Noteholders with respect to
the Series 2011-1 Notes. 

  
 70 

 Section 6.13. Replacement Notes. 

Notwithstanding anything in the Base Indenture to the contrary, in the case of any destroyed, lost or stolen Series 2011-1 Note, if an indemnity required
pursuant to Section 2.10 of the Base Indenture is made by a financial institution which has both (i) a long-term unsecured debt rating of at least “Baa3” from Moody’s and (ii) a long-term unsecured debt rating of at
least “BBB-” from Standard & Poor’s, the Trustee hereby agrees that a written indemnity from such financial institution shall be sufficient for purposes of satisfying clause (ii) of the first sentence of
Section 2.10(a) of the Base Indenture. 
 Section 6.14. Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act Deutsche Bank Trust Company Americas, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The
parties to this Series Supplement agree that they will provide Deutsche Bank Trust Company Americas with such information as it may request in order for Deutsche Bank Trust Company Americas to satisfy the requirements of the USA Patriot Act.

 Section 6.15. Trustee Protections. 
 In acting under and by virtue of this Series Supplement, the Trustee shall have all of the rights, protections and immunities granted to it under the Base Indenture. 

Section 6.16. Waiver of Jury Trial. 
 EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

  
 71 

 IN WITNESS WHEREOF, ZVF 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. 
  

			
	ZIPCAR VEHICLE FINANCING LLC
		
	By:	 	         /s/ Edward G. Goldfinger

		 	        Name: Edward G. Goldfinger
		 	        Title: Treasurer
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	as Trustee,
		
	By:	 	         /s/ Irene Siegel

		 	        Name: Irene Siegel
		 	        Title: Vice President
		
	By:	 	         /s/ Maria Inoa

		 	        Name: Maria Inoa
		 	        Title: Associate

  
 72Series 2011-1 Note Purchase Agreement, dated as of December 29, 2011

 Exhibit 10.39 

 
  

 
 SERIES 2011-1 NOTE PURCHASE
AGREEMENT 
 (SERIES 2011-1 VARIABLE FUNDING CAR SHARING ASSET BACKED NOTES) 

dated as of December 29, 2011, 
 among 
 ZIPCAR VEHICLE FINANCING LLC, 

ZIPCAR, INC., 
 as
Administrator, Servicer and Lessee 
 CERTAIN CONDUIT INVESTORS, 

each as a Conduit Investor, 
 CERTAIN FINANCIAL INSTITUTIONS, 
 each as a Committed Note Purchaser, 

CERTAIN FUNDING AGENTS, 
 and 
 BARCLAYS BANK PLC, 

as Administrative Agent 
  

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	  
				
		 	 SECTION 1.01
	  	 Definitions
	  	 	2	  
		
	 ARTICLE II PURCHASE AND SALE OF SERIES 2011-1 NOTES
	  	 	10	  
				
		 	 SECTION 2.01
	  	 The Initial Note Purchase
	  	 	10	  
				
		 	 SECTION 2.02
	  	 Advances
	  	 	11	  
				
		 	 SECTION 2.03
	  	 Borrowing Procedures
	  	 	12	  
				
		 	 SECTION 2.04
	  	 The Series 2011-1 Notes
	  	 	13	  
				
		 	 SECTION 2.05
	  	 Commitment Terms
	  	 	14	  
				
		 	 SECTION 2.06
	  	 Selection of Interest Rates
	  	 	14	  
				
		 	 SECTION 2.07
	  	 Reduction in Series 2011-1 Maximum Principal Amount
	  	 	14	  
		
	 ARTICLE III INTEREST AND FEES
	  	 	14	  
				
		 	 SECTION 3.01
	  	 Interest
	  	 	14	  
				
		 	 SECTION 3.02
	  	 Fees
	  	 	15	  
				
		 	 SECTION 3.03
	  	 Eurodollar Lending Unlawful
	  	 	15	  
				
		 	 SECTION 3.04
	  	 Deposits Unavailable
	  	 	16	  
				
		 	 SECTION 3.05
	  	 Increased or Reduced Costs, etc.
	  	 	17	  
				
		 	 SECTION 3.06
	  	 Funding Losses
	  	 	17	  
				
		 	 SECTION 3.07
	  	 Increased Capital Costs
	  	 	18	  
				
		 	 SECTION 3.08
	  	 Taxes
	  	 	19	  
				
		 	 SECTION 3.09
	  	 Indenture Carrying Charges; Survival
	  	 	20	  
		
	 ARTICLE IV OTHER PAYMENT TERMS
	  	 	20	  
				
		 	 SECTION 4.01
	  	 Time and Method of Payment
	  	 	20	  
		
	 ARTICLE V THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS
	  	 	21	  
				
		 	 SECTION 5.01
	  	 Authorization and Action of the Administrative Agent
	  	 	21	  
				
		 	 SECTION 5.02
	  	 Delegation of Duties
	  	 	21	  
				
		 	 SECTION 5.03
	  	 Exculpatory Provisions
	  	 	21	  
				
		 	 SECTION 5.04
	  	 Reliance
	  	 	22	  
				
		 	 SECTION 5.05
	  	 Non-Reliance on the Administrative Agent and Other Purchasers
	  	 	22	  
				
		 	 SECTION 5.06
	  	 The Administrative Agent in its Individual Capacity
	  	 	23	  
				
		 	 SECTION 5.07
	  	 Successor Administrative Agent
	  	 	23	  
				
		 	 SECTION 5.08
	  	 Authorization and Action of Funding Agents
	  	 	23	  
				
		 	 SECTION 5.09
	  	 Delegation of Duties
	  	 	24	  
				
		 	 SECTION 5.10
	  	 Exculpatory Provisions
	  	 	24	  
				
		 	 SECTION 5.11
	  	 Reliance
	  	 	24	  
				
		 	 SECTION 5.12
	  	 Non-Reliance on the Funding Agent and Other Purchasers
	  	 	25	  
				
		 	 SECTION 5.13
	  	 The Funding Agent in its Individual Capacity
	  	 	25	  
				
		 	 SECTION 5.14
	  	 Successor Funding Agent
	  	 	25	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	 	26	  
				
		 	 SECTION 6.01
	  	 ZVF
	  	 	26	  
				
		 	 SECTION 6.02
	  	 Zipcar
	  	 	27	  
				
		 	 SECTION 6.03
	  	 Conduit Investors
	  	 	27	  
		
	 ARTICLE VII CONDITIONS
	  	 	29	  
				
		 	 SECTION 7.01
	  	 Conditions to Issuance
	  	 	29	  
				
		 	 SECTION 7.02
	  	 Conditions to Initial Borrowing
	  	 	30	  
				
		 	 SECTION 7.03
	  	 Conditions to Each Borrowing
	  	 	31	  
		
	 ARTICLE VIII COVENANTS
	  	 	32	  
				
		 	 SECTION 8.01
	  	 Covenants
	  	 	32	  
				
		 	 SECTION 8.02
	  	 Additional Covenants
	  	 	34	  
		
	 ARTICLE IX MISCELLANEOUS PROVISIONS
	  	 	37	  
				
		 	 SECTION 9.01
	  	 Amendments
	  	 	37	  
				
		 	 SECTION 9.02
	  	 No Waiver; Remedies
	  	 	38	  
				
		 	 SECTION 9.03
	  	 Binding on Successors and Assigns
	  	 	38	  
				
		 	 SECTION 9.04
	  	 Survival of Agreement
	  	 	39	  
				
		 	 SECTION 9.05
	  	 Payment of Costs and Expenses; Indemnification
	  	 	40	  
				
		 	 SECTION 9.06
	  	 Characterization as Related Document; Entire Agreement
	  	 	43	  
				
		 	 SECTION 9.07
	  	 Notices
	  	 	43	  
				
		 	 SECTION 9.08
	  	 Severability of Provisions
	  	 	44	  
				
		 	 SECTION 9.09
	  	 Tax Matters
	  	 	44	  
				
		 	 SECTION 9.10
	  	 No Proceedings; Limited Recourse
	  	 	44	  
				
		 	 SECTION 9.11
	  	 Confidentiality
	  	 	45	  
				
		 	 SECTION 9.12
	  	 Governing Law
	  	 	46	  
				
		 	 SECTION 9.13
	  	 Jurisdiction
	  	 	47	  
				
		 	 SECTION 9.14
	  	 Waiver of Jury Trial
	  	 	47	  
				
		 	 SECTION 9.15
	  	 Counterparts
	  	 	47	  
				
		 	 SECTION 9.16
	  	 Additional Investor Groups
	  	 	47	  
				
		 	 SECTION 9.17
	  	 Assignment
	  	 	48	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 

					
	 	  	 	  	 Page

	
	EXHIBITS
	SCHEDULE I	  	List of Conduit Investors and Committed Note Purchasers	  	
			
	EXHIBIT A	  	Form of Advance Request	  	
			
	EXHIBIT B	  	Form of Assignment and Assumption Agreement	  	
			
	EXHIBIT C	  	Form of Investor Group Supplement	  	
			
	EXHIBIT D	  	Form of Addendum	  	
			
	EXHIBIT E	  	Form of Conduit Investor and Committed Note Purchaser Tax Certificate	  	
			
	EXHIBIT F	  	Quarterly Fleet Report	  	

  
 iii

 SERIES 2011-1 NOTE PURCHASE AGREEMENT 

THIS SERIES 2011-1 NOTE PURCHASE AGREEMENT, dated as of December 29, 2011 (as amended, supplemented, restated or otherwise modified
from time to time in accordance with the terms hereof, this “Agreement”), is made among ZIPCAR VEHICLE FINANCING LLC, a Delaware limited liability company (“ZVF”), ZIPCAR, INC., a Delaware corporation
(“Zipcar”), the several commercial paper conduits listed on Schedule I and their respective permitted successors and assigns, the several financial institutions that serve as committed note purchasers set forth on Schedule
I hereto and the other financial institutions parties hereto pursuant to Section 9.17, the financial institution set forth opposite the name of each Conduit Investor or Non-Conduit Committed Note Purchaser on Schedule I hereto
and its permitted successor and assign (the “Funding Agent” with respect to such Investor Group) and BARCLAYS BANK PLC, in its capacity as administrative agent for the Conduit Investors, the Committed Note Purchasers and the Funding
Agents (the “Administrative Agent”). 
 BACKGROUND 

1. Contemporaneously with the execution and delivery of this Agreement, ZVF, as issuer, and Deutsche Bank Trust Company Americas, a New
York banking corporation, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the “Trustee”) and as Securities Intermediary, entered into the Series 2011-1 Supplement, of
even date herewith (as the same may be further amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof, the “Series 2011-1 Supplement”), to the Amended and Restated Base
Indenture, dated as of May 11, 2011 (as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof, the “Base Indenture” and, together with the Series 2011-1
Supplement, the “Indenture”), between ZVF and the Trustee, pursuant to which ZVF issued one or more Series 2011-1 Variable Funding Car Sharing Asset Backed Notes. 

2. ZVF wishes to issue the Series 2011-1 Notes in favor of the Purchasers and obtain the agreement of the Purchasers to make loans from
time to time (each, an “Advance”) as consideration for the purchase of Series 2011-1 Principal Amounts, all of which Advances (including the Initial Advance) will constitute Increases, and all of which Advances (including the
Initial Advance) will be evidenced by the Series 2011-1 Notes purchased in connection herewith and will constitute purchases of Series 2011-1 Principal Amounts corresponding to the amount of such Advances. Subject to the terms and conditions of this
Agreement, each Conduit Investor may make Advances from time to time and each Committed Note Purchaser is willing to commit to make Advances from time to time, as consideration for purchases of Series 2011-1 Principal Amounts in an aggregate
outstanding amount up to the Maximum Investor Group Principal Amount for the related Investor Group until the commencement of the Series 2011-1 Rapid Amortization Period. Zipcar has joined in this Agreement to confirm certain representations,
warranties and covenants made by it for the benefit of each Conduit Investor and each Committed Note Purchaser. 

 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01 Definitions. 

As used in this Agreement and unless the context requires a different meaning, capitalized terms used but not defined herein (including
the preamble and the recitals hereto) shall have the meanings assigned to such terms in Article I of the Series 2011-1 Supplement or, if not defined therein, the meanings assigned to such terms in the Definitions List attached to the Base Indenture
as Schedule I, as applicable. For the avoidance of doubt, to the extent any capitalized term defined herein also has a meaning assigned to such term in the Definitions List attached to the Base Indenture, the meaning given to such term herein
shall apply. In addition, the following terms shall have the following meanings 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: 
 “Acquiring Committed Note Purchaser” has the meaning set forth in
Section 9.17(a). 
 “Acquiring Investor Group” has the meaning set forth in
Section 9.17(c). 
 “Addendum” means an Addendum substantially in the form of Exhibit D.

 “Additional Investor Group” means, (x) collectively, a Conduit Investor and the Conduit Committed Note
Purchaser(s) with respect to such Conduit Investor or, (y) a Non-Conduit Committed Note Purchaser, in each case, that becomes party hereto as of any date after the Series 2011-1 Closing Date pursuant to Section 9.16 in connection
with an increase in the Series 2011-1 Maximum Principal Amount; provided that, for the avoidance of doubt, an Investor Group that is both an Additional Investor Group and an Acquiring Investor Group shall be deemed to be an Additional
Investor Group solely in connection with, and to the extent of, the commitment of such Investor Group that increases the Series 2011-1 Maximum Principal Amount when such Additional Investor Group becomes a party hereto and Additional Series 2011-1
Notes are issued pursuant to Sections 2.1 and 5.1 of the Series 2011-1 Supplement, and references herein to such an Investor Group as an “Additional Investor Group” shall not include the commitment of such Investor Group as an Acquiring
Investor Group. 
 “Additional Investor Group Initial Principal Amount” means, with respect to each Additional
Investor Group on the date such Additional Investor Group becomes a party hereto, the initial principal amount on such date of the Series 2011-1 Notes issued to such Additional Investor Group, which shall be an amount equal to such Additional
Investor Group’s Commitment Percentage of the principal amount of outstanding Series 2011-1 Notes as of such date (after giving effect to the issuance of any Series 2011-1 Notes on such date). 

“Advance” has the meaning set forth in paragraph 4 of the recitals hereto. 

  
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 “Advance Request” has the meaning set forth in Section 7.03(c).

 “Affected Person” has the meaning set forth in Section 3.05. 

“Assignment and Assumption Agreement” means an Assignment and Assumption Agreement substantially in the form of
Exhibit B. 
 “Borrowing” has the meaning set forth in Section 2.02(c). 

“Borrowing Deficit” has the meaning set forth in Section 2.03(b). 

“Change in Law” means (a) any law, rule or regulation or any change therein or in the interpretation or application
thereof (whether or not having the force of law), in each case, adopted, issued or occurring after the Series 2011-1 Closing Date or (b) any request, guideline or directive (whether or not having the force of law) from any government or
political subdivision or agency, authority, bureau, central bank, commission, department or instrumentality thereof, or any court, tribunal, grand jury or arbitrator, or any accounting board or authority (whether or not part of government) which is
responsible for the establishment or interpretation of national or international accounting principles, in each case, whether foreign or domestic (each an “Official Body”) charged with the administration, interpretation or
application thereof, or the compliance with any request or directive of any Official Body (whether or not having the force of law) made, issued or occurring after the Series 2011-1 Closing Date; provided that, notwithstanding anything in the
foregoing to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act adopted by the U.S. Congress on July 12, 2010, (ii) the revised Basel Accord prepared by the Basel Committee on Banking Supervision as set
out in the publication entitled: “International Convergence of Capital Measurements and Capital Standards: a Revised Framework,” as updated from time to time, and (iii) any rules, regulations, guidance, interpretations or directives
relating thereto or issued in connection therewith (whether or not having the force of law) are deemed to have been made, issued or adopted after the Series 2011-1 Closing Date, regardless of the date actually made, issued or adopted. 

“Commitment” means, the obligation of the Committed Note Purchasers included in each Investor Group to fund Advances
pursuant to Section 2.02(a) in an aggregate stated amount up to the Maximum Investor Group Principal Amount for such Investor Group. 
 “Commitment Percentage” means, on any date of determination with respect to any Investor Group, the ratio, expressed as a percentage, which such Investor Group’s Maximum Investor
Group Principal Amount bears to the Series 2011-1 Maximum Principal Amount on such date. 
 “Committed Note
Purchaser” means, collectively, the Conduit Committed Note Purchasers and Non-Conduit Committed Note Purchasers. 

  
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 “Conduit Committed Note Purchaser Percentage” means, with respect to any
Conduit Committed Note Purchaser, the percentage set forth opposite the name of such Conduit Committed Note Purchaser on Schedule I. 
 “Conduit Assignee” means, with respect to any Conduit Investor, any commercial paper conduit, whose commercial paper has ratings of at least “A-2” from Standard &
Poor’s and “P2” from Moody’s, that is administered by the Funding Agent with respect to such Conduit Investor or any Affiliate of such Funding Agent, in each case, designated by such Funding Agent to accept an assignment from
such Conduit Investor of the Investor Group Principal Amount or a portion thereof with respect to such Conduit Investor pursuant to Section 9.17(b). 
 “Conduit Committed Note Purchaser” means, with respect to a Conduit Investor, each Purchaser identified as a Conduit Committed Note Purchaser for such Conduit Investor on the signature
pages hereto, or in the Assignment and Assumption Agreement, Investor Group Supplement or Addendum pursuant to which such Purchaser became a party hereto. 
 “Conduit Investors” means any Purchaser which is designated as a Conduit Investor on the signature pages hereto, or in the Investor Group Supplement or Addendum pursuant to which such
Purchaser became a party hereto. 
 “Confidential Information” for purposes of this Agreement, has the meaning
set forth in Section 9.11. 
 “CP Rate” means, with respect to each Conduit Investor (i) for
any day during any Series 2011-1 Interest Period funded by a Conduit Investor set forth in Schedule I hereto or any other Conduit Investor that elects in its Investor Group Supplement or Addendum to make this clause (i) applicable
(collectively, the “Conduits”), the per annum rate equivalent to the weighted average of the per annum rates paid or payable by such Conduits from time to time as interest on or otherwise (by means of interest rate hedges or
otherwise taking into consideration any incremental carrying costs associated with short term promissory notes issued by such Conduits maturing on dates other than those certain dates on which such Conduits are to receive funds) in respect of the
promissory notes issued by such Conduits that are allocated in whole or in part by their respective Funding Agent (on behalf of such Conduits) to fund or maintain the Series 2011-1 Principal Amount or that are issued by such Conduits specifically to
fund or maintain the Series 2011-1 Principal Amount, in each case, during such period, as determined by their respective Funding Agent (on behalf of such Conduits), including (x) the commissions of placement agents and dealers in respect of
such promissory notes, to the extent such commissions are allocated, in whole or in part, to such promissory notes by the related Committed Note Purchasers (on behalf of such Conduits), (y) all reasonable costs and expenses of any issuing and
paying agent or other person responsible for the administration of such Conduits’ commercial paper programs in connection with the preparation, completion, issuance, delivery or payment of Series 2011-1 Commercial Paper, and (z) the costs
of other borrowings by such Conduits including, without limitation, borrowings to fund small or odd dollar amounts that are not 

  
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easily accommodated in the commercial paper market; provided, however, that if any component of such rate is a discount rate, in calculating the CP Rate, the respective Funding
Agent for such Conduits shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum and (ii) for any Series 2011-1 Interest Period for any portion of the Commitment of the
related Investor Group funded by any other Conduit Investor, the “CP Rate” applicable to such Conduit Investor as set forth in its Investor Group Supplement or Addendum. 

“Eurodollar Advance” means, an Advance which bears interest at all times during the Eurodollar Interest Period
applicable thereto at a fixed rate of interest determined by reference to the Eurodollar Rate (Reserve Adjusted). 

“Eurodollar Interest Period” means, with respect to any Eurodollar Advance, (a) initially, the period commencing on
and including the date of such Eurodollar Advance and ending on but excluding the next Payment Date and (b) for each period thereafter, the period commencing on and including the Payment Date on which the immediately preceeding Eurodollar
Interest Period ended and ending on but excluding the next Payment Date; provided, however, that 
  

	 	(i)	no Eurodollar Interest Period may end subsequent to the Series 2011-1 Expected Final Payment Date; and 

 

	 	(ii)	upon the occurrence and during the continuation of the Series 2011-1 Rapid Amortization Period, any Eurodollar Interest Period may be terminated at the election of the
related Funding Agent by notice to ZVF and the Administrator, and upon such election the Eurodollar Advances in respect of which interest was calculated by reference to such terminated Eurodollar Interest Period shall, solely at the option of such
Funding Agent, either be converted to Series 2011-1 Base Rate Tranches or included in the Series 2011-1 CP Tranche until payment in full of the Series 2011-1 Notes. 

“Eurodollar Rate” means, with respect to any Investor Group, the rate per annum determined by the related Funding Agent
at approximately 11:00 a.m. (London time) on the date which is one (1) London Business Day prior to the beginning of the relevant Eurodollar Interest Period by reference to the British Bankers’ Association Interest Settlement Rates for
deposits in Dollars (as set forth by any service selected by such Funding Agent which has been nominated by the British Bankers’ Association as an authorized information vendor for the purpose of displaying such rates) for a period equal to
such Eurodollar Interest Period; provided that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provision of this definition, the “Eurodollar Rate” shall be the interest rate per annum determined
by such Funding Agent to be the rate per annum at which deposits in Dollars are offered by such Funding Agent’s Reference Lender in London to prime banks in the London interbank market at or about 11:00 a.m. (London time) one (1) London
Business Day before the first day of such Eurodollar Interest Period in an amount substantially equal to the amount of the Eurodollar Advances to be outstanding during such Eurodollar Interest Period and for a period equal

  
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to such Eurodollar Interest Period. In respect of any Eurodollar Interest Period which is not thirty (30) days in duration, the Eurodollar Rate shall be determined through the use of
straight-line interpolation by reference to two rates calculated in accordance with the preceding sentence, one of which shall be determined as if the maturity of the Dollar deposits referred to therein were the period of time for which rates are
available next shorter than the Eurodollar Interest Period and the other of which shall be determined as if such maturity were the period of time for which rates are available next longer than the Eurodollar Interest Period; provided that, if
a Eurodollar Interest Period is less than or equal to seven days, the Eurodollar Rate shall be determined by reference to a rate calculated in accordance with the preceding sentence as if the maturity of the Dollar deposits referred to therein were
a period of time equal to seven days. 
 “Eurodollar Rate (Reserve Adjusted)” means, with respect to any
Investor Group for any Eurodollar Interest Period, an interest rate per annum (rounded upward to the nearest 1/100th of 1%) determined pursuant to the following formula: 

 

			
	Eurodollar Rate =	 	 Eurodollar Rate

	(Reserve Adjusted)	 	1.00 – Eurodollar Reserve Percentage

 The Eurodollar Rate (Reserve Adjusted) for any Eurodollar Interest Period for Eurodollar Advances will be
determined by each Funding Agent on the basis of the Eurodollar Reserve Percentage in effect one (1) Business Day before the first day of such Eurodollar Interest Period. 
 Notwithstanding the foregoing, the Eurodollar Rate (Reserve Adjusted) with respect to any Eurodollar Advance assigned by a Conduit Investor pursuant to Section 2.06(ii), shall equal the Series
2011-1 Base Rate with respect to the Investor Group of which such Conduit Investor is a member until the second London Business Day following such assignment after which the Eurodollar Rate (Reserve Adjusted) for such Eurodollar Advance shall be
determined as set forth above. 
 “Eurodollar Reserve Percentage” means, for any Eurodollar Interest Period,
the reserve percentage (expressed as a decimal) equal to the maximum aggregate reserve requirements (including all basic, emergency, supplemental, marginal and other reserves and taking into account any transitional adjustments or other scheduled
changes in reserve requirements) specified under regulations issued from time to time by the F.R.S. Board and then applicable to assets or liabilities consisting of and including “Eurocurrency Liabilities,” as currently defined in
Regulation D of the F.R.S. Board, having a term approximately equal or comparable to such Eurodollar Interest Period. 

“Federal Funds Rate” means, with respect to any Investor Group for any day, the rate per annum equal to the weighted
average of the overnight federal funds rates as published on such day in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the related Funding Agent (or, if such day is not a Business Day, for
the next preceding Business Day), or, if, for any reason, such rate is not so published, the rate determined, in the sole opinion of such Funding Agent, to be the rate at which overnight federal funds are being offered in the national federal funds
market at 9:00 a.m. New York City time. 

  
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 “Fee Letter” means that certain fee letter, dated as of the date hereof, by
and between the Administrative Agent and ZVF setting forth, among other things, the definition of Program Fee Rate and the definition of Undrawn Fee. 
 “Financial Statements” has the meaning set forth in Section 6.02(b). 
 “Increase Date” shall mean the Business Day on which an Increase in the Series 2011-1 Principal Amount occurs. 
 “Initial Advance” means the first Advances made under this Agreement on or following the Series 2011-1 Closing Date as part of the initial Borrowings. 

“Investor Group” means, (i) (x) collectively, a Conduit Investor and the Conduit Committed Note Purchaser(s)
with respect to such Conduit Investor or (y) a Non-Conduit Committed Note Purchaser(s), in each case, party hereto as of the Series 2011-1 Closing Date and (ii) any Additional Investor Group. 

“Investor Group Increase Amount” means, with respect to any Investor Group on any Increase Date, such Investor
Group’s Commitment Percentage of the amount of the Increase on such Business Day. 
 “Investor Group Principal
Amount” means, (a) with respect to any Investor Group other than an Additional Investor Group, (i) when used with respect to the Series 2011-1 Closing Date, such Investor Group’s Commitment Percentage of the Series 2011-1
Initial Principal Amount and (ii) when used with respect to any other date, an amount equal to (w) the Investor Group Principal Amount with respect to such Investor Group on the immediately preceding Business Day plus (x) any
Investor Group Increase Amount with respect to such Investor Group on such date minus (y) the amount of principal payments made to such Investor Group pursuant to the Series 2011-1 Supplement on such date plus (z) the amount
of principal payments recovered from such Investor Group by a trustee as a preference payment in a bankruptcy proceeding of the Issuer or otherwise rescinded or returned for any reason on such date and (b) with respect to any Additional
Investor Group, (i) when used with respect to the date such Additional Investor Group becomes a party hereto, such Additional Investor Group’s Additional Investor Group Initial Principal Amount and (ii) when used with respect to any
other date, an amount equal to (w) the Investor Group Principal Amount with respect to such Additional Investor Group on the immediately preceding Business Day plus (x) any Investor Group Increase Amount with respect to such
Additional Investor Group on such date minus (y) the amount of principal payments made to such Investor Group pursuant to the Series 2011-1 Supplement on such date plus (z) the amount of principal payments recovered from such
Additional Investor Group by a trustee as a preference payment in a bankruptcy proceeding of the Issuer or otherwise rescinded or returned for any reason on such date. 

  
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 “Investor Group Supplement” means an Investor Group Supplement
substantially in the form of Exhibit C. 
 “London Business Day” means any day other than a Saturday,
Sunday or other day on which banks are authorized or required to be closed in London, United Kingdom. 
 “Majority
Program Support Providers” means with respect to any Investor Group, Program Support Providers with respect to the members of such Investor Group holding more than 50% of the aggregate commitments of all such Program Support Providers.

 “Margin Stock” means “margin stock” as defined in Regulation U of the Board of Governors of the
Federal Reserve System, as amended from time to time. 
 “Maximum Investor Group Principal Amount” means, with
respect to each Investor Group, the aggregate amounts set forth opposite the name of the Committed Note Purchasers included in such Investor Group on Schedule I hereto, as such amount may be increased or modified from time to time by
written agreement among the Committed Note Purchasers included in such Investor Group, the Administrator and ZVF in accordance with the terms hereof; provided that, on any day after the occurrence and during the continuance of an Amortization
Event with respect to the Series 2011-1 Notes, the Maximum Investor Group Principal Amount with respect to each Investor Group shall equal the Investor Group Principal Amount for such Investor Group on such date (after giving effect to all principal
payments made to such Investor Group pursuant to the Series 2011-1 Supplement on such date). 
 “Non-Conduit Committed
Note Purchaser” means each Purchaser designated as a Non-Conduit Committed Note Purchaser on the signature pages hereto, or in the Assignment and Assumption Agreement, Investor Group Supplement or Addendum pursuant to which such Purchaser
became a party hereto. 
 “Prime Rate” means, with respect to any Investor Group, the rate announced by the
applicable Reference Lender from time to time as its prime rate in the United States, such rate to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by such Reference Lender in
connection with extensions of credit to debtors. 
 “Program Fee” has the meaning set forth in
Section 3.02(a). 
 “Program Fee Rate” has the meaning set forth in the Fee Letter. 

“Program Support Agreement” means any agreement entered into by any Program Support Provider in respect of any Series
2011-1 Commercial Paper and/or Series 2011-1 Note providing for the issuance of one or more letters of credit for the account of a Committed Note Purchaser or a Conduit Investor, the issuance of one or more insurance policies for which a Committed
Note Purchaser or a Conduit Investor is obligated to reimburse the applicable Program Support Provider for any drawings 

  
 8 

 
thereunder, the sale by a Committed Note Purchaser or a Conduit Investor to any Program Support Provider of the Series 2011-1 Notes (or portions thereof or interests therein) and/or the making of
loans and/or other extensions of credit to a Committed Note Purchaser or a Conduit Investor in connection with such Conduit Investor’s securitization program, together with any letter of credit, insurance policy or other instrument issued
thereunder or guaranty thereof (but excluding any discretionary advance facility provided by a Committed Note Purchaser). 

“Program Support Provider” means and includes any Person now or hereafter extending credit or having a commitment to
extend credit to or for the account of, and/or agreeing to make purchases from, a Committed Note Purchaser or a Conduit Investor in respect of such Committed Note Purchaser’s or Conduit Investor’s Series 2011-1 Commercial Paper and/or
Series 2011-1 Note, and/or agreeing to issue a letter of credit or insurance policy or other instrument to support any obligations arising under or in connection with such Conduit Investor’s securitization program as it relates to any Series
2011-1 Commercial Paper issued by such Conduit Investor, in each case pursuant to a Program Support Agreement, and any guarantor of any such person. 
 “Purchaser” means, collectively, the Conduit Investors and the Committed Note Purchasers. 
 “Reference Lender” means, with respect to any Investor Group, the related Funding Agent or, if such Funding Agent does not have a prime rate, an Affiliate thereof designated by such
Funding Agent. 
 “Regulation S”: Regulation S under the Securities Act. 

“Series 2010-1 Supplement” means that certain Amended and Restated Series 2010-1 Supplement to the Base Indenture, dated
as of May 11, 2011, between ZVF and the Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Series 2010-1 Note Purchase Agreement” means that certain Amended and Restated Series 2010-1 Note Purchase Agreement, dated as of May 11, 2011, among ZVF, the Administrator, the
Servicer, the Lessee, Credit Agricole Corporate and Investment Bank, as administrative agent and the funding agents, conduit investors and committed note purchasers party thereto, as the same may be amended, supplemented or otherwise modified from
time to time. 
 “Series 2010-1 Notes” means the Series 2010-1 Variable Funding Car Sharing Asset Backed Notes
issued pursuant to the Base Indenture as supplemented by the Series 2010-1 Supplement. 
 “Series 2011-1 Base
Rate” means, with respect to any Investor Group on any day, a rate per annum equal to the greater of (a) the Prime Rate with respect to such Investor Group in effect on such day and (b) the Federal Funds Rate with respect to such
Investor Group in effect on such day. Any change in the Series 2011-1 Base Rate due to a change in the Prime Rate or the Federal Funds Rate shall be effective as of the opening 

  
 9 

 
of business on the effective day of such change in the Prime Rate or the Federal Funds Rate, respectively. Changes in the rate of interest on that portion of any Advances maintained as Series
2011-1 Base Rate Tranches will take effect simultaneously with each change in the Series 2011-1 Base Rate. 
 “Series
2011-1 Commitment Termination Date” means December 29, 2012 or such earlier or later date as the parties hereto may agree in writing. 
 “Series 2011-1 Obligations” has the meaning set forth in Section 5.01. 
 “Series 2011-1 Related Documents” means the Related Documents relating to the Series 2011-1 Notes; provided that, for the avoidance of doubt, (i) any Related Document that
relates solely to a Series of Notes other than the Series 2011-1 Notes shall not be a Series 2011-1 Related Document, (ii) any Related Document that relates to the Series 2011-1 Notes and other Series of Notes shall be a Series 2011-1 Related
Document and (iii) any Related Document that relates solely to any Segregated Series of Notes shall not be a Series 2011-1 Related Document. 
 “Series 2011-1 Supplement” has the meaning set forth in paragraph 3 of the recitals hereto. 
 “Taxes” has the meaning set forth in Section 3.08. 

“Term” has the meaning set forth in Section 2.05. 

“Undrawn Fee” has the meaning set forth in Section 3.02(b). 

“Undrawn Fee Rate” has the meaning set forth in the Fee Letter. 

“Up-Front Fee” has the meaning set forth in the Fee Letter. 

“Weighted Average CP Rate” means, with respect to any Series 2011-1 Interest Period, the weighted average of the CP
Rates applicable to each Advance funded or maintained during such Series 2011-1 Interest Period through the issuance of Series 2011-1 Commercial Paper. 
 ARTICLE II 
 PURCHASE AND SALE OF SERIES 2011-1 NOTES 

SECTION 2.01 The Initial Note Purchase. 
 On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, ZVF will issue the Series 2011-1
Notes on the Series 2011-1 Closing Date. Such Series 2011-1 Notes for each Investor Group will be dated the Series 2011-1 Closing Date, registered in the name of the respective Funding Agent, as agent for the related Conduit Investor, if any, and
the Committed Note Purchaser(s), or in such other name as the respective Funding Agent may request, and will be duly authenticated in accordance with the provisions of the Indenture. 

  
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 SECTION 2.02 Advances. 

(a) (a) Subject to the terms and conditions of this Agreement and the Series 2011-1 Supplement on any date prior to the Series
2011-1 Commitment Termination Date, (x) each Conduit Investor may and, if any such Conduit Investor determines that it will not make an Advance or any portion of an Advance, its related Conduit Committed Note Purchaser(s) shall to the extent
such Conduit Investor does not make such Advance and (y) each Non-Conduit Committed Note Purchaser shall, in each case, upon ZVF’s request delivered in accordance with the provisions of Section 2.03 and upon the satisfaction of
all conditions precedent thereto, make Advances from time to time during the Series 2011-1 Revolving Period; provided, that (i) such Advances shall be made ratably by each Conduit Investor (or its related Conduit Committed Note Purchaser
or Conduit Committed Note Purchasers collectively, as the case may be) and Non-Conduit Committed Note Purchaser based on the respective Commitment Percentage of its Investor Group and (ii) the portion of any such Advance made by a Conduit
Committed Note Purchaser shall be based on its Conduit Committed Note Purchaser Percentage of the Commitment Percentage with respect to the related Investor Group; provided, further that no Advance shall be required or permitted to be
made on any date if, after giving effect to such Advance, (i) the Investor Group Principal Amount with respect to any Investor Group would exceed the Maximum Investor Group Principal Amount with respect to such Investor Group, (ii) the
Series 2011-1 Principal Amount would exceed the Series 2011-1 Maximum Principal Amount, (iii) a Series 2011-1 Enhancement Deficiency or an Aggregate Asset Amount Deficiency exists or would exist as a result of such Advance, or (iv) an
Amortization Event, Potential Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default, in each case, with respect to the Series 2011-1 Notes exists or would exist as a result of such Advance. If a Conduit Investor
elects not to fund the full amount of its Commitment Percentage of the Initial Advance (or, in the case of a Conduit Investor in an Additional Investor Group, the Additional Investor Group Initial Principal Amount with respect to such Additional
Investor Group) or a requested Increase, such Conduit Investor shall notify the Administrative Agent and the Funding Agent with respect to such Conduit Investor, and each Conduit Committed Note Purchaser with respect to such Conduit Investor shall
fund its Conduit Committed Note Purchaser Percentage of the portion of the Commitment Percentage with respect to such Investor Group of the Initial Advance (or, in the case of a Conduit Committed Note Purchaser in an Additional Investor Group, the
applicable portion of the Additional Investor Group Initial Principal Amount with respect to such Additional Investor Group) or such Increase, as the case may be, not funded by such Conduit Investor, subject to the terms described above. 

(b) Subject to Section 9.10(b), each Conduit Investor hereby agrees with respect to itself that it will use commercially
reasonable efforts to fund Advances made by its Investor Group through the issuance of Series 2011-1 Commercial Paper; provided, that (i) no Conduit Investor will have any obligation to use commercially reasonable efforts to fund
Advances made by its Investor Group through the issuance of 

  
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Series 2011-1 Commercial Paper at any time (x) an Amortization Event has occurred and is continuing (other than any Amortization Event relating solely to any Segregated Series of Notes) or
(y) the funding of such Advance through the issuance of Series 2011-1 Commercial Paper would be prohibited by the program documents governing such Conduit Investor’s commercial paper program, (ii) nothing herein is (or shall be
construed) as a commitment by any Conduit Investor to fund any Advance through the issuance of Series 2011-1 Commercial Paper, and (iii) notwithstanding anything herein or in any other Related Document to the contrary, at no time will a Conduit
Investor that is not also a Committed Note Purchaser be obligated to make Advances hereunder. 
 (c) The proceeds of all
Advances on any date shall be allocated according to the provisions of Article III of the Series 2011-1 Supplement. Each of the Advances to be made on any date shall be made singly as part of a single borrowing (each such single borrowing being a
“Borrowing”). Subject to the terms of this Agreement and the Series 2011-1 Supplement, the aggregate principal amount of the Advances represented by the Series 2011-1 Notes may be increased or decreased from time to time.

 SECTION 2.03 Borrowing Procedures. 
 (a) If ZVF wishes the Conduit Investors and the Non-Conduit Committed Note Purchasers to make an Advance, ZVF shall (or shall cause the Administrator to) notify the Administrative Agent, each Funding
Agent and the Trustee upon irrevocable written notice delivered to the Administrative Agent and each Funding Agent (with a copy of such notice delivered to the Committed Note Purchasers) no later than 1:00 p.m. New York City time on the second
Business Day (or, if such Business Day is not also a London Business Day, on the next preceding Business Day that is also a London Business Day) prior to the proposed Borrowing (which Borrowing date shall be an Increase Date); provided that
no more than three Borrowings shall occur during any calendar week. Each such notice shall be irrevocable and shall in each case refer to this Agreement and specify the aggregate amount of the requested Borrowing to be made on such date. ZVF shall
(or shall cause the Administrator to) ratably allocate the proposed Borrowing among the Investor Groups’ respective Investor Group Principal Amounts. Each Funding Agent shall promptly advise its related Conduit Investor or its related
Non-Conduit Committed Note Purchaser, of any notice given pursuant to this Section and, if there is a Conduit Investor with respect to any Investor Group, shall promptly thereafter (but in no event later than 11:00 a.m. New York City time on the
proposed date of Borrowing), notify ZVF and the related Conduit Committed Note Purchaser(s), whether such Conduit Investor has determined to make such Advance. On the date of each Borrowing and subject to the other conditions set forth herein and in
the Series 2011-1 Supplement, each Conduit Investor or its related Conduit Committed Note Purchaser(s), as the case may be, and each Non-Conduit Committed Note Purchaser, shall make available to ZVF the amount of such Advance by wire transfer in
U.S. dollars of such amount in same day funds to the Series 2011-1 Collection Account no later than 2:00 p.m. (New York time) on the date of such Borrowing. 

  
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 (b) If, by 2:00 p.m. (New York time) on the date of any Borrowing, one or more Conduit
Committed Note Purchasers in an Investor Group (each, a “Defaulting Conduit Committed Note Purchaser,” and each Conduit Committed Note Purchaser in the related Investor Group other than any Defaulting Conduit Committed Note
Purchaser being referred to as a “Non-Defaulting Conduit Committed Note Purchaser”) fails to make its ratable portion of any Borrowing available to ZVF pursuant to Section 2.03(a) (the amount unavailable to ZVF as a
result of such failure with respect to such Investor Group being herein called a “Borrowing Deficit”), then the Funding Agent for such Investor Group shall, by no later than 2:30 p.m. (New York City time) on the applicable date of
such Borrowing instruct each Non-Defaulting Conduit Committed Note Purchaser in the same Investor Group as the Defaulting Conduit Committed Note Purchaser to pay, by no later than 3:00 p.m. (New York time), in immediately available funds, to the
Series 2011-1 Collection Account, an amount equal to the lesser of (i) such Non-Defaulting Conduit Committed Note Purchaser’s proportionate share (based upon the relative Conduit Committed Note Purchaser Percentages of such Non-Defaulting
Conduit Committed Note Purchasers) of the Borrowing Deficit with respect to such Investor Group and (ii) such Non-Defaulting Conduit Committed Note Purchaser’s Conduit Committed Note Purchaser Percentage of the amount by which the Maximum
Investor Group Investor Amount for such Investor Group exceeds the Investor Group Principal Amount for such Investor Group (determined after giving effect to any Advances already made by such Investor Group on such date). A Defaulting Conduit
Committed Note Purchaser shall forthwith, upon demand, pay to the applicable Funding Agent for the ratable benefit of the Non-Defaulting Conduit Committed Note Purchasers all amounts paid by each such Non-Defaulting Conduit Committed Note Purchaser
on behalf of such Defaulting Conduit Committed Note Purchaser, together with interest thereon, for each day from the date a payment was made by a Non-Defaulting Conduit Committed Note Purchaser until the date such Non-Defaulting Conduit Committed
Note Purchaser has been paid such amounts in full, at a rate per annum equal to the sum of the Series 2011-1 Base Rate plus 1% per annum. 
 SECTION 2.04 The Series 2011-1 Notes. 
 On each date an Advance
is funded under the Series 2011-1 Notes pursuant to this Agreement and the Series 2011-1 Supplement, and on each date the amount of outstanding Advances thereunder is reduced, a duly authorized officer, employee or agent of the related Funding Agent
shall make appropriate notations in its books and records of the amount of such Advance and the amount of such reduction, as applicable. ZVF hereby authorizes each duly authorized officer, employee and agent of such Funding Agent to make such
notations on the books and records as aforesaid and every such notation made in accordance with the foregoing authority shall be prima facie evidence of the accuracy of the information so recorded and shall be binding on ZVF absent manifest
error; provided, however, that in the event of a discrepancy between the books and records of such Funding Agent and the records maintained by the Trustee pursuant to the Indenture, such discrepancy shall be resolved by such Funding
Agent, the Administrative Agent and the Trustee. 

  
 13 

 SECTION 2.05 Commitment Terms. 

The “Term” of the Commitment hereunder shall be for a period commencing on the Series 2011-1 Closing Date and ending on
the Series 2011-1 Commitment Termination Date. 
 SECTION 2.06 Selection of Interest Rates. 

Following (i) the funding of any Advances by a Committed Note Purchaser or (ii) any assignment by a Conduit Investor to its
related liquidity provider(s) or related credit provider(s) pursuant to the applicable liquidity purchase agreement or liquidity loan agreement with respect to the Series 2011-1 Notes or to its related Conduit Committed Note Purchaser hereunder, in
each case the Advances funded, directly or indirectly, with amounts received from any such provider or Committed Note Purchaser will be made as Eurodollar Advances; provided that if any such Conduit Committed Note Purchaser is funding
Advances through the issuance of Series 2011-1 Commercial Paper, such Advances shall bear interest at the CP Rate. 

SECTION 2.07 Reduction in Series 2011-1 Maximum Principal Amount. 

ZVF may, upon three Business Days’ notice to the Administrative Agent, each Funding Agent, each Conduit Investor and each Committed
Note Purchaser, effect a permanent reduction in the Series 2011-1 Maximum Principal Amount and a corresponding pro rata reduction in the Maximum Investor Group Principal Amount with respect to each Investor Group; provided that (x) any
such reduction must be in a minimum amount of $5,000,000 and (y) (i) after giving effect to such reduction, the Series 2011-1 Maximum Principal Amount shall equal or exceed $5,000,000, unless reduced to zero and (ii) after giving
effect to such reduction and any principal payments made with respect to the Series 2011-1 Notes on such day, the Series 2011-1 Principal Amount shall not exceed the Series 2011-1 Maximum Principal Amount and the Investor Group Principal Amount with
respect to any Investor Group shall not exceed the Maximum Investor Group Principal Amount with respect to such Investor Group. Any reduction made pursuant to this Section 2.07 shall be made ratably among the Investor Groups on the basis
of their respective Maximum Investor Group Principal Amount immediately prior to such reduction. 
 ARTICLE III 

INTEREST AND FEES 

SECTION 3.01 Interest. 
 (a) (a) Each related Advance funded or maintained by an Investor Group during the related Series 2011-1 Interest Period (i) through the issuance of Series 2011-1 Commercial Paper shall bear
interest at the CP Rate for such Series 2011-1 Interest Period and (ii) through means other than the issuance of Series 2011-1 Commercial Paper shall bear interest at the Eurodollar Rate (Reserve Adjusted) applicable to such Investor Group for
the related Eurodollar Interest Period, in each case except as otherwise provided in the definition of Eurodollar Interest Period or in Section 3.03 or 3.04. Each Funding Agent shall notify ZVF and the Administrator of the

  
 14 

 
applicable interest rate for the Advances made by its Investor Group for the related Series 2011-1 Interest Period or Eurodollar Interest Period, as the case may be (including the applicable CP
Rate, the Eurodollar Rate (Reserve Adjusted) and/or Series 2011-1 Base Rate, as the case may be) by 11:00 a.m. (New York time) on the second Business Day immediately preceding each Determination Date and on the Business Day following each Payment
Date. 
 (b) Interest (including all amounts described in Section 3.01(a) above and any Series 2011-1 Monthly
Default Interest Amount) shall be due and payable on each Payment Date in accordance with the provisions of the Series 2011-1 Supplement. 
 (c) All computations of interest at the CP Rate and the Eurodollar Rate (Reserve Adjusted) shall be made on the basis of a year of 360 days and the actual number of days elapsed and all computations of
interest at the Series 2011-1 Base Rate shall be made on the basis of a 365 (or 366, as applicable) day year and actual number of days elapsed. 
 SECTION 3.02 Fees. 
 (a) On each Payment Date, ZVF shall pay to
each Funding Agent, for the account of the related Investor Group, a program fee (the “Program Fee”) equal to (A) the sum of the product of, for each day during the related Series 2011-1 Interest Period (x) the Program Fee
Rate for the related Investor Group for such day and (y) the Investor Group Principal Amount for the related Investor Group for such day divided by (B) 360. 
 (b) On each Payment Date on or prior to the Series 2011-1 Commitment Termination Date, ZVF shall pay to each Funding Agent, for the account of the related Investor Group, an undrawn fee (the
“Undrawn Fee”) equal to (A) the sum of the product of, for each day during the related Series 2011-1 Interest Period (x) the Undrawn Fee Rate for such day and (y) the excess of (i) the Maximum Investor Group
Principal Amount for the related Investor Group for such day over (ii) the Investor Group Principal Amount for the related Investor Group for such day, divided by (B) 360. 

(c) On or prior to the earlier of (x) the date of the Initial Advance and (y) January 16, 2012, ZVF shall pay to each
Funding Agent the Up-Front Fee for such Funding Agent. 
 SECTION 3.03 Eurodollar Lending Unlawful. 

If a Conduit Investor, a Committed Note Purchaser or any Program Support Provider shall reasonably determine (which determination shall,
upon notice thereof to the Administrative Agent and the related Funding Agent and ZVF, be conclusive and binding on ZVF absent manifest error) that the introduction of or any change in or in the interpretation of any law, rule or regulation makes it
unlawful, or any 

  
 15 

 
central bank or other Governmental Authority asserts that it is unlawful, for any such Program Support Provider or Committed Note Purchaser to make, continue, or maintain any Advance as, or to
convert any Advance into, the Series 2011-1 Eurodollar Tranche of such Advance, the obligation of such Person to make, continue or maintain or convert any such Advance as the Series 2011-1 Eurodollar Tranche of such Advance shall, upon such
determination, forthwith be suspended until such Person shall notify the related Funding Agent and ZVF that the circumstances causing such suspension no longer exist, and such Investor Group shall immediately convert all Advances of any such Program
Support Provider or Committed Note Purchaser, as applicable, into the Series 2011-1 Base Rate Tranche of such Advance at the end of the then current Eurodollar Interest Periods with respect thereto or sooner, if required by such law or assertion.

 SECTION 3.04 Deposits Unavailable. 
 If a Conduit Investor, a Committed Note Purchaser or any Program Support Provider shall have reasonably determined that: 

(a) Dollar deposits in the relevant amount and for the relevant Eurodollar Interest Period are not available to all
related Reference Lenders in the relevant market; or 
 (b) by reason of circumstances affecting all related
Reference Lenders’ relevant market, adequate means do not exist for ascertaining the interest rate applicable hereunder to the Series 2011-1 Eurodollar Tranche of any Advance; or 

(c) such Conduit Investor, such Committed Note Purchaser or the related Majority Program Support Providers have notified
the related Funding Agent and ZVF that, with respect to any interest rate otherwise applicable hereunder to the Series 2011-1 Eurodollar Tranche of any Advance the Eurodollar Interest Period for which has not then commenced, such interest rate will
not adequately reflect the cost to such Conduit Investor, such Committed Note Purchaser or such Majority Program Support Providers of making, funding, agreeing to make or fund or maintaining their respective Series 2011-1 Eurodollar Tranche of such
Advance for such Eurodollar Interest Period, 
 then, upon notice from such Conduit Investor, such Committed Note Purchaser or the related
Majority Program Support Providers to such Funding Agent and ZVF, the obligations of such Conduit Investor, such Committed Note Purchaser and all of the relevant Program Support Providers to make or continue any Advance as, or to convert any
Advances into, the Series 2011-1 Eurodollar Tranche of such Advance shall forthwith be suspended until such Funding Agent shall notify ZVF that the circumstances causing such suspension no longer exist, and such Investor Group shall immediately
convert all Advances of any such Program Support Provider or Committed Note Purchaser, as applicable, into the Series 2011-1 Base Rate Tranche of such Advance at the end of the then current Eurodollar Interest Periods with respect thereto or sooner,
if required for the reasons set forth in clause (a), (b) or (c) above, as the case may be. 

  
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 SECTION 3.05 Increased or Reduced Costs, etc. 

ZVF agrees to reimburse each Conduit Investor and each Committed Note Purchaser and any Program Support Provider (each, an “Affected
Person”) for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Affected Person (including reductions in the rate of return on such Affected Person’s capital) in respect of making, continuing
or maintaining (or of its obligation to make, continue or maintain) any Advances as, or of converting (or of its obligation to convert) any Advances into, the Series 2011-1 Eurodollar Tranche of such Advance that arise in connection with any Changes
in Law, except for such Changes in Law with respect to increased capital costs and taxes which are governed by Sections 3.07 and 3.08, respectively. Each such demand shall be provided to the related Funding Agent and ZVF in writing and
shall state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Affected Person for such increased cost or reduced amount or return. Such additional amounts shall be payable by ZVF to such Funding
Agent and by such Funding Agent directly to such Affected Person within five (5) Business Days of ZVF’s receipt of such notice, and such notice shall, in the absence of manifest error, be conclusive and binding on ZVF. ZVF shall not be
under any obligation to compensate any Affected Person under this Section 3.05 with respect to any such increased costs or reduced amount or return that arose during any period prior to the date that is 270 days prior to such Affected
Person’s notice being delivered to ZVF, except that the foregoing limitation shall not apply to any increased costs or reduced amount or return arising out of the retroactive application of any Change in Law within such 270-day period. Each
Affected Person shall use commercially reasonable efforts (to the extent not inconsistent with its internal policies) to mitigate the amounts payable to it by ZVF pursuant to this Section 3.05; provided, that no Affected Party shall be
obligated to take any action that it determines in its sole discretion would be disadvantageous to it. 

SECTION 3.06 Funding Losses. 
 In the event any Affected Person shall incur any loss or expense (including any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Affected
Person to make, continue or maintain any portion of the principal amount of any Advance as a Series 2011-1 CP Tranche or Series 2011-1 Eurodollar Tranche, or to convert any portion of the principal amount of any Advance into, the Series 2011-1
Eurodollar Tranche of such Advance) as a result of: 
 (i) any conversion or repayment or prepayment (for any
reason, including, without limitation, as a result of the acceleration of the maturity of the Series 2011-1 CP Tranche or Series 2011-1 Eurodollar Tranche of such Advance or the assignment thereof in accordance with the requirements of the
applicable Program Support Agreement) of the principal amount of any portion of the Series 2011-1 CP Tranche or Series 2011-1 Eurodollar Tranche on a date other than the scheduled last day of the Series 2011-1 Interest Period or Eurodollar Interest
Period applicable thereto; 

  
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 (ii) any Advance not being made as an Advance under the Series 2011-1 CP
Tranche or Series 2011-1 Eurodollar Tranche after a request for such an Advance has been made in accordance with the terms contained herein; 
 (iii) any Advance not being continued as a Series 2011-1 CP Tranche or Series 2011-1 Eurodollar Tranche, or converted into an Advance under the Series 2011-1 Eurodollar Tranche after a request for such an
Advance has been made in accordance with the terms contained herein, or 
 (iv) any failure of ZVF to make a
Decrease or an Increase after giving notice thereof pursuant to Section 2.2(b) of the Series 2011-1 Supplement or Section 2.02 hereof, 
 then, upon the written notice of any Affected Person to the related Funding Agent and ZVF, ZVF shall pay to such Funding Agent and such Funding Agent shall, within five (5) Business Days of its
receipt thereof, pay directly to such Affected Person such amount as will (in the reasonable determination of such Affected Person) reimburse such Affected Person for such loss or expense. Such written notice (which shall include calculations in
reasonable detail) shall, in the absence of manifest error, be conclusive and binding on ZVF. 

SECTION 3.07 Increased Capital Costs. 
 If any Change in Law affects or would affect the amount of capital required or reasonably expected to be maintained by any Affected Person or any Person controlling such Affected Person and such Affected
Person reasonably determines (in its sole and absolute discretion) that the rate of return on its or such controlling Person’s capital as a consequence of its commitment or the Advances made by such Affected Person is reduced to a level below
that which such Affected Person or such controlling Person would have achieved but for the occurrence of any such circumstance, then, in any such case after notice from time to time by such Affected Person to the related Funding Agent and ZVF, ZVF
shall pay to such Funding Agent and such Funding Agent shall pay to such Affected Person an incremental commitment fee sufficient to compensate such Affected Person or such controlling Person for such reduction in rate of return. A statement of such
Affected Person as to any such additional amount or amounts (including calculations thereof in reasonable detail), in the absence of manifest error, shall be conclusive and binding on ZVF; and provided, further, that the initial
payment of such increased commitment fee shall include a payment for accrued amounts due under this Section 3.07 prior to such initial payment. In determining such additional amount, such Affected Person may use any method of averaging
and attribution that it (in its reasonable discretion) shall deem applicable so long as it applies such method to other similar transactions. Each Affected Person shall use commercially reasonable efforts (to the extent not inconsistent with its
internal policies) to mitigate the amounts payable to it by ZVF pursuant to this Section 3.07; provided, that no Affected Party shall be obligated to take any action that it determines in its sole discretion would be disadvantageous to
it. 

  
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 SECTION 3.08 Taxes. 

All payments by ZVF of principal of, and interest on, the Advances and all other amounts payable hereunder (including fees) to or on
behalf of any Affected Person shall be made free and clear of and without deduction for any present or future income, excise, documentary, property, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges of any nature
whatsoever imposed by any taxing authority, but excluding in the case of any Affected Person (x) net income, franchise or similar taxes (including branch profits taxes or alternative minimum tax) imposed or levied on the Affected Person as a
result of a connection between the Affected Person and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from such
Affected Person having executed, delivered or performed its obligations or received a payment under, or enforced by, this Agreement), (y) any United States backup withholding tax and (z) with respect to any Affected Person organized under
the laws of a jurisdiction other than the United States (“Foreign Affected Person”), any withholding tax that is imposed on amounts payable to the Foreign Affected Person at the time the Foreign Affected Person becomes a party to
this Agreement (or designates a new lending office), except to the extent that such Foreign Affected Person (or its assignor, if any) was already entitled, at the time of the designation of the new lending office (or assignment), to receive
additional amounts from ZVF with respect to withholding tax (such non-excluded items being called “Taxes”). 

Moreover, if any Taxes are directly asserted against any Affected Person with respect to any payment received by such Affected Person or
its agent from ZVF, such Affected Person or its agent may pay such Taxes and ZVF will promptly upon receipt of written notice stating the amount of such Taxes pay such additional amounts (including any penalties, interest or expenses) as is
necessary in order that the net amount received by such person after the payment of such Taxes (including any Taxes on such additional amount) shall equal the amount such person would have received had not such Taxes been asserted. 

If ZVF fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to the Affected Person or its agent the
required receipts or other required documentary evidence, ZVF shall indemnify the Affected Person and their agent for any incremental Taxes, interest or penalties that may become payable by any such Affected Person or its agent as a result of any
such failure. For purposes of this Section 3.08, a distribution hereunder by the agent for the relevant Affected Person shall be deemed a payment by ZVF. 
 Upon the request of ZVF, each Foreign Affected Person shall execute and deliver to ZVF, prior to the initial due date of any payments hereunder and to the extent permissible under then current law, and on
or about the first scheduled payment date in each calendar year thereafter, one or more (as ZVF may reasonably request) United States Internal Revenue Service Forms W-8BEN, Forms W-8ECI or Forms W-9, or successor applicable forms, or such other
forms or documents (or successor forms or documents), appropriately completed, as may be applicable to establish the extent, if any, to which a payment to such Foreign Affected Person is exempt from withholding or deduction of Taxes. Each Foreign
Affected Person shall (and shall cause other persons 

  
 19 

 
acting on its behalf to) take any action (including entering into any agreement with the Internal Revenue Service) and comply with any information gathering and reporting requirements, in each
case, that are required to obtain the maximum available exemption from any U.S. federal withholding taxes that is available to payments received by or on behalf of such Foreign Affected Person; provided that the requirements set forth in this
paragraph shall not interfere with the right of any Foreign Affected Person to arrange its tax affairs in whatever manner it sees fit. ZVF shall not, however, be required to pay any increased amount or provide an indemnity under this
Section 3.08 to any Foreign Affected Person if such Foreign Affected Person fails to comply with the requirements set forth in this paragraph without regard to the proviso in the immediately preceding sentence. 

If the Affected Person determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified
pursuant to this Section 3.08, it shall pay over such refund to ZVF (but only to the extent of indemnity payments made, or additional amounts paid under this Section 3.08 with respect to the Taxes giving rise to such refund),
net of all out-of-pocket expenses of the Affected Person and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that ZVF, upon the request of the Affected Person,
agrees to repay the amount paid over to ZVF (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Affected Person in the event the Affected Person is required to repay such refund to such
Governmental Authority. This Section 3.08 shall not be construed to require the Affected Person to make available its tax returns (or any other information relating to its taxes which it deems confidential) to ZVF or any other Person.

 SECTION 3.09 Indenture Carrying Charges; Survival. 

Any amounts payable by ZVF under Sections 3.05, 3.06, 3.07 or 3.08 shall constitute Carrying Charges within
the meaning of the Base Indenture and Indenture Carrying Charges within the meaning of the Series 2011-1 Supplement. The agreements in Sections 3.05, 3.06, 3.07 and 3.08 shall survive the termination of this Series 2011-1
Note Purchase Agreement, the Series 2011-1 Supplement and the Base Indenture and the payment of all amounts payable hereunder and thereunder. 
 ARTICLE IV 
 OTHER PAYMENT TERMS 

SECTION 4.01 Time and Method of Payment. 
 All amounts payable to any Funding Agent hereunder or with respect to the Series 2011-1 Notes shall be made to the applicable Funding Agent or upon the order of the applicable Funding Agent by wire
transfer of immediately available funds in Dollars not later than 1:00 p.m., New York City time, on the date due. Any funds received after that time will be deemed to have been received on the next Business Day. ZVF’s obligations hereunder in
respect of any amounts payable to any Conduit Investor or Committed Note Purchaser shall be discharged to the extent funds are disbursed by ZVF to the related Funding Agent as provided herein whether or not such funds are properly applied by such
Funding Agent. 

  
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 ARTICLE V 
 THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS 

SECTION 5.01 Authorization and Action of the Administrative Agent. 

Each of the Conduit Investors, the Committed Note Purchasers and the Funding Agents hereby designates and appoints Barclays Bank PLC as
the Administrative Agent hereunder, and hereby authorizes the Administrative Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with
such powers as are reasonably incidental thereto. The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the Series 2011-1 Supplement, and shall not have any fiduciary relationship with
any Conduit Investor, any Committed Note Purchaser or any Funding Agent, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the Administrative Agent shall be read into this Agreement or otherwise
exist for the Administrative Agent. In performing its functions and duties hereunder and under the Series 2011-1 Supplement, the Administrative Agent shall act solely as agent for the Conduit Investors, the Committed Note Purchasers and the Funding
Agents and shall not assume, nor shall it be deemed to have assumed, any obligation or relationship of trust or agency with or for ZVF or any of its successors or assigns. The Administrative Agent shall not be required to take any action that
exposes the Administrative Agent to personal liability or that is contrary to this Agreement, the Series 2011-1 Supplement or Applicable Law. The appointment and authority of the Administrative Agent hereunder shall terminate upon the indefeasible
payment in full of the Series 2011-1 Notes and all other amounts owed by ZVF hereunder and under the Series 2011-1 Supplement to the Investor Groups (the “Series 2011-1 Obligations”). 

SECTION 5.02 Delegation of Duties. 
 The Administrative Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such
duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 
 SECTION 5.03 Exculpatory Provisions. 
 None of the Administrative
Agent, any of its directors, any of its officers, any of its agents or any of its employees shall be (a) liable for any action lawfully taken or omitted to be taken by it under or in connection with this Agreement (except for its own gross
negligence or willful misconduct), or (b) responsible in any manner to any Conduit Investor, any Committed Note Purchaser or any Funding Agent for any recitals, statements, representations or warranties made by ZVF, the Servicer, the

  
 21 

 
Administrator or the Lessee contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this
Agreement for the due execution, legality, value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of ZVF, the Servicer, the
Administrator or the Lessee to perform its obligations hereunder, or for the satisfaction of any condition specified in Article VII. The Administrative Agent shall not be under any obligation to any Conduit Investor, any Committed Note
Purchaser or any Funding Agent to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of ZVF, the Servicer,
the Administrator or the Lessee. The Administrative Agent shall not be deemed to have knowledge of any Amortization Event, Potential Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default unless the Administrative
Agent has received notice from ZVF, the Servicer any Conduit Investor, any Committed Note Purchaser or any Funding Agent. 

SECTION 5.04 Reliance. 
 The Administrative Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been
signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to ZVF), independent accountants and other experts selected by the Administrative Agent. The Administrative
Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of any Conduit Investor, any
Committed Note Purchaser or any Funding Agent as it deems appropriate or it shall first be indemnified to its satisfaction by any Conduit Investor, any Committed Note Purchaser or any Funding Agent, provided that unless and until the
Administrative Agent shall have received such advice, the Administrative Agent may take or refrain from taking any action, as the Administrative Agent shall deem advisable and in the best interests of the Conduit Investors, the Committed Note
Purchasers and the Funding Agents. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Required Noteholders and such request and any action taken or failure to
act pursuant thereto shall be binding upon the Conduit Investors, the Committed Note Purchasers and the Funding Agents. 

SECTION 5.05 Non-Reliance on the Administrative Agent and Other Purchasers. 

Each of the Conduit Investors, the Committed Note Purchasers and the Funding Agents expressly acknowledge that neither the Administrative
Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including, without limitation, any review of
the affairs of ZVF, the Servicer, the Administrator or the Lessee shall be deemed to constitute any representation or warranty 

  
 22 

 
by the Administrative Agent. Each of the Conduit Investors, the Committed Note Purchasers and the Funding Agents represent and warrant to the Administrative Agent that they have and will,
independently and without reliance upon the Administrative Agent and based on such documents and information as they have deemed appropriate, made their own appraisal of and investigation into the business, operations, property, prospects, financial
and other conditions and creditworthiness of ZVF and the Lessee and made its own decision to enter into this Agreement. 

SECTION 5.06 The Administrative Agent in its Individual Capacity. 

The Administrative Agent and any of its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business
with ZVF or any Affiliate of ZVF as though the Administrative Agent were not the Administrative Agent hereunder. 

SECTION 5.07 Successor Administrative Agent. 
 The Administrative Agent may, upon 30 days notice to ZVF and each of the Conduit Investors, the Committed Note Purchasers and the Funding Agents, and the Administrative Agent will, upon the direction of
Investor Groups holding more than 75% of the Series 2011-1 Maximum Principal Amount, resign as Administrative Agent. If the Administrative Agent shall resign, then the Investor Groups, during such 30-day period, shall appoint an Affiliate of a
member of the Investor Groups as a successor agent. If for any reason no successor Administrative Agent is appointed by the Investor Groups during such 30-day period, then effective upon the expiration of such 30-day period, ZVF shall make all
payments (as they come due or are required to be paid) in respect of the Series 2011-1 Obligations or under any fee letter delivered in connection herewith directly to the Funding Agents and for all purposes shall deal directly with the Funding
Agents; provided that, the Conduit Investors, the Committed Note Purchasers and the Funding Agents shall appoint a replacement Administrative Agent within 90 days of such resignation and if the Conduit Investors, the Committed Note Purchasers
and the Funding Agents fail to so appoint a replacement within such period of time, ZVF may petition a court of competent jurisdiction to make such appointment. After any retiring Administrative Agent’s resignation hereunder as Administrative
Agent, the provisions of Section 9.05 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement. 

SECTION 5.08 Authorization and Action of Funding Agents. 

Each Conduit Investor and each Committed Note Purchaser is hereby deemed to have designated and appointed the Funding Agent with respect
to the Investor Group of which it is a member as the agent of such Person hereunder, and hereby authorizes such Funding Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to such Funding Agent by the terms
of this Agreement together with such powers as are reasonably incidental thereto. No Funding Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with the related Investor Group, and
no implied covenants, 

  
 23 

 
functions, responsibilities, duties, obligations or liabilities on the part of such Funding Agent shall be read into this Agreement or otherwise exist for such Funding Agent. In performing its
functions and duties hereunder, each Funding Agent shall act solely as agent for the related Investor Group and shall not assume or be deemed to have assumed any obligation or relationship of trust or agency with or for ZVF or any of its successors
or assigns. Each Funding Agent shall not be required to take any action that exposes such Funding Agent to personal liability or that is contrary to this Agreement or Applicable Law. The appointment and authority of the Funding Agent hereunder shall
terminate upon the indefeasible payment in full of all Series 2011-1 Obligations. 
 SECTION 5.09 Delegation of
Duties. 
 Each Funding Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact
and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Each Funding Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

 SECTION 5.10 Exculpatory Provisions. 

No Funding Agent nor any of its directors, officers, agents or employees shall be (a) liable for any action lawfully taken or
omitted to be taken by it under or in connection with this Agreement (except for its own gross negligence or willful misconduct), or (b) responsible in any manner to the related Investor Group for any recitals, statements, representations or
warranties made by ZVF, the Servicer, the Administrator or the Lessee contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement, or
for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of ZVF, the Servicer, the Administrator or the Lessee to perform its
obligations hereunder, or for the satisfaction of any condition specified in Article VII. No Funding Agent shall be under any obligation to the related Investor Group to ascertain or to inquire as to the observance or performance of any
of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of ZVF, the Servicer, the Administrator or the Lessee. No Funding Agent shall be deemed to have knowledge of any
Amortization Event, Potential Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default unless such Funding Agent has received notice from ZVF, the Administrative Agent or any member of the related Investor Group.

 SECTION 5.11 Reliance. 
 Each Funding Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent
or made by the proper Person or Persons and upon advice and statements of the Administrative Agent and legal counsel (including, without limitation, counsel to ZVF), independent accountants and other 

  
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experts selected by such Funding Agent. Each Funding Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in
connection herewith unless it shall first receive such advice or concurrence of the members of the related Investor Group as it deems appropriate or it shall first be indemnified to its satisfaction by the members of the related Investor Group,
provided that unless and until such Funding Agent shall have received such advice, such Funding Agent may take or refrain from taking any action, as such Funding Agent shall deem advisable and in the best interests of the members of the
related Investor Group. Each Funding Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the related Investor Group and such request and any action taken or failure to act pursuant
thereto shall be binding upon the members of the related Investor Group. 
 SECTION 5.12 Non-Reliance on the
Funding Agent and Other Purchasers. 
 Each member of each Investor Group expressly acknowledges that neither its related
Funding Agent nor any of such Funding Agent’s officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by such Funding Agent hereafter taken, including, without
limitation, any review of the affairs of ZVF, the Servicer, the Administrator or the Lessee, shall be deemed to constitute any representation or warranty by such Funding Agent. Each member of each Investor Group represents and warrants to its
related Funding Agent that it has and will, independently and without reliance upon such Funding Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
operations, property, prospects, financial and other conditions and creditworthiness of ZVF and the Lessee and made its own decision to enter into this Agreement. 
 SECTION 5.13 The Funding Agent in its Individual Capacity. 
 Each
Funding Agent and any of its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with ZVF or any Affiliate of ZVF as though such Funding Agent were not a Funding Agent hereunder. 

SECTION 5.14 Successor Funding Agent. 
 Each Funding Agent will, upon the direction of the members of the related Investor Group, resign as such Funding Agent. If such Funding Agent shall resign, then the members of the related Investor Group
shall appoint an Affiliate of a member of the related Investor Group as a successor agent. If for any reason no successor Funding Agent is appointed by the related Investor Group, then effective upon the resignation of such Funding Agent, ZVF shall
make all payments (as they come due or are required to be paid) in respect of the Series 2011-1 Obligations due to such Investor Group or under any fee letter delivered in connection herewith directly to such Investor Group and for all purposes
shall deal directly with such Investor Group. After any retiring Funding Agent’s resignation hereunder as Funding Agent, subject to the 

  
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limitations set forth herein, the provisions of Section 9.05 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it
was the Funding Agent under this Agreement. 
 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 6.01 ZVF. 

ZVF represents and warrants to each Conduit Investor and each Committed Note Purchaser that each of its representations and warranties in
the Base Indenture and the other Series 2011-1 Related Documents is true and correct on the date hereof and further represents and warrants to such parties that: 

(a) no Amortization Event with respect to any Series of Notes, Liquidation Event of Default or Limited Liquidation Event
of Default with respect to any Series of Notes or event which, with the giving of notice or the passage of time or both would constitute any of the foregoing, has occurred and is continuing; 

(b) assuming each Conduit Investor or other purchaser of the Series 2011-1 Notes hereunder is not purchasing with a view
toward further distribution and there has been no general solicitation or general advertising within the meaning of the Securities Act, and further assuming that the representations and warranties of each Conduit Investor set forth in
Section 6.03 of this Agreement are true and correct, the offer and sale of the Series 2011-1 Notes in the manner contemplated by this Agreement is a transaction exempt from the registration requirements of the Securities Act, and the
Base Indenture is not required to be qualified under the Trust Indenture Act; 
 (c) ZVF has furnished to the
Administrative Agent true, accurate and complete copies of all other Related Documents (excluding Series Supplements and other Related Documents relating solely to a Series of Indenture Notes other than the Series 2011-1 Notes) to which it is a
party as of the Series 2011-1 Closing Date, all of which Related Documents are in full force and effect as of the Series 2011-1 Closing Date and no terms of any such agreements or documents have been amended, modified or otherwise waived as of such
date, other than such amendments, modifications or waivers about which ZVF has informed each Funding Agent; and 

(d) as of the Series 2011-1 Closing Date, no written information furnished by ZVF or any of its Affiliates, agents or
representatives to the Conduit Investors, the Committed Note Purchasers, the Administrative Agent or the Funding Agents for purposes of or in connection with this Agreement, including, without limitation, any information relating to the Collateral,
is inaccurate in any material respect, or contains any material misstatement of fact, or omits to state a material fact necessary to make the statements contained therein not misleading, in each case as of the date such information was stated or
certified. 

  
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 SECTION 6.02 Zipcar. 

Zipcar represents and warrants to each Conduit Investor and each Committed Note Purchaser that: 

(a) each representation and warranty made by it in each Related Document (other than any Related Document relating solely
to a Series of Indenture Notes other than the Series 2011-1 Notes) to which it is a party (including any representations and warranties made by it as Administrator, Servicer or Lessee) is true and correct in all material respects as of the date
originally made and as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date); and 

(b) (i) the audited consolidated balance sheet of Zipcar and its Consolidated Subsidiaries as of December 31, 2010
and the related statements of income, stockholders equity and cash flows for the year ending on such date and (ii) the unaudited condensed consolidated balance sheet of Zipcar and its Consolidated Subsidiaries as of September 30, 2011 and
the related statements of income, stockholders equity and cash flows for the three and nine months ending on such date (including in each case the schedules and notes thereto) (the “Financial Statements”), have been prepared in
accordance with GAAP and present fairly the financial position of Zipcar and its Consolidated Subsidiaries as of the date thereof and the results of their operations and their cash flows for the periods covered thereby. 

SECTION 6.03 Conduit Investors. 
 Each of the Conduit Investors and each of the Committed Note Purchasers represents and warrants to ZVF and Zipcar, on behalf of itself as of the date hereof (or with respect to a successor or assign of a
Conduit Investor or a Committed Note Purchaser, on the date it shall become a party hereto), that: 
 (a) it has
had an opportunity to discuss ZVF’s and the Lessee’s business, management and financial affairs, and the terms and conditions of the proposed purchase, with ZVF and the Lessee and their respective representatives; 

(b) it is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation
D under the Securities Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series
2011-1 Notes; 
 (c) it is purchasing the Series 2011-1 Notes for its own account, or for the account of one or
more “accredited investors” within the meaning of Rule 

  
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501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that meet the criteria described in subsection (b) and for which it is acting with complete investment
discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control; 

(d) it understands that the Series 2011-1 Notes have not been and will not be registered or qualified under the Securities
Act or any applicable state securities laws or the securities laws of any other jurisdiction and is being offered only in a transaction not involving any public offering within the meaning of the Securities Act and may not be resold or otherwise
transferred unless so registered or qualified or unless an exemption from registration or qualification is available, that ZVF is not required to register the Series 2011-1 Notes, and that any transfer must comply with provisions of Section 2.8
of the Base Indenture; 
 (e) it understands that the Series 2011-1 Notes will bear the legend set out in the
form of Series 2011-1 Notes attached as Exhibit A to the Series 2011-1 Supplement and be subject to the restrictions on transfer described in such legend; 
 (f) it will comply with all applicable federal and state securities laws in connection with any subsequent resale of the Series 2011-1 Notes; 

(g) it understands that, subject to Section 9.17, the Series 2011-1 Notes may be offered, resold, pledged or
otherwise transferred only (A) to ZVF, (B) in a transaction meeting the requirements of Rule 144A under the Securities Act, (C) outside the United States to a foreign person in a transaction meeting the requirements of Regulation S
under the Securities Act, or (D) in a transaction complying with or exempt from the registration requirements of the Securities Act and in accordance with any applicable securities laws of any state of the United States or any other
jurisdiction; 
 (h) any transferee of the Series 2011-1 Notes will be subject to the requirements of
Section 5.3 of the Series 2011-1 Supplement. Upon original issuance thereof, and until such time as the same may no longer be required under the applicable requirements of the Securities Act, the certificate evidencing the Series 2011-1 Notes
(and all securities issued in exchange therefor or substitution thereof) shall bear a legend substantially in the form set forth in the Series 2011-1 Notes included as an exhibit to the Series 2011-1 Supplement. Each Conduit Investor understands
that the registrar and transfer agent for the Series 2011-1 Notes will not be required to accept for registration of transfer the Series 2011-1 Notes acquired by it, except upon presentation of an executed letter in the form required by the Series
2011-1 Supplement; and 
 (i) it will obtain from any purchaser of the Series 2011-1 Notes substantially the same
representations and warranties contained in the foregoing paragraphs. 

  
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 ARTICLE VII 
 CONDITIONS 
 SECTION 7.01 Conditions to Issuance. 

No Conduit Investor or Committed Note Purchaser has any obligation to acquire the Series 2011-1 Notes hereunder on the Series 2011-1
Closing Date unless: 
 (a) the Base Indenture, the Series 2011-1 Supplement and each other Series 2011-1 Related
Document shall be in full force and effect as of the Series 2011-1 Closing Date; 
 (b) as of the Series 2011-1
Closing Date, each Funding Agent shall have received copies of (i) the Certificate of Incorporation and By-Laws of Zipcar and the certificate of formation and limited liability company agreement of ZVF certified by the Secretary of State of the
state of organization, as the case may be, (ii) board of directors resolutions of ZVF and Zipcar with respect to the transactions contemplated by the Series 2011-1 Supplement and this Agreement, (iii) an incumbency certificate of ZVF and
Zipcar, each certified by the secretary or equivalent officer of the related entity in form and substance reasonably satisfactory to the Administrative Agent, (iv) with respect to Zipcar, certificates of good standing from the Secretary of
State of the States of Delaware and Massachusetts and (v) with respect to ZVF, a certificate of good standing from the Secretary of State of the State of Delaware; 

(c) as of the Series 2011-1 Closing Date, each Conduit Investor and each Committed Note Purchaser shall have received
(a) opinions of counsel from (i) Latham & Watkins LLP, or other counsel acceptable to the Conduit Investors and the Committed Note Purchasers, with respect to such matters as any such Conduit Investor or Committed Note Purchaser
shall reasonably request (including, without limitation, regarding non-consolidation, true lease and UCC security interest matters, vehicle security interest matters for the states of New York, California and Massachusetts, tax, general corporate
matters, enforceability, required consents and no-conflicts), (ii) counsel to ZVF, which may be Richards, Layton & Finger LLP or other counsel acceptable to the Conduit Investors and the Committed Note Purchasers, with respect to
certain corporate and bankruptcy matters under Delaware law, (iii) counsel to the Trustee acceptable to the Conduit Investors and the Committed Note Purchasers with respect to such matters as any such Conduit Investor or Committed Note
Purchaser shall reasonably request, (iv) counsel to each Series 2011-1 Letter of Credit Provider, if any, with respect to such matters as any such Conduit Investor or Committed Note Purchaser shall reasonably request and (v) in-house
counsel for Zipcar with respect to absence of litigation and no conflicts with material agreements and (b) a reliance letter from counsel to the Back-Up Administrator permitting each Series 2011-1 Noteholder to rely on its previously issued
opinion addressing certain corporate matters dated as of May 24, 2010; 

  
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 (d) as of the Series 2011-1 Closing Date, each Conduit Investor and each
Committed Note Purchaser shall have received copies of the documents specified in Section 2.2(b) of the Base Indenture relating to the issuance of the Series 2011-1 Notes; 

(e) as of the Series 2011-1 Closing Date, all conditions to the issuance of the Series 2011-1 Notes under the Series
2011-1 Supplement and under Section 2.2 of the Base Indenture shall have been satisfied or waived; 
 (f) as
of the Series 2011-1 Closing Date, the Administrative Agent shall have received a written search report listing all effective financing statements that name ZVF or Zipcar as debtor or assignor and that are filed in the State of Delaware and in any
other jurisdiction that the Administrative Agent determines is necessary or appropriate, together with copies of such financing statements, and tax and judgment lien searches showing no such liens that are not permitted by the Base Indenture, the
Series 2011-1 Supplement, this Agreement or the other Related Documents; 
 (g) the Collection Account and each
of the Series 2011-1 Designated Accounts (other than the Series 2011-1 Cash Collateral Account) shall have been established in accordance with the Base Indenture and the Series 2011-1 Supplement; 

(i) the Administrative Agent shall have received an Officer’s Certificate from each of ZVF and Zipcar stating that
all representations and warranties made by it in each of the Related Documents are true and correct; 
 (j) each
Funding Agent shall have received on or prior to the Series 2011-1 Closing Date, to the extent required, evidence satisfactory to it that the acquisition by the Conduit Investor in its Investor Group of Series 2011-1 Notes will not, in and of
itself, result in a reduction or withdrawal of the rating of such Conduit Investor’s commercial paper notes by any nationally recognized rating agency rating such commercial paper notes; 

(k) each Funding Agent shall have received an original duly executed and authenticated Series 2011-1 Note registered in
its name pursuant to Section 2.01 and stating that the principal amount thereof shall not exceed the Maximum Investor Group Principal Amount of such Funding Agent’s Investor Group; and 

(l) the Administrative Agent shall have received all other closing deliverables as it shall reasonably request.

 SECTION 7.02 Conditions to Initial Borrowing. 

The obligation of each Conduit Investor or the related Conduit Committed Note Purchaser and each Non-Conduit Committed Note Purchaser to
fund the initial Borrowing hereunder shall be subject to the satisfaction of the conditions precedent that the Administrative Agent shall have received evidence satisfactory to it of (i) the

  
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completion of all UCC filings as may be necessary to perfect or evidence the assignment by ZVF to the Trustee or the Collateral Agent on behalf of the Trustee of its interests in the Collateral,
the proceeds thereof and the other security interests granted pursuant to the Base Indenture, the Collateral Agency Agreement and the ZVF Lease, (ii) the entry into a Series 2011-1 Interest Rate Cap by ZVF and (iii) the payment to each
Funding Agent of the Up-Front Fee for such Funding Agent. 
 SECTION 7.03 Conditions to Each Borrowing.

 The election of each Conduit Investor to fund, and the obligation of each Committed Note Purchaser to fund, any Borrowing on
any day (including the initial Borrowing) shall be subject to the following conditions on the date of the Borrowing, (both before and after giving effect thereto and to the application of any proceeds therefrom): 

(a) (i) the representations and warranties of ZVF set out in this Agreement (other than Section 6.01(a)
(solely to the extent relating to any Series of Notes other than the Series 2011-1 Notes), Section 6.01(b) and Section 6.01(d)), (ii) the representations and warranties of Zipcar set out in this Agreement (other than
Section 6.02(a), which shall have been true and accurate on the dates specified therein), and (iii) the representations and warranties of ZVF, the Servicer, the Administrator and the Lessee set out in the Related Documents (other
than (x) this Agreement and (y) any Series Supplements and Related Documents relating solely to a Series of Indenture Notes other than the Series 2011-1 Notes) to which each is a party, in each such case, shall be true and accurate as of
the date of the Borrowing with the same effect as though made on that date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date); 

(b) the Series 2011-1 Rapid Amortization Period shall not have commenced; 

(c) the Series 2011-1 Commitment Termination Date shall not have occurred; 

(d) the related Funding Agent shall have received (i) an executed advance request in the form of Exhibit A
hereto (each such request, an “Advance Request”) certifying as to the current Aggregate Asset Amount and the Series 2011-1 Enhancement Amount and the other amounts set forth therein and (ii) in the case of any Borrowing
occurring on or after the date the Monthly Noteholder Statement relating to the January 2012 Payment Date is required to be delivered, the Monthly Noteholders’ Statement for the Series 2011-1 Notes for the Related Month immediately preceding
the date of such Borrowing; 
 (e) all conditions to making the related Advances in connection with such
Borrowing specified in Section 2.02(a) of this Agreement shall have been satisfied; 

  
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 (f) each Series 2011-1 Related Document shall be in full force and effect;
and 
 (g) ZVF shall have acquired and shall be maintaining in force one or more Series 2011-1 Interest Rate Caps
in accordance with Section 3.12 of the Series 2011-1 Supplement. 
 The giving of any notice by ZVF pursuant to
Section 2.03(a) shall be deemed to constitute a representation and warranty by ZVF and Zipcar that all conditions precedent to such Borrowing shall be satisfied as of the date of such Borrowing. 

ARTICLE VIII 

COVENANTS 

SECTION 8.01 Covenants. 
 ZVF and Zipcar each severally covenants and agrees that, until the Series 2011-1 Notes have been paid in full and the Term has expired, it will: 

(a) duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Related
Document to which it is a party; 
 (b) (i) at the same time any report, notice, certificate, opinion (other than
any bankruptcy timing memorandum) or other document (other than any such reports, notices, certificates, opinions or other documents relating solely to any Segregated Series of Notes) is provided, or caused to be provided, to the Trustee, by ZVF or
the Administrator under the Base Indenture (including, without limitation, under Sections 8.8, 8.9, 8.10, 8.11 and/or 8.12 thereof), or under the Series 2011-1 Supplement or this Agreement, provide the
Administrative Agent (who shall provide a copy thereof to each Funding Agent) with a copy of such report, notice, certificate, opinion (other than any bankruptcy timing memorandum) or other document; provided, however, that neither the
Administrator nor ZVF shall have any obligation under this Section 8.01(b) to deliver to the Administrative Agent copies of any Monthly Noteholders’ Statements which relate solely to a Series of Indenture Notes other than the Series
2011-1 Notes and (ii) provide the Administrative Agent and each Funding Agent such other information (including financial information), documents, records or reports respecting the Collateral, ZVF or the Administrator as the Administrative
Agent or any Funding Agent may from time to time reasonably request; 
 (c) at any time and from time to time,
following reasonable prior notice from the Administrative Agent or any Funding Agent, and during regular business hours, permit the Administrative Agent or any Funding Agent, or their respective agents or representatives (including any independent
public accounting firm or other third party auditors) or permitted assigns, access to the offices of, the Administrator, Zipcar and ZVF, as applicable, (i) to examine and make copies of and abstracts from all documentation relating to the
Series 2011-1 Collateral on the same terms as are provided to the Trustee under Section 8.6 of the Base 

  
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Indenture, and (ii) to visit the offices and properties of, the Administrator, Zipcar and ZVF for the purpose of examining such materials described in clause (i) above, and to
discuss matters relating to the Series 2011-1 Collateral, or the administration and performance of the Base Indenture, the Series 2011-1 Supplement and the other Series 2011-1 Related Documents with any of the officers or employees of, the
Administrator, Zipcar and ZVF, as applicable, having knowledge of such matters; provided that (i) prior to the occurrence of an Amortization Event or Potential Amortization Event with respect to the Series 2011-1 Notes, one such visit
per calendar year coordinated by the Administrative Agent and in which each Funding Agent may participate shall be at ZVF’s sole cost and expense and (ii) after the occurrence and during the continuance of an Amortization Event or
Potential Amortization Event with respect to the Series 2011-1 Notes, one such visit per calendar month shall be at ZVF’s sole cost and expense. Each party making a request pursuant to this Section 8.01(c) shall simultaneously send
a copy of such request to each of the Administrative Agent and each Funding Agent, as applicable, so as to allow such other parties to participate in the requested visit. 

(d) not permit any part of the proceeds of any Advance to be (x) used to purchase or carry any Margin Stock or
(y) loaned to others for the purpose of purchasing or carrying any Margin Stock; 
 (e) not permit any
amounts owed with respect to the Series 2011-1 Notes to be secured, directly or indirectly, by any Margin Stock; 

(f) promptly provide such additional financial and other information with respect to the Related Documents (other than
Series Supplements and Related Documents relating solely to a Series of Notes other than the Series 2011-1 Notes), ZVF and Zipcar as the Administrative Agent or any Funding Agent may from time to time reasonably request; 

(g) on and after the Series 2011-1 Expected Final Payment Date, use all amounts allocated to and available for
distribution from each excess collection account in respect of each Series of Notes to decrease, pro rata, the Series 2011-1 Principal Amount and the principal amount of any other Series of Notes that is then required to be paid; 

(h) deliver to each Funding Agent within 120 days after the end of each fiscal year of ZVF, the financial statements
prepared pursuant to Section 8.24(d) of the Base Indenture; 
 (i) in the case of the Administrator, for so
long as a Liquidation Event of Default or Limited Liquidation Event of Default for any Series of Notes is continuing, furnish or cause the Servicer to furnish to the Administrative Agent, the Back-Up Disposition Agent and each Series 2011-1
Noteholder, the Fleet Report, prepared in accordance with Section 2.3(d) of the Collateral Agency Agreement (which may be on a diskette or other electronic medium); 

  
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 (j) agree to take any and all acts and to execute any and all further
instruments necessary or reasonably requested by the Administrative Agent to more fully effect the purposes of this Agreement; 
 (k) upon the request of the Administrative Agent, cause a firm of independent certified public accountants reasonably acceptable to the Administrative Agent and the Administrator to deliver to the
Administrative Agent and each Funding Agent, at ZVF’s cost, a report (in form, substance and scope reasonably acceptable to the Administrative Agent, and the Administrator) indicating that such firm has examined the most recently delivered
Monthly Noteholders’ statement and expressing such firm’s opinion that (a) the data reported and calculations set forth in such Monthly Noteholders’ Statement are the data required to be reported and the calculations required to
be made in accordance with the terms of the Series 2011-1 Series Supplement and the other Related Documents and (b) the data reported in such Monthly Noteholders’ Statement accurately reflects the data contained in the Servicer’s
systems and other applicable source records (a “Servicer Audit”); provided that such Servicer Audits shall be at ZVF’s sole cost and expense (i) for no more than one such Servicer Audit in any calendar year
coordinated by the Administrative Agent prior to the occurrence of an Amortization Event or Potential Amortization Event, in each case, with respect to the Series 2011-1 Notes and (ii) for two such Servicer Audits in any calendar year (in the
aggregate including any Servicer Audit conducted at ZVF’s cost and expense pursuant to the immediately preceding clause (i)) after the occurrence and during the continuance of an Amortization Event or Potential Amortization Event, in each case,
with respect to the Series 2011-1 Notes; and 
 (l) within five Business Days following the end of each calendar
quarter, provide to the Administrative Agent a report containing the information set forth in, and substantially in the form of, Exhibit F hereto; and 
 (m) upon any amendment to Schedule 2.1 or Schedule 7 of the ZVF Lease, provide prompt written notice and a copy of such amended schedule to the Administrative Agent. 

SECTION 8.02 Additional Covenants. 
 ZVF and Zipcar each severally covenants and agrees that, until the Series 2011-1 Notes have been paid in full and the Term has expired, it will: 

(a) not amend, modify, waive or give any approval, consent or permission under, any provision of the Base Indenture or any
other Series 2011-1 Related Document to which it is a party or agree to terminate, or surrender or assign any rights or obligations under, any Series 2011-1 Related Document to which it is a party unless (i) any such amendment, modification,
waiver, approval, consent, permission, termination, surrender or assignment is in writing and made in accordance with the terms of the Base Indenture or such other Series 2011-1 

  
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Related Document, as applicable and (ii) if such amendment, modification, waiver, approval, consent, permission, termination, surrender or assignment adversely affects the Series 2011-1
Noteholders, Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount have consented thereto (whether or not, for the avoidance of doubt, any Indenture Noteholder has a right to consent to such action under the
applicable Series 2011-1 Related Document); provided, that in any such case, if the Base Indenture, the Series 2011-1 Supplement or any other Series 2011-1 Related Document requires the consent of each affected Noteholder or a higher
percentage of Series 2011-1 Noteholders, such unanimous consent or the consent of such higher percentage of Series 2011-1 Noteholders shall be obtained prior to such amendment, modification, waiver, approval, consent, permission, termination,
surrender or assignment; provided further that prior to entering into, granting or effecting any amendment, modification, waiver, approval, consent, permission, termination, surrender or assignment described in this
Section 8.02(a) without the consent of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount (or the consent of Series 2011-1 Noteholders holding any higher required percentage of the Series 2011-1
Principal Amount or all Series 2011-1 Noteholders, as applicable), ZVF shall deliver to the Trustee and each Funding Agent an Officer’s Certificate executed by an Authorized Officer of ZVF and cause to be delivered an Opinion of Counsel (which
may be based on an Officer’s Certificate) issued by a law firm of nationally recognized standing confirming, in each case, that such amendment, modification, waiver, approval, consent, permission, termination, surrender or assignment does not
adversely affect the Series 2011-1 Noteholders. 
 (b) not designate any Manufacturer as an Eligible Manufacturer
pursuant to clause (b) of the definition thereof in Schedule I to the Base Indenture without the prior written consent of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount, which consent shall not be
unreasonably withheld or delayed; 
 (c) not remove the Administrator or the Back-Up Disposition Agent without
the prior written consent of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount; 
 (d) not appoint or agree to the appointment of any successor Administrator (other than the Back-Up Administrator), Back-Up Administrator or Collateral Agent without the prior written consent of Series
2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount; 
 (e) not terminate the Servicer
pursuant to Section 8.7(c) of the Base Indenture without the prior written consent of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount; 

(f) not reduce the percentage set forth in Section 22 of the ZVF Lease with respect to Depreciation Charges without
the prior written consent of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount; 

  
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 (g) not amend or modify the Base Indenture in connection with the issuance
of a Segregated Series without (i) the prior written consent of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount or (ii) the delivery to each Funding Agent of an Officer’s Certificate executed by
an Authorized Officer of ZVF and an Opinion of Counsel (which may be based on an Officer’s Certificate) issued by a law firm of nationally recognized standing confirming, in each case, that such amendment or modification does not adversely
affect the Series 2011-1 Noteholders; 
 (h) not issue a Segregated Non-Collateral Agency Series without the
prior written consent of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount, such consent not to be unreasonably withheld or delayed; 

(i) (i) provide the Administrative Agent with the Series Supplement and the Note Purchase Agreement (if applicable) with
respect to any new Series of Notes at least 10 Business Days prior to the issuance of such new Series of Notes and (ii) not issue such new Series of Notes if (A) such issuance shall have a material adverse affect on the interests of the
Holders of the Series 2011-1 Notes in the reasonable and good faith determination of the Administrative Agent (excluding any impact from the dilution of the interests or voting percentage of the Series 2011-1 Noteholders) and (B) the
Administrative Agent provides ZVF and the Servicer with written notice of such determination together with a written explanation as to the reasons therefor within five Business Days of the Administrative Agent’s receipt of such Series
Supplement; provided that, if there are any changes to such Series Supplement or such Note Purchase Agreement for such new Series of Notes after ZVF has delivered such Series Supplement and such Note Purchase Agreement to the Administrative
Agent, ZVF shall provide the Administrative Agent with a redlined copy of the Series Supplement and Note Purchase Agreement marked to show such changes and the Administrative Agent shall have at least two Business Days to review such changes and
deliver the written notice described in the immediately preceding clause; 
 (j) provide the Administrative Agent
with a copy of any amendment to the Series 2010-1 Supplement or the Series 2010-1 Note Purchase Agreement promptly following the effectiveness thereof; 
 (k) not amend the definition of Ineligible Non-Investment Grade Receivable Amount in the Base Indenture without the prior written consent of Series 2011-1 Noteholders holding more than 50% of the Series
2011-1 Principal Amount; 

  
 36 

 (l) not add any new Eligible Program Manufacturer pursuant to clause
(b) of the definition thereof without the prior written consent of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount; 
 (m) not enter into any new Eligible Manufacturer Program, or consent to any material change to an existing Eligible Manufacturer Program, without the prior written consent of Series 2011-1 Noteholders
holding more than 50% of the Series 2011-1 Principal Amount; 
 (n) upon the establishment of the Series 2011-1
Cash Collateral Account in accordance with Section 3.9(f) of the Series 2011-1 Supplement, deliver to each Series 2011-1 Noteholder an opinion of counsel with respect to the creation and perfection of the security interest in the Series 2011-1
Cash Collateral Account in form and substance reasonably satisfactory to the Administrative Agent; and 
 (o)
upon the entry into any amendment to the Series 2010-1 Series Supplement or the Series 2010-1 Note Purchase Agreement (or the issuance of any Series of Notes that are designated as Variable Funding Car Sharing Asset Backed Notes and that refinance
in whole the Series 2010-1 Notes) that, in each case, contain or have the benefit of any provision that could reasonably be determined to be more favorable in any material respect to the holders of such Series of Notes than the terms of the Series
2011-1 Notes are to the Series 2011-1 Noteholders, and upon the request of the Administrative Agent (at the direction of Series 2011-1 Noteholders holding at least 50% of the Series 2011-1 Principal Amount), Zipcar and ZVF shall amend the Related
Documents (subject to the receipt of any required consents and the satisfaction of the Rating Agency Condition) to incorporate such more favorable provision for the benefit of the Series 2011-1 Notes. 

ARTICLE IX 

MISCELLANEOUS PROVISIONS 
 SECTION 9.01 Amendments. 
 Subject to any
provision of the Base Indenture or the Series 2011-1 Supplement requiring the consent of each affected Noteholder or of a higher percentage of Noteholders, no amendment to or waiver of any provision of this Agreement, nor consent to any departure by
the Administrator or ZVF, shall in any event be effective unless the same shall be in writing and signed by the Administrator, ZVF, Conduit Investors and Committed Note Purchasers holding more than 66 2/3% of the Series 2011-1 Notes and the Commitment, respectively;
provided, however, that the consent of each Conduit Investor and each Committed Note Purchaser shall be required for and amendment or modification that (A) extends the due date for, or reduces the amount of any scheduled repayment
or prepayment of principal of or interest on the Series 2011-1 Notes (or reduces the principal amount of or rate of interest on the Series 2011-1 Notes or otherwise changes the manner in which interest is calculated); (B) affects adversely the

  
 37 

 
interests, rights or obligations of any Conduit Investor or Committed Note Purchaser individually in comparison to any other Conduit Investor or Committed Note Purchaser; (C) relates to or
alters the pro rata treatment of payments to and Advances by the Conduit Investors and Committed Note Purchasers; (D) amends or modifies this Section 9.01 or Section 8.01(b) or otherwise amends or modifies any provision
relating to the amendment or modification of this Agreement, or, pursuant to the Related Documents, would require the consent of 100% of the Series 2011-1 Noteholders or each Series 2011-1 Noteholder affected by such amendment or modification;
(E) would approve the assignment or transfer by ZVF of any of its rights or obligations hereunder; (F) releases ZVF of any material obligation hereunder; (G) would reduce, modify or amend any indemnities in favor of any Conduit
Investors, Committed Note Purchasers or Funding Agents; (H) would amend or modify and of the following defined terms or any defined terms contained therein: “Commitment”, “Commitment Percentage”, “Conduit
Assignee”, “CP Rate”, “Eurodollar Advance”, “Eurodollar Interest Period”, “Eurodollar Rate”, “Eurodollar Rate (Reserve Adjusted)”, “Investor Group Principal Amount”, “Maximum
Investor Group Principal Amount”, “Prime Rate”, “Program Fee”, “Series 2011-1 Base Rate”, “Series 2011-1 Commitment Termination Date” or “Undrawn Fee”; (I) would alter any of the conditions
precedent to any Advance; or (J) would amend or modify Sections 2.03, 2.05, 2.06, 2.07, 3.01, 3.02 or 9.17 or Article VII; provided, further that Article V may not be
amended or modified without the consent of the Administrative Agent. 
 SECTION 9.02 No Waiver; Remedies.

 Any waiver, consent or approval given by any party hereto shall be effective only in the specific instance and for the
specific purpose for which given, and no waiver by a party of any breach or default under this Agreement shall be deemed a waiver of any other breach or default. No failure on the part of any party hereto to exercise, and no delay in exercising, any
right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder, or any abandonment or discontinuation of steps to enforce the right, power or privilege, preclude any other or further exercise
thereof or the exercise of any other right. No notice to or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in the same, similar or other circumstances. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law. 
 SECTION 9.03 Binding on Successors and
Assigns. 
 This Agreement shall be binding upon, and inure to the benefit of, ZVF, the Administrator, the Committed Note
Purchasers, the Conduit Investors, the Administrative Agent and their respective successors and assigns; provided, however, that neither ZVF nor the Administrator may assign or transfer its rights or obligations hereunder or in
connection herewith or any interest herein (voluntarily, by operation of law or otherwise) without the prior written consent of each Committed Note Purchaser and each Conduit Investor; provided, that nothing herein shall prevent ZVF from
assigning its rights to the Trustee under the Base Indenture and the Series 2011-1 Supplement and to the Collateral Agent under the Collateral Agency Agreement; provided, further, that none of the Conduit Investors or the Committed
Note Purchasers 

  
 38 

 
may transfer, pledge, assign, sell participations in or otherwise encumber its rights or obligations hereunder or in connection herewith or any interest herein except as permitted under
Section 6.03(g), Section 9.17 and this Section 9.03. Nothing expressed herein is intended or shall be construed to give any Person other than the Persons referred to in the preceding sentence any legal or
equitable right, remedy or claim under or in respect of this Agreement. 
 (a) Notwithstanding any other provision set forth in
this Agreement, each Conduit Investor and each Conduit Committed Note Purchaser may at any time grant to one or more Program Support Providers (or, in the case of a Conduit Investor, to its related Conduit Committed Note Purchaser) a participating
interest in or lien on, or otherwise transfer and assign to one or more Program Support Providers (or, in the case of a Conduit Investor, to its related Conduit Committed Note Purchaser), such Conduit Investor’s or such Committed Note
Purchaser’s interests in the Advances made hereunder and such Program Support Provider (or such Conduit Committed Note Purchaser, as the case may be), with respect to its participating or assigned interest, shall be entitled to the benefits
granted to such Conduit Investor or Committed Note Purchaser, as applicable, under this Agreement. 
 (b) Notwithstanding any
other provision set forth in this Agreement, each Conduit Investor may at any time, without the consent of ZVF, transfer and assign all or a portion of its rights in the Series 2011-1 Notes (and its rights hereunder and under the Related Documents)
to its related Conduit Committed Note Purchaser. Furthermore, each Conduit Investor may at any time grant a security interest in and lien on, all or any portion of its interests under this Agreement, its Series 2011-1 Note and all Related Documents
to (i) its related Conduit Committed Note Purchaser, (ii) its Funding Agent, (iii) any Program Support Provider, (iv) any other Person who, at any time now or in the future, provides liquidity or credit enhancement for the
Conduit Investors, including without limitation, an insurance policy relating to the Series 2011-1 Commercial Paper or the Series 2011-1 Notes or (v) any collateral trustee or collateral agent for any of the foregoing; provided,
however, any such security interest or lien shall be released upon assignment of its Series 2011-1 Note to its related Conduit Committed Note Purchaser. Each Committed Note Purchaser may assign its Commitment, or all or any portion of its
interest under its Series 2011-1 Note, this Agreement and the Related Documents to any Person with the prior written consent of ZVF, such consent not to be unreasonably withheld. Notwithstanding any other provisions set forth in this Agreement, each
Committed Note Purchaser may at any time create a security interest in all or any portion of its rights under this Agreement, its Series 2011-1 Note and the Related Documents in favor of any Federal Reserve Bank in accordance with Regulation A of
the Board of Governors of the Federal Reserve System or any similar foreign entity. 
 SECTION 9.04 Survival of
Agreement. 
 All covenants, agreements, representations and warranties made herein and in the Series 2011-1 Notes delivered
pursuant hereto shall survive the making and the repayment of the Advances and the execution and delivery of this Agreement and the Series 2011-1 Notes and shall continue in full force and effect until all interest on and

  
 39 

 
principal of the Series 2011-1 Notes and all other amounts owed to the Conduit Investors, the Committed Note Purchasers, the Funding Agents and the Administrative Agent hereunder and under the
Series 2011-1 Supplement have been paid in full and the commitment of the Committed Note Purchasers hereunder has been terminated. In addition, the obligations of ZVF, the Committed Note Purchasers and the Conduit Investors under Sections
3.03, 3.04, 3.05, 3.06, 3.07, 3.08, 5.03, 5.10, 9.05, 9.10(b) and 9.11 shall survive the termination of this Agreement. 

SECTION 9.05 Payment of Costs and Expenses; Indemnification. 

(a) (a) Payment of Costs and Expenses. ZVF agrees to pay on demand all reasonable expenses of the Administrative Agent, each
Funding Agent, each Conduit Investor and each Committed Note Purchaser (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel to the Administrative Agent, each Conduit Investor and each Committed Note Purchaser, if
any, as well as the fees and expenses of the Rating Agencies, if any, providing a rating in respect of the Series 2011-1 Notes at the request of ZVF or any Series 2011-1 Commercial Paper) in connection with 

(i) the negotiation, preparation, execution, delivery and administration of this Agreement and of each other Related
Document, including schedules and exhibits, and any liquidity, credit enhancement or insurance documents of a Program Support Provider with respect to a Conduit Investor relating to the Series 2011-1 Notes and any amendments, waivers, consents,
supplements or other modifications to this Agreement or any other Related Document as may from time to time hereafter be proposed, whether or not the transactions contemplated hereby or thereby are consummated, and 

(ii) the consummation of the transactions contemplated by this Agreement and the other Related Documents. 

ZVF further agrees to pay, and to save the Administrative Agent, each Funding Agent, each Conduit Investor and each Committed Note Purchaser harmless
from all liability for (i) any breach by ZVF of its obligations under this Agreement, (ii) all reasonable costs incurred by the Administrative Agent, such Funding Agent, such Conduit Investor or such Committed Note Purchaser (including,
without limitation, the reasonable fees and out-of-pocket expenses of counsel to the Administrative Agent, such Funding Agent, such Conduit Investor and such Committed Note Purchaser, if any) in enforcing this Agreement and (iii) any stamp,
documentary or other similar taxes which may be payable in connection with the execution or delivery of this Agreement, any Borrowing hereunder, or the issuance of the Series 2011-1 Notes or any other Related Documents. ZVF also agrees to reimburse
the Administrative Agent, each Funding Agent, each Conduit Investor and each Committed Note Purchaser upon demand for all reasonable out-of-pocket expenses incurred by the Administrative Agent, such Funding Agent, such Conduit Investor or such
Committed Note Purchaser (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel to the Administrative Agent, such Funding Agent, such Conduit Investor and such Committed Note Purchaser, if any and the reasonable
fees and out-of-pocket expenses of any third-party servicers and 

  
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disposition agents) in connection with (x) the negotiation of any restructuring or “work-out”, whether or not consummated, of the Related Documents and (y) the enforcement of,
or any waiver or amendment requested under or with respect to, this Agreement or any other of the Related Documents. 
 Without
limiting the foregoing, ZVF shall have no obligation to reimburse any Committed Note Purchaser and/or Conduit Investor for any of the fees and/or expenses incurred by such Committed Note Purchaser and/or Conduit Investor with respect to its sale or
assignment of all or any part of its respective rights and obligations under this Agreement and the Series 2011-1 Notes pursuant to Section 9.17. 
 (b) Indemnification. In consideration of the execution and delivery of this Agreement by the Conduit Investors and the Committed Note Purchasers, ZVF hereby indemnifies and holds each Conduit
Investor and each Committed Note Purchaser and each of their officers, directors, employees and agents (collectively, the “Indemnified Parties”) harmless from and against any and all actions, causes of action, suits, losses, costs,
liabilities and damages (irrespective of whether any such Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the
Series 2011-1 Notes), including reasonable attorneys’ fees and disbursements and other reasonable related expenses (collectively, the “Indemnified Liabilities”), incurred by the Indemnified Parties or any of them (whether in
prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to 
 (i) any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of any Advance; or 

(ii) the entering into and performance of this Agreement and any other Related Document by any of the Indemnified Parties,

 except for any such Indemnified Liabilities arising for the account of a particular Indemnified Party by reason of the relevant Indemnified
Party’s gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, ZVF hereby agrees to make the maximum contribution to the payment and satisfaction of each of the
Indemnified Liabilities which is permissible under applicable law. The indemnity set forth in this Section 9.05(b) shall in no event include indemnification for any taxes (which indemnification is provided in Section 3.08).

 (c) Indemnification of the Administrative Agent and each Funding Agent. 

(i) (i) In consideration of the execution and delivery of this Agreement by the Administrative Agent and each Funding Agent, ZVF
hereby indemnifies and holds the Administrative Agent and each Funding Agent and each of their respective officers, directors, employees and agents (collectively, the “Agent Indemnified Parties”) harmless from and against any and
all actions, causes of action, 

  
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suits, losses, costs, liabilities and damages (irrespective of whether any such Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including,
without limitation, any liability in connection with the offering and sale of the Series 2011-1 Notes), including reasonable attorneys’ fees and disbursements and other reasonable related expenses (collectively, the “Agent Indemnified
Liabilities”), incurred by the Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and
performance of this Agreement and any other Related Document by any of the Agent Indemnified Parties, except for any such Agent Indemnified Liabilities arising for the account of a particular Agent Indemnified Party by reason of the relevant Agent
Indemnified Party’s gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, ZVF hereby agrees to make the maximum contribution to the payment and satisfaction of each of
the Agent Indemnified Liabilities which is permissible under applicable law. The indemnity set forth in this Section 9.05(c)(i) shall in no event include indemnification for any taxes (which indemnification is provided in
Section 3.08). ZVF shall give notice to the Rating Agencies of any claim for Agent Indemnified Liabilities made under this section. 
 (ii) In consideration of the execution and delivery of this Agreement by the Administrative Agent, each Committed Note Purchaser, ratably according to its respective Commitment, hereby indemnifies and
holds the Administrative Agent and each of its officers, directors, employees and agents (collectively, the “Administrative Agent Indemnified Parties”) harmless from and against any and all actions, causes of action, suits, losses,
costs, liabilities and damages (solely to the extent not reimbursed by or on behalf of ZVF) (irrespective of whether any such Administrative Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and
including, without limitation, any liability in connection with the offering and sale of the Series 2011-1 Notes), including reasonable attorneys’ fees and disbursements and other reasonable related expenses (collectively, the
“Administrative Agent Indemnified Liabilities”), incurred by the Administrative Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or
arising out of, or relating to the entering into and performance of this Agreement and any other Related Document by any of the Agent Indemnified Parties, except for any such Administrative Agent Indemnified Liabilities arising for the account of a
particular Administrative Agent Indemnified Party by reason of the relevant Administrative Agent Indemnified Party’s gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any
reason, each Committed Note Purchaser hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Administrative Agent Indemnified Liabilities which is permissible under applicable law. The indemnity set forth in
this Section 9.05(c)(ii) shall in no event include indemnification for any taxes (which indemnification is provided in Section 3.08) 
 (iii) In consideration of the execution and delivery of this Agreement by each Funding Agent, each Committed Note Purchaser hereby indemnifies and holds its related Funding Agent and each of its officers,
directors, employees and agents 

  
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(collectively, the “Funding Agent Indemnified Parties”) harmless from and against any and all actions, causes of action, suits, losses, costs, liabilities and damages, and
reasonable expenses incurred in connection therewith (solely to the extent not reimbursed by or on behalf of ZVF) (irrespective of whether any such Funding Agent Indemnified Party is a party to the action for which indemnification hereunder is
sought and including, without limitation, any liability in connection with the offering and sale of the Series 2011-1 Notes), including reasonable attorneys’ fees and disbursements (collectively, the “Funding Agent Indemnified
Liabilities”), incurred by the Funding Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into
and performance of this Agreement and any other Related Document by any of the Funding Agent Indemnified Parties, except for any such Funding Agent Indemnified Liabilities arising for the account of a particular Funding Agent Indemnified Party by
reason of the relevant Funding Agent Indemnified Party’s gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, each Committed Note Purchaser hereby agrees to make the
maximum contribution to the payment and satisfaction of each of the Funding Agent Indemnified Liabilities which is permissible under applicable law. The indemnity set forth in this Section 9.05(c)(iii) shall in no event include
indemnification for any taxes (which indemnification is provided in Section 3.08). 

SECTION 9.06 Characterization as Related Document; Entire Agreement. 

This Agreement shall be deemed to be a Related Document for all purposes of the Base Indenture and the other Related Documents. This
Agreement, together with the Base Indenture, the Series 2011-1 Supplement, the Fee Letter, the documents delivered pursuant to Section 7.01 and the other Related Documents, including the exhibits and schedules thereto, contains a final
and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous
oral statements and other writings with respect thereto. 
 SECTION 9.07 Notices. 

All notices, amendments, waivers, consents and other communications provided to any party hereto under this Agreement shall be in writing
and addressed, delivered or transmitted to such party at its address or facsimile number set forth below its signature hereto or at such other address or facsimile number as may be designated by such party in a written notice to the other parties.
Any notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when transmitted
upon receipt of electronic confirmation of transmission. 

  
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 SECTION 9.08 Severability of Provisions. 

Any covenant, provision, agreement or term of this Agreement that is prohibited or is held to be void or unenforceable in any
jurisdiction shall, as to that jurisdiction, be ineffective to the extent of the prohibition or unenforceability without invalidating the remaining provisions of this Agreement. 

SECTION 9.09 Tax Matters. 
 Each party to this Agreement (a) acknowledges that it is the intent of the parties to this Agreement that, for accounting purposes and for all Federal, state and local income and franchise tax
purposes, the Series 2011-1 Notes will be treated as evidence of indebtedness, (b) agrees to treat the Series 2011-1 Notes for all such purposes as indebtedness and (c) agrees that the provisions of the Related Documents shall be construed
to further these intentions. On the Series 2011-1 Closing Date, each initial Conduit Investor and Committed Note Purchaser shall deliver a tax certificate executed by such Conduit Investor or Committed Note Purchaser substantially in the form of
Exhibit E to the Registar and ZVF. 
 SECTION 9.10 No Proceedings; Limited Recourse. 

(a) (a) ZVF. Each of the parties hereto (other than ZVF) hereby covenants and agrees that, prior to the date which is one
year and one day after the final payment in full of all Indenture Notes issued by ZVF pursuant to the Base Indenture, it will not institute against or join with, encourage or cooperate with any other Person in instituting against, ZVF, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any Federal or state bankruptcy or similar law, all as more particularly set forth in Section 13.15 of the Base Indenture and subject to
any retained rights set forth therein; provided, however, that nothing in this Section 9.10(a) shall constitute a waiver of any right to indemnification, reimbursement or other payment from ZVF pursuant to this Agreement,
the Series 2011-1 Supplement or the Base Indenture. In the event that a Committed Note Purchaser (solely in its capacity as such) or a Conduit Investor (solely in its capacity as such) takes action in violation of this Section 9.10(a),
ZVF agrees that it shall file an answer with the bankruptcy court or otherwise properly contest the filing of such a petition by any such Person against ZVF or the commencement of such action and raise the defense that such Person has agreed in
writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this Section 9.10(a) shall survive the termination of this
Agreement. Nothing contained herein shall preclude participation by a Committed Note Purchaser or a Conduit Investor in assertion or defense of its claims in any such proceeding involving ZVF. The obligations of ZVF under this Agreement are solely
the limited liability company obligations of ZVF. In addition, each of the parties hereto agrees that all fees, expenses and other costs payable hereunder by ZVF shall be payable only to the extent set forth in Section 13.16 of the Base
Indenture and that all other amounts owed to them by ZVF shall be payable solely from amounts that become available for payment pursuant to the Base Indenture and the Series 2011-1 Supplement. 

  
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 (b) The Conduit Investors. Each of the parties hereto hereby covenants and agrees
that it will not, prior to the date which is one year and one day after the payment in full of the latest maturing Series 2011-1 Commercial Paper or other debt securities or instruments issued by a Conduit Investor, institute against, or join with
any other Person in instituting against, such Conduit Investor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any Federal or state bankruptcy or similar law, subject to any retained
rights set forth therein; provided, however, that nothing in this Section 9.10(b) shall constitute a waiver of any right to indemnification, reimbursement or other payment from such Conduit Investor pursuant to this
Agreement, the Series 2011-1 Supplement or the Base Indenture. In the event that ZVF, the Administrator, a Committed Note Purchaser (solely in its capacity as such) or Zipcar takes action in violation of this Section 9.10(b), such
related Conduit Investor may file an answer with the bankruptcy court or otherwise properly contest the filing of such a petition by any such Person against such Conduit Investor or the commencement of such action and raise the defense that such
Person has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this Section 9.10(b) shall survive the
termination of this Agreement. Nothing contained herein shall preclude participation by ZVF, the Administrator, a Committed Note Purchaser or Zipcar in assertion or defense of its claims in any such proceeding involving a Conduit Investor. The
obligations of the Conduit Investors under this Agreement are solely the corporate obligations of the Conduit Investors. No recourse shall be had for the payment of any amount owing in respect of this Agreement, including any obligation or claim
arising out of or based upon this Agreement, against any stockholder, employee, officer, agent, director, member, affiliate or incorporator of any Conduit Investor; provided, however, nothing in this Section 9.10(b) shall
relieve any of the foregoing Persons from any liability which any such Person may otherwise have for its gross negligence or willful misconduct. 
 Notwithstanding any provisions contained in this Agreement to the contrary, the Conduit Investors shall not, and shall not be obligated to, fund or pay any amount pursuant to this Agreement or the Series
2011-1 Notes unless (i) the respective Conduit Investor has received funds which may be used to make such funding or other payment and which funds are not required to repay any of the commercial paper notes (“CP Notes”) issued
by such Conduit Investor when due and (ii) after giving effect to such funding or payment, either (x) such Conduit Investor could issue CP Notes to refinance all of its outstanding CP Notes (assuming such outstanding CP Notes matured at
such time) in accordance with the program documents governing its commercial paper program or (y) all of the CP Notes are paid in full. Any amount which a Conduit Investor does not pay pursuant to the operation of the preceding sentence shall
not constitute a claim (as defined in Section 101 of the Bankruptcy Code) against or obligation of such Conduit Investor for any such insufficiency. 
 SECTION 9.11 Confidentiality. 
 Each Committed Note Purchaser,
each Conduit Investor and each Funding Agent agrees that it shall not disclose any Confidential Information to any 

  
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Person without the prior written consent of the Administrator and ZVF, other than (a) to their Affiliates and their officers, directors, employees, agents and advisors (including, without
limitation, legal counsel and accountants) and to actual or prospective assignees and participants, and then only on a confidential basis, (b) as mandated by a court or administrative order or decree, governmental or regulatory authority or
self-regulatory organization or required by any statute, law, rule or regulation or judicial process (including any subpoena or similar legal process), (c) to any Rating Agency providing a rating for the Series 2011-1 Notes or the Conduit
Investor’s debt, (d) in the course of litigation with ZVF or the Administrator, (e) to any Series 2011-1 Noteholder, any Committed Note Purchaser, any Conduit Investor, any Funding Agent or the Administrative Agent, (f) to any
Person acting as a placement agent or dealer with respect to any commercial paper (provided that any Confidential Information provided to any such placement agent or dealer does not reveal the identity of ZVF or any of its Affiliates), (g) on a
confidential basis, to any provider of credit enhancement or liquidity to any Conduit Investor, (h) on a confidential basis, to auditors or legal or other professional advisors of any party hereto or (i) to any Person to the extent such
Committed Note Purchaser or Conduit Investor reasonably determines such disclosure is necessary or appropriate in connection with the enforcement or for the defense of the rights and remedies under the Series 2011-1 Notes, the Indenture or any other
Related Document. 
 “Confidential Information” means information that ZVF or the Administrator furnishes to a
Committed Note Purchaser, a Conduit Investor or a Funding Agent in connection with or related to the transactions contemplated by the Related Documents or otherwise pursuant to the terms thereof, but does not include (i) any such information
that is or becomes generally available to the public other than as a result of a disclosure by a Committed Note Purchaser, a Conduit Investor or a Funding Agent or other Person to which a Committed Note Purchaser, a Conduit Investor or a Funding
Agent, directly or indirectly, delivered such information, (ii) any such information that was in the possession of a Committed Note Purchaser, a Conduit Investor or a Funding Agent or other source prior to its being furnished to such Committed
Note Purchaser, Conduit Investor or Funding Agent by ZVF or the Administrator, or (iii) that is or becomes available to a Committed Note Purchaser, a Conduit Investor or a Funding Agent from a source other than ZVF or the Administrator or any
of their respective agents, provided that, with respect to clause (ii) and this clause (iii), such source is not (1) known to a Committed Note Purchaser or a Conduit Investor to be bound by a confidentiality agreement
with ZVF or the Administrator, as the case may be, or (2) known to a Committed Note Purchaser or a Conduit Investor to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation. 

SECTION 9.12 Governing Law. 
 THIS AGREEMENT AND ALL MATTERS ARISING UNDER OR IN ANY MANNER RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW. 

  
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 SECTION 9.13 Jurisdiction. 

ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY OF THE PARTIES HEREUNDER WITH RESPECT TO THIS SERIES 2011-1 NOTE PURCHASE AGREEMENT MAY
BE BROUGHT IN ANY STATE OR (TO THE EXTENT PERMITTED BY LAW) FEDERAL COURT OF COMPETENT JURISDICTION SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND BY EXECUTION AND DELIVERY OF THIS SERIES 2011-1 NOTE PURCHASE AGREEMENT, EACH PARTY
HEREUNDER ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS
SERIES 2011-1 NOTE PURCHASE AGREEMENT. 
 SECTION 9.14 Waiver of Jury Trial. 

ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS SERIES 2011-1 NOTE PURCHASE AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION
HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS SERIES 2011-1 NOTE PURCHASE
AGREEMENT. 
 SECTION 9.15 Counterparts. 

This Agreement may be executed in any number of counterparts (which may include facsimile) and by the different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original, and all of which together shall constitute one and the same instrument. 
 SECTION 9.16 Additional Investor Groups. 
 Unless an Amortization
Event or a Potential Amortization Event, in each case with respect to the Series 2011-1 Notes, shall have occurred and be continuing, ZVF may, with the consent of each Funding Agent and the Administrative Agent, cause an Additional Investor Group
and its related Funding Agent, Conduit Purchasers, if any, and Committed Note Purchasers to become parties to this Agreement to increase the Series 2011-1 Maximum Principal Amount by complying with the provisions of this Section 

  
 47 

 
9.16 and Sections 2.1 and 5.1 of the Series 2011-1 Supplement. ZVF shall give the Administrative Agent and each Funding Agent the name of the Funding Agent, the Conduit Investors, if any,
and the Committed Note Purchasers which are members of such proposed Additional Investor Group, the Maximum Investor Group Principal Amount with respect to such Additional Investor Group, the related Conduit Committed Note Purchaser’s Conduit
Committed Note Purchaser Percentage and the desired effective date of such proposed Additional Investor Group becoming a party to this Agreement. Each Additional Investor Group shall, upon the execution of an Addendum by such Additional Investor
Group, the Administrative Agent and ZVF, become a party to this Agreement from and after the date of such execution with the same effect as if such Additional Investor Group had been an original party hereunder and the Administrative Agent shall
amend Schedule I hereto in accordance with the information provided in the notice described above. 

SECTION 9.17 Assignment. 
 (a) (a) Any Committed Note Purchaser may at any time sell or assign all or any part of its rights and obligations under this Agreement and the Series 2011-1 Notes, with the prior written consent of
ZVF, which consent shall not be unreasonably withheld, to one or more financial institutions or other entities (an “Acquiring Committed Note Purchaser”) pursuant to an assignment and assumption agreement, substantially in the form
of Exhibit B (the “Assignment and Assumption Agreement”), executed by such Acquiring Committed Note Purchaser, such assigning Committed Note Purchaser, the Funding Agent with respect to such Committed Note Purchaser and
ZVF and delivered to the Administrative Agent; provided that the consent of ZVF to any such assignment shall not be required (i) after the occurrence and during the continuance of an Amortization Event with respect to the Series 2011-1
Notes or (ii) if such Acquiring Committed Note Purchaser is an Affiliate of such assigning Committed Note Purchaser. 
 (b)
Without limiting the foregoing, each Conduit Investor may assign all or a portion of the Investor Group Principal Amount with respect to such Conduit Investor and its rights and obligations under this Agreement and any other Related Documents to
which it is a party (or otherwise to which it has rights) to a Conduit Assignee with respect to such Conduit Investor without the prior written consent of ZVF. Upon such assignment by a Conduit Investor to a Conduit Assignee, (i) such Conduit
Assignee shall be the owner of the Investor Group Principal Amount or such portion thereof with respect to such Conduit Investor, (ii) the related administrative or managing agent for such Conduit Assignee will act as the Funding Agent for such
Conduit Assignee hereunder, with all corresponding rights and powers, express or implied, granted to the Funding Agent hereunder or under the other Related Documents, (iii) such Conduit Assignee and its liquidity support provider(s) and credit
support provider(s) and other related parties, in each case relating to the Series 2011-1 Commercial Paper and/or the Series 2011-1 Notes, shall have the benefit of all the rights and protections provided to such Conduit Investor herein and in the
other Related Documents (including, without limitation, any limitation on recourse against such Conduit Assignee as provided in this paragraph), (iv) such Conduit Assignee shall assume all of such Conduit Investor’s

  
 48 

 
obligations, if any, hereunder or under the Base Indenture or under any other Related Document with respect to such portion of the Investor Group Principal Amount and such Conduit Investor shall
be released from such obligations, (v) all distributions in respect of the Investor Group Principal Amount or such portion thereof with respect to such Conduit Investor shall be made to the applicable Funding Agent on behalf of such Conduit
Assignee, (vi) the definition of the term “CP Rate” with respect to the portion of the Investor Group Principal Amount with respect to such Conduit Investor, as applicable funded with commercial paper issued by such Conduit Assignee
from time to time shall be determined in the manner set forth in the definition of “CP Rate” applicable to such Conduit Assignee on the basis of the interest rate or discount applicable to commercial paper issued by such Conduit Assignee
(rather than any other Conduit Investor), (vii) the defined terms and other terms and provisions of this Agreement and the other Related Documents shall be interpreted in accordance with the foregoing, and (viii) if requested by the
Funding Agent with respect to such Conduit Assignee, the parties will execute and deliver such further agreements and documents and take such other actions as the Funding Agent may reasonably request to evidence and give effect to the foregoing. No
assignment by any Conduit Investor to a Conduit Assignee of all or any portion of the Investor Group Principal Amount with respect to such Conduit Investor shall in any way diminish the obligation of the Committed Note Purchasers in the same
Investor Group as such Conduit Investor under Section 2.03 to fund any Increase not funded by such Conduit Investor or such Conduit Assignee. 
 (c) Any Conduit Investor and the Committed Note Purchaser with respect to such Conduit Investor, or any Non-Conduit Committed Note Purchaser, may at any time sell all or any part of their respective
rights and obligations under this Agreement and the Series 2011-1 Notes, with the prior written consent of ZVF, which consent shall not be unreasonably withheld, to a multi-seller commercial paper conduit, whose commercial paper has ratings of at
least “A-2” from S&P and “P2” from Moody’s and one or more financial institutions providing support to such multi-seller commercial paper conduit (an “Acquiring Investor Group”) pursuant to a transfer
supplement, substantially in the form of Exhibit C (the “Investor Group Supplement”), executed by such Acquiring Investor Group, the Funding Agent with respect to such Acquiring Investor Group (including the Conduit Investor
and the Committed Note Purchasers with respect to such Investor Group), such assigning Conduit Investor and the Committed Note Purchasers with respect to such Conduit Investor, the Funding Agent with respect to such assigning Conduit Investor and
Committed Note Purchasers, or such assigning Non-Conduit Committed Note Purchaser, as applicable, and ZVF and delivered to the Administrative Agent; provided that the consent of ZVF to any such assignment shall not be required after the
occurrence and during the continuance of an Amortization Event with respect to the Series 2011-1 Notes; provided further that it shall not be considered unreasonable for ZVF to withhold its consent to an assignment to a potential
Acquiring Investor Group that has ratings of at least “A-2” from S&P and “P2” by Moody’s, but does not have ratings of at least “A-1” from S&P or “P1” by Moody’s if such assignment will
result in a material increase in ZVF’s costs of financing with respect to the applicable Series 2011-1 Notes. 

  
 49 

 (d) Any Committed Note Purchaser may, in the ordinary course of its business and in
accordance with applicable law, at any time sell to one or more financial institutions or other entities (“Participants”) participations in its Conduit Committed Note Purchaser Percentage of the Maximum Investor Group Principal
Amount with respect to it and the other Committed Note Purchasers included in the related Investor Group, its Series 2011-1 Note and its rights hereunder (or, in each case, a portion thereof) pursuant to documentation in form and substance
satisfactory to such Committed Note Purchaser and the Participant; provided, however, that (i) in the event of any such sale by a Committed Note Purchaser to a Participant, (A) such Committed Note Purchaser’s obligations
under this Agreement shall remain unchanged, (B) such Committed Note Purchaser shall remain solely responsible for the performance thereof and (C) ZVF and the Administrative Agent shall continue to deal solely and directly with such
Committed Note Purchaser in connection with its rights and obligations under this Agreement and (ii) no Committed Note Purchaser shall sell any participating interest under which the Participant shall have rights to approve any amendment to, or
any consent or waiver with respect to, this Agreement, the Base Indenture, the Series 2011-1 Supplement or any Related Document, except to the extent that the approval of such amendment, consent or waiver otherwise would require the unanimous
consent of all Committed Note Purchasers hereunder. A Participant shall have the right to receive reimbursement for amounts due pursuant to Sections 3.05, 3.06, 3.07 and 3.08 but only to the extent that the related
selling Committed Note Purchaser would have had such right absent the sale of the related participation and, with respect to amounts due pursuant to Section 3.08, only to the extent such Participant shall have complied with the
provisions of Section 3.08 as if such Participant were a Committed Note Purchaser. 
 (e) ZVF authorizes each
Committed Note Purchaser to disclose to any Participant or Acquiring Committed Note Purchaser (each, a “Transferee”) and any prospective Transferee any and all information in such Committed Note Purchaser’s possession
concerning ZVF, the Collateral, the Lessee and the Related Documents which has been delivered to such Committed Note Purchaser by ZVF or the Administrator in connection with such Committed Note Purchaser’s credit evaluation of ZVF, the
Collateral and the Lessee; provided that each prospective Transferee shall agree to be bound by the provisions of Section 9.11 of this Agreement prior to the receipt of such information. 

(f) No direct or indirect assignment, participation, pledge, hypothecation, rehypothecation, exchange or other disposition or transfer of
any Series 2011-1 Note (each a “Transfer”) shall be made unless (i) the transferor notifies the Registrar and ZVF in writing of its intention to make such Transfer and (ii) such notice (1) identifies the transferee,
(2) contains a transfer certificate executed by the transferee substantially in the form of Exhibit I-1 to the Series 2011-1 Supplement, (3) contains any other information reasonably requested by the Registrar or ZVF and (4) is
delivered to the Registrar and ZVF. Notwithstanding anything herein to the contrary, no Transfer of a Series 2011-1 Note shall be permitted if such transfer would result in there being collectively more than twenty-five (25) beneficial holders
of Series 2011-1 Notes. Any purported Transfers of a Series 2011-1 Note to a transferee which does not comply with the requirements of this paragraph shall be null and void ab initio. 

  
 50 

 [Remainder of Page Intentionally Blank] 

  
 51 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their duly authorized officers and delivered as of the day and year first above written. 
  

					
	ZIPCAR VEHICLE FINANCING LLC
			
	By:	 		 	/s/ Edward G. Goldfinger
		 	  

		 	Name:  	 	Edward G. Goldfinger
		 	Title:	 	Treasurer
		
	Address:	 	25 First Street
		 		 	4th Floor,
		 		 	Cambridge, MA 02141
		
	Attention:	 	Dean Breda
	Telephone:	 	(617) 995-4231
	Facsimile:	 	(617) 995-4300

 Signature Page to Series 2011-1 Note Purchase Agreement 

					
	ZIPCAR, INC.
			
	By:	 		 	/s/ Edward G. Goldfinger
		 	  

		 	Name:	 	Edward G. Goldfinger
		 	Title:	 	Chief Financial Officer
		
	Address:	 	25 First Street
		 		 	4th Floor,
		 		 	Cambridge, MA 02141
		
	Attention:	 	Edward Goldfinger
	Telephone:	 	(617) 995-4231
	Facsimile:	 	(617) 995-4300

 Signature Page to Series 2011-1 Note Purchase Agreement 

					
	BARCLAYS BANK PLC, as the Administrative Agent
			
	By:	 		 	/s/ Charles Siew
		 	  

		 	Name:	 	Charles Siew
		 	Title:	 	Vice President
		
	Address:	 	745 Seventh Avenue
		 		 	New York, NY 10019
		
	Attention:	 	Kristin Terranova
	Telephone:	 	(212) 526-7627
	
	 With electronic copy to
 Kristin.Terranova@barcap.com

 Signature Page to Series 2011-1 Note Purchase Agreement 

					
	BARCLAYS BANK PLC, as a Funding Agent
			
	By:	 		 	/s/ Charles Siew
		 	  

		 	Name:	 	Charles Siew
		 	Title:	 	Vice President
		
	Address:	 	745 Seventh Avenue
		 		 	New York, NY 10019
		
	Attention:	 	Kristin Terranova
	Telephone:	 	(212) 526-7627
	
	 With electronic copy to
 Kristin.Terranova@barcap.com

 Signature Page to Series 2011-1 Note Purchase Agreement 

					
	 SHEFFIELD RECEIVABLES CORPORATION,
 as a Conduit Committed Note Purchaser

	
	    By: BARCLAYS BANK PLC, as Attorney-in-Fact
			
		 	By:	 	 /s/ Janette Lieu

		 		 	Name: Janette Lieu
		 		 	Title: Director
		
	Address:	 	745 Seventh Avenue
		 	New York, NY 10019
		
	Attention:	 	Kristin Terranova
	Telephone:	 	(212) 526-7627
	
	 With electronic copy to
 Kristin.Terranova@barcap.com

 Signature Page to Series 2011-1 Note Purchase Agreement 

					
	 SHEFFIELD RECEIVABLES CORPORATION,
 as a Conduit Investor

	
	    By: BARCLAYS BANK PLC, as Attorney-in-Fact
			
		 	By:	 	 /s/ Janette Lieu

		 	Name: Janette Lieu
		 	Title:   Director
		
	Address:	 	 745 Seventh Avenue
 New
York, NY 10019

		
	Attention:	 	Kristin Terranova
	Telephone:	 	(212) 526-7627
	
	With electronic copy to
Kristin.Terranova@barcap.com

 Signature Page to Series 2011-1 Note Purchase Agreement 

 SCHEDULE I 
 Sheffield Receivables Corporation, as a Conduit Investor 
 Sheffield Receivables Corporation, as a
Conduit Committed Note Purchaser 
 Commitment Percentage: 100% 
 Conduit Committed Note Purchaser Percentage: 100% 
 Maximum Investor Group Principal Amount:
$50,000,000 
 BARCLAYS BANK PLC, as a Funding Agent, for Sheffield Receivables Corporation as a Committed Note Purchaser and as a Conduit
Investor

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