Document:

EX-10.2

 

EXHIBIT 10.2

GREYHOUND FUNDING LLC,

as Issuer

and

THE CHASE MANHATTAN BANK,

as Indenture Trustee

SUPPLEMENTAL INDENTURE No. 1

Dated as of October 28, 1999

to

BASE INDENTURE

Dated as of June 30, 1999

Asset Backed Notes

(Issuable in Series)

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	SECTION 1:	 	CERTAIN DEFINED TERMS; AMENDMENT OF SCHEDULE 1	 	 	1	 
	 
	 	SECTION 1.1	 	Certain Defined Terms 	 	 	1	 
	 
	 	SECTION 1.2	 	Amendment of Schedule 1 	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	SECTION 2:	 	AMENDMENTS OF BASE INDENTURE	 	 	2	 
	 
	 	SECTION 2.1	 	Amendment to Section 1.4	 	 	2	 
	 
	 	SECTION 2.2	 	Amendment to Section 2.4	 	 	2	 
	 
	 	SECTION 2.3	 	Amendment to Section 2.6	 	 	2	 
	 
	 	SECTION 2.4	 	Amendment to Section 3.2	 	 	2	 
	 
	 	SECTION 2.5	 	Amendment to Section 3.3	 	 	4	 
	 
	 	SECTION 2.6	 	Amendment to Section 3.4	 	 	4	 
	 
	 	SECTION 2.7	 	Amendment to Section 6.1	 	 	4	 
	 
	 	SECTION 2.8	 	Amendment to Section 7.13 	 	 	5	 
	 
	 	SECTION 2.9	 	Amendment to Section 8.7	 	 	5	 
	 
	 	SECTION 2.10	 	Amendment to Section 8.2	 	 	5	 
	 
	 	SECTION 2.11	 	Amendment to Section 8.18	 	 	5	 
	 
	 	SECTION 2.12	 	Amendment to Section 9.1	 	 	5	 
	 
	 	SECTION 2.13	 	Amendment to Article 9	 	 	6	 
	 
	 	SECTION 2.14	 	Amendment to Section 10.1	 	 	6	 
	 
	 	SECTION 2.15	 	Amendments to Section 12.2	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	SECTION 3:	 	REPRESENTATIONS AND WARRANTIES	 	 	6	 
	 
	 	SECTION 3.1	 	Affirmation of Representations and Warranties	 	 	7	 
	 
	 	SECTION 3.2	 	LLC Agreement and Governmental Authorization	 	 	7	 
	 
	 	SECTION 3.3	 	Binding Effect	 	 	7	 
	 
	 	SECTION 3.4	 	No Consent	 	 	7	 
	 
	 	 	 	 	 	 	 	 
	SECTION 4:	 	CONDITIONS PRECEDENT	 	 	8	 
	 
	 	 	 	 	 	 	 	 
	SECTION 5:	 	MISCELLANEOUS	 	 	9	 
	 
	 	SECTION 5.1	 	Duplicate Originals	 	 	9	 
	 
	 	SECTION 5.2	 	Indenture Trustee Consent	 	 	9	 
	 
	 	SECTION 5.3	 	Ratification and Effect	 	 	10	 
	 
	 	SECTION 5.4	 	Severability of Provisions 	 	 	10	 
	 
	 	SECTION 5.5	 	Counterparts 	 	 	10	 
	 
	 	SECTION 5.6	 	Table of Contents, Headings, etc 	 	 	10	 
	 
	 	SECTION 5.7	 	Choice of Law	 	 	10	 

i 

 

 

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

W I T N E S S E T H:

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

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

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

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

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

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

          SECTION 1: CERTAIN DEFINED TERMS; AMENDMENT OF SCHEDULE 1

          SECTION 1.1 Certain Defined Terms

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

          SECTION 1.2 Amendment of Schedule 1

          From and after the date of this Supplemental Indenture, which shall

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

 

 

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

SECTION 2: AMENDMENTS OF BASE INDENTURE

          Section 2.1 Amendment to Section 1.4.

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

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

          Section 2.2 Amendment to Section 2.4.

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

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

          Section 2.3 Amendment to Section 2.6.

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

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

          Section 2.4 Amendment to Section 3.2.

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

          “Section 3.2 Transaction Documents.

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

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

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

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

          Section 2.5 Amendment to Section 3.3.

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

          Section 2.6 Amendment to Section 3.4.

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

          Section 2.7 Amendment to Section 6.1.

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

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

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

          Section 2.8 Amendment to Section 7.13.

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

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

          Section 2.9 Amendment to Section 8.7.

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

          Section 2.10 Amendment to Section 8.2.

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

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

          Section 2.11 Amendment to Section 8.18.

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

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

          Section 2.12 Amendment to Section 9.1.

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

Clause (b):

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

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          Section 2.13 Amendment to Article 9.

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

          Section 2.14 Amendment to Section 10.1.

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

          Section 2.15 Amendments to Section 12.2.

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

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

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

SECTION 3: REPRESENTATIONS AND WARRANTIES

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

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

          Section 3.1 Affirmation of Representations and Warranties.

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

          Section 3.2 LLC Agreement and Governmental Authorization.

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

          Section 3.3 Binding Effect.

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

          Section 3.4 No Consent.

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

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SECTION 4: CONDITIONS PRECEDENT

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

	 	1.	 	The consent of the Holders of a Majority in Interest of each Series
of Outstanding Investor Notes shall have been given in respect of
this Supplemental Indenture and a copy thereof provided to the
Indenture Trustee.
	 
	 	2.	 	The Series 1999-1 Investor Notes shall have been repaid in full and
the Series 1999-1 Preferred Membership Interests shall have been
redeemed in full.
	 
	 	3.	 	The Indenture Trustee shall have received evidence satisfactory to
it that each Manager of the Issuer has approved this Supplemental
Indenture.
	 
	 	4.	 	The Indenture Trustee shall have received an Officer’s Certificate
of the Issuer dated as of the date hereof to the effect that (i) no
Amortization Event, Potential Amortization Event, Event of Default
or Potential Event of Default is continuing or will occur as a
result of the execution and delivery of this Supplemental Indenture
and (ii) the execution and delivery of this Supplemental Indenture
will not result in any breach of any of the terms, conditions or
provisions of or constitute a default under any indenture,
mortgage, deed of trust or other agreement or instrument,
including, without limitation, any Transaction Document, to which
the Issuer is a party or by which it or its property is bound or
any order of any court or administrative agency entered in any
suit, action or other judicial or administrative proceeding to
which the Issuer is party or by which it or its property may be
bound or to which it or its property may be subject.
	 
	 	5.	 	The Indenture Trustee shall have received an Opinion of Counsel,
subject to the assumptions and qualifications stated therein, and
in a form substantially acceptable to the Indenture Trustee, dated
the date hereof, substantially to the effect that:

	 	i.	 	all conditions precedent provided for in the Base Indenture
with respect to the execution and delivery of this
Supplemental Indenture have been complied with in all material
respects;
	 
	 	ii.	 	the Issuer is duly organized under the jurisdiction of its
formation and has the power and authority to execute and

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	 	 	 	deliver this Supplemental Indenture, and SPV is duly organized
under the jurisdiction of its formation and has the power and
authority to execute and deliver the Amendment to the Transfer
Agreement (as defined in Clause 6 below);
	 
	 	iii.	 	this Supplemental Indenture has been duly authorized, executed
and delivered by the Issuer; and the Amendment to the Transfer
Agreement has been duly authorized, executed and delivered by
the Issuer and SPV;
	 
	 	iv.	 	the Supplemental Indenture is a legal, valid and binding
obligation of the Issuer enforceable in accordance with its
terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors’ rights
generally and to general principles of equity;
	 
	 	v.	 	the Amendment to the Transfer Agreement is a legal, valid and
binding obligation of the Issuer and SPV, enforceable in
accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting
creditors’ rights generally and to general principles of
equity; and
	 
	 	vi.	 	such other matters as the Indenture Trustee may reasonably
require;

	 	6.	 	The Indenture Trustee shall have received duly executed
counterparts of the Amendment to the Transfer Agreement, dated as
of October 28, 1999, between the Issuer and SPV (the “Amendment to
the Transfer Agreement”), duly executed by the Issuer and SPV; and
	 
	 	7.	 	The Indenture Trustee shall have received such other documents,
instruments, certifications, agreements or other items as the
Indenture Trustee may reasonably require.

SECTION 5: MISCELLANEOUS

          Section 5.1 Duplicate Originals.

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

          Section 5.2 Indenture Trustee Consent.

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

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          Section 5.3 Ratification and Effect.

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

          Section 5.4 Severability of Provisions.

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

          Section 5.5 Counterparts.

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

          Section 5.6 Table of Contents, Headings, etc..

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

          Section 5.7 Choice of Law.

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

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

	 	 	 	 	 	 	 
	 	 	GREYHOUND FUNDING LLC,	 	 
	 	 	     as Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Tony Wong	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Tony Wong	 	 
	 

	 	Title:
	 	Manager	 	 
	 
	 	 	 	 	 	 
	 	 	THE CHASE MANHATTAN BANK,	 	 
	 	 	     as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jennifer Cupo	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Jennifer Cupo	 	 
	 

	 	Title:
	 	Vice President	 	 

AMENDED AND RESTATED

SCHEDULE 1

TO THE

BASE INDENTURE

DEFINITIONS LIST

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

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

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

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

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

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

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

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

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

 

 

          “Administrator” means VMS or a successor Administrator under the
Administration Agreement.

          “Administrator Fee” is defined in the Administration Agreement.

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

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

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

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

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

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

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

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

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

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

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

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

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

          “Annual Investor Noteholders’ Tax Statement” is defined in Section
4.4(c) of the Base Indenture.

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

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

-3-

 

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

          “Applicants” is defined in Section 2.8 of the Base Indenture.

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

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

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

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

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

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

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

-4-

 

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

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

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

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

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

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

          “Cedel” means Cedel Bank, societe anonyme.

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

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

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

-5-

 

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

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

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

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

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

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

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

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

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

          “Closing Date” means the Initial Closing Date or any Series Closing
Date.

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

-6-

 

          “Collateral” is defined in Section 3.1 of the Base Indenture.

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

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

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

          “Common Membership Interest” means the Common Membership Interest
issued pursuant to the LLC Agreement.

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

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

-7-

 

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

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

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

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

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

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

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

          “Coupon” is defined in Section 2.1 of the Base Indenture.

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

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

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

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

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

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

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

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

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

          “Depository” is defined in Section 2.10 of the Base Indenture.

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

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

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

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

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

-10-

 

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

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

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

     (ii) it was not an Ineligible Delinquent Lease;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

-12-

 

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

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

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

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

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

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

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

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

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

-13-

 

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

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

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

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

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

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

     (b) it was not an Ineligible Delinquent Lease;

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

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

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

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

-14-

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

          “Euroclear” means Euroclear System.

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

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

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

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

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

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

-18-

 

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

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

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

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

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

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

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

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

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

     “FDIC” means the Federal Deposit Insurance Corporation.

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

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

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

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

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

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

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

     “Foreign Clearing Agency” means Cedel and Euroclear.

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

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

-20-

 

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

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

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

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

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

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

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

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

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

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

     “Independent Manager” is defined in the LLC Agreement.

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

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

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

     “Initial Closing Date” means June 30, 1999.

     “Initial Cut-off Date” means June 18, 1999.

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

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

     “Insolvency Event” means, as to any Person:

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

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

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

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

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

          “Investment Company Act” means the Investment Company Act of 1940,
as amended.

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

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

-23-

 

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

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

          “Issuer Accounts” means the Collection Account and each Series
Account.

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

          “Issuer General Account” is defined in the LLC Agreement.

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

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

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

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

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

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

-24-

 

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

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

          “Leased Vehicle” means the Vehicle subject to a Lease.

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

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

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

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

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

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

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

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

-25-

 

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

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

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

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

          “Manager” is defined in the LLC Agreement.

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

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

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

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

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

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

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

-26-

 

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

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

          “Member” means a Preferred Member or the Common Member.

          “Membership Interest” means a Preferred Membership Interest or the
Common Membership Interest.

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

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

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

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

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

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

-27-

 

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

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

          “Moody’s” means Moody’s Investors Service, Inc.

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

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

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

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

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

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

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

-28-

 

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

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

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

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

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

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

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

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

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

-29-

 

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

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

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

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

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

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

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

-30-

 

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

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

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

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

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

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

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

-31-

 

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

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

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

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

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

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

          “PHH Consumer Lease” means PHH PersonaLease Corporation, a Maryland
corporation.

          “PHH Financial Services” means PHH Financial Services Corporation,
a Maryland corporation.

-32-

 

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

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

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

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

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

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

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

          “Preferred Membership Interests” means the Junior Preferred
Membership Interests or the Senior Preferred Membership Interests.

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

-33-

 

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

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

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

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

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

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

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

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

          “Receivable Purchase Termination Event” is defined in the
Receivable Purchase Agreement.

-34-

 

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

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

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

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

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

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

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

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

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

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

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

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

-35-

 

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

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

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

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

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

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

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

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

          “Securities Act” means the Securities Act of 1933, as amended.

-36-

 

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

          “Securitization” is defined in the Origination Trust Agreement.

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

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

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

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

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

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

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

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

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

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

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

-37-

 

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

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

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

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

          “Servicing Fee” is defined in the Origination Trust Servicing
Agreement.

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

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

          “Sold Units” means, collectively, the Initial Units and the
Additional Units.

          “Special Purpose Entity” is defined in the Origination Trust
Agreement.

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

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

          “SUBI Assets” is defined in the Origination Trust Agreement.

          “SUBIs” means the Fleet Receivable SUBI and the Lease SUBI.

          “SUBI Certificates” means the Fleet Receivable SUBI Certificate and
the Lease SUBI Certificate.

          “SUBI Portfolio” is defined in the Origination Trust Agreement.

-38-

 

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

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

          “Termination Event” means any of a Receivable Purchase Termination
Event or a Transfer Termination Event.

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

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

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

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

-39-

 

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

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

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

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

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

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

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

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

          “Transferred Assets” is defined in the Transfer Agreement.

          “Transfer Termination Event” is defined in the Transfer Agreement.

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

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

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

-40-

 

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

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

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

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

          “Unit Leases” means the Leases allocated to the Lease SUBI
Portfolio.

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

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

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

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

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

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

          “UTI” is defined in the Origination Trust Agreement.

          “UTI Assets” is defined in the Origination Trust Agreement.

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

-41-

 

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

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

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

-42-EX-10.3

 

Exhibit 10.3

GREYHOUND FUNDING LLC,

as Issuer

PHH VEHICLE MANAGEMENT SERVICES, LLC,

as Administrator

THE CHASE MANHATTAN BANK,

as Administrative Agent,

CERTAIN CP CONDUIT PURCHASERS,

CERTAIN APA BANKS,

CERTAIN FUNDING AGENTS

and

THE CHASE MANHATTAN BANK,

as Indenture Trustee

SERIES 1999-3 INDENTURE SUPPLEMENT

dated as of October 28, 1999

to

BASE INDENTURE

dated as of June 30, 1999

 

			
	[***]	 	INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	PRELIMINARY STATEMENT	 	 	1	 
	 
	 	 	 	 	 	 
	DESIGNATION	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE 1

	 
	 	 	 	 	 	 
	DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE 2

	 
	 	 	 	 	 	 
	PURCHASE AND SALE OF SERIES 1999-3 INVESTOR NOTES; INCREASES AND
DECREASES OF SERIES 1999-3 INVESTED AMOUNT	 	 	20	 
	Section 2.1
	 	Purchases of the Series 1999-3 Investor Notes	 	 	20	 
	Section 2.2
	 	Delivery	 	 	21	 
	Section 2.3
	 	Procedure for Initial Issuance and
for Increasing the Series 1999-3 Invested Amount	 	 	21	 
	Section 2.4
	 	Sales by CP Conduit Purchasers of
Series 1999-3 Investor Notes to APA Banks	 	 	23	 
	Section 2.5
	 	Procedure for Decreasing the Series
1999-3 Invested Amount; Optional Termination	 	 	23	 
	Section 2.6
	 	Increases and Reductions of the
Commitments; Extensions of the Commitments	 	 	24	 
	Section 2.7
	 	Interest; Fees	 	 	25	 
	Section 2.8
	 	Indemnification by the Issuer and the Administrator	 	 	27	 
	Section 2.9
	 	Funding Agents	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE 3

	 
	 	 	 	 	 	 
	ARTICLE 5 OF THE BASE INDENTURE	 	 	29	 
	Section 5A.1
	 	Establishment of Series 1999-3 Subaccounts	 	 	29	 
	Section 5A.2
	 	Allocations with Respect to the Series 1999-3 Investor Notes	 	 	30	 
	Section 5 A.3
	 	Determination of Interest	 	 	32	 
	Section 5A.4
	 	Monthly Application of Collections	 	 	33	 
	Section 5A.5
	 	Payment of Monthly Interest Payment, Fees and Expenses	 	 	36	 
	Section 5A.6
	 	Determination of Monthly Principal Payment	 	 	37	 
	Section 5 A.7
	 	Payment of Principal	 	 	38	 
	Section 5A.8
	 	The Administrator’s Failure to
Instruct the Indenture Trustee to Make a Depositor Payment	 	 	39	 
	Section 5A.9
	 	Series 1999-3 Reserve Account	 	 	39	 
	Section 5A.10
	 	Series 1999-3 Yield Supplement Account	 	 	41	 

(i)

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 5A.11
	 	Series 1999-3 Distribution Account	 	 	43	 
	Section 5A.12
	 	Lease Rate Caps	 	 	43	 
	 
	 	 	 	 	 	 
	ARTICLE 4

	 
	 	 	 	 	 	 
	AMORTIZATION EVENTS	 	 	45	 
	 
	 	 	 	 	 	 
	ARTICLE 5

	 
	 	 	 	 	 	 
	OPTIONAL PREPAYMENT	 	 	47	 
	 
	 	 	 	 	 	 
	ARTICLE 6

	 
	 	 	 	 	 	 
	SERVICING AND ADMINISTRATOR FEES	 	 	48	 
	 
	 	 	 	 	 	 
	Section 6.1
	 	Servicing Fee	 	 	48	 
	Section 6.2
	 	Administrator Fee	 	 	48	 
	ARTICLE 7

	 
	 	 	 	 	 	 
	CHANGE IN CIRCUMSTANCES	 	 	48	 
	 
	 	 	 	 	 	 
	Section 7.1
	 	Illegality	 	 	48	 
	Section 7.2
	 	Increased Costs	 	 	48	 
	Section 7.3
	 	Taxes	 	 	49	 
	Section 7.4
	 	Break Funding Payments	 	 	52	 
	Section 7.5
	 	Alternate Rate of Interest	 	 	52	 
	Section 7.6
	 	Mitigation Obligations	 	 	53	 
	 
	 	 	 	 	 	 
	ARTICLE 8

	 
	 	 	 	 	 	 
	REPRESENTATIONS AND WARRANTIES, COVENANTS	 	 	53	 
	 
	 	 	 	 	 	 
	Section 8.1
	 	Representations and Warranties of the Issuer and VMS	 	 	53	 
	Section 8.2
	 	Covenants of the Issuer and VMS	 	 	53	 
	Section 8.3
	 	Representations and Warranties of
VMS With Respect to Year 2000 Compliance	 	 	54	 
	Section 8.4
	 	Covenants of the Administrator	 	 	55	 
	Section 8.5
	 	Obligations Unaffected	 	 	55	 

(ii)

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE 9

	 
	 	 	 	 	 	 
	CONDITIONS PRECEDENT	 	 	55	 
	 
	 	 	 	 	 	 
	Section 9.1
	 	Conditions Precedent to Effectiveness of Indenture Supplement	 	 	55	 
	 
	 	 	 	 	 	 
	ARTICLE 10

	 
	 	 	 	 	 	 
	THE ADMINISTRATIVE AGENT	 	 	59	 
	Section 10.1
	 	Appointment	 	 	59	 
	Section 10.2
	 	Delegation of Duties	 	 	60	 
	Section 10.3
	 	Exculpatory Provisions	 	 	60	 
	Section 10.4
	 	Reliance by Administrative Agent	 	 	60	 
	Section 10.5
	 	Notice of Administrator Default or
Amortization Event or Potential Amortization Event	 	 	61	 
	Section 10.6
	 	Non-Reliance on the Administrative Agent and Other Purchasers	 	 	61	 
	Section 10.7
	 	Indemnification	 	 	62	 
	Section 10.8
	 	The Administrative Agent in Its Individual Capacity	 	 	62	 
	Section 10.9
	 	Resignation of Administrative Agent; Successor Administrative Agent	 	 	62	 
	 
	 	 	 	 	 	 
	ARTICLE 11

	 
	 	 	 	 	 	 
	MISCELLANEOUS	 	 	63	 
	Section 11.1
	 	Ratification of Indenture	 	 	63	 
	Section 11.2
	 	Governing Law	 	 	63	 
	Section 11.3
	 	Further Assurances	 	 	63	 
	Section 11.4
	 	Payments	 	 	64	 
	Section 11.5
	 	Costs and Expenses	 	 	64	 
	Section 11.6
	 	No Waiver; Cumulative Remedies	 	 	64	 
	Section 11.7
	 	Amendments	 	 	64	 
	Section 11.8
	 	Severability	 	 	65	 
	Section 11.9
	 	Notices	 	 	65	 
	Section 11.10
	 	Successors and Assigns	 	 	66	 
	Section 11.11
	 	Securities Laws	 	 	68	 
	Section 11.12
	 	Adjustments; Set-off	 	 	68	 
	Section 11.13
	 	Counterparts	 	 	69	 
	Section 11.14
	 	No Bankruptcy Petition	 	 	69	 
	Section 11.15
	 	SUBIs	 	 	70	 
	Section 11.16
	 	Discharge of Indenture	 	 	70	 
	Section 11.17
	 	Duration of Indenture Trustee's Obligations	 	 	71	 
	Section 11.18
	 	Limited Recourse	 	 	71	 

(iii)

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 11.19
	 	Waiver of Setoff	 	 	71	 
	Section 11.20
	 	Notice to Rating Agencies	 	 	71	 
	Section 11.21
	 	Conflict of Instructions	 	 	72	 
	Section 11.22
	 	Chase Conflict Waiver	 	 	72	 

(iv)

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SCHEDULES
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule I:
	 	List of Match Funding CP Conduit Purchasers	 	 	 	 
	 
	 	 	 	 	 	 
	EXHIBITS
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit A
	 	Form of Series 1999-3 Variable Funding Investor Note	 	 	 	 
	Exhibit B
	 	Increase Notice	 	 	 	 
	Exhibit C
	 	Monthly Settlement Statement	 	 	 	 
	Exhibit D
	 	UCC Certificate	 	 	 	 
	Exhibit E
	 	Form of Transferee Supplement	 	 	 	 
	Exhibit F
	 	Form of Purchaser Supplement	 	 	 	 

(v)

 

 

          SERIES 1999-3 SUPPLEMENT, dated as of October 28, 1999 (as amended, supplemented,
restated or otherwise modified from time to time, this “Indenture Supplement”) among
GREYHOUND FUNDING LLC, a special purpose limited liability company established under the laws of
Delaware (the “Issuer”), PHH VEHICLE MANAGEMENT SERVICES, LLC (“VMS”), as
administrator (in such capacity, the “Administrator”), the several commercial paper
conduits listed on Schedule I and their respective permitted successors and assigns (the “CP
Conduit Purchasers”; each, individually, a “CP Conduit Purchaser”), the several banks
set forth opposite the name of each CP Conduit Purchaser on Schedule I and the other banks parties
hereto pursuant to Section 11.10(c) (collectively, the “APA Bank” with respect to
such CP
Conduit Purchaser), the agent bank set forth opposite the name of each CP Conduit Purchaser on
Schedule I and its permitted successor and assign (the “Funding Agent” with respect to such
CP Conduit Purchaser), Chase, in its capacity as administrative agent for the CP Conduit
Purchasers, the APA Banks and the Funding Agents (the “Administrative Agent”), and Chase,
in its capacity
as Indenture Trustee (together with its successors in trust thereunder as provided in the Base
Indenture referred to below, the “Indenture Trustee”), to the Base Indenture, dated as of
June 30, 1999, between the Issuer and the Indenture Trustee (as amended, modified, restated or
supplemented from time to time, exclusive of Indenture Supplements creating new Series of Investor
Notes, the “Base Indenture”).

PRELIMINARY STATEMENT

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

          NOW, THEREFORE, the parties hereto agree as follows:

DESIGNATION

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

1999-3.

          The proceeds from the sale of the Series 1999-3 Investor Notes (as defined herein) and the
proceeds from any Increase (as defined herein) shall be deposited in the Series 1999-3 Collection
Subaccount and shall be used by the Issuer to fund the maintenance of the SUBI Certificates under
the Transfer Agreement and to reduce the Invested Amounts of other Series of Investor Notes.

ARTICLE 1

DEFINITIONS

          (a) All capitalized terms not otherwise defined herein are defined in the Definitions
List attached to the Base Indenture as Schedule 1 thereto. All Article, Section or

 

2

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 1999-3 Investor Notes and not to any
other Series of Investor Notes issued by the Issuer.

     (b) The following words and phrases shall have the following meanings with respect to
the Series 1999-3 Investor Notes and the definitions of such terms are applicable to the singular
as well as the plural form of such terms and to the masculine as well as the feminine and neuter
genders of such terms:

     “Acquiring APA Bank” is defined in Section 11.10(c).

     “Acquiring Purchaser” is defined in Section 11.10(e).

     “Additional Costs Cap” means, for any Payment Date, an amount equal to the
quotient of the product of (a) 0.25% per annum, (b) the weighted average Series 1999-3

     Invested Amount during the immediately preceding Series 1999-3 Interest Period and (c)

the number of days in such Series 1999-3 Interest Period divided by 360.

     “Additional Interest” is defined in Section 5A.3(b).

     “Adjusted LIBO Rate” means, with respect to each day during each Eurodollar
Period pertaining to a portion of the Purchaser Invested Amount with respect to any
Purchaser allocated to a Eurodollar Tranche, an interest rate per annum (rounded

     upwards, if necessary, to the nearest 1/16th of 1%) equal to the LIBO Rate for such
Eurodollar Period multiplied by the Statutory Reserve Rate.

     “Administrative Agent” is defined in the recitals hereto.

     “Affected Party” means any CP Conduit Purchaser and any Program
Support Provider with respect to such CP Conduit Purchaser.

     “Aggregate Commitment Amount” means, on any date of determination, the sum
of the Commitment Amounts with respect to each of the Purchasers on such date.

     “Alternate Base Rate” means, for any day, a rate per annum equal to the
greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds
Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate
due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective
from and including the effective day of such change in the Prime Rate or the Federal Funds
Effective Rate, respectively.

     “Amortization Event” is defined in Article 4.

     “APA Bank” is defined in the recitals hereto.

 

3

     “APA Bank Funded Amount” means, with respect to any Purchaser for any day, the
excess, if any, of the Purchaser Invested Amount with respect to such Purchaser over the CP
Conduit Funded Amount for such day.

     “Applicable Margin” means on any date of determination, .50% per annum;
provided, however that after the occurrence of an Amortization Event or a Potential
Amortization Event, the Applicable Margin shall equal 1.00% per annum.

     “Article 7 Costs” means any amounts due pursuant to Article 7.

     “Asset Purchase Agreement” means, with respect to any CP Conduit Purchaser,
the asset purchase agreement, liquidity agreement or other agreement among such CP Conduit
Purchaser, the Funding Agent with respect to such CP Conduit Purchaser and the APA Bank
with respect to such CP Conduit Purchaser, as amended, modified or supplemented from time
to time.

     “Assumed Lease Term” means, with respect to any Series 1999-3 Yield Shortfall
Lease, the number of months over which the Capitalized Cost of the related Leased Vehicle
is being depreciated thereunder.

     “Available APA Bank Funding Amount” means, with respect to any Purchaser for
any Business Day, the sum of (i) the portion of the APA Bank Funded Amount with respect to
such Purchaser not allocated to a Eurodollar Tranche on such Business Day,

     (ii) the portion of the APA Bank Funded Amount with respect to such Purchaser
allocated to any Eurodollar Tranche the Eurodollar Period in respect of which expires on
such Business Day and (iii) the portion of such Purchaser’s Purchaser Increase Amount
for such Business Day not to be funded by such Purchaser by issuing Commercial Paper.

     “Available CP Funding Amount” means, with respect to any Purchaser for any
Business Day, the sum of (i) the portion of the CP Conduit Funded Amount with respect

     to such Purchaser allocated to any CP Tranche, the CP Rate Period in respect of which
expires on such Business Day and (ii) the portion of such Purchaser’s Purchaser Increase
Amount for such Business Day to be funded by such Purchaser by issuing Commercial Paper.

     “Board” means the Board of Governors of the Federal Reserve System or any
successor thereto.

     “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 1999-3 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, 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 1999-3 Closing Date.

 

4

     “Commercial Paper” means, with respect to any CP Conduit Purchaser, the
promissory notes issued by, or for the benefit of, such CP Conduit Purchaser in the
commercial paper market.

     “Commitment” means, with respect to any Purchaser, the obligation of such
Purchaser to purchase a Series 1999-3 Investor Note on the Series 1999-3 Initial Funding
Date and, thereafter, to maintain and, subject to certain conditions, increase the
Purchaser Invested Amount with respect to such Purchaser, in each case, in an amount up to
the Maximum Purchaser Invested Amount with respect to such Purchaser.

     “Commitment Amount” means, with respect to any Purchaser, an amount equal to
102% of the Maximum Purchaser Invested Amount with respect to such Purchaser.

     “Commitment Fee” is defined in Section 2.7(e).

     “Commitment Fee Payment” is defined in Section 5A.4(c)(vi).

     “Commitment Fee Rate” means 0.20% per annum.

     “Commitment Percentage” means, on any date of determination, with respect to
any Purchaser, the ratio, expressed as a percentage, which such Purchaser’s Maximum
Purchaser Invested Amount bears to the Series 1999-3 Maximum Invested Amount on such date.

     “Conduit Assignee” means, with respect to any CP Conduit Purchaser, any
commercial paper conduit administered by the Funding Agent with respect to such CP Conduit
Purchaser and designated by such Funding Agent to accept an assignment from such CP Conduit
Purchaser of the Purchaser Invested Amount with respect to such CP Conduit Purchaser
pursuant to Section 11.10(b).

     “CP Conduit Funded Amount” means, with respect to any Purchaser for any day,
the portion of the Purchaser Invested Amount with respect to such Purchaser funded by such
Purchaser by issuing Commercial Paper on such day.

     “CP Conduit Purchaser” is defined in the recitals hereto.

     “CP Rate Period” means, with respect to any CP Tranche, a period of days not
to exceed 270 days commencing on a Business Day selected in accordance with Section
2.7(b); provided that (x) if a CP Rate Period would end on a day that is not a
Business Day, such CP Rate Period shall end on the next succeeding Business Day and (y)
during the Series 1999-3 Amortization Period, each CP Rate Period shall end on or prior to
the next succeeding Payment Date.

     “CP Tranche” means, with respect to a Match Funding CP Conduit Purchaser, a
portion of the CP Conduit Funded Amount with respect to such Match Funding CP Conduit
Purchaser for which the Monthly Funding Costs with respect to such Match Funding CP Conduit
Purchaser is calculated by reference to a particular Discount and a particular CP Rate
Period.

 

5

     “Daily Principal Utilization Amount” means, for any Business Day, the sum of
the following amounts to be withdrawn from the Series 1999-3 Principal Collection
Subaccount pursuant to Section 5A.2(g) on such Business Day: (i) the amount of any Decrease
to be applied to reduce the Series 1999-3 Invested Amount pursuant to Section 2.5,
(ii) the amount that the Issuer has elected to apply to reduce the principal amount of any
Outstanding Series of Investor Notes (other than the Series 1999-3 Investor Notes)

and (iii) the portion of the purchase price for Additional Units to be allocated to the
Lease SUBI Portfolio and paid for pursuant to the Transfer Agreement on such Business Day
to be financed with the proceeds of the Series 1999-3 Investor Notes.

     “Decrease” is defined in Section 2.5(a).

     “Deficiency” is defined in Section 5A.4(b).

     “Discount” means, (a) with respect to any Match Funding CP Conduit Purchaser,
the interest or discount component of the Commercial Paper issued by such Match
Funding CP Conduit Purchaser, including the portion thereof constituting dealer or
placement agent commissions, to fund the CP Conduit Funded Amount with respect to such
Match Funding CP Conduit Purchaser and (b) with respect to any Pooled Funding
CP Conduit Purchaser, the amount of interest to accrue on or in respect of the
Commercial Paper issued by such Pooled Funding CP Conduit Purchaser allocated, in whole or
in part, by the Funding Agent with respect to such Pooled Funding CP Conduit Purchaser, to
fund the purchase or maintenance of the CP Conduit Funded Amount with respect to such
Pooled Funding CP Conduit Purchaser (including, without limitation, any interest
attributable to the commissions of placement agents and dealers in respect of
such Commercial Paper and any costs associated with funding small or odd-lot amounts,
to the extent that such commissions or costs are allocated, in whole or in part, to such
Commercial Paper by such Funding Agent).

     “Dividend Amount” means, with respect to any Payment Date, the aggregate
amount of dividends payable to the Series 1999-3 Preferred Members in respect of their
Series 1999-3 Preferred Membership Interests pursuant to the LLC Agreement.

     “Effective Date” is defined in Section 9.1.

     “Eligible Assignee” means a financial institution having short-term debt
ratings of at least A-l from Standard & Poor’s and P-l from Moody’s.

     “Eurodollar Period” means, with respect to any Eurodollar Tranche and any
Purchaser:

     (a) initially, the period commencing on the Series 1999-3 Initial Funding
Date, the Increase Date or a conversion date, as the case may be, with respect to such
Eurodollar Tranche and ending one month thereafter (or such other period which is
acceptable to the Funding Agent with respect to such Purchaser and which in no event

will be less than 7 days); and

 

6

     (b) thereafter, each period commencing on the last day of the immediately
preceding Eurodollar Period applicable to such Eurodollar Tranche and ending one
month thereafter (or such other period which is acceptable to the Funding Agent with
respect to such Purchaser and which in no event will be less than 7 days);

provided that all Eurodollar Periods must end on the next Payment Date and all of
the foregoing provisions relating to Eurodollar Periods are subject to the
following:

   (1) if any Eurodollar Period would otherwise end on a day that is not a Business
Day, such Eurodollar Period shall be extended to the next succeeding Business Day
unless the result of such extension would be to carry such Eurodollar Period into
another calendar month, in which event such Eurodollar Period shall end on the
immediately preceding Business Day; and

   (2) any Eurodollar Period that begins on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the
calendar month at the end of such Eurodollar Period) shall end on the last Business
Day of the calendar month at the end of such Eurodollar Period.

     “Eurodollar Tranche” means, with respect to any Purchaser, a portion of the
APA Bank Funded Amount with respect to such Purchaser allocated to a particular Eurodollar
Period and an Adjusted LIBO Rate determined by reference thereto.

     “Excluded Taxes” means, with respect to the Administrative Agent, any CP
Conduit Purchaser, any APA Bank, any Funding Agent, any Program Support Provider
or any other recipient of any payment to be made by or on account of any obligation of
the Issuer hereunder, (a) income or franchise taxes imposed on (or measured by) its net
income by the United States of America or by any other Governmental Authority, in each
case, as a result of a present or former connection between the United States of America
or the jurisdiction of such Governmental Authority imposing such tax, as the case may
be, and the Administrative Agent, such CP Conduit Purchaser, such APA Bank, such Funding
Agent, such Program Support Provider or any other such recipient (except a connection
arising solely from the Administrative Agent’s, such CP Conduit Purchaser’s, such APA
Bank’s, such Program Support Provider’s or such recipient’s having executed, delivered or
performed its obligations hereunder, receiving a payment hereunder or enforcing the Series
1999-3 Investor Notes) and (b) any branch profits tax imposed by the United States of
America or any similar tax imposed by any other jurisdiction in which
the Issuer is located (except any such branch profits or similar tax imposed as a result of
a connection with the United States of America or other jurisdiction as a result of a
connection arising solely from the Administrative Agent’s, such CP Conduit Purchaser’s,
such APA Bank’s, such Program Support Provider’s or such recipient’s having executed,
delivered or performed its obligations hereunder, receiving a payment hereunder or
enforcing the Series 1999-3 Investor Notes).

 

7

     “Expiry Date” means, with respect to any Purchaser, the earlier of (a) the
Scheduled Expiry Date with respect to such Purchaser and (b) the date on which an
Amortization Event shall have been declared or automatically occurred.

     “Extending Purchaser” shall mean a Purchaser other than a Non-Extending
Purchaser.

     “Federal Funds Effective Rate” means, for any day, the weighted average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal
funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank
of New York, or, if such rate is not so published for any day that is a Business Day, the
average (rounded upwards, if necessary, to the next 1/100 of 1%) of
the quotations for such day of such transactions received by the Administrative Agent from
three Federal funds brokers of recognized standing selected by it.

     “Final Maturity Date” means the Payment Date that occurs in the 125th month
after the month in which the Series 1999-3 Amortization Period shall have commenced.

     “Floating Tranche” means, with respect to any Purchaser, the portion of the
APA Bank Funded Amount with respect to such Purchaser not allocated to a Eurodollar
Tranche.

     “Funding Agent” is defined in the recitals hereto.

     “Increase Amount” is defined in Section 2.3(a).

     “Increase Date” is defined in Section 2.3(a).

     “Increased Costs” means, for each Payment Date, the sum of (1) any Article 7
Costs due and payable on such Payment Date, (2) any other unpaid Program Costs due and
payable on such Payment Date, (3) any amounts due and payable pursuant to Section
2.8 on such Payment Date and (4) the Increased Costs Carry Forward Amount for the
preceding Payment Date.

     “Increased Costs Carry Forward Amount” means, for each Payment Date, the
excess, if any, of (a) Increased Costs for such Payment Date over (b) the aggregate
amount deposited in the Series 1999-3 Distribution Account on account of the Increased
Costs for such Payment Date pursuant to Sections 5A.4(c)(ix) and (xv).

     “Increases” is defined in Section 2.3(a).

     “Indemnified Taxes” means Taxes other than Excluded Taxes.

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

     “Interest Shortfall” is defined in Section 5A.3(b).

 

8

     “Lease Rate Cap Costs” means, for each Payment Date, any amounts owed by the
Issuer to the Series 1999-3 Investor Noteholders pursuant to Section 5A.12(e) on
such Payment Date.

     “Lease Rate Cap Event” means the failure on the part of the Issuer to have the
Lease Rate Caps that it is required to have in accordance with Section 5A.12.

     “LIBO Rate” means, with respect to each day during each Eurodollar Period
pertaining to a Eurodollar Tranche, the rate appearing on Page 3750 of the Dow Jones market
screen (or on any successor or substitute page of such Service, providing rate quotations
comparable to those currently provided on such page of such Service, as determined by the
Administrative Agent from time to time in accordance with its customary practices for
purposes of providing quotations of interest rates applicable to dollar deposits in the
London interbank market) at approximately 11:00 a.m. (London time) on the second Business
Day prior to the commencement of such Eurodollar Period, as the rate for dollar deposits
with a maturity comparable to the Eurodollar Period applicable to such Eurodollar Tranche.

     “Match Funding CP Conduit Purchaser” means each CP Conduit Purchaser that is
identified on Schedule I as a Match Funding CP Conduit Purchaser and each CP Conduit
Purchaser that, after the Series 1999-3 Closing Date, notifies the Issuer and the
Administrative Agent in accordance with Section 2.7(d) in writing that it is
funding its
CP Conduit Funded Amount with Commercial Paper issued by it, or for its benefit, in
specified CP Tranches selected in accordance with Sections 2.7(b) and (c) and that,
in
each case, has not subsequently notified the Issuer and the Administrative Agent in
writing that the Issuer will no longer be permitted to select CP Tranches in accordance
with Sections 2.7(b) and (c) in respect of the CP Conduit Funded Amount with
respect to such CP Conduit Purchaser.

     “Maximum Purchaser Invested Amount” means, with respect to any Purchaser,
the amount set forth opposite such Purchaser’s name on Schedule I, as such amount may

be increased or reduced from time to time as provided in Section 2.6. The
Maximum Purchaser Invested Amount with respect to each Non-Extending Purchaser shall be
reduced to zero on the Scheduled Expiry Date with respect to such Purchaser.

     “Monthly Funding Costs” means, with respect to each Series 1999-3 Interest
Period and any Purchaser, the sum of:

     (a) for each day during such Series 1999-3 Interest Period, (i) with respect to
a Match Funding CP Conduit Purchaser, the aggregate amount of            Discount            accruing
on
all outstanding Commercial Paper issued by, or for the benefit of, such Match Funding
CP Conduit Purchaser to fund the CP Conduit Funded Amount with respect to such
Match Funding CP Conduit Purchaser on such day or (ii) with respect to a Pooled
Funding CP Conduit Purchaser, the aggregate amount of Discount accruing on or otherwise in
respect of the Commercial Paper issued by, or for the benefit of, such Pooled Funding CP
Conduit Purchaser allocated, in whole or in part, by the Funding Agent with respect to such
Pooled Funding CP Conduit Purchaser, to fund the purchase or

 

9

maintenance of the CP Conduit Funded Amount with respect to such Pooled Funding CP Conduit
Purchaser; plus

     (b) for each day during such Series 1999-3 Interest Period, the sum of:

     (i) the product of (A) the portion of the APA Bank Funded Amount with
respect to such Purchaser allocated to the Floating Tranche with respect to such
Purchaser on such day times (B) the Alternate Base Rate, divided by (C) 365 (or
366, as the case may be) plus

     (ii) the product of (A) the portion of the APA Bank Funded Amount with
respect to such Purchaser allocated to Eurodollar Tranches with respect to such
Purchaser on such day times (B) the weighted average Adjusted LIBO Rate with
respect to such Eurodollar Tranches plus the Applicable Margin on such day in
effect with respect thereto divided by (C) 360; plus

     (c) for each day during such Series 1999-3 Interest Period, the product of (A)
the CP Conduit Funded Amount with respect to such Purchaser on such day times (B)
0.35% per annum, divided by (C) 360.

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

     “Monthly Principal Payment” is defined in Section 5A.6.

     “Non-Extending Purchaser” means any Purchaser who shall not have agreed to an
extension of its Scheduled Expiry Date pursuant to Section 2.6(b).

     “Optional Termination Date” is defined in Section 2.5(b).

     “Optional Termination Notice” is defined in Section 2.5(b).

     “Other Taxes” means any and all current or future stamp or documentary taxes
or other excise or property taxes, charges or similar levies arising from any payment made
under the Transaction Documents or from the execution, delivery or enforcement of, or
otherwise with respect to, any Transaction Document.

     “Outstanding” means, with respect to the Series 1999-3 Investor Notes, the
Series 1999-3 Invested Amount shall not have been reduced to zero and all accrued interest
and other amounts owing on the Series 1999-3 Investor Notes and to the Administrative
Agent, the Funding Agents, the CP Conduit Purchasers and the APA Banks hereunder shall not
have been paid in full.

     “Participants” is defined in Section 11.10(d).

     “Paydown Period” means any period from and including the Expiry Date with
respect to any Purchaser to but excluding the earlier of (a) the date on which the
Purchaser Invested Amount with respect to such Purchaser shall have been reduced to

zero and (b) the commencement of the Series 1999-3 Amortization Period.

 

10

     “Payment Date” means the 7th day of each month, or if such date is not a
Business Day, the next succeeding Business Day, commencing December 7, 1999.

     “Pooled Funding CP Conduit Purchaser” means each CP Conduit Purchaser that
is not a Match Funding CP Conduit Purchaser.

     “Prepayment Date” is defined in Article 5.

     “Prime Rate” means the rate of interest per annum publicly announced from time
to time by Chase as its prime rate in effect at its principal office in New York City; each
change in the Prime Rate shall be effective from and including the date such change is
publicly announced as being effective.

     “Principal Overpayment Amount” means, for each Settlement Date, the excess, if
any, of (a) the aggregate amount withdrawn from the Series 1999-3 General Collection
Subaccount and deposited in the Series 1999-3 Principal Collection Subaccount pursuant to
Section 5A.2(f) during the immediately preceding Monthly Period over (b) the Series
1999-3 Principal Payment Amount for such Settlement Date.

     “Program Costs” shall mean the sum of (i) all expenses, indemnities and other
amounts due and payable to the Administrative Agent, the CP Conduit Purchasers, the Funding
Agents, the Program Support Providers and the APA Banks under the Indenture or this
Indenture Supplement (including, without limitation, any Article 7 Costs) and (ii) the
product of (A) all unpaid fees and expenses due and payable to counsel to, and independent
auditors of, the Issuer (other than fees and expenses payable on or in connection with the
closing of the issuance of Series 1999-3 or any other Series) and (B) a fraction, the
numerator of which is the Aggregate Commitment Amount and the denominator of which is the
sum of (x) the aggregate commitment amounts on such Business Day (in respect of any
variable funding notes of any other Outstanding Series), (y) the Aggregate Commitment
Amount plus (z) the aggregate Invested Amounts of all other Outstanding Series (other than
variable funding notes).

     “Program Support Provider” means, with respect to any CP Conduit Purchaser,
the APA Bank with respect to such CP Conduit Purchaser and any other or additional Person
now or hereafter extending credit, or having a commitment to extend credit to or for the
account of, or to make purchases from, such CP Conduit Purchaser or issuing a letter of
credit, surety bond or other instrument to support any obligations arising under
or in connection with such CP Conduit Purchaser’s securitization program.

     “Pro Rata Share” means, with respect to any Purchaser, on any date, the ratio,
expressed as a percentage, which the Purchaser Invested Amount with respect to such
Purchaser bears to the Series 1999-3 Invested Amount on such date.

     “Purchaser” means a CP Conduit Purchaser and the APA Bank with respect to such
CP Conduit Purchaser.

 

11

     “Purchaser Increase Amount” means, with respect to any Purchaser, for any
Business Day, such Purchaser’s Commitment Percentage of the Increase Amount, if any, on
such Business Day.

     “Purchaser Invested Amount” means, with respect to any Purchaser, (a) when
used with respect to the Series 1999-3 Initial Funding Date, such Purchaser’s
Commitment Percentage of the Series 1999-3 Initial Invested Amount and (b) when used with
respect to any other date, an amount equal to (i) the Purchaser Invested Amount with
respect to such Purchaser on the immediately preceding Business Day plus (ii) such
Purchaser’s Commitment Percentage of any Increase Amount made pursuant to Section
2.3 on such day minus (iii) the amount of principal payments made to such Purchaser
pursuant to Section 5A.7 on such date.

     “Purchaser Supplement” is defined in Section 11.10(e).

     “Rating Agencies” means, with respect to the Series 1999-3 Investor Notes,
Standard & Poor’s and Moody’s.

     “Rating Agency Condition” means, with respect to any action specified herein
as requiring satisfaction of the Rating Agency Condition, that each Rating Agency shall
have been given 10 days’ (or such shorter period as shall be acceptable to each Rating
Agency) prior notice thereof and that each of the Rating Agencies shall have notified the
Administrative Agent, each CP Conduit Purchaser and the Funding Agent with respect to such
CP Conduit Purchaser in writing that such action will not result in a reduction or
withdrawal of the then current credit assessment of the Series 1999-3 Investor Notes.

     “Record Date” means, with respect to each Payment Date, the immediately
preceding Business Day.

     “Scheduled Expiry Date” shall mean, with respect to any Purchaser, the later
of (a) the Payment Date in October 2000 and (b) the last day of any extension of such
Purchaser’s Commitment made in accordance with Section 2.6(b).

     “Series 1999-3” means Series 1999-3, the Principal Terms of which are set
forth in this Indenture Supplement.

     “Series 1999-3 Administrator Fee” is defined in Section 6.2.

     “Series 1999-3 Allocated Adjusted Aggregate Unit Balance” means, as of any
date of determination, the product of (a) the Adjusted Aggregate Unit Balance and (b) the
percentage equivalent of a fraction the numerator of which Is the Series 1999-3 Required
Asset Amount as of such date and the denominator of which is the sum of (x) the Series
1999-3 Required Asset Amount and (y) the aggregate Required Asset Amounts with respect to
each other Series of Investor Notes as of such date, including all Series of Investor Notes
that have been paid in full but as to which the Amortization Period shall have not ended.

 

12

     “Series 1999-3 Allocated Aggregate Unit Balance” means, as of any date of
determination, the product of (x) the Aggregate Unit Balance and (y) the percentage
equivalent of a fraction the numerator of which is the Series 1999-3 Required Asset Amount
as of such date and the denominator of which is the sum of (x) the Series 1999-3 Required
Asset Amount and (y) the aggregate Required Asset Amounts with respect to each other Series
of Investor Notes as of such date, including all Series of Investor Notes that have been
paid in full but as to which the Amortization Period shall have not ended.

     “Series 1999-3 Allocated Asset Amount Deficiency” means, as of any date of
determination, the amount, if any, by which the Series 1999-3 Allocated Adjusted Aggregate
Unit Balance is less than the Series 1999-3 Required Asset Amount as of such date.

     “Series 1999-3 Amortization Period” means the period commencing on the
Business Day following the earliest to occur of (i) the date on which the Expiry Date with
respect to each Purchaser shall have occurred, (ii) the Optional Termination Date and (iii)
the Prepayment Date and ending on the date when (w) the Series 1999-3 Invested

     Amount shall have been reduced to zero and all accrued interest and other amounts owing on
the Series 1999-3 Investor Notes and to the Administrative Agent, the CP Conduit
Purchasers, the Funding Agents and the APA Banks shall have been paid in full, (x) all
dividends accrued and accumulated on the Series 1999-3 Preferred Membership Interests shall
have been declared and paid in full, (y) the Series 1999-3 Preferred Membership Interests
shall have been redeemed in accordance with their terms and (z) all amounts owing in
respect of the Series 1999-3 Preferred Membership Interests under the Series 1999-3
Preferred Membership Interest Purchase Agreement shall have been paid in full

by the Issuer.

     “Series 1999-3 Closing Date” means October 28, 1999.

     “Series 1999-3 Collateral” means the Collateral, the Series 1999-3 Reserve
Account, the Series 1999-3 Yield Supplement Account, the Series 1999-3 Distribution Account
and the Series 1999-3 Lease Rate Caps.

     “Series 1999-3 Collection Subaccount” is defined in Section 5A. 1(a).

     “Series 1999-3 Daily Principal Allocation” is defined in Section
5A.2(b).

     “Series 1999-3 Distribution Account” is defined in Section 5A.11(a).

     “Series 1999-3 Eligible Counterparty” means a financial institution having on
the date of any acquisition of a Lease Rate Cap short-term debt ratings of A-1+ by Standard
& Poor’s and P-l by Moody’s and long-term unsecured debt ratings of at least AA- by
Standard & Poor’s and Aa3 by Moody’s.

     “Series 1999-3 Excess Fleet Receivable Amount” means, for any Settlement Date,
an amount equal to the product of (a) the average daily Series 1999-3 Invested Percentage
during the immediately preceding Monthly Period and (b) the Excess Fleet Receivable Amount
for such Settlement Date.

 

13

     “Series 1999-3 Gain on Sale Account Percentage” means 10%.

     “Series 1999-3 Hypothetical Yield Shortfall Amount” means, for any Settlement
Date, an amount equal to the product of (x) the excess, if any, of the Series 1999-3
Minimum Yield Rate for such Settlement Date over the CP Rate as of the last day of the
immediately preceding Monthly Period, (y) the Series 1999-3 Invested Percentage on

     such Settlement Date of the aggregate Lease Balance of all Floating Rate Leases as of the
last day of the immediately preceding Monthly Period and (z) 2.75.

     “Series 1999-3 Initial Funding Date” is defined in Section 2.1(a).

     “Series 1999-3 Initial Invested Amount” is defined in Section 2.3(a).

     “Series 1999-3 Interest Period” means a period commencing on and including a
Payment Date and ending on and including the day preceding the next succeeding
Payment Date; provided, however, that the initial Series 1999-3 Interest
Period shall commence on and include the Series 1999-3 Closing Date and end on and include
December 6, 1999.

     “Series 1999-3 Invested Amount” means, on any date of determination, the sum
of the Purchaser Invested Amounts with respect to each of the Purchasers on such date.

     “Series 1999-3 Invested Percentage” means, with respect to any Business Day
(i) during the Series 1999-3 Revolving Period, the percentage equivalent (which percentage
shall never exceed 100%) of a fraction the numerator of which shall be equal to the Series
1999-3 Allocated Adjusted Aggregate Unit Balance as of the end of the immediately preceding
Business Day and the denominator of which is the sum of the numerators used to determine
invested percentages for allocations for all Series of Investor Notes (and all classes of
such Series of Investor Notes), including all Series of Investor Notes that have been paid
in full but as to which the Amortization Period shall have not ended, as of the end of such
immediately preceding Business Day or (ii) during the Series 1999-3 Amortization Period,
the percentage equivalent (which percentage shall never exceed 100%) of a fraction the
numerator of which shall be equal to the Series 1999-3 Allocated Adjusted Aggregate Unit
Balance as of the end of the Series 1999-3 Revolving Period,
and the denominator of which is the sum of the numerators used to determine invested
percentages for allocations for all Series of Investor Notes (and all classes of such
Series of Investor Notes), including all Series of Investor Notes that have been paid in full but
as to which the Amortization Period shall have not ended, as of the end of the immediately
preceding Business Day.

     “Series 1999-3 Investor Noteholder” means the Person in whose name a Series
1999-3 Investor Note is registered in the Note Register.

     “Series 1999-3 Investor Notes” means any one of the Series 1999-3 Floating
Rate Asset Backed Variable Funding Investor Notes, executed by the Issuer and authenticated
and delivered by the Indenture Trustee, substantially in the form of Exhibit A.

 

14

     “Series 1999-3 Junior Preferred Membership Interests” means each series of
Junior Preferred Membership Interests relating to the Series 1999-3 Investor Notes, if

any, issued by the Issuer pursuant to the LLC Agreement.

     “Series 1999-3 Liquid Credit Enhancement Deficiency” means, on any date of
determination, the amount by which the Series 1999-3 Reserve Account Amount is less than
the Series 1999-3 Required Reserve Account Amount.

     “Series 1999-3 Maximum Invested Amount” means, on any date of
determination, the sum of the Maximum Purchaser Invested Amounts with respect to

each of the Purchasers on such date. The Series 1999-3 Maximum Invested Amount shall be
reduced by the Maximum Purchaser Invested Amount of each Non-Extending Purchaser on the
Scheduled Expiry Date with respect to such Purchaser.

     “Series 1999-3 Minimum Yield Rate” means, for any Settlement Date, a rate per
annum equal to the sum of (i) the Series 1999-3 Weighted Average Cost of Funds for
such Settlement Date, (ii) 0.225% and (iii) 0.60%.

     “Series 1999-3 Monthly Interest” is defined in Section 5A.3(a).

     “Series 1999-3 Monthly Residual Value Gain” means, for any Settlement Date, an
amount equal to the product of (a) the average daily Series 1999-3 Invested Percentage
during the immediately preceding Monthly Period and (b) the Monthly Residual Value Gain for
such Settlement Date.

     “Series 1999-3 Monthly Servicer Advance Reimbursement Amount” means, for each
Payment Date, an amount equal to the product of (a) the Monthly Servicer Advance
Reimbursement Amount for such Payment Date and (b) the average daily Series 1999-3 Invested
Percentage during the immediately preceding Monthly Period.

     “Series 1999-3 Note Rate” means for any Series 1999-3 Interest Period, the
interest rate equal to the product of (a) the percentage equivalent of a fraction, the
numerator of which is equal to the sum of the Monthly Funding Costs with respect to
each Purchaser for such Series 1999-3 Interest Period and the denominator of which is equal
to the average daily Series 1999-3 Invested Amount during such Series 1999-3 Interest
Period and (b) a fraction, the numerator of which is 360 and the denominator of which is
the number of days in such Series 1999-3 Interest Period; provided, however,

that the Series 1999-3 Note Rate will in no event be higher than the maximum rate permitted
by applicable law.

     “Series 1999-3 Note Termination Date” means the date on which the Series 1999-
3 Invested Amount shall have been reduced to zero and all accrued and unpaid interest on
the Series 1999-3 Notes shall have been paid in full.

     “Series 1999-3 Preferred Member Distribution Account” means the account
established in respect of the Series 1999-3 Preferred Membership Interests pursuant to the
LLC Agreement.

 

15

     “Series 1999-3 Preferred Members” means the registered holders of the Series
1999-3 Preferred Membership Interests.

     “Series 1999-3 Preferred Membership Interest Purchase Agreement” means,
collectively, one or more purchase agreements among the Issuer, one or more purchasers
of the Series 1999-3 Senior Preferred Membership Interests thereunder, the funding

agents of such purchasers, one or more banks or other financial institutions providing
liquidity funding to such purchasers and the Administrator, as the same may from time to
time be amended, supplemented or otherwise modified in accordance with its terms, and one
or more purchase agreements relating to the Series 1999-3 Junior Preferred Membership
Interests among the Issuer, one or more purchasers of the Series 1999-3 Junior Preferred
Membership Interests and the Administrator, as the same may from time to time be amended,
supplemented or otherwise modified in accordance with its terms.

     “Series 1999-3 Preferred Membership Interests” means the Series 1999-3 Senior
Preferred Membership Interests and the Series 1999-3 Junior Preferred Membership Interests,
if any.

     “Series 1999-3 Prepayment Amount” means, the sum of the following amounts with
respect to each Purchaser:

     (a) the Purchaser Invested Amount with respect to such Purchaser, plus

     (b) (i) if such Purchaser is a Match Funding CP Conduit Purchaser, the sum of (A)
all accrued and unpaid Discount on all outstanding Commercial Paper issued by, or for the
benefit of, such Match Funding CP Conduit Purchaser to fund the CP Funded Amount with
respect to such Match Funding CP Conduit Purchaser from the issuance date(s) thereof to but
excluding the Prepayment Date and (B) the aggregate Discount to accrue on all outstanding
Commercial Paper issued by, or for the benefit of, such Match Funding CP Conduit Purchaser
to fund the CP Funded Amount with respect to such Match Funding CP Conduit Purchaser from
and including the Prepayment Date to and excluding the maturity date of each CP Tranche
with respect to such Match Funding CP Conduit Purchaser or (ii) such Purchaser is a Pooled
Funding CP Conduit Purchaser, the sum of (A) the aggregate amount of Discount on or in
respect of the Commercial Paper issued by, or for the benefit of, such Pooled Funding CP
Conduit Purchaser allocated, in whole or in part, by the Funding Agent with respect to such
Pooled Funding CP Conduit Purchaser, to fund the purchase or maintenance of the CP Funded
Amount with respect to such Pooled Funding CP Conduit Purchaser as of the Prepayment Date
and (B) the aggregate amount of Discount to accrue on or in respect of the Commercial Paper
issued by, or for the benefit of, such Pooled Funding CP Conduit Purchaser allocated, in
whole or in part, by the Funding Agent with respect to such Pooled Funding CP Conduit
Purchaser, to fund the purchase or maintenance of the CP Funded Amount with respect to such
Pooled Funding CP Conduit Purchaser from and including the Prepayment Date to and excluding
the maturity dates of such Commercial Paper; plus

     (c ) all accrued and unpaid interest on the APA Bank Funded Amount with respect
to such Purchaser, calculated at the Alternate Base Rate or the applicable

 

16

Adjusted LIBO Rate for the period from and including the immediately preceding Period End
Date to and excluding the Prepayment Date, plus

     (d) the Commitment Fee payable to such Purchaser calculated for the period from and
including the immediately preceding Payment Date to and excluding the Prepayment Date, plus

     (e) all Article 7 Costs then due and payable to such Purchaser, plus

     (f) without duplication, any other Program Costs then due and payable to
such Purchaser and any amounts then due and payable to such Purchaser pursuant to
Section 2.8.

     “Series 1999-3 Principal Collection Subaccount” is defined in Section
5A.1(a).

     “Series 1999-3 Principal Payment Amount” means, for any Settlement Date, an
amount equal to the product of (a) the average daily Series 1999-3 Invested Percentage
during the immediately preceding Monthly Period and (b) the Principal Payment Amount for
such Settlement Date.

     “Series 1999-3 Required Asset Amount” means, as of any date of determination,
the sum of the Series 1999-3 Invested Amount and the Series 1999-3 Required
Overcollateralization Amount as of such date.

     “Series 1999-3 Required Enhancement Amount” means, on any date of
determination, an amount equal to the greater of (a) 154.39% of the aggregate stated
liquidation preference of the Series 1999-3 Senior Preferred Membership Interests on
such date and (b) (i) during the Series 1999-3 Revolving Period, 14.9425% of the
Series 1999-3 Maximum Invested Amount on such date or (ii) during the Series 1999-3
Amortization Period, 14.9425% of the Series 1999-3 Maximum Invested Amount on the last day
of the Series 1999-3 Revolving Period; provided, however that if on any Settlement Date (1)
the Three Month Average Charge-Off Ratio exceeds 0.50%, (2) the Twelve Month Average
Charge-Off Ratio exceeds 0.25%, (3) the Three Month Average Residual Value Loss Ratio
exceeds 10%, (4) the Twelve Month Average Residual Value Loss Ratio exceeds 5%, (5) the
Three Month Average Paid-in Advance Loss Ratio
exceeds 1.00%, (6) the Twelve Month Average Paid-in Advance Loss Ratio exceeds 0.50%
or (7) the Three Month Average Delinquency Ratio for any Settlement Date exceeds 4.5%, the
Series 1999-3 Required Enhancement Amount will be calculated using a percentage of 166.27%
in clause (a) above and 15.9425% in clause (b) above on such date; provided, however, that,
after the declaration or occurrence of an Amortization Event, the Series 1999-3 Required
Enhancement Amount shall equal the Series 1999-3 Required Enhancement Amount on the date of
the declaration or occurrence of such Amortization Event.

     “Series 1999-3 Required Investor Noteholders” means Purchasers having
Commitment Percentages aggregating 66 2/3% or more.

 

17

     “Series 1999-3 Required Qvercollateralization Amount” means, on any date of
determination during an Accrual Period, the amount, if any, by which the Series 1999-3
Required Enhancement Amount exceeds the sum of (a) the Series 1999-3 Reserve
Account Amount and (b) the amount on deposit in the Series 1999-3 Principal Collection
Subaccount on such date (excluding any amounts deposited therein
pursuant to
Section 5A.2(f) during the Monthly Period commencing after the first day of such Accrual
Period).

     “Series 1999-3 Required Reserve Account Amount” means, on any date of
determination, an amount equal to 2.2538% of the Series 1999-3 Maximum Invested Amount on
such date.

     “Series 1999-3 Required Yield Supplement Amount” means, as of any Settlement
Date, the excess, if any, of (a) the Series 1999-3 Yield Shortfall Amount for such
Settlement Date over (b) 70% of the product of (x) the Series 1999-3 Invested Percentage on
such Settlement Date and (y) the Class X 1999-IB Invested Amount as of such Settlement Date
(after giving effect to any increase thereof on such Settlement Date); provided, however
that upon the occurrence of a Receivable Purchase Termination Event, the Series
1999-3 Required Yield Supplement Amount will equal the Series 1999-3 Yield Shortfall
Amount.

     “Series 1999-3 Reserve Account” is defined in Section 5A.9(a).

     “Series 1999-3 Reserve Account Amount” means, on any date of determination,
the amount on deposit in the Series 1999-3 Reserve Account and available for withdrawal
therefrom.

     “Series 1999-3 Reserve Account Surplus” means, on any date of determination,
the amount, if any, by which the Series 1999-3 Reserve Account Amount exceeds the Series
1999-3 Required Reserve Account Amount.

     “Series 1999-3 Revolving Period” means the period from and including the
Effective Date to but excluding the commencement of the Series 1999-3 Amortization Period.

     “Series 1999-3 Senior Preferred Membership Interests” means each series of
Senior Preferred Membership Interests relating to the Series 1999-3 Investor Notes issued
by the Issuer pursuant to the LLC Agreement.

     “Series 1999-3 Servicing Fee” is defined in Section 6.1.

     “Series 1999-3 Servicing Fee Percentage” is defined in Section 6.1.

     “Series 1999-3 Settlement Collection Subaccount” is defined in
Section 5A.l(a).

     “Series 1999-3 Subaccounts” is defined in Section 5A.l(a).

 

18

     “Series 1999-3 Weighted Average Cost of Funds” means, for any Settlement
Date, the product of (a) the quotient of the sum of (i) the aggregate amount of
interest payable on the Series 1999-3 Investor Notes on such Settlement
Date and (ii) the
aggregate amount of dividends that would be payable on the Series 1999-3 Preferred
Membership Interests on such Settlement Date, assuming that dividends were
accumulating thereon at the highest applicable rate under the terms of such Series
1999-3 Preferred Membership Interests, divided by the sum of (i) the weighted average
Series 1999-3 Invested Amount during the immediately preceding Series 1999-3 Interest
Period and (ii) the aggregate stated liquidation preference of the Series 1999-3 Preferred
Membership Interests as of such Settlement Date (before giving effect to any redemptions on
such Settlement Date) and (b) a fraction, the numerator of which is 360 and the denominator
of which is the number of days in the Series 1999-3 Interest Period ending
on such Settlement Date.

     “Series 1999-3 Weighted Average Yield Shortfall” means, for any Settlement
Date, the excess, if any, of (a) the Series 1999-3 Minimum Yield Rate for such
Settlement Date over (b) the Series 1999-3 Weighted Average Yield Shortfall Lease
Yield for such Settlement Date.

     “Series 1999-3 Weighted Average Yield Shortfall Lease Yield” means, for any
Settlement Date, the quotient of (a) the sum of the product with respect to each Series
1999-3 Yield Shortfall Lease of (i) the actual or implicit finance charge rate
applicable to such Series 1999-3 Yield Shortfall Lease and (ii) the Net Book Value of the
Leased Vehicle subject to such Series 1999-3 Yield Shortfall Lease as of the last day of
the immediately preceding Monthly Period divided by (b) the aggregate Net Book Value of
the Leased Vehicles subject to all of the Series 1999-3 Yield Shortfall Leases as of
the last day of the immediately preceding Monthly Period.

     “Series 1999-3 Weighted Average Yield Shortfall Life” means, for any
Settlement Date, 50% of the weighted (on the basis of Net Book Value of the related
Leased Vehicle) average Assumed Lease Term of the Series 1999-3 Yield Shortfall
Leases, assuming that all scheduled lease payments are made thereon when scheduled
and that the Obligors thereunder do not elect to convert such Series 1999-3 Yield
Shortfall Leases to Fixed Rate Leases, as of the last day of the immediately preceding
Monthly Period.

     “Series 1999-3 Yield Shortfall Amount” means, for any Settlement Date, (i) if
the Series 1999-3 Hypothetical Yield Shortfall Amount for such Settlement Date is less than
the product of (x) the Series 1999-3 Invested Percentage as of the last day of the
immediately preceding Monthly Period and (y) 70% of the Class X 1999-IB Invested Amount as
of such Settlement Date (after giving effect to any increase thereof on such Settlement
Date), an amount equal to the Series 1999-3 Hypothetical Yield Shortfall Amount and (ii)
otherwise, an amount equal to the product of (x) the Series 1999-3 Weighted Average Yield
Shortfall for such Settlement Date, (y) the aggregate Lease Balance of all Series 1999-3
Yield Shortfall Leases as of the last day of the immediately preceding Monthly Period and
(z) the Series 1999-3 Weighted Average Yield Shortfall
Life for such Settlement Date.

 

19

     “Series 1999-3 Yield Shortfall Lease” means, as of any Settlement Date, each
Unit Lease that is a Floating Rate Lease with an actual or implicit finance charge
rate of less than the Series 1999-3 Minimum Yield Rate as of the last day of the
immediately preceding Monthly Period.

     “Series 1999-3 Yield Supplement Account” is defined in Section
5A.10(a).

     “Series 1999-3 Yield Supplement Account Amount” means, on any date of
determination, the amount on deposit in the Series 1999-3 Yield Supplement Account and
available for withdrawal therefrom.

     “Series 1999-3 Yield Supplement Account Surplus” means, on any date of
determination, the amount, if any, by which the Series 1999-3 Yield Supplement Account
Amount exceeds the Series 1999-3 Required Yield Supplement Amount.

     “Series 1999-3 Yield Supplement Deficiency” means, on any date of
determination, the amount by which the Series 1999-3 Required Yield Supplement Account
Amount is less than the Series 1999-3 Yield Supplement Account Amount.

     “Statutory Reserve Rate” means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one
minus the aggregate of the maximum reserve percentages (including any marginal,
special, emergency or supplemental reserves) expressed as a decimal (rounded up to the
nearest 1/100th of 1%) established by the Board with respect to the Adjusted LIBO Rate, for
eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in
Regulation D of the Board). Such reserve percentages shall include those imposed
pursuant to Regulation D. Eurodollar Tranches shall be deemed to constitute
eurocurrency funding and to be subject to such reserve requirements without benefit of
or credit for proration, exemptions or offsets that may be available from time to
time under such Regulation D or comparable regulation. The Statutory Reserve Rate shall be
adjusted automatically on and as of the effective date of any change in the reserve
percentage.

     “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

     “Total Cash Available” means, for any Settlement Date, the excess, if any, of
(a) the sum of (i) the aggregate amount of Collections allocated to the Series 1999-3
General Collection Subaccount pursuant to Section 5A.2(a) during the immediately
preceding Monthly Period, (ii) an amount equal to the product of the average daily Series
1999-3 Invested Percentage during such Monthly Period and the amount of the Unit Repurchase
Payments paid by the Servicer or SPV on such Settlement Date, (iii) an amount equal to the
product of the average daily Series 1999-3 Invested Percentage during such Monthly Period
and the amount of the Monthly Servicer Advance made by the Servicer on such Settlement
Date, (iv) an amount equal to the product of the average daily Series 1999-3 Invested
Percentage during such Monthly Period and the amount withdrawn from the
Gain on Sale Account pursuant to Section 5.2(e) of the Base Indenture on the Transfer

 

20

Date immediately preceding such Settlement Date and (v) the investment income on amounts on
deposit in the Series 1999-3 Principal Collection Subaccount and the Series 1999-3 General
Collection Subaccount transferred to the Series 1999-3 Settlement Collection Subaccount on
such Settlement Date pursuant to Section 5A. 1(b) over (b) the aggregate amount
withdrawn from the Series 1999-3 General Collection Subaccount and deposited in the Series
1999-3 Principal Collection Subaccount pursuant to Section

     5A.2(f) during the immediately preceding Monthly Period.

     “Transferee” is defined in Section 11.10(f).

     “Transferee Supplement” is defined in Section 11.10(c).

     “Year 2000 Compliant” means, with respect to a specified Person, that all of
such Persons’ computer applications (including those of suppliers, vendors and customers)
that are material to the performance of the Issuer’s, the Servicer’s or the Administrator’s
obligations under the Transaction Documents are reasonably expected on a timely basis
to be able to perform properly in all material respects date-sensitive functions for
all dates before and after January 1, 2000.

ARTICLE 2

PURCHASE AND SALE OF SERIES 1999-3 INVESTOR NOTES;

INCREASES AND DECREASES OF SERIES 1999-3 INVESTED AMOUNT

          Section 2.1 Purchases of the Series 1999-3 Investor Notes.

          (a) Initial Purchases. Subject to the terms and conditions of this Indenture
Supplement, including delivery of notice in accordance with Section 2.3, (i) each CP
Conduit Purchaser may, in its sole discretion, purchase a Series 1999-3 Investor Note in an amount
equal to all or a portion of its Commitment Percentage of the Series 1999-3 Initial Invested Amount
on any Business Day during the period from the Effective Date to and including the Expiry Date
with respect to such CP Conduit Purchaser (the “Series 1999-3 Initial Funding Date”),
and if such CP Conduit Purchaser shall have notified the Administrative Agent and the Funding Agent
with respect to such CP Conduit Purchaser that it has elected not to fund a Series 1999-3 Investor
Note in an amount equal to its Commitment Percentage of the Series 1999-3 Initial Invested Amount
on the Series 1999-3 Initial Funding Date, the APA Bank with respect to such CP
Conduit Purchaser shall fund on the Series 1999-3 Initial Funding Date that portion of such
Series 1999-3 Investor Note not to be funded by such CP Conduit Purchaser and (ii) thereafter,
(A) if a CP Conduit Purchaser shall have purchased a Series 1999-3 Investor Note on the Series
1999-3 Initial Funding Date, such CP Conduit Purchaser may, in its sole discretion, maintain its
Series 1999-3 Investor Note, subject to increase or decrease during the period from the Effective
Date to and including the Expiry Date with respect to such CP Conduit Purchaser, in accordance with
the provisions of this Indenture Supplement and (B) the APA Bank with respect to such CP Conduit
Purchaser shall maintain the Series 1999-3 Investor Note with respect to such Purchaser, subject to
increase or decrease during the period from the Effective Date to and including the Expiry Date
with respect to such CP Conduit Purchaser, in accordance with the provisions of this Indenture
Supplement. Payments by each CP Conduit Purchaser and/or the APA Bank with

 

21

respect to such CP Conduit Purchaser shall be made in immediately available funds on the Series
1999-3 Initial Funding Date to the Funding Agent with respect to such CP Conduit Purchaser for
remittance to the Indenture Trustee for deposit into the Series 1999-3 Collection Subaccount.

          (b) Maximum Purchaser Invested Amounts. Notwithstanding anything to the contrary
contained in this Indenture Supplement, at no time shall the Purchaser Invested Amount with respect
to any Purchaser exceed the Maximum Purchaser Invested Amount with respect to such Purchaser at
such time.

          (c) Form of Series 1999-3 Investor Notes. The Series 1999-3 Investor Notes shall be
issued in fully registered form without interest coupons, substantially in the form set
forth in Exhibit A hereto.

          Section 2.2 Delivery.

          (a) On the Series 1999-3 Initial Funding Date, the Issuer shall sign and shall direct the
Indenture Trustee in writing pursuant to Section 2.4 of the Base Indenture to duly
authenticate, and the Indenture Trustee, upon receiving such direction, shall so authenticate a
Series 1999-3 Investor Note in the name of the Funding Agent with respect to each Purchaser in
an amount equal to the Maximum Purchaser Invested Amount with respect to such Purchaser and
deliver such Series 1999-3 Investor Note to such Funding Agent in accordance with such written
directions.

          (b) The Indenture Trustee shall indicate in the Note Register the actual Purchaser Invested
Amount outstanding with respect to each Purchaser and the actual Series
1999-3 Invested Amount outstanding on any date of determination, which, absent manifest error,
shall constitute prima facie evidence of the outstanding Purchaser Invested Amounts
and outstanding Series 1999-3 Invested Amount from time to time.

          Section 2.3 Procedure for Initial Issuance and for Increasing the Series 1999-3 Invested
Amount.

          (a) Subject to Section 2.3(c), (i) on the Series 1999-3 Initial Funding Date,
each CP Conduit Purchaser may agree, in its sole discretion, to purchase, and the APA Bank
with respect to such CP Conduit Purchaser shall purchase, a Series 1999-3 Investor Note in
accordance with Section 2.1 and (ii) on any Business Day during the period from the
Effective Date to and including the Expiry Date with respect to a CP Conduit Purchaser, such CP
Conduit Purchaser may agree, in its sole discretion, and the APA Bank with respect to such CP
Conduit Purchaser hereby agrees that the Purchaser Invested Amount with respect to such Purchaser
may
be increased by an amount equal to its Commitment Percentage of the Increase Amount (an
“Increase”), upon the request of the Issuer (each date on which an increase in the Series 1999-3
Invested Amount occurs hereunder being herein referred to as the “Increase Date” applicable
to such Increase); provided, however, that the Issuer shall have given the
Administrative Agent
(with a copy to the Indenture Trustee) irrevocable written notice (effective upon receipt), by
telecopy (receipt confirmed), substantially in the form of Exhibit B hereto, of such request no
later than 9:30 A.M., New York City time, on the Business Day prior to the Series 1999-3
Initial Funding Date or such Increase Date, as the case may be; provided, further,
that if the proposed

 

22

amount of any Increase (the “Increase Amount”) will be $200,000,000 or more, the Issuer
shall have given the Administrative Agent written notice thereof no later than 9:30 A.M., New York
City time, on the second Business Day prior to the proposed Increase Date. Such notice shall
state (x) the Series 1999-3 Initial Funding Date or the Increase Date, as the case may be, and (y)
the initial invested amount (the “Series 1999-3 Initial Invested Amount”) or the proposed
Increase Amount, as the case may be.

          (b) If a CP Conduit Purchaser elects not to fund the full amount of its Commitment Percentage
of the Series 1999-3 Initial Invested Amount or a requested Increase,
such CP Conduit Purchaser shall notify the Administrative Agent and the Funding Agent with
respect to such CP Conduit Purchaser, and the APA Bank with respect to such CP Conduit Purchaser
shall fund the portion of its Commitment Percentage of the Series 1999-3 Initial
Invested Amount or such Increase, as the case may be, not funded by such CP Conduit
Purchaser.

          (c) No Purchaser shall be required to make the initial purchase of a Series 1999-3 Investor
Note on the Series 1999-3 Initial Funding Date or to increase its Purchaser Invested Amount on any
Increase Date hereunder unless:

     (i) the Series 1999-3 Initial Invested Amount or Increase Amount is
equal to $10,000,000 or an integral multiple of $500,000 in excess thereof;

     (ii) after giving effect to the initial purchase amount or Increase
Amount, the Purchaser Invested Amount with respect to such Purchaser would
not exceed the Maximum Purchaser Invested Amount with respect to such
Purchaser;

     (iii) after giving effect to the initial purchase amount or Increase
Amount, no Series 1999-3 Allocated Asset Amount Deficiency, Series 1999 -3
Liquid Credit Enhancement Deficiency or Series 1999-3 Yield Supplement Deficiency
would have occurred and be continuing;

     (iv) no Amortization Event or Potential Amortization Event
shall have occurred and be continuing;

     (v) all of the representations and warranties made by each of the
Issuer, SPV, the Origination Trust and the Servicer in each Transaction
Document to which it is a party are true and correct in all material respects on
and as of the Series 1999-3 Initial Funding Date or such Increase Date, as the case
may be, as if made on and as of such date (except to the extent such
representations and warranties are expressly made as of another date); and

     (vi) all conditions precedent set forth in Section 4.2 of the
Transfer Agreement to the funding of the Additional Units, if any, being funded on
the Series 1999-3 Initial Funding Date or such Increase Date, as the case may be,
shall have been satisfied, including, without limitation, delivery of the
Additional Assignment to the Issuer and the Indenture Trustee in accordance with
Section 4.2 of the Transfer Agreement.

 

23

The Issuer’s acceptance of funds in connection with (x) the initial purchase of Series 1999-3
Investor Notes on the Series 1999-3 Initial Funding Date and (y) each Increase occurring on any
Increase Date shall constitute a representation and warranty by the Issuer to the applicable
Purchasers as of the Series 1999-3 Initial Funding Date or such Increase Date (except to the
extent such representations and warranties are expressly made as of another date), as the case
may be, that all of the conditions contained in this Section 2.3(c) have been satisfied.

          (d) If there is a Principal Overpayment Amount for any Settlement Date, the Issuer shall
request an Increase in accordance with Section 2.3(a) in an amount equal to such Principal
Overpayment Amount effective on such Settlement Date. Notwithstanding the
provisions of Section 2.3(c), each Purchaser shall be required to fund its Commitment
Percentage of such an Increase even if the Issuer is unable to satisfy the conditions set
forth in clause (i), (iii), (iv) or (vi) of Section 2.3(c).

          (e) Upon receipt of any notice required by Section 2.3(a) from the Issuer, the
Administrative Agent shall forward (by telecopy or electronic messaging system) a copy of such
notice to the Funding Agent with respect to each Purchaser, no later than 1:00 P.M., New York City
time, on the day received. After receipt by any Funding Agent with respect to a Purchaser
of such notice from the Administrative Agent, such Funding Agent shall, except as otherwise
provided in Section 2.3(d), so long as the conditions set forth in Sections 2.3(a)
and (c) are satisfied, promptly provide telephonic notice to the related CP Conduit Purchaser and
the related APA Bank, of the Increase Date and of such Purchaser’s Commitment Percentage of the
Increase Amount. If such CP Conduit Purchaser elects to fund all or a portion of its Commitment
Percentage of the Increase Amount, such CP Conduit Purchaser shall pay in immediately
available funds its Commitment Percentage (or any portion thereof) of the amount of such
Increase on the related Increase Date to the Funding Agent with respect to such Purchaser for
deposit into the Series 1999-3 Collection Subaccount. If such CP Conduit Purchaser does not
fund the full amount of its Commitment Percentage of the Increase Amount and the related APA
Bank funds the portion thereof not funded by the CP Conduit Purchaser, such APA Bank shall
pay in immediately available funds such portion on the related Increase Date to the Funding
Agent with respect to such Purchaser for deposit in the Series 1999-3 Collection Subaccount.

          Section 2.4 Sales by CP Conduit Purchasers of Series 1999-3 Investor Notes to APA
Banks. Notwithstanding any limitation to the contrary contained herein, each CP Conduit
Purchaser may, in its own discretion, at any time, sell or assign all or any portion of its
interest in its Series 1999-3 Note to any Conduit Assignee or to the APA Bank with respect to such
CP Conduit Purchaser pursuant to, and subject to the terms and conditions of, the Asset Purchase
Agreement with respect to such CP Conduit Purchaser.

          Section 2.5 Procedure for Decreasing the Series 1999-3 Invested Amount; Optional
Termination.

          (a) On any Business Day prior to the occurrence of an Amortization Event, upon the
written request of the Issuer or the Administrator on behalf of the Issuer, the Series
1999-3 Invested Amount may be reduced (a “Decrease”) by the Indenture Trustee’s
withdrawing from the Series 1999-3 Distribution Account, depositing into the Series 1999-3
Distribution Account and distributing to the Administrative Agent funds on deposit in the Series
1999-3

          

 

24

Principal Collection Subaccount on such day in accordance with Section 5A,7(c) in an amount
not to exceed the amount of such funds on deposit on such day; provided that the
Administrator shall have given the Administrative Agent (with a copy to the Indenture Trustee)
irrevocable written notice (effective upon receipt) of the amount of such Decrease prior to 9:30
A.M., New York City time, on the second Business Day prior to such Decrease, in the case of any
such Decrease in an amount less than $200,000,000, and prior to 9:30 A.M., New York City time, on
a Business Day that is at least ten days prior to such Decrease, in the case of any such Decrease
in an amount of $200,000,000 or more; provided, further, that any such Decrease shall be in
an amount equal to $10,000,000 and integral multiples of $500,000 in excess thereof. Upon each
Decrease, the Indenture Trustee shall indicate in the Note Register such Decrease. Upon receipt
of any notice required by Section 2.5(a) from the Issuer, the Administrative Agent shall
forward (by telecopy or electronic messaging system) a copy of such notice to the Funding Agent
with respect to each Purchaser, no later than 1:00 P.M., New York City time, on the day received.

          (b) (i) On any Business Day, the Issuer shall have the right to deliver an
irrevocable written notice (an “Optional Termination Notice”) to the Administrative
Agent, the
Indenture Trustee, the Administrator and the Rating Agencies in which the Issuer declares that
the Commitments shall terminate on the date (the “Optional Termination Date”) set
forth in such
notice (which date, in any event, shall be a Payment Date not less than twenty Business Days
from the date on which such notice is delivered). Upon receipt of any Optional Termination
Notice from the Issuer, the Administrative Agent shall promptly notify the Funding Agent with
respect to each Purchaser thereof.

             
(ii) From and after the Optional Termination Date, the Series 1999-3 Amortization Period
shall commence for all purposes under this Indenture Supplement and the other Transaction
Documents.

          (c) If there are funds on deposit in the Series 1999-3 Principal Collection
Subaccount on any Business Day on which the Purchaser Invested Amount with respect to any
Non-Extending Purchaser shall not have been reduced to zero and the Issuer would be permitted
under the terms of Section 2.5(a) to effect a Decrease with such funds, the Issuer
shall request
such a Decrease in accordance with Section 2.5(a) on the earliest possible date.

          Section 2.6 Increases and Reductions of the Commitments; Extensions of the
Commitments.

          (a) The Issuer may from time to time request that any Purchaser agree to increase its
Maximum Purchaser Invested Amount. An increase in any Maximum Purchaser Invested Amount shall be
effective hereunder if such Purchaser shall have agreed to such
increase in its Maximum Purchaser Invested Amount and (ii) if such increase results in an
increase in the Series 1999-3 Maximum Invested Amount, the aggregate stated liquidation
preference of all Series 1999-3 Senior Preferred Membership Interests on the date of such
increase is at least equal to 9.6783% of the Series 1999-3 Maximum Invested Amount, after
giving effect to such increase and the aggregate balances of all of the capital accounts of
the Members of the Issuer are equal to at least 13% of the Issuer’s total capitalization, after
giving effect to such increase.

          

 

25

          (b) If the Issuer desires to extend the Scheduled Expiry Date with respect to the Purchasers,
the Issuer shall notify the Administrative Agent at least 60 days prior to such Scheduled Expiry
Date of its desire to extend the Scheduled Expiry Date with respect to the Purchasers, whereupon
the Administrative Agent shall notify the Funding Agent with respect to each Purchaser of the
Issuer’s desire to so extend the Scheduled Expiry Date. Each Funding
Agent, on behalf of its Purchaser, shall notify the Administrative Agent and the Issuer in
writing
of whether such Purchaser agrees to an extension of the Scheduled Expiry Date with respect to
such Purchaser; provided that failure by a Funding Agent to respond to such request shall
not be construed as a consent by such Purchaser to such extension. The decision to extend or not
extend shall be made by each Purchaser in its sole discretion. In the event that any Purchaser
desires to extend its Scheduled Expiry Date for an amount that is less than its Maximum
Purchaser Invested Amount prior to the Issuer’s request for an extension, the Issuer, in its
sole discretion, may accept such extension; provided, however, that such Purchaser
(x) shall be
deemed to be a Non-Extending Purchaser for purposes of Section 5A.7(c) having a
Purchaser Invested Amount equal to the excess of its Purchaser Invested Amount over the Maximum
Purchaser Invested Amount that will be available after the extension of its Scheduled Expiry
Date and (y) shall be deemed to be an Extending Purchaser with a Maximum Purchaser Invested
Amount equal to the portion of its Maximum Purchaser Invested Amount that will be available after
the extension of its Scheduled Expiry Date. Any extension of the Scheduled Expiry Date
with respect to a Purchaser shall be subject to the prior written consent of each Series
1999-3 Preferred Member.

          (c) On any Business Day during the Series 1999-3 Revolving Period, the Issuer may, upon two
(2) Business Days’ prior written notice to the Administrative Agent (effective upon receipt) (with
copies to the Administrator and the Indenture Trustee) reduce the Series 1999-3 Maximum Invested
Amount in an amount equal to $10,000,000 or a whole
multiple of $1,000,000 in excess thereof; provided that no such termination or
reduction shall be permitted if, after giving effect thereto and to any reduction in the Series
1999-3 Invested
Amount on such date, the Purchaser Invested Amount with respect to any Purchaser would
exceed the Maximum Purchaser Invested Amount with respect to such Purchaser then in effect.
Any reduction in the Series 1999-3 Maximum Invested Amount shall be made on a pro rata
basis to the Maximum Purchaser Invested Amounts with respect to the Purchasers, based on the
Maximum Purchaser Invested Amount with respect to each Purchaser. Once reduced, the Maximum
Purchaser Invested Amounts may not be subsequently reinstated.

          Section 2.7 Interest; Fees.

          (a) Interest shall be payable on the Series 1999-3 Investor Notes on each Payment Date
pursuant to Section 5A.5(a).
On any Business Day, the Issuer may, subject to Section 2.7(c), elect to
allocate all or any portion of the Available CP Funding Amount with respect to any Match
Funding CP Conduit Purchaser, to one or more CP Tranches with CP Rate Periods commencing
on such Business Day by giving the Administrative Agent and the Funding Agent with respect to
such Match Funding CP Conduit Purchaser irrevocable written or telephonic (confirmed in writing)
notice thereof, which notice must be received by such Funding Agent prior to 11:00
A.M., New York City time, one Business Day prior to such Business Day. Such notice shall

 

26

specify (i) the applicable Business Day, (ii) the CP Rate Period for each CP Tranche to which a
portion of the Available CP Funding Amount with respect to such Purchaser is to be allocated
and (iii) the portion of such Available CP Funding Amount being allocated to each such CP Tranche.
On any Business Day, the Issuer may, subject to Section 2.7(c), elect to allocate all or
any portion of the Available APA Bank Funding Amount with respect to any Purchaser to one or more
Eurodollar Tranches with Eurodollar Periods commencing on such Business Day by giving the
Administrative Agent and the Funding Agent with respect to such Purchaser irrevocable written or
telephonic (confirmed in writing) notice thereof, which notice must be received by
such Funding Agent prior to 1:00 P.M., New York City time, three Business Days prior to such
Business Day. Such notice shall specify (i) the applicable Business Day, (ii) the Eurodollar
Period for each Eurodollar Tranche to which a portion of the Available APA Bank Funding Amount with
respect to such Purchaser is to be allocated and (iii) the portion of such Available APA Bank
Funding Amount being allocated to each such Eurodollar Tranche. Upon receipt of
any such notice, the Funding Agent with respect to a Purchaser shall notify the CP Conduit
Purchaser and the APA Bank with respect to such Purchaser of the contents of such notice promptly
upon receipt thereof.

     (c) Notwithstanding anything to the contrary contained in this Section 2.7, (i) (A)
each Match Funding CP Conduit Purchaser shall approve the length of each CP Rate Period and the
portion of the Available CP Funding Amount with respect to such Match Funding CP Conduit Purchaser
allocated to such CP Rate Period, (B) such Match Funding CP Conduit Purchaser may select, in its
sole discretion, any new CP Rate Period if (x) the Issuer does not provide notice of a new CP Rate
Period on a timely basis or (y) the Funding Agent with respect
to such Match Funding CP Conduit Purchaser, on behalf of such Match Funding CP Conduit
Purchaser, determines, in its sole discretion, that the CP Rate Period requested by the Issuer is
unavailable or for any reason commercially undesirable and (C) the portion of the Available CP
Funding Amount with respect to such Match Funding CP Conduit Purchaser allocable to each
CP Tranche must be in an amount equal to $1,000,000 or an integral multiple of $100,000 in
excess thereof and (ii) (A) the portion of the Available APA Bank Funding Amount with respect
to any Purchaser allocable to each Eurodollar Tranche must be in an amount equal to $100,000
or an integral multiple of $100,000 in excess thereof, (B) no more than 10 Eurodollar Tranches
with respect to such Purchaser shall be outstanding at any one time, (C) after the occurrence and
during the continuance of any Amortization Event or Potential Amortization Event, the Issuer
may not elect to allocate any portion of the Available APA Bank Funding Amount with respect
to any Purchaser to a Eurodollar Tranche and (D) during the Series 1999-3 Amortization Period,
the Issuer may not select any Eurodollar Period that does not end on or prior to the next
succeeding Payment Date.

     (d) On any Business Day, a Match Funding CP Conduit Purchaser may elect that the Issuer no
longer be permitted to select CP Tranches in accordance with Sections 2.7(b) 
and (c) in respect of the CP Conduit Funded Amount with respect to such CP Conduit Purchaser
by giving the Issuer and the Administrative Agent irrevocable written notice thereof, which
notice must be received by the Issuer and the Administrative Agent at least one Business Day
prior to such Business Day. On any Business Day, a Pooled Funding CP Conduit Purchaser may
elect thereafter to allow the Issuer to select CP Tranches in accordance with Sections
2.7(b) and
(c) in respect of the CP Conduit Funded Amount with respect to such CP Conduit
Purchaser by giving the Issuer and the Administrative Agent irrevocable written notice thereof,
which notice

 

27

must be received by the Issuer and the Administrative Agent at least one Business Day prior to such
Business Day. Any CP Conduit Purchaser making an election to change the manner in
which its funding costs in respect of its Series 1999-3 Investor Note are allocated in accordance
with this Section 2.7(d) will be both a Match Funding CP Conduit Purchaser and a Pooled
Funding CP Conduit Purchaser during the period that its Series 1999-3 Investor Note is funded
on both a “pooled” and “match funded” basis and its Monthly Funding Costs during that period will
be calculated accordingly.

          (e) The Indenture Trustee (acting at the written direction of the Administrator upon which the
Indenture Trustee may conclusively rely) shall distribute pursuant to Section 5A.5(b), from
amounts deposited in the Series 1999-3 Distribution Account pursuant to Section 5A.4(c), to the
Administrative Agent, for the account of each Purchaser, on each Payment Date,
a commitment fee with respect to the Series 1999-3 Interest Period ending on such Payment Date
(the “Commitment Fee”) during the period from the Effective Date to and including the Expiry Date
with respect to such Purchaser at the Commitment Fee Rate of the average daily
Commitment Amount with respect to such Purchaser during such Series 1999-3 Interest Period
less the average daily Purchaser Invested Amount with respect to such Purchaser during such
Series 1999-3 Interest Period. The Commitment Fee shall be payable monthly in arrears on each
Payment Date.

          (f) Calculations of per annum rates under this Indenture Supplement shall be made on the basis
of a 360- (or 365-/366-, in the case of interest on the Floating Tranche based
on the Prime Rate) day year. Calculations of Commitment Fees shall be made on the basis of a
360-day year. Each determination of the Adjusted LIBO Rate by the Administrative Agent shall
be conclusive and binding upon each of the parties hereto in the absence of manifest error.

          Section 2.8 Indemnification by the Issuer and the Administrator.

          (a) The Issuer agrees to indemnify and hold harmless the Indenture Trustee,
the Administrative Agent, each Funding Agent, each Purchaser and each of their respective
officers, directors, agents and employees (each, a “Company indemnified person”) from and
against any loss, liability, expense, damage or injury suffered or sustained by (a “Claim”)
such Company indemnified person by reason of (i) any acts, omissions or alleged acts or omissions
arising out of, or relating to, activities of the Issuer pursuant to the Indenture or the other
Transaction Documents to which it is a party, (ii) a breach of any representation or warranty
made or deemed made by the Issuer (or any of its officers) in the Indenture or other
Transaction Document or (iii) a failure by the Issuer to comply with any applicable law or
regulation or to perform its covenants, agreements, duties or obligations required to be performed
or observed by
it in accordance with the provisions of the Indenture or the other Transaction Documents,
including, but not limited to, any judgment, award, settlement, reasonable attorneys’ fees and
other reasonable costs or expenses incurred in connection with the defense of any actual or
threatened action, proceeding or claim, except to the extent such loss, liability, expense, damage
or injury (A) resulted from the gross negligence, bad faith or wilful misconduct of such
Company indemnified person or its officers, directors, agents, principals, employees or
employers, (B) resulted solely from a default by an Obligor with respect to any Sold Unit or
Fleet Receivable or (C) includes any Excluded Taxes; provided that any payments made by the
Issuer pursuant to this Section 2.8 shall be made solely from funds available therefor
pursuant to

          

 

28

Section 5A.5(e), shall be non-recourse other than with respect to such funds, and shall not
constitute a claim against the Issuer to the extent that such funds are insufficient to make such
payment.

          (b) The Administrator agrees to indemnify and hold harmless the Indenture Trustee, the
Administrative Agent, each Funding Agent, each Purchaser and each of their respective officers,
directors, agents and employees (each, a “Administrator indemnified 
person”) from and against any Claim by reason of (i) any acts, omissions or alleged
acts or omissions arising out of, or relating to, activities of the Administrator pursuant to the
Indenture
or the other Transaction Documents to which it is a party, (ii) a breach of any representation
or warranty made or deemed made by the Administrator (or any of its officers) in the Indenture or
other Transaction Document or (iii) a failure by the Administrator to comply with any applicable
law or regulation or to perform its covenants, agreements, duties or obligations required to be
performed or observed by it in accordance with the provisions of the Indenture or the other
Transaction Documents, including, but not limited to, any judgment, award, settlement,
reasonable attorneys’ fees and other reasonable costs or expenses incurred in connection with
the defense of any actual or threatened action, proceeding or claim, except to the extent such
loss, liability, expense, damage or injury (A) resulted from the gross negligence, bad faith or
wilful misconduct of such Administrator indemnified person or its officers, directors, agents,
principals, employees or employers, (B) resulted solely from a default by an Obligor with respect
to any
Sold Unit or Fleet Receivable or (C) include any Excluded Taxes.

          Section 2.9 Funding Agents.

          (a) The Funding Agent with respect to each Purchaser is hereby authorized to record on each
Business Day the CP Funded Amount with respect to such Purchaser and the aggregate amount of
Discount accruing with respect thereto on such Business Day and the APA Bank Funded Amount with
respect to such Purchaser and the amount of interest accruing with respect thereto on such
Business Day and, based on such recordations, to determine the Monthly Funding Costs with respect
to each Series 1999-3 Interest Period and such Purchaser. Any such recordation by a Funding Agent,
absent manifest error, shall constitute prima facie evidence of
the accuracy of the information so recorded. Furthermore, the Funding Agent with respect to
each Purchaser will maintain records sufficient to identify the percentage interest of the
related
CP Conduit Purchaser and each APA Bank with respect to such Purchaser holding an interest in
the Series 1999-3 Investor Note registered in the name of such Funding Agent and any amounts owing
thereunder.

          (b) Upon receipt of funds from the Administrative Agent on each Payment Date and the date of
any Decrease, each Funding Agent shall pay such funds to the related CP Conduit Purchaser and/or
the related APA Bank owed such funds in accordance with the recordations maintained by it in
accordance with Section 2.9(a) and the Asset Purchase
Agreement with respect to such CP Conduit Purchaser. If a Funding Agent shall have paid to
any CP Conduit Purchaser or APA Bank any funds that (i) must be returned for any reason
(including bankruptcy) or (ii) exceeds that which such CP Conduit Purchaser or APA Bank was
entitled to receive, such amount shall be promptly repaid to such Funding Agent by such CP Conduit
Purchaser or APA Bank.

          

 

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ARTICLE 3

ARTICLE 5 OF THE BASE INDENTURE

          Sections 5.1 through 5.4 of the Base Indenture and each other Section of
Article 5 of the Indenture relating to another Series shall read in their entirety as provided in
the Base Indenture or any applicable Indenture Supplement. Article 5 of the Base Indenture
(except for Sections 5.1 through 5.4 thereof and any portion thereof relating to
another Series) shall read in its entirety as follows and shall be exclusively applicable to the
Series 1999-3 Investor Notes:

          Section 5A.1 Establishment of Series 1999-3 Subaccounts.

          (a) The Indenture Trustee shall establish and maintain in the name of the Indenture Trustee
for the benefit of the Series 1999-3 Investor Noteholders (i) a subaccount of the Collection
Account (the “Series 1999-3 Collection Subaccount”); and (ii) three subaccounts of the
Series 1999-3 Collection Subaccount: (1) the Series 1999-3 General Collection Subaccount, (2) the
Series 1999-3 Principal Collection Subaccount and (3) the Series 1999-3 Settlement Collection
Subaccount (respectively, the “Series 1999-3 General Collection Subaccount.” the
“Series 1999-3 Principal Collection Subaccount” and the “Series 1999-3 Settlement
Collection Subaccount”); the accounts established pursuant to this Section 5A.l(a),
collectively, the “Series 1999-3 Subaccounts”), each Series 1999-3 Subaccount to bear a
designation indicating that the funds deposited therein are held for the benefit of the Series
1999- 3 Investor Noteholders. The Indenture Trustee shall possess all right, title and interest in
all moneys, instruments, securities and other property on deposit from time to time in the Series
1999-3 Subaccounts and the proceeds thereof for the benefit of the Series 1999-3 Investor
Noteholders. The Series 1999-3 Subaccounts shall be under the sole dominion and control of the
Indenture Trustee for the benefit of the Series 1999-3 Investor Noteholders.

          (b) (i) So long as no Amortization Event has occurred, the Issuer shall instruct the
institution maintaining the Collection Account in writing to invest funds on deposit in the Series
1999-3 Subaccounts at all times in Permitted Investments selected by the Issuer (by standing
instructions or otherwise); provided, however, that funds on deposit in a Series
1999-3 Subaccounts may be invested together with funds held in other subaccounts of the Collection
Account. Amounts on deposit and available for investment in the Series 1999-3 General Collection
Subaccount and the Series 1999-3 Principal Collection Subaccount shall be invested by the Indenture
Trustee at the written direction of the Issuer, so long as no Amortization Event has occurred, in
Permitted Investments that mature, or that are payable or redeemable upon demand of the holder
thereof, on or prior to the next Business Day. On each Settlement Date, all interest and other
investment earnings (net of losses and investment expenses) on funds deposited in the Series 1999-3
Principal Collection Subaccount and the Series 1999-3 General Collection Subaccount shall be
deposited in the Series 1999-3 Settlement Collection Subaccount. The Issuer shall not direct the
Indenture Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the
maturity thereof to the extent such disposal would result in a loss of principal of such Permitted
Investment. In the absence of written direction as provided hereunder, all funds on deposit in the
Collection Account shall remain uninvested.

 

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          (ii) After the occurrence of an Amortization Event, the Administrative Agent shall
instruct the institution maintaining the Collection Account in writing to invest funds on deposit
in the Series 1999-3 Subaccounts from time to time in Permitted Investments selected by the
Administrative Agent (by standing instructions or otherwise). Amounts on deposit and available for
investment in the Series 1999-3 Subaccounts shall be invested by the Indenture Trustee at the
written direction of the Administrative Agent in Permitted Investments that mature, or that are
payable or redeemable upon demand of the holder thereof on or prior to the Business Day immediately
preceding the next Payment Date. On each Settlement Date, all interest and other investment
earnings (net of losses and investment expenses) on funds deposited in the Series 1999-3 General
Collection Subaccount and the Series 1999-3 Principal Collection Subaccount shall be deposited in
the Series 1999-3 Settlement Collection Subaccount. The Administrative Agent shall not direct the
Indenture Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the
maturity thereof to the extent such disposal would result in a loss of principal of such Permitted
Investment. In the absence of written direction as provided hereunder, all funds on deposit shall
remain uninvested.

          Section 5A.2 Allocations with Respect to the Series 1999-3 Investor Notes.

          (a) Prior to 1:00 P.M., New York City time, on each Deposit Date, the Administrator shall
direct the Indenture Trustee in writing to allocate to the Series 1999-3 Investor Noteholders and
deposit in the Series 1999-3 General Collection Subaccount an amount equal to the product of the
Series 1999-3 Invested Percentage on such Deposit Date and the Collections deposited into the
Collection Account on such Deposit Date.

          (b) The Administrator shall direct the Indenture Trustee in writing to allocate to the Series
1999-3 Investor Noteholders and deposit in the Series 1999-3 General Collection Subaccount the
following amounts on each Business Day (the “Series 1999-3 Daily Principal Allocation”):

     (i) the proceeds from the initial sale of the Series 1999-3 Investor Notes or
any Increase; and

     (ii) any amounts allocated to another Series of Investor Notes that the Issuer
or the Administrator, on behalf of the Issuer, has elected to apply to reduce the Series
1999-3 Invested Amount.

          (c) On each Determination Date, the Administrator shall direct the Indenture Trustee in
writing to allocate to the Series 1999-3 Investor Noteholders and deposit in the Series 1999-3
Settlement Collection Subaccount on the immediately succeeding Transfer Date amounts withdrawn from
the Gain on Sale Account, in an amount equal to the product of the average daily Series 1999-3
Invested Percentage during the immediately preceding Monthly Period and the amount withdrawn from
the Gain on Sale Account pursuant to Section 5.2(e) of the Base Indenture on such Transfer Date.

          (d) On each Determination Date, the Administrator shall direct the Indenture Trustee in
writing to allocate to the Series 1999-3 Investor Noteholders and deposit in the Series

 

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1999-3 Settlement Collection Subaccount on the immediately succeeding Settlement Date the following
amounts:

     (i) any Unit Repurchase Payments made by the Servicer or SPV, in an amount
equal to the product of the average daily Series 1999-3 Invested Percentage during the
immediately preceding Monthly Period and the amount of such Unit Repurchase Payments;

     (ii) the Monthly Servicer Advance made by the Servicer, in an amount equal to
the product of the average daily Series 1999-3 Invested Percentage during the immediately
preceding Monthly Period and the amount of such Monthly Servicer Advance; and

     (iii) payments made under the Lease Rate Caps maintained by the Issuer pursuant
to Section 5A.12, in an amount equal to the product of the average daily Series
1999-3 Invested Percentage during the immediately preceding Monthly Period and the amount
of such payments.

     (e) On each Business Day, the Administrator will direct the Indenture Trustee in writing to
allocate, prior to 1:00 P.M., New York City time, the Series 1999-3 Daily Principal Allocation
deposited in the Series 1999-3 Collection Subaccount in the following priority:

     (i) if such Business Day is a Settlement Date, allocate to the Series 1999-3
Settlement Collection Subaccount, an amount equal to the lesser of (A) the proceeds from
any Increase on such Settlement Date and (B) the Principal Overpayment Amount for such
Settlement Date; and

     (ii) allocate any remaining portion of any Increase and any amounts allocated to
another Series of Investor Notes that the Issuer or the Administrator, on behalf of the
Issuer, has elected to apply to reduce the Series 1999-3 Invested Amount to the Series
1999-3 Principal Collection Subaccount.

          (f) If, on any Business Day during the Series 1999-3 Revolving Period, other than during any
Paydown Period, the sum of (i) the Series 1999-3 Daily Principal Allocation and (ii) the amount on
deposit in the Series 1999-3 Principal Collection Subaccount on such Business Day is less than the
Daily Principal Utilization Amount for such Business Day, the Administrator will direct the
Indenture Trustee in writing, prior to 1:00 P.M., New York City time, to withdraw an amount equal
to such deficit from the Series 1999-3 General Collection Subaccount and deposit it into the
Series 1999-3 Principal Collection Subaccount.

          (g) The Administrator may direct the Indenture Trustee in writing by 1:00 P.M., New York City
time, on any Business Day during the Series 1999-3 Revolving Period to withdraw amounts on deposit
in the Series 1999-3 Principal Collection Subaccount for any of the following purposes:

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

 

32

     (ii) if the Administrator shall have given the Administrative Agent written
notice of a Decrease in accordance with Section 2.5(a),
to the
Series 1999-3 Invested Amount in accordance with Section 2.5; or

     (iii) to reduce the Invested Amount of any other Series of Investor Notes;

provided, however that during any Paydown Period the Administrator may withdraw
amounts on deposit in the Series 1999-3 Principal Collection Subaccount pursuant to this
Section 5A.2(g) only to reduce the Purchaser Invested Amounts of the Non-Extending
Purchaser or Non- Extending Purchasers pursuant to Sections 2.5(a) and 5A.7(c).

          (h) On any Business Day during the Series 1999-3 Amortization Period prior to the
occurrence of an Amortization Event, the Administrator may direct the Indenture Trustee in writing
to withdraw amounts on deposit in the Series 1999-3 Principal Collection Subaccount and apply them
to reduce the Series 1999-3 Invested Amount in accordance with Section 2.5; provided, that
the Administrator shall have given the Administrative Agent written notice of such Decrease in
accordance with Section 2.5(a).

          Section 5A.3 Determination of Interest.

          (a) On each Determination Date, the Administrator shall determine the Series 1999-3 Note
Rate for the Series 1999-3 Interest Rate Period ending on the next succeeding Payment Date, based
on the information provided by the Funding Agents pursuant to this Section 5A.3(a), and the
amount of interest payable on such next succeeding Payment Date on the Series 1999-3 Investor Notes
(“Series 1999-3 Monthly Interest”). Series 1999-3 Monthly Interest for each Series 1999-3
Interest Period will equal the product of (i) the Series 1999-3 Note Rate for such Series 1999-3
Interest Period, (ii) the average daily Series 1999-3 Invested Amount during such Series 1999-3
Interest Period and (iii) the actual number of days elapsed in such Series 1999-3 Interest Period
divided by 360. On each Determination Date, the Funding Agent with respect to each Purchaser shall
provide written notice to the Administrator of the Monthly Funding Costs with respect to such
Purchaser with respect to the portion of the current Series 1999-3 Interest Period ending on such
Determination Date (or, in the case of the Series 1999-3 Interest Period immediately preceding the
Series 1999-3 Note Termination Date, an estimate of the Monthly Funding Costs with respect to such
Purchaser for such Series 1999-3 Interest Period). For the purposes of determining Series 1999-3
Monthly Interest for each Series 1999-3 Interest Period (other than the Series 1999-3 Interest
Period immediately preceding the Series 1999-3 Note Termination Date), the Administrator may make a
reasonable estimation of the portion of the Monthly Funding Costs with respect to each Purchaser to
accrue during the portion of such Series 1999-3 Interest Period succeeding such Determination Date,
based on its reasonable expectations of the Purchaser Invested Amount with respect to such
Purchaser during such period, the Discount on the Commercial Paper issued by, or for the benefit
of, such Purchaser to fund such Purchaser Invested Amount during such period or the Adjusted LIBO
Rates or the Alternate Base Rate applicable to such Purchaser Invested Amount during such period.
If the actual amount of the portion of the Monthly Funding Costs with respect to any Purchaser
accruing during the portion of any Series 1999-3 Interest Period succeeding the Determination Date
in such Series 1999-3 Interest Period is less than or greater than the amount thereof estimated by
the Administrator on such Determination Date, the Administrator will

 

33

reduce or increase the Monthly Funding Costs with respect to such Purchaser with respect to the
next succeeding Series 1999-3 Interest Period accordingly. The Administrator shall determine Series
1999-3 Monthly Interest for the Series 1999-3 Interest Period immediately preceding the Series
1999-3 Note Termination Date on the Determination Date immediately preceding the last day of such
Series 1999-3 Interest Period based on the information provided by the Funding Agents. If a Funding
Agent with respect to any Purchaser determines that the actual Monthly Funding Costs with respect
to such Purchaser for the Series 1999-3 Interest Period immediately preceding the Series 1999-3
Note Termination Date will be more or less than the estimate thereof provided to the Administrator
and informs the Administrator of such variance prior to the Payment Date for such Series 1999-3
Interest Period, the Administrator will amend the Monthly Settlement Statement relating thereto to
reflect that variance and provide the Indenture Trustee, the Administrative Agent and each Funding
Agent with an amended Monthly Settlement Statement on or prior to such Payment Date.

          (b) On each Determination Date, the Administrator shall determine the excess, if any
(the “Interest Shortfall”), of (i) the sum of (x) the Series 1999-3 Monthly Interest for
the Series 1999-3 Interest Period ending on the next succeeding Payment Date and (y) the amount of
any unpaid Interest Shortfall, as of the preceding Payment Date (together with any Additional
Interest on such Interest Shortfall) over (ii) the amount which will be available to be distributed
to the Purchasers on such Payment Date in respect thereof pursuant to this Indenture Supplement. If
the Interest Shortfall with respect to any Payment Date is greater than zero, an additional amount
(“Additional Interest”) equal to the product of (A) the number of days until such Interest
Shortfall shall be repaid divided by 365 (or 366, as the case may be), (B) the Alternate
Base Rate plus 2.0% and (C) such Interest Shortfall (or the portion thereof which has not been
paid to the Series 1999-3 Investor Noteholders) shall be payable as provided herein on each Payment
Date following such Payment Date, to but excluding the Payment Date on which such Interest
Shortfall is paid to the Series 1999-3 Investor Noteholders.

          Section 5A.4 Monthly Application of Collections.

          (a) On each Settlement Date, the Administrator shall direct the Indenture Trustee in writing
to withdraw from the Series 1999-3 General Collection Subaccount and allocate to the Series 1999-3
Settlement Collection Subaccount an amount equal to Total Cash Available for such Settlement Date
(less an amount equal to the investment income from the Series 1999-3 General Collection
Subaccount and the Series 1999-3 Principal Collection Subaccount transferred to the Series 1999-3
Settlement Collection Subaccount pursuant to Section 5A. Kb)).

          (b) If the Administrator determines that the aggregate amount distributable from the
Series 1999-3 Settlement Collection Subaccount pursuant to paragraphs (i) through (xi) of
Section 5A.4(c) on any Payment Date exceeds the sum of the Total Cash Available for such Payment
Date and the amount to be deposited in the Series 1999-3 Settlement Collection Subaccount pursuant
to Section 5A.2(e)(i) on such Payment Date (the “Deficiency”), the Administrator
shall notify the Indenture Trustee thereof in writing at or before 10:00 A.M., New York City time,
on the Business Day immediately preceding such Payment Date, and the Indenture Trustee shall, by
11:00 A.M., New York City time, on such Payment Date, withdraw from the Series 1999-3 Reserve
Account and deposit in the Series 1999-3 Settlement Collection

 

34

Subaccount an amount equal to the least of (x) such Deficiency, (y) the product of the average
daily Series 1999-3 Invested Percentage during the immediately preceding Monthly Period and
Aggregate Net Lease Losses for such Monthly Period and (z) the Series 1999-3 Reserve Account Amount
and, to the extent that such amount is less than the Deficiency, withdraw from the Series 1999-3
Yield Supplement Account and deposit in the Series 1999-3 Settlement Collection Subaccount an
amount equal to the lesser of the amount of such insufficiency and the Series 1999-3 Yield
Supplement Account Amount. If the Deficiency with respect to any Payment Date exceeds the amounts
to be withdrawn from the Series 1999-3 Reserve Account and the Series 1999-3 Yield Supplement
Account pursuant to the immediately preceding sentence, the Administrator shall instruct the
Indenture Trustee in writing at or before 10:00 A.M., New York City time, on the Business Day
immediately preceding such Payment Date, and the Indenture Trustee shall, by 11:00 A.M., New York
City time, on such Payment Date, withdraw from the Series 1999-3 Reserve Account and deposit in the
Series 1999-3 Settlement Collection Subaccount an amount equal to the lesser of (x) the remaining
portion of the Deficiency and (y) the Series 1999-3 Reserve Account Amount (after giving effect to
the withdrawal described in the immediately preceding sentence).

          (c) On each Payment Date, based solely on the information contained in the Monthly
Settlement Statement with respect to Series 1999-3 Investor Notes, the Indenture Trustee shall
apply the following amounts allocated to, or deposited in, the Series 1999-3 Settlement Collection
Subaccount on such Payment Date in the following order of priority:

     (i) to SPV, an amount equal to the Series 1999-3 Excess Fleet Receivable
Amount, if any, for such Payment Date;

     (ii) to the Gain On Sale Account, an amount equal to the Series 1999-3 Monthly
Residual Value Gain, if any, for such Payment Date;

     (iii) to the Servicer, an amount equal to the Series 1999-3 Monthly Servicer
Advance Reimbursement Amount for such Payment Date;

     (iv) if VMS is not the Servicer, to the Servicer, an amount equal to the Series
1999-3 Servicing Fee for the Series 1999-3 Interest Period ending on such Payment Date;

     (v) to the Series 1999-3 Distribution Account, an amount equal to the Series
1999-3 Monthly Interest payable on such Payment Date plus the amount of any unpaid Interest
Shortfall, as of the preceding Payment Date, together with any Additional Interest on such
Interest Shortfall (such amount, the “Monthly Interest Payment”);

     (vi) to the Series 1999-3 Distribution Account, an amount equal to the Commitment
Fee for the Series 1999-3 Interest Period ending on such Payment Date plus the amount of
any unpaid Commitment Fee for any prior Series 1999-3 Interest Period (such amount, the
“Commitment Fee Payment”);

     (vii) if VMS is the Servicer, to the Servicer, an amount equal to the Series
1999-3 Servicing Fee for the Series 1999-3 Interest Period ending on such Payment Date;

 

35

     (viii) to the Administrator, an amount equal to the Series 1999-3 Administrator Fee
for the Series 1999-3 Interest Period ending on such Payment Date;

     (ix) to the Series 1999-3 Distribution Account, an amount equal to the lesser of
(A) Increased Costs for such Payment Date and (B) the Additional Costs Cap for such Payment
Date;

     (x) other than during a Lockout Period, to the Series 1999-3 Preferred Member
Distribution Account, an amount equal to the Dividend Amount for such Payment Date;

     (xi) (A) on any Payment Date during the Series 1999-3 Revolving Period, other than
during any Paydown Period, to the Series 1999-3 Principal Collection Subaccount, an amount
equal to the Series 1999-3 Allocated Asset Amount Deficiency, if any, on such Payment
Date, (B) on any Payment Date during the Series 1999-3 Revolving Period and a Paydown
Period, to the Series 1999-3 Principal Collection Subaccount, an amount equal to the lesser
of the Series 1999-3 Principal Payment Amount for such Payment Date and the aggregate
Purchaser Invested Amounts with respect to the Non-Extending Purchasers on such Payment
Date, (C) on any Payment Date during the period from and including the first day of the
Series 1999-3 Amortization Period to and including the Series 1999-3 Note Termination
Date, to the Series 1999-3 Principal Collection Subaccount, an amount equal to the lesser
of the Series 1999-3 Principal Payment Amount for such Payment Date and the Series 1999-3
Invested Amount on such Payment Date and (D) on any Payment Date on and after the Series
1999-3 Note Termination Date, to the Series 1999-3 Preferred Member Distribution Account,
an amount equal to the Series 1999-3 Principal Payment Amount for such Payment Date (or,
on the Series 1999-3 Note Termination Date, the portion thereof not deposited into the
Series 1999-3 Principal Collection Subaccount); provided, however that on or after the
Series 1999-3 Note Termination Date during a Lockout Period, the Series 1999-3 Principal
Payment Amount for such Payment Date (or, on the Series 1999-3 Note Termination Date, the
portion thereof not deposited into the Series 1999-3 Principal Collection Subaccount)
shall be applied by the Indenture Trustee in accordance with Section 5.4(d) of the Base
Indenture;

     (xii) to the Series 1999-3 Reserve Account, to the extent that a Series 1999-3
Liquid Credit Enhancement Deficiency exists or, during the Series 1999-3 Amortization
Period, to the extent that a Series 1999-3 Allocated Asset Amount Deficiency exists, an
amount equal to the greater of such deficiencies;

     (xiii) to the Series 1999-3 Yield Supplement Account, to the extent that a Series
1999-3 Yield Supplement Deficiency exists (or, will exist after giving effect to any
reduction in the 1999-IB Invested Amount on such Payment Date), an amount equal to such
deficiency;

     (xiv) to the Series 1999-3 Distribution Account, an amount equal to the Lease Rate
Cap Costs for such Payment Date;

 

36

     (xv) to the Series 1999-3 Distribution Account, an amount equal to the excess, if
any, of (A) Increased Costs for such Payment Date over (B) the Additional Costs Cap for
such Payment Date; and

     (xvi) to the Series 1999-3 Preferred Member Distribution Account, an amount equal
to the balance remaining in the Series 1999-3 Settlement Collection Subaccount.

          Section 5A.5 Payment of Monthly Interest Payment, Fees and Expenses.

          (a) On each Payment Date, based solely on the information contained in the Monthly Settlement
Statement with respect to the Series 1999-3 Investor Notes, the Indenture Trustee shall, in
accordance with Section 6.1 of the Base Indenture, pay to the Administrative Agent, for the
account of the Series 1999-3 Investor Noteholders, from the Series 1999-3 Distribution Account the
Monthly Interest Payment to the extent of the amount deposited in the Series 1999-3 Distribution
Account for the payment of interest pursuant to Section 5AA(c)(v). Upon the receipt of
funds from the Indenture Trustee on each Payment Date on account of the Monthly Interest Payment,
the Administrative Agent shall pay to each Funding Agent with respect to a Purchaser an amount
equal to the Monthly Funding Costs with respect to such Purchaser with respect to the immediately
succeeding Series 1999-3 Interest Period plus the amount of any unpaid Interest Shortfall payable
to such Purchaser as of the preceding Payment Date, together with any Additional Interest thereon.
If the amount deposited in the Series 1999-3 Distribution Account on any Payment Date pursuant to
Section 5A.4(c)(v) is less than the Monthly Interest Payment on such Payment Date, the
Administrative Agent shall pay the amount available to the Funding Agents, on behalf of the
Purchasers, on a pro rata basis, based on the Monthly Funding Costs with respect to each Purchaser
with respect to the immediately succeeding Series 1999-3 Interest Period.

          (b) On each Payment Date, based solely on the information contained in the Monthly
Settlement Statement with respect to Series 1999-3 Investor Notes, the Indenture Trustee shall pay
to the Administrative Agent, for the account of the Series 1999-3 Investor Noteholders, from the
Series 1999-3 Distribution Account the Commitment Fee Payment for such Payment Date to the extent
of the amount deposited in the Series 1999-3 Distribution Account for the payment of such
Commitment Fee Payment pursuant to Section 5A.4(c)(vi). Upon the receipt of funds from the
Indenture Trustee on each Payment Date on account of the Commitment Fee Payment, the Administrative
Agent shall pay to each Funding Agent with respect to a Purchaser an amount equal to the
Commitment Fee payable to such Purchaser with respect to the immediately succeeding Series 1999-3
Interest Period plus the amount of any unpaid Commitment Fee for any prior Series 1999-3 Interest
Period payable to such Purchaser. If the amount deposited in the Series 1999-3 Distribution
Account on any Payment Date pursuant to Section 5A.4(c)(vi) is less than the Commitment Fee
Payment on such Payment Date, the Administrative Agent shall pay the amount available to the
Funding Agents, on behalf of the Purchasers, on a pro rata basis, based on the Commitment Fee
payable to each Purchaser with respect to the immediately succeeding Series 1999-3 Interest Period.

          (c) On each Payment Date, based solely on the information contained in the Monthly Settlement
Statement with respect to Series 1999-3 Investor Notes, the Indenture Trustee shall pay to the
Administrative Agent, for the account of the Series 1999-3 Investor

          

 

37

Noteholders, from the Series 1999-3 Distribution Account any Article 7 Costs due and payable on
such Payment Date to any CP Conduit Purchaser or any APA Bank to the extent of the amounts
deposited in the Series 1999-3 Distribution Account for the payment of such Article 7 Costs
pursuant to Sections 5A.4(c)(ix) and (xv). Upon the receipt of funds from the Indenture Trustee on
any Payment Date on account of Article 7 Costs, the Administrative Agent shall pay such amounts to
the Funding Agent with respect to the CP Conduit Purchaser or the APA Bank owed such amounts. If
the amounts deposited in the Series 1999-3 Distribution Account on any Payment Date pursuant to
Section 5A.4(c)(ix) and (xv) are less than the Article 7 Costs due and payable on such Payment
Date, the Administrative Agent shall pay the amounts available to the Funding Agents with respect
to the CP Conduit Purchasers and APA Banks owed such amounts, on a pro rata basis, based on the
amounts owing to such CP Conduit Purchasers and APA Banks.

          (d) On each Payment Date, based solely on the information contained in the Monthly Settlement
Statement with respect to Series 1999-3 Investor Notes, the Indenture Trustee shall pay to the
Persons owed any other unpaid Program Costs due and payable on such Payment Date or any amounts due
and payable pursuant to Section 2.8 on such Payment Date from the Series 1999-3 Distribution
Account to the extent of the amount deposited in the Series 1999-3 Distribution Account for the
payment of such Program Costs pursuant to Sections 5A.4(c)(ix) and (xv). If the
excess of the amounts deposited in the Series 1999-3 Distribution Account on any Payment Date
pursuant to Section 5A.4(c)(ix) and (xv) over the amount of Article 7 Costs due and
payable on such Payment Date is less than the sum of the unpaid Program Costs due and payable on
such Payment Date and the amounts due and payable pursuant to Section 2.8 on such Payment
Date, the Indenture Trustee shall pay the amount available to Persons owed such amounts on a pro
rata basis, based on the amounts owing to such Persons.

          (e) On each Payment Date, based solely on the information contained in the Monthly Settlement
Statement with respect to Series 1999-3 Investor Notes, the Indenture Trustee shall pay to the
Administrative Agent, for the account of the Series 1999-3 Investor Noteholders, from the Series
1999-3 Distribution Account any Lease Rate Cap Costs to the extent of the amount deposited in the
Series 1999-3 Distribution Account for the payment of such Lease Rate Cap Costs pursuant to
Sections 5A.4(c)(xiv). Upon the receipt of funds from the Indenture Trustee on each Payment
Date on account of Lease Rate Cap Costs, the Administrative Agent shall pay to each Funding Agent
with respect to a Purchaser an amount equal to the Lease Rate Cap Costs payable to such Purchaser.
If the amount deposited in the Series 1999-3 Distribution Account on any Payment Date pursuant to
Section 5A.4(c)(xiv) is less than the Lease Rate Cap Costs on such Payment Date, the
Administrative Agent shall pay the amount available to the Funding Agents, on behalf of the
Purchasers, on a pro rata basis, based on the Lease Rate Cap Costs payable to each Purchaser.

          Section 5A.6 Determination of Monthly Principal Payment.

          The amount (the “Monthly Principal Payment”) distributable from the Series 1999-3
Principal Collection Subaccount on each Payment Date during the Series 1999-3 Amortization Period
shall be equal to the amount on deposit in such account on such Payment Date; provided,
however, that the Monthly Principal Payment on any Payment Date shall not exceed the Series
1999-3 Invested Amount on such Payment Date. Further, on any other

 

38

Business Day during the Series 1999-3 Amortization Period prior to the occurrence of an
Amortization Event, funds may be distributed from the Series 1999-3 Distribution Account to the
Series 1999-3 Investor Noteholders in accordance with Section 5A.7(c). On each Payment Date
during the Series 1999-3 Amortization Period, based solely on the information contained in the
Monthly Settlement Statement with respect to the Series 1999-3 Investor Notes, the Indenture
Trustee shall withdraw from the Series 1999-3 Principal Collection Subaccount and deposit in the
Series 1999-3 Distribution Account an amount equal to the Monthly Principal Payment on such
Payment Date.

          Section 5A.7 Payment of Principal.

          (a) The principal amount of the Series 1999-3 Investor Notes shall be due and payable on the
Final Maturity Date.

          (b) On each Payment Date during the Series 1999-3 Amortization Period, based solely on the
information contained in the Monthly Settlement Statement with respect to Series 1999-3 Investor
Notes, the Indenture Trustee shall, in accordance with Section 6.1 of the Base Indenture,
pay to the Administrative Agent, for the account of the Series 1999-3 Investor Noteholders, from
the Series 1999-3 Distribution Account the Monthly Principal Payment. Upon the receipt of funds
from the Indenture Trustee on any Payment Date on account of the Monthly Principal Payment, the
Administrative Agent shall pay to each Funding Agent with respect to a Purchaser, such Purchaser’s
Pro Rata Share of the Monthly Principal Payment.

          (c) On the date of any Decrease, the Indenture Trustee shall pay to the Administrative Agent,
for the account of the Series 1999-3 Investor Noteholders, from the Series 1999-3 Distribution
Account the amount of the Decrease indicated in the request received by the Indenture Trustee
pursuant to Section 2.5(a). Upon the receipt of funds from the Indenture Trustee (i) on
the date of any Decrease during the Series 1999-3 Revolving Period, other than during any Paydown
Period, the Administrative Agent shall pay to each Funding Agent with respect to a Purchaser, such
Purchaser’s Pro Rata Share of the amount of such Decrease (including, any amount thereof in excess
of the amount required on such date to reduce the aggregate Purchaser Invested Amounts of all
Non-Extending Purchasers to zero pursuant to clause (ii) of this Section 5A.7(c)), (ii) on
the date of any Decrease during the Series 1999-3 Revolving Period and a Paydown Period, the
Administrative Agent shall pay to each Funding Agent with respect to a Non-Extending Purchaser, a
pro rata amount of such Decrease, based on the Purchaser Invested Amounts with respect to such
Non-Extending Purchasers and (iii) on the date of any Decrease during the Series 1999-3
Amortization Period, the Administrative Agent shall pay to each Funding Agent with respect to a
Purchaser, such Purchaser’s Pro Rata Share of the amount of such Decrease. Each Purchaser’s share
of the amount of any Decrease on any Business Day shall be allocated by such Purchaser first to
reduce the Available CP Funding Amount with respect to such Purchaser and the Available APA Bank
Funding Amount with respect to such Purchaser on such Business Day and then to reduce the portion
of the Purchaser Invested Amount with respect to such Purchaser allocated to CP Tranches and
Eurodollar Tranches in such order as such Purchaser may select in order to minimize costs payable
pursuant to Section 7.4.

          

 

39

          Section 5A.8 The Administrator’s Failure to Instruct the Indenture Trustee to Make a
Deposit or Payment.

          When any payment or deposit hereunder or under any other Transaction Document is required to
be made by the Indenture Trustee at or prior to a specified time, the Administrator shall deliver
any applicable written instructions with respect thereto reasonably in advance of such specified
time. If the Administrator fails to give notice or instructions to make any payment from or
deposit into the Collection Account or any subaccount thereof required to be given by the
Administrator, at the time specified herein or in any other Transaction Document (after giving
effect to applicable grace periods), the Indenture Trustee shall make such payment or deposit into
or from the Collection Account or such subaccount without such notice or instruction from the
Administrator; provided that the Administrator, upon request of the Indenture Trustee,
promptly provides the Indenture Trustee with all information necessary to allow the Indenture
Trustee to make such a payment or deposit. In the event that the Indenture Trustee shall take or
refrain from taking action pursuant to this Section 5A.8., the Administrator shall, by 5:00
P.M., New York City time, on any day the Indenture Trustee makes a payment or deposit based on
information or direction from the Administrator, provide (i) written confirmation of any such
direction and (ii) written confirmation of all information used by the Administrator in giving any
such direction.

          Section 5A.9 Series 1999-3 Reserve Account.

          (a) The Indenture Trustee shall establish and maintain in the name of the Indenture Trustee
for the benefit of the Series 1999-3 Investor Noteholders an account (the “Series 1999-3
Reserve Account”), bearing a designation clearly indicating that the funds deposited therein
are held for the benefit of the Series 1999-3 Investor Noteholders. The Series 1999-3 Reserve
Account shall be an Eligible Deposit Account; provided that, if at any time such account is
not an Eligible Deposit Account, then the Indenture Trustee shall, within 30 days of obtaining
knowledge of such ineligibility, establish a new Series 1999-3 Reserve Account that is an Eligible
Deposit Account. If the Indenture Trustee establishes a new Series 1999-3 Reserve Account, it shall
transfer all cash and investments from the non-qualifying Series 1999-3 Reserve Account into the
new Series 1999-3 Reserve Account. Initially, the Series 1999-3 Reserve Account will be
established with The Chase Manhattan Bank.

          (b) So long as no Amortization Event has occurred, the Issuer may instruct the institution
maintaining the Series 1999-3 Reserve Account in writing to invest funds on deposit in the Series
1999-3 Reserve Account from time to time in Permitted Investments selected by the Issuer (by
standing instructions or otherwise); provided, however, that any such investment
shall mature not later than the Business Day prior to the Payment Date following the date on which
such funds were received. After the occurrence of an Amortization Event, the Administrative Agent
shall instruct the institution maintaining the Series 1999-3 Reserve Account in writing to invest
funds on deposit in the Series 1999-3 Reserve Account from time to time in Permitted Investments
selected by the Administrative Agent (by standing instructions or otherwise); provided,
however, that any such investment shall mature not later than the Business Day prior to
the Payment Date following the date on which such funds were received. All such Permitted
Investments will be credited to the Series 1999-3 Reserve Account and any such Permitted
Investments that constitute (i) Physical Property (and that is not either a United States Security

 

40

Entitlement or a Security Entitlement) shall be delivered to the Indenture Trustee in accordance
with paragraph (a) of the definition of “Delivery” and shall be held by the Indenture Trustee
pending maturity or disposition; (ii) United States Security Entitlements or Security Entitlements
shall be Controlled by the Indenture Trustee pending maturity or disposition; and (iii)
Uncertificated Securities (and not United States Security Entitlements) shall be delivered to the
Indenture Trustee in accordance with paragraph (b) of the definition of “Delivery” and shall be
maintained by the Indenture Trustee pending maturity or disposition. The Indenture Trustee shall,
at the direction and expense of the Administrator, take such action as is required to maintain the
Indenture Trustee’s security interest in the Permitted Investments credited to the Series 1999-3
Reserve Account. In absence of written direction as provided hereunder, funds on deposit in the
Series 1999-3 Reserve Account shall remain uninvested.

          (c) All interest and earnings (net of losses and investment expenses) paid on funds on deposit
in the Series 1999-3 Reserve Account shall be deemed to be on deposit and available for
distribution.

          (d) If there is a Series 1999-3 Reserve Account Surplus on any Settlement Date, the
Administrator may notify the Indenture Trustee thereof in writing and instruct the Indenture
Trustee to withdraw from the Series 1999-3 Reserve Account and deposit in the Series 1999-3
Preferred Member Distribution Account, and the Indenture Trustee shall withdraw from the Series
1999-3 Reserve Account and deposit in the Series 1999-3 Preferred Member Distribution Account, so
long as no Series 1999-3 Allocated Asset Amount Deficiency exists or would result therefrom, an
amount up to the lesser of (i) such Series 1999-3 Reserve Account Surplus on such Business Day and
(ii) the Series 1999-3 Reserve Account Amount on such Business Day.

          (e) Amounts will be withdrawn from the Series 1999-3 Reserve Account in accordance with
Section 5A.4(b).

          (f) In order to secure and provide for the repayment and payment of the Issuer Obligations
with respect to the Series 1999-3 Investor Notes, the Issuer hereby grants a security interest in
and assigns, pledges, grants, transfers and sets over to the Indenture Trustee, for the benefit of
the Series 1999-3 Investor Noteholders, all of the Issuer’s right, title and interest in and to the
following (whether now or hereafter existing or acquired): (i) the Series 1999-3 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
1999-3 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 1999-3 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 1999-3
Reserve Account, the funds on deposit therein from time to time or the investments made with such
funds; and (vi) all proceeds of any and all of the foregoing, including, without limitation, cash.
The Indenture Trustee shall possess all right, title and interest in all funds on deposit from
time to time in the Series 1999-3 Reserve Account and in all proceeds thereof and shall be the only
person authorized to originate entitlement orders in respect of the Series 1999-3 Reserve Account.
The Series 1999-3 Reserve Account shall be under the

 

41

sole dominion and control of the Indenture Trustee for the benefit of the Series 1999-3 Investor
Noteholders. The Indenture Trustee and the Series 1999-3 Investor Noteholders shall have no
interest in any amounts withdrawn from the Series 1999-3 Reserve Account and deposited in the
Series 1999-3 Preferred Member Distribution Account.

          (g) On the first Payment Date after the Series 1999-3 Note Termination Date on which the
sum of (a) the Series 1999-3 Reserve Account Amount, (b) the Series 1999-3 Yield Supplement Account
Amount and (c) the amount available to be deposited in the Series 1999-3 Preferred Member
Distribution Account in accordance with Section 5A.4(c)(xi) is at least equal to the
aggregate stated liquidation preference of the Series 1999-3 Preferred Membership Interests and on
any Payment Date thereafter, the Indenture Trustee, acting in accordance with the written
instructions of the Administrator shall withdraw from the Series 1999-3 Reserve Account all amounts
on deposit therein for deposit in the Series 1999-3 Preferred Member Distribution Account.

          Section 5A. 10 Series 1999-3 Yield Supplement Account.

          (a) The Indenture Trustee shall establish and maintain in the name of the Indenture Trustee
for the benefit of the Series 1999-3 Investor Noteholders an account (the “Series 1999-3 Yield
Supplement Account”), bearing a designation clearly indicating that the funds deposited therein
are held for the benefit of the Series 1999-3 Investor Noteholders. The Series 1999-3 Yield
Supplement Account shall be an Eligible Deposit Account; provided that, if such account is
not an Eligible Deposit Account, then the Indenture Trustee shall, within 30 days of obtaining
knowledge of such ineligibility, establish a new Series 1999-3 Yield Supplement Account that is an
Eligible Deposit Account. If the Indenture Trustee establishes a new Series 1999-3 Yield Supplement
Account, it shall transfer all cash and investments from the non-qualifying Series 1999-3 Yield
Supplement Account into the new Series 1999-3 Yield Supplement Account. Initially, the Series
1999-3 Yield Supplement Account will be established with The Chase Manhattan Bank.

          (b) So long as no Amortization Event has occurred, the Issuer may instruct the institution
maintaining the Series 1999-3 Yield Supplement Account in writing to invest funds on deposit in
the Series 1999-3 Yield Supplement Account from time to time in Permitted Investments selected by
the Issuer (by standing instructions or otherwise); provided, however, that any
such investment shall mature not later than the Business Day prior to the Payment Date following
the date on which such funds were received. After the occurrence of an Amortization Event, the
Administrative Agent shall instruct the institution maintaining the Series 1999-3 Yield Supplement
Account in writing to invest funds on deposit in the Series 1999-3 Yield Supplement Account from
time to time in Permitted Investments selected by the Administrative Agent (by standing
instructions or otherwise); provided, however, that any such investment shall
mature not later than the Business Day prior to the Payment Date following the date on which such
funds were received. All such Permitted Investments will be credited to the Series 1999-3 Yield
Supplement Account and any such Permitted Investments that constitute (i) Physical Property (and
that is not either a United States Security Entitlement or a Security Entitlement) shall be
delivered to the Indenture Trustee in accordance with paragraph (a) of the definition of
“Delivery” and shall be held by the Indenture Trustee pending maturity or disposition; (ii) United
States Security Entitlements or Security Entitlements shall be Controlled by the Indenture

 

42

Trustee pending maturity or disposition; and (iii) Uncertificated Securities (and not United States
Security Entitlements) shall be delivered to the Indenture Trustee in accordance with paragraph
(b) of the definition of “Delivery” and shall be maintained by the Indenture Trustee pending
maturity or disposition. The Indenture Trustee shall, at the direction and expense of the
Administrator, take such action as is required to maintain the Indenture Trustee’s security
interest in the Permitted Investments credited to the Series 1999-3 Yield Supplement Account. In
absence of written direction as provided hereunder, funds on deposit in the Series 1999-3 Yield
Supplement Account shall remain uninvested.

          (c) All interest and earnings (net of losses and investment expenses) paid on funds on deposit
in the Series 1999-3 Yield Supplement Account shall be deemed to be on deposit and available for
distribution.

          (d) If there is a Series 1999-3 Yield Supplement Account Surplus on any Settlement Date, the
Administrator may notify the Indenture Trustee thereof in writing and request the Indenture
Trustee to withdraw from the Series 1999-3 Yield Supplement Account and deposit in the Series
1999-3 Preferred Member Distribution Account, and the Indenture Trustee shall withdraw from the
Series 1999-3 Yield Supplement Account and deposit in the Series 1999-3 Preferred Member
Distribution Account an amount up to the lesser of (i) such Series 1999-3 Yield Supplement Account
Surplus on such Business Day and (ii) the Series 1999-3 Yield Supplement Account Amount on such
Business Day.

          (e) Amounts will be withdrawn from the Series 1999-3 Yield Supplement Account in accordance
with Section 5A.4(b).

          (f) In order to secure and provide for the repayment and payment of the Issuer
Obligations with respect to the Series 1999-3 Investor Notes, the Issuer hereby grants a security
interest in and assigns, pledges, grants, transfers and sets over to the Indenture Trustee, for the
benefit of the Series 1999-3 Investor Noteholders, all of the Issuer’s right, title and interest in
and to the following (whether now or hereafter existing or acquired): (i) the Series 1999-3 Yield
Supplement Account, including any security entitlement thereto; (ii) all funds on deposit therein
from time to time; (iii) all certificates and instruments, if any, representing or evidencing any
or all of the Series 1999-3 Yield Supplement Account or the funds on deposit therein from time to
time; (iv) all investments made at any time and from time to time with monies in the Series 1999-3
Yield Supplement Account, whether constituting securities, instruments, general intangibles,
investment property, financial assets or other property; (v) all interest, dividends, cash,
instruments and other property from time to time received, receivable or otherwise distributed in
respect of or in exchange for the Series 1999-3 Yield Supplement Account, the funds on deposit
therein from time to time or the investments made with such funds; and (vi) all proceeds of any and
all of the foregoing, including, without limitation, cash. The Indenture Trustee shall possess all
right, title and interest in all funds on deposit from time to time in the Series 1999-3 Yield
Supplement Account and in all proceeds thereof and shall be the only person authorized to originate
entitlement orders in respect of the Series 1999-3 Yield Supplement Account. The Series 1999-1
Yield Supplement Account shall be under the sole dominion and control of the Indenture Trustee for
the benefit of the Series 1999-3 Investor Noteholders. The Indenture Trustee and the Series 1999-3
Investor Noteholders shall have no interest in any

 

43

amounts withdrawn from the Series 1999-3 Yield Supplement Account and deposited in the Series
1999-3 Preferred Member Distribution Account.

          (g) On the first Payment Date after the Series 1999-3 Note Termination Date on which the
sum of (a) the Series 1999-3 Reserve Account Amount, (b) the Series 1999-3 Yield Supplement Account
Amount and (c) the amount available to be deposited in the Series 1999-3 Preferred Member
Distribution Account in accordance with Section 5A.4(c)(xi) is at least equal to the
aggregate stated liquidation preference of the Series 1999-3 Preferred Membership Interests and on
each Payment Date thereafter, the Indenture Trustee, acting in accordance with the written
instructions of the Administrator shall withdraw from the Series 1999-3 Yield Supplement Account
all amounts on deposit therein for deposit in the Series 1999-3 Preferred Member Distribution
Account.

          Section 5A.11 Series 1999-3 Distribution Account.

          (a) The Indenture Trustee shall establish and maintain in the name of the Indenture Trustee
for the benefit of the Series 1999-3 Investor Noteholders an account (the “Series 1999-3
Distribution Account”), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Series 1999-3 Investor Noteholders. The Series 1999-3
Distribution Account shall be maintained as an Eligible Deposit Account; provided that, if
such account is not an Eligible Deposit Account, then the Indenture Trustee shall, within 30 days
of obtaining knowledge of such ineligibility, establish a new Series 1999-3 Distribution Account
that is an Eligible Deposit Account. If the Indenture Trustee establishes a new Series 1999-3
Distribution Account, it shall transfer all cash and investments from the non-qualifying Series
1999-3 Distribution Account into the new Series 1999-3 Distribution Account. Initially, the Series
1999-3 Distribution Account will be established with The Chase Manhattan Bank.

          (b) In order to secure and provide for the repayment and payment of the Issuer Obligations
with respect to the Series 1999-3 Investor Notes, the Issuer hereby grants a security interest in
and assigns, pledges, grants, transfers and sets over to the Indenture Trustee, for the benefit of
the Series 1999-3 Investor Noteholders, all of the Issuer’s right, title and interest in and to the
following (whether now or hereafter existing or acquired): (i) the Series 1999-3 Distribution
Account, including any security entitlement thereto; (ii) all funds on deposit therein from time to
time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the
Series 1999-3 Distribution Account or the funds on deposit therein from time to time; (iv) all
interest, dividends, cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for the Series 1999-3 Distribution Account, the
funds on deposit therein from time to time; and (v) all proceeds of any and all of the foregoing,
including, without limitation, cash. The Indenture Trustee shall possess all right, title and
interest in all funds on deposit from time to time in the Series 1999-3 Distribution Account and in
all proceeds thereof and shall be the only person authorized to originate entitlement orders in
respect of the Series 1999-3 Distribution Account. The Series 1999-3 Distribution Account shall be
under the sole dominion and control of the Indenture Trustee for the benefit of the Series 1999-3
Investor Noteholders.

          Section 5A.12 Lease Rate Caps.

 

44

          (a) The Issuer shall have obtained on the Series 1999-3 Closing Date and shall thereafter
maintain one or more interest rate caps, each from a Series 1999-3 Eligible Counterparty, having,
in the aggregate, a notional amount on the Series 1999-3 Closing Date at least equal to the
aggregate Lease Balance of all Fixed Rate Leases allocated to the Lease SUBI Portfolio as of the
Series 1999-3 Closing Date, plus, in the case of all such Fixed Rate Leases that are Closed-End
Leases, the aggregate Stated Residual Values of the related Leased Vehicles and on each Payment
Date thereafter at least equal to the aggregate scheduled Lease Balance of all such Fixed Rate
Leases as of the last day of the Monthly Period immediately preceding such Payment Date, plus, in
the case of all such Fixed Rate Leases that are Closed-End Leases, the aggregate Stated Residual
Values of the related Leased Vehicles, and an effective strike rate based on the eurodollar rate
set forth therein in effect on the dates set forth therein at the most equal to the weighted
average fixed rate of interest on such Fixed Rate Leases minus 0.80% per annum.

          (b) On or prior to the date that any Fixed Rate Lease is allocated to the Lease SUBI Portfolio
on or after the Series 1999-3 Closing Date, the Issuer shall have obtained and shall thereafter
maintain an interest rate cap from a Series 1999-3 Eligible Counterparty having a notional amount
equal to the initial Lease Balance of such Fixed Rate Lease, plus, in the case of a Closed-End
Lease, the Stated Residual Value of the related Leased Vehicle and on each Payment Date thereafter
at least equal to the scheduled Lease Balance of such Fixed Rate Lease as of the last day of the
Monthly Period immediately preceding such Payment Date, plus, in the case of a Closed-End Lease,
the Stated Residual Value of the related Leased Vehicle and an effective strike rate based on the
eurodollar rate set forth therein in effect on the dates set forth therein at the most equal to the
fixed rate of interest on such Fixed Rate Lease minus 0.80% per annum.

          (c) On or prior to each Settlement Date, the Issuer shall have obtained and shall thereafter
maintain an interest rate cap from a Series 1999-3 Eligible Counterparty having a notional amount
equal to the aggregate Lease Balance of each Floating Rate Lease allocated to the Lease SUBI that
shall have been converted to a Fixed Rate Lease during the immediately preceding Monthly Period,
plus, in the case of a Closed-End Lease, the Stated Residual Value of the related Leased Vehicle
and on each Payment Date thereafter at least equal to the scheduled Lease Balance of such newly
converted Fixed Rate Lease as of the last day of the Monthly Period immediately preceding such
Payment Date, plus, in the case of a Closed-End Lease, the Stated Residual Value of the related
Leased Vehicle and an effective strike rate based on the eurodollar rate set forth therein in
effect on the dates set forth therein at the most equal to the fixed rate of interest on such
newly converted Fixed Rate Lease minus 0.80% per annum.

          (d) If the short-term credit rating of any provider of an interest rate cap required to be
obtained and maintained by the Issuer pursuant to this Section 5A.12 falls below A-1+ by
Standard & Poor’s or P-l by Moody’s or the long-term unsecured credit rating of any such provider
falls below AA- by Standard & Poor’s or Aa3 by Moody’s, the Issuer shall obtain an equivalent
interest rate cap from a Series 1999-3 Eligible Counterparty within 30 days of such decline in
credit rating unless such provider provides some form of collateral for its obligations under its
interest rate cap and the Rating Agency Condition is satisfied with respect to such arrangement.
The Issuer will not permit any interest rate cap required to be obtained and maintained by the
Issuer pursuant to this Section 5A.12 to be terminated or transferred in whole

 

45

or in part unless a replacement interest rate cap therefor has been provided as described in the
immediately preceding sentence and, after giving effect thereto, the Issuer has the interest rate
caps required to be obtained and maintained by the Issuer pursuant to this Section 5A.12.

          (e) If the Issuer fails to obtain or maintain any Lease Rate Cap that it is required to
obtain and maintain in accordance with Sections 5A. 12(a), (b) or (c) or fails to replace
the Lease Rate Cap of any downgraded provider of an interest rate cap required to be maintained
hereunder in accordance with Section 5A. 12(d) or otherwise satisfy the provisions of
Section 5A. 12(d), the Administrative Agent, at the expense of the Issuer, acting at the direction
of the Series 1999-3 Required Investor Noteholders, may obtain any such Lease Rate Cap on
commercially reasonable terms. In the alternative, the Administrative Agent, at the expense of the
Issuer, acting at the direction of the Series 1999-3 Required Investor Noteholders, may obtain on
commercially reasonable terms any Hedging Instrument that the Administrative Agent reasonably
determines will cover the interest rate exposure that would have been covered by the Lease Rate Cap
that the Issuer shall have failed to obtain or maintain hereunder. Each Series 1999-3 Investor
Noteholder hereby agrees to reimburse the Administrative Agent, to the extent not reimbursed by
the Issuer, for any costs or expenses incurred by the Administrative Agent in connection with
obtaining any Hedging Instruments in accordance with the terms of this Section 5A. 12(e).
Any amounts owing by the Issuer to the Series 1999-3 Investor Noteholders pursuant to this
Section 5 A. 12(e) on any Payment Date shall be payable out of funds available pursuant to
Section 5A.4(c)(xiv) on such Payment Date.

ARTICLE 4

AMORTIZATION EVENTS

          If any one of the following events shall occur with respect to the Series 1999-3 Investor
Notes:

     (a) the Series 1999-3 Reserve Account shall have become subject to an injunction,
estoppel or other stay or a Lien (other than a Permitted Lien);

     (b) the Series 1999-3 Yield Supplement Account shall have become subject to an
injunction, estoppel or other stay or a Lien (other than a Permitted Lien);

     (c) a Series 1999-3 Liquid Credit Enhancement Deficiency shall occur and continue for
at least two Business Days;

     (d) a Series 1999-3 Allocated Asset Amount Deficiency shall occur and continue for at
least two Business Days;

     (e) a Series 1999-3 Yield Supplement Deficiency shall occur and continue for at least
two Business Days;

     (f) the Three Month Average Charge-Off Ratio with respect to any Settlement Date
exceeds 0.75%;

 

46

     (g) the Three Month Average Residual Value Loss Ratio with respect to any
Settlement Date exceeds 12.50%;

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

     (i) the Three Month Average Delinquency Ratio with respect to any Settlement
Date exceeds 6.0%;

     (j) the failure on the part of the Issuer to declare and pay dividends on the
Series 1999-3 Junior Preferred Membership Interests or the Series 1999-3 Senior Preferred
Membership Interests on any Payment Date;

     (k) any Servicer Termination Event shall occur;

     (1) any Termination Event shall occur;

     (m) an Event of Default with respect to the Series 1999-3 Investor Notes shall
occur;

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

     (o) a Lease Rate Cap Event shall occur and continue for two Business Days;

     (p) the failure on the part of the Issuer to pay any Commitment Fee due and
payable on any Payment Date which failure continues unremedied for two Business Days;

     (q) failure on the part of the Issuer (i) to make any payment or deposit
required by the terms of the Indenture (or within the applicable grace period which shall
not exceed two Business Days after the date such payment or deposit is required to be made)
or (ii) duly to observe or perform in any material respect any covenants or agreements of
the Issuer set forth in the Base Indenture or this Indenture Supplement (other than any
such failure that constitutes a Lease Rate Cap Event), which failure continues unremedied
for a period of 30 days after there shall have been given, by registered or certified mail,
to the Issuer by the Indenture Trustee or the Issuer and the Indenture Trustee by any
Series 1999-3 Investor Noteholder, written notice specifying such default and requiring it
to be remedied;

     (r) any representation or warranty made by the Issuer in the Base Indenture or
this Indenture Supplement, or any information required to be delivered by the Issuer to
the Indenture Trustee shall prove to have been incorrect in any material respect when made
or when delivered, which continues to be incorrect in any material respect for a period of
30 days after there shall have been given, by registered or certified mail, to the Issuer
by the Indenture Trustee or the Issuer and the Indenture Trustee by any Series 1999-3
Investor Noteholder, written notice thereof;

 

47

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

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

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

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

then, in the case of any event described in clause (q) through (v) above, an Amortization Event
will be deemed to have occurred with respect to the Series 1999-3 Investor Notes only, if after
the applicable grace period, either the Indenture Trustee or the Series 1999-3 Required Investor
Noteholders, declare that an Amortization Event has occurred with respect to the Series 1999-3
Investor Notes. In the case of any event described in clauses (a) through (p) above, an
Amortization Event with respect to the Series 1999-3 Investor Notes will be deemed to have occurred
without notice or other action on the part of the Indenture Trustee or the Series 1999-3 Investor
Noteholders.

ARTICLE 5

OPTIONAL PREPAYMENT

          The Issuer shall have the option to prepay all outstanding Series 1999-3 Investor Notes by
paying an amount equal to the Series 1999-3 Prepayment Amount. The Issuer shall give the Indenture
Trustee and the Administrative Agent at least ten Business Days’ prior written notice of the date
on which the Issuer intends to exercise such option to prepay (the “Prepayment Date”). Upon
receipt of any notice of a Prepayment Date from the Issuer, the Administrative Agent shall
promptly notify the Funding Agent with respect to each Purchaser thereof. Not later than 11:00
A.M., New York City time, on such Prepayment Date, the Issuer shall deposit in the Series 1999-3
Distribution Account an amount equal to the Series 1999-3 Prepayment Amount in immediately
available funds. The funds deposited into the Series 1999-3 Distribution Account will be paid by
the Indenture Trustee to the Administrative Agent, for the account of the Series 1999-3 Investor
Noteholders, on such Prepayment Date. Upon the receipt of funds from the Indenture Trustee on any
Prepayment Date, the Administrative Agent shall pay to each Funding

 

48

Agent with respect to a Purchaser, the portion of the Series 1999-3 Prepayment Amount owing to
such Purchaser.

ARTICLE 6

SERVICING AND ADMINISTRATOR FEES

          Section 6.1 Servicing Fee. A periodic servicing fee (the “Series 1999-3 Servicing
Fee”) shall be payable to the Servicer on each Payment Date for the preceding Monthly Period in an
amount equal to the product of (a) 0.215% per annum (the “Series Servicing Fee Percentage”) times
(b) the daily average of the Series 1999-3 Allocated Adjusted Aggregate Unit Balance for such
Monthly Period times (c) the number of days in such Monthly Period divided by 365 (or 366, as
applicable) days. The Series 1999-3 Servicing Fee shall be payable to the Servicer on each Payment
Date pursuant to Section 5A.4(c)(iv) or (vii).

          Section 6.2 Administrator Fee. A periodic fee (the “Series 1999-3 Administrator
Fee”) shall be payable to the Administrator on each Payment Date for the preceding Monthly
Period in an amount equal to the product of (a) 0.01% per annum times (b) the daily average of the
Series 1999-3 Allocated Adjusted Aggregate Unit Balance for such Monthly Period times (c) the
number of days in such Monthly Period divided by 365 (or 366, as applicable) days. The Series
1999-3 Administrator Fee shall be payable to the Administrator on each Payment Date pursuant to
Section 5A.4(c)(viii).

ARTICLE 7

CHANGE IN CIRCUMSTANCES

          Section 7.1 Illegality. Notwithstanding any other provision herein, if any Change in
Law shall make it unlawful for any Purchaser to make or maintain any portion of the Purchaser
Invested Amount with respect to such Purchaser allocated to a Eurodollar Tranche and such Purchaser
shall notify in writing the Administrative Agent, the Funding Agent with respect to such
Purchaser, the Indenture Trustee and the Issuer, then the portion of such Purchaser Invested
Amount allocated to Eurodollar Tranches shall thereafter be calculated by reference to the
Alternate Base Rate. If any such change in the method of calculating interest occurs on a day which
is not the last day of the Eurodollar Period with respect to any Eurodollar Tranche, the Issuer
shall pay to such Purchaser the amounts, if any, as may be required pursuant to Section
7.4.

          Section 7.2 Increased Costs.

          (a) If any Change in Law (except with respect to Taxes which shall be governed by
Section 7.3) shall:

     (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by,
any Affected Party (except any such reserve requirement reflected in the Adjusted LIBO
Rate); or

 

49

     (ii) impose on any Affected Party or the London interbank market any other
condition affecting the Transaction Documents or the funding of Eurodollar
Tranches by such Affected Party;

and the result of any of the foregoing shall be to increase the cost to such Affected Party of
making, converting into, continuing or maintaining Eurodollar Tranches (or maintaining its
obligation to do so) or to reduce any amount received or receivable by such Affected Party
hereunder or in connection herewith (whether principal, interest or otherwise), then the Issuer
will pay to such Affected Party such additional amount or amounts as will compensate such Affected
Party for such additional costs incurred or reduction suffered.

          (b) If any Affected Party determines that any Change in Law regarding capital requirements has
or would have the effect of reducing the rate of return on such Affected Party’s capital or the
capital of any corporation controlling such Affected Party as a consequence of its obligations
hereunder to a level below that which such Affected Party or such corporation could have achieved
but for such Change in Law (taking into consideration such Affected Party’s or such corporation’s
policies with respect to capital adequacy), then from time to time, the Issuer shall pay to such
Affected Party such additional amount or amounts as will compensate such Affected Party for any
such reduction suffered.

          (c) A certificate of an Affected Party setting forth the amount or amounts necessary to
compensate such Affected Party as specified in subsections (a) and (b) of this Section 7.2 shall
be delivered to the Issuer (with a copy to the Administrative Agent and the Funding Agent with
respect to such Affected Party) and shall be conclusive absent manifest error. The agreements in
this Section shall survive the termination of this Indenture Supplement and the Base Indenture and
the payment of all amounts payable hereunder and thereunder.

          (d) Failure or delay on the part of an Affected Party to demand compensation pursuant to this
Section 7.2 shall not constitute a waiver of such Affected Party’s right to demand such
compensation; provided that the Issuer shall not be required to compensate any Affected Party
pursuant to this Section 7.2 for any increased costs or reductions incurred more than 270 days
prior to the date that such Affected Party notifies the Issuer of the Change in Law giving rise to
such increased costs or reductions and of such Affected Party’s intention to claim compensation
therefor; provided further that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the 270-day period referred to above shall be extended to include
the period of retroactive effect thereof.

          Section 7.3 Taxes.

          (a) Any and all payments by or on account of any obligation of the Issuer hereunder
shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes;
provided that if the Issuer shall be required to deduct any Indemnified Taxes or Other Taxes from
such payments, then (i) subject to Section 7.3(c) below, the sum payable shall be increased as
necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section 7.3) the recipient receives an amount equal to the sum
that it would have received had no such deductions been made, (ii) the Issuer

 

50

shall make such deductions and (iii) the Issuer shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law.

          (b) In addition, the Issuer shall pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law.

          (c) The Issuer shall indemnify the Administrative Agent, each Funding Agent, each Program
Support Provider and each Purchaser within the later of 10 days after written demand therefor and
the Payment Date next following such demand for the full amount of any Indemnified Taxes or Other
Taxes paid by the Administrative Agent, such Funding Agent, such Program Support Provider or such
Purchaser on or with respect to any payment by or on account of any obligation of the Issuer
hereunder or under any other Transaction Document (including Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section 7.3) and any
penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority; provided that no Person shall be indemnified pursuant to this
Section 7.3(c) or required to pay additional amounts under the proviso of Section 7.3(a) to the
extent that the reason for such indemnification results from the failure by such Person to comply
with the provisions of Section 7.3(e) or (g). A certificate as to the amount of such payment or
liability delivered to the Issuer by the Administrative Agent, any Funding Agent, any Program
Support Provider or any Purchaser shall be conclusive absent manifest error. Any payments made by
the Issuer pursuant to this Section 7.3 shall be made solely from funds available therefor
pursuant to Section 5A.4(c), shall be non-recourse other than with respect to such funds, and shall
not constitute a claim against the Issuer to the extent that insufficient funds exist to make such
payment. The agreements in this Section shall survive the termination of this Indenture Supplement
and the Base Indenture and the payment of all amounts payable hereunder and thereunder.

          (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Issuer
to a Governmental Authority, the Issuer shall deliver to the Administrative Agent the original or a
certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy
of the return reporting such payment or other evidence of such payment reasonably satisfactory to
the Administrative Agent.

          (e) The Administrative Agent, each Funding Agent, each Purchaser and each Program Support
Provider, if entitled to an exemption from or reduction of an Indemnified Tax or Other Tax with
respect to payments made under this Indenture Supplement and the Base Indenture shall (to the
extent legally able to do so) deliver to the Issuer (with a copy to the Administrative Agent) such
properly completed and executed documentation prescribed by applicable law and reasonably requested
by the Issuer on the later of (i) 30 Business Days after such request is made and the applicable
forms are provided to the Administrative Agent, such Funding Agent, such Purchaser or such Program
Support Provider or (ii) 30 Business Days before prescribed by applicable law as will permit such
payments to be made without withholding or with an exemption from or reduction of Indemnified
Taxes or Other Taxes.

          (f) If the Administrative Agent, any Funding Agent, any Program Support Provider or any
Purchaser receives a refund solely in respect of Indemnified Taxes or Other

          

 

51

Taxes, it shall pay over such refund to the Issuer to the extent that it has already received
indemnity payments or additional amounts pursuant to this Section 7.3 with respect to such
Indemnified Taxes or Other Taxes giving rise to the refund, net of all out-of-pocket expenses and
without interest (other than interest paid by the relevant Governmental Authority with respect to
such refund); provided, however, that the Issuer shall, upon request of the Administrative Agent,
such Funding Agent, such Program Support Provider or such Purchaser, repay such refund (plus
interest or other charges imposed by the relevant Governmental Authority) to the Administrative
Agent, such Funding Agent, such Program Support Provider or such Purchaser if the Administrative
Agent, such Funding Agent, such Program Support Provider or such Purchaser is required to repay
such refund to such Governmental Authority. Nothing contained herein shall require the
Administrative Agent, any Funding Agent, any Program Support Provider or any Purchaser to make its
tax returns (or any other information relating to its taxes which it deems confidential) available
to the Issuer or any other Person.

          (g) If any Purchaser is an entity that is not incorporated or organized under the laws
of the United States of America or a state thereof or the District of Columbia, such Purchaser
shall:

     (i) upon or prior to becoming a party to any Transaction Document, deliver to
the Issuer and the Administrative Agent (A) two duly completed copies of IRS Form 1001 or
Form 4224, or successor applicable forms, as the case may be, and (B) IRS Form W-8 or W-9,
or successor applicable form, as the case may be;

     (ii) deliver to the Issuer and the Administrative Agent two (2) further copies
of any such form or certification on or before the date that any such form or certification
expires or becomes obsolete and after the occurrence of any event requiring a change in
the most recent form previously delivered by it to the Issuer; and

     (iii) obtain such extensions of time for filing and completing such forms or
certifications as may be reasonably be requested by the Issuer and the Administrative
Agent;

unless, in any such case, any change in treaty, law or regulation has occurred after the Series
1999-3 Closing Date (or, if later, the date such Purchaser becomes a party to any Transaction
Document) and prior to the date on which any such delivery would otherwise be required which
renders the relevant form inapplicable or which would prevent such Purchaser from duly completing
and delivering the relevant form with respect to it, and such Purchaser so advises the Issuer and
the Administrative Agent. Each Purchaser so organized shall certify (i) in the case of an IRS Form
1001 or IRS Form 4224, or successor applicable forms, that it is entitled to receive payments under
the Series 1999-3 Investor Notes and the other Transaction Documents without deduction or
withholding of any United States federal income taxes and (ii) in the case of an IRS Form W-8 or
IRS Form W-9, or successor applicable forms, that it is entitled to an exemption from United
States backup withholding tax with respect to payments of interest under the Series 1999-3 Investor
Notes.

          (h) If a beneficial or equity owner of a Purchaser (instead of the Purchaser itself) is
required under United States federal income tax law or the terms of a relevant treaty to

 

52

provide IRS Form 1001, IRS Form 4224, IRS Form W-8 or IRS Form W-9, or any successor applicable
forms, as the case may be, in order to claim an exemption from withholding of United Stated federal
income taxes or backup withholding taxes, then each such beneficial owner or equity owner shall be
considered to be a Purchaser for purposes of Section 7.3 (g).

          Section 7.4 Break Funding Payments. The Issuer agrees to indemnify each Purchaser and
to hold each Purchaser harmless from any loss or expense which such Purchaser may sustain or incur
as a consequence of (a) default by the Issuer in making a borrowing of, conversion into or
continuation of a CP Tranche or a Eurodollar Tranche after the Issuer has given irrevocable notice
requesting the same in accordance with the provisions of this Indenture Supplement, or (b) default
by the Issuer in making any prepayment in connection with a Decrease after the Issuer has given
irrevocable notice thereof in accordance with the provisions of Section 2.5 or (c) the making of a
prepayment of a CP Tranche or a Eurodollar Tranche (including, without limitation, any Decrease)
prior to the termination of the CP Rate Period for such CP Tranche or the Eurodollar Period for
such Eurodollar Tranche, as the case may be. Such indemnification shall include an amount
determined by the Funding Agent with respect to such Purchaser and shall equal either (x) the
excess, if any, of (i) such Purchaser’s cost of funding the amount so prepaid or not so borrowed,
converted or continued, for the period from the date of such prepayment or of such failure to
borrow, convert or continue to the last day of the CP Rate Period or the Eurodollar Period (or in
the case of a failure to borrow, convert or continue, the CP Rate Period or the Eurodollar Period
that would have commenced on the date of such prepayment or of such failure), as the case may be,
over (ii) the amount of interest earned by such Purchaser upon redeployment of an amount of funds
equal to the amount prepaid or not borrowed, converted or continued for a comparable period or (y)
if such Purchaser is able to terminate the funding source before its scheduled maturity, any costs
associated with such termination; provided that any payments made by the Issuer pursuant to this
subsection shall be made solely from funds available therefor pursuant to Section 5A.4(c), shall be
non-recourse other than with respect to such funds, and shall not constitute a claim against the
Issuer to the extent that such funds are insufficient to make such payment. This covenant shall
survive the termination of this Indenture Supplement and the Base Indenture and the payment of all
amounts payable hereunder and thereunder. A certificate as to any additional amounts payable
pursuant to the foregoing sentence submitted by any Funding Agent on behalf of a Purchaser to the
Issuer shall be conclusive absent manifest error.

          Section 7.5 Alternate Rate of Interest. If prior to the commencement of any Eurodollar
Period:

     (a) the Administrative Agent determines (which determination shall be conclusive
absent manifest error) that adequate and reasonable means do not exist for ascertaining the
Adjusted LIBO Rate for such Eurodollar Period, or

     (b) the Administrative Agent is advised by any Purchaser that the Adjusted LIBO Rate
for such Eurodollar Period will not adequately and fairly reflect the cost to such
Purchaser of making or maintaining the Eurodollar Tranches during such Eurodollar Period,

 

53

then the Administrative Agent shall promptly give telecopy or telephonic notice thereof to the
Issuer and the Indenture Trustee, whereupon until the Administrative Agent notifies the Issuer and
the Indenture Trustee that the circumstances giving rise to such notice no longer exist, the
Available APA Bank Funding Amount with respect to any Purchaser (in the case of clause (a) above)
or with respect to such Purchaser (in the case of clause (b) above) shall not be allocated to any
Eurodollar Tranche.

     Section 7.6 Mitigation Obligations. If an Affected Party requests compensation under
Section 7.2, or if the Issuer is required to pay any additional amount to any Purchaser or
any Governmental Authority for the account of any Purchaser pursuant to Section 7.3, then,
upon written notice from the Issuer, such Affected Party or Purchaser, as the case may be, shall
use commercially reasonable efforts to designate a different lending office for funding or booking
its obligations hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, which pays a price for such assignment which is acceptable to such
Purchaser and its assignee, in the judgment of such Affected Party or Purchaser, such designation
or assignment (i) would eliminate or reduce amounts payable pursuant to Section 7.2 or
7.3, as the case may be, in the future and (ii) would not subject such Affected Party or
Purchaser to any unreimbursed cost or expense and would not otherwise be disadvantageous to such
Affected Party or Purchaser. The Issuer hereby agrees to pay all reasonable costs and expenses
incurred by such Affected Party or Purchaser in connection with any such designation or
assignment.

ARTICLE 8

REPRESENTATIONS AND WARRANTIES, COVENANTS

          Section 8.1 Representations and Warranties of the Issuer and VMS. The Issuer and VMS
each hereby represents and warrants to the Indenture Trustee, the Administrative Agent, each
Funding Agent and each Purchaser that:

     (a) each and every of their respective representations and warranties contained in
the Transaction Documents is true and correct as of the Series 1999-3 Closing Date, as of
the Series 1999-3 Initial Funding Date and as of the date of each Increase; and

     (b) as of the Series 1999-3 Closing Date, they have not engaged, in connection with
the offering of the Series 1999-3 Investor Notes, in any form of general solicitation or
general advertising within the meaning of Rule 502(c) under the Securities Act.

          Section 8.2 Covenants of the Issuer and VMS. The Issuer and VMS hereby agree, in
addition to their obligations hereunder, that:

     (a) they shall observe in all material respects each and every of their respective
covenants (both affirmative and negative) contained in the Base Indenture and all other
Transaction Documents to which each is a party;

     (b) they will promptly notify each Purchaser in the event they discover or determine
that any of their respective computer applications (including those of their

 

54

suppliers or vendors) that is material to the performance of their obligations under the
Transaction Documents will not be Year 2000 Compliant on a timely basis;

     (c) they shall afford each Funding Agent with respect to a Purchaser, the Indenture
Trustee or any representatives of any such Funding Agent or the Indenture Trustee access to
all records relating to the SUB1 Certificates, the Sold Units and the Fleet Receivables at
any reasonable time during regular business hours, upon reasonable prior notice (and
without prior notice if an Amortization Event has occurred), for purposes of inspection
and shall permit such Funding Agent, the Indenture Trustee or any representative of such
Funding Agent or the Indenture Trustee to visit any of the Issuer’s or VMS’s, as the case
may be, offices or properties during regular business hours and as often as may reasonably
be desired to discuss the business, operations, properties, financial and other conditions
of the Issuer or VMS with their respective officers and employees and with their
independent certified public accountants; and

     (d) they shall not take any action, nor permit SPV to take any action, requiring the
satisfaction of the Rating Agency Condition pursuant to any Transaction Document without
the prior written consent of the Series 1999-3 Required Investor Noteholders.

          Section 8.3 Representations and Warranties of VMS With Respect to Year 2000
Compliance. VMS hereby represents and warrants to the Indenture Trustee, the Administrative
Agent, each Funding Agent and each Purchaser that:

          (a) It has or caused to be (i) initiated a review and assessment of all areas within
its business and operations (including those affected by its suppliers, vendors and
customers) that could be materially adversely affected by the “Year 2000 Problem” (that is
the risk that computer applications used by VMS (or its suppliers, vendors and customers)
may be unable to recognize and perform properly material date-sensitive functions involving
certain dates prior to, and any date after, January 1, 2000), (ii) developed a plan and
time line addressing the Year 2000 Problem in all material respects on a timely basis, and
(iii) to date, implemented that plan in all material respects in accordance with that
timetable;

          (b) Based on the foregoing, it believes that all computer applications (including
those of its suppliers, vendors and customers) that are material to the performance of its
obligations under the Transaction Documents are Year 2000 Compliant, except to the extent
that a failure to be so could not reasonably be expected to (a) have a Material Adverse
Effect on the Issuer or the transactions documented under the Transaction Documents, or (b)
to result in an Amortization Event;

          (c) It (i) has or caused to be completed a review and assessment of all material
computer applications (including, but not limited to those of its suppliers, vendors,
customers and any third party servicers), which are related to or involved in the
origination, collection, management or servicing of the Leases and the Fleet Receivables
(the “Lease Systems”) and (ii) has or caused to be determined that the Lease Systems are
Year 2000 Compliant or will be Year 2000 Compliant in all material respects on a timely
basis; and

 

55

          (d) The costs of all assessment, remediation, testing and integration related to VMS’
plan for becoming Year 2000 Compliant will not have a material adverse effect on the
business or operations of VMS.

          Section 8.4 Covenants of the Administrator. The Administrator hereby agrees that:

          (a) it shall provide to the Indenture Trustee, the Administrative Agent and each
Funding Agent, on each Determination Date, a Monthly Settlement Statement, substantially in
the form of Exhibit C, setting forth as of the last day of the most recent Monthly Period
and for such Monthly Period the information set forth therein;

          (b) it shall provide to the Administrative Agent simultaneously with delivery to the
Indenture Trustee, all reports, notices, certificates, statements and other documents
required to be delivered to the Indenture Trustee pursuant to the Base Indenture and the
other Transaction Documents, and furnish to the Administrative Agent promptly after receipt
thereof a copy of each notice, demand or other material communication (excluding routine
communications) received by or on behalf of the Issuer or the Administrator with respect to
the Transaction Documents. The Administrative Agent shall distribute to the Funding Agents
copies of all reports, notices, certificates, statements and other documents delivered to
it pursuant to this Section 8.4(b);

          (c) on or prior to any Series Closing Date, it shall provide to each Funding Agent a
copy of the Indenture Supplement relating to the Series of Investor Notes being issued on
such Series Closing Date;

          (d) it shall provide each Funding Agent with prompt written notice of (i) the
downgrade by any Rating Agency of the rating assigned by such Rating Agency to any Series
of Outstanding Investor Notes or the determination by any Rating Agency to put the rating
assigned by such Rating Agency to any Series of Outstanding Investor Notes on a watch list
and (ii) the occurrence of an Amortization Event or Potential Amortization Event with
respect to any Series of Outstanding Investor Notes; and

          (e) it shall provide to each Funding Agent copies of all reports relating to the
Series 1999-3 Investor Notes delivered to the Rating Agencies.

          Section 8.5 Obligations Unaffected. The obligations of the Issuer and the
Administrator to the Funding Agent and the Purchasers under this Indenture Supplement shall not be
affected by reason of any invalidity, illegality or irregularity of any of the SUBI Certificates,
the Sold Units or the Fleet Receivables.

ARTICLE 9

CONDITIONS PRECEDENT

          Section 9.1 Conditions Precedent to Effectiveness of Indenture Supplement. This
Indenture Supplement shall become effective on the date (the “Effective Date”) on which the
following conditions precedent have been satisfied:

 

56

          (a)
Documents. The Administrative Agent shall have received an original copy for
each CP Conduit Purchaser and the Funding Agent and the APA Bank with respect to such CP Conduit
Purchaser, each executed and delivered in form and substance satisfactory to it of (i) the Base
Indenture, executed by a duly authorized officer of each of the Issuer and the Indenture Trustee,
(ii) the Transfer Agreement, executed by a duly authorized officer of each of the Issuer and SPV,
(iii) this Indenture Supplement, executed by a duly authorized officer of each of the Issuer, the
Administrator, the Indenture Trustee, the Administrative Agent, the Funding Agents, the CP Conduit
Purchasers and the APA Banks, (iv) the Administration Agreement, executed by a duly authorized
officer of each of the Issuer, SPV and the Administrator, (vi) each of the Origination Trust
Documents, executed by duly authorized officers of each of the parties thereto and (vii) any other
Transaction Documents to be executed in connection with Series 1999-3, each duly executed by the
parties thereto.

          (b) Corporate Documents; Proceedings of the Issuer, the Administrator, SPV, the
Origination Trust and the Servicer. The Administrative Agent shall have received, with a copy
for each CP Conduit Purchaser and the Funding Agent and the APA Bank with respect to such CP
Conduit Purchaser, from the Issuer, the Administrator, SPV, the Origination Trust, VMS and the
Servicer true and complete copies of:

     (i) to the extent applicable, the certificate of incorporation or
certificate of formation, including all amendments thereto, of such Person,
certified as of a recent date by the Secretary of State or other appropriate
authority of the state of incorporation or organization, as the case may be, and a
certificate of compliance, of status or of good standing, as and to the extent
applicable, of each such Person as of a recent date, from the Secretary of State or
other appropriate authority of such jurisdiction;

     (ii) a certificate of the Secretary or an Assistant Secretary of each of
the Administrator, SPV and the Servicer, dated the Effective Date and certifying
(A) that attached thereto is a true and complete copy of the limited liability
company agreement of such Person, as in effect on the Effective Date and at all
times since a date prior to the date of the resolutions described in clause (B)
below, (B) that attached thereto is a true and complete copy of the resolutions, in
form and substance reasonably satisfactory to the Funding Agent, of the Board of
Directors of such Person or committees thereof authorizing the execution, delivery
and performance of the Transaction Documents to which it is a party and the
transactions contemplated thereby, and that such resolutions have not been amended,
modified, revoked or rescinded and are in full force and effect, (C) that the
certificate of incorporation of such Person has not been amended since the date of
the last amendment thereto shown on the certificate of good standing (or its
equivalent) furnished pursuant to clause (i) above and (D) as to the incumbency
and specimen signature of each officer or authorized signatory executing any
Transaction Documents or any other document delivered in connection herewith or
therewith on behalf of such Person;

     (iii) a certificate of the Secretary or an Assistant Secretary of each of
the Common Member and the Origination Trust Trustee, dated the Effective Date

 

57

and certifying as to the incumbency and specimen signature of each officer or
authorized signatory executing any Transaction Documents or any other document
delivered in connection herewith or therewith on behalf of such Person; and

     (iv) a certificate of another officer as to the incumbency and specimen
signature of the Secretary or Assistant Secretary executing the certificate
pursuant to clause (ii) or (iii) above.

          (c) Good Standing Certificates. The Administrative Agent shall have received copies
of certificates of compliance, of status or of good standing, dated as of a recent date, from the
Secretary of State or other appropriate authority of such jurisdiction, with respect to the
Issuer, the Administrator, SPV and the Origination Trust in each State where the ownership, lease
or operation of property or the conduct of business requires it to qualify as a foreign
corporation, except where the failure to so qualify would not have a material adverse effect on
the business, operations, properties or condition (financial or otherwise) of the Issuer, the
Administrator, SPV or the Origination Trust, as the case may be.

          (d) Consents, Licenses, Approvals, Etc. The Administrative Agent shall have received,
with a counterpart for each CP Conduit Purchaser and the Funding Agent and the APA Bank with
respect to such CP Conduit Purchaser, certificates dated the date hereof of an Authorized Officer
of the Issuer, the Administrator, SPV, the Origination Trust and the Servicer either (i) attaching
copies of all material consents, licenses and approvals required in connection with the execution,
delivery and performance by the Issuer, the Administrator, SPV, the Origination Trust and the
Servicer of the Transaction Documents to which it is a party and the validity and enforceability of
the Transaction Documents to which it is a party against the Issuer, the Administrator, SPV, the
Origination Trust and the Servicer, respectively, and such consents, licenses and approvals shall
be in full force and effect or (ii) stating that no such consents, licenses or approvals are so
required.

          (e) No Litigation. The Administrative Agent shall have received confirmation that
there is no pending or, to their knowledge after due inquiry, threatened action or proceeding
affecting the Issuer, the Administrator, SPV, the Origination Trust, the Servicer, ARAC or any of
its Subsidiaries before any Governmental Authority that could reasonably be expected to have a
Material Adverse Effect.

          (f) Lien Searches. The Administrative Agent shall have received a written search
report listing all effective financing statements that name VMS, the Origination Trust, SPV or the
Issuer as debtor or assignor and that are filed in the jurisdictions in which filings were made
pursuant to paragraph (h) below and in any other jurisdictions that the Administrative Agent
determines are necessary or appropriate, together with copies of such financing statements (none of
which, except for those described in paragraph (h) below shall cover any portion of the Series
1999-3 Collateral), and tax and judgment lien searches showing no such liens that are not permitted
by the Transaction Documents.

          (g) UCC Certificate. The Administrative Agent shall have received from each of VMS,
the Origination Trust, SPV and the Issuer a certificate, substantially in the form of

 

58

Exhibit D, completed in a manner satisfactory to the Administrative Agent, duly executed by an
Authorized Officer of each of VMS, the Origination Trust, SPV and the Issuer and dated the Series
1999-3 Closing Date.

          (h) Filings, Registrations and Recordings. The SUBI Certificates shall have been
registered in the name of the Issuer and delivered to the Indenture Trustee, endorsed in blank,
and any documents (including, without limitation, financing statements) required to be filed in
order (i) to create, in favor of the Indenture Trustee, a perfected security interest in the
Collateral with respect to which a security interest may be perfected by a filing under the UCC or
other comparable statute, (ii) to create in favor of the Issuer a perfected ownership/security
interest in the Issuer Assets under the Transfer Agreement with respect to which a
ownership/security interest may be perfected by filing under the UCC or other comparable statute,
(iii) to create in favor of the Origination Trust perfected ownership/security interest in the
assets transferred thereto pursuant to the Contribution Agreement and any assets transferred to
the Origination Trust by VMS or any of its affiliates within a year of the Initial Closing Date
with respect to which a ownership/security interest may be perfected by filing under the UCC or
other comparable statute, (iv) to create in favor of SPV a perfected ownership interest in the
Fleet Receivables under the Receivable Purchase Agreement and the assets transferred to SPV
pursuant to the Asset Sale Agreement and (v) to create in favor of the Indenture Trustee a
perfected security interest in the Series 1999-3 Collateral with respect to which a security
interest may be perfected by a filing under the UCC or other comparable statute shall, in each
case, have been properly prepared and executed for immediate filing in each office in each
jurisdiction listed in the UCC Certificate referred to in paragraph (g) above, and such filings
are the only filings required in order to perfect the security interest of the Indenture Trustee
in the Collateral, the transfer of the Issuer Assets to the Issuer pursuant to the Transfer
Agreement, the transfer of the Fleet Receivables, Leases, Vehicles and other assets to the
Origination Trust pursuant to the Contribution Agreement, the transfer of the Fleet Receivables to
SPV pursuant to the Receivable Purchase Agreement and of certain other assets to SPV pursuant to
the Asset Sale Agreement, the transfer of the Series 1999-3 Collateral to the Indenture Trustee,
as the case may be. The Administrative Agent shall have received evidence reasonably satisfactory
to it of each such filing, registration or recordation and reasonably satisfactory evidence of the
payment of any necessary fee, tax or expense relating thereto.

          (i) Legal Opinions. The Administrative Agent shall have received, with a
counterpart addressed to each CP Conduit Purchaser and the Funding Agent, the Program Support
Provider and the APA Bank with respect to such CP Conduit Purchaser and the Indenture Trustee,
opinions of counsel to the Issuer and the Administrator, dated the Series 1999- 3 Closing Date, as
to corporate, due organization of the Origination Trust and the Issuer, bankruptcy (“true sale” and
“non-substantive consolidation”), perfection and priority of security interests in the Series
1999-3 Collateral, creation and perfection of the security interests in the Issuer Assets, the SUBI
Certificates and the Sold Units and the Fleet Receivables, the characterization of the Series
1999-3 Investor Notes as debt for U.S. federal income tax purposes, the characterization of the
Issuer not as an association or a publicly traded partnership taxable as a corporation for U.S.
federal income tax purposes and other matters, in each case, in form and substance acceptable to
the addressees thereof and their respective counsel.

          

 

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          (j) Fees and Expenses. Each Funding Agent with respect to a CP Conduit
Purchaser shall have received payment of all fees, out-of-pocket expenses and other amounts due
and payable to such CP Conduit Purchaser or the APA Bank with respect to such CP Conduit Purchaser
on or before the Effective Date.

          (k) Establishment of Accounts. The Administrative Agent shall have received
evidence reasonably satisfactory to it that the Collection Account (including the Series 1999-3
Subaccounts), the Series 1999-3 Reserve Account, the Series 1999-3 Yield Supplement Account and
the Series 1999-3 Distribution Account shall have been established in accordance with the terms
and provisions of the Indenture.

          (1) Lease Rate Caps. The Indenture Trustee shall have received copies of the
Lease Rate Caps duly executed by the parties thereto satisfying the requirements of Section 5A.12
on the Series 1999-3 Closing Date.

          (m) Material Adverse Change. No material adverse change shall have occurred
with respect to the business, operations, property or condition (financial or otherwise) of ARAC
and its Subsidiaries taken as a whole since June 30, 1999.

          (n) Opinion. The Administrative Agent shall have received an opinion of counsel
to the Indenture Trustee as to the due authorization, execution and delivery by the Indenture
Trustee of this Indenture Supplement and the due execution, authentication and delivery by the
Indenture Trustee of the Series 1999-3 Investor Notes.

          (o) Consent to Service of Process. The Administrative Agent shall have received
an instrument confirming acceptance of the appointment by the Issuer of CT Corporation located at
1633 Broadway, New York, New York 10019 as the authorized agent upon whom process may be served in
any action arising out of or based upon this Indenture Supplement or any other Transaction
Document to which the Issuer is a party that may be instituted in the United States District Court
for the Southern District of New York.

          (p) Insurance. The Administrative Agent shall have received evidence in form
and substance reasonably satisfactory to it that all of the requirements of Section 7.7 of the
Series 1999-3 SUBI Servicing Supplement shall have been satisfied.

          (q) Risk Assessment Letters. The Administrative Agent shall have received a
letter, in form and substance satisfactory to the Administrative Agent, from each of Standard &
Poor’s and Moody’s assessing the credit risk assigned by Standard & Poor’s and Moody’s,
respectively, to the Series 1999-3 Investor Notes.

ARTICLE 10

THE ADMINISTRATIVE AGENT

          Section 10.1 Appointment. Each of the CP Conduit Purchasers, the APA Banks and the
Funding Agents hereby irrevocably designates and appoints the Administrative Agent as the agent of
such Person under this Indenture Supplement and irrevocably authorizes the Administrative Agent, in
such capacity, to take such action on its behalf under the provisions of

 

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this Indenture Supplement and to exercise such powers and perform such duties as are expressly
delegated to the Administrative Agent by the terms of this Indenture Supplement, together with such
other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary
elsewhere in this Indenture Supplement, the Administrative Agent shall not have any duties or
responsibilities except those expressly set forth herein, or any fiduciary relationship with any
CP Conduit Purchaser, any APA Bank or any Funding Agent, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Indenture Supplement
or otherwise exist against the Administrative Agent. In performing its functions and duties
hereunder, the Administrative Agent shall act solely as the agent of the CP Conduit Purchasers, the
APA Banks and the Funding Agents, and the Administrative Agent does not assume, nor shall be deemed
to have assumed, any obligation or relationship of trust or agency with or for any such Person.

          Section 10.2 Delegation of Duties. The Administrative Agent may execute any of its
duties under this Indenture Supplement by or through agents or attorneys-in-fact and shall be
entitled to advice of counsel (who may be counsel for the Issuer or the Administrator), independent
public accountants and other experts selected by it 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 10.3 Exculpatory Provisions. Neither the Administrative Agent nor any of its
officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (i) liable for
any action lawfully taken or omitted to be taken by it or such Person under or in connection with
the Base Indenture or this Indenture Supplement (x) with the consent or at the request of the
Purchasers or (y) in the absence of its own gross negligence or willful misconduct or (ii)
responsible in any manner to any of the CP Conduit Purchasers, the APA Banks or the Funding Agents
for any recitals, statements, representations or warranties made by the Issuer, the Administrator
or any officer thereof contained in this Indenture Supplement or any other Transaction Document or
in any certificate, report, statement or other document referred to or provided for in, or received
by the Administrative Agent under or in connection with, this Indenture Supplement or any other
Transaction Document or for the value, validity, effectiveness, genuineness, enforceability or
sufficiency of this Indenture Supplement, any other Transaction Document, the SUBI Certificates,
the Sold Units or the Fleet Receivables or for any failure of any of the Issuer, the Administrator,
SPV, the Origination Trust or the Servicer to perform its obligations hereunder or thereunder. The
Administrative Agent shall not be under any obligation to any CP Conduit Purchaser, any APA Bank
or any Funding Agent to ascertain or to inquire as to the observance or performance of any of the
agreements contained in, or conditions of, this Indenture Supplement, any other Transaction
Document, the SUBI Certificates, the Sold Units or the Fleet Receivables or to inspect the
properties, books or records of the Issuer, the Administrator, SPV, the Origination Trust or the
Servicer.

          Section 10.4 Reliance by Administrative Agent. The Administrative Agent shall be
entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice,
consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or
other 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 the Issuer or the Administrator), independent

 

61

accountants and other experts selected by the Administrative Agent and shall not be liable for any
action taken or omitted to be taken by it in good faith in accordance with the advice of such
counsel, accountants or experts. The Administrative Agent may deem and treat the registered holder
of any Series 1999-3 Investor Note as the owner thereof for all purposes unless a written notice of
assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent.
The Administrative Agent shall be fully justified in failing or refusing to take any action under
this Indenture Supplement or any other Transaction Document unless it shall first receive such
advice or concurrence of the Funding Agents, on behalf of the Purchasers, as it deems appropriate
or it shall first be indemnified to its satisfaction by the Funding Agents against any and all
liability and expense which may be incurred by it by reason of taking or continuing to take any
such action. The Administrative Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Indenture Supplement and the other Transaction Documents in
accordance with a request of the Series 1999-3 Required Investor Noteholders (unless, in the case
of any action relating to the giving of consent hereunder, the giving of such consent requires the
consent of all Series 1999-3 Investor Noteholders), and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the CP Conduit Purchasers, the APA Banks
and the Funding Agents.

          Section 10.5 Notice of Administrator Default or Amortization Event or Potential
Amortization Event. The Administrative Agent shall not be deemed to have knowledge or notice
of the occurrence of any Amortization Event or Potential Amortization Event, any Event of Default
or Default, any Termination Event or any Servicer Default unless the Administrative Agent has
received notice from a CP Conduit Purchaser, an APA Bank, a Funding Agent, the Issuer, the
Administrator, SPV, the Origination Trust or the Servicer referring to the Agreement or this
Indenture Supplement, describing such Amortization Event or Potential Amortization Event, Event of
Default or Default, Termination Event or Servicer Default or and stating that such notice is a
“notice of an Amortization Event or Potential Amortization Event,” “notice of an Event of Default
or Default,” “notice of a Termination Event” or “notice of a Servicer Default”, as the case may
be. In the event that the Administrative Agent receives such a notice, the Administrative Agent
shall give notice thereof to the Funding Agents, the Indenture Trustee, the Issuer and the
Administrator. The Administrative Agent shall take such action with respect to such event as shall
be reasonably directed by the Series 1999-3 Required Investor Noteholders, provided that
unless and until the Administrative Agent shall have received such directions, the Administrative
Agent may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such event as it shall deem advisable in the best interests of the Purchasers.

          Section 10.6 Non-Reliance on the Administrative Agent and Other Purchasers. Each of
the CP Conduit Purchasers, the APA Banks and the Funding Agents expressly acknowledges 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 hereinafter taken, including any review of the affairs of the Issuer, shall
be deemed to constitute any representation or warranty by the Administrative Agent to any such
Person. Each of the CP Conduit Purchasers, the APA Banks and the Funding Agents represents to the
Administrative Agent that it has, independently and without reliance upon the Administrative Agent
or any other CP Conduit Purchaser, APA Bank or Funding Agent and based on such documents and
information as it has deemed appropriate, made its own appraisal

 

62

of and investigation into the business, operations, property, financial and other condition and
creditworthiness of the Issuer, the Administrator, SPV, the Origination Trust and the Servicer and
made its own decision to enter into this Indenture Supplement. Each of the CP Conduit Purchasers,
the APA Banks and the Funding Agents also represents that it will, independently and without
reliance upon the Administrative Agent or any other CP Conduit Purchaser, APA Bank or Funding
Agent, and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit analysis, appraisals and decisions in taking or not taking action
under this Indenture Supplement and the other Transaction Documents, and to make such
investigation as it deems necessary to inform itself as to the business, operations, property,
financial and other condition and creditworthiness of the Issuer, the Administrator, SPV, the
Origination Trust and the Servicer. Except for notices, reports and other documents expressly
required to be furnished to the Funding Agents by the Administrative Agent hereunder, the
Administrative Agent shall have no duty or responsibility to provide any CP Conduit Purchaser, any
APA Bank or any Funding Agent with any credit or other information concerning the business,
operations, property, condition (financial or otherwise), prospects or creditworthiness of the
Issuer, the Administrator, SPV, the Origination Trust or the Servicer which may come into the
possession of the Administrative Agent or any of its officers, directors, employees, agents,
attorneys-in-fact or Affiliates.

          Section 10.7 Indemnification. Each of the APA Banks and the Funding Agents agrees to
indemnify the Administrative Agent in its capacity as such (to the extent not reimbursed by the
Issuer and the Administrator and without limiting the obligation of the Issuer and the
Administrator to do so), from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which
may at any time be imposed on, incurred by or asserted against the Administrative Agent in any way
relating to or arising out of this Indenture Supplement, any of the other Transaction Documents or
any documents contemplated by or referred to herein or therein or the transactions contemplated
hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection
with any of the foregoing; provided that no APA Bank or Funding Agent shall be liable for
the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting solely from the Administrative
Agent’s gross negligence or willful misconduct. The agreements in this Section shall survive the
payment of all amounts payable hereunder.

          Section 10.8 The Administrative Agent in Its Individual Capacity. The Administrative
Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind
of business with the Issuer, the Administrator or any of their Affiliates as though the
Administrative Agent were not the Administrative Agent hereunder. With respect to any Series 1999-3
Investor Note held by the Administrative Agent, the Administrative Agent shall have the same
rights and powers under this Indenture Supplement and the other Transaction Documents as any
Purchaser and may exercise the same as though it were not the Administrative Agent, and the terms
“APA Bank,” and “Purchaser” shall include the Administrative Agent in its individual capacity.

          Section 10.9 Resignation of Administrative Agent; Successor Administrative Agent. The
Administrative Agent may resign as Administrative Agent at any time by giving 30

          

 

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days’ notice to the Funding Agents, the Indenture Trustee, the Issuer and the Administrator. The
Administrative Agent may be removed at any time by a resolution of the Series 1999-3 Required
Investor Noteholders, removing the Administrative Agent and appointing from among the Funding
Agents a successor administrative agent, which successor administrative agent shall be approved by
the Issuer and the Administrator (which approval shall not be unreasonably withheld), delivered to
the Administrative Agent, the Indenture Trustee and the Administrator. If Chase shall resign as
Administrative Agent under this Indenture Supplement, then the Series 1999-3 Required Investor
Noteholders shall promptly appoint a successor administrative agent from among the Funding Agents,
which successor administrative agent shall be approved by the Issuer and the Administrator (which
approval shall not be unreasonably withheld). If no successor administrative agent is appointed
prior to the effective date of the resignation of the Administrative Agent, the Administrative
Agent may appoint, after consulting with the Funding Agents, the Issuer and the Administrator, a
successor agent from among the Funding Agents. If no successor administrative agent has accepted
appointment as Administrative Agent by the date which is 30 days following a retiring
Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall
nevertheless thereupon become effective and the Administrator shall assume and perform all of the
duties of the Administrative Agent hereunder until such time, if any, as the Series 1999-3 Required
Investor Noteholders appoint a successor agent as provided for above. Effective upon the
appointment of a successor administrative agent, such successor administrative agent shall succeed
to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent”
shall mean such successor administrative agent effective upon such appointment and approval, and
the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be
terminated, without any other or further act or deed on the part of such former Administrative
Agent or any of the parties to this Indenture Supplement. After any retiring Administrative
Agent’s resignation as Administrative Agent, the provisions of this Article 10 shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent
under this Indenture Supplement.

ARTICLE 11

MISCELLANEOUS

          Section 11.1 Ratification of Indenture. As Indenture Supplemented by this Indenture
Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so
Indenture Supplemented by this Indenture Supplement shall be read, taken and construed as one and
the same instrument.

          Section 11.2 Governing Law. THIS INDENTURE SUPPLEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          Section 11.3 Further Assurances. Each of the Issuer, the Administrator and the
Indenture Trustee agrees, from time to time, to do and perform any and all acts and to execute any
and all further instruments required or reasonably requested by the Administrative Agent

 

64

more fully to effect the purposes of this Indenture Supplement and the sale of the Series 1999-3
Investor Notes hereunder, including, without limitation, in the case of the Issuer and the
Administrator, the execution of any financing or registration statements or similar documents or
notices or continuation statements relating to the Series 1999-3 Collateral for filing or
registration under the provisions of the UCC or similar legislation of any applicable jurisdiction.

          Section 11.4 Payments. Each payment to be made hereunder shall be made on the
required payment date in lawful money of the United States and in immediately available funds, if
to a Purchaser, at the office of the Funding Agent with respect to such Purchaser set forth in
Section 11.9.

          Section 11.5 Costs and Expenses. The Administrator agrees to pay on demand all
reasonable out-of-pocket costs and expenses of the Administrative Agent (including, without
limitation, reasonable fees and disbursements of counsel to the Administrative Agent) and of each
Purchaser (including in connection with the preparation, execution and delivery of this Indenture
Supplement the reasonable fees and disbursements of counsel to such Purchaser) in connection with
(i) the preparation, execution, delivery and administration (including periodic auditing and any
requested amendments, waivers or consents) of this Indenture Supplement, the Indenture and the
other Transaction Documents and amendments or waivers of any such documents and (ii) the
enforcement by the Administrative Agent or any Funding Agent of the obligations and liabilities of
the Issuer, the Administrator, SPV, the Origination Trust, VMS and the Servicer under the
Indenture, this Indenture Supplement, the other Transaction Documents or any related document and
all costs and expenses, if any (including reasonable counsel fees and expenses), in connection with
the enforcement of this Agreement and the other Transaction Documents.

          Section 11.6 No Waiver; Cumulative Remedies. No failure to exercise and no delay in
exercising, on the part of the Indenture Trustee, the Administrative Agent, any Funding Agent, any
CP Conduit Purchaser or any APA Bank, any right, remedy, power or privilege hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law.

          Section 11.7 Amendments, (a) This Indenture Supplement may be amended in writing from
time to time by the Administrator, the Issuer and the Indenture Trustee, with the consent of the
Series 1999-3 Required Investor Noteholders; provided that, notwithstanding the foregoing, without
the consent of each CP Conduit Purchaser and each APA Bank, no such amendment shall:

     (i) reduce the percentage of Series 1999-3 Investor Noteholders whose
consent is required to take any particular action hereunder;

     (ii) (A) extend the due date for, or reduce the amount of any scheduled
repayment or prepayment of principal of or interest on any Series 1999-3 Investor Note (or
reduce the principal amount of or rate of interest on any Series 1999-3 Investor Note);

 

65

(B) extend the due date for, or reduce the amount of any Commitment Fee payable hereunder;
(C) change the calculation of any Article 7 Costs or other amounts payable by the Issuer to
the CP Conduit Purchasers or APA Banks hereunder; (D) modify Section 5A.4(c); (E)
approve the assignment or transfer by the Issuer of any of its rights or obligations
hereunder or under any other Transaction Document to which it is a party except pursuant to
the express terms hereof or thereof; (F) release any obligor under any Transaction Document
to which it is a party except pursuant to the express terms of such Transaction Document;
provided, however, that the Liens on Vehicles may be released as provided
in Section 3.5 of the Base Indenture; (G) amend or otherwise modify any
Amortization Event or any defined term referred to therein; (H) amend or otherwise modify
the Series 1999-3 Required Asset Amount, the Series 1999-3 Required Overcollateralization
Amount, the Series 1999-3 Required Enhancement Amount or any defined term referred to
therein or (I) permit the creation of any Lien ranking prior to or on a parity with the
Indenture Trustee’s Lien on the Series 1999-3 Collateral, release such Lien except pursuant
to the express terms hereof or deprive any Series 1999-3 Investor Noteholder of the
security afforded by such Lien;

     (iii) modify Section 11.7(a); and

          (iv) modify
the allocations and priorities of payments set forth in Article 3 of
this Indenture Supplement.

          (b) Any amendment hereof can be effected without the Administrative Agent’s being party
thereto; provided, however, that no such amendment, modification or waiver of this Indenture
Supplement that affects rights or duties of the Administrative Agent shall be effective unless the
Administrative Agent shall have given its prior written consent thereto.

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

          (d) Promptly after the execution of any amendment hereof, the Administrator shall mail to each
of the Funding Agents and each Rating Agency a copy thereof.

          Section 11.8 Severability. If any provision hereof is void or unenforceable in any
jurisdiction, such voidness or unenforceability shall not affect the validity or enforceability of
(i) such provision in any other jurisdiction or (ii) any other provision hereof in such or any
other jurisdiction.

          Section 11.9 Notices. All notices, requests, instructions and demands to or upon any
party hereto to be effective shall be given (i) in the case of the Issuer, the Administrator and
the Indenture Trustee, in the manner set forth in Section 13.4 of the Base Indenture and
(ii) in the case of the Administrative Agent, the CP Conduit Purchasers, the APA Banks and the
Funding Agents, in writing, and, unless otherwise expressly provided herein, shall be deemed to
have been duly given or made when delivered by hand or three days after being deposited in the
mail, postage prepaid, in the case of facsimile notice, when received, or in the case of overnight
air courier, one Business Day after the date such notice is delivered to such overnight courier,

          

 

66

addressed as follows in the case of the Administrative Agent and to the addresses therefor set
forth in Schedule I, in the case of the CP Conduit Purchasers, the APA Banks and the Funding
Agents; or to such other address as may be hereafter notified by the respective parties hereto:

	 	 	 
	Administrative
	 	 
	Agent:

	 	The Chase Manhattan Bank
	 

	 	450 West 33rd Street
	 

	 	New York, New York 10001
	 

	 	Attention: Andrew Taylor
	 

	 	Fax: 212-946-7776

          Section 11.10 Successors and Assigns, (a) This Indenture Supplement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns,
except that the Issuer may not assign or transfer any of its rights under this Indenture Supplement
without the prior written consent of all of the Series 1999-3 Investor Noteholders, no CP Conduit
Purchaser may assign or transfer any of its rights under this Indenture Supplement other than in
accordance with the Asset Purchase Agreement with respect to such CP Conduit Purchaser or otherwise
to the APA Bank with respect to such CP Conduit Purchaser or a Program Support Provider with
respect to such CP Conduit Purchaser or pursuant to clause (b) below of this Section 11.10
and no APA Bank may assign or transfer any of its rights or obligations under this Indenture
Supplement except to a Program Support Provider or pursuant to clause (c) below of this Section
11.10.

          (b) Without limiting the foregoing, each CP Conduit Purchaser may, from time to time
with prior or concurrent notice to the Issuer and the Administrative Agent assign the Purchaser
Invested Amount with respect to such CP Conduit Purchaser and its rights and obligations under this
Indenture Supplement and any other Transaction Documents to which it is a party to a Conduit
Assignee with respect to such CP Conduit Purchaser. Upon such assignment by a CP Conduit Purchaser
to a Conduit Assignee, (A) such Conduit Assignee shall be the owner of the Purchaser Invested
Amount with respect to such CP Conduit Purchaser, (B) the related administrative or managing agent
for such Conduit Assignee will act as the administrative 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 Transaction Documents, (C) such Conduit Assignee and its liquidity
support provider(s) and credit support provider(s) and other related parties shall have the
benefit of all the rights and protections provided to such CP Conduit Purchaser herein and in the
other Transaction Documents (including, without limitation, any limitation on recourse against
such Conduit Assignee as provided in this paragraph), (D) such Conduit Assignee shall assume all of
such CP Conduit Purchaser’s obligations, if any, hereunder or under any other Transaction Document
and such CP Conduit Purchaser shall be released from all such obligations, (E) all distributions in
respect of the Purchaser Invested Amount with respect to such CP Conduit Purchaser shall be made
to the applicable agent or administrative agent, as applicable, on behalf of such Conduit Assignee,
(F) the definitions of the terms “Monthly Funding Costs” and “Discount” shall be determined in the
manner set forth in the definition of “Monthly Funding Costs” and “Discount” applicable to such CP
Conduit Purchaser on the basis of the interest rate or discount applicable to commercial paper
issued by such Conduit Assignee (rather than such CP Conduit Purchaser), (G) the defined terms and
other terms and provisions of this Indenture Supplement and the other

          

 

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Transaction Documents shall be interpreted in accordance with the foregoing, and (H) if requested
by the Administrative Agent or the agent or administrative agent with respect to the Conduit
Assignee, the parties will execute and deliver such further agreements and documents and take such
other actions as the Administrative Agent or such agent or administrative agent may reasonably
request to evidence and give effect to the foregoing. No assignment by any CP Conduit Purchaser to
a Conduit Assignee of the Purchaser Invested Amount with respect to such CP Conduit Purchaser shall
in any way diminish the obligations of the APA Bank with respect to such CP Conduit Purchaser under
Section 2.3 to fund any Increase.

          (c) Any APA Bank may, in the ordinary course of its business and in accordance with applicable
law, at any time sell all or any part of its rights and obligations under this Indenture Supplement
and the Series 1999-3 Investor Notes, with the prior written consent of the Administrative Agent,
the Issuer and the Administrator (in each case, which consent shall not be unreasonably withheld),
to one or more banks (an “Acquiring APA Bank”) pursuant to a transfer supplement, substantially in
the form of Exhibit E (the “Transfer Supplement”), executed by such Acquiring APA Bank, such
assigning APA Bank, the Funding Agent with respect to such APA Bank, the Administrative Agent, the
Issuer and the Administrator and delivered to the Administrative Agent. Notwithstanding the
foregoing, no APA Bank shall so sell its rights hereunder if such Acquiring APA Bank is not an
Eligible Assignee.

          (d) Any APA Bank 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 Commitment, its Series 1999-3 Investor Note and its rights hereunder pursuant
to documentation in form and substance satisfactory to such APA Bank and the Participant;
provided, however, that (i) in the event of any such sale by an APA Bank to a Participant, (A)
such APA Bank’s obligations under this Indenture Supplement shall remain unchanged, (B) such APA
Bank shall remain solely responsible for the performance thereof and (C) the Issuer and the
Administrative Agent shall continue to deal solely and directly with such APA Bank in connection
with its rights and obligations under this Indenture Supplement and (ii) no APA Bank 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 Indenture Supplement or any Transaction
Document, except to the extent that the approval of such amendment, consent or waiver otherwise
would require the unanimous consent of all APA Banks hereunder. A Participant shall have the right
to receive Article 7 Costs but only to the extent that the related selling APA Bank would have had
such right absent the sale of the related participation.

          (e) Any CP Conduit Purchaser and the APA Bank with respect to such CP Conduit Purchaser may at
any time sell all or any part of their respective rights and obligations under this Indenture
Supplement and the Series 1999-3 Investor Notes, with the prior written consent of the
Administrative Agent, the Issuer and the Administrator (in each case, which consent shall not be
unreasonably withheld), to a multi-seller commercial paper conduit and one or more banks providing
support to such multi-seller commercial paper conduit (an “Acquiring Purchaser”) pursuant to a
transfer supplement, substantially in the form of Exhibit F (the “Purchaser Supplement”), executed
by such Acquiring Purchaser, the Funding Agent with respect to such Acquiring Purchaser (including
the CP Conduit Purchaser and the APA Bank with respect to such Purchaser), such assigning CP
Conduit Purchaser and the APA Bank with

 

68

respect to such CP Conduit Purchaser, the Funding Agent with respect to such assigning CP Conduit
Purchaser and APA Bank, the Administrative Agent, the Issuer and the Administrator and delivered
to the Administrative Agent.

          (f) The Issuer authorizes each APA Bank to disclose to any Participant or Acquiring APA
Bank (each, a “Transferee”) and any prospective Transferee any and all financial information in
such APA Bank’s possession concerning the Issuer, the Collateral, the Servicer and the Transaction
Documents which has been delivered to such APA Bank by the Issuer or the Administrator in
connection with such APA Bank’s credit evaluation of the Issuer, the Collateral and the Servicer.

          Section 11.11 Securities Laws. Each Purchaser hereby represents and warrants to the
Issuer that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D
under the Securities Act and has sufficient assets to bear the economic risk of, and sufficient
knowledge and experience in financial and business matters to evaluate the merits and risks of,
its investment in a Series 1999-A Investor Note. Each Purchaser agrees that its Series 1999-3
Investor Note will be acquired for investment only and not with a view to any public distribution
thereof, and that such Purchaser will not offer to sell or otherwise dispose of its Series 1999-3
Investor Note (or any interest therein) in violation of any of the registration requirements of the
Securities Act, or any applicable state or other securities laws. Each Purchaser acknowledges that
it has no right to require the Issuer to register its Series 1999-3 Investor Note under the
Securities Act or any other securities law. Each Purchaser hereby confirms and agrees that in
connection with any transfer by it of an interest in the Series 1999-3 Investor Note, such
Purchaser has not engaged and will not engage in a general solicitation or general advertising
including advertisements, articles, notices or other communications published in any newspaper,
magazine or similar media or broadcast over radio or television, or any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising.

          Section 11.12 Adjustments; Set-off, (a) If any Purchaser (a “Benefitted
Purchaser”) shall at any time receive in respect of its Purchaser Invested Amount any
distribution of principal, interest, Commitment Fees or any interest thereon, or receive any
collateral in respect thereof (whether voluntarily or involuntarily, by set-off or otherwise) in a
greater proportion than any such distribution received by any other Purchaser, if any, in respect
of such other Purchaser’s Purchaser Invested Amount, or interest thereon, such Benefitted Purchaser
shall purchase for cash from the other Purchaser such portion of such other Purchaser’s interest
in the Series 1999-3 Investor Notes, or shall provide such other Purchaser with the benefits of
any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefitted
Purchaser to share the excess payment or benefits of such collateral or proceeds ratably with the
other Purchaser; provided, however, that if all or any portion of such excess
payment or benefits is thereafter recovered from such Benefitted Purchaser, such purchase shall be
rescinded, and the purchase price and benefits returned, to the extent of such recovery, but
without interest. The Issuer agrees that any Purchaser so purchasing a portion of another
Purchaser’s Purchaser Invested Amount may exercise all rights of payment (including, without
limitation, rights of set off) with respect to such portion as fully as if such Purchaser were the
direct holder of such portion.

 

69

          (b) In addition to any rights and remedies of the Purchasers provided by law, each
Purchaser shall have the right, without prior notice to the Issuer, any such notice being expressly
waived by the Issuer to the extent permitted by applicable law, upon any amount becoming due and
payable by the Issuer hereunder or under the Series 1999-3 Investor Notes to set-off and
appropriate and apply against any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any
currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at
any time held or owing by such Purchaser to or for the credit or the account of the Issuer. Each
Purchaser agrees promptly to notify the Issuer and the Administrative Agent after any such set-off
and application made by such Purchaser; provided that the failure to give such notice shall not
affect the validity of such set-off and application.

          Section 11.13 Counterparts. This Indenture Supplement may be executed in any number of
counterparts and by the different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original, and all of which taken together shall constitute one
and the same agreement.

          Section 11.14 No Bankruptcy Petition, (a) Each of the Administrative Agent, the CP
Conduit Purchasers, the APA Banks and the Funding Agents hereby covenants and agrees that, prior
to the date which is one year and one day after the later of (i) the last day of the Series 1999-3
Amortization Period and (ii) the last day of the amortization period of any other Outstanding
Series, it will not institute against, or join any other Person in instituting against, the Issuer
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
similar proceedings under any federal or state bankruptcy or similar law.

          (b) The Issuer, the Administrator, the Indenture Trustee, the Administrative Agent, each
Funding Agent and each APA Bank hereby covenants and agrees that, prior to the date which is one
year and one day after the payment in full of all outstanding Commercial Paper issued by, or for
the benefit of, a CP Conduit Purchaser, it will not institute against, or join any other Person in
instituting against, such CP Conduit Purchaser (or the Person issuing Commercial Paper for the
benefit of such CP Conduit Purchaser) any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other similar proceedings under any federal or state bankruptcy or
similar law.

          (c) The Issuer, the Administrator, the Indenture Trustee, the Administrative Agent, each CP
Conduit Purchaser, each APA Bank and each Funding Agent hereby covenants and agrees that, prior to
the date which is one year and one day after payment in full of all obligations under each
Securitization, it will not institute against, or join any other Person in instituting against, the
Origination Trust, SPV, any other Special Purpose Entity, or any general partner or single member
of any Special Purpose Entity that is a partnership or limited liability company, respectively, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceedings
under any federal or state bankruptcy or similar law.

          (d) This covenant shall survive the termination of this Indenture Supplement and the Base
Indenture and the payment of all amounts payable hereunder and thereunder.

 

70

          Section 11.15 SUBIs. The Issuer, the Administrator, the Administrative Agent, each CP
Conduit Purchaser, each APA Bank and each Funding Agent hereby represents, warrants and covenants
that (a) each of the Lease SUBI and the Fleet Receivable SUBI is a separate series of the
Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware
Code, 12 Del.C. § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to the Lease SUBI, the Lease SUBI
Portfolio or the Fleet Receivable SUBI shall be enforceable against the Lease SUBI Portfolio or
the Fleet Receivable SUBI only, as applicable, and not against any other SUBI Portfolio or the UTI
Portfolio and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or
otherwise existing with respect to any other SUBI (used in this Section as defined in the
Origination Trust Agreement), any other SUBI Portfolio (used in this Section as defined in the
Origination Trust Agreement), the UTI or the UTI Portfolio shall be enforceable against such other
SUBI Portfolio or the UTI Portfolio only, as applicable, and not against any other SUBI Assets, (c)
except to the extent required by law, UTI Assets or SUBI Assets with respect to any SUBI (other
than the Lease SUBI and the Fleet Receivable SUBI) shall not be subject to the claims, debts,
liabilities, expenses or obligations arising from or with respect to the Lease SUBI or Fleet
Receivable SUBI, respectively, in respect of such claim, (d)(i) no creditor or holder of a claim
relating to the Lease SUBI, the Fleet Receivable SUBI or the Lease Receivable SUBI Portfolio shall
be entitled to maintain any action against or recover any assets allocated to the UTI or the UTI
Portfolio or any other SUBI or the assets allocated thereto, and (ii) no creditor or holder of a
claim relating to the UTI, the UTI Portfolio or any SUBI other than the Lease SUBI or the Fleet
Receivable SUBI or any SUBI Assets other than the Lease SUBI Portfolio or the Fleet Receivables
shall be entitled to maintain any action against or recover any assets allocated to the Lease SUBI
or the Fleet Receivable SUBI, and (e) any purchaser, assignee or pledgee of an interest in the
Lease SUBI, the Lease SUBI Certificate, the Fleet Receivable SUBI, the Lease SUBI Certificate, the
Fleet Receivable SUBI Certificate, any other SUBI, any other SUBI Certificate (used in this Section
as defined in the Origination Trust Agreement), the UTI or the UTI Certificate must, prior to or
contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to
the Origination Trust a non-petition covenant substantially similar to that set forth in Section
6.9 of the Origination Trust Agreement, and (ii) execute an agreement for the benefit of each
holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any other SUBI or
SUBI Certificate to release all claims to the assets of the Origination Trust allocated to the UTI
and each other SUBI Portfolio and in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the Origination Trust
allocated to the UTI Portfolio and each other SUBI Portfolio.

          Section 11.16 Discharge of Indenture. Notwithstanding anything to the contrary
contained in the Base Indenture, no discharge of the Indenture pursuant to Section 11.1(b)
of the Base Indenture will be effective as to the Series 1999-3 Investor Notes without the consent
of the Series 1999-3 Required Investor Noteholders.

 

71

          Section 11.17 Duration of Indenture Trustee’s Obligations. Notwithstanding the earlier
payment in full of all principal and interest due to the Series 1999-3 Investor Noteholders and all
other amounts owing to the Series 1999-3 Investor Noteholders under the terms of this Indenture
Supplement, the Issuer, the Administrator and the Indenture Trustee shall comply with their
respective obligations under Sections 5A.1, 5A.2, 5A.4, 5A.5(d) and
(e), 5A.8, 5A.9, 5A.10, 5A.12 and Article 6 until
the termination of the Series 1999-3 Amortization Period.

          Section 11.18 Limited Recourse, (a) Notwithstanding anything to the contrary contained
herein, any obligations of each CP Conduit Purchaser hereunder to any party hereto are solely the
corporate obligations of such CP Conduit Purchaser and shall be payable at such time as funds are
received by or are available to such CP Conduit Purchaser in excess of funds necessary to pay in
full all of its outstanding Commercial Paper and, to the extent funds are not available to pay such
obligations, the claims relating thereto shall not constitute a claim against such CP Conduit
Purchaser but shall continue to accrue. Each party hereto agrees that the payment of any claim (as
defined in Section 101 of Title 11 of the Bankruptcy Code) of any such party against a CP Conduit
Purchaser shall be subordinated to the payment in full of all of its Commercial Paper.

          (b) No recourse under any obligation, covenant or agreement of any CP Conduit Purchaser
contained herein shall be had against any incorporator, stockholder, officer, director, employee or
agent of such CP Conduit Purchaser, its administrative agent, the Funding Agent with respect to
such CP Conduit Purchaser or any of their Affiliates by the enforcement of any assessment or by any
legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and
understood that this Indenture Supplement is solely a corporate obligation of such CP Conduit
Purchaser individually, and that no personal liability whatever shall attach to or be incurred by
any incorporator, stockholder, officer, director, employee or agent of such CP Conduit Purchaser,
its administrative agent, the Funding Agent with respect to such CP Conduit Purchaser or any of its
Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the
obligations, covenants or agreements of such CP Conduit Purchaser contained in this Agreement, or
implied therefrom, and that any and all personal liability for breaches by such CP Conduit
Purchaser of any of such obligations, covenants or agreements, either at common law or at equity,
or by statute, rule or regulation, of every such incorporator, stockholder, officer, director,
employee or agent is hereby expressly waived as a condition of and in consideration for the
execution of this Indenture Supplement; provided that the foregoing shall not relieve any such
Person from any liability it might otherwise have as a result of fraudulent actions taken or
omissions made by them. The provisions of this Section 11.18 shall survive termination of this
Indenture Supplement.

          Section 11.19 Waiver of Setoff. Notwithstanding any other provision of this Indenture
Supplement or any other agreement to the contrary, all payments to the Purchasers hereunder shall
be made without set-off or counterclaim.

          Section 11.20 Notice to Rating Agencies. The Indenture Trustee shall provide to each
Rating Agency a copy of each notice delivered to, or required to be provided by, the Indenture
Trustee pursuant to this Indenture Supplement or any other Transaction Document.

          

 

72

          Section 11.21 Conflict of Instructions. In the event the Issuer and the Administrator
shall have delivered conflicting instructions to the Indenture Trustee or the Administrative Agent
to take or refrain from taking action hereunder, the Indenture Trustee or the Administrative
Agent, as the case may be, shall follow the instructions of the Issuer.

          Section 11.22 Chase Conflict Waiver. Chase acts as Indenture Trustee, the Funding
Agent with respect to Park Avenue Receivables Corporation (“PARCO”) and as administrative agent
for PARCO, as issuing and paying agent for PARCO’s Commercial Paper, as provider of other backup
facilities for PARCO, and may provide other services or facilities from time to time (the
“Chase Roles”). Each of the parties hereto hereby acknowledges and consents to any and all
Chase Roles, waives any objections it may have to any actual or potential conflict of interest
caused by Chase’s acting as the Indenture Trustee, the Funding Agent with respect to PARCO or as
the APA Bank with respect to PARCO and acting as or maintaining any of the Chase Roles, and agrees
that in connection with any Chase Role, Chase may take, or refrain from taking, any action which
it in its discretion deems appropriate.

 

 

          IN WITNESS WHEREOF, the Issuer, the Administrator, the Administrative Agent, the CP
Conduit Purchasers, the APA Banks, the Funding Agents and the Indenture Trustee have caused this
Indenture Supplement to be duly executed by their respective officers hereunto duly authorized as
of the day and year first above written.

	 	 	 	 	 
	 	GREYHOUND FUNDING, LLC

 	 
	 	By:  	/s/ Tony Wong
 	 
	 	 	Name:  	Tony Wong 	 
	 	 	Title:  	Manager 	 
	 
	 	PHH VEHICLE MANAGEMENT SERVICES,
LLC

 	 
	 	By:  	/s/ Gerard J. Kennell
 	 
	 	 	Name:  	Gerard J. Kennell 	 
	 	 	Title:  	 	 
	 
	 	THE CHASE MANHATTAN BANK,

as Administrative Agent

 	 
	 	By:  	/s/ Marie P. Merritt
 	 
	 	 	Name:  	Marie P. Merritt 	 
	 	 	Title:  	Vice President 	 
	 
	 	THE CHASE MANHATTAN BANK,

as Indenture Trustee

 	 
	 	By:  	/s/ Jennifer Cupo
 	 
	 	 	Name:  	Jennifer Cupo 	 
	 	 	Title:  	Vice President 	 
	 
	 	PARK AVENUE RECEIVABLES CORPORATION,

as a CP Conduit Purchaser

 	 
	 	By:  	/s/ Andrew L. Stidd
 	 
	 	 	Name:  	Andrew L. Stidd 	 
	 	 	Title:  	President 	 
	 

 

 

	 	 	 	 	 
	 	THE CHASE MANHATTAN BANK,

as an APA Bank

 	 
	 	By:  	/s/ B. Schwartz
 	 
	 	 	Name:  	B. Schwartz 	 
	 	 	Title:  	MD 	 
	 
	 	THE CHASE MANHATTAN BANK,

as a Funding Agent

 	 
	 	By:  	/s/ Marie P. Merritt
 	 
	 	 	Name:  	Marie P. Merritt 	 
	 	 	Title:  	Vice President 	 
	 
	 	FALCON ASSET SECURITIZATION CORPORATION, as a CP Conduit

Purchaser

 	 
	 	By:  	/s/ Albert Yoshimura
 	 
	 	 	Name:  	Albert Yoshimura 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	BANK ONE, NA,

as a Funding Agent and as an APA Bank

 	 
	 	By:  	/s/ Albert Yoshimura
 	 
	 	 	Name:  	Albert Yoshimura 	 
	 	 	Title:  	Vice President 	 
	 
	 	LIBERTY STREET FUNDING CORP.

as a CP Conduit Purchaser

 	 
	 	By:  	/s/ Andrew Stidd
 	 
	 	 	Name:  	Andrew Stidd 	 
	 	 	Title:  	President 	 
	 

 

 

	 	 	 	 	 
	 	BANK OF NOVA SCOTIA, NEW YORK AGENCY, as a Funding Agent
and as an APA Bank

 	 
	 	By:  	/s/ Rodo Mea Poli
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPASS US ACQUISITION, LLC,

as a CP Conduit Purchaser

 	 
	 	By:  	/s/ Douglas K. Johnson
 	 
	 	 	Name:  	Douglas K. Johnson 	 
	 	 	Title:  	President 	 
	 
	 	WESTDEUTSCHE LANDESBANK GIRONZENTRALE, New York Branch,
as a Funding Agent and as an APA Bank
 	 
	 
	 	By:  	/s/ Anne Lacombe
 	 
	 	 	Name:  	Anne Lacombe 	 
	 	 	Title:  	Vice President
Asset Securitization 	 
	 
	 	 	 
	 	By:  	/s/ Christian C. Brune
 	 
	 	 	Name:  	Christian C. Brune 	 
	 	 	Title:  	Associate
Securitization 	 
	 
	 	BEETHOVEN FUNDING CORPORATION,

as a CP Conduit Purchaser

 	 
	 	By:  	/s/ Andrew L. Stidd
 	 
	 	 	Name:  	Andrew L. Stidd 	 
	 	 	Title:  	President 	 
	 
	 	DRESDNER AG, NEW YORK BRANCH,

as a Funding Agent and as an APA Bank

 	 
	 	By:  	/s/ Jon R. Bottorff
 	 
	 	 	Name:  	Jon R. Bottorff 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Edward M. Weber
 	 
	 	 	Name:  	Edward M. Weber 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	QUINCY CAPITAL CORPORATION,

as a CP Conduit Purchaser

 	 
	 	By:  	/s/ Elizabeth S. Eldridge
 	 
	 	 	Name:  	Elizabeth S. Eldridge 	 
	 	 	Title:  	Vice President 	 
	 
	 	BANK OF AMERICA, N.A.

as a Funding Agent and as an APA Bank

 	 
	 	By:  	/s/ Marianne Mihalik
 	 
	 	 	Name:  	Marianne Mihalik 	 
	 	 	Title:  	Vice President 	 
	 
	 	SPECIAL PURPOSE ACCOUNTS RECEIVABLE COOPERATIVE CORPORATION,
as a CP Conduit Purchaser

 	 
	 	By:  	/s/ Dean Kordyla
 	 
	 	 	Name:  	Dean Kordyla 	 
	 	 	Title:  	VP and Treasurer 	 
	 
	 	CANADIAN IMPERIAL BANK OF COMMERCE,

as a Funding Agent and as an APA Bank

 	 
	 	By:  	/s/ John Gevlin
 	 
	 	 	Name:  	John Gevlin 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

	 	 	 	 	 
	 	VARIABLE FUNDING CAPITAL CORPORATION as a CP Conduit Purchaser

 	 
	 	By:  	/s/ Darrell R. Baber
 	 
	 	 	Name:  	Darell R. Baber 	 
	 	 	Title:  	Director 	 
	 
	 	FIRST UNION NATIONAL BANK,

as an APA Bank

 	 
	 	By:  	/s/ Terence P. Benley
 	 
	 	 	Name:  	Terence P. Benley 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	FIRST UNION SECURITIES, INC.,

as a Funding Agent

 	 
	 	By:  	/s/ Darrell R. Baber
 	 
	 	 	Name:  	Darell R. Baber 	 
	 	 	Title:  	Director 	 
	 

 

 

EXHIBIT A

TO SERIES 1999-3

INDENTURE SUPPLEMENT

[FORM OF VARIABLE FUNDING INVESTOR NOTE]

GREYHOUND FUNDING LLC

SERIES 1999-3 VARIABLE FUNDING INVESTOR NOTE

FLOATING RATE ASSET

BACKED VARIABLE FUNDING INVESTOR NOTES

          GREYHOUND
FUNDING LLC, a special purpose limited liability company  established under the laws
of Delaware (the “Issuer”), for value received, hereby
promises to pay to [ ], as Funding Agent, or
registered assigns, the principal sum of (a) [] or, if less, (b) the outstanding Purchaser Invested
Amount for the related Purchaser, which principal sum shall be payable in the amounts and at the
times set forth in the Indenture described herein, provided, however, that the entire
unpaid principal amount of this Series 1999-3 Investor Note shall be due on the Final Maturity
Date. The Issuer will pay interest on the outstanding principal amount of this Series 1999-3
Investor Note at the Series 1999-3 Note Rate. Such interest shall be payable on each Payment Date
until the principal of this Series 1999-3 Investor Note is paid or made available for payment, to
the extent funds are available in the Series 1999-3 Distribution Account in respect of the Series
1999-3 Monthly Interest. Interest on this Series 1999-3 Investor Note will accrue for each Series
1999-3 Interest Period in an amount equal to the product of (i) the Series 1999-3 Note Rate for
such Series 1999-3 Interest Period, (ii) the average daily Series 1999-3 Invested Amount during
such Series 1999-3 Interest Period, and (iii) the actual number of days elapsed in such Series
1999-3 Interest Period divided by 360. Additional Interest will be payable on this Series 1999-3
Investor Note to the extent set forth in the Indenture. The principal amount of this Series 1999-3
Investor Note shall be subject to Increases and Decreases on any Business Day as set forth in the
Indenture, and accordingly, such principal amount is subject to prepayment at any time. Prior to
the commencement of the Series 1999-3 Amortization Period, other than as a result of a Decrease,
only interest payments on the outstanding principal amount of the Series 1999-3 Investor Note are
required to be made to the holder hereof. Beginning on the first Payment Date following the
commencement of the Series 1999-3 Amortization Period, subject to Decreases on any Business Day,
the principal of this Series 1999-3 Investor Note shall be paid in installments on each subsequent
Payment Date to the extent of funds available for payment therefor pursuant to the Indenture. Such
principal of and interest on this Series 1999-3 Investor Note shall be paid in the manner specified
on the reverse hereof.

          The principal of and interest on this Series 1999-3 Investor Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts. All payments made by the Issuer with respect to this

A-1

 

Series 1999-3 Investor Note shall be applied first to interest due and payable on this Series
19993 Investor Note as provided above and then to the unpaid principal of this Series 1999-3
Investor Note. This Series 1999-3 Investor Note does not represent an interest in, or an obligation
of, PHH Vehicle Management Services LLC (“VMS”) or any affiliate of VMS other than the Issuer.

          Reference is made to the further provisions of this Series 1999-3 Investor Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth on the face of this
Series 1999-3 Investor Note. Although a summary of certain provisions of the Indenture are set
forth below and on the reverse hereof and made a part hereof, this Series 1999-3 Investor Note does
not purport to summarize the Indenture and reference is made to the Indenture for information with
respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and
the rights, duties and obligations of the Issuer, and the Indenture Trustee. A copy of the
Indenture may be requested from the Indenture Trustee by writing to the Indenture Trustee at: 450
West 33rd Street, New York, New York, 10001, Attention: Capital Market Fiduciary
Services. To the extent not defined herein, the capitalized terms used herein have the meanings
ascribed to them in the Indenture.

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Series 1999-3 Investor Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose.

A-2

 

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

	 	 	 	 	 
	Date:                      ___ , 2001	 	GREYHOUND FUNDING LLC
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Series 1999-3 Investor Notes of a series issued under the within-mentioned
Indenture.

	 	 	 	 	 	 	 	 	 
	 	 	THE CHASE MANHATTAN BANK,
as Indenture Trustee
	 
	 	 	 	 	 	 	 	 
	 
	 	By:	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	Authorized Signature

A-3

 

REVERSE OF SERIES 1999-3 INVESTOR NOTE

          This Series 1999-3 Floating Rate Asset Backed Variable Funding Investor Note is one of a duly
authorized issue of Series 1999-3 Investor Notes of the Greyhound Funding LLC (the “Issuer”)
designated its “Series 1999-3 Floating Rate Asset Backed Variable Funding Investor Notes” (herein
called the “Series 1999-3 Investor Notes”), all issued under (i) a Base Indenture dated as
of June 30, 1999 (such Base Indenture, as amended or modified, is herein called the “Base
Indenture”), between the Issuer and The Chase Manhattan Bank (“Chase”), as indenture trustee
(the “Indenture Trustee,” which term includes any successor Indenture Trustee under the
Base Indenture), and (ii) a Series 1999-3 Indenture Supplement dated as of October 28, 1999 (as
amended or modified, the “Series 1999-3 Indenture Supplement”) among the Issuer, PHH
Vehicle Management Services LLC, as Administrator, Chase, as Administrative Agent, the CP Conduit
Purchasers, APA Banks, and Funding Agents named therein, as Indenture Trustee. The Base Indenture
and the Series 1999-3 Indenture Supplement are referred to herein as the “Indenture”. The
Series 1999-3 Investor Notes are subject to all terms of the Indenture. All terms used in this
Series 1999-3 Investor Note that are defined in the Indenture, as supplemented, modified or
amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented, modified or amended.

          The Series 1999-3 Investor Notes are and will be equally and ratably secured by the Series
1999-3 Collateral pledged as security therefor as provided in the Indenture and the Series 1999-3
Indenture Supplement.

          “Payment Date” means the 7th day of each month, or, if such date is not a
Business Day, the next succeeding Business Day, commencing December 7, 1999.

          “Series 1999-3 Interest Period” means a period commencing on and including a Payment
Date and ending on and including the day preceding the next succeeding Payment Date;
provided, however, that the initial Series 1999-3 Interest Period shall commence on
and include the Series 1999-3 Closing Date and end on and include December 7, 1999.

          As described above, principal of this Series 1999-3 Investor Note shall be payable in the
amounts and at the times set forth in the Indenture, provided, however, the entire
unpaid principal amount of this Series 1999-3 Investor Note shall be due and payable on the Final
Maturity Date. Notwithstanding the foregoing, principal on the Series 1999-3 Investor Notes will be
paid earlier during the Series 1999-3 Amortization Period or as a result of a Decrease, each as
described in the Indenture. All principal payments on the Series 1999-3 Investor Notes shall be
made pro rata to the Noteholders entitled thereto.

          Payments of interest on this Series 1999-3 Investor Note due and payable on each Payment Date,
together with the installment of principal then due, if any, and any payments of principal made on
any Business Day in respect of any Decrease, to the extent not in full payment of this Series
1999-3 Investor Note, shall be made by wire transfer to the Holder of record of this Series 1999-3
Investor Note (or one or more predecessor Series 1999-3 Investor Notes) on the Note Register as of
the close of business on each Record Date. Any reduction in the principal amount of this Series
1999-3 Investor Note (or any one or more predecessor Series 1999-3

A-4

 

Investor Notes) effected by any payments made in accordance with the terms hereof and of the
Indenture shall be binding upon all future Holders of this Series 1999-3 Investor Note and of any
Series 1999-3 Investor Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted thereon.

          The Issuer shall pay interest on overdue installments of interest at the Alternate Base Rate
plus 2% to the extent lawful.

          This Series 1999-3 Note is nontransferable except in accordance with the Series 1999-3
Indenture Supplement.

          Each Series 1999-3 Investor Noteholder, by acceptance of a Series 1999-3 Investor Note, hereby
covenants and agrees that, prior to the date which is one year and one day after the later of (i)
the last day of the Series 1999-3 Amortization Period and (ii) the last day of the amortization
period of any other Outstanding Series, it will not institute against, or join any other Person in
instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other similar proceedings under any federal or state bankruptcy or
similar law.

          Each Series 1999-3 Investor Noteholder, by acceptance of a Series 1999-3 Investor Note, hereby
covenants and agrees that, prior to the date which is one year and one day after the payment in
full of all outstanding Commercial Paper issued by, or for the benefit of, a CP Conduit Purchaser,
it will not institute against, or join any other Person in instituting against, such CP Conduit
Purchaser (or the Person issuing Commercial Paper for the benefit of such CP Conduit Purchaser) any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other similar
proceedings under any federal or state bankruptcy or similar law.

          Each Series 1999-3 Investor Noteholder, by acceptance of a Series 1999-3 Investor Note, hereby
covenants and agrees that, prior to the date which is one year and one day after payment in full of
all obligations under each Securitization, it will not institute against, or join any other Person
in instituting against, the Origination Trust, SPV, any other Special Purpose Entity, or any
general partner or single member of any Special Purpose Entity that is a partnership or limited
liability company, respectively, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding or other proceedings under any federal or state bankruptcy or similar law.

          Each Series 1999-3 Investor Noteholder, by acceptance of a Series 1999-3 Investor Note, hereby
represents, warrants and covenants that (a) each of the Lease SUBI and the Fleet Receivable SUBI is
a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title
12 of the Delaware Code, 12 Del.C. § 3801 et. seq., (b)(i) the debts, liabilities,
obligations and expenses incurred, contracted for or otherwise existing with respect to the Lease
SUBI, the Lease SUBI Portfolio or the Fleet Receivable SUBI shall be enforceable against the Lease
SUBI Portfolio or the Fleet Receivable SUBI only, as applicable, and not against any other SUBI
Portfolio or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred,
contracted for or otherwise existing with respect to any other SUBI (used in this paragraph as
defined in the Origination Trust Agreement), any other SUBI Portfolio (used in this paragraph as
defined in the Origination Trust Agreement), the UTI or the

A-5

 

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

          It is the intent of the Issuer and each Series 1999-3 Investor Noteholder that, for Federal,
state and local income and franchise tax purposes, the Series 1999-3 Investor Notes will evidence
indebtedness of the Issuer secured by the Series 1999-3 Collateral. Each Series 1999-3 Investor
Noteholder, by the acceptance of this Series 1999-3 Investor Note, agrees to treat this Series
1999-3 Investor Note for Federal, state and local income and franchise tax purposes as indebtedness
of the Issuer.

          The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Series 1999-3 Investor Notes under the Indenture at any time by the Issuer, the Administrator and
the Indenture Trustee, with the consent of the Series 1999-3 Required Investor Noteholders. The
Indenture also contains provisions permitting the Holders of Series 1999-3 Investor Notes
representing specified percentages of the aggregate outstanding amount of the Series 1999-3
Investor Notes, on behalf of the Holders of all the Series 1999-3 Investor Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Series
1999-3 Investor Note (or any one or more predecessor Series 1999-3 Investor Notes) shall be
conclusive and binding upon such Holder and upon all future Holders of this Series 1999-3 Investor
Note and of any Series 1999-3 Investor Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon
this Series 1999-3 Investor Note. The Indenture also

A-6

 

permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of Holders of the Series 1999-3 Investor Notes issued thereunder.

          The term “Issuer” as used in this Series 1999-3 Investor Note includes any successor to the
Issuer under the Indenture.

          This Series 1999-3 Investor Note and the Indenture shall be construed in accordance with the
law of the State of New York and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such law.

          No reference herein to the Indenture and no provision of this Series 1999-3 Investor Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of and interest on this Series 1999-3 Investor Note at the
times, place, and rate, and in the coin or currency herein prescribed, subject to any duty of the
Issuer to deduct or withhold any amounts as required by law, including any applicable U.S.
withholding taxes.

A-7

 

EXHIBIT A

TO SERIES 1999-3

INDENTURE SUPPLEMENT

[FORM OF VARIABLE FUNDING INVESTOR NOTE]

GREYHOUND FUNDING LLC

SERIES 1999-3 VARIABLE FUNDING INVESTOR NOTE

FLOATING RATE ASSET

BACKED VARIABLE FUNDING INVESTOR NOTES

          GREYHOUND
FUNDING LLC, a special purpose limited liability company established under the laws
of Delaware (the “Issuer”), for value received, hereby
promises to pay to [ ], as Funding Agent, or
registered assigns, the principal sum of (a) $[ ] or, if less, (b) the outstanding Purchaser
Invested Amount for the related Purchaser, which principal sum shall be payable in the amounts and
at the times set forth in the Indenture described herein, provided, however, that
the entire unpaid principal amount of this Series 1999-3 Investor Note shall be due on the Final
Maturity Date. The Issuer will pay interest on the outstanding principal amount of this Series
1999-3 Investor Note at the Series 1999-3 Note Rate. Such interest shall be payable on each Payment
Date until the principal of this Series 1999-3 Investor Note is paid or made available for payment,
to the extent funds are available in the Series 1999-3 Distribution Account in respect of the
Series 1999-3 Monthly Interest. Interest on this Series 1999-3 Investor Note will accrue for each
Series 1999-3 Interest Period in an amount equal to the product of (i) the Series 1999-3 Note Rate
for such Series 1999-3 Interest Period, (ii) the average daily Series 1999-3 Invested Amount during
such Series 1999-3 Interest Period, and (iii) the actual number of days elapsed in such Series
1999-3 Interest Period divided by 360. Additional Interest will be payable on this Series 1999-3
Investor Note to the extent set forth in the Indenture. The principal amount of this Series 1999-3
Investor Note shall be subject to Increases and Decreases on any Business Day as set forth in the
Indenture, and accordingly, such principal amount is subject to prepayment at any time. Prior to
the commencement of the Series 1999-3 Amortization Period, other than as a result of a Decrease,
only interest payments on the outstanding principal amount of the Series 1999-3 Investor Note are
required to be made to the holder hereof. Beginning on the first Payment Date following the
commencement of the Series 1999-3 Amortization Period, subject to Decreases on any Business Day,
the principal of this Series 1999-3 Investor Note shall be paid in installments on each subsequent
Payment Date to the extent of funds available for payment therefor pursuant to the Indenture. Such
principal of and interest on this Series 1999-3 Investor Note shall be paid in the manner specified
on the reverse hereof.

          The principal of and interest on this Series 1999-3 Investor Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts. All payments made by the Issuer with respect to this Series 1999-3
Investor Note shall be applied first to interest due and payable on this Series 19993

 

 

Investor Note as provided above and then to the unpaid principal of this Series 1999-3
Investor Note. This Series 1999-3 Investor Note does not represent an interest in, or an obligation
of, PHH Vehicle Management Services LLC (“VMS”) or any affiliate of VMS other than the Issuer.

          Reference is made to the further provisions of this Series 1999-3 Investor Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth on the face of this
Series 1999-3 Investor Note. Although a summary of certain provisions of the Indenture are set
forth below and on the reverse hereof and made a part hereof, this Series 1999-3 Investor Note does
not purport to summarize the Indenture and reference is made to the Indenture for information with
respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and
the rights, duties and obligations of the Issuer, and the Indenture Trustee. A copy of the
Indenture may be requested from the Indenture Trustee by writing to the Indenture Trustee at: 450
West 33rd Street, New York, New York, 10001, Attention: Capital Market Fiduciary
Services. To the extent not defined herein, the capitalized terms used herein have the meanings
ascribed to them in the Indenture.

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Series 1999-3 Investor Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose.

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

	 	 	 	 	 
	Date:                      , 2001	 	GREYHOUND FUNDING LLC
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Series 1999-3 Investor Notes of a series issued under the within-mentioned
Indenture.

	 	 	 	 	 
	 	 	THE CHASE MANHATTAN BANK,

as Indenture Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	     Authorized Signature

 

 

REVERSE OF SERIES 1999-3 INVESTOR NOTE

          This Series 1999-3 Floating Rate Asset Backed Variable Funding Investor Note is one of a duly
authorized issue of Series 1999-3 Investor Notes of the Greyhound Funding LLC (the “Issuer”)
designated its “Series 1999-3 Floating Rate Asset Backed Variable Funding Investor Notes” (herein
called the “Series 1999-3 Investor Notes”), all issued under (i) a Base Indenture dated as
of June 30, 1999 (such Base Indenture, as amended or modified, is herein called the “Base
Indenture”), between the Issuer and The Chase Manhattan Bank (“Chase”), as indenture trustee
(the “Indenture Trustee,” which term includes any successor Indenture Trustee under the
Base Indenture), and (ii) a Series 1999-3 Indenture Supplement dated as of October 28, 1999 (as
amended or modified, the “Series 1999-3 Indenture Supplement”) among the Issuer, PHH
Vehicle Management Services LLC, as Administrator, Chase, as Administrative Agent, the CP Conduit
Purchasers, APA Banks, and Funding Agents named therein, as Indenture Trustee. The Base Indenture
and the Series 1999-3 Indenture Supplement are referred to herein as the “Indenture”. The
Series 1999-3 Investor Notes are subject to all terms of the Indenture. All terms used in this
Series 1999-3 Investor Note that are defined in the Indenture, as supplemented, modified or
amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented, modified or amended.

          The Series 1999-3 Investor Notes are and will be equally and ratably secured by the Series
1999-3 Collateral pledged as security therefor as provided in the Indenture and the Series 1999-3
Indenture Supplement.

          “Payment Date” means the 7th day of each month, or, if such date is not a
Business Day, the next succeeding Business Day, commencing December 7, 1999.

          “Series 1999-3 Interest Period” means a period commencing on and including a Payment
Date and ending on and including the day preceding the next succeeding Payment Date;
provided, however, that the initial Series 1999-3 Interest Period shall commence on
and include the Series 1999-3 Closing Date and end on and include December 7, 1999.

          As described above, principal of this Series 1999-3 Investor Note shall be payable in the
amounts and at the times set forth in the Indenture, provided, however, the entire
unpaid principal amount of this Series 1999-3 Investor Note shall be due and payable on the Final
Maturity Date. Notwithstanding the foregoing, principal on the Series 1999-3 Investor Notes will be
paid earlier during the Series 1999-3 Amortization Period or as a result of a Decrease, each as
described in the Indenture. All principal payments on the Series 1999-3 Investor Notes shall be
made pro rata to the Noteholders entitled thereto.

          Payments of interest on this Series 1999-3 Investor Note due and payable on each Payment Date,
together with the installment of principal then due, if any, and any payments of principal made on
any Business Day in respect of any Decrease, to the extent not in full payment of this Series
1999-3 Investor Note, shall be made by wire transfer to the Holder of record of this Series 1999-3
Investor Note (or one or more predecessor Series 1999-3 Investor Notes) on the Note Register as of
the close of business on each Record Date. Any reduction in the principal amount of this Series
1999-3 Investor Note (or any one or more predecessor Series 1999-3 Investor Notes) effected by any
payments made in accordance with the terms hereof and of the

 

 

2

Indenture shall be binding upon all future Holders of this Series 1999-3 Investor Note and of any
Series 1999-3 Investor Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted thereon.

          The Issuer shall pay interest on overdue installments of interest at the Alternate Base Rate
plus 2% to the extent lawful.

          This Series 1999-3 Note is nontransferable except in accordance with the Series 1999-3
Indenture Supplement.

          Each Series 1999-3 Investor Noteholder, by acceptance of a Series 1999-3 Investor Note, hereby
covenants and agrees that, prior to the date which is one year and one day after the later of (i)
the last day of the Series 1999-3 Amortization Period and (ii) the last day of the amortization
period of any other Outstanding Series, it will not institute against, or join any other Person in
instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other similar proceedings under any federal or state bankruptcy or
similar law.

          Each Series 1999-3 Investor Noteholder, by acceptance of a Series 1999-3 Investor Note, hereby
covenants and agrees that, prior to the date which is one year and one day after the payment in
full of all outstanding Commercial Paper issued by, or for the benefit of, a CP Conduit Purchaser,
it will not institute against, or join any other Person in instituting against, such CP Conduit
Purchaser (or the Person issuing Commercial Paper for the benefit of such CP Conduit Purchaser) any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other similar
proceedings under any federal or state bankruptcy or similar law.

          Each
Series 1999-3 Investor Noteholder, by acceptance of a Series 1999-3 Investor Note, hereby
covenants and agrees that, prior to the date which is one year and one day after payment in full of
all obligations under each Securitization, it will not institute against, or join any other Person
in instituting against, the Origination Trust, SPV, any other Special Purpose Entity, or any
general partner or single member of any Special Purpose Entity that is a partnership or limited
liability company, respectively, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding or other proceedings under any federal or state bankruptcy or similar law.

          Each Series 1999-3 Investor Noteholder, by acceptance of a Series 1999-3 Investor Note, hereby
represents, warrants and covenants that (a) each of the Lease SUBI and the Fleet Receivable SUBI is
a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title
12 of the Delaware Code, 12 Del.C. § 3801 et seq., (b)(i) the debts, liabilities,
obligations and expenses incurred, contracted for or otherwise existing with respect to the Lease
SUBI, the Lease SUBI Portfolio or the Fleet Receivable SUBI shall be enforceable against the Lease
SUBI Portfolio or the Fleet Receivable SUBI only, as applicable, and not against any other SUBI
Portfolio or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred,
contracted for or otherwise existing with respect to any other SUBI (used in this paragraph as
defined in the Origination Trust Agreement), any other SUBI

 

 

3

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

          It is the intent of the Issuer and each Series 1999-3 Investor Noteholder that, for Federal,
state and local income and franchise tax purposes, the Series 1999-3 Investor Notes will evidence
indebtedness of the Issuer secured by the Series 1999-3 Collateral. Each Series 1999-3 Investor
Noteholder, by the acceptance of this Series 1999-3 Investor Note, agrees to treat this Series
1999-3 Investor Note for Federal, state and local income and franchise tax purposes as indebtedness
of the Issuer.

          The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Series 1999-3 Investor Notes under the Indenture at any time by the Issuer, the Administrator and
the Indenture Trustee, with the consent of the Series 1999-3 Required Investor Noteholders. The
Indenture also contains provisions permitting the Holders of Series 1999-3 Investor Notes
representing specified percentages of the aggregate outstanding amount of the Series 1999-3
Investor Notes, on behalf of the Holders of all the Series 1999-3 Investor Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Series
1999-3 Investor Note (or any one or more predecessor Series 1999-3 Investor Notes) shall be
conclusive and binding upon such Holder and upon all future Holders of this Series 1999-3 Investor
Note and of any Series 1999-3 Investor Note issued upon the

 

 

4

registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Series 1999-3 Investor Note. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Series 1999-3 Investor Notes issued thereunder.

          The term “Issuer” as used in this Series 1999-3 Investor Note includes any successor to the
Issuer under the Indenture.

          This Series 1999-3 Investor Note and the Indenture shall be construed in accordance with the
law of the State of New York and the obligations, rights and remedies of the parties hereunder and
thereunder shall be determined in accordance with such law.

          No reference herein to the Indenture and no provision of this Series 1999-3 Investor Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of and interest on this Series 1999-3 Investor Note at the
times, place, and rate, and in the coin or currency herein prescribed, subject to any duty of the
Issuer to deduct or withhold any amounts as required by law, including any applicable U.S.
withholding taxes.

 

 

EXHIBIT B

TO SERIES 1999-3

INDENTURE SUPPLEMENT

FORM OF NOTICE OF INCREASE

                    , ___

The Chase Manhattan Bank

450 West 33rd Street

New York, New York 10001

Telecopier: 212 946 7776

Ladies and Gentlemen:

          Reference is hereby made to the Series 1999-3 Indenture Supplement, dated as of October 28,
1999 (as amended, modified, restated or supplemented, the
“Indenture Supplement”), among
Greyhound Funding LLC (the “Issuer”), PHH Vehicle Management Services LLC, as
Administrator, The Chase Manhattan Bank, as Administrative Agent, the CP Conduit Purchasers, APA
Banks and Funding Agents named therein and The Chase Manhattan Bank, as Indenture Trustee (the
“Indenture Trustee”), to the Base Indenture, dated as of June 30, 1999 (the “Base
Indenture”) between the Issuer and the Indenture Trustee. Capitalized terms used in this Notice
of Increase and not otherwise defined herein shall have the meanings assigned thereto in the
Indenture Supplement.

          This letter constitutes the notice required in connection with any Increase pursuant to
Section 2.3(a) of the Indenture Supplement.

          The
Issuer hereby requests that an Increase be made by each Purchaser on                     , ___
in the aggregate amount equal to its Commitment Percentage of $                    .

          The Issuer hereby represents and warrants as of the date of such Increase after giving effect
thereto, the conditions set forth in Sections 2.3(a) and (c) of the Indenture Supplement with
respect to such Increase have been satisfied.

 

 

2

     IN WITNESS WHEREOF, the undersigned has caused this Increase Notice to be executed by its duly
authorized officer as of the date first above written.

	 	 	 	 	 	 	 
	 	 	 	 	GREYHOUND FUNDING LLC
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	cc:

	 	The Chase Manhattan Bank,	 	 	 	 
	 

	 	as Indenture Trustee	 	 	 	 

 

 

EXHIBIT C

[* * *]

 

			
	[***]	 	INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

 

EXHIBIT D

TO SERIES 1999-3

INDENTURE SUPPLEMENT

FORM OF UCC CERTIFICATE

          The
undersigned, an Authorized Officer of                        (the “[Company] [Trust]”), refers to (i) the Base
Indenture, dated as of June 30, 1999 (as amended, supplemented and otherwise modified, the
“Base Indenture”), between Greyhound Funding LLC and The Chase Manhattan Bank (“Chase”), as
indenture trustee (the “Indenture Trustee”), and (ii) the Series 1999-3 Indenture Supplement to the
Base Indenture, dated as of October 28, 1999, among Greyhound Funding LLC, PHH Vehicle Management
Services LLC, as Administrator, Chase, as Administrative Agent and Indenture Trustee, and the
certain CP Conduit Purchasers, APA Banks and Funding Agents named therein (the “Series 1999-1
Indenture Supplement”; collectively with the Base Indenture, the “Indenture”; terms
used but not defined herein have the meanings given them in the Indenture), and, in connection
therewith and with the transaction contemplated by the other Transaction Documents, hereby
certifies as follows:

          1. Names. (a) The exact [limited liability company] [statutory business
trust] name of [Company] [Trust], as such name appears in its certificate of [formation] [trust],
is                     .

          (b) Set forth below is each other legal name [Company][Trust] has had since its organization,
together with the date of the relevant change:

          (c) Except as set forth in Schedule A hereto, [Company][Trust] has not changed its identity or
corporate structure in any way within the past five years.

          (d) The following is a list of all other names (including trade names or similar appellations)
used by [Company][Trust] or any of its divisions or other business units in connection with the
conduct of its business or the ownership of its properties at any time during the past five years:

          2.
Current Locations. (a) The chief executive office of [Company] [Trust] is located at
the following address:

	 	 	 	 	 	 	 
	Name
	 	Mailing Address
	 	County
	 	State

          (b) The following are all the locations where [Company][Trust] maintains any books or records
relating to any accounts or chattel paper (each as defined in the UCC):

	 	 	 	 	 	 	 
	Name
	 	Mailing Address
	 	County
	 	State

 

 

 2

          3. Federal Taxpayer Identification Number. The following is [Company][Trust]’s Federal
Taxpayer Identification Number:

          4. Schedule or Filings. Attached hereto as Schedule B is a schedule setting forth each
filing office in which a filing by [Company] [Trust], as debtor, of a financing statement on Form
UCC-1 is to be made in connection with the transactions contemplated by the Transaction Documents.

          IN WITNESS WHEREOF, the undersigned has hereunto executed this certificate ___day of                     , 1999.

	 	 	 	 	 
	 	[NAME OF COMPANY OR TRUST]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

SCHEDULE A

 

 

SCHEDULE B

Maryland State Department of Assessments and Taxation

Delaware Secretary of State

New York Secretary of State

Nassau County, New York, County Clerk

 

 

EXHIBIT E

TO SERIES 1999-3

INDENTURE SUPPLEMENT

[FORM OF TRANSFER SUPPLEMENT]

          TRANSFER SUPPLEMENT, dated as of                     , among [NAME OF APA BANK] (the “Transferor”), each
purchaser listed as an Acquiring APA Bank on the signature pages hereof (each, an “Acquiring
APA Bank”), the Funding Agent with respect to such Acquiring APA Bank listed in the signature
pages hereof (each, a “Funding Agent”), GREYHOUND FUNDING LLC, a Delaware limited liability
company (the “Company”) and THE CHASE MANHATTAN BANK, as Administrative Agent (in such
capacity, the “Administrative Agent”) and PHH VEHICLE MANAGEMENT SERVICES LLC, as
Administrator (in such capacity, the “Administrator”).

W I T N E S S E T H:

          WHEREAS, this Transfer Supplement is being executed and delivered in accordance with
subsection 11.10(c) of the Series 1999-3 Indenture Supplement, dated as of October 28, 1999 (as
from time to time amended, supplemented or otherwise modified in accordance with the terms thereof,
the “Indenture Supplement”; terms defined therein being used herein as therein defined),
among the Company, the Administrator, the CP Conduits, APA Banks and Funding Agents from time to
time parties thereto, the Administrative Agent and The Chase Manhattan Bank, as Indenture Trustee
(the “Indenture Trustee”), to the Base Indenture, dated as of October 28, 1999 (as amended
by Supplemental Indenture No. 1 thereto, dated as of October 28, 1999 and as the same may be from
time to time be further amended, supplemented or otherwise modified, the “Base Indenture”
and, together with the Indenture Supplement, the “Indenture”), between the Company and the
Indenture Trustee;

          WHEREAS, each Acquiring APA Bank (if it is not already an existing APA Bank) wishes to become
an APA Bank party to the Indenture Supplement; and

          WHEREAS, the Transferor is selling and assigning to each Acquiring APA Bank, rights,
obligations and commitments under the Indenture Supplement and the Series 1999-3 Investor
Notes;

 

 

2

          NOW, THEREFORE, the parties hereto hereby agree as follows:

          1. Upon the execution and delivery of this Transfer Supplement by each Acquiring APA Bank,
each Funding Agent, the Transferor, the Company, the Administrator and the Administrative Agent
(the date of such execution and delivery, the “Transfer
Issuance Date”), each Acquiring APA
Bank shall be an Acquiring APA Bank party to the Indenture Supplement for all purposes thereof.

          2. The Transferor acknowledges receipt from each Acquiring APA Bank of an amount equal to the
purchase price, as agreed between the Transferor and such Acquiring APA Bank (the “Purchase
Price”), of the portion being purchased by such Acquiring APA Bank (such Acquiring APA Bank’s
“Purchased Percentage”) of the Transferor’s Commitment under the Indenture Supplement [ADD
IF APPLICABLE: and the Transferor’s Purchaser Invested Amount]. The Transferor hereby irrevocably
sells, assigns and transfers to each Acquiring APA Bank, without recourse, representation or
warranty, and each Acquiring APA Bank hereby irrevocably purchases, takes and assumes from the
Transferor, such Acquiring APA Bank’s Purchased Percentage of the Transferor’s Commitment under the
Indenture Supplement [ADD IF APPLICABLE: and the Transferor’s Purchaser Invested Amount].

          3. The Transferor has made arrangements with each Acquiring APA Bank with respect to (i) the
portion, if any, to be paid, and the date or dates for payment, by the Transferor to such Acquiring
APA Bank of any Commitment Fees heretofore received by the Transferor pursuant to the Indenture
Supplement prior to the Transfer Issuance Date and (ii) the portion, if any, to be paid, and the
date or dates for payment, by such Acquiring APA Bank to the Transferor of Commitment Fees or
Series 1999-3 Monthly Interest received by such Acquiring APA Bank pursuant to the Indenture
Supplement from and after the Transfer Issuance Date.

          4. From and after the Transfer Issuance Date, amounts that would otherwise by payable to or
for the account of the Transferor pursuant to the Indenture Supplement shall, instead, be payable
to or for the account of the Transferor and the Acquiring APA Banks, as the case may be, in
accordance with their respective interests as reflected in this Transfer Supplement, whether such
amounts have accrued prior to the Transfer Issuance Date or accrue subsequent to the Transfer
Issuance Date.

          5. Each of the parties to this Transfer Supplement agrees that at any time and from time to
time upon the written request of any other party, it will execute and deliver such further
documents and do such further acts and things as such other party may reasonably request in order
to effect the purposes of this Transfer Supplement.

          6. By executing and delivering this Transfer Supplement, the Transferor and each Acquiring APA
Bank confirm to and agree with each other and the APA Banks as follows: (i) other than the
representation and warranty that it is the legal and beneficial owner of the interest being
assigned hereby free and clear of any adverse claim, the Transferor makes no representation or
warranty and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with the Indenture Supplement or the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Indenture,

 

 

3

the Series 1999-3 Investor Notes, the Transaction Documents or any instrument or document furnished
pursuant thereto; (ii) the Transferor makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Company, SPV, VMS or the Origination
Trust or the performance or observance by the Company, SPV, VMS or the Origination Trust of any of
their obligations under the Indenture, the Transaction Documents or any other instrument or
document furnished pursuant hereto; (iii) each Acquiring APA Bank confirms that it has received a
copy of the Indenture and such other Transaction Documents and other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter into this Transfer
Supplement; (iv) each Acquiring APA Bank will, independently and without reliance upon the
Administrative Agent, the Transferor or any other Purchaser and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Indenture; (v) each Acquiring APA Bank appoints and
authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such
powers under the Indenture Supplement as are delegated to the Administrative Agent by the terms
thereof, together with such powers as are reasonably incidental thereto, all in accordance with
Article 10 of the Indenture Supplement; (vi) each Acquiring APA Bank agrees that it will perform in
accordance with their terms all of the obligations which by the terms of the Indenture are required
to be performed by it as an Acquiring APA Bank and (vii) each Acquiring APA Bank confirms that it
is an Eligible Assignee.

          7. Schedule I hereto sets forth the revised Commitment Percentages of the Transferor and each
Acquiring APA Bank as well as administrative information with respect to each Acquiring APA Bank
and its Funding Agent.

          8. This Transfer Supplement shall be governed by, and construed in accordance with, the laws
of the State of New York.

 

 

4

          IN WITNESS WHEREOF, the parties hereto have caused this Transfer Supplement to be executed by
their respective duly authorized officers as of the date first set forth above.

	 	 	 	 	 
	 	[NAME OF SELLING APA
BANK], as Transferor

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	[NAME OF ACQUIRING APA
BANK], as Acquiring APA
Bank

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	[NAME OF FUNDING AGENT
FOR ACQUIRING APA BANK],
as Funding Agent

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

 

 

5

	 	 	 	 	 
	 	CONSENTED AND ACKNOWLEDGED:

GREYHOUND
FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	PHH VEHICLE MANAGEMENT
SERVICES LLC, as
Administrator

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	THE CHASE MANHATTAN
BANK, as Administrative Agent

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

 

 

SCHEDULE I

LIST OF ADDRESSES FOR NOTICES

AND OF COMMITMENT PERCENTAGES

	 	 	 
	THE CHASE MANHATTAN BANK, as

	 	 
	  Administrative Agent
	 	 
	 
	 	 
	 	 	 
	 
	 	 
	 	 	 
	New York, New York
	 	 

Attention:

Telecopier:

[TRANSFEROR]

     Address:

Prior Commitment Percentage:

Revised Commitment Percentage:

Prior Purchaser Invested Amount:

Revised Purchaser Invested Amount

	 	 	 	 	 
	[ACQUIRING APA BANK]

	 	[FUNDING AGENT]
	 	 
	Address:

	 	Address:	 	 

[Prior] Commitment Percentage:

[Revised Commitment Percentage:]

[Prior Purchaser Invested Amount]

[Revised] Purchaser Invested Amount:

 

 

EXHIBIT F

TO SERIES 1999-3

INDENTURE SUPPLEMENT

[FORM OF PURCHASER SUPPLEMENT]

          PURCHASER
SUPPLEMENT, dated as of _____ , _____ among [NAME OF CP Conduit Purchaser] and [NAME OF APA
BANK] (collectively, the “Transferor Purchaser”), the CP Conduit Purchaser and the APA Bank
or Banks listed as the Acquiring Purchasers on the signature pages hereof (collectively, the
“Acquiring Purchaser”), the Funding Agent with respect to such Acquiring Purchaser listed
in the signature pages hereof (each, a “Funding Agent”), GREYHOUND FUNDING LLC, a Delaware
limited liability company (the “Company”) and THE CHASE MANHATTAN BANK, as Administrative
Agent (in such capacity, the “Administrative Agent”) and PHH VEHICLE MANAGEMENT SERVICES
LLC, as Administrator (in such capacity, the “Administrator”).

W I T N E S S E T H:

          WHEREAS, this Purchaser Supplement is being executed and delivered in accordance with
subsection 8.10(e) of the Series 1999-3 Indenture Supplement, dated as of October 28, 1999 (as from
time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the
“Indenture Supplement”; terms defined therein being used herein as therein defined), among
the Company, the Administrator, the CP Conduit Purchasers, the APA Banks and the Funding Agents
from time to time parties thereto, the Administrative Agent and The Chase Manhattan Bank, as
Indenture Trustee (the “Indenture Trustee”), to the Base Indenture, dated as of June 30,
1999 (as amended by Supplemental Indenture No. 1 thereto, dated as of October 28, 1999 and as the
same may be from time to time be further amended, supplemented or otherwise modified, the “Base
Indenture” and, together with the Indenture Supplement, the “Indenture”), between the
Company and the Indenture Trustee;

          WHEREAS, the Acquiring Purchaser wishes to become a CP Conduit Purchaser and the APA Bank with
respect to such CP Conduit Purchaser; and

          WHEREAS, the Transferor Purchaser is selling and assigning to the Acquiring Purchaser their
respective rights, obligations and commitments under the Indenture Supplement and the Series 1999-3
Investor Notes;

          NOW, THEREFORE, the parties hereto hereby agree as follows:

          1. Upon the execution and delivery of this Purchaser Supplement by the Acquiring Purchaser,
the Funding Agent with respect thereto, the Transferor Purchaser, the Company, the Administrator
and the Administrative Agent (the date of such execution and delivery, the “Transfer Issuance
Date”), the CP Conduit Purchaser and the APA Bank with respect to such Acquiring Purchaser
shall be a party to the Indenture Supplement for all purposes thereof.

          2. The Transferor Purchaser acknowledges receipt from the Acquiring Purchaser of an amount
equal to the purchase price, as agreed between the Transferor Purchaser and such Acquiring
Purchaser (the “Purchase Price”), of the portion being purchased by such

 

 

Acquiring Purchaser (such Acquiring Purchaser’s “Purchased Percentage”) of the Transferor
Purchaser’s Commitment Amount under the Indenture Supplement [ADD IF APPLICABLE: and the Transferor
Purchaser’s Purchaser Invested Amount]. The Transferor Purchaser hereby irrevocably sells, assigns
and transfers to the Acquiring Purchaser, without recourse, representation or warranty, and the
Acquiring Purchaser hereby irrevocably purchases, takes and assumes from the Transferor Purchaser,
such Acquiring Purchasers Purchased Percentage of the Transferor Purchaser’s Commitment under the
Indenture Supplement [ADD IF APPLICABLE: and the Transferor Purchaser’s Purchaser Invested Amount].

          3. The Transferor Purchaser has made arrangements with the Acquiring Purchaser with respect to
(i) the portion, if any, to be paid, and the date or dates for payment, by the Transferor Purchaser
to such Acquiring Purchaser of any Commitment Fees heretofore received by the Transferor Purchaser
pursuant to the Indenture Supplement prior to the Transfer Issuance Date and (ii) the portion, if
any, to be paid, and the date or dates for payment, by such Acquiring Purchaser to the Transferor
Purchaser of Commitment Fees or Series 1999-[3][A] Monthly Interest received by such Acquiring
Purchaser pursuant to the Indenture Supplement from and after the Transfer Issuance Date.

          4. From and after the Transfer Issuance Date, amounts that would otherwise by payable to or
for the account of the Transferor Purchaser pursuant to the Indenture Supplement shall, instead, be
payable to or for the account of the Transferor Purchaser and the Acquiring Purchasers, as the case
may be, in accordance with their respective interests as reflected in this Purchase Supplement,
whether such amounts have accrued prior to the Transfer Issuance Date or accrue subsequent to the
Transfer Issuance Date.

          5. Each of the parties to this Transfer Supplement agrees that at any time and from time to
time upon the written request of any other party, it will execute and deliver such further
documents and do such further acts and things as such other party may reasonably request in order
to effect the purposes of this Transfer Supplement.

          6. By executing and delivering this Transfer Supplement, the Transferor Purchaser and the
Acquiring Purchaser confirm to and agree with each other and the APA Banks as follows: (i) other
than the representation and warranty that it is the legal and beneficial owner of the interest
being assigned hereby free and clear of any adverse claim, the Transferor Purchaser makes no
representation or warranty and assumes no responsibility with respect to any statements, warranties
or representations made in or in connection with the Indenture Supplement or the execution,
legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series
1999-3 Investor Notes, the Transaction Documents or any instrumentor document furnished pursuant
thereto; (ii) the Transferor Purchaser makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Company, SPV, VMS or the Origination
Trust or the performance or observance by the Company, SPV, VMS or the Origination Trust of any of
their obligations under the Indenture, the Transaction Documents or any other instrument or
document furnished pursuant hereto; (iii) each Acquiring Purchaser confirms that it has received a
copy of the Indenture and such other Transaction Documents and other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter into this Transfer
Supplement; (iv) each Acquiring Purchaser will, independently and without reliance upon the
Administrative Agent, the Transferor Purchaser or any other Purchaser and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under the Indenture; (v) each Acquiring Purchaser appoints and
authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such
powers under the Indenture Supplement as are delegated to the Administrative Agent by the terms

 

 

thereof, together with such powers as are reasonably incidental thereto, all in accordance with
Article 10 of the Indenture Supplement; (vi) each Acquiring Purchaser agrees that it will perform
in accordance with their terms all of the obligations which by the terms of the Indenture are
required to be performed by it as an Acquiring Purchaser and (vii) each Acquiring Purchaser
confirms that it is an Eligible Assignee.

          7. Schedule I hereto sets forth the revised Commitment Percentages of the Transferor Purchaser
and each Acquiring Purchaser as well as administrative information with respect to the Acquiring
Purchaser and its Funding Agent.

          8. This Transfer Supplement shall be governed by, and construed in accordance with, the laws
of the State of New York.

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Transfer Supplement to be executed by
their respective duly authorized officers as of the date first set forth above.

	 	 	 	 	 
	 	[NAME OF SELLING CP
CONDUIT PURCHASER], as
Transferor Purchaser

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	[NAME OF SELLING APA
BANK], as
            Transferor
Purchaser

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	[NAME OF ACQUIRING CP
CONDUIT PURCHASER], as
Acquiring Purchaser

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	[NAME OF ACQUIRING
PURCHASER], as Acquiring
Purchaser

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	[NAME OF FUNDING AGENT
FOR ACQUIRING PURCHASER], as Funding Agent

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

 

 

CONSENTED AND ACKNOWLEDGED:

 

 

	 	 	 	 	 
	 	GREYHOUND FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	PHH VEHICLE MANAGEMENT SERVICES
LLC, as Administrator
 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	THE CHASE MANHATTAN BANK, as
Administrative Agent

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

 

 

     FIRST AMENDMENT, dated as of October 26, 2000 (this “Amendment”), to the Series
1999-3 Supplement, dated as of October 28, 1999 (the “Indenture Supplement”), among
Greyhound Funding LLC (the “Issuer”), PHH Vehicle Management Services, LLC, the several commercial
paper conduits listed on Schedule I thereto (the “CP Conduit Purchasers”), the banks party
thereto with respect to each CP Conduit Purchaser (the “APA Banks”), the agent banks party
thereto with respect to each CP Conduit Purchaser (the “Funding Agents”), The Chase
Manhattan Bank, in its capacity as administrative agent for the CP Conduit Purchasers, the APA
Banks and the Funding Agents, and The Chase Manhattan Bank, in its capacity as Indenture Trustee
(the “Indenture Trustee”), to the Base Indenture, dated as of June 30, 1999, as amended
(the “Base Indenture”), between the Issuer and the Indenture Trustee pursuant to which the
Series 1999-3 Notes were issued to the CP Conduit Purchasers.

W I T N E S S E T H:

     WHEREAS, the Issuer has requested, and, upon this Amendment becoming effective, the Issuer and
the Indenture Trustee have agreed, that certain provisions of the Indenture Supplement be amended
in the manner provided for in this Amendment.

     NOW, THEREFORE, the parties hereto hereby agree as follows:

          1. Defined Terms. All capitalized terms defined in Schedule 1 to the Base Indenture
or the Indenture Supplement and used herein shall have the meanings given to them therein.

          2. Amendments to Article 1 of the Indenture Supplement. Article 1 of the Indenture
Supplement is hereby amended by deleting “0.35%” from clause (B) of paragraph (c) of the definition
of “Monthly Funding Costs” and substituting in lieu thereof “0.275%”.

          3. Conditions to Effectiveness. This Amendment shall become effective on the date on
which each of the following conditions precedent have been satisfied:

          (a) The Issuer shall have executed and delivered to the Indenture Trustee, and the Indenture
Trustee shall have executed, this Amendment; and

          (b) The Indenture Trustee shall have received the agreement of the each of the Purchasers and
the Issuer to the extension of the Scheduled Expiry Date and the consent of each of the Purchasers
to this Amendment in the form of Exhibit A hereto.

          4. Miscellaneous.

          (a) Payment of Expenses. The Issuer agrees to pay or reimburse the Indenture Trustee
and the Purchasers for all of their respective out-of-pocket costs and reasonable expenses incurred
in connection with this Amendment, including, without limitation, the reasonable fees and
disbursements of their respective counsel.

 

 

          (b) No Other Amendments; Confirmation. Except as expressly amended, modified and
supplemented hereby, the provisions of the Indenture Supplement are and shall remain in full force
and effect.

          (c) Governing Law; Counterparts. (i) THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          (ii) This Amendment may be executed in two or more counterparts (and by different
parties on separate counterparts), each of which shall be an original, but all of which
together shall constitute one and the same instrument. A set of the copies of this
Amendment signed by all the parties shall be lodged with the Indenture Trustee. This
Amendment may be delivered by facsimile transmission of the relevant signature pages hereof.

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

	 	 	 	 	 
	 	GREYHOUND FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	THE CHASE MANHATTAN BANK,
not in its individual capacity but solely as
Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

     SECOND AMENDMENT, dated as of December 7, 2001 (this “Amendment”), to the Series
1999-3 Supplement, dated as of October 28, 1999, as amended as of October 26, 2000 (the
“Indenture Supplement”), among Greyhound Funding LLC (the “Issuer”), PHH Vehicle Management
Services, LLC, as administrator (the “Administrator”), the several commercial paper
conduits listed on Schedule I thereto (the “CP Conduit Purchasers”), the banks party
thereto with respect to each CP Conduit Purchaser (the “APA Banks”), the agent banks party
thereto with respect to each CP Conduit Purchaser (the “Funding Agents”), JPMorgan Chase
Bank (formerly known as The Chase Manhattan Bank), in its capacity as administrative agent for the
CP Conduit Purchasers, the APA Banks and the Funding Agents, and JPMorgan Chase Bank, in its
capacity as Indenture Trustee (the “Indenture Trustee”), to the Base Indenture, dated as of
June 30, 1999, as amended (the “Base Indenture”), between the Issuer and the Indenture
Trustee pursuant to which the Series 1999-3 Investor Notes were issued to the CP Conduit
Purchasers.

W I T N E S S E T H:

     WHEREAS, the Issuer has requested, and, upon this Amendment becoming effective, the Issuer,
the Administrator and the Indenture Trustee have agreed, that certain provisions of the Indenture
Supplement be amended in the manner provided for in this Amendment.

     NOW, THEREFORE, the parties hereto hereby agree as follows:

          1. Defined Terms. All capitalized terms defined in Schedule 1 to the Base Indenture
or the Indenture Supplement and used herein shall have the meanings given to them therein.

          2. Amendments to Article 1 of the Indenture Supplement. Article 1 of the Indenture
Supplement is hereby amended by (a) deleting the definition of Series 1999-3 Required Enhancement
Amount in its entirety and substituting in lieu thereof the following new definition of Series
1999-3 Required Enhancement Amount:

     “‘Series 1999-3 Required Enhancement Amount’ means, on any date of
determination, an amount equal to the sum of (a) the greater of (i) the Series 1999-3
Required PMI Percentage of the aggregate liquidation preference of the Series 1999-3 Senior
Preferred Membership Interests on such date and (ii) (A) during the Series 1999-3 Revolving
Period, the Series 1999-3 Required Percentage of the Series 1999-3 Maximum Invested Amount
on such date or (B) during the Series 1999-3 Amortization Period, the Series 1999-3 Required
Percentage of the Maximum Invested Amount on the last day of the Series 1999-3 Revolving
Period plus (b), if the Three-Month Average Residual Value Loss Ratio with respect to the
most recent Settlement Date exceeded 12.50%, an amount equal to the product of (a) the
Series 1999-3 Invested Percentage as of the last day of the Monthly Period immediately
preceding such Settlement Date and (b) 90% of the amount by which the Aggregate Residual
Value Amount exceeded the Excess Residual Value Amount, in each case, as of that date;
provided, however, that, after the declaration or occurrence of an Amortization Event, the
Series 1999-3 Required Enhancement Amount

 

 

shall equal the Series 1999-3 Required Enhancement Amount on the date of the
declaration or occurrence of such Amortization Event.”

and (b) adding the following new definitions in alphabetical order:

     “Series 1999-3 Required Percentage” means, on any date of determination,
15.9425% unless:

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

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

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

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

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

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

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

          (7) the Three Month Average Delinquency Ratio was 4.50% or less;
in which case, the Series 1999-3 Required Percentage on such date will equal 14.9425% or

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

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

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

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

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

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

          (6) the Three Month Average Delinquency Ratio exceeded 6.00%;
in which case, the Series 1999-3 Required Percentage on such date will equal 16.9425%.

          “Series 1999-3 Required PMI Percentage” means, on any date of determination, 166.27%
unless:

 

 

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

          (1) the Three Month Average Charge-Off Ration was 0.50% or less;

          (2) the Twelve Month Average Charge-Off Ration was 0.25% or less;

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

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

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

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

          (7) the Three Month Average Delinquency Ratio was 4.50% or less;
in which case, the Series 1999-3 Required PMI Percentage on such date will equal 154.39% or

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

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

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

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

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

          (5) the Twelve Month Average Paid in Advance Loss Ratio exceeded 0.75%; or

          (6) the Three Month Average Delinquency Ratio exceeded 6.00%.
in which case, the Series 1999-3 Required PMI Percentage on such date will equal 175.06%.

          3. Amendments to Article 4 of the Indenture Supplement. Article 4 of the Indenture
Supplement is hereby amended by (a) deleting “0.75%” from paragraph (f) thereof and substituting in
lieu thereof “1.00%”, (b) deleting “6.0%” from paragraph (i) thereof and substituting in lieu
thereof “7.0%”, (c) deleting paragraph (g) thereof in its entirety and reordering paragraphs (h)
through (v) thereof as paragraphs (g) through (u), (d) changing the reference to “any event

 

 

described in clause (q) through (v) above” in the first sentence thereof to a reference to “any
event described in clause (p) through (u) above” and (e) changing the reference to “any event
described in clauses (a) through (p) above” in the second sentence thereof to a reference to “any
event described in clauses (a) through (o) above”.

          4. Amendment to Article 11. Article 11 of the Indenture Supplement is hereby amended
by inserting the following new paragraph (e) to Section 11.7:

     “(e) The Issuer reserves the right, without any consent or other action of the Series
1999-3 Investor Noteholders, to amend Schedule 1 to the Base Indenture by (i) deleting “15%”
from clause (a)(ii) of the definition of Excess Longer-Term Lease Amount and substituting in
lieu thereof “20%”, (ii) deleting “5%” from clause (b)(ii) of the definition of Excess
Longer-Term Lease Amount and substituting in lieu thereof “7.5%” and (iii) deleting “10%”
from clause (ii) of the definition of Excess Residual Value Amount and substituting in lieu
thereof “7.5%”.”

          5. Amendment to Schedule 1. Schedule I to the Indenture Supplement is hereby amended
by deleting said Schedule in its entirety and substituting in lieu thereof new Schedule I in the
form of Schedule A to this Amendment.

          6. Conditions to Effectiveness. This Amendment shall become effective on December 7,
2001 (the “Amendment Effective Date”) if each of the following conditions precedent shall
have been satisfied on or prior to such day:

          (a) The Administrative Agent shall have received, with a copy for each Funding Agent, this
Amendment duly executed and delivered by the Issuer, the Administrator and the Indenture Trustee;

          (b) The representations and warranties of the Issuer and VMS contained in the Transaction
Documents shall be true and correct in all material respects as of the Amendment Effective Date;

          (c) The Issuer shall have signed and directed the Indenture Trustee to authenticate and
deliver to the Funding Agent with respect to each Purchaser a new Series 1999-3 Investor Note in
the name of such Funding Agent in an amount equal to the Maximum Purchaser Invested Amount with
respect to such Purchaser set forth on Schedule A to this Amendment in exchange for the Series
1999-3 Investor Note previously delivered to such Funding Agent;

          (d) One or more of the CP Conduit Purchasers and the APA Banks with respect to such CP Conduit
Purchasers shall have made such assignments to one or more of the other CP Conduit Purchasers and
the APA Banks with respect to such CP Conduit Purchasers in accordance with Section 11.10(e) of the
Indenture Supplement, as directed by the Administrative Agent, with the result that after giving
effect thereto and before giving effect to any Increases on the Amendment Effective Date, the
Purchaser Invested Amount with respect to each CP Conduit Purchaser shall equal the amount set
forth on Schedule B to this Amendment, and shall have delivered the related Purchaser Supplements
to the Administrative Agent and the Issuer;

          (e) The Indenture Trustee shall have received the agreement of each of the Purchasers and the
Issuer to the extension of the Scheduled Expiry Date and the consent of each of the Purchasers to
this Amendment in the form of Exhibit A to this Amendment;

 

 

          (f) The Issuer shall have paid to the APA Bank with respect to each CP Conduit Purchaser the
non-refundable renewal fee contemplated by that certain fee letter dated the date hereof among the
Issuer, the Administrative Agent and each of the APA Banks; and

          (g) The Administrative Agent shall have received a letter from each of Standard & Poor’s and
Moody’s assessing the credit risk assigned by Standard & Poor’s and Moody’s, respectively, to the
Series 1999-3 Investor Notes as AAA and Aaa, respectively.

          7. Miscellaneous.

          (a) Payment of Expenses. The Issuer agrees to pay or reimburse the Indenture Trustee
and the Purchasers for all of their respective out-of-pocket costs and reasonable expenses incurred
in connection with this Amendment, including, without limitation, the reasonable fees and
disbursements of their respective counsel.

          (b) No Other Amendments; Confirmation. Except as expressly amended, modified and
supplemented hereby, the provisions of the Indenture Supplement are and shall remain in full force
and effect.

          (c) Governing Law; Counterparts. (i) THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          (ii) This Amendment may be executed in two or more counterparts (and by different parties on
separate counterparts), each of which shall be an original, but all of which together shall
constitute one and the same instrument. A set of the copies of this Amendment signed by all the
parties shall be lodged with the Indenture Trustee. This Amendment may be delivered by
facsimile transmission of the relevant signature pages hereof.

 

 

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

	 	 	 	 	 
	 	GREYHOUND FUNDING LLC

 	 
	 	By:  	/s/ Tony Wong
 	 
	 	 	Name:  	Tony Wong 	 
	 	 	Title:  	Vice President 	 
	 
	 	PHH VEHICLE MANAGEMENT SERVICES, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, not in its individual capacity but
solely as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

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

	 	 	 	 	 
	 	GREYHOUND FUNDING LLC 

 	 
	 	By:  	

 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PHH VEHICLE MANAGEMENT SERVICES, LLC

 	 
	 	By:  	/s/ Joseph Weikel
 	 
	 	 	Name:  	Joseph W. Weikel 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	JPMORGAN CHASE BANK, not in its individual capacity but solely as
Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

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

	 	 	 	 	 
	 	GREYHOUND FUNDING LLC 

 	 
	 	By:  	

 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PHH VEHICLE MANAGEMENT SERVICES, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, not in its individual capacity but solely as
Indenture Trustee

 	 
	 	By:  	/s/ Patricia M.F. Russo
 	 
	 	 	Name:  	Patricia M.F. Russo 	 
	 	 	Title:  	Vice President 	 
	 

 

 

     THIRD AMENDMENT, dated as of December 6, 2002 (this “Amendment”), to the Series 1999-3
Supplement, dated as of October 28, 1999, as amended as of October 26, 2000 and December 7, 2001
(the “Indenture Supplement”), among Chesapeake Funding LLC (formerly known as Greyhound
Funding LLC) (the “Issuer”), PHH Vehicle Management Services, LLC, as administrator (the
“Administrator”), the several commercial paper conduits listed on Schedule I thereto (the
“CP Conduit Purchasers”), the banks party thereto with respect to each CP Conduit Purchaser
(the “APA Banks”), the agent banks party thereto with respect to each CP Conduit Purchaser
(the “Funding Agents”), JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank),
in its capacity as administrative agent for the CP Conduit Purchasers, the APA Banks and the
Funding Agents, and JPMorgan Chase Bank, in its capacity as Indenture Trustee (the “Indenture
Trustee”), to the Base Indenture, dated as of June 30, 1999, as amended (the “Base
Indenture”), between the Issuer and the Indenture Trustee pursuant to which the Series 1999-3
Investor Notes were issued to the CP Conduit Purchasers.

W I T N E S S E T H:

     WHEREAS, the Issuer intends to issue an additional Series of Investor Notes in an aggregate
principal amount of not less than $544,900,000 (the “Series 2002-2 Investor Notes”), apply
a portion of the proceeds of such issuance to reduce the Purchaser Invested Amount with respect to
Black Forest Funding Corporation and Bayerische Hypo-Und Vereinsbank AG, New York Branch (the
“Non-Extending Purchaser Group”), to zero, apply a portion of the proceeds of such issuance
otherwise to the reduction of the Series 1999-3 Invested Amount and, on the January 2003 Payment
Date, apply $38,713,142 of the proceeds of such issuance to the partial redemption of the Series
1999-3 Senior Preferred Membership Interests held by Hunt Valley LLC (the “Series 1999-3 PMI
Redemption”); and

     WHEREAS, the Issuer has requested, and, upon this Amendment becoming effective, the Issuer,
the Administrator and the Indenture Trustee have agreed, that certain provisions of the Indenture
Supplement be amended in the manner provided for in this Amendment;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

          1. Defined Terms. All capitalized terms defined in Schedule 1 to the Base Indenture
or the Indenture Supplement and used herein shall have the meanings given to them therein.

          2. Amendments to Article 1 of the Indenture Supplement. Article 1 of the Indenture
Supplement is hereby amended by (a) deleting the definition of Applicable Margin in its entirety
and substituting in lieu thereof the following new definition of Applicable Margin:

          “‘Applicable Margin’ means on any date of determination, 1.25% per annum; provided,
however that after the occurrence of an Amortization Event or a Potential Amortization Event,
the Applicable Margin shall equal 1.50% per annum.”; and

 

2

   (b) deleting the definition of Change in Law in its entirety and substituting in lieu
thereof the following new definition of Change in Law:

          “‘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 1999-3 Closing Date, (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, 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 1999-3 Closing Date or (c) any request, guideline or directive (whether or not having the
force of law) from 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 “Accounting Body”)
charged with the administration, interpretation or application thereof, or the compliance with
any request or directive of any Accounting Body (whether or not having the force of law) made,
issued or occurring after December 6, 2002.”

          3. Application of the Proceeds of the Series 2002-2 Investor Notes. The Issuer hereby
agrees to apply a portion of the proceeds of the original issuance of the Series 2002-2 Investor
Notes in the following manner:

          (a) on the date of the issuance of the Series 2002-2 Investor Notes (the “Series
2002-2 Closing Date”), to reduce the Purchaser Invested Amount with respect to the
Non-Extending Purchaser Group to zero;

          (b) on the Series 2002-2 Closing Date, to effect a Decrease and reduce the Series
1999-3 Invested Amount, after giving effect to the reduction of the Purchaser Invested
Amount with respect to the Non-Extending Purchaser Group, such that the Series 1999-3
Invested Amount is less than or equal to $1,000,000,000; and

          (c) on the January 2003 Payment Date, to effect the Series 1999-3 PMI Redemption.

     The Issuer shall give the Administrative Agent prior written notice of the Series 2002-2
Closing Date and of the amount of the Decrease to be effected on the Series 2002-2 Closing Date no
less than five Business Days prior to the occurrence thereof.

 

3

          4. Amendment to Schedule I. On the Series 2002-2 Closing Date, the Series 1999-3
Maximum Invested Amount shall be reduced to $1,000,000,000 and Schedule I to the Indenture
Supplement shall be amended by deleting such Schedule in its entirety and substituting in lieu
thereof new Schedule I in the form of Schedule A to this Amendment if each of the following
conditions precedent shall have been satisfied on such date:

          (a) the Issuer shall have applied the proceeds of the original issuance of the Series
2002-2 Investor Notes in accordance with clauses (a) and (b) of Section 3 of this Amendment;

          (b) one or more of the CP Conduit Purchasers and the APA Banks with respect to such CP
Conduit Purchasers shall have made assignments to one or more of the other CP Conduit
Purchasers and the APA Banks with respect to such CP Conduit Purchasers in accordance with
Section 11.10(e) of the Indenture Supplement, as directed by the Administrative Agent, with
the result that after giving effect thereto, the Pro Rata Share with respect to each CP
Conduit Purchaser and the APA Banks with respect to such CP Conduit Purchaser shall equal
the Commitment Percentage with respect to such CP Conduit Purchaser and the APA Banks with
respect to such CP Conduit Purchaser, calculated using the Maximum Purchaser Invested Amount
with respect to such CP Conduit Purchaser and the APA Banks with respect to such CP Conduit
Purchaser set forth on Schedule A to this Amendment; and

          (c) the Issuer shall have signed and directed the Indenture Trustee to authenticate and
deliver to the Funding Agent with respect to each Purchaser (other than the Non-Extending
Purchaser Group) a new Series 1999-3 Investor Note in the name of such Funding Agent in an
amount equal to the Maximum Purchaser Invested Amount with respect to such Purchaser set
forth on Schedule A to this Amendment in exchange for the Series 1999-3 Investor Note
delivered to such Funding Agent on December 7, 2001.

          5. Conditions to Effectiveness. This Amendment shall become effective on December 6,
2002 (the “Amendment Effective Date”) if each of the following conditions precedent shall
have been satisfied on or prior to such day:

          (a) The Administrative Agent shall have received, with a copy for each Funding Agent,
this Amendment duly executed and delivered by the Issuer, the Administrator and the
Indenture Trustee;

          (b) The representations and warranties of the Issuer and VMS contained in the
Transaction Documents shall be true and correct in all material respects as of the Amendment
Effective Date;

          (c) The Indenture Trustee shall have received the consent of each of the Purchasers to
this Amendment in the form of Exhibit A to this Amendment;

 

4

          (d) The Issuer shall have paid to the APA Banks with respect to each CP Conduit
Purchaser (other than the APA Bank in the Non-Extending Purchaser Group) the non-refundable
renewal fee contemplated by that certain fee letter dated the date hereof among the Issuer,
the Administrative Agent and each of the APA Banks (other than the APA Bank in the
Non-Extending Purchaser Group); and

          (e) The Indenture Trustee shall have received the agreement of each of the Purchasers
(other than the Non-Extending Purchaser Group) and the Issuer to the extension of the
Scheduled Expiry Date in the form of Exhibit B to this Amendment.

     6. Miscellaneous.

          (a) Payment of Expenses. The Issuer agrees to pay or reimburse the Indenture
Trustee and the Purchasers for all of their respective out-of-pocket costs and reasonable
expenses incurred in connection with this Amendment, including, without limitation, the
reasonable fees and disbursements of their respective counsel.

          (b) No Other Amendments; Confirmation. Except as expressly amended, modified
and supplemented hereby, the provisions of the Indenture Supplement are and shall remain in
full force and effect.

          (c) Governing Law; Counterparts. (i) THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          (ii) This Amendment may be executed in two or more counterparts (and by different parties on
separate counterparts), each of which shall be an original, but all of which together shall
constitute one and the same instrument. A set of the copies of this Amendment signed by all the
parties shall be lodged with the Indenture Trustee. This Amendment may be delivered by
facsimile transmission of the relevant signature pages hereof.

 

5

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

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	/s/ Joseph Weikel
 	 
	 	 	Name:  	Joseph W. Weikel 	 
	 	 	Title:  	 	 
	 
	 	PHH VEHICLE MANAGEMENT SERVICES, LLC

 	 
	 	By:  	/s/ Joseph Weikel
 	 
	 	 	Name:  	Joseph W. Weikel 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, not in its individual
capacity but solely as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

6

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

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PHH VEHICLE MANAGEMENT SERVICES, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, not in its individual capacity but solely
as Indenture Trustee

 	 
	 	By:  	/s/ Kevin Crombie
 	 
	 	 	Name:  	Kevin Crombie 	 
	 	 	Title:  	Assistant Vice President 	 
	 

 

 

EXHIBIT A

TO THIRD AMENDMENT

TO INDENTURE SUPPLEMENT

Consent of Purchasers

     Reference is made to that certain Series 1999-3 Supplement, dated as of October 28, 1999,
as amended as of October 26, 2000 and December 7, 2001 (the “Indenture Supplement”), among
Chesapeake Funding LLC (formerly known as Greyhound Funding LLC) (the “Issuer”), PHH
Vehicle Management Services, LLC, as administrator (the “Administrator”), the several
commercial paper conduits listed on Schedule I thereto (the “CP Conduit Purchasers”), the
banks party thereto with respect to each CP Conduit Purchaser (the “APA Banks”), the agent
banks party thereto with respect to each CP Conduit Purchaser (the “Funding Agents”),
JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), in its capacity as administrative
agent for the CP Conduit Purchasers, the APA Banks and the Funding Agents, and JPMorgan Chase Bank,
in its capacity as Indenture Trustee (the “Indenture Trustee”), to the Base Indenture,
dated as of June 30, 1999, as amended, between the Issuer and the Indenture Trustee pursuant to
which the Series 1999-3 Investor Notes were issued to the CP Conduit Purchasers and that certain
Third Amendment to the Indenture Supplement, dated as of December 6, 2002 (the “Third Amendment
to the Indenture Supplement”), among the Issuer, the Administrator and the Indenture Trustee.
All capitalized terms defined in the Indenture Supplement and used herein shall have the meanings
given to them therein.

     The undersigned hereby consent to the execution, delivery and performance of the Third
Amendment to the Indenture Supplement by the parties thereto and agree, on the Series 2002-2
Closing Date (as defined in the Third Amendment), to enter into such Purchaser Supplements as are
necessary to satisfy the condition set forth in Section 4(c) of the Third Amendment.

          Dated: December 6, 2002

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PARK AVENUE RECEIVABLES CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	VARIABLE FUNDING CAPITAL CORPORATION, as a CP
Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as an APA
Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FALCON ASSET SECURITIZATION CORPORATION, as a
CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK ONE, NA, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING CORP., as a CP
Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NOVA SCOTIA, NEW YORK AGENCY, as an
APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPASS US ACQUISITION, LLC, as a CP Conduit
Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WESTLB AG, New York Branch, as an APA Bank

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	Name: 	 	 
	 	 	Title:  	 	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	QUINCY CAPITAL CORPORATION, as a CP
Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK OF AMERICA, N.A., as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ASSET SECURITIZATION COOPERATIVE
CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CANADIAN IMPERIAL BANK OF COMMERCE, as an
APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	BLACK FOREST
FUNDING CORPORATION, as a
CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BAYERISCHE HYPO-UND
VEREINSBANK AG, NEW YORK
BRANCH, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

EXHIBIT B

TO THIRD AMENDMENT

TO INDENTURE SUPPLEMENT

Extension of Scheduled Expiry Date

     Reference is made to that certain Series 1999-3 Supplement, dated as of October 28, 1999, as
amended as of October 26, 2000, December 7, 2001 and December 6, 2002 (the “Indenture
Supplement”), among Chesapeake Funding LLC (formerly known as Greyhound Funding LLC) (the
“Issuer”), PHH Vehicle Management Services, LLC, as administrator (the “Administrator”),
the several commercial paper conduits listed on Schedule I thereto (the “CP Conduit
Purchasers”), the banks party thereto with respect to each CP Conduit Purchaser (the “APA
Banks”), the agent banks party thereto with respect to each CP Conduit Purchaser (the
“Funding Agents”), JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), in its
capacity as administrative agent for the CP Conduit Purchasers, the APA Banks and the Funding
Agents, and JPMorgan Chase Bank, in its capacity as Indenture Trustee (the “Indenture
Trustee”), to the Base Indenture, dated as of June 30, 1999, as amended, between the Issuer and
the Indenture Trustee pursuant to which the Series 1999-3 Investor Notes were issued to the CP
Conduit Purchasers. All capitalized terms defined in the Indenture Supplement and used herein
shall have the meanings given to them therein.

     The undersigned hereby agree to extend the Scheduled Expiry Date to December 5, 2003,
effective on the date hereof.

          Dated: December 6, 2002

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PARK AVENUE RECEIVABLES CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	VARIABLE FUNDING CAPITAL CORPORATION, as a CP
Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as an APA
Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FALCON ASSET SECURITIZATION CORPORATION, as a
CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK ONE, NA, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING CORP., as a CP
Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NOVA SCOTIA, NEW YORK AGENCY, as an
APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPASS US ACQUISITION, LLC, as a CP Conduit
Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WESTLB AG, New York Branch, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	QUINCY CAPITAL CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK OF AMERICA, N.A., as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ASSET SECURITIZATION COOPERATIVE
CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CANADIAN IMPERIAL BANK OF COMMERCE, as an
APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

SCHEDULE A TO THIRD AMENDMENT TO SERIES 1999-3 INDENTURE SUPPLEMENT

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Maximum Purchaser	 	 
	CP Conduit Purchaser	 	APA Bank	 	Funding Agent	 	Invested Amount	 	Match Funding
	Falcon Asset
Securitization 

Corporation

	 	Bank One, NA 

1 Bank One Plaza
Suite
 IL1 — 0596 

Chicago, IL 60670
	 	Bank One, NA
	 	$	165,000,000	 	 	Yes
	Park Avenue
Receivables 

Corporation

	 	JPMorgan Chase Bank

270 Park Avenue New

York, NY 10017
	 	JPMorgan Chase Bank
	 	$	150,000,000	 	 	No
	Quincy Capital 

Corporation

	 	Bank of America, N.A.

231 South LaSalle  

Street  

Chicago, IL 60697
	 	Bank of America,
N.A.
	 	$	150,000,000	 	 	No
	Variable Funding
Capital  
Corporation

	 	Wachovia Bank,
National

Association

301 South College
Street

Charlotte, NC 28288
	 	Wachovia
Securities, Inc.
	 	$	150,000,000	 	 	No
	Liberty Street
Funding Corp

	 	The Bank of Nova
Scotia,  
New York
Agency  

190 South LaSalle
Street  

Chicago, IL 60603
	 	The Bank of Nova
Scotia, New York
Agency
	 	$	135,000,000	 	 	No
	Compass US
Acquisition, LLC

	 	WestLB AG, New York
Branch  

1211 Avenue of the
Americas  

New York, NY 10036
	 	WestLB AG, New York

Branch
	 	$	125,000,000	 	 	No
	Asset
Securitization 

Cooperative
Corporation

	 	Canadian Imperial
Bank 
of Commerce 

425 Lexington Avenue 

New York, New York 

10017
	 	Canadian Imperial 

Bank of Commerce
	 	$	125,000,000	 	 	No

 

 

EXECUTION COPY

     FOURTH AMENDMENT, dated as of September 8, 2003 (this “Amendment”), to the Series
1999-3 Indenture Supplement, dated as of October 28, 1999, as amended as of October 26, 2000,
December 7, 2001 and December 6, 2002 (the “Indenture Supplement”), among Chesapeake
Funding LLC (formerly known as Greyhound Funding LLC) (the “Issuer”), PHH Vehicle
Management Services, LLC, as administrator (the “Administrator”), the several commercial
paper conduits listed on Schedule I thereto (the “CP Conduit Purchasers”), the banks party
thereto with respect to each CP Conduit Purchaser (the “APA Banks”), the agent banks party
thereto with respect to each CP Conduit Purchaser (the “Funding Agents”), JPMorgan Chase
Bank (formerly known as The Chase Manhattan Bank), in its capacity as administrative agent for the
CP Conduit Purchasers, the APA Banks and the Funding Agents (the “Administrative Agent”),
and JPMorgan Chase Bank, in its capacity as Indenture Trustee (the “Indenture Trustee”), to
the Base Indenture, dated as of June 30, 1999, as amended (the “Base Indenture”), between
the Issuer and the Indenture Trustee pursuant to which the Series 1999-3 Investor Notes were issued
to the CP Conduit Purchasers.

W I T N E S S E T H:

     WHEREAS, the Issuer has requested, and, upon this Amendment becoming effective, the Issuer,
the Administrator and the Indenture Trustee have agreed, that certain provisions of the Indenture
Supplement be amended in the manner provided for in this Amendment;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

          1. Defined Terms. All capitalized terms defined in Schedule 1 to the Base Indenture
or the Indenture Supplement and used herein shall have the meanings given to them therein.

          2. Amendments to Article 1 of the Indenture Supplement. Article 1 of the Indenture
Supplement is hereby amended by deleting (a) “166.27%” from the definition of “Series 1999-3
Required PMI Percentage” and substituting in lieu thereof “135.0501%”, (b) “154.39%” from the
definition of “Series 1999-3 Required PMI Percentage” and substituting in lieu thereof “126.5790%”
and (c) “175.06%” from the definition of “Series 1999-3 Required PMI Percentage” and substituting
in lieu thereof “143.5211%”.

          3. Conditions to Effectiveness. This Amendment shall become effective on September 8,
2003 (the “Amendment Effective Date”) if each of the following conditions precedent shall
have been satisfied on or prior to such day:

          (a) The Administrative Agent shall have received, with a copy for each Funding Agent,
this Amendment duly executed and delivered by the Issuer, the Administrator and the
Indenture Trustee;

 

2

          (b) The representations and warranties of the Issuer and VMS contained in the
Transaction Documents shall be true and correct in all material respects as of the Amendment
Effective Date; and

          (c) The Indenture Trustee shall have received the consent of each of the Purchasers to
this Amendment in the form of Exhibit A to this Amendment.

          4. Miscellaneous.

          (a) Payment of Expenses. The Issuer agrees to pay or reimburse the Indenture
Trustee and the Purchasers for all of their respective out-of-pocket costs and reasonable
expenses incurred in connection with this Amendment, including, without limitation, the
reasonable fees and disbursements of their respective counsel.

          (b) No Other Amendments; Confirmation. Except as expressly amended, modified
and supplemented hereby, the provisions of the Indenture Supplement are and shall remain in
full force and effect.

          (c) Governing Law; Counterparts. (i) THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

               (i) This Amendment may be executed in two or more counterparts (and by different
parties on separate counterparts), each of which shall be an original, but all of which
together shall constitute one and the same instrument. A set of the copies of this
Amendment signed by all the parties shall be lodged with the Indenture Trustee. This
Amendment may be delivered by facsimile transmission of the relevant signature pages hereof.

 

 

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

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	/s/ Joseph Weikel
 	 
	 	 	Name:  	Joseph W. Weikel 	 
	 	 	Title:  	Senior Vice President, General Counsel and Assistant Secretary 	 
	 
	 	PHH VEHICLE MANAGEMENT SERVICES, LLC

 	 
	 	By:  	/s/ Joseph Weikel
 	 
	 	 	Name:  	Joseph W. Weikel 	 
	 	 	Title:  	Senior Vice President, General Counsel and Assistant Secretary 	 
	 
	 	JPMORGAN CHASE BANK, not in its individual capacity but solely as Indenture
Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

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

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PHH VEHICLE MANAGEMENT SERVICES, LLC

 	 
	 	By:  	 	 
	 	 	Name:	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, not in its individual capacity but solely as Indenture Trustee

 	 
	 	By:  	/s/ Wen Hao Wang
 	 
	 	 	Name:  	WEN HAO WANG 	 
	 	 	Title:  	Asst. Vice President 	 
	 

 

 

EXHIBIT A

TO FOURTH AMENDMENT

TO INDENTURE SUPPLEMENT

Consent of Purchasers

     Reference is made to that certain Series 1999-3 Supplement, dated as of October 28, 1999, as
amended as of October 26, 2000, December 7, 2001 and December 6, 2002 (the “Indenture
Supplement”), among Chesapeake Funding LLC (formerly known as Greyhound Funding LLC) (the
“Issuer”), PHH Vehicle Management Services, LLC, as administrator (the
“Administrator”), the several commercial paper conduits listed on Schedule I thereto (the
“CP Conduit Purchasers”), the banks party thereto with respect to each CP Conduit Purchaser
(the “APA Banks”), the agent banks party thereto with respect to each CP Conduit Purchaser
(the “Funding Agents”), JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank),
in its capacity as administrative agent for the CP Conduit Purchasers, the APA Banks and the
Funding Agents, and JPMorgan Chase Bank, in its capacity as Indenture Trustee (the “Indenture
Trustee”), to the Base Indenture, dated as of June 30, 1999, as amended, between the Issuer and
the Indenture Trustee pursuant to which the Series 1999-3 Investor Notes were issued to the CP
Conduit Purchasers and that certain Fourth Amendment to the Indenture Supplement, dated as of
September 8, 2003 (the “Fourth Amendment to the Indenture Supplement”), among the Issuer,
the Administrator and the Indenture Trustee. All capitalized terms defined in the Indenture
Supplement and used herein shall have the meanings given to them therein.

     The undersigned hereby consent to the execution, delivery and performance of the Fourth
Amendment to the Indenture Supplement by the parties thereto.

          Dated: September 8, 2003

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	/s/ Joseph Weikel
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PARK AVENUE RECEIVABLES CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

EXHIBIT A

TO FOURTH AMENDMENT

TO INDENTURE SUPPLEMENT

Consent of Purchasers

     Reference is made to that certain Series 1999-3 Supplement, dated as of October 28, 1999, as
amended as of October 26, 2000, December 7, 2001 and December 6, 2002 (the “Indenture
Supplement”), among Chesapeake Funding LLC (formerly known as Greyhound Funding LLC) (the
“Issuer”), PHH Vehicle Management Services, LLC, as administrator (the
“Administrator”), the several commercial paper conduits listed on Schedule I thereto (the
“CP Conduit Purchasers”), the banks party thereto with respect to each CP Conduit Purchaser
(the “APA Banks”), the agent banks party thereto with respect to each CP Conduit Purchaser
(the “Funding Agents”), JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank),
in its capacity as administrative agent for the CP Conduit Purchasers, the APA Banks and the
Funding Agents, and JPMorgan Chase Bank, in its capacity as Indenture Trustee (the “Indenture
Trustee”), to the Base Indenture, dated as of June 30, 1999, as amended, between the Issuer and
the Indenture Trustee pursuant to which the Series 1999-3 Investor Notes were issued to the CP
Conduit Purchasers and that certain Fourth Amendment to the Indenture Supplement, dated as of
September 8, 2003 (the “Fourth Amendment to the Indenture Supplement”), among the Issuer,
the Administrator and the Indenture Trustee. All capitalized terms defined in the Indenture
Supplement and used herein shall have the meanings given to them therein.

     The undersigned hereby consent to the execution, delivery and performance of the Fourth
Amendment to the Indenture Supplement by the parties thereto.

          Dated: September 8, 2003

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PARK AVENUE RECEIVABLES CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	/s/ Andrew L. Stidd
 	 
	 	 	Name:  	Andrew L. Stidd 	 
	 	 	Title:  	President 	 
	 

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, as an APA Bank

 	 
	 	By:  	/s/ Bradley S. Schwartz
 	 
	 	 	Name:  	Bradley S. Schwartz 	 
	 	 	Title:  	Managing Director 	 
	 
	 	VARIABLE FUNDING CAPITAL CORPORATION, as a CP Conduit
Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FALCON ASSET SECURITIZATION CORPORATION, as a CP Conduit
Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK ONE, NA, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	VARIABLE FUNDING CAPITAL CO RATION, as a Conduit Purchaser

 	 
	 	By:  	/s/ Douglas R. Wilson, Sr.
 	 
	 	 	Name:  	DOUGLAS R. WILSON, SR. 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION as an APA BANK

 	 
	 	By:  	/s/ Prakash B, Wadh
 	 
	 	 	Name:  	PRAKASH B. WADH 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 
	 	FALCON ASSET SECURITIZATION CORPORATION as a CP Conduit
Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK ONE, NA, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	VARIABLE FUNDING CAPITAL CO RATION, as a Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION as an APA BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FALCON ASSET SECURITIZATION CORPORATION as a CP Conduit Purchaser

 	 
	 	By:  	/s/ Lon A. Grubb
 	 
	 	 	Name:  	Lon A. Grubb 	 
	 	 	Title:  	Authorized Signer 	 
	 
	 	BANK ONE, NA, as an APA Bank

 	 
	 	By:  	/s/ Lon A. Grubb
 	 
	 	 	Name:  	Lon A. Grubb 	 
	 	 	Title:  	Managing Director, Capital Markets 	 
	 

 

 

	 	 	 	 	 
	 	YC SUSI TRUST, as a CP Conduit Purchaser

 	 
	 	By:  	Bank of America, National Association, as Administrative Trustee
 	 
	 
	 	 	 
	 	By:  	/s/ Marianne Mihalik
 	 
	 	 	Name:  	MARIANNE MIHALIK 	 
	 	 	Title:  	Principal 	 
	 
	 	BANK OF AMERICA, NATIONAL ASSOCIATION, as an APA Bank

 	 
	 	By:  	/s/ Marianne Mihalik
 	 
	 	 	Name:  	MARIANNE MIHALIK 	 
	 	 	Title:  	Principal 	 
	 
	 	ASSET SECURITIZATION COOPERATIVE ,
CORPORATION, as a CP Conduit Purchaser	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CANADIAN IMPERIAL BANK OF COMMERCE,
as an APA Bank	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	YC SUSI TRUST, as a CP Conduit Purchaser

 	 
	 	By:  	Bank of America, National Association, as Administrative Trustee
 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK OF AMERICA, NATIONAL ASSOCIATION, as an APA Bank	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ASSET SECURITIZATION COOPERATIVE , CORPORATION, as a CP Conduit Purchaser

 	 
	 
	 	By:  	/s/ Charles J. Polizzi
 	 
	 	 	Name:  	CHARLES J. POLIZZI 	 
	 	 	Title:  	VP AND TREASURER 	 
	 
	 	CANADIAN IMPERIAL BANK OF COMMERCE, as an APA Bank

 	 
	 
	 	By:  	/s/ Mark D. O'Keefe
 	 
	 	 	Name:  	MARK D. O'KEEFE 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 
	 
	 	 	 
	 	By:  	/s/ Robert D. Castro
 	 
	 	 	Name:  	ROBERT D. CASTRO 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 
	 

 

 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING CORP., as a CP Conduit
Purchaser	 
	 	By:  	/s/ Andrew L. Stiff
 	 
	 	 	Name:  	Andrew L. Stidd 	 
	 	 	Title:  	President 	 
	 
	 	THE BANK OF NOVA SCOTIA, NEW YORK AGENCY, as an APA
Bank	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPASS US ACQUISITION, LLC, as a CP Conduit Purchaser	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WESTLB AG, New York Branch, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING CORP., as a CP Conduit Purchaser	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NOVA SCOTIA, NEW YORK AGENCY, as an APA Bank	 
	 
	 	By:  	/s/ Michael Eden
 	 
	 	 	Name:  	MICHAEL EDEN 	 
	 	 	Title:  	DIRECTOR 	 
	 
	 	COMPASS US ACQUISITION, LLC, as a CP Conduit Purchaser	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WESTLB AG, New York Branch, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING CORP., as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NOVA SCOTIA, NEW YORK AGENCY, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPASS US ACQUISITION, LLC, as a CP Conduit Purchaser

 	 
	 	By:  	/s/ Doris J. Hearn
 	 
	 	 	Name:  	Doris J. Hearn 	 
	 	 	Title:  	Vice President 	 
	 
	 	WESTLB AG, New York Branch, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING CORP., as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NOVA SCOTIA, NEW YORK AGENCY, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPASS US ACQUISITION, LLC, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WESTLB AG, New York Branch, as an APA Bank

 	 
	 	By:  	/s/ Michael E. Fitzgerald
 	 
	 	 	Name:  	MICHAEL E. FITZGERALD 	 
	 	 	Title:  	EXECUTIVE DIRECTOR GLOBAL SPECIALIZED FINANCE 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	Anne Lacombe                     	 
	 	 	Title:  	Director 	 
	 

 

 

     FIFTH AMENDMENT, dated as of December 5, 2003 (this “Amendment”), to the Series 1999-3
Indenture Supplement, dated as of October 28, 1999, as amended as of October 26, 2000, December 7,
2001, December 6, 2002 and September 8, 2003 (the “Indenture Supplement”), among Chesapeake
Funding LLC (formerly known as Greyhound Funding LLC) (the “Issuer”), PHH Vehicle
Management Services, LLC, as administrator (the “Administrator”), the several commercial
paper conduits listed on Schedule I thereto (the “CP Conduit Purchasers”), the banks party
thereto with respect to each CP Conduit Purchaser (the “APA Banks”), the agent banks party thereto
with respect to each CP Conduit Purchaser (the “Funding Agents”), JPMorgan Chase Bank
(formerly known as The Chase Manhattan Bank), in its capacity as administrative agent for the CP
Conduit Purchasers, the APA Banks and the Funding Agents, and JPMorgan Chase Bank, in its capacity
as Indenture Trustee (the “Indenture Trustee”), to the Base Indenture, dated as of June 30,
1999, as amended (the “Base Indenture”), between the Issuer and the Indenture Trustee
pursuant to which the Series 1999-3 Investor Notes were issued to the CP Conduit Purchasers.

W I T N E S S E T H:

     WHEREAS, the Issuer has requested, and, upon this Amendment becoming effective, the Issuer,
the Administrator and the Indenture Trustee have agreed, that certain provisions of the Indenture
Supplement be amended in the manner provided for in this Amendment.

     NOW, THEREFORE, the parties hereto hereby agree as follows:

          1. Defined Terms. All capitalized terms defined in Schedule 1 to the Base Indenture
or the Indenture Supplement and used herein shall have the meanings given to them therein.

          2. Amendment to Article 4 of the Indenture Supplement. Article 4 of the Indenture
Supplement is hereby amended by (i) deleting the word “ARAC” from paragraph (n) thereof and
substituting the following in lieu thereof: “Avis Group Holdings, Inc., PHH Corporation
(“PHH”), Cendant Corporation (“Cendant”)” and (ii) deleting the word “ARAC” from
paragraph (t) thereof and substituting in lieu thereof: “Cendant, PHH”.

          3. Amendment to Article 11 of the Indenture Supplement. Article 11 of the Indenture
Supplement is hereby amended by (i) inserting “(x)” before the words “to amend Schedule 1” in the
second line of paragraph (e) of Section 11.7 and (ii) adding the following to the end of paragraph
(e) of Section 11.7 immediately before the “.” at the end of such paragraph: “and (y) to consent to
the termination of the ARAC Guaranty”.

 

2

          4. Amendment to Schedule 1. On the Amendment Effective Date, the Series 1999-3
Maximum Invested Amount shall be reduced to $800,000,000 and Schedule 1 to the Indenture Supplement
shall be amended by deleting such Schedule in its entirety and substituting in lieu thereof new
Schedule 1 in the form of Schedule A to this Amendment.

          5. Conditions to Effectiveness. This Amendment shall become effective on December 5,
2003 (the “Amendment Effective Date”), if each of the following conditions precedent shall
have been satisfied on or prior to such day:

          (a) The Administrative Agent shall have received, with a copy for each Funding Agent,
this Amendment duly executed and delivered by the Issuer, the Administrator and the
Indenture Trustee;

          (b) The representations and warranties of the Issuer and VMS contained in the
Transaction Documents shall be true and correct in all material respects as of the Amendment
Effective Date;

          (c) The Indenture Trustee shall have received the consent of each of the Purchasers to
this Amendment in the form of Exhibit A to this Amendment;

          (d) The Issuer shall have paid to the APA Banks with respect to each CP Conduit
Purchaser the non-refundable renewal fee contemplated by that certain fee letter dated the
date hereof among the Issuer, the Administrative Agent and each of the APA Banks;

          (e) The Issuer shall have signed and directed the Indenture Trustee to authenticate and
deliver to the Funding Agent with respect to each Purchaser a new Series 1999-3 Investor
Note in the name of such Funding Agent in an amount equal to the Maximum Purchaser Invested
Amount with respect to such Purchaser set forth on Schedule A to this Amendment in exchange
for the Series 1999-3 Investor Note delivered to such Funding Agent on December 6, 2002; and

          (f) The Indenture Trustee shall have received the agreement of each of the Purchasers
and the Issuer to the extension of the Scheduled Expiry Date in the form of Exhibit B to
this Amendment.

          6. Miscellaneous.

          (a) Payment of Expenses. The Issuer agrees to pay or reimburse the Indenture
Trustee and the Purchasers for all of their respective out-of-pocket costs and reasonable
expenses incurred in connection with this Amendment, including, without limitation, the
reasonable fees and disbursements of their respective counsel.

          (b) No Other Amendments; Confirmation. Except as expressly amended, modified
and supplemented hereby, the provisions of the Indenture Supplement are and shall remain in
full force and effect.

          (c) Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND

 

3

THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

          (d) Counterparts. This Amendment may be executed in two or more counterparts
(and by different parties on separate counterparts), each of which shall be an original, but all of
which together shall constitute one and the same instrument. A set of the copies of this Amendment
signed by all the parties shall be lodged with the Indenture Trustee. This Amendment may be
delivered by facsimile transmission of the relevant signature pages hereof.

 

4

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

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PHH VEHICLE MANAGEMENT SERVICES, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, not in its
individual capacity but solely as
Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

EXHIBIT A

TO FIFTH AMENDMENT

TO INDENTURE SUPPLEMENT

Consent of Purchasers

     Reference is made to that certain Series 1999-3 Indenture Supplement, dated as of October 28,
1999, as amended as of October 26, 2000, December 7, 2001, December 6, 2002 and September 8, 2003
(the “Indenture Supplement”), among Chesapeake Funding LLC (formerly known as Greyhound
Funding LLC) (the “Issuer”), PHH Vehicle Management Services, LLC, as administrator (the
“Administrator”), the several commercial paper conduits listed on Schedule I thereto (the
“CP Conduit Purchasers”), the banks party thereto with respect to each CP Conduit Purchaser
(the “APA Banks”), the agent banks party thereto with respect to each CP Conduit Purchaser
(the “Funding Agents”), JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank),
in its capacity as administrative agent for the CP Conduit Purchasers, the APA Banks and the
Funding Agents, and JPMorgan Chase Bank, in its capacity as Indenture Trustee (the “Indenture
Trustee”), to the Base Indenture, dated as of June 30, 1999, as amended, between the Issuer and
the Indenture Trustee pursuant to which the Series 1999-3 Investor Notes were issued to the CP
Conduit Purchasers and that certain Fifth Amendment to the Indenture Supplement, dated as of
December 5, 2003 (the “Fifth Amendment to the Indenture Supplement”), among the Issuer, the
Administrator and the Indenture Trustee. All capitalized terms defined in the Indenture Supplement
and used herein shall have the meanings given to them therein.

     The undersigned hereby consent to the execution, delivery and performance of the Fifth
Amendment to the Indenture Supplement by the parties thereto.

          Dated: December 5, 2003

	 	 	 	 	 
	 	PARK AVENUE RECEIVABLES CORPORATION, as a
CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	VARIABLE FUNDING CAPITAL CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FALCON ASSET SECURITIZATION CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK ONE, NA as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	YC SUSI TRUST, as a CP Conduit Purchaser 

 	 
	 	By:  	Bank of America, National Association, as Administrative Trustee
 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, NATIONAL
ASSOCIATION, as an APA
Bank

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ASSET SECURITIZATION
COOPERATIVE CORPORATION,
as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CANADIAN IMPERIAL BANK OF
COMMERCE, As an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	LIBERTY STREET FUNDING
CORP., as a CP Conduit
Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NOVA SCOTIA,
NEW YORK AGENCY, as an
APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	COMPASS US ACQUISITION, LLC, as a CP Conduit
Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WESTLB AG, New York Branch, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

EXHIBIT B

TO FIFTH AMENDMENT

TO INDENTURE SUPPLEMENT

Extension of Scheduled Expiry Date

     Reference is made to that certain Series 1999-3 Indenture Supplement, dated as of October 28,
1999, as amended as of October 26, 2000, December 7, 2001, December 6, 2002, September 8, 2003 and
December 5, 2003 (the “Indenture Supplement”), among Chesapeake Funding LLC (formerly known
as Greyhound Funding LLC) (the “Issuer”), PHH Vehicle Management Services, LLC, as
administrator (the “Administrator”), the several commercial paper conduits listed on
Schedule I thereto (the “CP Conduit Purchasers”), the banks party thereto with respect to
each CP Conduit Purchaser (the “APA Banks”), the agent banks party thereto with respect to
each CP Conduit Purchaser (the “Funding Agents”), JPMorgan Chase Bank (formerly known as
The Chase Manhattan Bank), in its capacity as administrative agent for the CP Conduit Purchasers,
the APA Banks and the Funding Agents, and JPMorgan Chase Bank, in its capacity as Indenture Trustee
(the “Indenture Trustee”), to the Base Indenture, dated as of June 30, 1999, as amended,
between the Issuer and the Indenture Trustee pursuant to which the Series 1999-3 Investor Notes
were issued to the CP Conduit Purchasers. All capitalized terms defined in the Indenture
Supplement and used herein shall have the meanings given to them therein.

     The undersigned hereby agree to extend the Scheduled Expiry Date to December 3, 2004,
effective on the date hereof.

          Dated: December 5, 2003

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PARK AVENUE RECEIVABLES CORPORATION,
as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	VARIABLE FUNDING CAPITAL
CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION,
as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FALCON ASSET SECURITIZATION CORPORATION, as a CP
Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK ONE, NA as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	YC SUSI TRUST, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK OF AMERICA, NATIONAL
ASSOCIATION, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ASSET SECURITIZATION COOPERATIVE
CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CANADIAN IMPERIAL BANK OF COMMERCE,
As an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING CORP., as a CP
Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NOVA SCOTIA, NEW YORK
AGENCY, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPASS US ACQUISITION, LLC as a CP
Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WESTLB AG, New York Branch, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

Schedule A

SCHEDULE 1 TO FIFTH AMENDMENT TO SERIES 1999-3 INDENTURE SUPPLEMENT

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Maximum	 	 
	 	 	 	 	 	 	Purchaser	 	 
	 	 	 	 	 	 	Invested	 	Match
	CP Conduit Purchaser	 	APA BANK	 	Funding Agent	 	Amount	 	Funding
	Falcon Asset 

Securitization 

Corporation

	 	Bank One, NA 

1 Bank One Plaza

Suite IL1-0596

Chicago, IL 60670
	 	Bank One, NA
	 	$	132,000,000	 	 	Yes
	Park Avenue 

Receivables 

Corporation

	 	JPMorgan Chase
Bank

270 Park Avenue

New York, NY
10017
	 	JPMorgan Chase Bank
	 	$	120,000,000	 	 	No
	YC Susi Trust

	 	Bank of America, N.A. 

231 South LaSalle
Street 

Chicago, IL 60697
	 	Bank of America,
N.A.
	 	$	120,000,000	 	 	No
	Variable Funding 

Capital Corporation

	 	Wachovia Bank,

National Association

301 South College
Street

Charlotte, NC 28288
	 	Wachovia
Securities, Inc.
	 	$	120,000,000	 	 	No
	 
	 	 	 	 	 	 	 	 	 	 
	Liberty Street Funding
Corp.

	 	The Bank of Nova 

Scotia, New York
Agency 

190 South LaSalle
Street 

Chicago, IL 60603
	 	The Bank of Nova 

Scotia, New York
Agency
	 	$	108,000,000	 	 	No
	Compass US 

acquisition, LLC

	 	WestLB AG, New York
Branch 

1211 Avenue of the
Americas
	 	WestLB AG, New
York Branch
	 	$	100,000,000	 	 	No
	Asset Securitization 

Cooperative 

Corporation

	 	Canadian Imperial 

Bank of Commerce 

425 Lexington
Avenue 

New York, New York
10017
	 	Canadian Imperial 

Bank of Commerce
	 	$	100,000,000	 	 	 

 

 

EXECUTION COPY

     SIXTH AMENDMENT, dated as of January 30, 2004 (this “Amendment”), to the Series 1999-3
Indenture Supplement, dated as of October 28, 1999, as amended as of October 26, 2000, December 7,
2001, December 6, 2002, September 8, 2003 and December 5, 2003 (the “Indenture
Supplement”), among Chesapeake Funding LLC (formerly known as Greyhound Funding LLC) (the
“Issuer”), PHH Vehicle Management Services, LLC, as administrator (the
“Administrator”), the several commercial paper conduits listed on Schedule I thereto (the
“CP Conduit Purchasers”), the banks party thereto with respect to each CP Conduit Purchaser
(the “APA Banks”), the agent banks party thereto with respect to each CP Conduit Purchaser
(the “Funding Agents”), JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank),
in its capacity as administrative agent for the CP Conduit Purchasers, the APA Banks and the
Funding Agents, and JPMorgan Chase Bank, in its capacity as Indenture Trustee (the “Indenture
Trustee”), to the Base Indenture, dated as of June 30, 1999, as amended (the “Base
Indenture”), between the Issuer and the Indenture Trustee pursuant to which the Series 1999-3
Investor Notes were issued to the CP Conduit Purchasers.

W I T N E S S E T H:

     WHEREAS, the Issuer has requested, and, upon this Amendment becoming effective, the Issuer,
the Administrator and the Indenture Trustee have agreed, that certain provisions of the Indenture
Supplement be amended in the manner provided for in this Amendment.

     NOW, THEREFORE, the parties hereto hereby agree as follows:

          1. Defined Terms. All capitalized terms defined in Schedule 1 to the Base Indenture
or the Indenture Supplement and used herein shall have the meanings given to them therein.

          2. Amendments to Article 1 of the Indenture Supplement. Article I of the Indenture
Supplement is hereby amended by (a) deleting the definition of Series 1999-3 Required Enhancement
Amount in its entirety and substituting in lieu thereof the following new definition of Series
1999-3 Required Enhancement Amount:

     “‘Series 1999-3 Required Enhancement Amount’ means, on any date of determination, an
amount equal to the sum of (a) the greater of (i) the Series 1999-3 Required PMI Percentage of the
aggregate liquidation preference of the Series 1999-3 Senior Preferred Membership Interests on such
date and (ii) (A) during the Series 1999-3 Revolving Period, the Series 1999-3 Required Percentage
of the sum of (x) the Series 1999-3 Maximum Invested Amount on such date and (y) during any Paydown
Period, the aggregate Purchaser Invested Amount of any Non-Extending Purchasers on such date or (B)
during the Series 1999-3 Amortization Period, the Series 1999-3 Required Percentage of the sum of
(x) the Series 1999-3 Maximum Invested Amount on the last day of the Series 1999-3 Revolving Period
and (y) if the last day of the Series 1999-3 Revolving Period occurred during a Paydown Period, the
aggregate Purchaser Invested Amount of any Non-Extending Purchasers on the last day of the Series
1999-3 Revolving Period plus (b), if the Three-Month Average Residual Value Loss Ratio with respect
to

 

2

the most recent Settlement Date exceeded 12.50%, an amount equal to the product of (a) the
Series 1999-3 Invested Percentage as of the last day of the Monthly Period immediately preceding
such Settlement Date and (b) 90% of the amount by which the Aggregate Residual Value Amount
exceeded the Excess Residual Value Amount, in each case, as of that date; provided, however, that,
after the declaration or occurrence of an Amortization Event, the Series 1999-3 Required
Enhancement Amount shall equal the Series 1999-3 Required Enhancement Amount on the date of the
declaration or occurrence of such Amortization Event.”; and

          (b) deleting the definition of Series 1999-3 Required Reserve Account Amount in its
entirety and substituting in lieu thereof the following new definition of Series 1999-3
Required Reserve Account Amount:

          “’Series 1999-3 Required Reserve Account Amount’ means, on any date of determination, an
amount equal to (a) during the Series 1999-3 Revolving Period, 2.2538% of the sum of (i) the Series
1999-3 Maximum Invested Amount on such date and (ii) during any Paydown Period, the aggregate
Purchaser Invested Amount of any Non-Extending Purchasers on such date or (b) during the Series
1999-3 Amortization Period, 2.2538% of the sum of (i) the Series 1999-3 Maximum Invested Amount on
the last day of the Series 1999-3 Revolving Period and (ii) if the last day of the Series 1999-3
Revolving Period occurred during a Paydown Period, the aggregate Purchaser Invested Amount of any
Non-Extending Purchasers on the last day of the Series 1999-3 Revolving Period.”

          3. Conditions to Effectiveness. This Amendment shall become effective on January 30,
2004 (the “Amendment Effective Date”), if each of the following conditions precedent shall
have been satisfied on or prior to such day:

          (a) The Administrative Agent shall have received, with a copy for each Funding Agent,
this Amendment duly executed and delivered by the Issuer, the Administrator and the
Indenture Trustee;

          (b) The representations and warranties of the Issuer and VMS contained in the
Transaction Documents shall be true and correct in all material respects as of the Amendment
Effective Date; and

          (c) The Indenture Trustee shall have received the consent of each of the Purchasers to
this Amendment in the form of Exhibit A to this Amendment.

          4. Miscellaneous.

          (a) Payment of Expenses. The Issuer agrees to pay or reimburse the Indenture
Trustee and the Purchasers for all of their respective out-of-pocket costs and reasonable
expenses incurred in connection with this Amendment, including, without limitation, the
reasonable fees and disbursements of their respective counsel.

 

3

          (b) No Other Amendments; Confirmation. Except as expressly amended, modified
and supplemented hereby, the provisions of the Indenture Supplement are and shall remain in
full force and effect.

          (c) Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          (d) Counterparts. This Amendment may be executed in two or more counterparts (and by
different parties on separate counterparts), each of which shall be an original, but all of which
together shall constitute one and the same instrument. A set of the copies of this Amendment
signed by all the parties shall be lodged with the Indenture Trustee. This Amendment may be
delivered by facsimile transmission of the relevant signature pages hereof.

 

 

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

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC 

 	 
	 	By:  	/s/ Joseph Weikel
 	 
	 	 	Name:  	Joseph W. Weikel 	 
	 	 	Title:  	Senior Vice President, General Counsel and
Assistant Secretary 	 
	 
	 	PHH VEHICLE MANAGEMENT SERVICES, LLC

 	 
	 	By:  	/s/ Joseph Weikel
 	 
	 	 	Name:  	Joseph W. Weikel 	 
	 	 	Title:  	Senior Vice President, General Counsel and
Assistant Secretary 	 
	 
	 	JPMORGAN CHASE BANK, not in its individual capacity but solely as Indenture
Trustee

 	 
	 	By:  	/s/ Craig M. Kantor
 	 
	 	 	Name:  	CRAIG M. KANTOR 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 

 

 

EXHIBIT A

TO SIXTH AMENDMENT

TO INDENTURE SUPPLEMENT

Consent of Purchasers

     Reference is made to that certain Series 1999-3 Indenture Supplement, dated as of October 28,
1999, as amended as of October 26, 2000, December 7, 2001, December 6, 2002, September 8, 2003 and
December 5, 2003 (the “Indenture Supplement”), among Chesapeake Funding LLC (formerly known
as Greyhound Funding LLC) (the “Issuer”), PHH Vehicle Management Services, LLC, as
administrator (the “Administrator”), the several commercial paper conduits listed on
Schedule I thereto (the “CP Conduit Purchasers”), the banks party thereto with respect to
each CP Conduit Purchaser (the “APA Banks”), the agent banks party thereto with respect to
each CP Conduit Purchaser (the “Funding Agents”), JPMorgan Chase Bank (formerly known as
The Chase Manhattan Bank), in its capacity as administrative agent for the CP Conduit Purchasers,
the APA Banks and the Funding Agents, and JPMorgan Chase Bank, in its capacity as Indenture Trustee
(the “Indenture Trustee”), to the Base Indenture, dated as of June 30, 1999, as amended,
between the Issuer and the Indenture Trustee pursuant to which the Series 1999-3 Investor Notes
were issued to the CP Conduit Purchasers and that certain Sixth Amendment to the Indenture
Supplement, dated as of January 30, 2004 (the “Sixth Amendment to the Indenture
Supplement”), among the Issuer, the Administrator and the Indenture Trustee. All capitalized
terms defined in the Indenture Supplement and used herein shall have the meanings given to them
therein.

     The undersigned hereby consent to the execution, delivery and performance of the Sixth
Amendment to the Indenture Supplement by the parties thereto.

          Dated: January 30, 2004

	 	 	 	 	 
	 	PARK AVENUE RECEIVABLES CORPORATION, as a CP Conduit
Purchaser

 	 
	 	By:  	/s/ Bernard J. Angelo
 	 
	 	 	Name:  	Bernard J. Angelo 	 
	 	 	Title:  	Vice President 	 
	 
	 	JPMORGAN CHASE BANK, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

EXHIBIT A

TO SIXTH AMENDMENT

TO INDENTURE SUPPLEMENT

Consent of Purchasers

     Reference is made to that certain Series 1999-3 Indenture Supplement, dated as of October 28,
1999, as amended as of October 26, 2000, December 7, 2001, December 6, 2002, September 8, 2003 and
December 5, 2003 (the “Indenture Supplement”), among Chesapeake Funding LLC (formerly known
as Greyhound Funding LIC) (the “Issuer”), PHH Vehicle Management Services, LLC, as
administrator (the “Administrator”), the several commercial paper conduits listed on
Schedule I thereto (the “CP Conduit Purchasers”), the banks party thereto with respect to
each CP Conduit Purchaser (the “APA Banks”), the agent banks party thereto with respect to
each CP Conduit Purchaser (the “Funding Agents”), JPMorgan Chase Bank (formerly known as
The Chase Manhattan Bank), in its capacity as administrative agent for the CP Conduit Purchasers,
the APA Banks and the Funding Agents, and JPMorgan Chase Bank, in its capacity as Indenture Trustee
(the “Indenture Trustee”), to the Base Indenture, dated as of June 30, 1999, as amended,
between the Issuer and the Indenture Trustee pursuant to which the Series 1999-3 Investor Notes
were issued to the CP Conduit Purchasers and that certain Sixth Amendment to the Indenture
Supplement, dated as of January 30, 2004 (the “Sixth Amendment to the Indenture
Supplement”), among the Issuer, the Administrator and the Indenture Trustee. All capitalized
terms defined in the Indenture Supplement and used herein shall have the meanings given to them
therein.

     The undersigned hereby consent to the execution, delivery and performance of the Sixth
Amendment to the Indenture Supplement by the parties thereto.

          Dated: January 30, 2004

	 	 	 	 	 
	 	PARK AVENUE RECEIVABLES CORPORATION, as a CP Conduit
Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, as an APA Bank

 	 
	 	By:  	/s/ Bradley Schwartz
 	 
	 	 	Name:  	BRADLEY SCHWARTZ 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING CORP., as a CP
Conduit Purchaser

 	 
	 	By:  	/s/ Bernard J. Angelo
 	 
	 	 	Name:  	Bernard J. Angelo 	 
	 	 	Title:  	Vice President 	 
	 
	 	THE BANK OF NOVA SCOTIA, NEW YORK AGENCY, as
an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPASS US ACQUISITION, LLC, as a CP Conduit
Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WESTLB AG, New York Branch, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING CORP., as a CP
Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NOVA SCOTIA, NEW YORK AGENCY, as
an APA Bank

 	 
	 	By:  	/s/ Michael Eden
 	 
	 	 	Name:  	MICHAEL EDEN 	 
	 	 	Title:  	DIRECTOR 	 
	 
	 	COMPASS US ACQUISITION, LLC, as a CP Conduit
Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WESTLB AG, New York Branch, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING CORP., as a
CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NOVA SCOTIA, NEW YORK AGENCY,
as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPASS US ACQUISITION, LLC, as a CP
Conduit Purchaser

 	 
	 	By:  	/s/ Doris J. Hearn
 	 
	 	 	Name:  	Doris J. Hearn 	 
	 	 	Title:  	Vice President 	 
	 
	 	WESTLB AG, New York Branch, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING CORP., as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NOVA SCOTIA, NEW YORK AGENCY, as
an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPASS US ACQUISITION, LLC, as a CP Conduit
Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WESTLB AG, New York Branch, as an APA Bank

 	 
	 	By:  	/s/ John H. Moorhead
 	 
	 	 	Name:  	JOHN H. MOORHEAD 	 
	 	 	Title:  	DIRECTOR 	 
	 
	 	 	 
	 	By:  	/s/ Anne Lacombe
 	 
	 	 	Name:  	Anne Lacombe 	 
	 	 	Title:  	Director 	 
	 

 

 

	 	 	 	 	 
	 	VARIABLE FUNDING CAPITAL CORPORATION, as a CP
Conduit Purchaser

 	 
	 	By:  	Wachovia Capital Markets, LLC, as Attorney-in-Fact
 	 
	 
	 	 	 
	 	By:  	/s/ Douglas R. Wilson, Sr.
 	 
	 	 	Name:  	DOUGLAS R. WILSON, SR. 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as an APA Bank

 	 
	 	By:  	/s/ Prakash B. Wadhwan
 	 
	 	 	Name:  	PRAKASH B. WADHWAN 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 
	 	FALCON ASSET SECURITIZATION CORPORATION, as a CP Conduit
Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK ONE, NA, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	VARIABLE FUNDING CAPITAL CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	Wachovia Capital Markets, LLC, as Attorney-in-Fact
 	 
	 	 	 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FALCON ASSET SECURITIZATION CORPORATION, as a CP Conduit Purchaser

 	 
	 	By:  	/s/ Lon A. Grubb
 	 
	 	 	Name:  	Lon A. Grubb 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	BANK ONE, NA, as an APA Bank

 	 
	 	By:  	/s/ Lon A. Grubb
 	 
	 	 	Name:  	Lon A. Grubb 	 
	 	 	Title:  	Managing Director, Capital Markets 	 
	 

 

 

	 	 	 	 	 
	 	YC SUSI TRUST, as a CP Conduit Purchaser

 	 
	 	By:  	Bank of America, National Association, as Administrative Trustee
 	 
	 
	 	 	 
	 	By:  	/s/ Marianne Mihalik
 	 
	 	 	Name:  	Marianne Mihalik 	 
	 	 	Title:  	Principal 	 
	 
	 	BANK OF AMERICA, NATIONAL ASSOCIATION, as an APA Bank

 	 
	 	By:  	/s/ Marianne Mihalik
 	 
	 	 	Name:  	Marianne Mihalik 	 
	 	 	Title:  	Principal 	 
	 
	 	ASSET SECURITIZATION COMPANY, LLC, as a CP Conduit Purchaser

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CANADIAN IMPERIAL BANK OF COMMERCE, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	YC SUSI TRUST, as a CP Conduit Purchaser

 	 
	 	By:  	Bank of America, National Association, as Administrative Trustee
 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK OF AMERICA, NATIONAL ASSOCIATION, as an APA Bank

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ASSET SECURITIZATION CAPITAL COMPANY, LLC, as a CP Conduit
Purchaser

 	 
	 	By:  	/s/ James Lees
 	 
	 	 	Name:  	JAMES W. LEES 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 
	 	CANADIAN IMPERIAL BANK OF COMMERCE, as an APA Bank

 	 
	 	By:  	/s/ Anissa Quirk
 	 
	 	 	Name:  	ANISSA QUIRK 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 
	 
	 	 	 
	 	By:  	/s/ Robert Castro
 	 
	 	 	Name:  	ROBERT D.  CASTRO 	 
	 	 	Title:  	AUTHORIZED SIGNATORY 	 
	 

 

 

	 	 	 	 	 
	 	CHARTA, LLC, as a CP Conduit Purchaser

 	 
	 	By:  	CITICORP NORTH AMERICA, INC., as Attorney-in-Fact
 	 
	 
	 	 	 
	 	By:  	/s/ Robert A. Sheldon
 	 
	 	 	Name:  	Robert A. Sheldon 	 
	 	 	Title:  	Vice President 	 
	 
	 	CITIBANK, NA, as an APA Bank

 	 
	 	By:  	/s/ Robert A. Sheldon
 	 
	 	 	Name:  	Robert A. Sheldon 	 
	 	 	Title:  	Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]