Document:

EXHIBIT 4.9.2

HERTZ VEHICLE FINANCING LLC,

as Issuer

and

BNY MIDWEST TRUST COMPANY,

as Trustee and Securities Intermediary

AMENDED AND RESTATED SERIES 2005-1 SUPPLEMENT

dated as of August 1, 2006

to

SECOND AMENDED AND RESTATED

BASE INDENTURE

dated as of August 1, 2006

$500,000,000 Series
2005-1 Floating Rate Rental Car Asset Backed Notes, Class A-1

$275,000,000 Series 2005-1 Floating Rate Rental Car Asset Backed Notes, Class A-2

$100,000,000 Series 2005-1 5.01% Rental Car Asset Backed Notes, Class A-3

$1,150,000,000 Series 2005-1 Floating Rate Rental Car Asset Backed Notes, Class
A-4

$125,000,000 Series 2005-1 5.08% Rental Car Asset Backed Notes, Class A-5

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

Series 2005-1 Fixed Rate Rental Car Asset Backed Notes, Class B-2

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

Series 2005-1 Fixed Rate Rental Car Asset Backed Notes, Class B-4

Series 2005-1 Floating Rate Rental Car Asset Backed Notes, Class B-5

Series 2005-1 Fixed Rate Rental Car Asset Backed Notes, Class B-6

Three-Year Notes, Four-Year Notes and Five-Year Notes

Insurer of Class A Notes:  MBIA Insurance
Corporation

TABLE OF CONTENTS

	
  

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I            DEFINITIONS

  	
  2

  
	
   

  	
   

  	
   

  
	
  ARTICLE II           SERIES
  2005-1 ALLOCATIONS

  	
  73

  
	
  Section 2.1.

  	
  Series 2005-1 Series Accounts

  	
  73

  
	
  Section 2.2.

  	
  Allocations with Respect to the Series 2005-1 Notes

  	
  74

  
	
  Section 2.3.

  	
  Application of Interest Collections

  	
  81

  
	
  Section 2.4.

  	
  Payment of Note Interest

  	
  92

  
	
  Section 2.5.

  	
  Payment of Note Principal

  	
  92

  
	
  Section 2.6.

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

  	
  110

  
	
  Section 2.7.

  	
  Class A Reserve Account

  	
  110

  
	
  Section 2.8.

  	
  Class A Letters of Credit and Class A Cash
  Collateral Accounts

  	
  112

  
	
  Section 2.9.

  	
  Series 2005-1 Distribution Account

  	
  120

  
	
  Section 2.10.

  	
  Trustee as Securities Intermediary

  	
  121

  
	
  Section 2.11.

  	
  Series 2005-1 Interest Rate Hedges

  	
  123

  
	
  Section 2.12.

  	
  Series 2005-1 Demand Note Constitutes Additional
  Collateral for Series 2005-1 Notes

  	
  126

  
	
  Section 2.13.

  	
  Class B Reserve Account

  	
  133

  
	
  Section 2.14.

  	
  Class B Letters of Credit and Class B Cash
  Collateral Account

  	
  135

  
	
  Section 2.15.

  	
  Subordination of Class B Notes

  	
  142

  
	
  Section 2.16.

  	
  Reimbursement Obligation

  	
  143

  
	
  Section 2.17.

  	
  Series 2005-1 Closing Account

  	
  144

  
	
   

  	
   

  	
   

  
	
  ARTICLE III          AMORTIZATION
  EVENTS

  	
  145

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV          RESERVED

  	
  147

  
	
   

  	
   

  	
   

  
	
  ARTICLE V           FORM
  OF SERIES 2005-1 NOTES

  	
  147

  
	
  Section 5.1.

  	
  Initial Issuance of Series 2005-1 Notes

  	
  147

  
	
  Section 5.2.

  	
  Restricted Notes

  	
  148

  
	
  Section 5.3.

  	
  Regulation S Notes

  	
  149

  
	
  Section 5.4.

  	
  Transfer Restrictions

  	
  150

  

 

 

	
  

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI          GENERAL

  	
  155

  
	
  Section 6.1.

  	
  Optional Redemption of Series 2005-1 Notes

  	
  155

  
	
  Section 6.2.

  	
  Information

  	
  156

  
	
  Section 6.3.

  	
  Exhibits

  	
  158

  
	
  Section 6.4.

  	
  Ratification of Base Indenture

  	
  160

  
	
  Section 6.5.

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

  	
  160

  
	
  Section 6.6.

  	
  Insurer Deemed Class A Noteholder and Secured Party

  	
  161

  
	
  Section 6.7.

  	
  Third Party Beneficiary

  	
  161

  
	
  Section 6.8.

  	
  Prior Notice by Trustee to Insurer

  	
  161

  
	
  Section 6.9.

  	
  Subrogation

  	
  162

  
	
  Section 6.10.

  	
  Counterparts

  	
  162

  
	
  Section 6.11.

  	
  Governing Law

  	
  162

  
	
  Section 6.12.

  	
  Amendments

  	
  162

  
	
  Section 6.13.

  	
  Termination of Series Supplement

  	
  163

  
	
  Section 6.14.

  	
  Discharge of Indenture

  	
  163

  
	
  Section 6.15.

  	
  Effect of Payment by Insurer

  	
  163

  
	
  Section 6.16.

  	
  Interest Rate Hedge Provider Deemed Secured Party

  	
  164

  
	
  Section 6.17.

  	
  Ford Covenants

  	
  164

  
	
  Section 6.18.

  	
  Issuances of Class B Notes

  	
  165

  

 

EXHIBITS

Exhibit A-1-1: Form of
Restricted Global Class A-1 Note

Exhibit A-1-1-C: Form of Restricted Certificated Class A-1 Note

Exhibit A-1-2: Form of Regulation S Global Class A-1 Note

Exhibit A-1-2-C: Form of Regulation S Certificated Class A-1 Note

Exhibit A-1-3: Form of Unrestricted Global Class A-1 Note

Exhibit A-1-3-C: Form of Unrestricted Certificated Class A-1 Note

Exhibit A-2-1: Form of Restricted Global Class A-2 Note

Exhibit A-2-1-C: Form of Restricted Certificated Class A-2 Note

Exhibit A-2-2: Form of Regulation S Global Class A-2 Note

Exhibit A-2-2-C: Form of Regulation S Certificated Class A-2 Note

Exhibit A-2-3: Form of Unrestricted Global Class A-2 Note

Exhibit A-2-3-C: Form of Unrestricted Certificated Class A-2 Note

Exhibit A-3-1: Form of Restricted Global Class A-3 Note

Exhibit A-3-1-C: Form of Restricted Certificated Class A-3 Note

Exhibit A-3-2: Form of Regulation S Global Class A-3 Note

Exhibit A-3-2-C: Form of Regulation S Certificated Class A-3 Note

Exhibit A-3-3: Form of Unrestricted Global Class A-3 Note

Exhibit A-3-3-C: Form of Unrestricted Certificated Class A-3 Note

Exhibit A-4-1: Form of Restricted Global Class A-4 Note

Exhibit A-4-1-C: Form of Restricted Certificated Class A-4 Note

Exhibit A-4-2: Form of Regulation S Global Class A-4 Note

Exhibit A-4-2-C: Form of Regulation S Certificated Class A-4 Note

Exhibit A-4-3: Form of Unrestricted Global Class A-4 Note

Exhibit A-4-3-C: Form of Unrestricted Certificated Class A-4 Note

Exhibit A-5-1: Form of Restricted Global Class A-5 Note

Exhibit A-5-1-C: Form of Restricted Certificated Class A-5 Note

Exhibit A-5-2: Form of Regulation S Global Class A-5 Note

Exhibit A-5-2-C: Form of Regulation S Certificated Class A-5 Note

Exhibit A-5-3: Form of Unrestricted Global Class A-5 Note

Exhibit A-5-3-C: Form of Unrestricted Certificated Class A-5 Note

Exhibit A-6-1: Form of Restricted Global Class B-1 Note

Exhibit A-6-2: Form of Regulation S Global Class B-1 Note

Exhibit A-6-3: Form of Unrestricted Global Class B-1 Note

Exhibit A-7-1: Form of Restricted Global Class B-2 Note

Exhibit A-7-2: Form of Regulation S Global Class B-2 Note

Exhibit A-7-3: Form of Unrestricted Global Class B-2 Note

Exhibit A-8-1: Form of Restricted Global Class B-3 Note

Exhibit A-8-2: Form of Regulation S Global Class B-3 Note

Exhibit A-8-3: Form of Unrestricted Global Class B-3 Note

Exhibit A-9-1: Form of Restricted Global Class B-4 Note

 iii
 

 

	
  Exhibit A-9-2: 

  	
  Form of Regulation S Global Class B-4 Note

  
	
  Exhibit A-9-3: 

  	
  Form of Unrestricted Global Class B-4 Note

  
	
  Exhibit A-10-1: 

  	
  Form of Restricted Global Class B-5 Note

  
	
  Exhibit A-10-2: 

  	
  Form of Regulation S Global Class B-5 Note

  
	
  Exhibit A-10-3: 

  	
  Form of Unrestricted Global Class B-5 Note

  
	
  Exhibit A-11-1: 

  	
  Form of Restricted Global Class B-6 Note

  
	
  Exhibit A-11-2: 

  	
  Form of Regulation S Global Class B-6 Note

  
	
  Exhibit A-11-3: 

  	
  Form of Unrestricted Global Class B-6 Note

  
	
  Exhibit B-1-1:

  	
  Form of Class A Letter of Credit

  
	
  Exhibit B-1-2:

  	
  Form of Class A Ford Letter of Credit

  
	
  Exhibit B-2-1:

  	
  Form of Class B Letter of Credit

  
	
  Exhibit B-2-2:

  	
  Form of Class B Ford Letter of Credit

  
	
  Exhibit C:

  	
  Form of Lease Payment Deficit Notice

  
	
  Exhibit D-1-1:

  	
  Form of Class A Ford Letter of Credit Reduction
  Notice

  
	
  Exhibit D-1-2:

  	
  Form of Class A Ford Letter of Credit Termination
  Notice

  
	
  Exhibit D-2:

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

  
	
  Exhibit D-3-1:

  	
  Form of Class B Ford Letter of Credit Reduction
  Notice

  
	
  Exhibit D-3-2:

  	
  Form of Class B Ford Letter of Credit Termination
  Notice

  
	
  Exhibit D-4:

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

  
	
  Exhibit E:

  	
  Reserved

  
	
  Exhibit F-1:

  	
  Form of Transfer Certificate

  
	
  Exhibit F-2:

  	
  Form of Transfer Certificate

  
	
  Exhibit F-3:

  	
  Form of Transfer Certificate

  
	
  Exhibit G:

  	
  Form of Monthly Noteholders’ Statement

  
	
  Exhibit H:

  	
  Form of Series 2005-1 Demand Note

  
	
  Exhibit I:

  	
  Form of Transfer Certificate for Certificated Notes

  

 

ANNEXES

	
  Annex A:

  	
  Form of Class B Notes Term Sheet

  
	
  Annex B:

  	
  Transfer and Exchange of Certificated Notes

  

 

 iv

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

PRELIMINARY STATEMENT

WHEREAS, HVF and the Trustee entered into the Series
2005-1 Supplement dated as of December 21, 2005 (the “Prior Series
Supplement”);

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

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

NOW, THEREFORE, the parties hereto agree as follows:

DESIGNATION

There is hereby created a Series of Notes to be issued
pursuant to the Base Indenture and this Series Supplement and such Series of
Notes shall be designated as Rental Car Asset Backed Notes, Series 2005-1.  On the Series 2005-1 Closing Date, five
classes of Series 2005-1 Notes shall be issued:  the first of which shall be designated as the
Series 2005-1 Floating Rate Rental Car Asset Backed Notes, Class A-1, and
referred to herein as the Class A-1 Notes, the second of which shall be
designated as the Series 2005-1 Floating Rate Rental Car Asset Backed Notes,
Class A-2, and referred to herein as the Class A-2 Notes, the third of which
shall be designated as the Series 2005-1 5.01% Rental Car Asset Backed Notes,
Class A-3, and referred to herein as the Class A-3 Notes, the fourth of which
shall be designated as the Series 2005-1 Floating Rate Rental Car Asset Backed
Notes, Class A-4, and referred to herein as the Class A-4 Notes and the last of
which shall be designated as the Series 2005-1 5.08% Rental Car Asset Backed
Notes, Class A-5, and referred to herein as the Class A-5 Notes.  The Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes, the Class A-4 Notes, and the Class A-5 Notes are referred to
herein collectively as the “Class A Notes.”  At any time prior to the Expected Final
Payment Date for the Class of Class B Notes being issued, additional Series
2005-1 Notes may be issued in up to six classes: the first of which shall be
designated as the Series 2005-1 Floating Rate Rental Car Asset Backed Notes,
Class B-1, and referred to herein as the Class B-1 Notes, the second of which
shall be designated as the Series

2005-1 Fixed Rate Rental
Car Asset Backed Notes, Class B-2, and referred to herein as the Class B-2
Notes, the third of which shall be designated as the Series 2005-1 Floating
Rate Rental Car Asset Backed Notes, Class B-3, and referred to herein as the
Class B-3 Notes, the fourth of which shall be designated as the Series 2005-1 Fixed
Rate Rental Car Asset Backed Notes, Class B-4, and referred to herein as the
Class B-4 Notes, the fifth of which shall be designated as the Series 2005-1
Floating Rate Rental Car Asset Backed Notes, Class B-5, and referred to herein
as the Class B-5 Notes, and the last of which shall be designated as the Series
2005-1 Fixed Rate Rental Car Asset Backed Notes, Class B-6, and referred to
herein as the Class B-6 Notes. The Class B-1 Notes, the Class B-2 Notes, the
Class B-3 Notes, the Class B-4 Notes, the Class B-5 Notes and the Class B-6
Notes are referred to herein collectively as the “Class B Notes.”  The Class A Notes and the Class B Notes are
referred to herein collectively as the “Series 2005-1 Notes.”  The Series 2005-1 Notes shall be issued in
minimum denominations of $25,000 and integral multiples of $1,000 in excess
thereof.

The net proceeds from the sale of the Class A Notes
shall be deposited in the Series 2005-1 Closing Account and used to make
payments in reduction of the Principal Amount of other Series of Notes or paid
to HVF and used to acquire Eligible Vehicles and Manufacturer Receivables from
HGI pursuant to the Purchase Agreement and/or from Hertz and/or HFC to the
extent permitted by the Related Documents on the Series 2005-1 Closing Date or
for other purposes permitted under the Related Documents.  The net proceeds from the sale of the Class B
Notes shall be deposited in the Series 2005-1 Excess Collection Account and
used to make payments in reduction of the Principal Amount of other Series of
Notes or paid to HVF and used to acquire Eligible Vehicles from HGI pursuant to
the Purchase Agreement on the related Series 2005-1 Class B Notes Closing Date
or for other purposes permitted under the Related Documents.

ARTICLE I

DEFINITIONS

(a)           All capitalized terms not otherwise defined
herein shall have the meanings assigned thereto in the Definitions List
attached to the Base Indenture as Schedule I thereto, as amended, modified,
restated or supplemented from time to time in accordance with the terms of the Base
Indenture.  All Article, Section or
Subsection references herein shall refer to Articles, Sections or Subsections
of the Base Indenture, except as otherwise provided herein.  Unless otherwise stated herein, as the
context otherwise requires or if such term is otherwise defined in the Base
Indenture, each capitalized term used or defined herein shall relate only to
the Series 2005-1 Notes and not to any other Series of Notes issued by
HVF.  All references herein to the “Series
2005-1 Supplement” shall mean the Base Indenture, as supplemented hereby.

(b)           The following words and phrases shall have
the following meanings with respect to the Series 2005-1 Notes and the
definitions of such terms are

 2
 

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:

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

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

“Applicable Procedures” has the meaning
specified in Section 5.1(c) of this Series Supplement.

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

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

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

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

“BBB-/Baa3 EPM Amount” means, as of any date of
determination, the sum for all BBB-/Baa3 Manufacturers of an amount, with
respect to each BBB-/Baa3 Manufacturer, equal to the sum, rounded to the
nearest $100,000, of the following amounts to the extent that such amounts are
included in the definition of “Aggregate Asset Amount” for such date: (i) the
Net Book Value of all Eligible Program Vehicles that are Eligible Vehicles as
of such date that were manufactured by such BBB-/Baa3 Manufacturer or an
Affiliate thereof and not turned in to and accepted by such BBB-/Baa3

 3
 

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

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

 4
 

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

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

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

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

“Calculation Agent” means BNY MTC, in its
capacity as calculation agent with respect to the Class A-1 Note Rate, the
Class A-2 Note Rate, the Class A-4 Note Rate, the Class B-1 Note Rate, the
Class B-3 Note Rate and the Class B-5 Note Rate.

“Class” means a class of the Series 2005-1
Notes, which may be the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes, the Class A-4 Notes, the Class A-5 Notes, the Class B-1 Notes, the Class
B-2 Notes, the Class B-3 Notes, the Class B-4 Notes, the Class B-5 Notes or the
Class B-6 Notes.

“Class A Adjusted Enhancement Amount” means,
the Class A Enhancement Amount, excluding from the calculation thereof the
amount available to be drawn under any Series 2005-1 Letter of Credit if at the
time of such calculation (A) such Series 2005-1 Letter of Credit shall not be
in full force and effect, (B) an Event of Bankruptcy shall have occurred with
respect to the Series 2005-1 Letter of Credit Provider of such Series 2005-1
Letter of Credit, (C) such Series 2005-1 Letter of Credit Provider shall have
repudiated such Series 2005-1 Letter of Credit or failed to honor a draw
thereon made in accordance with the terms thereof or (D) a Class A Downgrade
Event shall have occurred and be continuing for at least 30 days with respect
to the Series 2005-1 Letter of Credit Provider of such Series 2005-1 Letter of
Credit.

 5
 

“Class A Adjusted Liquidity Amount” means, the
Class A Liquidity Amount, excluding from the calculation thereof the amount
available to be drawn under any Class A Letter of Credit if at the time of such
calculation (A) such Class A Letter of Credit shall not be in full force and
effect, (B) an Event of Bankruptcy shall have occurred with respect to the
Class A Letter of Credit Provider of such Class A Letter of Credit, (C) such
Class A Letter of Credit Provider shall have repudiated such Class A Letter of
Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Class A Downgrade Event shall have occurred and be continuing
for at least 30 days with respect to the Series 2005-1 Letter of Credit
Provider of such Series 2005-1 Letter of Credit.

“Class A Adjusted Monthly Interest” means, (a)
for the initial Payment Date, the sum of (A) the Class A-1 Monthly Interest
with respect to the initial Series 2005-1 Interest Period, (B) the Class A-2
Monthly Interest with respect to the initial Series 2005-1 Interest Period, (C)
the Class A-3 Monthly Interest with respect to the initial Series 2005-1
Interest Period, (D) the Class A-4 Monthly Interest with respect to the initial
Series 2005-1 Interest Period, and (E) the Class A-5 Monthly Interest with
respect to the initial Series 2005-1 Interest Period, and (b) for any other
Payment Date, the sum of (i) with respect to the Series 2005-1 Interest Period
ending on the day preceding such Payment Date, the sum of (A) an amount equal
to the product of (1) the Class A-1 Note Rate for such Series 2005-1 Interest
Period, (2) the Class A-1 Outstanding Principal Amount on the first day of such
Series 2005-1 Interest Period, after giving effect to any principal payments
made on such date, and (3) a fraction, the numerator of which is the number of
days in such Series 2005-1 Interest Period and the denominator of which is 360,
(B) an amount equal to the product of (1) the Class A-2 Note Rate for such
Series 2005-1 Interest Period, (2) the Class A-2 Outstanding Principal Amount
on the first day of such Series 2005-1 Interest Period, after giving effect to
any principal payments made on such date, and (3) a fraction, the numerator of
which is the number of days in such Series 2005-1 Interest Period and the
denominator of which is 360, (C) an amount equal to the product of (1)
one-twelfth of the Class A-3 Note Rate and (2) the Class A-3 Outstanding
Principal Amount on the first day of such Series 2005-1 Interest Period, after
giving effect to any principal payments made on such date, (D) an amount equal
to the product of (1) the Class A-4 Note Rate for such Series 2005-1 Interest
Period, (2) the Class A-4 Outstanding Principal Amount on the first day of such
Series 2005-1 Interest Period, after giving effect to any principal payments
made on such date, and (3) a fraction, the numerator of which is the number of
days in such Series 2005-1 Interest Period and the denominator of which is 360,
and (E) an amount equal to the product of (1) one-twelfth of the Class A-5 Note
Rate and (2) the Class A-5 Outstanding Principal Amount on the first day of
such Series 2005-1 Interest Period, after giving effect to any principal
payments made on such date, and (ii) an amount equal to the aggregate amount of
any unpaid Class A Deficiency Amounts, as of the preceding Payment Date
(together with any accrued interest on such Class A Deficiency Amounts at the
applicable Series 2005-1 Note Rate).

 6
 

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

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

“Class A Asset Percentage” means, as of any
date of determination, a fraction, the numerator of which shall be equal to the
Class A Required Asset Amount, determined during the Series 2005-1 Revolving
Period as of the end of the immediately preceding Related Month (or, until the
end of the initial Related Month after the Series 2005-1 Closing Date, on the
Series 2005-1 Closing Date), or, during the Series 2005-1 Controlled
Amortization Period and the Series 2005-1 Rapid Amortization Period, as of the
end of the Series 2005-1 Revolving Period, and the denominator of which shall
be the greater of (I) the Aggregate Asset Amount as of the end of the
immediately preceding Related Month or, until the end of the initial Related
Month after the Series 2005-1 Closing Date, as of the Series 2005-1 Closing
Date and (II) as of the same date as in clause (I), the Aggregate
Required Asset Amount.

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

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

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

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

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

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

 7
 

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

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

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

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

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

“Class A Controlled Distribution Amount” means
a Class A-1 Controlled Distribution Amount, a Class A-2 Controlled Distribution
Amount, a Class A-3 Controlled Distribution Amount, a Class A-4 Controlled
Distribution Amount, or a Class A-5 Controlled Distribution Amount.

“Class A Deficiency Amount” means a Class A-1
Deficiency Amount, a Class A-2 Deficiency Amount, a Class A-3 Deficiency
Amount, a Class A-4 Deficiency Amount, or a Class A-5 Deficiency Amount, as the
context may require.

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

“Class A Downgrade Event” has the meaning
specified in Section 2.8(c) of this Series Supplement.

“Class A Eligible Ford Letter of Credit Provider”
means a Person having, at the time of the issuance of the related Class A Ford Letter
of Credit, a long-term senior unsecured debt rating (or the equivalent thereof
in the case of Moody’s or Standard & Poor’s, as applicable) of at least “A+”
from Standard & Poor’s and, at least “A1” from Moody’s and a short-term
senior unsecured debt rating of at least “A-1” from Standard &

 8
 

Poor’s and “P-1” from
Moody’s; provided that, other than in connection with the initial Series
2005-1 Ford Letter of Credit Provider, for so long as any Class A Notes are
Outstanding, each Class A Eligible Ford Letter of Credit Provider shall be
approved by the Insurer, such approval not to be unreasonably withheld or
delayed.

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

“Class A Eligible Program Vehicle Percentage”
means, as of any date of determination, the result of (x) a fraction, expressed
as a percentage, the numerator of which is the excess, if any, of (i) the
Eligible Program Vehicle Amount as of such date over (ii) the Non-Investment
Grade Eligible Program Manufacturer Vehicle Amount as of such date and the
denominator of which is the excess of (A) the Aggregate Asset Amount over
(B) the amount of cash and Permitted Investments on deposit in the
Collection Account and the HVF Exchange Account, in each case as of such date
minus (y) the BBB-/Baa3 EPM Vehicle Percentage Excess.

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

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

“Class A Ford Cash Collateral Account” has the
meaning specified in Section 2.8(g) of this Series Supplement.

“Class A Ford Cash Collateral Account Collateral”
has the meaning specified in Section 2.8(a) of this Series Supplement.

 9
 

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

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

“Class A Ford Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class A Ford Letter of Credit, as
specified therein, and (b) if a Class A Ford Cash Collateral Account has been
established and funded pursuant to Section 2.8 of this Series
Supplement, the Class A Available Ford Cash Collateral Account Amount on such
date.

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

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

“Class A Letter of Credit Agreement” means the
Class A Letter of Credit Reimbursement Agreement and any other agreement
pursuant to which a Class A Letter of Credit is issued in favor of the Trustee
for the benefit of the Series 2005-1 Noteholders.

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

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

 10
 

“Class A Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class A Letter of Credit, as
specified therein, and (b) if a Class A Cash Collateral Account has been
established and funded pursuant to Section 2.8 of this Series
Supplement, the Class A Available Cash Collateral Account Amount on such date.

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

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

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

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

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

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

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

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

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

“Class A Mazda Vehicle Percentage Excess”
means, as of any date of determination, the excess, if any, of (x) the
percentage equivalent of a fraction, the numerator of which is the Mazda Amount
and the denominator of which is the excess of

 11
 

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

“Class A Monthly Interest” means, with respect
to any Series 2005-1 Interest Period, the sum of Class A-1 Monthly Interest,
Class A-2 Monthly Interest, Class A-3 Monthly Interest, Class A-4 Monthly
Interest, Class A-5 Monthly Interest and Class A-6 Monthly Interest for such
Series 2005-1 Interest Period.

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

“Class A Non-Ford Cash Collateral Account” has
the meaning specified in Section 2.8(g) of this Series Supplement.

“Class A Non-Ford Cash Collateral Account Collateral”
has the meaning specified in Section 2.8(a) of this Series Supplement.

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

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

 12
 

“Class A Non-Ford Letter of Credit Amount”
means, as of any date of determination, the lesser of (a) the sum of (i) the
aggregate amount available to be drawn on such date under the Class A Non-Ford
Letters of Credit, as specified therein, and (ii) if the Class A Non-Ford Cash
Collateral Account has been established and funded pursuant to Section 2.8
of this Series Supplement, the Class A Available Non-Ford Cash Collateral
Account Amount on such date and (b) the outstanding principal amount of the
Series 2005-1 Demand Note on such date.

“Class A Non-Ford Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class A Non-Ford Letter of
Credit, as specified therein, and (b) if a Class A Non-Ford Cash Collateral
Account has been established and funded pursuant to Section 2.8 of this
Series Supplement, the Class A Available Non-Ford Cash Collateral Account
Amount on such date.

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

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

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

“Class A Noteholders” means, collectively, the
Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3 Noteholders, the
Class A-4 Noteholders and the Class A-5 Noteholders.

“Class A Notes” means, collectively, the Class
A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and
the Class A-5 Notes.

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

“Class A Other Non-Investment Grade Manufacturer
Vehicle Percentage” means, as of any date of determination, the sum of (w)
the percentage equivalent of a

 13
 

fraction, the numerator
of which is the sum of (i) the Top Two Non-Investment Grade EPM Amount as of
such date and (ii) the Top Two Non-Investment Grade Manufacturer Non-Eligible
Vehicle Amount as of such date and the denominator of which is the excess of
(A) the Aggregate Asset Amount over (B) the amount of cash and
Permitted Investments on deposit in the Collection Account and the HVF Exchange
Account, in each case as of such date plus (x) the Class A Non-Investment Grade
Manufacturer Vehicle Percentage Excess plus (y) the Class A Mazda Vehicle
Percentage Excess plus (z) the Bankrupt Manufacturer Vehicle Percentage.

“Class A Outstanding Principal Amount” means,
as of any date of determination, the sum of the Class A-1 Outstanding Principal
Amount, the Class A-2 Outstanding Principal Amount, the Class A-3 Outstanding
Principal Amount, the Class A-4 Outstanding Principal Amount, and the Class A-5
Outstanding Principal Amount, in each case, as of such date.

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

“Class A Percentage” shall mean a fraction
expressed as a percentage, the numerator of which is the Class A Principal
Amount and the denominator of which is the Series 2005-1 Principal Amount.

“Class A Preference Amount” means any amount
previously paid by Hertz pursuant to the Series 2005-1 Demand Note and
distributed to the Class A Noteholders in respect of amounts owing under the
Class A Notes that is recoverable or that has been recovered as a voidable
preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the
Bankruptcy Code in accordance with a final nonappealable order of a court
having competent jurisdiction.

“Class A Principal Amount” means, as of any
date of determination, the sum of the Class A-1 Principal Amount, the Class A-2
Principal Amount, the Class A-3 Principal Amount, the Class A-4 Principal
Amount, and the Class A-5 Principal Amount, in each case, as of such date.

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

 14
 

(x)
the Class A Adjusted Principal Amount on such date (after giving effect
to the distribution of the Monthly Total Principal Allocation for the Related
Month) over (y) the sum of (1) the
Class A Asset Amount on such date and (2) the lesser of (a) the Series 2005-1
Liquidity Amount on such date and (b) the Series 2005-1 Required Liquidity
Amount on such date.

“Class A Purchase Agreement” means that certain
purchase agreement, dated December 15, 2005, among HVF, CCMG Acquisition
Corporation and Lehman Brothers Inc., as an initial purchaser, Deutsche Bank
Securities Inc., as an initial purchaser, Merrill Lynch Pierce, Fenner &
Smith Incorporated, as an initial purchaser, Goldman, Sachs & Co., as an
initial purchaser, J.P. Morgan Securities Inc., as an initial purchaser, BNP Paribas,
as an initial purchaser, Greenwich Capital Markets, Inc., as an initial
purchaser and Calyon Securities (USA) Inc., as an initial purchaser.

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

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

“Class A Required Enhancement Amount” means, as
of any date of determination, the sum of (i) the product of the Class A
Required Enhancement Percentage as of such date and the Class A Adjusted
Principal Amount as of such date and (ii) the Class A Required Enhancement
Incremental Amount as of such date; provided, however, that, as
of any date of determination after the occurrence of a Series 2005-1 Limited
Liquidation Event of Default, the Class A Required Enhancement Amount shall
equal the lesser of (x) the Class A Adjusted Principal Amount as of such date
and (y) the sum of (1) the product of the Class A Required Enhancement
Percentage as of such date of determination and the Class A Adjusted Principal
Amount as of the date of the occurrence of such Series 2005-1 Limited
Liquidation Event of Default and (2) the Class A Required Enhancement
Incremental Amount as of such date of determination.

“Class A Required Enhancement Incremental Amount”
means

(i)            as
of the Series 2005-1 Closing Date, $0; and

(ii)           as
of any date thereafter, the product of (A) the Class A Required Asset Amount
Percentage as of the immediately preceding Business Day and (B) the sum of (1)
the excess, if any, of the Non-Eligible Vehicle Amount (excluding from the
calculation thereof, to the extent that an Event of Bankruptcy has occurred
with respect to any of Ford, GM, Chrysler, Toyota and Honda, the Net Book Value
of the HVF Vehicles (other than Non-Program Vehicles manufactured by any such
Manufacturer as of the date

 15
 

of the occurrence of such
Event of Bankruptcy) manufactured by each such Manufacturer for which an Event
of Bankruptcy has occurred and any amounts related to such HVF Vehicles due
from such Manufacturer) over the Series 2005-1 Maximum Non-Eligible Vehicle
Amount as of such immediately preceding Business Day, (2) the excess, if any,
of the Hyundai Amount over the Series 2005-1 Maximum Hyundai Amount as of such
immediately preceding Business Day, (3) the excess, if any, of the Jaguar
Amount over the Series 2005-1 Maximum Jaguar Amount as of such immediately
preceding Business Day, (4) the excess, if any, of the Kia Amount over the
Series 2005-1 Maximum Kia Amount as of such immediately preceding Business Day,
(5) the excess, if any, of the Land Rover Amount over the Series 2005-1 Maximum
Land Rover Amount as of such immediately preceding Business Day, (6) the
excess, if any, of the Mazda Amount over the Series 2005-1 Maximum Mazda Amount
as of such immediately preceding Business Day, (7) the excess, if any, of the
Mitsubishi Amount over the Series 2005-1 Maximum Mitsubishi Amount as of such
immediately preceding Business Day, (8) the excess, if any, of the Subaru Amount
over the Series 2005-1 Maximum Subaru Amount as of such immediately preceding
Business Day, (9) the excess, if any, of the Volvo Amount over the Series
2005-1 Maximum Volvo Amount as of such immediately preceding Business Day, (10)
the excess, if any, of the Non-Eligible Manufacturer Amount over the Series
2005-1 Maximum Non-Eligible Manufacturer Amount as of such immediately
preceding Business Day, (11) the excess, if any, of the Manufacturer
Non-Eligible Vehicle Amount with respect to any Manufacturer (excluding from
the calculation thereof, to the extent that an Event of Bankruptcy has occurred
with respect to any of Ford, GM, Chrysler, Toyota and Honda, the Net Book Value
of the HVF Vehicles (other than Non-Program Vehicles manufactured by any such
Manufacturer as of the date of the occurrence of such Event of Bankruptcy)
manufactured by each such Manufacturer for which an Event of Bankruptcy has
occurred and any amounts related to such HVF Vehicles due from such
Manufacturer) over the Series 2005-1 Maximum Manufacturer Non-Eligible Vehicle
Amount as of such immediately preceding Business Day, (12) the excess, if any,
of the Audi Amount over the Series 2005-1 Maximum Audi Amount as of such
immediately preceding Business Day, (13) the excess, if any of the BMW Amount over the Series 2005-1
Maximum BMW Amount as of such immediately preceding Business Day, (14) the
excess, if any of the Lexus Amount over the Series 2005-1 Maximum Lexus Amount
as of such immediately preceding Business Day, (15) the excess, if any of the
Mercedes Amount over the Series 2005-1 Maximum Mercedes Amount as of such
immediately preceding Business Day, (16) the excess, if any of the Aggregate
BMW/Lexus/Mercedes/Audi Amount over the Series 2005-1 Maximum Aggregate
BMW/Lexus/Mercedes/Audi Amount as of such immediately preceding Business Day
and (17) the excess, if any of the HVF Service Vehicle Amount over the Series
2005-1 Maximum HVF Service Vehicle Amount as of such immediately preceding
Business Day.  The Manufacturer
Non-Eligible Vehicle Amounts with respect to Ford, Volvo, Jaguar and Land Rover
shall be calculated on an aggregate basis so that they will be considered as
one Manufacturer for the purpose of the calculation of the Series 2005-1
Maximum Manufacturer Non-Eligible Vehicle Amount for so long as each of Volvo,
Jaguar and Land Rover is an Affiliate of Ford.

 16
 

“Class A Required Enhancement Percentage”
means, as of any date of determination, the sum of (i) the product of (A) the
Class A Required Program Vehicle Enhancement Percentage as of such date times
(B) the Class A Eligible Program Vehicle Percentage as of such date, (ii) the
product of (A) the Class A Required Non-Eligible Vehicle Enhancement Percentage
as of such date times (B) the BBB-/Baa3 EPM Vehicle Percentage Excess as of
such date and (iii) the greater of (a) the product of (A) 26.5% (or such lower
percentage as may be agreed to by the Issuer and the Rating Agencies subject to
the Series 2005-1 Rating Agency Condition) and (B) the sum of (I) the Class A
Non-Eligible Vehicle Percentage as of such date and (II) the Class A Other
Non-Investment Grade Manufacturer Vehicle Percentage as of such date and (b)
the sum of (I) the product of (A) the Class A Required Non-Eligible Vehicle
Enhancement Percentage as of such date times (B) the Class A Non-Eligible
Vehicle Percentage as of such date and (II) the product of (A) the Class A
Required Other Non-Investment Grade Manufacturer Vehicle Enhancement Percentage
as of such date times (B) the Class A Other Non-Investment Grade Manufacturer
Vehicle Percentage as of such date.

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

“Class A Required Liquidity Percentage” means,
as of any date of determination, 3.75%.

“Class A Required Non-Eligible Vehicle Enhancement
Percentage” means, as of any date of determination, the sum of (i) 20.00% (or
such lower percentage as may be agreed to by the Issuer and the Rating
Agencies, subject to satisfaction of the Series 2005-1 Rating Agency Condition)
and (ii) an amount equal to 100% minus the lower of (x) the lowest Non-Program
Vehicle Measurement Month Average for any Measurement Month within the
preceding 12 calendar months (or such fewer number of months as have elapsed
since the Series 2005-1 Closing Date) and (y) the lowest Market Value Average
as of any Determination Date within the preceding 12 calendar months (or such
fewer number of months as have elapsed since the Series 2005-1 Closing Date).

“Class A Required Other Non-Investment Grade
Manufacturer Vehicle Enhancement Percentage” means, as of any date of
determination, the sum of (i) 29.75% (or such lower percentage as may be agreed
to by HVF and the Rating Agencies, subject to satisfaction of the Series 2005-1
Rating Agency Condition) and (ii) an amount equal to 100% minus the lower of
(x) the lowest Non-Program Vehicle Measurement Month Average for any Measurement
Month within the preceding 12 calendar months (or such fewer number of months
as have elapsed since the Series 2005-1 Closing Date) and (y) the lowest Market
Value Average as of any Determination Date within the preceding 12 calendar
months (or such fewer number of months as have elapsed since the Series 2005-1
Closing Date).

 17
 

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

“Class A Required Program Vehicle Enhancement Percentage”
means 15.00% (or such lower percentage as may be agreed to by the Issuer and
the Rating Agencies, subject to satisfaction of the Series 2005-1 Rating Agency
Condition).

“Class A Required Reserve
Account Amount” means, with respect to any date of determination, an amount
equal to the greatest of (a) the excess, if any, of the Class A Required
Liquidity Amount over the Class A Letter of Credit Liquidity Amount, in each
case, as of such date, excluding from the calculation thereof the amount
available to be drawn under any Class A Letter of Credit if at the time of such
calculation (A) such Class A Letter of Credit shall not be in full force and
effect, (B) an Event of Bankruptcy shall have occurred with respect to the
Class A Letter of Credit Provider of such Class A Letter of Credit, (C) such
Class A Letter of Credit Provider shall have repudiated such Class A Letter of
Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Class A Downgrade Event shall have occurred and be continuing
for at least 30 days with respect to the Series 2005-1 Letter of Credit
Provider of such Class A Letter of Credit, (b) the excess, if any, of the Class
A Required Enhancement Amount over the Class A Adjusted Enhancement Amount (excluding therefrom the Class
A Available Reserve Account Amount), in each case, as of such date and (c) the
excess, if any, of the Class B Required Enhancement Amount over the Class B
Enhancement Amount, in each case, as of such date.

“Class A Reserve Account”
has the meaning specified in Section 2.7(a) of this Series Supplement.

“Class A Reserve Account
Collateral” has the meaning specified in Section 2.7(d) of this
Series Supplement.

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

“Class A-1 Carryover Controlled Amortization Amount”
means, with respect to the Class A-1 Notes for any Related Month during the
Three-Year Notes Controlled Amortization Period, the amount, if any, by which
the portion of the Monthly Total Principal Allocation for the previous Related
Month allocated to pay the Class A-1

 18
 

Controlled Distribution
Amount was less than the Class A-1 Controlled Distribution Amount for the
previous Related Month; provided, however, that for the first
Related Month in the Three-Year Notes Controlled Amortization Period, the Class
A-1 Carryover Controlled Amortization Amount shall be zero.

“Class A-1 Controlled Amortization Amount”
means (i) for any Related Month other than the last Related Month during the
Three-Year Notes Controlled Amortization Period, $83,333,333.33 and (ii) for
the last Related Month during the Three-Year Notes Controlled Amortization
Period, $83,333,333.35.

“Class A-1 Controlled Distribution Amount”
means, with respect to any Related Month during the Three-Year Notes Controlled
Amortization Period, an amount equal to the sum of the Class A-1 Controlled
Amortization Amount for such Related Month and any Class A-1 Carryover
Controlled Amortization Amount for such Related Month.

“Class A-1 Deficiency Amount” has the meaning
specified in Section 2.3(g) of this Series Supplement.

“Class A-1 Initial Principal Amount” means the
aggregate initial principal amount of the Class A-1 Notes, which is $500,000,000.

“Class A-1 Monthly Interest” means, with
respect to any Series 2005-1 Interest Period, an amount equal to the product of
(i) the Class A-1 Note Rate for such Series 2005-1 Interest Period, (ii) the
Class A-1 Principal Amount on the first day of such Series 2005-1 Interest
Period, after giving effect to any principal payments made on such date, or, in
the case of the initial Series 2005-1 Interest Period, the Class A-1 Initial
Principal Amount and (iii) a fraction, the numerator of which is the number of
days in such Series 2005-1 Interest Period and the denominator of which is 360.

“Class A-1 Note Rate” means, (i) with respect
to the initial Series 2005-1 Interest Period, 4.52% per annum and (ii) with
respect to each Series 2005-1 Interest Period thereafter, a rate per annum
equal to One-Month LIBOR for such Series 2005-1 Interest Period plus 0.14% per
annum.

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

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

“Class A-1 Outstanding Principal Amount” means,
when used with respect to any date, an amount equal to (a) the Class A-1
Initial Principal Amount minus

 19
 

(b) the amount of
principal payments made to Class A-1 Noteholders on or prior to such date.

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

“Class A-2 Carryover Controlled Amortization Amount”
means, with respect to the Class A-2 Notes for any Related Month during the Four-Year
Notes Controlled Amortization Period, the amount, if any, by which the portion
of the Monthly Total Principal Allocation for the previous Related Month
allocated to pay the Class A-2 Controlled Distribution Amount was less than the
Class A-2 Controlled Distribution Amount for the previous Related Month; provided,
however, that for the first Related Month in the Four-Year Notes
Controlled Amortization Period, the Class A-2 Carryover Controlled Amortization
Amount shall be zero.

“Class A-2 Controlled Amortization Amount”
means (i) for any Related Month other than the last Related Month during the Four-Year
Notes Controlled Amortization Period, $45,833,333.33 and (ii) for the last
Related Month during the Four-Year Notes Controlled Amortization Period, $45,833,333.35.

“Class A-2 Controlled Distribution Amount”
means, with respect to any Related Month during the Four-Year Notes Controlled
Amortization Period, an amount equal to the sum of the Class A-2 Controlled
Amortization Amount for such Related Month and any Class A-2 Carryover
Controlled Amortization Amount for such Related Month.

“Class A-2 Deficiency Amount” has the meaning
specified in Section 2.3(g) of this Series Supplement.

“Class A-2 Initial Principal Amount” means the
aggregate initial principal amount of the Class A-2 Notes, which is $275,000,000.

“Class A-2 Monthly Interest” means, with
respect to any Series 2005-1 Interest Period, an amount equal to the product of
(i) the Class A-2 Note Rate for such Series 2005-1 Interest Period, (ii) the
Class A-2 Principal Amount on the first day of such Series 2005-1 Interest
Period, after giving effect to any principal payments made on such date, or, in
the case of the initial Series 2005-1 Interest Period, the Class A-2 Initial
Principal Amount and (iii) a fraction, the numerator of which is the number of
days in such Series 2005-1 Interest Period and the denominator of which is 360.

 20

“Class A-2 Note Rate” means, (i) with respect
to the initial Series 2005-1 Interest Period, 4.58% per annum and (ii) with
respect to each Series 2005-1 Interest Period thereafter, a rate per annum
equal to One-Month LIBOR for such Series 2005-1 Interest Period plus 0.20% per
annum.

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

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

“Class A-2 Outstanding Principal Amount” means,
when used with respect to any date, an amount equal to (a) the Class A-2
Initial Principal Amount minus (b) the amount of principal payments made to
Class A-2 Noteholders on or prior to such date.

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

“Class A-3 Carryover Controlled Amortization Amount”
means, with respect to the Class A-3 Notes for any Related Month during the Four-Year
Notes Controlled Amortization Period, the amount, if any, by which the portion
of the Monthly Total Principal Allocation for the previous Related Month
allocated to pay the Class A-3 Controlled Distribution Amount was less than the
Class A-3 Controlled Distribution Amount for the previous Related Month; provided,
however, that for the first Related Month in the Four-Year Notes
Controlled Amortization Period, the Class A-3 Carryover Controlled Amortization
Amount shall be zero.

“Class A-3 Controlled Amortization Amount”
means (i) for any Related Month other than the last Related Month during the Four-Year
Notes Controlled Amortization Period, $16,666,666.66 and (ii) for the last
Related Month during the Four-Year Notes Controlled Amortization Period, $16,666,666.70.

“Class A-3 Controlled Distribution Amount”
means, with respect to any Related Month during the Four-Year Notes Controlled
Amortization Period, an amount equal to the sum of the Class A-3 Controlled
Amortization Amount for such Related Month and any Class A-3 Carryover
Controlled Amortization Amount for such Related Month.

 21
 

“Class A-3 Deficiency Amount” has the meaning
specified in Section 2.3(g) of this Series Supplement.

“Class A-3 Initial Principal Amount” means the
aggregate initial principal amount of the Class A-3 Notes, which is $100,000,000.

“Class A-3 Monthly Interest” means, (a) with
respect to the initial Series 2005-1 Interest Period, an amount equal to the
product of (i) the Class A-3 Note Rate, (ii) the Class A-3 Initial Principal
Amount and (iii) 34/360 and (b) with respect to any other Series 2005-1
Interest Period, an amount equal to the product of (i) one-twelfth of the Class
A-3 Note Rate and (ii) the Class A-3 Principal Amount on the first day of such
Series 2005-1 Interest Period, after giving effect to any principal payments
made on such date.

“Class A-3 Note Rate” means 5.01% per annum.

“Class A-3 Noteholder” means the Person in
whose name a Class A-4 Note is registered in the Note Register.

“Class A-3 Notes” means any one of the Series
2005-1 5.01% Rental Car Asset Backed Notes, Class A-3, executed by HVF and
authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-3-1, Exhibit A-3-2 or Exhibit A-3-3.  Definitive Class A-3 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of Section
2.13 of the Base Indenture.

“Class A-3 Outstanding Principal Amount” means,
when used with respect to any date, an amount equal to (a) the Class A-3
Initial Principal Amount minus (b) the amount of principal payments made to
Class A-3 Noteholders on or prior to such date.

“Class A-3 Principal Amount” means when used
with respect to any date, an amount equal to the Class A-3 Outstanding
Principal Amount as of such date plus the sum of (a) the amount of any
principal payments made to Class A-3 Noteholders on or prior to such date with
the proceeds of a demand on the Insurance Policy and (b) the amount of any
principal payments made to Class A-3 Noteholders, including any principal
payments made to the Insurer, that have been rescinded or otherwise returned by
the Class A-3 Noteholders or the Insurer for any reason.

“Class A-4 Carryover Controlled Amortization Amount”
means, with respect to the Class A-4 Notes for any Related Month during the
Five-Year Notes Controlled Amortization Period, the amount, if any, by which
the portion of the Monthly Total Principal Allocation for the previous Related
Month allocated to pay the Class A-4 Controlled Distribution Amount was less
than the Class A-4 Controlled Distribution Amount for the previous Related
Month; provided, however, that for the first Related Month in the
Five-Year Notes Controlled Amortization Period, the Class A-4 Carryover
Controlled Amortization Amount shall be zero.

 22
 

“Class A-4 Controlled Amortization Amount”
means (i) for any Related Month other than the last Related Month during the
Five-Year Notes Controlled Amortization Period, $191,666,666.66 and (ii) for
the last Related Month during the Five-Year Notes Controlled Amortization
Period, $191,666,666.70.

“Class A-4 Controlled Distribution Amount”
means, with respect to any Related Month during the Five-Year Notes Controlled
Amortization Period, an amount equal to the sum of the Class A-4 Controlled
Amortization Amount for such Related Month and any Class A-4 Carryover
Controlled Amortization Amount for such Related Month.

“Class A-4 Deficiency Amount” has the meaning
specified in Section 2.3(g) of this Series Supplement.

“Class A-4 Initial Principal Amount” means the
aggregate initial principal amount of the Class A-4 Notes, which is $1,150,000,000.

“Class A-4 Monthly Interest” means, with
respect to any Series 2005-1 Interest Period, an amount equal to the product of
(i) the Class A-4 Note Rate for such Series 2005-1 Interest Period, (ii) the
Class A-4 Principal Amount on the first day of such Series 2005-1 Interest
Period, after giving effect to any principal payments made on such date, or, in
the case of the initial Series 2005-1 Interest Period, the Class A-4 Initial
Principal Amount and (iii) a fraction, the numerator of which is the number of
days in such Series 2005-1 Interest Period and the denominator of which is 360.

“Class A-4 Note Rate” means, (i) with respect
to the initial Series 2005-1 Interest Period, 4.63% per annum and (ii) with
respect to each Series 2005-1 Interest Period thereafter, a rate per annum
equal to One-Month LIBOR for such Series 2005-1 Interest Period plus 0.25% per
annum.

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

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

“Class A-4 Outstanding Principal Amount” means,
when used with respect to any date, an amount equal to (a) the Class A-4
Initial Principal Amount minus (b) the amount of principal payments made to
Class A-4 Noteholders on or prior to such date.

“Class A-4 Principal Amount” means when used
with respect to any date, an amount equal to the Class A-4 Outstanding
Principal Amount as of such date plus the

 23
 

sum of (a) the amount of
any principal payments made to Class A-4 Noteholders on or prior to such date
with the proceeds of a demand on the Insurance Policy and (b) the amount of any
principal payments made to Class A-4 Noteholders, including any principal
payments made to the Insurer, that have been rescinded or otherwise returned by
the Class A-4 Noteholders or the Insurer for any reason.

“Class A-5 Carryover Controlled Amortization Amount”
means, with respect to the Class A-5 Notes for any Related Month during the
Five-Year Notes Controlled Amortization Period, the amount, if any, by which
the portion of the Monthly Total Principal Allocation for the previous Related
Month allocated to pay the Class A-5 Controlled Distribution Amount was less
than the Class A-5 Controlled Distribution Amount for the previous Related
Month; provided, however, that for the first Related Month in the
Five-Year Notes Controlled Amortization Period, the Class A-5 Carryover
Controlled Amortization Amount shall be zero.

“Class A-5 Controlled Amortization Amount”
means (i) for any Related Month other than the last Related Month during the
Five-Year Notes Controlled Amortization Period, $20,833,333.33 and (ii) for the
last Related Month during the Five-Year Notes Controlled Amortization Period, $20,833,333.35.

“Class A-5 Controlled Distribution Amount”
means, with respect to any Related Month during the Five-Year Notes Controlled
Amortization Period, an amount equal to the sum of the Class A-5 Controlled
Amortization Amount for such Related Month and any Class A-5 Carryover
Controlled Amortization Amount for such Related Month.

“Class A-5 Deficiency Amount” has the meaning
specified in Section 2.3(g) of this Series Supplement.

“Class A-5 Initial Principal Amount” means the
aggregate initial principal amount of the Class A-5 Notes, which is $125,000,000.

“Class A-5 Monthly Interest” means, (a) with
respect to the initial Series 2005-1 Interest Period, an amount equal to the
product of (i) the Class A-5 Note Rate, (ii) the Class A-5 Initial Principal
Amount and (iii) 34/360 and (b) with respect to any other Series 2005-1
Interest Period, an amount equal to the product of (i) one-twelfth of the Class
A-5 Note Rate and (ii) the Class A-5 Principal Amount on the first day of such
Series 2005-1 Interest Period, after giving effect to any principal payments
made on such date.

“Class A-5 Note Rate” means 5.08% per annum.

“Class A-5 Noteholder” means the Person in
whose name a Class A-5 Note is registered in the Note Register.

 24
 

“Class A-5 Notes” means any one of the Series
2005-1 5.08% Rental Car Asset Backed Notes, Class A-5, executed by HVF and
authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-5-1, Exhibit A-5-2 or Exhibit A-5-3.  Definitive Class A-5 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of Section
2.13 of the Base Indenture.

“Class A-5 Outstanding Principal Amount” means,
when used with respect to any date, an amount equal to (a) the Class A-5
Initial Principal Amount minus (b) the amount of principal payments made to
Class A-5 Noteholders on or prior to such date.

“Class A-5 Principal Amount” means when used
with respect to any date, an amount equal to the Class A-5 Outstanding Principal
Amount as of such date plus the sum of (a) the amount of any principal payments
made to Class A-5 Noteholders on or prior to such date with the proceeds of a
demand on the Insurance Policy and (b) the amount of any principal payments
made to Class A-5 Noteholders, including any principal payments made to the
Insurer, that have been rescinded or otherwise returned by the Class A-5
Noteholders or the Insurer for any reason.

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

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

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

 25
 

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

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

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

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

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

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

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

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

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

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

 26
 

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

“Class B Deficiency Amount” means a Class B-1
Deficiency Amount, a Class B-2 Deficiency Amount, a Class B-3 Deficiency
Amount, a Class B-4 Deficiency Amount, a Class B-5 Deficiency Amount or a Class
B-6 Deficiency Amount.

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

“Class B Downgrade Event” has the meaning
specified in Section 2.14(c) of this Series Supplement.

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

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

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

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

 27
 

“Class B Ford Cash Collateral Account” has the
meaning specified in Section 2.14(g) of this Series Supplement.

“Class B Ford Cash Collateral Account Collateral” has
the meaning specified in Section 2.14(a) of this Series Supplement.

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

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

“Class B Ford Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class B Ford Letter of Credit, as
specified therein, and (b) if a Class B Ford Cash Collateral Account has been
established and funded pursuant to Section 2.8 of this Series Supplement, the
Class B Available Ford Cash Collateral Account Amount on such date.

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

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

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

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

“Class B Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class B Letter of Credit, as
specified therein, and (b) if a Class B Cash Collateral Account has been
established and funded pursuant to Section 2.14 of this Series
Supplement, the Class B Available Cash Collateral Account Amount on such date.

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

 28
 

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

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

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

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

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

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

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

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

“Class B Monthly Interest” means, with respect
to any Series 2005-1 Interest Period, the sum of Class B-1 Monthly Interest,
Class B-2 Monthly Interest, Class B-3 Monthly Interest, Class B-4 Monthly
Interest, Class B-5 Monthly Interest and Class B-6 Monthly Interest for such
Series 2005-1 Interest Period.

“Class B Non-Ford Cash Collateral Account” has
the meaning specified in Section 2.14(g) of this Series Supplement.

“Class B Non-Ford Cash Collateral Account Collateral”
has the meaning specified in Section 2.14(a) of this Series Supplement.

“Class B Non-Ford Cash Collateral Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the

 29
 

Class B Available
Non-Ford Cash Collateral Account Amount as of such date and the denominator of
which is the Class B Non-Ford Letter of Credit Liquidity Amount as of such
date.

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

“Class B Non-Ford Letter of Credit Amount”
means, as of any date of determination, the lesser of (a) the sum of (i) the
aggregate amount available to be drawn on such date under the Class B Non-Ford
Letters of Credit, as specified therein, and (ii) if a Class B Non-Ford Cash
Collateral Account has been established and funded pursuant to Section 2.14
of this Series Supplement, the Class B Available Non-Ford Cash Collateral
Account Amount on such date and (b) the result of (x) the outstanding principal
amount of the Series 2005-1 Demand Note on such date minus (y) the Class A
Non-Ford Letter of Credit Amount.

“Class B Non-Ford Letter of Credit Liquidity Amount”
means, as of any date of determination, the sum of (a) the aggregate amount
available to be drawn on such date under each Class B Non-Ford Letter of
Credit, as specified therein, and (b) if a Class B Non-Ford Cash Collateral
Account has been established and funded pursuant to Section 2.8 of this
Series Supplement, the Class B Available Non-Ford Cash Collateral Account
Amount on such date.

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

“Class B Noteholders” means, collectively, the
Class B-1 Noteholders, the Class B-2 Noteholders, the Class B-3 Noteholders,
the Class B-4 Noteholders, the Class B-5 Noteholders and the Class B-6
Noteholders.

“Class B Notes” means, collectively, the Class
B-1 Notes, the Class B-2 Notes, the Class B-3 Notes, the Class B-4 Notes, the
Class B-5 Notes and the Class B-6 Notes.

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

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

“Class B Overcollateralization Amount” means as
of any date of determination, (i) on which no Aggregate Asset Amount Deficiency
exists, the Class B Required Overcollateralization Amount as of such date or
(ii) on which an Aggregate

 30
 

Asset Amount Deficiency
exists, the excess, if any, of the Series 2005-1 Asset Amount over the Series
2005-1 Adjusted Principal Amount, in each case as of such date.

“Class B Percentage” shall mean a fraction
expressed as a percentage, the numerator of which is the Class B Principal
Amount and the denominator of which is the Series 2005-1 Principal Amount.

“Class B Preference Amount” means any amount
previously paid by Hertz pursuant to the Series 2005-1 Demand Note and
distributed to the Class B Noteholders in respect of amounts owing under the
Class B Notes that is recoverable or that has been recovered as a voidable
preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the
Bankruptcy Code in accordance with a final nonappealable order of a court
having competent jurisdiction.

“Class B Principal Amount” means, as of any
date of determination, the sum of the Class B-1 Principal Amount, the Class B-2
Principal Amount, the Class B-3 Principal Amount, the Class B-4 Principal
Amount, the Class B-5 Principal Amount and the Class B-6 Principal Amount as of
such date.

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

“Class B Required Enhancement Amount” means, as
of any date of determination, the sum of (i) the product of the Class B
Required Enhancement Percentage as of such date and the Series 2005-1 Adjusted
Principal Amount as of such date and (ii) the Class B Required Enhancement
Incremental Amount as of such date; provided, however, that, as
of any date of determination after the occurrence of a Series 2005-1 Limited
Liquidation Event of Default, the Class B Required Enhancement Amount shall
equal the lesser of (x) the Series 2005-1 Adjusted Principal Amount as of such
date and (y) the sum of (l) the product of the Class B Required Enhancement
Percentage as of such date of determination and the Series 2005-1 Adjusted
Principal Amount as of the date of the occurrence of such Series 2005-1 Limited
Liquidation Event of Default and (2) the Class B Required Enhancement
Incremental Amount as of such date of determination.

“Class B Required Enhancement Incremental Amount”
means

(i)            as of the Series
2005-1 Closing Date, $0; and

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

 31
 

occurrence of such
Event of Bankruptcy) manufactured by each such Manufacturer for which an Event
of Bankruptcy has occurred and any amounts related to such HVF Vehicles due
from such Manufacturer) over the Series 2005-1 Maximum Non-Eligible Vehicle
Amount as of such immediately preceding Business Day, (2) the excess, if any,
of the Hyundai Amount over the Series 2005-1 Maximum Hyundai Amount as of such
immediately preceding Business Day, (3) the excess, if any, of the Jaguar
Amount over the Series 2005-1 Maximum Jaguar Amount as of such immediately
preceding Business Day, (4) the excess, if any, of the Kia Amount over the
Series 2005-1 Maximum Kia Amount as of such immediately preceding Business Day,
(5) the excess, if any, of the Land Rover Amount over the Series 2005-1 Maximum
Land Rover Amount as of such immediately preceding Business Day, (6) the
excess, if any, of the Mazda Amount over the Series 2005-1 Maximum Mazda Amount
as of such immediately preceding Business Day, (7) the excess, if any, of the
Mitsubishi Amount over the Series 2005-1 Maximum Mitsubishi Amount as of such
immediately preceding Business Day, (8) the excess, if any, of the Subaru
Amount over the Series 2005-1 Maximum Subaru Amount as of such immediately
preceding Business Day, (9) the excess, if any, of the Volvo Amount over the
Series 2005-1 Maximum Volvo Amount as of such immediately preceding Business
Day, (10) the excess, if any, of the Non-Eligible Manufacturer Amount over the
Series 2005-1 Maximum Non-Eligible Manufacturer Amount as of such immediately
preceding Business Day, (11) the excess, if any, of the Manufacturer
Non-Eligible Vehicle Amount with respect to any Manufacturer (excluding from
the calculation thereof, to the extent that an Event of Bankruptcy has occurred
with respect to any of Ford, GM, Chrysler, Toyota and Honda, the Net Book Value
of the HVF Vehicles (other than Non-Program Vehicles manufactured by any such
Manufacturer as of the date of the occurrence of such Event of Bankruptcy) manufactured
by each such Manufacturer for which an Event of Bankruptcy has occurred and any
amounts related to such HVF Vehicles due from such Manufacturer) over the
Series 2005-1 Maximum Manufacturer Non-Eligible Vehicle Amount as of such
immediately preceding Business Day, (12) the excess, if any, of the Audi Amount
over the Series 2005-1 Maximum Audi Amount as of such immediately preceding
Business Day, (13) the
excess, if any of the BMW Amount over the Series 2005-1 Maximum BMW Amount as
of such immediately preceding Business Day, (14) the excess, if any of the
Lexus Amount over the Series 2005-1 Maximum Lexus Amount as of such immediately
preceding Business Day, (15) the excess, if any of the Mercedes Amount over the
Series 2005-1 Maximum Mercedes Amount as of such immediately preceding Business
Day and (16) the excess, if any of the Aggregate BMW/Lexus/Mercedes/Audi Amount
over the Series 2005-1 Maximum Aggregate BMW/Lexus/Mercedes/Audi Amount as of
such immediately preceding Business Day. 
The Manufacturer Non-Eligible Vehicle Amounts with respect to Ford,
Volvo, Jaguar and Land Rover shall be calculated on an aggregate basis so that
they will be considered as one Manufacturer for the purpose of the calculation
of the Series 2005-1 Maximum Manufacturer Non-Eligible

 32
 

Vehicle Amount for
so long as each of Volvo, Jaguar and Land Rover is an Affiliate of Ford.

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

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

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

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

“Class B Required Reserve
Account Amount” means, with respect to any date of determination, an amount
equal to the greater of (a) the excess, if any, of the Class B Required
Liquidity Amount over the Class B Letter of Credit Liquidity Amount, in each
case, as of such date, excluding from the calculation thereof the amount
available to be drawn under any Class B Letter of Credit if at the time of such
calculation (A) such Class B Letter of Credit shall not be in full force and
effect, (B) an Event of Bankruptcy shall have occurred with respect to the
Class B Letter of Credit Provider of such Class B Letter of Credit, (C) such
Class B Letter of Credit Provider shall have repudiated such Class B Letter of
Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Class B Downgrade Event shall have occurred and be continuing
for at least 30 days with respect to the Series 2005-1 Letter of Credit
Provider of such Class B Letter of Credit, and (b) the excess, if any, of the
Class B Required Enhancement Amount over the Class B Adjusted Enhancement
Amount (excluding therefrom the Class B Available Reserve Account Amount), in
each case, as of such date.

“Class B Reserve Account”
has the meaning specified in Section 2.13(a) of this Series Supplement.

“Class B Reserve Account
Collateral” has the meaning specified in Section 2.13(d) of this
Series Supplement.

“Class B Reserve Account
Surplus” means, with respect to any date of determination, the excess, if
any, of the Class B Available Reserve Account Amount (after giving effect to
any deposits thereto and withdrawals and releases therefrom on

 33
 

such
date) over the Class B Required Reserve Account Amount, in each case, as of
such date.

“Class B-1 Carryover Controlled Amortization Amount”
means, with respect to the Class B-1 Notes for any Related Month during the
Three-Year Notes Controlled Amortization Period, the lesser of (i) the
Class B-1 Percentage of the amount, if any, by which the portion of the Monthly
Total Principal Allocation allocated to pay the Class A-1 Controlled
Distribution Amount, the Class B-1 Controlled Distribution Amount and the Class
B-2 Controlled Distribution Amount for the previous Related Month was less than
the sum of the Class A-1 Controlled Distribution Amount, the Class B-1 Controlled
Distribution Amount and the Class B-2 Controlled Distribution Amount for the
previous Related Month and (ii) the Class B-1 Controlled Distribution Amount
for the previous Related Month; provided, however, that for the
first Related Month in the Three-Year Notes Controlled Amortization Period, the
Class B-1 Carryover Controlled Amortization Amount shall be zero.

“Class B-1 Controlled Amortization Amount” shall
have the meaning specified in the Class B Notes Term Sheet related to the
issuance of the Class B-1 Notes.

“Class B-1 Controlled Distribution Amount”
means, with respect to any Related Month during the Three-Year Notes Controlled
Amortization Period, an amount equal to the sum of the Class B-1 Controlled
Amortization Amount for such Related Month and any Class B-1 Carryover
Controlled Amortization Amount for such Related Month.

“Class B-1 Deficiency Amount” has the meaning
specified in Section 2.3(g) of this Series Supplement.

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

“Class B-1 Monthly Interest” means, with
respect to any Series 2005-1 Interest Period, an amount equal to the product of
(i) the Class B-1 Note Rate for such Series 2005-1 Interest Period, (ii) the
Class B-1 Principal Amount on the first day of such Series 2005-1 Interest
Period, after giving effect to any principal payments made on such date, or, in
the case of the initial Series 2005-1 Interest Period, the Class B-1 Initial
Principal Amount and (iii) a fraction, the numerator of which is the number of
days in such Series 2005-1 Interest Period and the denominator of which is 360.

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

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

 34
 

“Class B-1 Notes” means any one of the Series
2005-1 Floating Rate Rental Car Asset Backed Notes, Class B-1, executed by HVF
and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-6-1, Exhibit A-6-2 or Exhibit A-6-3.  Definitive Class B-1 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of Section
2.13 of the Base Indenture.

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

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

“Class B-2 Carryover Controlled Amortization Amount”
means, with respect to the Class B-2 Notes for any Related Month during the
Three-Year Notes Controlled Amortization Period, the lesser of (i) the
Class B-2 Percentage of the amount, if any, by which the portion of the Monthly
Total Principal Allocation allocated to pay the Class A-1 Controlled
Distribution Amount, the Class B-1 Controlled Distribution Amount and the Class
B-2 Controlled Distribution Amount for the previous Related Month was less than
the Class A-1 Controlled Distribution Amount, the Class B-1 Controlled
Distribution Amount and the Class B-2 Controlled Distribution Amount for the
previous Related Month and (ii) the Class B-2 Controlled Distribution Amount
for the previous Related Month; provided, however, that for the
first Related Month in the Three-Year Notes Controlled Amortization Period, the
Class B-2 Carryover Controlled Amortization Amount shall be zero.

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

“Class B-2 Controlled Distribution Amount”
means, with respect to any Related Month during the Three-Year Notes Controlled
Amortization Period, an amount equal to the sum of the Class B-2 Controlled
Amortization Amount for such Related Month and any Class B-2 Carryover
Controlled Amortization Amount for such Related Month.

“Class B-2 Deficiency Amount” has the meaning
specified in Section 2.3(g) of this Series Supplement.

 35
 

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

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

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

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

“Class B-2 Notes” means any one of the Series
2005-1 Fixed Rate Rental Car Asset Backed Notes, Class B-2, executed by HVF and
authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-7-1, Exhibit A-7-2 or Exhibit A-7-3.  Definitive Class B-2 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of
Section 2.13 of the Base Indenture.

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

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

“Class B-3 Carryover Controlled Amortization Amount”
means, with respect to the Class B-3 Notes for any Related Month during the Four-Year
Notes Controlled Amortization Period, the lesser of (i) the Class B-3
Percentage of the amount, if any, by which the portion of the Monthly Total
Principal Allocation allocated to pay the Class A-2 Controlled Distribution
Amount, the Class A-3 Controlled Distribution Amount, the Class B-3 Controlled
Distribution Amount and the Class B-4 Controlled Distribution Amount for the
previous Related Month was less than the sum of the Class A-2 Controlled
Distribution Amount, the Class A-3 Controlled Distribution Amount, the Class B-3
Controlled Distribution Amount and the Class B-4 Controlled Distribution Amount
for the previous Related Month and (ii) the Class B-3 Controlled Distribution
Amount for the previous Related Month; provided, however, that
for the first Related Month in the Four-Year Notes Controlled Amortization
Period, the Class B-3 Carryover Controlled Amortization Amount shall be zero.

 36
 

“Class B-3 Controlled Amortization Amount” shall
have the meaning specified in the Class B Notes Term Sheet related to the
issuance of the Class B-2 Notes.

“Class B-3 Controlled Distribution Amount”
means, with respect to any Related Month during the Four-Year Notes Controlled
Amortization Period, an amount equal to the sum of the Class B-3 Controlled
Amortization Amount for such Related Month and any Class B-3 Carryover
Controlled Amortization Amount for such Related Month.

“Class B-3 Deficiency Amount” has the meaning
specified in Section 2.3(g) of this Series Supplement.

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

“Class B-3 Monthly Interest” means, with
respect to any Series 2005-1 Interest Period, an amount equal to the product of
(i) the Class B-3 Note Rate for such Series 2005-1 Interest Period, (ii) the
Class B-3 Principal Amount on the first day of such Series 2005-1 Interest
Period, after giving effect to any principal payments made on such date, or, in
the case of the initial Series 2005-1 Interest Period, the Class B-3 Initial Principal
Amount and (iii) a fraction, the numerator of which is the number of days in
such Series 2005-1 Interest Period and the denominator of which is 360.

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

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

“Class B-3 Notes” means any one of the Series
2005-1 Floating Rate Rental Car Asset Backed Notes, Class B-3, executed by HVF
and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-8-1, Exhibit A-8-2 or Exhibit A-8-3.  Definitive Class B-3 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of
Section 2.13 of the Base Indenture.

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

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

 37
 

amount of any principal
payments made to Class B-3 Noteholders that have been rescinded or otherwise
returned by the Class B-3 Noteholders for any reason.

“Class B-4 Carryover Controlled Amortization Amount”
means, with respect to the Class B-4 Notes for any Related Month during the Four-Year
Notes Controlled Amortization Period, the lesser of (i) the Class B-4
Percentage of the amount, if any, by which the portion of the Monthly Total
Principal Allocation allocated to pay the Class A-2 Controlled Distribution
Amount, the Class A-3 Controlled Distribution Amount, the Class B-3 Controlled
Distribution Amount and the Class B-4 Controlled Distribution Amount for the
previous Related Month was less than the sum of the Class A-2 Controlled
Distribution Amount, the Class A-3 Controlled Distribution Amount, the Class
B-3 Controlled Distribution Amount and the Class B-4 Controlled Distribution
Amount for the previous Related Month and (ii) the Class B-4 Controlled
Distribution Amount for the previous Related Month; provided, however,
that for the first Related Month in the Four-Year Notes Controlled Amortization
Period, the Class B-4 Carryover Controlled Amortization Amount shall be zero.

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

“Class B-4 Controlled Distribution Amount”
means, with respect to any Related Month during the Four-Year Notes Controlled
Amortization Period, an amount equal to the sum of the Class B-4 Controlled
Amortization Amount for such Related Month and any Class B-4 Carryover
Controlled Amortization Amount for such Related Month.

“Class B-4 Deficiency Amount” has the meaning
specified in Section 2.3(g) of this Series Supplement.

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

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

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

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

“Class B-4 Notes” means any one of the Series
2005-1 Fixed Rate Rental Car Asset Backed Notes, Class B-4, executed by HVF and
authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-9-1, Exhibit A-9-2 or Exhibit A-9-3.  Definitive Class B-4 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of
Section 2.13 of the Base Indenture.

 38

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

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

“Class B-5 Carryover Controlled Amortization Amount”
means, with respect to the Class B-5 Notes for any Related Month during the
Five-Year Notes Controlled Amortization Period, the lesser of (i) the Class
B-5 Percentage of the amount, if any, by which the portion of the Monthly Total
Principal Allocation allocated to pay the Class A-4 Controlled Distribution
Amount, the Class A-5 Controlled Distribution Amount, the Class B-5 Controlled
Distribution Amount and the Class B-6 Controlled Distribution Amount for the
previous Related Month was less than the sum of the Class A-4 Controlled
Distribution Amount, the Class A-5 Controlled Distribution Amount, the Class
B-5 Controlled Distribution Amount and the Class B-6 Controlled Distribution
Amount for the previous Related Month and (ii) the Class B-5 Controlled
Distribution Amount for the previous Related Month; provided, however,
that for the first Related Month in the Five-Year Notes Controlled Amortization
Period, the Class B-5 Carryover Controlled Amortization Amount shall be zero.

“Class B-5 Controlled Amortization Amount”
shall have the meaning specified in the Class B Notes Term Sheet related to the
issuance of the Class B-5 Notes.

“Class B-5 Controlled Distribution Amount”
means, with respect to any Related Month during the Five-Year Notes Controlled
Amortization Period, an amount equal to the sum of the Class B-5 Controlled
Amortization Amount for such Related Month and any Class B-5 Carryover
Controlled Amortization Amount for such Related Month.

“Class B-5 Deficiency Amount” has the meaning
specified in Section 2.3(g) of this Series Supplement.

“Class B-5 Initial Principal Amount” shall have
the meaning with respect to the Class B-5 Notes specified in the related Class
B Notes Term Sheet.

“Class B-5 Monthly Interest” means, with
respect to any Series 2005-1 Interest Period, an amount equal to the product of
(i) the Class B-5 Note Rate for such Series 2005-1 Interest Period, (ii) the
Class B-5 Principal Amount on the first day of such Series 2005-1 Interest
Period, after giving effect to any principal payments made on such

 39
 

date, or, in the case of
the initial Series 2005-1 Interest Period, the Class B-5 Initial Principal
Amount and (iii) a fraction, the numerator of which is the number of days in
such Series 2005-1 Interest Period and the denominator of which is 360.

“Class B-5 Note Rate” shall have the meaning
with respect to the Class B-5 Notes specified in the related Class B Notes Term
Sheet.

“Class B-5 Noteholder” means the Person in
whose name a Class B-5 Note is registered in the Note Register.

“Class B-5 Notes” means any one of the Series
2005-1 Floating Rate Rental Car Asset Backed Notes, Class B-5, executed by HVF
and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-10-1, Exhibit A-10-2 or Exhibit A-10-3.  Definitive Class B-5 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of
Section 2.13 of the Base Indenture.

“Class B-5 Percentage” means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Principal Amount with respect to the Class B-5 Notes and the denominator
of which is the sum of the Principal Amount with respect to the Class B-5 Notes
and the Principal Amount with respect to the Class B-6 Notes.

“Class B-5 Principal Amount” means, when used
with respect to any date, an amount equal to (a) the Class B-5 Initial
Principal Amount specified in the Class B Notes Term Sheet related to the
issuance of the Class B-5 Notes minus (b) the amount of principal payments made
to Class B-5 Noteholders on or prior to such date plus (c) the amount of any
principal payments made to Class B-5 Noteholders that have been rescinded or
otherwise returned by the Class B-5 Noteholders for any reason.

“Class B-6 Carryover Controlled Amortization Amount”
means, with respect to the Class B-6 Notes for any Related Month during the
Five-Year Notes Controlled Amortization Period, the lesser of (i) the
Class B-6 Percentage of the amount, if any, by which the portion of the Monthly
Total Principal Allocation allocated to pay the Class A-4 Controlled
Distribution Amount, the Class A-5 Controlled Distribution Amount, the Class
B-5 Controlled Distribution Amount and the Class B-6 Controlled Distribution
Amount for the previous Related Month was less than the sum of the Class A-4
Controlled Distribution Amount, the Class A-5 Controlled Distribution Amount,
the Class B-5 Controlled Distribution Amount and the Class B-6 Controlled
Distribution Amount for the previous Related Month and (ii) the Class B-6
Controlled Distribution Amount for the previous Related Month; provided,
however, that for the first Related Month in the Five-Year Notes
Controlled Amortization Period, the Class B-6 Carryover Controlled Amortization
Amount shall be zero.

“Class B-6 Controlled Amortization Amount”
shall have the meaning specified in the Class B Notes Term Sheet related to the
issuance of the Class B-6 Notes.

 40
 

“Class B-6 Controlled Distribution Amount”
means, with respect to any Related Month during the Five-Year Notes Controlled
Amortization Period, an amount equal to the sum of the Class B-6 Controlled
Amortization Amount for such Related Month and any Class B-6 Carryover
Controlled Amortization Amount for such Related Month.

“Class B-6 Deficiency Amount” has the meaning
specified in Section 2.3(g) of this Series Supplement.

“Class B-6 Initial Principal Amount” shall have
the meaning with respect to the Class B-6 Notes specified in the related Class
B Notes Term Sheet.

“Class B-6 Monthly Interest” shall have the
meaning specified in the Class B Notes Term Sheet related to the issuance of
the Class B-6 Notes.

“Class B-6 Note Rate” shall have the meaning
with respect to the Class B-6 Notes specified in the related Class B Notes Term
Sheet.

“Class B-6 Noteholder” means the Person in
whose name a Class B-6 Note is registered in the Note Register.

“Class B-6 Notes” means any one of the Series
2005-1 Fixed Rate Rental Car Asset Backed Notes, Class B-6, executed by HVF and
authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-11-1, Exhibit A-11-2 or Exhibit A-11-3.  Definitive Class B-6 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of
Section 2.13 of the Base Indenture.

“Class B-6 Percentage” means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Principal Amount with respect to the Class B-6 Notes and the denominator
of which is the sum of the Principal Amount with respect to the Class B-5 Notes
and the Principal Amount with respect to the Class B-6 Notes.

“Class B-6 Principal Amount” means, when used
with respect to any date, an amount equal to (a) the Class B-6 Initial
Principal Amount specified in the Class B Notes Term Sheet related to the
issuance of the Class B-6 Notes minus (b) the amount of principal payments made
to Class B-6 Noteholders on or prior to such date plus (c) the amount of any
principal payments made to Class B-6 Noteholders that have been rescinded or
otherwise returned by the Class B-6 Noteholders for any reason.

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

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

 41
 

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

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

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

“Controlling Class” means the Class A Notes as
long as any Class A Notes are Outstanding, and upon payment in full of the
Class A Notes, the Class B Notes (in each
case excluding any Series 2005-1 Notes held by HVF or any Affiliate of HVF).

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

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

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

“DTC Closing” shall occur when the Class A
Notes that are Series 2005-1 Global Notes are cleared through DTC on the Series
2005-1 Closing Date.

“DTC Closing Availability” shall occur on the
date that the Class A Notes are available to be cleared through DTC.

“Eligible Interest Rate Hedge Provider” means a
counterparty to a Series 2005-1 Interest Rate Hedge who is a bank or other
financial institution, that (A) has, or has all of its obligations under its
Series 2005-1 Interest Rate Hedge guaranteed by a

 42
 

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

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

 43
 

Vehicles as of such date
and that have not been turned in to and accepted by the Manufacturer thereof
pursuant to its Manufacturer Program, not been delivered and accepted for
Auction pursuant to a Manufacturer Program and not otherwise been sold or
deemed to be sold under the Related Documents.

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

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

“Financial Assets” has the meaning specified in
Section 2.10(b)(i) of this Series Supplement.

“Five-Year Notes” means, collectively, the
Class A-4 Notes, the Class A-5 Notes, the Class B-5 Notes and the Class B-6
Notes.

“Five-Year Notes Controlled Amortization Period”
means the period commencing at the close of business on April 30, 2010 (or, if
such day is not a Business Day, the Business Day immediately preceding such
day) and continuing to the earlier of (i) the commencement of the Series 2005-1
Rapid Amortization Period, and (ii) the date on which the Five-Year Notes are
fully paid.

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

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

“Fleet Equity Amount” means, on any date of
determination, the amount, if any, by which the sum of (a) the Aggregate Asset
Amount on such date and (b) the amount of cash and Permitted Investments on deposit
in the (i) Class A Reserve Account, (ii) the Class B Reserve Account, (iii) the
Class A Non-Ford Cash Collateral Account, (iv) the Class B Non-Ford Cash
Collateral Account, (v) the Series 2005-1 Excess Collection Account after the required application of such funds in accordance with the
priorities set forth in clauses (i) through (v) of Section
2.2(f) of this Series Supplement as of such date, (vi) the Series 2005-1
Collection Account and available for reduction of the Series 2005-1 Principal
Amount as of such date, (vii) any Series-Specific Excess Collection Account
(other than the Series 2005-1 Excess Collection Account) after the

 44
 

required
application of such funds
in accordance with the priorities set forth in the provisions of the related Series Supplement governing the distribution of amounts
on deposit in such Series-Specific Excess Collection Account, other than
amounts that are permitted to be
released to HVF, (viii) any Series-Specific Collection Account (other than the
Series 2005-1 Collection Account) and
available for reduction of the Principal Amount with respect to the related
Series as of such date and (ix) any other Eligible Series Enhancement
Account exceeds the aggregate Principal Amount of each Outstanding Series of
Notes on such date.

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

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

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

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

 “Ford
Reimbursement Obligations” means any and all obligations of HVF set forth
in Section 2.16 of this Series Supplement and any other payment obligation of
HVF in respect of a Ford Letter of Credit set forth in any other Series
Supplement; provided, however, that no Ford Reimbursement
Obligation in respect of a disbursement made under a Ford Letter of Credit
shall arise until such time as Ford has reimbursed the provider of such Ford
Letter of Credit for such disbursement.

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

“Four-Year Notes Controlled Amortization Period”
means the period commencing at the close of business on July 31, 2009 (or, if
such day is not a Business Day, the Business Day immediately preceding such
day) and continuing to the earlier of

 45
 

(i) the commencement of
the Series 2005-1 Rapid Amortization Period, and (ii) the date on which the
Four-Year Notes are fully paid.

“Four-Year Notes Expected Final Payment Date”
means the February 2010 Payment Date.

“Four-Year Notes Legal Final Payment Date”
means the February 2011 Payment Date.

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

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

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

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

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

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

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

“Initial Purchaser” means each of Lehman
Brothers Inc., Deutsche Bank Securities Inc., Merrill Lynch Pierce, Fenner
& Smith Incorporated, Goldman, Sachs & Co., J.P. Morgan Securities
Inc., BNP Paribas, Greenwich Capital Markets, Inc. and

 46
 

Calyon Securities (USA)
Inc., each as an initial purchaser under the Class A Purchase Agreement.

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

“Insurance Policy” means the Note Guaranty
Insurance Policy No. 47437, dated December 21, 2005, issued by the Insurer.

“Insured Principal Deficit Amount” means, with
respect to any Payment Date, the excess, if any, of (a) the Class A Outstanding
Principal Amount measured as of such Payment Date (after giving effect to the
distribution of the Monthly Total Principal Allocation for the Related Month)
over (b) the sum on such Payment Date of (i) the Class A Asset Amount, (ii) the
Class A Available Reserve Account Amount, (iii) the Class A Letter of Credit
Amount, (iv) the Class B Available Reserve Account Amount, (v) the Class B
Letter of Credit Amount, (vi) the amount of cash and Permitted Investments
on deposit in the Series 2005-1 Excess Collection Account and (vii) the amount on deposit in the Series 2005-1
Distribution Account and allocated to effect a redemption of the Class A Notes
of any Class.

“Insurer” means MBIA Insurance Corporation, a
New York corporation.  The Insurer shall
constitute an “Enhancement Provider” with respect to the Class A Notes for all
purposes under the Indenture and the other Related Documents.

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

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

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

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

 47
 

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

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

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

“Interest Rate Hedge Provider” means HVF’s
counterparty under a Series 2005-1 Interest Rate Hedge.  Each Interest Rate Hedge Provider, for so
long as such Interest Rate Hedge Provider is not in default under its Series
2005-1 Interest Rate Hedge and such Series 2005-1 Interest Rate Hedge continues
to be in effect, shall constitute an “Enhancement Provider” with respect to the
Series 2005-1 Notes for all purposes under the Indenture and the other Related
Documents.

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

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

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

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

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

 48
 

“Lease Payment Deficit Notice” has the meaning
specified in Section 2.3(c) of this Series Supplement.

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

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

“LIBOR Determination Date” means, with respect
to any Series 2005-1 Interest Period, the second London Business Day preceding
the first day of such Series 2005-1 Interest Period.

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

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

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

 49
 

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

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

 50
 

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

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

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

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

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

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

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

“Monthly Hedge Payment” means, for any Payment
Date, the excess, if any, of (i) the aggregate amount payable by HVF as the “Fixed
Amount” under each Series 2005-1 Interest Rate Hedge on such Payment Date over
(ii) the aggregate amount payable to HVF as the “Floating Amount” under each
such Series 2005-1 Interest Rate

 51
 

Hedge on such Payment
Date, in each case excluding any termination payments under such Series 2005-1
Interest Rate Hedges.

“Monthly Total Principal Allocation” means for
any Related Month the sum of all Series 2005-1 Principal Allocations with
respect to such Related Month plus any amounts deposited in the Series 2005-1
Collection Account pursuant to Section 2.3(h)(vi)(B) of this Series
Supplement.

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

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

 52
 

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

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

 53
 

the Servicer obtains
actual knowledge of such downgrade and (ii) the date on which the Trustee or
the Insurer notifies the Administrator of such downgrade.

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

 54
 

or an Affiliate thereof
and that have not been turned in to and accepted by such Non-Investment Grade
Eligible Program Manufacturer pursuant to its Manufacturer Program, not been
delivered and accepted for Auction pursuant to its Manufacturer Program and not
otherwise been sold or deemed to be sold under the Related Documents.  For the purposes of this definition, an
Affiliate of a Manufacturer shall not include any Person who is included as a
Manufacturer hereunder.

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

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

 55
 

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

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

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

“One-Month LIBOR” means, with respect to the
initial Series 2005-1 Interest Period, 4.38%, and for each subsequent Series
2005-1 Interest Period, the rate per annum determined on the related LIBOR
Determination Date by the Calculation Agent to be the rate for Dollar deposits
having a maturity equal to one month that appears on Telerate Page 3750 at
approximately 11:00 a.m., London time, on such LIBOR Determination Date; provided,
however, that if such rate does not appear on Telerate Page 3750,
One-Month LIBOR will mean, for such Series 2005-1 Interest Period, the rate per
annum equal to the arithmetic mean (rounded to the nearest
one-one-hundred-thousandth of one percent) of the rates quoted by the Reference
Banks to the Calculation Agent as the rates at which deposits in Dollars are
offered by the Reference Banks at approximately 11:00 a.m., London time, on the
LIBOR Determination Date to prime banks in the London interbank market for a
period equal to one month; provided, further, that if fewer than two
quotations are provided as requested by the Reference Banks, “One-Month LIBOR”
for such Series 2005-1 Interest Period will mean the arithmetic mean (rounded
to the nearest one-one-hundred-thousandth of one percent) of the rates quoted
by major banks in New York, New York selected by the Calculation Agent, at
approximately 10:00 a.m., New York City time, on the first day of such Series
2005-1

 56
 

Interest Period for loans
in Dollars to leading European banks for a period equal to one month; provided,
finally, that if no such quotes are provided, “One-Month LIBOR” for such Series
2005-1 Interest Period will mean One-Month LIBOR as in effect with respect to
the preceding Series 2005-1 Interest Period.

“Outstanding” means with respect to the Series
2005-1 Notes, all Series 2005-1 Notes theretofore authenticated and delivered
under the Indenture, except (a) Series 2005-1 Notes theretofore
cancelled or delivered to the Registrar for cancellation, (b) Series 2005-1
Notes which have not been presented for payment but funds for the payment of
which are on deposit in the Series 2005-1 Distribution Account and are
available for payment of such Series 2005-1 Notes, and Series 2005-1 Notes
which are considered paid pursuant to Section 8.1 of the Base Indenture,
or (c) Series 2005-1 Notes in exchange for or in lieu of other Series 2005-1
Notes which have been authenticated and delivered pursuant to the Indenture
unless proof satisfactory to the Trustee is presented that any such Series
2005-1 Notes are held by a purchaser for value.

“Past Due Rent Payment” has the meaning
specified in Section 2.2(d) of this Series Supplement.

“Preference Amount” means any amount previously
paid by Hertz pursuant to the Series 2005-1 Demand Note and distributed to the
Series 2005-1 Noteholders in respect of amounts owing under the Series 2005-1
Notes that is recoverable or that has been recovered as a voidable preference
by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code
in accordance with a final nonappealable order of a court having competent
jurisdiction.

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

“Pro Rata Share” means, (a) with respect to any
Series 2005-1 Non-Ford
Letter of Credit Provider, as of any date, the fraction (expressed as a
percentage) obtained by dividing (A) the available amount under such Series
2005-1 Non-Ford Letter of
Credit Provider’s Series 2005-1 Non-Ford
Letter of Credit as of such date by (B) an amount equal to the aggregate
available amount under all Series 2005-1 Non-Ford Letters of

 57
 

Credit relating to the
same Class of Series 2005-1 Notes as such Series 2005-1 Non-Ford Letter of
Credit Provider’s Series 2005-1 Non-Ford Letter of Credit, as of such date and (b) with respect
to any Series 2005-1 Ford Letter of Credit Provider as of any date, the
fraction (expressed as a percentage) obtained by dividing (A) the available
amount under such Series 2005-1 Ford Letter of Credit Provider’s Series 2005-1 Ford Letter of Credit as of such date
by (B) an amount equal to the aggregate available amount under all Series
2005-1 Ford Letters of Credit relating to the same Class of Series 2005-1 Notes
as such Series 2005-1 Ford Letter of Credit Provider’s Series 2005-1 Ford Letter of Credit, as of such
date; provided, that only for purposes of calculating the Pro Rata Share
with respect to any Series 2005-1 Letter of Credit Provider as of any date, if
such Series 2005-1 Letter of Credit Provider has not complied with its
obligation to pay the Trustee the amount of any draw under its Series 2005-1
Letter of Credit made prior to such date, the available amount under such
Series 2005-1 Letter of Credit Provider’s Series 2005-1 Letter of Credit as of
such date shall be treated as reduced (for calculation purposes only) by the
amount of such unpaid demand and shall not be reinstated for purposes of such
calculation unless and until the date as of which such Series 2005-1 Letter of
Credit Provider has paid such amount to the Trustee and been reimbursed by the
Lessee for such amount (provided that the foregoing calculation shall not in
any manner reduce a Series 2005-1 Letter of Credit Provider’s actual liability
in respect of any failure to pay any demand under its Series 2005-1 Letter of
Credit).

“QIB” has the meaning specified in Section
5.1(d) of this Series Supplement.

“Rating Agencies” means, with respect to the
Series 2005-1 Notes, Standard & Poor’s, Moody’s and Fitch and any other
nationally recognized rating agency rating the Series 2005-1 Notes at the
request of HVF.

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

“Redesignated Vehicle” means any Program
Vehicle manufactured by a Manufacturer with respect to which an Event of
Bankruptcy has occurred which has been redesignated as a Non-Program Vehicle pursuant
to Section 18(b) of the HVF Lease in accordance with Section 2.6 thereof.

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

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

“Regulation S Global Notes” has the meaning
specified in Section 5.3(b) of this Series Supplement.

 58

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

“Required Noteholders” means with respect to
the Series 2005-1 Notes, subject to Section 6.6 of this Series
Supplement, Series 2005-1 Noteholders holding more than 50% of the Series
2005-1 Principal Amount (excluding any Series 2005-1 Notes held by HVF or any
Affiliate of HVF).

“Restricted Global Notes” has the meaning
specified in Section 5.2(b) of this Series Supplement.

“Restricted Notes” means the Restricted Global
Notes, and all other Series 2005-1 Notes evidencing the obligations, or any
portion of the obligations, initially evidenced by the Restricted Global Notes,
other than certificates transferred or exchanged upon certification as provided
in Section 5 of this Series Supplement.

“Restricted Period” means, with respect to any
Series 2005-1 Notes issued on the Series 2005-1 Closing Date, the period
commencing on such Series 2005-1 Closing Date and ending on the 40th day after such
Series 2005-1 Closing Date, and with respect to any Class B Notes issued on a
Series 2005-1 Class B Notes Closing Date, the period commencing on such Series
2005-1 Class B Notes Closing Date and ending on the 40th day after such Series 2005-1 Class B Notes
Closing Date.

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

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

“Series 2005-1 Accrued Amounts” means, on any date
of determination, the sum of (i) accrued and unpaid interest on the Series
2005-1 Notes as of such date, (ii) the Insurer Fee, if any, accrued to such
date and payable by HVF on the next succeeding Payment Date, (iii) any other
amounts due or accrued as of such date and payable to the Insurer pursuant to
the Insurance Agreement (other than unreimbursed amounts drawn under the
Insurance Policy to pay the principal of the Series 2005-1 Notes) on or prior
to the next succeeding Payment Date, (iv) the Monthly Hedge Payment and (v) the
product of (A) the Indenture Carrying Charges payable on the next succeeding
Payment Date times (B) the Series 2005-1 Percentage as of the Determination
Date immediately preceding such Payment Date.

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“Series 2005-1 Accrued Interest Account” has
the meaning specified in Section 2.1(a) of this Series Supplement.

“Series 2005-1 Adjusted Principal Amount”
means, as of any date of determination, the sum of the Class A Adjusted
Principal Amount and the Class B Adjusted Principal Amount, in each case, as of
such date.

“Series 2005-1 Asset Amount” means, as of any
date of determination, the product of (i) the Series 2005-1 Invested Percentage
(with respect to principal) as of such date and (ii) the Aggregate Asset Amount
as of such date.

“Series 2005-1 Cash Collateral Accounts” means
the Class A Cash Collateral Account and the Class B Cash Collateral Account.

“Series 2005-1 Class B Notes Closing Date”
means, with respect to any issuance of Class B Notes, the date specified in the
Class B Notes Term Sheet related to such issuance of Class B Notes.

“Series 2005-1 Closing Account” has the meaning
specified in Section 2.17(a) of this Series Supplement.

“Series 2005-1 Closing Account Collateral” has
the meaning specified in Section 2.17(c) of this Series Supplement.

“Series 2005-1 Closing Date” means December 21,
2005.

“Series 2005-1 Collateral” means the
Collateral, any Series 2005-1 Interest Rate Hedges, each Series 2005-1 Letter
of Credit, the Series 2005-1 Series Account Collateral, the Class A Cash
Collateral Account Collateral, the Class B Cash Collateral Account Collateral,
the Series 2005-1 Demand Note, the Series 2005-1 Distribution Account
Collateral, the Class A Reserve Account Collateral, the Class B Reserve Account
Collateral and the Series 2005-1 Closing Account Collateral.

“Series 2005-1 Collection Account” has the
meaning specified in Section 2.1(a) of this Series Supplement.

“Series 2005-1 Controlled Amortization Period”
means the Three-Year Notes Controlled Amortization Period, the Four-Year Notes
Controlled Amortization Period or the Five-Year Notes Controlled Amortization
Period, as the context requires.

“Series 2005-1 Demand Note” means each demand
note made by Hertz, substantially in the form of Exhibit H to this
Series Supplement, as amended, modified or restated from time to time in
accordance with its terms and the terms of this Series Supplement.

“Series 2005-1 Demand Note Payment Amount”
means, as of any date of determination, the excess, if any, of (a) the
aggregate amount of all proceeds of demands

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made on the Series 2005-1
Demand Note that were deposited into the Series 2005-1 Distribution Account and
paid to the Series 2005-1 Noteholders during the one year period ending on such
date of determination over (b) the amount of any Preference Amount relating to
such proceeds that has been repaid to HVF (or any payee of HVF) with the
proceeds of any LOC Preference Payment Disbursement (or any withdrawal from any
Series 2005-1 Cash Collateral Account); provided, however, that if
an Event of Bankruptcy (or the occurrence of an event described in clause
(a) of the definition thereof, without the lapse of a period of 60
consecutive days) with respect to Hertz shall have occurred on or before such
date of determination, the Series 2005-1 Demand Note Payment Amount shall equal
(i) on any date of determination until the conclusion or dismissal of the
proceedings giving rise to such Event of Bankruptcy without continuing
jurisdiction by the court in such proceedings (or on any earlier date upon
which the statute of limitations in respect of avoidance actions in such
proceedings has run or when such actions otherwise become unavailable to the
bankruptcy estate), the Series 2005-1 Demand Note Payment Amount as if it were
calculated as of the date of the occurrence of such Event of Bankruptcy and
(ii) on any date of determination thereafter, $0.

“Series 2005-1 Deposit Date” has the meaning
specified in Section 2.2 of this Series Supplement.

“Series 2005-1 Designated Account” has the
meaning specified in Section 2.10(a) of this Series Supplement.

“Series 2005-1 Distribution Account” has the
meaning specified in Section 2.9(a) of this Series Supplement.

“Series 2005-1 Distribution Account Collateral”
has the meaning specified in Section 2.9(d) of this Series Supplement.

“Series 2005-1 Excess Collection Account” has
the meaning specified in Section 2.1(a) of this Series Supplement.

“Series 2005-1 Ford Letter of Credit” means
each Class A Ford Letter of Credit and each Class B Ford Letter of Credit, as
the context may require.

“Series 2005-1 Ford Letter of Credit Provider”
means each Class A Ford Letter of Credit Provider and each Class B Ford Letter
of Credit Provider, as the context may require.

“Series 2005-1 Ford Letter of Credit Termination Date”
means the date on which (i) all Series 2005-1 Ford Letters of Credit have
expired or been terminated and returned to the Series 2005-1 Ford Letter of
Credit Provider thereof, (ii) no Ford Reimbursement Obligations are outstanding
and (iii) Ford has been paid all amounts distributable to Ford hereunder from
the Series 2005-1 Cash Collateral Accounts.

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“Series 2005-1 Global Note” means a Regulation
S Global Note, a Restricted Global Note or an Unrestricted Global Note.

“Series 2005-1 Interest Period” means a period
commencing on and including a Payment Date and ending on and including the day
preceding the next succeeding Payment Date; provided, however,
that the initial Series 2005-1 Interest Period shall commence on and include
the Series 2005-1 Closing Date and end on and include January 24, 2006.

“Series 2005-1 Interest Rate Hedge” is defined
in Section 2.11(a) of this Series Supplement; provided that for
the avoidance of doubt each Series 2005-1 Interest Rate Hedge shall constitute
a “Series-Specific Swap Agreement”, but shall not constitute a “Swap Agreement”
for all purposes under the Base Indenture or any other Related Document.

“Series 2005-1 Invested Percentage” means, on
any date of determination:

(a)           when
used with respect to Principal Collections, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which shall
be equal to the Series 2005-1 Required Adjusted Asset Amount, determined during
the Series 2005-1 Revolving Period as of the end of the immediately preceding
Related Month (or, until the end of the initial Related Month after the Series
2005-1 Closing Date, on the Series 2005-1 Closing Date), or, the Series 2005-1
Required Adjusted Asset Amount, determined during the Series 2005-1 Controlled Amortization
Period and the Series 2005-1 Rapid Amortization Period as of the last day of
the Series 2005-1 Revolving Period, and the denominator of which shall be the
greater of (I) the Aggregate Asset Amount as of the end of the immediately
preceding Related Month or, until the end of the initial Related Month after
the Series 2005-1 Closing Date, as of the Series 2005-1 Closing Date and (II)
as of the same date as in clause (I), the Aggregate Required Asset
Amount;

(b)           when
used with respect to Interest Collections, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which shall
be the Series 2005-1 Accrued Amounts on such date of determination, and the
denominator of which shall be the aggregate Accrued Amounts with respect to all
Series of Notes on such date of determination.

“Series 2005-1 Lease Interest Payment Deficit”
means on any Payment Date an amount equal to the excess, if any, of (a) the
aggregate amount of Interest Collections which pursuant to Section 2.2(a),
(b) or (c) of this Series Supplement would have been deposited
into the Series 2005-1 Accrued Interest Account if all payments of Monthly
Variable Rent required to have been made under the HVF Lease from and excluding
the preceding Payment Date to and including such Payment Date were made in full
over (b) the aggregate amount of Interest Collections which pursuant to Section
2.2(a), (b) or (c) of this Series Supplement have been
received for deposit into the Series

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2005-1 Accrued Interest
Account from and excluding the preceding Payment Date to and including such
Payment Date.

“Series 2005-1 Lease Payment Deficit” means
either a Series 2005-1 Lease Interest Payment Deficit or a Series 2005-1 Lease
Principal Payment Deficit.

“Series 2005-1 Lease Principal Payment Carryover
Deficit” means (a) for the initial Payment Date, zero and (b) for any other
Payment Date, the excess, if any, of (x) the Series 2005-1 Lease Principal
Payment Deficit, if any, on the preceding Payment Date over (y) the
amount deposited in the Series 2005-1 Distribution Account pursuant to Section
2.5(d) of this Series Supplement on such preceding Payment Date on account
of such Series 2005-1 Lease Principal Payment Deficit.

“Series 2005-1 Lease Principal Payment Deficit”
means on any Payment Date the sum of (a) the Series 2005-1 Monthly Lease
Principal Payment Deficit for such Payment Date and (b) the Series 2005-1 Lease
Principal Payment Carryover Deficit for such Payment Date.

“Series 2005-1 Letter of Credit” means a Class
A Letter of Credit and/or a Class B Letter of Credit, as the context may
require.

“Series 2005-1 Letter of Credit Provider” means
a Class A Letter of Credit Provider and/or a Class B Letter of Credit Provider,
as the context may require.

“Series 2005-1 Limited Liquidation Event of Default”
means, so long as such event or condition continues, any event or condition of
the type specified in clauses (a) through (k) of Article III
of this Series Supplement that continues for thirty (30) days (without double
counting the cure period, if any, provided therein); provided  however,
that any event or condition of the type specified in clauses (a) through
(i) shall cease to constitute a Series 2005-1 Limited Liquidation Event
of Default if (i) within such thirty (30) day period, such Amortization Event
shall have been cured and (ii) the Trustee shall have received from the Series
2005-1 Noteholders holding more than 50% of the Controlling Class a waiver of
the occurrence of such Series 2005-1 Limited Liquidation Event of Default.

“Series 2005-1 Liquidity Amount” means, as of
any date of determination, the sum of (a) the Class A Liquidity Amount and (b)
the Class B Liquidity Amount, in each case on such date.

“Series 2005-1 Maximum Aggregate BMW/Lexus/Mercedes/Audi
Amount” means as of any
day, an amount equal to 6% of the Adjusted Aggregate Asset Amount on such day (or
such greater percentage as may be agreed to by HVF, the Insurer (such consent
not to be unreasonably withheld or delayed) for so long as any Class A Notes
are Outstanding, and the Rating Agencies, subject to satisfaction of the Series
2005-1 Rating Agency Condition; provided, that the consent of the
Insurer shall not be required to the extent such percentage is equal to or less
than 15%).

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“Series 2005-1 Maximum Amount” means any of the
Series 2005-1 Maximum Hyundai Amount, the Series 2005-1 Maximum Jaguar Amount,
the Series 2005-1 Maximum Kia Amount, the Series 2005-1 Maximum Land Rover
Amount, the Series 2005-1 Maximum Mazda Amount, the Series 2005-1 Maximum Mitsubishi
Amount, the Series 2005-1 Maximum Subaru Amount, the Series 2005-1 Maximum
Volvo Amount, the Series 2005-1 Maximum Manufacturer Non-Eligible Vehicle
Amount, the Series 2005-1 Maximum Non-Eligible Manufacturer Amount, the Series
2005-1 Maximum Non-Eligible Vehicle Amount, the Series 2005-1 Maximum Audi
Amount, the Series 2005-1 Maximum BMW Amount, the Series 2005-1 Maximum Lexus
Amount, the Series 2005-1 Maximum Mercedes Amount, the Series 2005-1 Maximum
Aggregate BMW/Lexus Mercedes Amount and the Series 2005-1 Maximum HVF Service
Vehicle Amount.

“Series 2005-1 Maximum Audi Amount” means, as of
any day, an amount equal to 3% of the Adjusted Aggregate Asset Amount on such
day (or such greater percentage as may be agreed to by HVF, the Insurer (such consent
not to be unreasonably withheld or delayed) for so long as any Class A Notes
are Outstanding, and the Rating Agencies, subject to satisfaction of the Series
2005-1 Rating Agency Condition; provided, that the consent of the
Insurer shall not be required to the extent such percentage is equal to or less
than 8%).

“Series 2005-1 Maximum BMW Amount” means, as of
any day, an amount equal to 3% of the Adjusted Aggregate Asset Amount on such
day (or such greater percentage as may be agreed to by HVF, the Insurer (such
consent not to be unreasonably withheld or delayed) for so long as any Class A
Notes are Outstanding, and the Rating Agencies, subject to satisfaction of the
Series 2005-1 Rating Agency Condition; provided, that the consent of the
Insurer shall not be required to the extent such percentage is equal to or less
than 5%).

“Series 2005-1 Maximum HVF Service Vehicle Amount”
means, as of any day, an amount equal to 2% of the Adjusted Aggregate Asset
Amount on such day.

“Series 2005-1 Maximum Hyundai Amount” means,
as of any day, an amount equal to 13% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-1 Maximum Jaguar Amount” means, as
of any day, an amount equal to 5% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-1 Maximum Kia Amount” means, as of
any day, an amount equal to 10% of the Adjusted Aggregate Asset Amount on such
day.

“Series 2005-1 Maximum Land Rover Amount”
means, as of any day, an amount equal to 5% of the Adjusted Aggregate Asset
Amount on such day.

“Series 2005-1 Maximum Lexus Amount” means, as
of any day, an amount equal to 3% of the Adjusted Aggregate Asset Amount on
such day (or such

 64
 

greater percentage as may
be agreed to by HVF, the Insurer (such consent not to be unreasonably withheld
or delayed) for so long as any Class A Notes are Outstanding, and the Rating
Agencies, subject to satisfaction of the Series 2005-1 Rating Agency Condition;
provided, that the consent of the Insurer shall not be required to the
extent such percentage is equal to or less than 5%).

“Series 2005-1 Maximum Manufacturer Non-Eligible
Vehicle Amount” means, as of any day, with respect to any Manufacturer, an
amount equal to 40% of the Non-Eligible Vehicle Amount.

“Series 2005-1 Maximum Mazda Amount” means, as of
any day, an amount equal to 20% of the Adjusted Aggregate Asset Amount on such
day.

“Series 2005-1 Maximum Mercedes Amount” means,
as of any day, an amount equal to 3% of the Adjusted Aggregate Asset Amount on
such day (or such greater percentage as may be agreed to by HVF, the Insurer
(such consent not to be unreasonably withheld or delayed) for so long as any
Class A Notes are Outstanding, and the Rating Agencies, subject to satisfaction
of the Series 2005-1 Rating Agency Condition; provided, that the consent
of the Insurer shall not be required to the extent such percentage is equal to
or less than 5%).

“Series 2005-1 Maximum Mitsubishi Amount”
means, as of any day, an amount equal to 10% of the Adjusted Aggregate Asset
Amount on such day.

“Series 2005-1 Maximum Non-Eligible Manufacturer
Amount” means, as of any day, an amount equal to 3% of the Adjusted
Aggregate Asset Amount on such day.

“Series 2005-1 Maximum Non-Eligible Vehicle Amount”
means, as of any day, an amount equal to 65% of the Adjusted Aggregate Asset
Amount.

“Series 2005-1 Maximum Subaru Amount” means, as
of any day, an amount equal to 5% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-1 Maximum Volvo Amount” means, as
of any day, an amount equal to 5% of the Adjusted Aggregate Asset Amount on
such day.

“Series 2005-1 Monthly Lease Principal Payment
Deficit” means on any Payment Date an amount equal to the excess, if any,
of (a) the aggregate amount of Principal Collections which pursuant to Section
2.2(a), (b) or (c) of this Series Supplement would have been
deposited into the Series 2005-1 Collection Account if all payments required to
have been made under the HVF Lease from and excluding the preceding Payment
Date to and including such Payment Date were made in full over (b) the aggregate
amount of Principal Collections which pursuant to Section 2.2(a), (b)
or (c) of this Series Supplement have been received for deposit into the
Series 2005-1 Collection Account (without giving effect to any amounts
deposited into the Series 2005-1

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Accrued Interest Account
pursuant to the proviso in Section 2.2(c)(ii) of this Series Supplement)
from and excluding the preceding Payment Date to and including such Payment
Date.

“Series 2005-1 Non-Ford Letter of Credit” means
each Class A Non-Ford Letter of Credit and each Class B Non-Ford Letter of
Credit, as the context may require.

“Series 2005-1 Non-Ford Letter of Credit Provider”
means each Class A Non-Ford Letter of Credit Provider and each Class B Non-Ford
Letter of Credit Provider, as the context may require.

“Series 2005-1 Note Rate” means the Class A-1
Note Rate, the Class A-2 Note Rate, the Class A-3 Note Rate, the Class A-4 Note
Rate, the Class A-5 Note Rate, the Class B-1 Note Rate, the Class B-2 Note
Rate, the Class B-3 Note Rate, the Class B-4 Note Rate, the Class B-5 Note Rate
or the Class B-6 Note Rate, as the context may require.

“Series 2005-1 Note Owner” means, with respect
to a Series 2005-1 Global Note, the Person who is the beneficial owner of an
interest in such Series 2005-1 Global Note, as reflected on the books of DTC,
or on the books of a Person maintaining an account with DTC (directly as a
Clearing Agency Participant or as an indirect participant, in each case in
accordance with the rules of DTC).

“Series 2005-1 Noteholders” means, collectively,
the Class A Noteholders and the Class B Noteholders.

“Series 2005-1 Notes” means, collectively, the
Class A Notes and the Class B Notes.

“Series 2005-1 Past Due Rent Payment” has the
meaning specified in Section 2.2(d) of this Series Supplement.

“Series 2005-1 Percentage” means, as of any
date of determination, a fraction, expressed as a percentage, the numerator of
which is the Series 2005-1 Principal Amount as of such date and the denominator
of which is the Aggregate Principal Amount as of such date.

“Series 2005-1 Principal Allocation” has the
meaning specified in Section 2.2 (a)(ii) of this Series Supplement.

“Series 2005-1 Principal Amount” means, as of
any date of determination, the sum of the Class A Principal Amount and the
Class B Principal Amount, in each case, as of such date.

“Series 2005-1 Rapid Amortization Period” means
the period beginning at the close of business on the Business Day immediately
preceding the day on which an Amortization Event is deemed to have occurred
with respect to the Series 2005-1 Notes

 66
 

and ending upon the
earlier to occur of (i) the date on which (A) the Series 2005-1 Notes are
fully paid, (B) the Insurer has been paid all Insurer Fees and all Insurer
Reimbursement Amounts then due, (C) each Interest Rate Hedge Provider has
been paid all amounts due and owing to it from HVF under its Series 2005-1
Interest Rate Hedge, and (D) the Series 2005-1 Ford Letter of Credit
Termination Date and (ii) the termination of the Indenture.

“Series 2005-1 Rating Agency Condition” means,
with respect to the Series 2005-1 Notes and any action, including the issuance
of an additional Series of Notes, that each Rating Agency shall have notified
HVF, the Insurer and the Trustee in writing that such action will not result in
a reduction or withdrawal of the ratings of the Class A Notes (both with and
without regard to the Insurance Policy in effect immediately before the taking
of such action) or the
Class B Notes.

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

“Series 2005-1 Required Asset Amount” means, as
of any date of determination, the sum of (i) the Class A Adjusted Principal
Amount as of such date and (ii) the greater of (x) the Class A Required
Overcollateralization Amount as of such date and (y) the sum of (a) the Class B
Adjusted Principal Amount as of such date and (b) the Class B Required
Overcollateralization Amount as of such date.

“Series 2005-1 Required Asset Amount Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Series 2005-1 Required Asset Amount and
the denominator of which is the Aggregate Required Asset Amount as of such
date.

“Series 2005-1 Required Liquidity Amount”
means, as of any date of determination, an amount equal to the sum of (i) the
Class A Required Liquidity Amount and (ii) the Class B Required Liquidity
Amount, in each case on such date.

“Series 2005-1 Revolving Period” means the
period from and including the Series 2005-1 Closing Date to the earlier of (i)
the commencement of the Series 2005-1

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Rapid Amortization Period
and (ii) the commencement of the Three-Year Notes Controlled Amortization
Period; provided that if the Three-Year Notes are paid in full on or
prior to the Three-Year Notes Expected Final Payment Date and the Insurer has
been paid all Insurer Fees and Insurer Reimbursement Amounts due to the Insurer
on such Three-Year Notes Expected Final Payment Date, then the Series 2005-1
Revolving Period shall recommence and shall also include the period from and
including the Determination Date immediately preceding the Payment Date on
which the Three-Year Notes are paid in full and continue to the earlier of (i)
the commencement of the Four-Year Notes Controlled Amortization Period and (ii)
the commencement of the Series 2005-1 Rapid Amortization Period; provided
that if the Four-Year Notes are paid in full on or prior to the Four-Year Notes
Expected Final Payment Date and the Insurer has been paid all Insurer Fees and
Insurer Reimbursement Amounts due to the Insurer on such Four-Year Notes
Expected Final Payment Date, then the Series 2005-1 Revolving Period shall
recommence and shall also include the period from and including the
Determination Date immediately preceding the Payment Date on which the
Four-Year Notes are paid in full and continue to the earlier of (i) the
commencement of the Five-Year Notes Controlled Amortization Period and (ii) the
commencement of the Series 2005-1 Rapid Amortization Period.

“Series 2005-1 Series Account
Collateral” has the meaning specified in Section 2.1(d) of this
Series Supplement.

“Series 2005-1 Series Accounts” has the meaning
specified in Section 2.1(a) of this Series Supplement.

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

“Series 2005-3 Notes” means the Series 2005-3
Variable Funding Rental Car Asset Backed Notes issued by HVF on the date hereof
under that certain Series Supplement to the Base Indenture, dated as of the
date hereof (as amended, modified, restated or supplemented from time to time
in accordance with the terms thereof), by and between HVF and the Trustee.

“Series 2005-4 Notes” means the Series 2005-4
Variable Funding Rental Car Asset Backed Notes issued by HVF on the date hereof
under that certain Series Supplement to the Base Indenture, dated as of the
date hereof (as amended, modified, restated or supplemented from time to time
in accordance with the terms thereof), by and between HVF and the Trustee.

“Series-Specific Collection Account” means the
collection account established pursuant to a Series Supplement for the benefit
of a Series of Notes, which Series Supplement provides for the distribution of
funds allocated to such collection

 68
 

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

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

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

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

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

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

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

“Third-Party Market Value” means, with respect
to any HVF Vehicle as of any date of determination, the market value of such
HVF Vehicle as specified in the Related Month’s published NADA Guide for the
model class and model year of such HVF Vehicle based on the average equipment
and the average mileage of each HVF Vehicle of such model class and model year;
provided, that if the NADA Guide was not published in the Related Month
or the NADA Guide is being published but such HVF Vehicle is not included
therein, the Third-Party Market Value of such HVF Vehicle shall be based on the
market value specified in the Finance Guide for the model class and

 69
 

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

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

“Three-Year Notes Controlled Amortization Period”
means the period commencing at the close of business on July 31, 2008 (or, if
such day is not a Business Day, the Business Day immediately preceding such
day) and continuing to the earlier of (i) the commencement of the Series 2005-1
Rapid Amortization Period, and (ii) the date on which the Three-Year Notes are
fully paid.

“Three-Year Notes Expected Final Payment Date”
means the February 2009 Payment Date.

“Three-Year Notes Legal Final Payment Date”
means the February 2010 Payment Date.

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

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

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

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

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

“Unrestricted Global Notes” has the meaning
specified in Section 5.4(d) of this Series Supplement.

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

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

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

ARTICLE II

SERIES 2005-1 ALLOCATIONS

With respect to the Series 2005-1 Notes only, the
following shall apply:

Section 2.1. 
Series 2005-1 Series Accounts.

(a)           Establishment of Series 2005-1 Series
Accounts.  HVF shall establish and
maintain in the name of the Trustee for the benefit of the Series 2005-1
Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider three
accounts: the Series 2005-1 Collection Account (such account, the “Series
2005-1 Collection Account”), the Series 2005-1 Accrued Interest Account
(such account, the “Series 2005-1 Accrued Interest Account”) and the
Series 2005-1 Excess Collection Account (such account, the “Series 2005-1
Excess Collection Account” and, together with the Series 2005-1 Collection
Account and the Series 2005-1 Accrued Interest Account, the “Series 2005-1
Series Accounts”).  Each Series
2005-1 Series Account shall bear a designation clearly indicating that the
funds deposited therein are held for the benefit of the Series 2005-1
Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider.  Each Series 2005-1 Series Account shall be an
Eligible Deposit Account.  If a Series
2005-1 Series Account is at any time no longer an Eligible Deposit Account, HVF
shall, within 10 Business Days of obtaining knowledge that such Series 2005-1 Series
Account is no longer an Eligible Deposit Account, establish a new Series 2005-1
Series Account that is an Eligible Deposit Account.  If a new Series 2005-1 Series Account is
established, HVF shall instruct the Trustee in writing to transfer all cash and
investments from the non-qualifying Series 2005-1 Series Account into the new
Series 2005-1 Series Account.  Initially,
each of the Series 2005-1 Series Accounts will be established with The Bank of
New York.

(b)           Administration of the Series 2005-1 Series
Accounts.  HVF may instruct (by
standing instructions or otherwise) the institution maintaining each of the
Series 2005-1 Series Accounts to invest funds on deposit in such Series 2005-1
Series Account from time to time in Permitted Investments; provided, however,
that (x) any such investment in the Series 2005-1 Excess Collection Account
shall mature not later

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than the Business Day following the date on which such funds were
received (including funds received upon a payment in respect of a Permitted Investment
made with funds on deposit in the Series 2005-1 Excess Collection Account) and
(y) any such investment in the Series 2005-1 Collection Account or the Series
2005-1 Accrued Interest Account shall mature not later than the Business Day
prior to the first Payment Date following the date on which such funds were
received (including funds received upon a payment in respect of a Permitted
Investment made with funds on deposit in the Series 2005-1 Collection Account
or Series 2005-1 Accrued Interest Account), unless any such Permitted
Investment is held with the Trustee, then such investment may mature on such
Payment Date so long as such funds shall be available for withdrawal on or
prior to such Payment Date.  HVF shall
not direct the Trustee to dispose of (or permit the disposal of) any Permitted
Investments prior to the maturity thereof to the extent such disposal would
result in a loss of the initial purchase price of such Permitted
Investment.  In the absence of written
investment instructions hereunder, funds on deposit in the Series 2005-1 Series
Accounts shall remain uninvested.

(c)           Earnings from Series 2005-1 Series
Accounts.  All interest and earnings
(net of losses and investment expenses) paid on funds on deposit in the Series
2005-1 Series Accounts shall be deemed to be on deposit therein and available
for distribution.

(d)           Series 2005-1 Series Accounts Constitute
Additional Collateral for Series 2005-1 Notes.  In order to secure and provide for
the repayment and payment of the Note Obligations with respect to the Series
2005-1 Notes, HVF hereby grants a security interest in and assigns, pledges,
grants, transfers and sets over to the Trustee, for the benefit of the Series
2005-1 Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider,
all of HVF’s right, title and interest in and to the following (whether now or
hereafter existing or acquired):  (i) the
Series 2005-1 Series Accounts, including any security entitlement thereto; (ii)
all funds on deposit therein from time to time; (iii) all certificates and
instruments, if any, representing or evidencing any or all of the Series 2005-1
Series Accounts or the funds on deposit therein from time to time; (iv) all
investments made at any time and from time to time with monies in the Series
2005-1 Series Accounts, whether constituting securities, instruments, general
intangibles, investment property, financial assets or other property; (v) all
interest, dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for
the Series 2005-1 Series Accounts, the funds on deposit therein from time to
time or the investments made with such funds; and (vi) all proceeds of any and
all of the foregoing, including, without limitation, cash (the items in the
foregoing clauses (i) through (vi) are referred to, collectively,
as the “Series 2005-1 Series Account Collateral”).

Section 2.2. 
Allocations with Respect to the Series 2005-1 Notes.  The net proceeds from the initial sale of the
Class A Notes will be deposited into the Series 2005-1 Closing Account on the
Series 2005-1 Closing Date.  The
Administrator will direct the Trustee in writing pursuant to the Administration
Agreement, prior to 4:00 a.m. (New York City time) on the Series 2005-1 Closing
Date, as to the manner in which to apply all

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amounts so deposited into the Series 2005-1 Closing Account; provided
that all amounts on deposit in the Series 2005-1 Closing Account shall be
applied in accordance with the priority of payments specified in Section
2.2(f) of this Series Supplement, as if such funds were on deposit in the
Series 2005-1 Excess Collection Account. 
The Trustee shall withdraw any amounts remaining in the Series 2005-1
Closing Account as of 9:30 a.m. on the Series 2005-1 Closing Date and deposit
such amounts in the Series 2005-1 Excess Collection Account.  The net proceeds from the initial sale of any
Class B Notes on a Series 2005-1 Class B Notes Closing Date will be deposited
into the Series 2005-1 Excess Collection Account.  All amounts payable to HVF under any Series
2005-1 Interest Rate Hedges will be deposited into the Series 2005-1 Collection
Account.  On each Business Day on which
Collections are deposited into the Collection Account (each such date, a “Series
2005-1 Deposit Date”), the Administrator will direct the Trustee in writing
pursuant to the Administration Agreement to apply from all amounts deposited
into the Collection Account in accordance with the provisions of this Section
2.2:

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

(i)            allocate
to and deposit in the Series 2005-1 Collection Account an amount equal to the
sum of (A) the Series 2005-1 Invested Percentage (as of such day) of the
aggregate amount of Interest Collections on such day and (B) any amounts
received by the Trustee in respect of the Series 2005-1 Interest Rate
Hedges.  All such amounts deposited into
the Series 2005-1 Collection Account shall thereafter be deposited into the
Series 2005-1 Accrued Interest Account; and

(ii)           allocate
to and deposit in the Series 2005-1 Excess Collection Account (A) an amount
equal to the Series 2005-1 Invested Percentage (as of such day) of the
aggregate amount of Principal Collections on such day and (B) on the Series
2005-1 Closing Date, the net proceeds from the issuance of the Series 2005-1
Notes (for any such day, the “Series 2005-1 Principal Allocation”).

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

(i)            allocate
to and deposit in the Series 2005-1 Collection Account an amount determined as
set forth in Section 2.2(a)(i) above for such day, which amount shall be
thereafter allocated to and deposited in the Series 2005-1 Accrued Interest
Account; and

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(ii)           (A)
with respect to the Three-Year Notes Controlled Amortization Period, allocate
to and deposit in the Series 2005-1 Collection Account an amount equal to the
Series 2005-1 Principal Allocation for such day, which amount shall be used to
make principal payments on the next succeeding Payment Date (I) on a pro
rata basis in respect of the Class A-1 Notes until the Class A-1
Controlled Distribution Amount with respect to the Related Month related to
such Payment Date has been paid in full and (II) once the Class A-1 Controlled
Distribution Amount with respect to such Payment Date has been paid in full, on
a pro  rata basis in respect of the Class B-1 Notes and the Class
B-2 Notes until the Class B-1 Controlled Distribution Amount and the Class B-2
Controlled Distribution Amount with respect to the Related Month related to
such Payment Date have been paid in full; provided, however, that
if the Monthly Total Principal Allocation for the current Related Month
(together with the amount deposited in the Series 2005-1 Collection Account
from the Series 2005-1 Excess Collection Account on the first day of such Related
Month pursuant to Section 2.2(f) of this Series Supplement) exceeds the
sum of the Class A-1 Controlled Distribution Amount, the Class B-1 Controlled
Distribution Amount and the Class B-2 Controlled Distribution Amount, in each
case with respect to such Related Month, then the amount of such excess shall
be deposited into the Series 2005-1 Excess Collection Account; (B) with respect
to the Four-Year Notes Controlled Amortization Period, allocate to and deposit
in the Series 2005-1 Collection Account an amount equal to the Series 2005-1
Principal Allocation for such day, which amount shall be used to make principal
payments on the next succeeding Payment Date (I) on a pro  rata
basis in respect of the Class A-2 Notes and the Class A-3 Notes until the Class
A-2 Controlled Distribution Amount and the Class A-3 Controlled Distribution
Amount with respect to the Related Month related to such Payment Date have been
paid in full and (II) once the Class A-2 Controlled Distribution Amount and the
Class A-3 Controlled Distribution Amount with respect to such Payment Date have
been paid in full, on a pro  rata basis in respect of the Class
B-3 Notes and the Class B-4 Notes until the Class B-3 Controlled Distribution
Amount and the Class B-4 Controlled Distribution Amount with respect to the
Related Month related to such Payment Date have been paid in full; provided,
however, that if the Monthly Total Principal Allocation for the current
Related Month (together with the amount deposited in the Series 2005-1
Collection Account from the Series 2005-1 Excess Collection Account on the
first day of such Related Month pursuant to Section 2.2(f) of this
Series Supplement) exceeds the sum of the Class A-2 Controlled Distribution
Amount, the Class A-3 Controlled Distribution Amount, the Class B-3 Controlled
Distribution Amount and the Class B-4 Controlled Distribution Amount, in each
case with respect to such Related Month, then the amount of such excess shall
be deposited into the Series 2005-1 Excess Collection Account; and (C) with
respect to the Five-Year Notes Controlled Amortization Period, allocate to and
deposit in the Series 2005-1 Collection Account an amount equal to the Series
2005-1 Principal Allocation for such day, which amount shall be used to make
principal payments on the next succeeding Payment Date (I) on a pro  rata
basis in respect

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of the Class
A-4 Notes and the Class A-5 Notes until the Class A-4 Controlled Distribution
Amount and the Class A-5 Controlled Distribution Amount with respect to the
Related Month related to such Payment Date have been paid in full and (II) once
the Class A-4 Controlled Distribution Amount and the Class A-5 Controlled
Distribution Amount with respect to such Payment Date have been paid in full,
on a pro  rata basis in respect of the Class B-5 Notes and the
Class B-6 Notes until the Class B-5 Controlled Distribution Amount and the
Class B-6 Controlled Distribution Amount with respect to the Related Month
related to such Payment Date have been paid in full; provided, however,
that if the Monthly Total Principal Allocation for the current Related Month,
(together with the amount deposited in the Series 2005-1 Collection Account
from the Series 2005-1 Excess Collection Account on the first day of such Related
Month pursuant to Section 2.2(f) of this Series Supplement), exceeds the
sum of the Class A-4 Controlled Distribution Amount, the Class A-5 Controlled
Distribution Amount, the Class B-5 Controlled Distribution Amount and the Class
B-6 Controlled Distribution Amount, in each case with respect to such Related
Month, then the amount of such excess shall be deposited into the Series 2005-1
Excess Collection Account.

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

(i)            allocate
to and deposit in the Series 2005-1 Collection Account an amount determined as
set forth in Section 2.2(a)(i) above for such day, which amount shall be
thereafter allocated to and deposited in the Series 2005-1 Accrued Interest
Account; and

(ii)           allocate
to and deposit in the Series 2005-1 Collection Account an amount equal to the
Series 2005-1 Principal Allocation for such day, which amount shall be used to
make principal payments (I) on a pro  rata basis in respect of the
Class A Notes until the Class A Notes have been paid in full, (II) once the
Class A Notes have been paid in full, on a pro  rata basis in
respect of the Class B Notes until the Class B Notes have been paid in full,
(III) once the Class B Notes have been paid in full, to Ford, all unpaid Ford
Reimbursement Obligations until Ford has been paid in full, and (IV) once Ford
has been paid in full, only for so long as the Ford LOC Exposure Amount is
greater than zero, solely to the extent that after giving effect to such
payment the Fleet Equity Condition would
be satisfied, on a pro  rata
basis to each Interest Rate Hedge Provider all amounts due and owing to it
under its Series 2005-1 Interest Rate Hedge; provided that if on any
Determination Date (A) the Administrator determines that the amount anticipated
to be available from Interest Collections allocable to the Series 2005-1 Notes,
any amounts payable to the Trustee in
respect of any Series 2005-1 Interest Rate Hedges and other amounts available
pursuant to Section 2.3 of this Series Supplement to pay Class A
Adjusted

 77
 

Monthly Interest and the Monthly Hedge Payment on the next succeeding
Payment Date will be less than the sum of the Class A Adjusted Monthly Interest
and the Monthly Hedge Payment for such Payment Date and (B) the Class A
Enhancement Amount is greater than zero, then the Administrator shall direct
the Trustee in writing to withdraw from the Series 2005-1 Collection Account a
portion of the Principal Collections allocated to the Series 2005-1 Notes
during the Related Month equal to the lesser of such insufficiency and the
Class A Enhancement Amount and deposit such amount into the Series 2005-1
Accrued Interest Account to be treated as Interest Collections on such Payment
Date.

(d)           Past Due Rental Payments.  Notwithstanding the foregoing, if, after the
occurrence of a Series 2005-1 Lease Payment Deficit, the Lessee shall make a
payment of Rent or other amount payable by the Lessee under the HVF Lease on or
prior to the fifth Business Day after the occurrence of such Series 2005-1
Lease Payment Deficit (a “Past Due Rent Payment”), the Administrator
shall direct the Trustee in writing pursuant to the Administration Agreement to
allocate to and deposit in the Series 2005-1 Collection Account an amount equal
to the Series 2005-1 Invested Percentage as of the date of the occurrence of
such Series 2005-1 Lease Payment Deficit of the Collections attributable to
such Past Due Rent Payment (the “Series 2005-1 Past Due Rent Payment”).  The Administrator shall instruct the Trustee
in writing pursuant to the Administration Agreement to withdraw from the Series
2005-1 Collection Account and apply the Series 2005-1 Past Due Rent Payment in
the following order:

(i)            if
the occurrence of the related Series 2005-1 Lease Payment Deficit resulted in a
demand for payment being made under the Insurance Policy, pay to the Insurer an
amount equal to the lesser of (x) the unreimbursed amount of the payment made
by the Insurer under the Insurance Policy in respect of such demand and (y) the
amount of the Series 2005-1 Past Due Rent Payment;

(ii)           if
the occurrence of the related Series 2005-1 Lease Payment Deficit resulted in
one or more Class A LOC Credit Disbursements being made under the Class A Ford Letters
of Credit, pay to Ford an amount equal to the lesser of (x) the unreimbursed
amount of such Class A LOC Credit Disbursement and (y) the amount of the Series
2005-1 Past Due Rent Payment remaining after any payment pursuant to clause
(i) above;

(iii)          if
the occurrence of such Series 2005-1 Lease Payment Deficit resulted in a
withdrawal being made from the Class A Ford Cash Collateral Account, deposit in
the Class A Ford Cash Collateral Account an amount equal to the lesser of (x)
the amount of the Series 2005-1 Past Due Rent Payment remaining after any
payments pursuant to clauses (i) and (ii) above and (y) the
amount withdrawn from the Class A Ford Cash Collateral Account on account of
such Series 2005-1 Lease Payment Deficit;

 78

(iv)          if
the occurrence of the related Series 2005-1 Lease Payment Deficit resulted in
one or more Class A LOC Credit Disbursements being made under the Class A Non-Ford
Letters of Credit, pay to each Class A Non-Ford Letter of Credit Provider who
made such a Class A LOC Credit Disbursement for application in accordance with
the provisions of the applicable Class A Letter of Credit Reimbursement
Agreement an amount equal to the lesser of (x) the unreimbursed amount of such
Class A Non-Ford Letter of Credit Provider’s Class A LOC Credit Disbursement
and (y) such Class A Non-Ford Letter of Credit Provider’s pro rata share,
calculated on the basis of the unreimbursed amount of each such Class A Non-Ford
Letter of Credit Provider’s Class A LOC Credit Disbursement, of the amount of
the Series 2005-1 Past Due Rent Payment remaining after any payment pursuant to
clauses (i) through (iii) above;

(v)           if
the occurrence of such Series 2005-1 Lease Payment Deficit resulted in a
withdrawal being made from the Class A Non-Ford Cash Collateral Account,
deposit in the Class A Non-Ford Cash Collateral Account an amount equal to the
lesser of (x) the amount of the Series 2005-1 Past Due Rent Payment remaining
after any payments pursuant to clauses (i) through (iv) above and (y) the
amount withdrawn from the Class A Non-Ford Cash Collateral Account on account
of such Series 2005-1 Lease Payment Deficit;

(vi)          if
the occurrence of the related Series 2005-1 Lease Payment Deficit resulted in
one or more Class B LOC Credit Disbursements being made under the Class B Ford
Letters of Credit, pay to Ford an amount equal to the lesser of (x) the
unreimbursed amount of such Class B LOC Credit Disbursement and (y) the amount
of the Series 2005-1 Past Due Rent Payment remaining after any payment pursuant
to clauses (i) through (v) above;

(vii)         if
the occurrence of such Series 2005-1 Lease Payment Deficit resulted in a
withdrawal being made from the Class B Ford Cash Collateral Account, deposit in
the Class B Ford Cash Collateral Account an amount equal to the lesser of (x)
the amount of the Series 2005-1 Past Due Rent Payment remaining after any
payments pursuant to clauses (i) through (vi) above and (y) the amount
withdrawn from the Class B Ford Cash Collateral Account on account of such
Series 2005-1 Lease Payment Deficit;

(viii)        if
the occurrence of such Series 2005-1 Lease Payment Deficit resulted in a
withdrawal being made from the Class A Reserve Account pursuant to Section
2.3(d)(i) of this Series Supplement, deposit in the Class A Reserve Account
an amount equal to the lesser of (x) the amount of the Series 2005-1 Past Due
Rent Payment remaining after any payments pursuant to clauses (i)
through (vii) above and (y) the excess, if any, of the Class A Required
Reserve Account Amount over the Class A Available Reserve Account Amount on
such day;

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(ix)           if
the occurrence of the related Series 2005-1 Lease Payment Deficit resulted in
one or more Class B LOC Credit Disbursements being made under the Class B Non-Ford
Letters of Credit, pay to each Class B Non-Ford Letter of Credit Provider who
made such a Class B LOC Credit Disbursement for application in accordance with
the provisions of the applicable Class B Letter of Credit Reimbursement Agreement
an amount equal to the lesser of (x) the unreimbursed amount of such Class B Non-Ford
Letter of Credit Provider’s Class B LOC Credit Disbursement and (y) such Class
B Non-Ford Letter of Credit Provider’s pro rata
share, calculated on the basis of the unreimbursed amount of each such Class B Non-Ford
Letter of Credit Provider’s Class B LOC Credit Disbursement, of the amount of
the Series 2005-1 Past Due Rent Payment remaining after any payment pursuant to
clauses (i) through (viii) above;

(x)            if
the occurrence of such Series 2005-1 Lease Payment Deficit resulted in a
withdrawal being made from the Class B Non-Ford Cash Collateral Account,
deposit in the Class B Non-Ford Cash Collateral Account an amount equal to the
lesser of (x) the amount of the Series 2005-1 Past Due Rent Payment remaining
after any payments pursuant to clauses (i) through (ix) above and
(y) the amount withdrawn from the Class B Non-Ford Cash Collateral Account on
account of such Series 2005-1 Lease Payment Deficit;

(xi)           if
the occurrence of such Series 2005-1 Lease Payment Deficit resulted in a
withdrawal being made from the Class B Reserve Account pursuant to Section
2.3(d)(ii) of this Series Supplement, deposit in the Class B Reserve
Account an amount equal to the lesser of (x) the amount of the Series 2005-1
Past Due Rent Payment remaining after any payments pursuant to clauses (i)
through (x) above and (y) the excess, if any, of the Class B Required
Reserve Account Amount over the Class B Available Reserve Account Amount on
such day;

(xii)          deposit
into the Series 2005-1 Accrued Interest Account the amount, if any, by which
the Series 2005-1 Lease Interest Payment Deficit, if any, relating to such
Series 2005-1 Lease Payment Deficit exceeds the amount of the Series 2005-1
Past Due Rent Payment applied pursuant to clauses (i) through (xi)
above; and

(xiii)         deposit
into the Series 2005-1 Excess Collection Account and treat as Principal
Collections the remaining amount of the Series 2005-1 Past Due Rent Payment.

(e)           Amounts Allocated from Other Series.  Amounts allocated to other Series of Notes
that have been reallocated by HVF to the Series 2005-1 Notes (i) during the
Series 2005-1 Revolving Period shall be deposited into the Series 2005-1 Excess
Collection Account and applied in accordance with Section 2.2(f) of this
Series Supplement and (ii) during the Series 2005-1 Controlled Amortization
Period or the

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Series 2005-1 Rapid Amortization Period shall be deposited into the
Series 2005-1 Collection Account and applied in accordance with Section
2.2(b) or 2.2(c), as the case may be, of this Series Supplement to
make principal payments in respect of the Series 2005-1 Notes, and after the
Series 2005-1 Notes have been paid in full, to pay Ford all unpaid Ford
Reimbursement Obligations and, only for so long as the Ford LOC Exposure Amount is greater
than zero, solely to the extent that after
giving effect to such payment the Fleet Equity Condition would be satisfied, to pay each Interest Rate Hedge
Provider all amounts due and owing to it under its Series 2005-1 Interest Rate
Hedge.

(f)            Series 2005-1 Excess Collection Account.  Amounts deposited into the Series 2005-1
Excess Collection Account on any Series 2005-1 Deposit Date will be (i) first,
withdrawn and deposited in the Class A Reserve Account in an amount up to the
excess, if any, of the Class A Required Reserve Account Amount for such date
over the Class A Available Reserve Account Amount for such date, (ii) second,
withdrawn and deposited in the Class B Reserve Account in an amount up to the
excess, if any, of the Class B Required Reserve Account Amount for such date
over the Class B Available Reserve Account Amount for such date, (iii) third,
used to pay the principal amount of other Series of Notes that are then
required to be paid or, at the option of HVF, to pay the principal amount of other
Series of Notes that may be paid under the Indenture, (iv) fourth, used
to pay Ford all unpaid Ford Reimbursement Obligations, (v) fifth, used
to pay each Interest Rate Hedge Provider all amounts due and owing to it under
its Series 2005-1 Interest Rate Hedge and (vi) sixth, any remaining
funds may be released to HVF, in the
case of clauses (ii) through (vi), only to the extent that
no Class Enhancement Deficiency or other Amortization Event with respect to the
Series 2005-1 Notes would result therefrom or exist immediately thereafter and in the case of clauses (v) and
(vi) only for so long as the Ford LOC
Exposure Amount is greater than zero, solely to the extent that after giving
effect to such payment or release
or immediately after such payment or release,
the Fleet Equity Condition would be satisfied. 
Notwithstanding the foregoing, on the first day of each Series 2005-1
Controlled Amortization Period and on the first Business Day of each Related
Month during each Series 2005-1 Controlled Amortization Period following the
Related Month in which such Series 2005-1 Controlled Amortization Period began,
or, if earlier, the first day of the Series 2005-1 Rapid Amortization Period,
all funds on deposit in the Series 2005-1 Excess Collection Account will be
withdrawn from the Series 2005-1 Excess Collection Account and deposited into
the Series 2005-1 Collection Account and applied in accordance with Section
2.2(b)(ii) or 2.2(c)(ii), as the case may be, of this Series
Supplement.

Section 2.3. 
Application of Interest Collections.

On the fourth Business Day prior to each Payment Date,
as provided below, the Administrator shall instruct the Trustee in writing
pursuant to the Administration Agreement to withdraw, and on such Payment Date
the Trustee, acting in accordance with such instructions, shall withdraw the
amounts required to be withdrawn from the Series 2005-1 Accrued Interest
Account pursuant to Section 2.3(b) below in respect of all funds
available from any Series 2005-1 Interest Rate Hedges and Interest

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Collections processed
since the preceding Payment Date and allocated to the holders of the Series
2005-1 Notes.

(a)           Appointment of Calculation Agent.  BNY MTC is hereby appointed Calculation Agent
for the purpose of determining the Class A-1 Note Rate, the Class A-2 Note
Rate, the Class A-4 Note Rate, the Class B-1 Note Rate, the Class B-3 Note Rate
and the Class B-5 Note Rate for each Series 2005-1 Interest Period.  On each LIBOR Determination Date, the
Calculation Agent shall determine the Class A-1 Note Rate, the Class A-2 Note
Rate, the Class A-4 Note Rate, the Class B-1 Note Rate, the Class B-3 Note Rate
and the Class B-5 Note Rate for the next succeeding Series 2005-1 Interest
Period and deliver notice of the Class A-1 Note Rate, the Class A-2 Note Rate, the
Class A-4 Note Rate, the Class B-1 Note Rate, the Class B-3 Note Rate and the
Class B-5 Note Rate to the Trustee and the Administrator.

(b)           Note Interest with respect to the Series
2005-1 Notes.  On the fourth Business
Day prior to each Payment Date, the Administrator shall instruct the Trustee in
writing pursuant to the Administration Agreement as to the amount to be
withdrawn from the Series 2005-1 Accrued Interest Account to the extent funds
are anticipated to be available from Interest Collections allocable to the
Series 2005-1 Notes processed from but not including the preceding Payment Date
through the succeeding Payment Date and any amounts payable to HVF under any
Series 2005-1 Interest Rate Hedge during that period in respect of (i) first,
an amount equal to the Class A Monthly Interest for the Series 2005-1 Interest
Period ending on the day preceding such succeeding Payment Date, (ii) second,
an amount equal to the Monthly Hedge Payment, if any, for the next succeeding
Payment Date, (iii) third, an amount equal to the unpaid Class A
Deficiency Amounts, if any, as of the preceding Payment Date (together with any
accrued interest on such Class A Deficiency Amounts), (iv) fourth, an
amount equal to the Insurer Fee for such Series 2005-1 Interest Period plus any
Insurer Reimbursement Amounts then due and owing, (v) fifth, an amount
equal to the Class B Monthly Interest for the Series 2005-1 Interest Period
ending on the day preceding such succeeding Payment Date, and (vi) sixth,
an amount equal to the unpaid Class B Deficiency Amounts, if any, as of the
preceding Payment Date (together with any accrued interest on such Class B
Deficiency Amounts).  On or before 10:00
a.m. (New York City time) on the following Payment Date, the Trustee shall withdraw
the amounts described in the first sentence of this Section 2.3(b) from
the Series 2005-1 Accrued Interest Account and deposit such amounts into the
Series 2005-1 Distribution Account.

(c)           Lease Payment Deficit Notice.  On or before 10:00 a.m. (New York City time)
on each Payment Date, the Administrator shall notify the Trustee of the amount
of any Series 2005-1 Lease Payment Deficit, such notification to be in the form
of Exhibit C to this Series Supplement (each a “Lease Payment Deficit
Notice”).

(d)           (i)            Withdrawals
from the Class A Reserve Account. 
If the Administrator determines on any Payment Date that the amounts
available from the Series 2005-1 Accrued Interest Account are insufficient to
pay the sum of the amounts described in clauses  (i), (ii),
(iii) and (iv) of Section 2.3(b) of this Series Supplement
on

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such Payment Date, the Administrator shall instruct the Trustee in
writing to withdraw from the Class A Reserve Account and deposit in the Series
2005-1 Distribution Account on such Payment Date an amount equal to the lesser
of the Class A Available Reserve Account Amount and such insufficiency.  The Trustee shall withdraw such amount from
the Class A Reserve Account and deposit such amount in the Series 2005-1
Distribution Account.  During the
continuance of an Insurer Default, no amounts in respect of the Insurer Fee
shall be withdrawn from the Class A Reserve Account.

(ii)           Withdrawals from the
Class B Reserve Account.  If the
Administrator determines on any Payment Date that the amounts available from
the Series 2005-1 Accrued Interest Account are insufficient to pay the sum of
the amounts described in clauses  (i) through (vi) of Section
2.3(b) of this Series Supplement on such Payment Date, the Administrator
shall instruct the Trustee in writing to withdraw from the Class B Reserve
Account and deposit in the Series 2005-1 Distribution Account on such Payment
Date an amount equal to the lesser of the Class B Available Reserve Account
Amount and the lesser of (I) such insufficiency and (II) the amounts described
in clauses (v) and (vi) of Section 2.3(b) of this Series
Supplement.  The Trustee shall withdraw
such amount from the Class B Reserve Account and deposit such amount in the
Series 2005-1 Distribution Account, solely for payment to the Class B
Noteholders in respect of amounts due and owing to them pursuant to clauses
(v) and (vi) of Section 2.3(b) of this Series Supplement.

(e)           Draws on Series 2005-1 Letters of Credit.  (I) (X) If the Administrator determines
on any Payment Date that there exists a Series 2005-1 Lease Interest Payment
Deficit, the Administrator shall instruct the Trustee in writing to draw on the
Class A Non-Ford Letters of Credit, if any, and, upon receipt of such notice by
the Trustee on or prior to 10:30 a.m. (New York City time) on such Payment
Date, the Trustee shall, by 12:00
p.m. (New York City time) on such Payment Date draw an amount, as set forth in
such notice, equal to the least of (i) such Series 2005-1 Lease Interest
Payment Deficit, (ii) the excess, if any, of the sum of the amounts described
in clauses  (i), (ii), (iii) and (iv) of Section
2.3(b) of this Series Supplement on such Payment Date over the amounts
available from the Series 2005-1 Accrued Interest Account plus the amount
withdrawn from the Class A Reserve Account pursuant to Section 2.3(d)(i)
of this Series Supplement on such Payment Date and (iii) the Class A Non-Ford Letter
of Credit Liquidity Amount on the Class A Non-Ford Letters of Credit by
presenting to each Class A Letter of Credit Provider a draft accompanied by a
Class A Certificate of Credit Demand and shall cause the Class A LOC Credit
Disbursements to be deposited in the Series 2005-1 Distribution Account on such
Payment Date; provided, however  that if the Class A Non-Ford Cash
Collateral Account has been established and funded, the Trustee shall withdraw
from the Class A Non-Ford Cash Collateral Account and deposit in the Series
2005-1 Distribution Account an amount equal to the lesser of (x) the Class A Non-Ford
Cash Collateral Percentage on such Payment Date of the least of the amounts
described in clauses (i), (ii) or (iii) above and (y) the
Class A Available Non-Ford Cash Collateral Account Amount on such Payment Date
and draw an amount equal to the remainder of such amount on the Class A Non-Ford
Letters of Credit.  During the

 83
 

continuance of an Insurer Default, no amounts in respect of the Insurer
Fee shall be drawn on the Class A Non-Ford Letters of Credit or withdrawn from
the Class A Non-Ford Cash Collateral Account.

(Y)  If the Administrator
determines on any Payment Date that the sum of the amounts described in clauses
(i), (ii), (iii) and (iv) of Section 2.3(b)  of this Series Supplement on such
Payment Date exceeds the amounts available from the Series 2005-1 Accrued
Interest Account plus the amount withdrawn from the Class A Reserve Account
pursuant to Section 2.3(d)(i) of this Series Supplement on such Payment
Date plus the amounts to be drawn on the Class A Non-Ford Letters of Credit
(and/or withdrawn from the Class A Non-Ford Cash Collateral Account) pursuant
to clause (X) above on such Payment Date, the Administrator shall
instruct the Trustee in writing to draw on the Class A Ford Letters of Credit,
if any, and, upon receipt of such notice by the Trustee on or prior to 10:30 a.m.
(New York City time) on such Payment Date, the Trustee shall, by 12:00 p.m.
(New York City time) on such Payment Date draw an amount, as set forth in such
notice, equal to the lesser of (i) the excess, if any, of the sum of the
amounts described in clauses (i), (ii), (iii) and (iv)
of Section 2.3(b) of this Series Supplement on such Payment Date over
the amounts available from the Series 2005-1 Accrued Interest Account plus the
amount withdrawn from the Class A Reserve Account pursuant to Section 2.3(d)(i)
of this Series Supplement on such Payment Date plus the amounts to be drawn on
the Class A Non-Ford Letters of Credit (and/or withdrawn from the Class A
Non-Ford Cash Collateral Account) pursuant to clause (X) above on such
Payment Date and (ii) the Class A Ford Letter of Credit Liquidity Amount on the
Class A Ford Letters of Credit by presenting to each Class A Ford Letter of
Credit Provider a draft accompanied by a Class A Certificate of Credit Demand
and shall cause the Class A LOC Credit Disbursements to be deposited in the
Series 2005-1 Distribution Account on such Payment Date; provided, however
that if the Class A Ford Cash Collateral Account has been established and
funded, the Trustee shall withdraw from the Class A Ford Cash Collateral
Account and deposit in the Series 2005-1 Distribution Account an amount equal
to the lesser of (x) the Class A Ford Cash Collateral Percentage on such
Payment Date of the lesser of
the amounts described in clauses (i) and (ii) above and (y) the
Class A Available Ford Cash Collateral Account Amount on such Payment Date and
draw an amount equal to the remainder of such amount on the Class A Ford
Letters of Credit.  During the
continuance of an Insurer Default, no amounts in respect of the Insurer Fee
shall be drawn on the Class A Ford Letters of Credit or withdrawn from the
Class A Ford Cash Collateral Account.

(II)  (X) If
the Administrator determines on any Payment Date that there exists a Series
2005-1 Lease Interest Payment Deficit, the Administrator shall instruct the
Trustee in writing to draw on the Class B Non-Ford Letters of Credit, if any,
and, upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New
York City time) on such Payment Date, the Trustee shall, by 12:00 p.m. (New
York City time) on such Payment Date draw an amount, as set forth in such
notice, equal to the least of (i) the excess, if any, of such Series 2005-1
Lease Interest Payment Deficit over the sum of the amounts to be drawn on the
Class A Non-Ford Letters of Credit (and/or withdrawn from the Class A Non-Ford Cash
Collateral Accounts), (ii) the lesser of (A) the excess, if any,

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of the sum of the amounts
described in clauses (i) through (vi) of Section 2.3(b) of
this Series Supplement on such Payment Date over the sum of the amounts available from
the Series 2005-1 Accrued Interest Account plus the sum of the amount withdrawn from the Class A Reserve Account
pursuant to Section 2.3(d)(i) of this Series Supplement and the amount
withdrawn from the Class B Reserve Account pursuant to Section 2.3(d)(ii)
of this Series Supplement on such Payment Date plus the amounts to be drawn on
the Class A Letters of Credit (and/or withdrawn from the Class A Cash Collateral Accounts) pursuant to
Section 2.3(e)(I) of this Series Supplement on such Payment Date and (B) the
sum of the amounts described in clauses (v) and (vi) of Section
2.3(b) of this Series Supplement and (iii) the Class B Non-Ford Letter of
Credit Liquidity Amount on the Class B Non-Ford Letters of Credit by presenting
to each Class B Non-Ford Letter of Credit Provider a draft accompanied by a
Class B Certificate of Credit Demand and shall cause the Class B LOC Credit
Disbursements to be deposited in the Series 2005-1 Distribution Account on such
Payment Date, solely for payment to the Class B Noteholders in respect of
amounts due and owing to them pursuant to clauses (v) and (vi) of
Section 2.3(b) of this Series Supplement; provided, however
that if the Class B Non-Ford Cash Collateral Account has been established and
funded, the Trustee shall withdraw from the Class B Non-Ford Cash Collateral
Account and deposit in the Series 2005-1 Distribution Account an amount equal
to the lesser of (x) the Class B Non-Ford Cash Collateral Percentage on such
Payment Date of the least of the amounts described in clauses (i), (ii)
or (iii) above and (y) the Class B Available Cash Collateral Account
Amount on such Payment Date and draw an amount equal to the remainder of such
amount on the Class B Non-Ford Letters of Credit.

(Y)  If the
Administrator determines on any Payment Date that the sum of the amounts
described in clauses (i) through (vi) of Section 2.3(b) of
this Series Supplement on such Payment Date exceeds the sum of the amounts
available from the Series 2005-1 Accrued Interest Account plus the sum of the
amount withdrawn from the Class A Reserve Account pursuant to Section
2.3(d)(i) of this Series Supplement and the amount withdrawn from the Class
B Reserve Account pursuant to Section 2.3(d)(ii) of this Series
Supplement and the amounts to be drawn on the Class B Non-Ford Letters of
Credit (and/or withdrawn from the Class B Non-Ford Cash Collateral Account)
pursuant to clause (X) above on such Payment Date plus the amounts to be drawn on the
Class A Letters of Credit (and/or withdrawn
from the Class A Cash Collateral Accounts) pursuant to Section 2.3(e)(I) of this
Series Supplement on such Payment Date, the Administrator shall instruct the
Trustee in writing to draw on the Class B Ford Letters of Credit, if any, and,
upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York
City time) on such Payment Date, the Trustee shall, by 12:00 p.m. (New York
City time) on such Payment Date draw an amount, as set forth in such notice,
equal to the lesser of (i) the lesser of (A) the excess, if any, of the sum of
the amounts described in clauses (i) through (vi) of Section
2.3(b) of this Series Supplement on such Payment Date over the sum of the amounts available from
the Series 2005-1 Accrued Interest Account plus the sum of the amount withdrawn
from the Class A Reserve Account pursuant to Section 2.3(d)(i) of this
Series Supplement and the amount withdrawn from the Class B Reserve Account
pursuant to Section 2.3(d)(ii) of this Series Supplement and the amounts
to be

 85
 

drawn on the Class B
Non-Ford Letters of Credit (and/or withdrawn from the Class B Non-Ford Cash
Collateral Account) pursuant to clause (X) above on such Payment Date plus
the amounts to be drawn on the Class A Letters of Credit (and/or withdrawn from
the Class A Cash Collateral Accounts) pursuant to Section 2.3(e)(I) of this
Series Supplement on such Payment Date and (B) the sum of the amounts described
in clauses (v) and (vi) of Section 2.3(b) of this Series
Supplement and (ii) the Class B Ford Letter of Credit Liquidity Amount on the
Class B Ford Letters of Credit by presenting to each Class B Ford Letter of
Credit Provider a draft accompanied by a Class B Certificate of Credit Demand
and shall cause the Class B LOC Credit Disbursements to be deposited in the
Series 2005-1 Distribution Account on such Payment Date, solely for payment to
the Class B Noteholders in respect of amounts due and owing to them pursuant to
clauses (v) and (vi) of Section 2.3(b) of this Series
Supplement; provided, however that
if the Class B Ford Cash Collateral Account has been established and funded,
the Trustee shall withdraw from the Class B Ford Cash Collateral Account and
deposit in the Series 2005-1 Distribution Account an amount equal to the lesser
of (x) the Class B Ford Cash Collateral Percentage on such Payment Date of the lesser of the amounts described in clauses
(i) and (ii) above and (y) the Class B Available Ford Cash Collateral Account Amount
on such Payment Date and draw an amount equal to the remainder of such amount
on the Class B Ford Letters of Credit.

(f)            Insurance Policy.  (I)  If
the Administrator determines on the second Business Day prior to any Payment
Date that the Series 2005-1 Lease Interest Payment Deficit from the preceding
Payment Date, if any, remains unpaid and the Class A Liquidity Amount on such
date of determination is insufficient to pay the Class A Adjusted Monthly
Interest due on the upcoming Payment Date, the Administrator shall  instruct the Trustee in writing to make a
demand on the Insurance Policy and, upon receipt of such notice by the Trustee
on or prior to 11:00 a.m. (New York City time) on the second Business Day
preceding such Payment Date, the Trustee shall, by 12:00 noon (New York City
time) on the second Business Day preceding such Payment Date, make a demand on
the Insurance Policy in an amount equal to such insufficiency in accordance
with the terms thereof and shall cause the proceeds thereof to be deposited in
the Series 2005-1 Distribution Account.

(II)  If the
Administrator determines on any Payment Date that the sum of the amounts
available from the Series 2005-1 Accrued Interest Account plus the amount
available under the Series 2005-1 Interest Rate Hedge plus the amount, if any,
to be withdrawn from the Class A Reserve Account pursuant to Section
2.3(d)(i) of this Series Supplement plus the amount, if any, to be drawn
under the Class A Letters of Credit and/or withdrawn from the Class A Cash
Collateral Accounts pursuant to Section 2.3(e)(I) of this Series
Supplement plus the amount, if any, deposited in the Series 2005-1 Distribution
Account pursuant to Section 2.3(f)(I) of this Series Supplement is
insufficient to pay the amounts set forth under clause (a) and clause
(b)(i) of the Class A Adjusted Monthly Interest definition for such Payment
Date, the Administrator shall instruct the Trustee in writing to make a demand
on the Insurance Policy and, upon receipt of such notice by the Trustee on or
prior to 11:00 a.m. (New York City time) on

 86
 

such Payment Date, the
Trustee shall, by 12:00 noon (New York City time) on such Payment Date, make a
demand on the Insurance Policy in an amount equal to such insufficiency in
accordance with the terms thereof and shall cause the proceeds thereof to be
deposited in the Series 2005-1 Distribution Account.

(g)           Deficiency Amounts.  If the amounts described in Sections
2.3(b), (c), (d), (e) and (f) of this Series
Supplement are insufficient to pay (i) the Class A Adjusted Monthly Interest
for any Payment Date, payments of interest to the Class A Noteholders will be
reduced on a pro  rata basis by the amount of such deficiency or (ii)
the Class B Monthly Interest for any Payment Date, payments of interest to the
Class B Noteholders will be reduced on a pro  rata basis by the
amount of such deficiency.  The aggregate
amount, if any, of such deficiency on any Payment Date allocable to the Class
A-1 Notes shall be referred to as the “Class A-1 Deficiency Amount”, the
aggregate amount, if any, of such deficiency on any Payment Date allocable to
the Class A-2 Notes shall be referred to as the “Class A-2 Deficiency Amount”,
the aggregate amount, if any, of such deficiency on any Payment Date allocable
to the Class A-3 Notes shall be referred to as the “Class A-3 Deficiency
Amount”, the aggregate amount, if any, of such deficiency on any Payment
Date allocable to the Class A-4 Notes shall be referred to as the “Class A-4
Deficiency Amount”, the aggregate amount, if any, of such deficiency on any
Payment Date allocable to the Class A-5 Notes shall be referred to as the “Class
A-5 Deficiency Amount”, the aggregate amount, if any, of such deficiency on
any Payment Date allocable to the Class B-1 Notes shall be referred to as the “Class
B-1 Deficiency Amount”, the aggregate amount, if any, of such deficiency on
any Payment Date allocable to the Class B-2 Notes shall be referred to as the “Class
B-2 Deficiency Amount”, the aggregate amount, if any, of such deficiency on
any Payment Date allocable to the Class B-3 Notes shall be referred to as the “Class
B-3 Deficiency Amount”, the aggregate amount, if any, of such deficiency on
any Payment Date allocable to the Class B-4 Notes shall be referred to as the “Class
B-4 Deficiency Amount”, the aggregate amount, if any, of such deficiency on
any Payment Date allocable to the Class B-5 Notes shall be referred to as the “Class
B-5 Deficiency Amount” and the aggregate amount, if any, of such deficiency
on any Payment Date allocable to the Class B-6 Notes shall be referred to as
the “Class B-6 Deficiency Amount”. 
Interest shall accrue on the Deficiency Amount for each Class of Series
2005-1 Notes at the applicable Series 2005-1 Note Rate.

(h)           Balance.  On the fourth Business Day prior to each
Payment Date, the Administrator shall instruct the Trustee in writing pursuant
to the Administration Agreement to pay, on such Payment Date, the balance
(after making the payments required in Section 2.4 of this Series
Supplement), if any, of the amounts available from the Series 2005-1 Accrued
Interest Account plus the amount, if any, withdrawn from the Class A Reserve
Account pursuant to Section 2.3(d)(i) of this Series Supplement plus the
amount, if any, withdrawn from the Class B Reserve Account pursuant to Section
2.3(d)(ii) of this Series Supplement plus the amount, if any, drawn under
the Class A Letters of Credit and/or withdrawn from the Class A Cash Collateral
Accounts pursuant to Section 2.3(e)(I) of this Series Supplement plus
the amount, if any, drawn under the

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Class B Letters of Credit and/or withdrawn from the Class B Cash
Collateral Accounts pursuant to Section 2.3 (e)(II) of this Series
Supplement as follows:

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

(ii)           second,
to the Insurer, in an amount equal to the sum of (x) the Insurer Fee for the
Series 2005-1 Interest Period ending on the day preceding such Payment Date and
(y) any other Insurer Reimbursement Amounts then due and payable to the Insurer
(excluding therefrom any amounts included in Class A Monthly Interest for such
Series 2005-1 Interest Period), provided
that during the continuance of an Insurer Default, no amounts in respect of the
Insurer Fee shall be paid with the proceeds of a draw on a Series 2005-1
Letters of Credit or a withdrawal from a Series 2005-1 Cash Collateral Account;

(iii)          third,
to the Administrator, in an amount equal to the Series 2005-1 Percentage as of
the beginning of the Series 2005-1 Interest Period ending on the day preceding
such Payment Date of the Monthly Administration Fee for such Series 2005-1
Interest Period;

(iv)          fourth,
to the Trustee, in an amount equal to the Series 2005-1 Percentage as of the
beginning of the Series 2005-1 Interest Period ending on the day preceding such
Payment Date of the Trustee’s fees for such Series 2005-1 Interest Period;

(v)           fifth, on
a pro  rata basis, (x) to each Interest Rate Hedge Provider, in an
amount equal to any remaining amounts due and owing to such Interest Rate Hedge
Provider and (y) to pay any Indenture Carrying Charges (other than Indenture
Carrying Charges provided for above and in the preceding clause (x)) to
the Persons to whom such amounts are owed, in an amount equal to the Series
2005-1 Percentage as of the beginning of the Series 2005-1 Interest Period
ending on the day preceding such Payment Date of such Indenture Carrying
Charges (other than Indenture Carrying Charges provided for above) for such
Series 2005-1 Interest Period; and

(vi)          sixth,
the balance, if any, shall be withdrawn from the Series 2005-1 Accrued Interest
Account by the Trustee and (A) during the Series 2005-1 Revolving Period,
deposited into the Series 2005-1 Excess Collection Account or (B) during the
Series 2005-1 Controlled Amortization Period or the Series 2005-1 Rapid
Amortization Period, deposited into the Series 2005-1 Collection Account and
treated as Principal Collections.

(i)            Trustee Fees.  If, on any Payment Date after the occurrence
and during the continuance of a Liquidation Event of Default or a Series 2005-1
Limited Liquidation Event of Default, (x) the funds available to pay the
Trustee fees pursuant to

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Section 2.3(h)(iv) of this Series Supplement
on such Payment Date are less than the amount payable to the Trustee thereunder
on such Payment Date or (y) the funds available to pay the portion of the
Indenture Carrying Charges payable to the Trustee pursuant to Section
2.3(h)(v) of this Series Supplement on such Payment Date are less than the
amount payable to the Trustee thereunder on such Payment Date, the
Administrator shall instruct the Trustee in writing to withdraw from (I) the
Class A Reserve Account and pay to itself on such Payment Date an amount equal
to the least of (A) the Class A Available Reserve Account Amount on such
Payment Date (after giving effect to any deposits thereto and withdrawals and
releases therefrom on such date), (B) the Class A Percentage of an amount
equal to the excess, if any, of (i) the Class A Percentage of 0.70% of the Series 2005-1 Required Asset
Amount as of the date of the occurrence of such Liquidation Event of Default or
Series 2005-1 Limited Liquidation Event of Default over (ii) the aggregate of
the amounts previously withdrawn from the Class A Reserve Account under this Section
2.3(i)(I) in respect of fees and other amounts due and owing to the Trustee
and (C) the Class A Percentage of such insufficiency and (II) the Class B
Reserve Account and pay to itself on such Payment Date an amount equal to the
least of (A) the Class B Available Reserve Account Amount on such Payment Date
(after giving effect to all other withdrawals therefrom pursuant to this Series
Supplement on such Payment Date), (B) the Class B Percentage of an amount equal
to the excess, if any, of (i) the Class B Percentage of 0.70% of the Series 2005-1 Required Asset Amount as of the date
of the occurrence of such Liquidation Event of Default or Series 2005-1 Limited
Liquidation Event of Default over (ii) the aggregate of the amounts previously
withdrawn from the Class B Reserve Account under this Section 2.3(i)(II)
in respect of fees and other amounts due and owing to the Trustee and (C) the
Class B Percentage of such insufficiency. 
The Trustee shall withdraw such amounts from the Class A Reserve Account
and the Class B Reserve Account and pay or reimburse itself.

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

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clause shall not include communications of the Class A-1 Note
Rate.  Upon HVF’s request, and at HVF’s
expense, the Trustee shall cause the Paying Agent in Luxembourg to publish such
notice.  Until the Administrator shall
give the Trustee written notice that the Class A-2 Notes are not listed on the
Luxembourg Stock Exchange, the Trustee shall, or shall instruct the Paying
Agent to, cause the Class A-2 Note Rate for the next succeeding Series 2005-1
Interest Period, the number of days in such Series 2005-1 Interest Period, the
Payment Date for such Series 2005-1 Interest Period and the amount of interest
payable on the Class A-2 Notes on such Payment Date to be (A) communicated to
DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later
than 11:00 a.m. (London time) on the Business Day immediately following each
LIBOR Determination Date and (B) notify the Luxembourg Stock Exchange if, based
solely on the information contained in the Monthly Noteholders’ Statement, the
amount of interest to be paid on the Class A-2 Notes on any Payment Date is
less than the amount payable thereon on such Payment Date, the amount of such
deficit and the amount of interest that will accrue on such deficit during the
next succeeding Series 2005-1 Interest Period by the Business Day prior to such
Payment Date.  So long as the Class A-2
Notes are listed on the Luxembourg Stock Exchange and the rules of that stock
exchange so require, notices to Class A-2 Noteholders will be published in a
leading newspaper having general circulation in Luxembourg (which is expected
to be the Luxemburger Wort), it being understood
that the term “notices” as it is used in this clause shall not include
communications of the Class A-2 Note Rate. 
Upon HVF’s request, and at HVF’s expense, the Trustee shall cause the
Paying Agent in Luxembourg to publish such notice.  Until the Administrator shall give the
Trustee written notice that the Class A-4 Notes are not listed on the
Luxembourg Stock Exchange, the Trustee shall, or shall instruct the Paying
Agent to, cause the Class A-4 Note Rate for the next succeeding Series 2005-1
Interest Period, the number of days in such Series 2005-1 Interest Period, the
Payment Date for such Series 2005-1 Interest Period and the amount of interest
payable on the Class A-4 Notes on such Payment Date to be (A) communicated to
DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later
than 11:00 a.m. (London time) on the Business Day immediately following each
LIBOR Determination Date and (B) notify the Luxembourg Stock Exchange if, based
solely on the information contained in the Monthly Noteholders’ Statement, the
amount of interest to be paid on the Class A-4 Notes on any Payment Date is
less than the amount payable thereon on such Payment Date, the amount of such
deficit and the amount of interest that will accrue on such deficit during the
next succeeding Series 2005-1 Interest Period by the Business Day prior to such
Payment Date.  So long as the Class A-4
Notes are listed on the Luxembourg Stock Exchange and the rules of that stock
exchange so require, notices to Class A-4 Noteholders will be published in a
leading newspaper having general circulation in Luxembourg (which is expected
to be the Luxemburger Wort), it being understood
that the term “notices” as it is used in this clause shall not include
communications of the Class A-4 Note Rate. 
Upon HVF’s request, and at HVF’s expense, the Trustee shall cause the
Paying Agent in Luxembourg to publish such notice.

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Until the Administrator shall give the Trustee written
notice that the Class B-1 Notes are not listed on the Luxembourg Stock
Exchange, the Trustee shall, or shall instruct the Paying Agent to, cause the
Class B-1 Note Rate for the next succeeding Series 2005-1 Interest Period, the
number of days in such Series 2005-1 Interest Period, the Payment Date for such
Series 2005-1 Interest Period and the amount of interest payable on the Class
B-1 Notes on such Payment Date to be (A) communicated to DTC, the Paying Agent
in Luxembourg and the Luxembourg Stock Exchange no later than 11:00 a.m.
(London time) on the Business Day immediately following each LIBOR
Determination Date and (B) notify the Luxembourg Stock Exchange if, based
solely on the information contained in the Monthly Noteholders’ Statement, the
amount of interest to be paid on the Class B-1 Notes on any Payment Date is
less than the amount payable thereon on such Payment Date, the amount of such
deficit and the amount of interest that will accrue on such deficit during the
next succeeding Series 2005-1 Interest Period by the Business Day prior to such
Payment Date.  So long as the Class B-1
Notes are listed on the Luxembourg Stock Exchange and the rules of that stock
exchange so require, notices to Class B-1 Noteholders will be published in a
leading newspaper having general circulation in Luxembourg (which is expected
to be the Luxemburger Wort), it being understood
that the term “notices” as it is used in this clause shall not include communications
of the Class B-1 Note Rate.  Upon HVF’s
request, and at HVF’s expense, the Trustee shall cause the Paying Agent in
Luxembourg to publish such notice.  Until
the Administrator shall give the Trustee written notice that the Class B-3
Notes are not listed on the Luxembourg Stock Exchange, the Trustee shall, or
shall instruct the Paying Agent to, cause the Class B-3 Note Rate for the next
succeeding Series 2005-1 Interest Period, the number of days in such Series
2005-1 Interest Period, the Payment Date for such Series 2005-1 Interest Period
and the amount of interest payable on the Class B-3 Notes on such Payment Date
to be (A) communicated to DTC, the Paying Agent in Luxembourg and the
Luxembourg Stock Exchange no later than 11:00 a.m. (London time) on the
Business Day immediately following each LIBOR Determination Date and (B) notify
the Luxembourg Stock Exchange if, based solely on the information contained in
the Monthly Noteholders’ Statement, the amount of interest to be paid on the
Class B-3 Notes on any Payment Date is less than the amount payable thereon on
such Payment Date, the amount of such deficit and the amount of interest that
will accrue on such deficit during the next succeeding Series 2005-1 Interest
Period by the Business Day prior to such Payment Date.  So long as the Class B-3 Notes are listed on
the Luxembourg Stock Exchange and the rules of that stock exchange so require,
notices to Class B-3 Noteholders will be published in a leading newspaper
having general circulation in Luxembourg (which is expected to be the Luxemburger Wort), it being understood that the term “notices”
as it is used in this clause shall not include communications of the Class B-3
Note Rate.  Upon HVF’s request, and at
HVF’s expense, the Trustee shall cause the Paying Agent in Luxembourg to
publish such notice.  Until the
Administrator shall give the Trustee written notice that the Class B-5 Notes
are not listed on the Luxembourg Stock Exchange, the Trustee shall, or shall
instruct the Paying Agent to, cause the Class B-5 Note Rate for the next
succeeding Series 2005-1 Interest Period, the number of days in such Series
2005-1 Interest Period, the Payment Date for such Series 2005-1 Interest Period
and the amount of interest payable on the

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Class B-5 Notes on such
Payment Date to be (A) communicated to DTC, the Paying Agent in Luxembourg and
the Luxembourg Stock Exchange no later than 11:00 a.m. (London time) on the
Business Day immediately following each LIBOR Determination Date and (B) notify
the Luxembourg Stock Exchange if, based solely on the information contained in
the Monthly Noteholders’ Statement, the amount of interest to be paid on the
Class B-5 Notes on any Payment Date is less than the amount payable thereon on
such Payment Date, the amount of such deficit and the amount of interest that
will accrue on such deficit during the next succeeding Series 2005-1 Interest
Period by the Business Day prior to such Payment Date.  So long as the Class B-5 Notes are listed on
the Luxembourg Stock Exchange and the rules of that stock exchange so require,
notices to Class B-5 Noteholders will be published in a leading newspaper
having general circulation in Luxembourg (which is expected to be the Luxemburger Wort), it being understood that the term “notices”
as it is used in this clause shall not include communications of the Class B-5
Note Rate.  Upon HVF’s request, and at
HVF’s expense, the Trustee shall cause the Paying Agent in Luxembourg to
publish such notice.

Section 2.4. 
Payment of Note Interest.

On each Payment Date, the Trustee shall, in accordance
with Section 6.1 of the Base Indenture, pay to the Series 2005-1
Noteholders from the Series 2005-1 Distribution Account the amount deposited in
the Series 2005-1 Distribution Account for the payment of interest pursuant to Section
2.3 of this Series Supplement.

Section 2.5. 
Payment of Note Principal.

(a)           Monthly Payments During Series 2005-1
Controlled Amortization Period or Series 2005-1 Rapid Amortization Period.  Commencing on the second Determination Date
during the Three-Year Notes Controlled Amortization Period or the first
Determination Date after the commencement of the Series 2005-1 Rapid
Amortization Period and on each Determination Date thereafter, the
Administrator shall instruct the Trustee in writing pursuant to the
Administration Agreement as to (v) the amount allocated to the Series 2005-1
Notes of each Class during the Related Month pursuant to Section 2.2(b)(ii)
or (c)(ii) of this Series Supplement, as the case may be, (w) any
amounts to be withdrawn from the Class A Reserve Account and the Class B
Reserve Account and deposited into the Series 2005-1 Distribution Account, (x)
any amounts to be drawn on the Series 2005-1 Letters of Credit (and/or
withdrawn from the Series 2005-1 Cash Collateral Accounts), (y) the amount of
proceeds received in respect of a demand made under the Series 2005-1 Demand
Note and (z) the amount of any demand on the Insurance Policy in accordance
with the terms thereof.  On the Payment
Date following each such Determination Date, the Trustee shall withdraw the
amount allocated to the Series 2005-1 Notes of each Class during the Related
Month pursuant to Section 2.2(b)(ii) or (c)(ii) of this Series
Supplement, as the case may be, from the Series 2005-1 Collection Account and
deposit such amount together with the proceeds of any demand made on the Series
2005-1 Demand Note received during the period from and excluding the
immediately preceding Payment Date to and including such Payment Date into the
Series 2005-1 Distribution Account, which amount shall be paid (i) first,
to the

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Class A Noteholders holding Class A Notes to which amounts have been so
allocated, (ii) second, once all amounts due to such Class A
Noteholders on such Payment Date have been paid in full, to the Class B
Noteholders holding Class B Notes to which amounts have been so allocated,
(iii) third, once the Series 2005-1 Notes have been paid in full, to
Ford all unpaid Ford Reimbursement Obligations and (iv) fourth, once all
amounts due and owing to Ford under the immediately preceding clause have been
paid in full, only
for so long as the Ford LOC Exposure Amount is greater than zero, solely
to the extent that after giving effect to such payment the Fleet Equity Condition would be satisfied, to
each Interest Rate Hedge Provider to which amounts have been allocated; provided,
however, that with respect to the Three-Year Notes Legal Final Payment
Date and the Four-Year Notes Legal Final Payment Date, the Trustee shall
withdraw from the Series 2005-1 Collection Account an amount which is no
greater than the amounts due and owing pursuant to clauses (i) and (ii)
of this Section 2.5(a) on such Payment Date; provided, further,
however, that with respect to the Five-Year Notes Legal Final Payment
Date, the Trustee shall withdraw from the Series 2005-1 Collection Account an
amount which is no greater than the amounts due and owing pursuant to clauses
(i) through (iv) of this Section 2.5(a) on such Payment Date.

(b)           Principal Deficit Amount.  If the Principal Deficit Amount is greater
than zero on any date, the Administrator shall promptly provide written notice
thereof to the Insurer and the Trustee. 
On each Payment Date on which the Principal Deficit Amount is greater
than zero, amounts shall be transferred to the Series 2005-1 Distribution
Account as follows:

(i)            (A)  Class B Reserve Account Withdrawal.  On each Payment Date on which the Principal
Deficit Amount is greater than zero, the Administrator shall instruct the
Trustee in writing prior to 12:00 noon (New York City time) on such Payment
Date, in the case of a Principal Deficit Amount resulting from a Series 2005-1
Lease Payment Deficit, or prior to 12:00 noon (New York City time) on the
second Business Day prior to such Payment Date, in the case of any other Principal
Deficit Amount, to withdraw from the Class B Reserve Account, an amount equal
to the sum of (I) the lesser of such Principal Deficit Amount and the Class B Liquidity
Surplus on such Payment Date (after giving effect to any withdrawals from the
Class B Reserve Account on such Payment Date pursuant to Section 2.3(d)(ii)
of this Series Supplement and any draws under the Class B Letters of Credit
pursuant to Section 2.3(e)(II) of this Series Supplement) and (II) the lesser
of (x) the excess, if any, of such Principal Deficit Amount on such Payment
Date (after giving effect to any withdrawals from the Class B Reserve Account
on such Payment Date pursuant to clause (I) above) over the Class A Liquidity
Surplus on such Payment Date (after giving effect to any withdrawals from the
Class A Reserve Account on such Payment Date pursuant to Section 2.3(d)(i)
of this Series Supplement and the
amounts to be drawn under the Class A Letters of Credit pursuant to Section
2.3(e)(I) of this Series Supplement) and (y) the Class B Available
Reserve Account Amount on such Payment Date (after giving effect to any
withdrawals from the Class B

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Reserve
Account on such Payment Date pursuant to Section 2.3(d)(ii) of this
Series Supplement and pursuant to clause (I) above), and deposit such
withdrawal in the Series 2005-1 Distribution Account on such Payment Date.

(B)           Class A Reserve
Account Withdrawal.  On each Payment
Date on which the Principal Deficit Amount is greater than zero, the
Administrator shall instruct the Trustee in writing prior to 12:00 noon (New
York City time) on such Payment Date, in the case of a Principal Deficit Amount
resulting from a Series 2005-1 Lease Payment Deficit, or prior to 12:00 noon
(New York City time) on the second Business Day prior to such Payment Date, in
the case of any other Principal Deficit Amount, to withdraw from the Class A
Reserve Account, an amount equal to the sum of (I) the lesser of such Principal
Deficit Amount (after giving effect to any withdrawals from the Class B Reserve
Account on such Payment Date pursuant to Section 2.5(b)(i)(A) of this
Series Supplement) and the Class A Liquidity Surplus on such Payment Date
(after giving effect to any withdrawals from the Class A Reserve Account on
such Payment Date pursuant to Section 2.3(d)(i) of this Series
Supplement and the amounts to be drawn
under the Class A Letters of Credit pursuant to Section 2.3(e)(I)
of this Series Supplement) and (II) the lesser of (x) such Principal Deficit
Amount (after giving effect to any withdrawals from the Class B Reserve Account
on such Payment Date pursuant to Section 2.5(b)(i)(A) of this Series
Supplement and any withdrawals from
the Class A Reserve Account pursuant to clause (I) above) on such
Payment Date and (y) the Class A Available Reserve Account Amount on such
Payment Date (after giving effect to any withdrawals from the Class A Reserve
Account on such Payment Date pursuant to Section 2.3(d)(i) of this
Series Supplement and pursuant to clause (I) above), and deposit such
withdrawal in the Series 2005-1 Distribution Account on such Payment Date.

(ii)           Principal
Draws on Series 2005-1 Letters of Credit. 
If the Administrator determines on any Payment Date that the Principal Deficit Amount on
such Payment Date, after giving effect to the distribution of amounts to be
deposited in the Series 2005-1 Distribution Account in accordance with clause
(i) of this Section 2.5(b) on such Payment Date, will be greater than zero (A) in the case of a Payment Date that is not a
Legal Final Payment Date, the Administrator shall instruct the Trustee in
writing to draw on:

(I)                                    (X) the
Class B Non-Ford Letters of Credit, if any, to the extent that on such Payment
Date there exists a Series 2005-1 Lease Principal Payment Deficit in an amount
equal to the sum of (x) the least of (1) the Class B Liquidity Surplus (after
giving effect to any withdrawals from the Class B Reserve Account on such
Payment Date pursuant to Section 2.3(d)(ii) and Section 2.5(b)(i)(A)
of this Series Supplement and any drawings on the Class B Letters of Credit on
such Payment Date pursuant to Section 2.3(e)(II) of this Series
Supplement), (2) the Series 2005-1 Lease Principal Payment Deficit, (3) the
amount by which the Principal Deficit Amount on such Payment Date exceeds the sum
of the amount to be deposited in the

 94
 

Series 2005-1
Distribution Account in accordance with clause (i) of this Section
2.5(b) and
the amount, if any, paid by Hertz under the Series 2005-1 Demand Note in
respect of such Principal Deficit Amount on such Payment Date, and (4) the
Class B Non-Ford Letter of Credit Liquidity Amount (after giving effect to the amounts to be drawn on the Class
B Non-Ford Letters of Credit on such Payment Date pursuant to Section
2.3(e)(II) of this Series Supplement) and (y) the least of (1) the excess,
if any, of the Series 2005-1 Lease Principal Payment Deficit (after giving
effect to the amounts to be drawn on
the Class B Non-Ford Letters of Credit on such Payment Date pursuant to clause
(x) above) over the Class A Liquidity Surplus on such Payment Date (after
giving effect to any withdrawal from the Class A Reserve Account on such
Payment Date pursuant to Section 2.3(d)(i) of this Series Supplement and
Section 2.5(b)(i)(B) of this Series Supplement and the amounts to be
drawn on the Class A Letters of Credit pursuant to Section 23(e)(I) of
this Series Supplement), (2) the excess, if any, of the amount by which the
Principal Deficit Amount on such Payment Date exceeds the sum of the amount to be deposited in the Series 2005-1
Distribution Account in accordance with clause (i) of this Section
2.5(b), the amounts to be drawn on
the Class B Non-Ford Letters of Credit on such Payment Date pursuant to clause
(x) above and the amount,
if any, paid by Hertz under the Series 2005-1 Demand Note in respect of such
Principal Deficit Amount on such Payment Date over the Class A Liquidity
Surplus on such Payment Date
(after giving effect to any withdrawal from the Class A Reserve Account on such
Payment Date pursuant to Section 2.3(d)(i) of this Series Supplement and
Section 2.5(b)(i)(B) of this Series Supplement and the amounts to be
drawn on the Class A Letters of Credit pursuant to Section 2.3(e)(I) of
this Series Supplement), and (3) the Class B Non-Ford Letter of Credit
Liquidity Amount (after giving effect to any drawings on the Class B Non-Ford Letters
of Credit on such Payment Date pursuant to Section 2.3(e)(II)(X) of this
Series Supplement and clause (x) above);

(Y) the Class B Ford Letters of Credit, if any, in an
amount equal to the lesser
of (A) the excess, if any, of the
amount by which the Principal Deficit Amount on such Payment Date exceeds the sum of the amount to be deposited in
the Series 2005-1 Distribution Account in accordance with clause (i) of
this Section 2.5(b), and the
amounts to be drawn on the Class B Non-Ford Letters of Credit pursuant to clause
(X) above and pursuant to Section 2.12(d)(X) of this Series
Supplement, each on such Payment Date over
the Class A Liquidity Surplus on such Payment Date (after giving effect to any
withdrawal from the Class A Reserve Account on such Payment Date pursuant to Section
2.3(d)(i) of this Series Supplement and Section 2.5(b)(i)(B) of this
Series Supplement and the amounts to be drawn on the Class A Letters of Credit
pursuant

 95
 

to Section 2.3(e)(I) of this Series Supplement),
and (B) the Class
B Ford Letter of Credit Liquidity Amount (after giving effect to any drawings
on the Class B Ford Letters of Credit on such Payment Date pursuant to Section
2.3(e)(II)(Y) of this Series Supplement);

(II)                                (X) the
Class A Non-Ford Letters of Credit, if any, to the extent that on such Payment
Date there exists a Series 2005-1 Lease Principal Payment Deficit in an amount
equal to the least of (1) the excess, if any, of the Series 2005-1 Lease
Principal Payment Deficit over the amounts drawn on the Class B Non-Ford Letters of Credit pursuant
to clause (I)(X)
above on such Payment Date, (2) the amount by which the Principal Deficit
Amount on such Payment Date exceeds the sum
of the amount to be deposited in the Series 2005-1 Distribution Account
in accordance with Section 2.5(b)(i) of this Series Supplement, the
amounts to be drawn on the Class B Letters of Credit pursuant to clause (I)
above and pursuant to Section
2.12(d)(X) of this Series Supplement on such Payment Date and the amount, if any, paid by
Hertz under the Series 2005-1 Demand Note in respect of such Principal Deficit
Amount on such Payment Date, and (3) the Class A Non-Ford Letter of Credit
Liquidity Amount (after giving effect to any drawings on the Class A Non-Ford Letters
of Credit on such Payment Date pursuant to Section 2.3(e)(I)(X) of this
Series Supplement);

(Y) the Class A Ford Letters of Credit, if any, in an
amount equal to the lesser of (1) the amount by which the Principal Deficit
Amount on such Payment Date exceeds the sum of the amount to be deposited in the Series 2005-1
Distribution Account in accordance with Section 2.5(b)(i) of this Series
Supplement, the amounts to be drawn on the Class B Letters of Credit pursuant
to clause (I) above and pursuant to Section 2.12(d)(X) of this
Series Supplement and on the
Class A Non-Ford Letters of Credit pursuant to clause (II)(X) above and
pursuant to Section 2.12(d)(Y) of this Series Supplement, each on such
Payment Date, and (2) the Class A Ford Letter of Credit Liquidity Amount (after
giving effect to any drawings on the Class A Ford Letters of Credit on such
Payment Date pursuant to Section 2.3(e)(I)(Y) of this Series
Supplement);

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

(I)                                    (X) the
Class B Non-Ford Letters of Credit, if any, to the extent that on the
Three-Year Notes Legal Final Payment Date there exists a Series 2005-1 Lease
Principal Payment Deficit, in an amount equal to the least of:

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

 96

(2)           the
amount, if any, by which the Class B Liquidity Amount (after giving effect to
any withdrawals from the Class B Reserve Account pursuant to Section
2.3(d)(ii) and Section 2.5(b)(i)(A) of this Series Supplement and
any drawings under the Class B Letters of Credit pursuant to Section
2.3(e)(II) of this Series Supplement on the Three-Year Notes Legal Final
Payment Date) will exceed the Class B Required Liquidity Amount (after giving
effect to all anticipated reductions in the Class B Principal Amount on the
Three-Year Notes Legal Final Payment Date); and

(3)           the Class
B Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class B Non-Ford Letters of Credit on the Three-Year Notes
Legal Final Payment Date pursuant to Section 2.3(e)(II)(X) of this
Series Supplement); and

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

(1)           the Class
B Ford Letter of Credit Liquidity Amount (after giving effect to any draws to
be made on the Class B Ford Letters of Credit on the Three-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(II)(Y) of this Series
Supplement), and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Three-Year Notes Legal
Final Payment Date exceeds the
sum of the amount to be deposited in the Series 2005-1 Distribution
Account in accordance with Section 2.5(b)(i) of this Series Supplement,
the amounts to be drawn on the Class B Non-Ford Letters of Credit pursuant to clause
(X) above, each on such Three-Year Notes Legal Final Payment Date and the
amounts to be drawn on the Class B Non-Ford Letters of Credit pursuant to Section 2.12(d)(X)
of this Series Supplement on the Business Day immediately preceding such
Three-Year Notes Legal Final Payment Date, and (Ab) the lesser of (x) the amount by which the Class B Liquidity
Amount (after giving effect to any withdrawals to be made from the Class B
Reserve Account pursuant to Section 2.3(d)(ii) and Section
2.5(b)(i)(A) of this Series Supplement and any drawings to be made under
the Class B Letters of Credit pursuant to Section 2.3(e)(II) of this
Series Supplement on the Three-Year Notes Legal Final Payment Date) will exceed
the Class B Required Liquidity Amount (after giving effect to all anticipated
reductions in the Class B Principal Amount on the Three-Year Notes Legal Final
Payment Date) and (y) an amount equal to the excess, if any, of (a) the Class B
Required Liquidity Amount on the earlier of (i) the date of the first
occurrence of a Series 2005-1 Lease Interest Payment Deficit (other than any
Series 2005-1 Lease Interest Payment Deficit resulting from a failure to pay
Rent or any other amount payable by the Lessee under the HVF Lease that is
cured in full on or prior to the fifth Business Day after the occurrence of
such failure) and (ii) the Three-Year Notes

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Legal Final Payment Date over (b) the aggregate
amount, as of the Three-Year Notes Legal Final Payment Date, of all withdrawals
from the Class B Reserve Account made since the date set forth in clause (2)(Ab)(y)(a) of this Section 2.5(b)(ii)(B)(I)(Y) or to
be made in respect of the Three-Year Notes Legal Final Payment Date pursuant to
Section 2.3(d)(ii) of this Series Supplement and all drawings made since
such date or to be made in respect of the Three-Year Notes Legal Final Payment
Date under the Class B Letters of Credit pursuant to Section 2.3(e)(II)
of this Series Supplement; provided, however, that any such
withdrawals from the Class B Reserve Account and/or drawings made under the
Class B Letters of Credit on account of a Series 2005-1 Lease Interest Payment
Deficit resulting from a failure to pay Rent or other amount payable by the
Lessee under the HVF Lease that is cured in full on or prior to the fifth
Business Day after the occurrence of such failure shall be excluded from this clause
(b);

(II)                                (X) the
Class A Non-Ford Letters of Credit, if any, to the extent that on the
Three-Year Notes Legal Final Payment Date there exists a Series 2005-1 Lease
Principal Payment Deficit, in an amount equal to the least of:

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

(2)           the
amount, if any, by which the Class A Liquidity Amount (after giving effect to
any withdrawals from the Class A Reserve Account pursuant to Section
2.3(d)(i) and Section 2.5(b)(i)(B) of this Series Supplement and any
drawings under the Class A Letters of Credit pursuant to Section 2.3(e)(I)
of this Series Supplement on the Three-Year Notes Legal Final Payment Date)
will exceed the Class A Required Liquidity Amount (after giving effect to all
anticipated reductions in the Class A Principal Amount on the Three-Year Notes
Legal Final Payment Date); and

(3)           the Class
A Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class A Non-Ford Letters of Credit on the Three-Year Notes
Legal Final Payment Date pursuant to Section 2.3(e)(I)(X) of this Series
Supplement); and

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

(1)           the Class
A Ford Letter of Credit Liquidity Amount (after giving effect to any draws to
be made on the Class A Ford Letters of Credit on the Three-Year Notes Legal
Final Payment Date pursuant to

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Section 2.3(e)(I)(Y) of this Series
Supplement), and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Three-Year Notes Legal
Final Payment Date exceeds the sum
of the amount to be deposited in the Series 2005-1 Distribution Account
in accordance with Section 2.5(b)(i) of this Series Supplement, the
amounts to be drawn on the Class B Letters of Credit pursuant to clause (I)
above and the Class A Non-Ford Letters of Credit pursuant to clause (X)
above, each on such Three-Year Notes Legal Final Payment Date, the amounts to be drawn on the
Class B Non-Ford Letters of Credit pursuant to Section 2.12(d)(X) of
this Series Supplement and the
amounts to be drawn on the Class A Non-Ford Letters of Credit pursuant to Section
2.12(d)(Y) of this Series Supplement, each on the Business Day immediately
preceding such Three-Year Notes Legal Final Payment Date, and (Ab) the lesser of (x) the amount by
which the Class A Liquidity Amount (after giving effect to any withdrawals to
be made from the Class A Reserve Account pursuant to Section 2.3(d)(i)
and Section 2.5(b)(i)(B)
of this Series Supplement and any drawings to be made under the Class A Letters
of Credit pursuant to Section 2.3(e)(I) of this Series Supplement on the
Three-Year Notes Legal Final Payment Date) will exceed the Class A Required
Liquidity Amount (after giving effect to all anticipated reductions in the
Class A Principal Amount on the Three-Year Notes Legal Final Payment Date) and
(y) an amount equal to the excess, if any, of (a) the Class A Required Liquidity
Amount on the earlier of (i) the date of the first occurrence of a Series
2005-1 Lease Interest Payment Deficit (other than any Series 2005-1 Lease
Interest Payment Deficit resulting from a failure to pay Rent or any other
amount payable by the Lessee under the HVF Lease that is cured in full on or
prior to the fifth Business Day after the occurrence of such failure) and (ii)
the Three-Year Notes Legal Final Payment Date over (b) the aggregate amount, as
of the Three-Year Notes Legal Final Payment Date, of all withdrawals from the
Class A Reserve Account made since the date set forth in clause (2)(Ab)(y)(a) of this Section 2.5(b)(ii)(B)(II)(Y) or
to be made in respect of the Three-Year Notes Legal Final Payment Date pursuant
to Section 2.3(d)(i) of this Series Supplement and all drawings made
since such date or to be made in respect of the Three-Year Notes Legal Final
Payment Date under the Class A Letters of Credit pursuant to Section 2.3(e)(I)
of this Series Supplement; provided, however, that any such
withdrawals from the Class A Reserve Account and/or drawings made under the
Class A Letters of Credit on account of a Series 2005-1 Lease Interest Payment
Deficit resulting from a failure to pay Rent or other amount payable by the
Lessee under the HVF Lease that is cured in full on or prior to the fifth
Business Day after the occurrence of such failure shall be excluded from this clause
(b);

(C) in the case of the Four-Year Notes Legal Final Payment Date:

 99
 

(I)                                    (X) the
Class B Non-Ford Letters of Credit, if any, to the extent that on the Four-Year
Notes Legal Final Payment Date there exists a Series 2005-1 Lease Principal
Payment Deficit, in an amount equal to the least of:

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

(2)           the
amount, if any, by which the Class B Liquidity Amount (after giving effect to
any withdrawals from the Class B Reserve Account pursuant to Section
2.3(d)(ii) and Section 2.5(b)(i)(A) of this Series Supplement and any
drawings under the Class B Letters of Credit pursuant to Section 2.3(e)(II)
of this Series Supplement on the Four-Year Notes Legal Final Payment Date) will
exceed the Class B Required Liquidity Amount (after giving effect to all
anticipated reductions in the Class B Principal Amount on the Four-Year Notes
Legal Final Payment Date); and

(3)           the Class
B Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class B Non-Ford Letters of Credit on the Four-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(II)(X) of this Series
Supplement); and

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

(1)           the Class
B Ford Letter of Credit Liquidity Amount (after giving effect to any draws to
be made on the Class B Ford Letters of Credit on the Four-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(II)(Y) of this Series
Supplement); and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Four-Year Notes Legal Final Payment Date exceeds the sum of the amount
to be deposited in the Series 2005-1 Distribution Account in accordance with Section
2.5(b)(i) of this Series Supplement, the amounts to be drawn on the Class B
Non-Ford Letters of Credit pursuant to clause (X) above, each on such
Four-Year Notes Legal Final Payment Date, and the amounts to be drawn on the
Class B Non-Ford Letters of Credit pursuant to Section 2.12(d)(X) of
this Series Supplement on the Business Day immediately preceding such Four-Year
Notes Legal Final Payment Date, and (Ab) the lesser of (x) the amount by which
the Class B Liquidity Amount (after giving effect to any withdrawals to be made
from the Class B Reserve Account pursuant to Section 2.3(d)(ii) and Section
2.5(b)(i)(A) of this Series Supplement and any drawings to be made under
the Class B Letters of Credit pursuant to Section 2.3(e)(II) of this
Series Supplement on the Four-Year Notes Legal Final Payment Date) will exceed
the Class B Required Liquidity Amount (after giving effect to all anticipated
reductions in the Class B Principal Amount on the Four-Year Notes Legal Final
Payment Date) and (y) an amount equal to the excess, if any, of (a) the Class B
Required Liquidity Amount on the earlier of (i) the date of the

 100
 

first occurrence of a Series 2005-1 Lease Interest
Payment Deficit (other than any Series 2005-1 Lease Interest Payment Deficit
resulting from a failure to pay Rent or any other amount payable by the Lessee
under the HVF Lease that is cured in full on or prior to the fifth Business Day
after the occurrence of such failure) and (ii) the Four-Year Notes Legal Final
Payment Date over (b) the aggregate amount, as of the Four-Year Notes Legal
Final Payment Date, of all withdrawals from the Class B Reserve Account made
since the date set forth in clause (2)(Ab)(y)(a) of this Section
2.5(b)(ii)(C)(I)(Y) or to be made in respect of the Four-Year Notes Legal
Final Payment Date pursuant to Section 2.3(d)(ii) of this Series
Supplement and all drawings made since such date or to be made in respect of
the Four-Year Notes Legal Final Payment Date under the Class B Letters of
Credit pursuant to Section 2.3(e)(II) of this Series Supplement; provided,
however, that any such withdrawals from the Class B Reserve Account
and/or drawings made under the Class B Letters of Credit on account of a Series
2005-1 Lease Interest Payment Deficit resulting from a failure to pay Rent or
other amount payable by the Lessee under the HVF Lease that is cured in full on
or prior to the fifth Business Day after the occurrence of such failure shall
be excluded from this clause (b);

(II)                                (X) the
Class A Non-Ford Letters of Credit, if any, to the extent that on the Four-Year
Notes Legal Final Payment Date there exists a Series 2005-1 Lease Principal
Payment Deficit, in an amount equal to the least of:

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

(2)           the
amount, if any, by which the Class A Liquidity Amount (after giving effect to
any withdrawals from the Class A Reserve Account pursuant to Section
2.3(d)(i) and Section 2.5(b)(i)(B) of this Series Supplement and any
drawings under the Class A Letters of Credit pursuant to Section 2.3(e)(I)
of this Series Supplement on the Four-Year Notes Legal Final Payment Date) will
exceed the Class A Required Liquidity Amount (after giving effect to all
anticipated reductions in the Class A Principal Amount on the Four-Year Notes
Legal Final Payment Date); and

(3)           the Class
A Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class A Non-Ford Letters of Credit on the Four-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(I)(X) of this Series
Supplement); and

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

 101
 

(1)           the Class
A Ford Letter of Credit Liquidity Amount (after giving effect to any draws to
be made on the Class A Ford Letters of Credit on the Three-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(I)(Y) of this Series
Supplement); and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Four-Year Notes Legal Final Payment Date exceeds the sum of the amount
to be deposited in the Series 2005-1 Distribution Account in accordance with Section
2.5(b)(i) of this Series Supplement, the amounts to be drawn on the Class B
Letters of Credit pursuant to clause (I) above and the Class A Non-Ford
Letters of Credit pursuant to clause (X) above, each on such Four-Year
Notes Legal Final Payment Date, the amounts to be drawn on the Class B Non-Ford
Letters of Credit pursuant to Section 2.12(d)(X) of this Series
Supplement and the amounts to be drawn on the Class A Non-Ford Letters of
Credit pursuant to Section 2.12(d)(Y) of this Series Supplement, each on
the Business Day immediately preceding such Four-Year Notes Legal Final Payment
Date, and (Ab) the lesser of (x) the amount by which the Class A Liquidity
Amount (after giving effect to any withdrawals to be made from the Class A
Reserve Account pursuant to Section 2.3(d)(i) and Section 2.5(b)(i)(B)
of this Series Supplement and any drawings to be made under the Class A Letters
of Credit pursuant to Section 2.3(e)(I) of this Series Supplement on the
Four-Year Notes Legal Final Payment Date) will exceed the Class A Required
Liquidity Amount (after giving effect to all anticipated reductions in the
Class A Principal Amount on the Four-Year Notes Legal Final Payment Date) and (y)
an amount equal to the excess, if any, of (a) the Class A Required Liquidity
Amount on the earlier of (i) the date of the first occurrence of a Series
2005-1 Lease Interest Payment Deficit (other than any Series 2005-1 Lease
Interest Payment Deficit resulting from a failure to pay Rent or any other
amount payable by the Lessee under the HVF Lease that is cured in full on or
prior to the fifth Business Day after the occurrence of such failure) and (ii)
the Four-Year Notes Legal Final Payment Date over (b) the aggregate amount, as
of the Four-Year Notes Legal Final Payment Date, of all withdrawals from the
Class A Reserve Account made since the date set forth in clause (2)(Ab)(y)(a)
of this Section 2.5(b)(ii)(C)(II)(Y) or to be made in respect of the
Four-Year Notes Legal Final Payment Date pursuant to Section 2.3(d)(i)
of this Series Supplement and all drawings made since such date or to be made
in respect of the Four-Year Notes Legal Final Payment Date under the Class A
Letters of Credit pursuant to Section 2.3(e)(I) of this Series
Supplement; provided, however, that any such withdrawals from the
Class A Reserve Account and/or drawings made under the Class A Letters of
Credit on account of a Series 2005-1 Lease Interest Payment Deficit resulting
from a failure to pay Rent or other amount payable by the Lessee under the HVF
Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure shall be excluded from this clause (b);

 102
 

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

(I)                                    (X) the
Class B Non-Ford Letters of Credit, if any, to the extent that on the Five-Year
Notes Legal Final Payment Date there exists a Series 2005-1 Lease Principal
Payment Deficit, in an amount equal to the lesser of:

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

(2)           the Class
B Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class B Non-Ford Letters of Credit on the Five-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(II)(X) of this Series
Supplement); and

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

(1)           the Class
B Ford Letter of Credit Liquidity Amount (after giving effect to any draws to
be made on the Class B Ford Letters of Credit on the Five-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(II)(Y) of this Series
Supplement); and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Five-Year Notes Legal Final Payment Date exceeds the sum of the
amount to be deposited in the Series 2005-1 Distribution Account in accordance
with Section 2.5(b)(i) of this Series Supplement, the amounts to be
drawn on the Class B Non-Ford Letters of Credit pursuant to clause (X)
above, each on such Five-Year Notes Legal Final Payment Date, the amounts to be
drawn on the Class B Non-Ford Letters of Credit pursuant to Section
2.12(d)(X) of this Series Supplement on the Business Day immediately
preceding such Five-Year Notes Legal Final Payment Date, and (Ab) an amount
equal to the excess, if any, of (x) the Class B Required Liquidity Amount on
the earlier of (a) the date of the first occurrence of a Series 2005-1 Lease
Interest Payment Deficit (other than any Series 2005-1 Lease Interest Payment
Deficit resulting from a failure to pay Rent or other amount payable by the
Lessee under the HVF Lease that is cured in full on or prior to the fifth
Business Day after the occurrence of such failure) and (b) the Five-Year Notes
Legal Final Payment Date over (y) the aggregate amount, as of the Five-Year
Notes Legal Final Payment Date, of all withdrawals from the Class B Reserve
Account made since the date set forth in clause (2)(Ab)(x) of this Section
2.5(b)(ii)(D)(I)(Y) or to be made in respect of the Five-Year Notes Legal Final
Payment Date pursuant to Section 2.3(d)(ii) of this Series Supplement
and all drawings made since such date or to be made in respect of the Five-Year
Notes Legal Final Payment Date under the Class B Letters of Credit pursuant to Section
2.3(e)(II) of this Series Supplement; provided, however, that
any such withdrawals from the Class B Reserve Account and/or drawings made
under the Class B Letters of Credit on account of a Series 2005-1 Lease
Interest Payment

 103
 

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

(II)           (X) the Class A
Non-Ford Letters of Credit, if any, to the extent that on the Five-Year Notes
Legal Final Payment Date there exists a Series 2005-1 Lease Principal Payment
Deficit, in an amount equal to the lesser of:

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

(2)           the Class
A Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class A Non-Ford Letters of Credit on the Five-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(I)(X) of this Series
Supplement).

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

(1)           the Class
A Ford Letter of Credit Liquidity Amount (after giving effect to any draws to
be made on the Class A Ford Letters of Credit on the Three-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(I)(Y) of this Series
Supplement); and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Five-Year Notes Legal Final Payment Date exceeds the sum of the amount
to be deposited in the Series 2005-1 Distribution Account in accordance with Section
2.5(b)(i) of this Series Supplement, the amounts to be drawn on the Class B
Letters of Credit pursuant to clause (I) above and the Class A Non-Ford
Letters of Credit pursuant to clause (X) above, each on such Five-Year
Notes Legal Final Payment Date, the amounts to be drawn on the Class B Non-Ford
Letters of Credit pursuant to Section 2.12(d)(X) of this Series
Supplement and the amounts to be drawn on the Class A Non-Ford Letters of
Credit pursuant to Section 2.12(d)(Y) of this Series Supplement, each on
the Business Day immediately preceding such Five-Year Notes Legal Final Payment
Date, and (Ab) an amount equal to the excess, if any, of (x) the Class A
Required Liquidity Amount on the earlier of (I) the date of the first
occurrence of a Series 2005-1 Lease Interest Payment Deficit (other than any
Series 2005-1 Lease Interest Payment Deficit resulting from a failure to pay
Rent or other amount payable by the Lessee under the HVF Lease that is cured in
full on or prior to the fifth Business Day after the occurrence of such
failure) and (II) the Five-Year Notes Legal Final Payment Date over (y) the
aggregate amount, as of the Five-Year Notes Legal Final Payment Date, of all
withdrawals from the Class A Reserve

 104
 

Account made since the date set forth in clause (2)(Ab)(x)
of this Section 2.5(b)(ii)(D)(II)(Y) or to be made in respect of the
Five-Year Notes Legal Final Payment Date pursuant to Section 2.3(d)(i)
of this Series Supplement and all drawings made since such date or to be made
in respect of the Five-Year Notes Legal Final Payment Date under the Class A
Letters of Credit pursuant to Section 2.3(e)(I) of this Series Supplement;
provided, however, that any such withdrawals from the Class A
Reserve Account and/or drawings made under the Class A Letters of Credit on
account of a Series 2005-1 Lease Interest Payment Deficit resulting from a
failure to pay Rent or other amount payable by the Lessee under the HVF Lease
that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure shall be excluded from this clause (y).

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

(I) (X) the Class A Non-Ford Letters of
Credit by presenting to each Class A Non-Ford Letter of Credit Provider a draft
accompanied by a Class A Certificate of Credit Demand and shall cause the Class
A LOC Credit Disbursements to be deposited in the Series 2005-1 Distribution
Account on such Payment Date; provided, however, that if the
Class A Non-Ford Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Class A Non-Ford Cash Collateral Account and
deposit in the Series 2005-1 Distribution Account an amount equal to the lesser
of (x) the Class A Non-Ford Cash Collateral Percentage on such Payment Date of
the amount set forth in the notice provided to the Trustee by the Administrator
and (y) the Class A Available Non-Ford Cash Collateral Account Amount on such
Payment Date and draw an amount equal to the remainder of such amount on the
Class A Non-Ford Letters of Credit;

(Y) the Class A Ford Letters of Credit by
presenting to each Class A Ford Letter of Credit Provider a draft accompanied
by a Class A Certificate of Credit Demand and shall cause the Class A LOC
Credit Disbursements to be deposited in the Series 2005-1 Distribution Account
on such Payment Date; provided, however, that if the Class A Ford Cash Collateral
Account has been established and funded, the Trustee shall withdraw from the
Class A Ford Cash Collateral Account and deposit in the Series 2005-1
Distribution Account an amount equal to the lesser of (x) the Class A Ford Cash
Collateral Percentage on such Payment Date of the amount set forth in the
notice provided to the Trustee by the Administrator and (y) the Class A
Available Ford Cash Collateral Account Amount on such Payment Date and draw an
amount equal to the remainder of such amount on the Class A Ford Letters of
Credit; and

 105
 

(II) (X) the Class B Non-Ford Letters of
Credit by presenting to each Class B Non-Ford Letter of Credit Provider a draft
accompanied by a Class B Certificate of Credit Demand and shall cause the Class
B LOC Credit Disbursements to be deposited in the Series 2005-1 Distribution
Account on such Payment Date; provided, however, that if the
Class B Non-Ford Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Class B Non-Ford Cash Collateral Account and
deposit in the Series 2005-1 Distribution Account an amount equal to the lesser
of (x) the Class B Non-Ford Cash Collateral Percentage on such Payment Date of
the amount set forth in the notice provided to the Trustee by the Administrator
and (y) the Class B Available Cash Collateral Account Amount on such Payment
Date and draw an amount equal to the remainder of such amount on the Class B Non-Ford
Letters of Credit; and

(Y) the Class B Ford Letters of Credit by
presenting to each Class B Ford Letter of Credit Provider a draft accompanied
by a Class B Certificate of Credit Demand and shall cause the Class B LOC
Credit Disbursements to be deposited in the Series 2005-1 Distribution Account
on such Payment Date; provided, however, that if the Class B Ford
Cash Collateral Account has been established and funded, the Trustee shall
withdraw from the Class B Ford Cash Collateral Account and deposit in the
Series 2005-1 Distribution Account an amount equal to the lesser of (x) the
Class B Ford Cash Collateral Percentage on such Payment Date of the amount set
forth in the notice provided to the Trustee by the Administrator and (y) the
Class B Available Cash Collateral Account Amount on such Payment Date and draw
an amount equal to the remainder of such amount on the Class B Ford Letters of
Credit.

(iii)          Demand
on Insurance Policy.  If the sum of
the Class A Letter of Credit Amount, the Class A Available Reserve Account
Amount, the Class B Letter of Credit Amount and the Class B Available Reserve
Account Amount on any Payment Date on which the Class A Principal Deficit
Amount will be greater than zero will be less than such Class A Principal
Deficit Amount, the Trustee shall make a demand on the Insurance Policy by
12:00 noon (New York City time) on the second Business Day preceding such
Payment Date in an amount equal to the Insured Principal Deficit Amount and
shall cause the proceeds thereof to be deposited in the Series 2005-1
Distribution Account.

(c)           Legal Final Payment Dates.  The Class A-1 Principal Amount,  the Class B-1 Principal Amount and the Class
B-2 Principal Amount shall be due and payable on the Three-Year Notes Legal
Final Payment Date.  If the amount to be
deposited in the Series 2005-1 Distribution Account in accordance with Section
2.5(a) of this Series Supplement with respect to the Three-Year Notes Legal
Final Payment Date together with any amounts to be deposited therein in
accordance with Section 2.5(b) of this Series Supplement on the
Three-Year Notes Legal Final Payment Date, in each case to pay principal of the
Class A Notes and the Class B Notes, is less than the sum of the Class A-1
Outstanding Principal Amount, the Class B-1 Principal Amount and the Class B-2
Principal Amount on the Three-Year Notes Legal Final Payment Date, prior to
10:00 a.m.

 106
 

(New York City time) on the second Business Day prior to the Three-Year
Notes Legal Final Payment Date, the Administrator shall instruct the Trustee to
withdraw from (I) the Class B Reserve Account, an amount equal to the least of
(i) the Class B Available Reserve Account Amount (after giving effect to any
withdrawals from the Class B Reserve Account pursuant to Section 2.3(d)(ii)
and Section 2.5(b)(i)(A) of this Series Supplement), (ii) the amount by
which the Class B Liquidity Amount (after giving effect to any withdrawals from
the Class B Reserve Account pursuant to Section 2.3(d)(ii) and Section
2.5(b)(i)(A) of this Series Supplement and any drawings under the Class B
Letters of Credit pursuant to Section 2.3(e)(II) and Section
2.5(b)(ii)(B)(I) of this Series Supplement on the Three-Year Notes Legal
Final Payment Date) will exceed the Class B Required Liquidity Amount (after
giving effect to all anticipated reductions in the Class B Principal Amount on
the Three-Year Notes Legal Final Payment Date) and (iii) such insufficiency and
(II) the Class A Reserve Account, an amount equal to the least of (i) the Class
A Available Reserve Account Amount (after giving effect to any withdrawals from
the Class A Reserve Account pursuant to Section 2.3(d)(i) and Section
2.5(b)(i)(B) of this Series Supplement), (ii) the amount by which the Class
A Liquidity Amount (after giving effect to any withdrawals from the Class A
Reserve Account pursuant to Section 2.3(d)(i) and Section
2.5(b)(i)(B) of this Series Supplement and any drawings under the Class A
Letters of Credit pursuant to Section 2.3(e)(I) and Section
2.5(b)(ii)(B)(II) of this Series Supplement on the Three-Year Notes Legal
Final Payment Date) will exceed the Class A Required Liquidity Amount (after giving
effect to all anticipated reductions in the Class A Principal Amount on the
Three-Year Notes Legal Final Payment Date) and (iii) the excess of such
insufficiency over the sum of (X) the Class B-1 Principal Amount, (Y) the Class
B-2 Principal Amount and (Z) the amounts withdrawn from the Class B Reserve
Account pursuant to clause (I) of this sentence, and deposit such
withdrawn amounts in the Series 2005-1 Distribution Account on the Three-Year
Notes Legal Final Payment Date.  The
Trustee shall withdraw such amounts from the Class A Reserve Account and the
Class B Reserve Account and deposit such amounts in the Series 2005-1
Distribution Account on or prior to the Three-Year Notes Legal Final Payment
Date.  The Class A-2 Principal Amount,
the Class A-3 Principal Amount, the Class B-3 Principal Amount and the Class
B-4 Principal Amount shall be due and payable on the Four-Year Notes Legal
Final Payment Date.  If the amount to be
deposited in the Series 2005-1 Distribution Account in accordance with Section
2.5(a) of this Series Supplement with respect to the Four-Year Notes Legal
Final Payment Date together with any amounts to be deposited therein in
accordance with Section 2.5(b) of this Series Supplement on the
Four-Year Notes Legal Final Payment Date, in each case to pay principal of the
Class A Notes and the Class B Notes, is less than the sum of the Class A-2
Outstanding Principal Amount, the Class A-3 Outstanding Principal Amount, the
Class B-3 Principal Amount and the Class B-4 Principal Amount on the Four-Year
Notes Legal Final Payment Date, prior to 10:00 a.m. (New York City time) on the
second Business Day prior to the Four-Year Notes Legal Final Payment Date, the
Administrator shall instruct the Trustee to withdraw from (I) the Class B
Reserve Account, an amount equal to the least of (i) the Class B Available
Reserve Account Amount (after giving effect to any withdrawals from the Class B
Reserve Account pursuant to Section 2.3(d)(ii) and Section
2.5(b)(i)(A) of this Series Supplement), (ii) the amount by which the Class
B Liquidity Amount (after giving

 107
 

effect to any withdrawals from the Class B Reserve Account pursuant to Section
2.3(d)(ii) and Section 2.5(b)(i)(A) of this Series Supplement and
any drawings under the Class B Letters of Credit pursuant to Section
2.3(e)(II) and Section 2.5(b)(ii)(C)(I) of this Series Supplement on
the Four-Year Notes Legal Final Payment Date) will exceed the Class B Required
Liquidity Amount (after giving effect to all anticipated reductions in the
Class B Principal Amount on the Four-Year Notes Legal Final Payment Date) and
(iii) such insufficiency and (II) the Class A Reserve Account, an amount equal
to the least of (i) the Class A Available Reserve Account Amount (after giving
effect to any withdrawals from the Class A Reserve Account pursuant to Section
2.3(d)(i) and Section 2.5(b)(i)(B) of this Series Supplement), (ii)
the amount by which the Class A Liquidity Amount (after giving effect to any
withdrawals from the Class A Reserve Account pursuant to Section 2.3(d)(i)
and Section 2.5(b)(i)(B) of this Series Supplement and any drawings
under the Class A Letters of Credit pursuant to Section 2.3(e)(I) and Section
2.5(b)(ii)(C)(II) of this Series Supplement on the Four-Year Notes Legal
Final Payment Date) will exceed the Class A Required Liquidity Amount (after
giving effect to all anticipated reductions in the Class A Principal Amount on
the Four-Year Notes Legal Final Payment Date) and (iii) the excess of such
insufficiency over the sum of (X) the Class B-3 Principal Amount, (Y) the Class
B-4 Principal Amount and (Z) the amounts withdrawn from the Class B Reserve
Account pursuant to clause (I) of this sentence, and deposit such
withdrawn amounts in the Series 2005-1 Distribution Account on the Four-Year
Notes Legal Final Payment Date.  The
Trustee shall withdraw such amounts from the Class A Reserve Account and the
Class B Reserve Account and deposit such amounts in the Series 2005-1
Distribution Account on or prior to the Four-Year Notes Legal Final Payment
Date.  The Class A-4 Principal Amount,
the Class A-5 Principal Amount, the Class B-5 Principal Amount and the Class
B-6 Principal Amount shall be due and payable on the Five-Year Notes Legal
Final Payment Date.  If the amount to be
deposited in the Series 2005-1 Distribution Account in accordance with Section
2.5(a) of this Series Supplement with respect to the Five-Year Notes Legal
Final Payment Date together with any amounts to be deposited therein in
accordance with Section 2.5(b) of this Series Supplement on the
Five-Year Notes Legal Final Payment Date, in each case to pay principal of the
Class A Notes and the Class B Notes, is less than the sum of the Class A-4
Outstanding Principal Amount, the Class A-5 Outstanding Principal Amount, the
Class B-5 Principal Amount and the Class B-6 Principal Amount on the Five-Year
Notes Legal Final Payment Date, prior to 10:00 a.m. (New York City time) on the
second Business Day prior to the Five-Year Notes Legal Final Payment Date, the
Administrator shall instruct the Trustee to withdraw from (I) the Class B
Reserve Account, an amount equal to the lesser of (i) the Class B Available
Reserve Account Amount, (after giving effect to any withdrawals from the Class
B Reserve Account pursuant to Section 2.3(d)(ii) and Section 2.5(b)(i)(A)
of this Series Supplement), and (ii) such insufficiency and (II) the Class A
Reserve Account, an amount equal to the lesser of (i) the Class A Available
Reserve Account Amount, (after giving effect to any withdrawals from the Class
A Reserve Account pursuant to Section 2.3(d)(i) and Section
2.5(b)(i)(B) of this Series Supplement), and (ii) the excess of such
insufficiency over the amounts withdrawn from the Class B Reserve Account
pursuant to clause (I) above, and deposit such withdrawn amounts in the
Series 2005-1 Distribution Account on the Five-Year Notes Legal Final

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Payment Date.  The Trustee shall
withdraw such amounts from the Class A Reserve Account and the Class B Reserve
Account and deposit such amounts in the Series 2005-1 Distribution Account on
or prior to the Five-Year Notes Legal Final Payment Date.  If, after giving effect to any such deposits
into the Series 2005-1 Distribution Account, the amount to be deposited in the
Series 2005-1 Distribution Account for payment of the Class A-1 Notes, the
Class A-2 Notes and the Class A-3 Notes, or the Class A-4 Notes and the Class
A-5 Notes, as the case may be, with respect to the Three-Year Notes Legal Final
Payment Date, the Four-Year Notes Legal Final Payment Date or the Five-Year
Notes Legal Final Payment Date, as the case may be, is or will be less than the
sum of the Class A-1 Outstanding Principal Amount, the Class A-2 Outstanding
Principal Amount and the Class A-3 Outstanding Principal Amount, or the Class
A-4 Outstanding Principal Amount and the Class A-5 Outstanding Principal Amount,
as the case may be, the Administrator shall instruct the Trustee in writing to
make a demand on the Insurance Policy on the second Business Day preceding such
Legal Final Payment Date and, upon receipt of such notice, the Trustee shall
make a demand on the Insurance Policy on the second Business Day preceding such
Legal Final Payment Date in an amount equal to such insufficiency in accordance
with the terms thereof and shall cause the proceeds thereof to be deposited in
the Series 2005-1 Distribution Account.

(d)           Distribution.  On each Payment Date occurring on or after
the date a withdrawal is made pursuant to Section 2.5(a) of this Series
Supplement, the Trustee shall, in accordance with Section 6.1 of the Base
Indenture, pay (i) first, to the Class A Noteholders the amount deposited in
the Series 2005-1 Distribution Account for the payment of principal of the
Class A Notes held by such Class A Noteholders pursuant to Section 2.5(a) of
this Series Supplement and any amounts deposited in the Series 2005-1
Distribution Account for the payment of principal of such Class A Notes
pursuant to Section 2.5(b) of this Series Supplement and, to the extent
necessary to pay the Class A-1 Outstanding Principal Amount on the Three-Year
Notes Legal Final Payment Date, the Class A-2 Outstanding Principal Amount and
the Class A-3 Outstanding Principal Amount on the Four-Year Notes Legal Final
Payment Date, or the Class A-4 Outstanding Principal Amount and the Class A-5
Outstanding Principal Amount on the Five-Year Notes Legal Final Payment Date, amounts
deposited in the Series 2005-1 Distribution Account pursuant to Section 2.5(c)
of this Series Supplement, (ii) second, once all amounts due to such Class A
Noteholders on such Payment Date have been paid in full, to the Class B
Noteholders the amount deposited in the Series 2005-1 Distribution Account for
the payment of principal of the Class B Notes held by such Class B Noteholders
pursuant to Section 2.5(a) of this Series Supplement and any amounts deposited
in the Series 2005-1 Distribution Account for the payment of principal of such
Class B Notes pursuant to Section 2.5(b) of this Series Supplement and, to the
extent necessary to pay the Class B-1 Principal Amount and the Class B-2
Principal Amount on the Three-Year Notes Legal Final Payment Date, the Class B-3
Principal Amount and the Class B-4 Principal Amount on the Four-Year Notes
Legal Final Payment Date, or the Class B-5 Principal Amount and the Class B-6
Principal Amount on the Five-Year Notes Legal Final Payment Date, amounts
deposited in the Series 2005-1 Distribution Account pursuant to Section 2.5(c)
of this Series Supplement, (iii) third, once the Series 2005-1

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Notes have been paid in full, to Ford the amounts deposited in the
Series 2005-1 Distribution Account for the payment of all unpaid Ford
Reimbursement Obligations pursuant to Section 2.5(a) of this Series Supplement
and (iv) fourth, once all amounts due and owing to Ford pursuant to the
immediately preceding clause have been paid in full, only for so long as the
Ford LOC Exposure Amount is greater than zero, solely to the extent that after
giving effect to such payment the Fleet Equity Condition would be satisfied, to
each Interest Rate Hedge Provider the amounts deposited in the Series 2005-1
Distribution Account for the payment of all amounts due and owing to it under
its Series 2005-1 Interest Rate Hedge.

Section 2.6. 
The Administrator’s Failure to Instruct the Trustee to Make a Deposit
or Payment.

If the Administrator fails to give notice or
instructions to make any payment from or deposit into the Collection Account or
any Series 2005-1 Series Account required to be given by the Administrator, at
the time specified in the Administration Agreement or any other Related
Document (including applicable grace periods), the Trustee shall make such
payment or deposit into or from the Collection Account or such Series 2005-1
Series Account without such notice or instruction from the Administrator,
provided that the Administrator or, in the case of any payment from a Series
2005-1 Series Account, the Insurer, upon request of the Trustee or the Insurer,
promptly provides the Trustee with all information necessary to allow the
Trustee to make such a payment or deposit. 
When any payment or deposit hereunder or under any other Related
Document is required to be made by the Trustee at or prior to a specified time,
the Administrator shall deliver any applicable written instructions with
respect thereto reasonably in advance of such specified time.  If the Administrator fails to give
instructions to draw on any Series 2005-1 Letters of Credit with respect to a
Class of Series 2005-1 Notes required to be given by the Administrator, at the
time specified in this Series Supplement, the Trustee shall draw on such Series
2005-1 Letters of Credit with respect to such Class of Series 2005-1 Notes
without such instruction from the Administrator, provided that the
Administrator or the Insurer (solely with respect to the Class A Letters of Credit),
upon request of the Trustee or the Insurer (solely with respect to the Class A
Letters of Credit), promptly provides the Trustee with all information
necessary to allow the Trustee to draw on each such Series 2005-1 Letter of
Credit.

Section 2.7.  Class A Reserve Account.

(a)           Establishment of Class A Reserve Account.  HVF shall establish and maintain in the name
of the Trustee for the benefit of the Series 2005-1 Noteholders, the Insurer,
Ford and each Interest Rate Hedge Provider an account (the “Class A Reserve
Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2005-1 Noteholders,
the Insurer, Ford and each Interest Rate Hedge Provider.  The Class A Reserve Account shall be an
Eligible Deposit Account.  If the Class A
Reserve Account is at any time no longer an Eligible Deposit Account, HVF
shall, within 10 Business Days of obtaining knowledge that the Class A Reserve
Account is no longer an Eligible Deposit Account, establish a new Class A

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

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

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

(d)           Class A Reserve Account Constitutes
Additional Collateral for Series 2005-1 Notes.  In order to secure and provide for
the repayment and payment of the Note Obligations with respect to the Series
2005-1 Notes, HVF hereby grants a security interest in and assigns, pledges,
grants, transfers and sets over to the Trustee, for the benefit of the Series
2005-1 Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider,
all of HVF’s right, title and interest in and to the following (whether now or
hereafter existing or acquired):  (i) the
Class A Reserve Account, including any security entitlement thereto; (ii) all
funds on deposit therein from time to time; (iii) all certificates and
instruments, if any, representing or evidencing any or all of the Class A
Reserve Account or the funds on deposit therein from time to time; (iv) all
investments made at any time and from time to time with monies in the Class A
Reserve Account, whether constituting securities, instruments, general
intangibles, investment property, financial assets or other property; (v) all
interest, dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for
the Class A Reserve Account, the funds on deposit therein from time to time or
the investments made with such funds; and (vi) all proceeds of any and all of
the foregoing, including, without limitation, cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Class A
Reserve Account Collateral”).

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(e)           Class A Reserve Account Surplus.  In the event that the Class A Reserve Account
Surplus on any Payment Date is greater than zero, the Trustee, acting in
accordance with the written instructions of the Administrator (with a copy to
the Insurer), shall withdraw from the Class A Reserve Account an amount equal
to the Class A Reserve Account Surplus and (i) deposit in the Class B Reserve
Account the lesser of (x) such Class A Reserve Account Surplus and (y) the excess,
if any, of the Class B Required Reserve Account Amount as of such Payment Date
over the Class B Available Reserve Account Amount as of such Payment Date, in
each case as of such Payment Date, (ii) pay to Ford the lesser of (x) the
excess of such Class A Reserve Account Surplus over the amounts deposited
pursuant to clause (i) above and (y) all unpaid Ford Reimbursement
Obligations and (iii) only for so long as the Ford LOC Exposure Amount is
greater than zero, solely to the extent that after giving effect to any such
payment, the Fleet Equity Condition would be satisfied (A) pay to each Interest
Rate Hedge Provider on a pro  rata basis the lesser of (x) the
excess of such Class A Reserve Account Surplus over the amounts deposited
and/or paid pursuant to clauses (i) and (ii) above and (y) all
amounts then due and owing to each such Interest Rate Hedge Provider under its
Series 2005-1 Interest Rate Hedge and (B) pay to HVF any portion of such Class
A Reserve Account Surplus remaining after any required deposit and/or payment
pursuant to clauses (i) through (iii)(A) above.

(f)            Termination of Class A Reserve Account.  On or after the date on which the Series
2005-1 Notes are fully paid, the Insurer has been paid all Insurer Fees and all
other Insurer Reimbursement Amounts due, each Interest Rate Hedge Provider has
been paid all amounts due and owing to it from HVF under its Series 2005-1
Interest Rate Hedge and Ford has been paid all unpaid Ford Reimbursement
Obligations, the Trustee, acting in accordance with the written instructions of
the Administrator, only for so long as the Ford LOC Exposure Amount is greater
than zero, solely to the extent that after giving effect to any such
withdrawal, the Fleet Equity Condition would be satisfied, shall withdraw from
the Class A Reserve Account all remaining amounts on deposit therein for
payment to HVF.

Section 2.8. 
Class A Letters of Credit and Class A Cash Collateral Accounts.

(a)           (I) Class A Ford Cash Collateral
Account Constitutes Additional Collateral for Series 2005-1 Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Series 2005-1
Notes, HVF hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Series 2005-1
Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider, all of
HVF’s right, title and interest in and to the following (whether now or
hereafter existing or acquired):  (i) the
Class A Ford Cash Collateral Account, including any security entitlement
thereto; (ii) all funds on deposit in the Class A Ford Cash Collateral Account
from time to time; (iii) all certificates and instruments, if any, representing
or evidencing any or all of the Class A Ford Cash Collateral Account or the
funds on deposit therein from time to time; (iv) all investments made at any
time and from time to time with monies in the Class A Ford Cash Collateral
Account, whether

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constituting securities, instruments, general intangibles, investment
property, financial assets or other property; (v) all interest, dividends,
cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for the Class A Ford Cash
Collateral Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Class A Ford
Cash Collateral Account Collateral”).

(II)           Class A Non-Ford
Cash Collateral Account Constitutes Additional Collateral for Series 2005-1
Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-1 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-1 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Class A Non-Ford Cash Collateral
Account, including any security entitlement thereto; (ii) all funds on deposit
in the Class A Non-Ford Cash Collateral Account from time to time; (iii) all
certificates and instruments, if any, representing or evidencing any or all of
the Class A Non-Ford Cash Collateral Account or the funds on deposit therein
from time to time; (iv) all investments made at any time and from time to time
with monies in the Class A Non-Ford Cash Collateral Account, whether
constituting securities, instruments, general intangibles, investment property,
financial assets or other property; (v) all interest, dividends, cash, instruments
and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for the Class A Non-Ford Cash
Collateral Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing
clauses (i) through (vi) are referred to, collectively, as the “Class A
Non-Ford Cash Collateral Account Collateral”).

(b)           Class A Letter of Credit Expiration Date.  If prior to the date which is sixteen (16)
Business Days prior to the then scheduled Class A Letter of Credit Expiration
Date with respect to any Class A Letter of Credit, excluding the amount
available to be drawn under such Class A Letter of Credit but taking into
account each substitute Class A Letter of Credit which has been obtained from a
Class A Eligible Letter of Credit Provider or a Class A Eligible Ford Letter of
Credit Provider, as applicable, and is in full force and effect on such date,
(i) the Class A Adjusted Enhancement Amount would be equal to or greater than
the Class A Required Enhancement Amount, (ii) the Class A Adjusted Liquidity
Amount would be equal to or greater than the Class A Required Liquidity Amount,
(iii) the Class B Adjusted Enhancement Amount would be equal to or greater than
the Class B Required Enhancement Amount and (iv) if the expiring Class A Letter
of Credit is a Class A Non-Ford Letter of Credit, the Class A Non-Ford Letter
of Credit Liquidity Amount would be equal to or greater than the Series 2005-1
Demand Note Payment Amount, then the Administrator shall notify the Trustee and
the Insurer in writing no later than fifteen (15)

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Business Days prior to such Class A Letter of Credit Expiration Date of
such determination.  If prior to the date
which is sixteen (16) Business Days prior to the then scheduled Class A Letter
of Credit Expiration Date with respect to any Class A Letter of Credit,
excluding such Class A Letter of Credit but taking into account any substitute
Class A Letter of Credit which has been obtained from a Class A Eligible Letter
of Credit Provider or a Class A Eligible Ford Letter of Credit Provider, as
applicable, and is in full force and effect on such date, (i) the Class A Adjusted
Enhancement Amount would be less than the Class A Required Enhancement Amount,
(ii) the Class A Adjusted Liquidity Amount would be less than the Class A
Required Liquidity Amount, (iii) the Class B Adjusted Enhancement Amount would
be less than the Class B Required Enhancement Amount, or (iv) if the expiring
Class A Letter of Credit is a Class A Non-Ford Letter of Credit, the Class A Non-Ford
Letter of Credit Liquidity Amount would be less than the Series 2005-1 Demand
Note Payment Amount, then the Administrator shall notify the Trustee and the
Insurer in writing no later than fifteen (15) Business Days prior to such Class
A Letter of Credit Expiration Date of (x) the greatest of (A) the excess, if
any, of the Class A Required Enhancement Amount over the Class A Adjusted Enhancement
Amount, excluding such Class A Letter of Credit but taking into account any
substitute Class A Letter of Credit which has been obtained from a Class A
Eligible Letter of Credit Provider or a Class A Eligible Ford Letter of Credit
Provider, as applicable, and is in full force and effect on such date, (B) the
excess, if any, of the Class A Required Liquidity Amount over the Class A Adjusted
Liquidity Amount, excluding such Class A Letter of Credit but taking into
account each substitute Class A Letter of Credit which has been obtained from a
Class A Eligible Letter of Credit Provider or a Class A Eligible Ford Letter of
Credit Provider, as applicable, and is in full force and effect on such date, (C)
the excess, if any, of the Class B Required Enhancement Amount over the Class B
Adjusted Enhancement Amount, excluding such Class A Letter of Credit but taking
into account any substitute Class A Letter of Credit which has been obtained
from a Class A Eligible Letter of Credit Provider or a Class A Eligible Ford
Letter of Credit Provider, as applicable, and is in full force and effect on
such date and (D) if the expiring Class A Letter of Credit is a Class A
Non-Ford Letter of Credit, the excess, if any, of the Series 2005-1 Demand Note
Payment Amount over the Class A Non-Ford Letter of Credit Liquidity Amount, excluding
such Class A Non-Ford Letter of Credit but taking into account each substitute
Class A Non-Ford Letter of Credit which has been obtained from a Class A
Eligible Letter of Credit Provider and is in full force and effect on such
date, and (y) the amount available to be drawn on such expiring Class A Letter
of Credit on such date.  Upon receipt of
such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on
any Business Day, the Trustee shall, by 12:00 p.m. (New York City time) on such
Business Day (or, in the case of any notice given to the Trustee after 10:30
a.m. (New York City time), by 12:00 p.m. (New York City time) on the next
following Business Day), draw the lesser of the amounts set forth in clauses
(x) and (y) above on such Class A Letter of Credit by presenting a
draft accompanied by a Class A Certificate of Termination Demand and shall
cause the Class A LOC Termination Disbursements to be deposited in the Class A
Non-Ford Collateral Account, in the case of a Class A LOC Termination
Disbursement under a Class A Non-Ford Letter of Credit, and the Class A Ford
Cash Collateral Account, in the case of a Class A LOC Termination Disbursement

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under a Class A Ford Letter of Credit. 
If the Trustee does not receive the
notice from the Administrator described above on or prior to the date that is
fifteen (15) Business Days prior to each Class A Letter of Credit Expiration
Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Business
Day draw the full amount of such Class A Letter of Credit by presenting a draft
accompanied by a Class A Certificate of Termination Demand and shall cause the
Class A LOC Termination Disbursements to be deposited in the applicable Class A
Cash Collateral Account.

(c)           Class A Letter of Credit Providers.  The Administrator shall notify the Trustee,
Fitch and the Insurer in writing within one Business Day of becoming aware that
the short-term debt credit rating of any Class A Letter of Credit Provider has
fallen below “A-1” as determined by Standard & Poor’s or “P-1” as
determined by Moody’s or the long-term debt credit rating of any Class A Letter
of Credit Provider has fallen below “A+” as determined by Standard & Poor’s
or “A1” as determined by Moody’s (with respect to any Class A Letter of Credit
Provider, a “Class A Downgrade Event”). 
On the thirtieth (30th) day after the occurrence of a Class A Downgrade
Event with respect to any Class A Letter of Credit Provider, the Administrator
shall notify the Trustee and the Insurer in writing on such date of (i) the
greatest of (A) the excess, if any, of the Class A Required Enhancement Amount
over the Class A Adjusted Enhancement Amount, excluding the available amount under
the Class A Letter of Credit issued by such Class A Letter of Credit Provider,
on such date, (B) the excess, if any, of the Class A Required Liquidity Amount
over the Class A Adjusted Liquidity Amount, excluding the available amount
under such Class A Letter of Credit, on such date, (C) the excess, if any, of
the Class B Required Enhancement Amount over the Class B Adjusted Enhancement
Amount, excluding the available amount under the Class A Letter of Credit
issued by such Class A Letter of Credit Provider, on such date and (D) if the
Class A Downgrade Event affects a Class A Non-Ford Letter of Credit, the
excess, if any, of the Series 2005-1 Demand Note Payment Amount over the Class
A Non-Ford Letter of Credit Liquidity Amount, excluding the available amount
under such Class A Non-Ford Letter of Credit, on such date, and (ii) the amount
available to be drawn on such Class A Letter of Credit on such date.  Upon receipt of such notice by the Trustee on
or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee
shall, by 12:00 p.m. (New York City time) on such Business Day (or, in the case
of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00
p.m. (New York City time) on the next following Business Day), draw on such
Class A Letter of Credit in an amount equal to the lesser of the amount in clause
(i) or clause (ii) of the immediately preceding sentence on such
Business Day by presenting a draft accompanied by a Class A Certificate of
Termination Demand and shall cause the Class A LOC Termination Disbursement to
be deposited in a Class A Non-Ford Cash Collateral Account, in the case of a
Class A LOC Termination Disbursement under a Class A Non-Ford Letter of Credit,
and the Class A Ford Cash Collateral Account, in the case of a Class A LOC
Termination Disbursement under a Class A Ford Letter of Credit.

(d)           Class A Preference Amount Demands on the
Class A Non-Ford Letters of Credit. 
If the Insurer notifies the Trustee in writing that the Insurer shall
have

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made a payment under the Insurance Policy in respect of a Class A
Preference Amount, subject to the satisfaction of the conditions set forth in
the next succeeding sentence, the Trustee shall draw an amount equal to the
lesser of (i) such Class A Preference Amount and (ii) the Class A Non-Ford Letter
of Credit Liquidity Amount on the Class A Non-Ford Letters of Credit by
presenting to each Class A Non-Ford Letter
of Credit Provider (with a copy to the Insurer) a draft accompanied by a Class A Certificate of Preference
Payment Demand and shall cause the Class A LOC Preference Payment Disbursements
to be paid to the Insurer; provided, however, that if the Class A
Non-Ford Cash Collateral Account has been established and funded, the Trustee
shall draw an amount equal to the product of (a) 100% minus the Class A Non-Ford
Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause
(i) and (ii) on such Business Day on the Class A Non-Ford Letters of
Credit as calculated by the Administrator, at the request of the Trustee, and
provided in writing to the Trustee and the Insurer.  Prior to any draw on the Class A Non-Ford
Letters of Credit or withdrawal from the Class A Non-Ford Cash Collateral
Account pursuant to this Section 2.8(d), the Trustee shall have received
a certified copy of the order requiring the return of such Class A Preference
Amount.

(e)           (I) Reductions in Stated Amounts of
the Class A Ford Letters of Credit. 
If the Trustee receives a written notice from the Lessee, substantially
in the form of Exhibit D-1-1, requesting a reduction in the stated
amount of any Class A Ford Letter of Credit, the Trustee shall within two
Business Days of the receipt of such notice deliver to the Class A Ford Letter
of Credit Provider who issued such Class A Ford Letter of Credit with a copy to
Ford a Class A Notice of Reduction requesting a reduction in the stated amount
of such Class A Ford Letter of Credit in the amount requested in such notice
effective on the date set forth in such notice, provided that on such
effective date, after giving effect to the requested reduction in the stated
amount of such Class A Ford Letter of Credit, (i) the Class A Adjusted Enhancement
Amount will equal or exceed the Class A Required Enhancement Amount, (ii) the
Class A Adjusted Liquidity Amount will equal or exceed the Class A Required
Liquidity Amount and (iii) the Class B Adjusted Enhancement Amount will equal
or exceed the Class B Required Enhancement Amount.  If the Trustee receives a written notice from
Ford, substantially in the form of Exhibit D-1-2, requesting the
replacement of any Class A Ford Letter of Credit, the Trustee shall within two
Business Days of the receipt of such notice and upon receipt of a substitute
Class A Ford Letter of Credit having a stated amount equal to the available
amount of the Class A Ford Letter of Credit being replaced issued by a Class A
Eligible Ford Letter of Credit Provider deliver to the Class A Letter of Credit
Provider who issued the Class A Ford Letter of Credit being replaced a written notice
in the form provided in such Class A Ford Letter of Credit confirming
cancellation of such Class A Ford Letter of Credit and shall deliver such cancelled
Class A Ford Letter of Credit to such Class A Letter of Credit Provider as soon
as practicable.

(II)           Reductions in Stated
Amounts of the Class A Non-Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-2, requesting a
reduction in the stated amount of any Class A Non-Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice

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deliver to the Class A Non-Ford Letter of Credit
Provider who issued such Class A Non-Ford Letter of Credit a Class A Notice of
Reduction requesting a reduction in the stated amount of such Class A Non-Ford
Letter of Credit in the amount requested in such notice effective on the date
set forth in such notice provided that on such effective date, after giving
effect to the requested reduction in the stated amount of such Class A Non-Ford
Letter of Credit, (i) the Class A Adjusted Enhancement Amount will equal or
exceed the Class A Required Enhancement Amount, (ii) the Class A Adjusted Liquidity
Amount will equal or exceed the Class A Required Liquidity Amount, (iii) the
Class B Adjusted Enhancement Amount will equal or exceed the Class B Required
Enhancement Amount, and (iv) the Class A Non-Ford Letter of Credit Liquidity
Amount will equal or exceed the Series 2005-1 Demand Note Payment Amount.

(f)            (I) Draws on the Class A Ford Letters
of Credit.  If there is more than one
Class A Ford Letter of Credit on the date of any draw on the Class A Ford Letters
of Credit pursuant to the terms of this Series Supplement (other than pursuant
to Sections 2.8(b) and (c) of this Series Supplement), the
Administrator shall instruct the Trustee, in writing, to draw on each Class A Ford
Letter of Credit in an amount equal to the Pro Rata Share of the Class A Ford Letter
of Credit Provider issuing such Class A Ford Letter of Credit of the amount of
such draw on the Class A Ford Letters of Credit.

(II)           Draws on the Class A
Non-Ford Letters of Credit.  If there
is more than one Class A Non-Ford Letter of Credit on the date of any draw on
the Class A Non-Ford Letters of Credit pursuant to the terms of this Series
Supplement (other than pursuant to Sections 2.8(b) and (c) of
this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Class A Non-Ford Letter of Credit in an amount equal
to the Pro Rata Share of the Class A Non-Ford Letter of Credit Provider issuing
such Class A Non-Ford Letter of Credit of the amount of such draw on the Class
A Non-Ford Letters of Credit.

(g)           (I) Establishment of Class A Ford Cash
Collateral Account.  On or prior to
the date of any drawing under a Class A Ford Letter of Credit pursuant to Section
2.8(b) or (c) of this Series Supplement, HVF shall establish and
maintain in the name of the Trustee for the benefit of the Series 2005-1
Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider, an
account (the “Class A Ford Cash Collateral Account”), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Series 2005-1 Noteholders, the Insurer, Ford and each
Interest Rate Hedge Provider.  The Class
A Ford Cash Collateral Account shall be an Eligible Deposit Account.  If the Class A Ford Cash Collateral Account
is at any time no longer an Eligible Deposit Account, HVF shall, within 10
Business Days of obtaining knowledge that the Class A Ford Cash Collateral
Account is no longer an Eligible Deposit Account, establish a new Class A Ford Cash
Collateral Account that is an Eligible Deposit Account.  If a new Class A Ford Cash Collateral Account
is established, HVF shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Class A Ford Cash Collateral Account
into the new Class A Ford Cash Collateral Account.

 117

(II)           Establishment of Class A Non-Ford
Cash Collateral Account.  On or prior
to the date of any drawing under a Class A Non-Ford Letter of Credit pursuant
to Section 2.8(b) or (c) of this Series Supplement, HVF shall establish and
maintain in the name of the Trustee for the benefit of the Series 2005-1
Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider, an
account (the “Class A Non-Ford Cash Collateral Account”), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Series 2005-1 Noteholders, the Insurer, Ford and each
Interest Rate Hedge Provider.  The Class
A Non-Ford Cash Collateral Account shall be an Eligible Deposit Account.  If the Class A Non-Ford Cash Collateral
Account is at any time no longer an Eligible Deposit Account, HVF shall, within
10 Business Days of obtaining knowledge that the Class A Non-Ford Cash
Collateral Account is no longer an Eligible Deposit Account, establish a new
Class A Non-Ford Cash Collateral Account that is an Eligible Deposit
Account.  If a new Class A Non-Ford Cash
Collateral Account is established, HVF shall instruct the Trustee in writing to
transfer all cash and investments from the non-qualifying Class A Non-Ford Cash
Collateral Account into the new Class A Non-Ford Cash Collateral Account

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

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

(j)            Class
A Cash Collateral Account Surplus. 
(X) In the event that the Class A Cash Collateral Account Surplus on any
Payment Date is greater than zero, the Administrator may direct the Trustee to,
and the Trustee, acting in accordance with the written instructions of the
Administrator (with a copy to the Insurer), shall, subject to the limitations
set forth in this Section 2.8(j)(X), withdraw the amount specified by
the Administrator from the Class A Cash Collateral Account specified by the
Administrator and apply such amount in accordance with the terms of this Section
2.8(j)(X).  The amount of any such
withdrawal from the Class A Ford Cash Collateral Account shall be limited to
the lesser of (a) the Class A Available Ford Cash Collateral Account Amount 

 118
 

on such Payment Date and (b) the Class A Cash Collateral Account
Surplus (after giving effect to any withdrawal from the Class A Non-Ford Cash
Collateral Account) on such Payment Date. 
The amount of any such withdrawal from the Class A Non-Ford Cash Collateral
Account shall be limited to the least of (a) the Class A Available Non-Ford
Cash Collateral Account Amount on such Payment Date, (b) the Class A Cash
Collateral Account Surplus (after giving effect to any withdrawal from the
Class A Ford Cash Collateral Account) on such Payment Date and (c) the excess,
if any, of the Class A Non-Ford Letter of Credit Liquidity Amount on such
Payment Date over the Series 2005-1 Demand Note Payment Amount on such Payment
Date.  Any amounts withdrawn from the
Class A Ford Cash Collateral Account pursuant to this Section 2.8(j)(X)
shall be paid to Ford.  Any amounts
withdrawn from the Class A Non-Ford Cash Collateral Account shall be paid:  first, to Ford to the extent that
there are unpaid Ford Reimbursement Obligations due and owing to Ford, the
lesser of the amount withdrawn from the Class A Non-Ford Cash Collateral
Account and the amount of such unpaid Ford Reimbursement Obligations, second,
only for so long as the Ford LOC Exposure Amount is greater than zero, solely
to the extent that after giving effect to any such withdrawal, the Fleet Equity
Condition would be satisfied, to the Class A Non-Ford Letter of Credit
Providers, to the extent that there are unreimbursed Class A Disbursements due
and owing to such Class A Non-Ford Letter of Credit Providers in respect of the
Class A Non-Ford Letters of Credit, for application in accordance with the
provisions of the respective Class A Non-Ford Letter of Credit Reimbursement
Agreement, and third, only for so long as the Ford LOC Exposure Amount
is greater than zero, solely to the extent that after giving effect to any such
withdrawal, the Fleet Equity Condition would be satisfied, to HVF any remaining
amounts.  (Y) Irrespective of whether
there is a Class A Cash Collateral Account Surplus, in the event that the Class
A Ford Cash Collateral Account has been established pursuant to Section
2.8(g)(I) of this Series Supplement, the proceeds of one or more Class A
LOC Termination Disbursements have been deposited therein pursuant to Section
2.8(b) or Section 2.8(c) of this Series Supplement and Ford delivers
to the Trustee a Class A Ford Letter of Credit from a Class A Ford Eligible
Letter of Credit Provider the Administrator shall direct the Trustee to, and
the Trustee, acting in accordance with the written instructions of the
Administrator shall withdraw from the Class A Ford Cash Collateral Account an
amount equal to the stated amount of such Class A Ford Letter of Credit and pay
such amount to Ford.

(k)           Termination
of Class A Cash Collateral Accounts. 
(X)  On the earlier of the
termination of this Series Supplement in accordance with Section 6.13 of
this Series Supplement and the Five-Year Notes Legal Final Payment Date, the
Trustee, acting in accordance with the written instructions of the
Administrator, shall withdraw from the Class A Ford Cash Collateral Account and
(i) pay to Ford an amount equal to the lesser of (x) the Class A Available Ford
Cash Collateral Account Amount and (y) the excess, if any, of (A) the aggregate
amount of Class A LOC Termination Disbursements deposited into the Class A Ford
Cash Collateral Account pursuant to Section 2.8(b) or Section 2.8(c)
of this Series Supplement over (B) the aggregate amount withdrawn from the
Class A Ford Cash Collateral Account pursuant to Section 2.3(e)(I)(Y) or
Section 2.5(b)(ii) of this Series Supplement that has not be reimbursed
by HVF in accordance 

 119
 

with Section 2.16 of this Series Supplement on or prior to such
date, (ii) pay to Ford, an amount equal to the lesser of (x) the amount of
unpaid Ford Reimbursement Obligations due and owing to Ford and (y) the excess,
if any, of the Class A Available Ford Cash Collateral Account Amount over the
amount paid to Ford pursuant to clause (i) above and (iii) pay to HVF,
any funds remaining in the Class A Ford Cash Collateral Account.

(Y)  Upon the termination of this Series
Supplement in accordance with its terms, the Trustee, acting in accordance with
the written instructions of the Administrator, after the prior payment of all
amounts due and owing to the Series 2005-1 Noteholders, the Insurer, Ford and
each Interest Rate Hedge Provider and payable from the Class A Non-Ford Cash
Collateral Account as provided herein, shall withdraw from such Class A
Non-Ford Cash Collateral Account all amounts on deposit therein (to the extent
not withdrawn pursuant to Section 2.8(d) above) and shall pay such
amounts, first, to Ford to the extent that there are unpaid Ford
Reimbursement Obligations due and owing to Ford, second, only for so
long as the Ford LOC Exposure Amount is greater than zero, solely to the extent
that after giving effect to any such withdrawal, the Fleet Equity Condition
would be satisfied, pro  rata to the Class A Non-Ford Letter of
Credit Providers, to the extent that there are unreimbursed Class A
Disbursements due and owing to such Class A Non-Ford Letter of Credit
Providers, for application in accordance with the provisions of the respective
Class A Non-Ford Letters of Credit, and third, only for so long as the
Ford LOC Exposure Amount is greater than zero, solely to the extent that after
giving effect to any such withdrawal, the Fleet Equity Condition would be
satisfied, to HVF any remaining amounts.

Section 2.9. 
Series 2005-1 Distribution Account.

(a)           Establishment
of Series 2005-1 Distribution Account. 
The Trustee shall establish and maintain in the name of the Trustee for
the benefit of the Series 2005-1 Noteholders, the Series 2005-1 Interest Rate
Hedge Provider and Ford an account (the “Series 2005-1 Distribution Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Series 2005-1 Noteholders, the Series 2005-1
Interest Rate Hedge Provider and Ford. 
The Series 2005-1 Distribution Account shall be an Eligible Deposit
Account.  If the Series 2005-1 Distribution
Account is at any time no longer an Eligible Deposit Account, HVF shall, within
10 Business Days of obtaining knowledge that the Series 2005-1 Distribution
Account is no longer an Eligible Deposit Account, establish a new Series 2005-1
Distribution Account that is an Eligible Deposit Account.  If a new Series 2005-1 Distribution Account
is established, HVF shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Series 2005-1 Distribution Account into
the new Series 2005-1 Distribution Account. 
Initially, the Series 2005-1 Distribution Account will be established
with the Trustee.

(b)           Administration
of the Series 2005-1 Distribution Account. 
The Administrator may instruct the institution maintaining the Series
2005-1 Distribution Account in writing to invest funds on deposit in the Series
2005-1 Distribution Account from time to time in Permitted Investments; provided,
however, that any such investment 

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shall mature not later than the Business Day prior to the Payment Date
following the date on which such funds were received (including funds received
upon a payment in respect of a Permitted Investment made with funds on deposit
in the Series 2005-1 Distribution Account), unless any Permitted Investment held
in the Series 2005-1 Distribution Account is held with the Trustee, then such
investment may mature on such Payment Date and such funds shall be available
for withdrawal on or prior to such Payment Date.  All such Permitted Investments will be
credited to the Series 2005-1 Distribution Account.  HVF shall not direct the Trustee to dispose
of (or permit the disposal of) any Permitted Investments prior to the maturity
thereof to the extent such disposal would result in a loss of the initial
purchase price of such Permitted Investment. 
In the absence of written investment instructions hereunder, funds on
deposit in the Series 2005-1 Distribution Account shall remain uninvested.

(c)           Earnings
from Series 2005-1 Distribution Account. 
All interest and earnings (net of losses and investment expenses) paid
on funds on deposit in the Series 2005-1 Distribution Account shall be deemed
to be on deposit and available for distribution.

(d)           Series
2005-1 Distribution Account Constitutes Additional Collateral for Series 2005-1
Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-1 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-1 Noteholders and Ford, all of HVF’s right, title and interest in
and to the following (whether now or hereafter existing or acquired):  (i) the Series 2005-1 Distribution Account, including
any security entitlement thereto; (ii) all funds on deposit therein from time
to time; (iii) all certificates and instruments, if any, representing or
evidencing any or all of the Series 2005-1 Distribution Account or the funds on
deposit therein from time to time; (iv) all investments made at any time and
from time to time with monies in the Series 2005-1 Distribution Account,
whether constituting securities, instruments, general intangibles, investment
property, financial assets or other property; (v) all interest, dividends,
cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for the Series 2005-1
Distribution Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Series
2005-1 Distribution Account Collateral”).

Section 2.10. 
Trustee as Securities Intermediary.

(a)           The
Trustee or other Person holding the Series 2005-1 Collection Account, the
Series 2005-1 Excess Collection Account, the Series 2005-1 Accrued Interest
Account, the Class A Reserve Account, the Class B Reserve Account, the Series
2005-1 Cash Collateral Account, the Series 2005-1 Distribution Account or the
Series 2005-1 Closing Account (each a “Series 2005-1 Designated Account”)
shall be the “Securities Intermediary”. 
If the Securities Intermediary in respect of any Series 2005-1 

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Designated Account is not the Trustee, HVF shall obtain the express
agreement of such Person to the obligations of the Securities Intermediary set
forth in this Section 2.10.

(b)           The
Securities Intermediary agrees that:

(i)            The Series 2005-1
Designated Accounts are accounts to which “financial assets” within the meaning
of Section 8-102(a)(9) (“Financial Assets”) of the UCC in effect
in the State of New York (the “New York UCC”) will be credited;

(ii)           All securities or
other property underlying any Financial Assets credited to any Series 2005-1
Designated Account shall be registered in the name of the Securities
Intermediary, indorsed to the Securities Intermediary or in blank or credited
to another securities account maintained in the name of the Securities
Intermediary and in no case will any Financial Asset credited to any Series
2005-1 Designated Account be registered in the name of HVF, payable to the
order of HVF or specially endorsed to HVF;

(iii)          All property
delivered to the Securities Intermediary pursuant to this Series Supplement
will be promptly credited to the appropriate Series 2005-1 Designated Account;

(iv)          Each item of
property (whether investment property, security, instrument or cash) credited
to a Series 2005-1 Designated Account shall be treated as a Financial Asset;

(v)           If at any time the
Securities Intermediary shall receive any order from the Trustee directing
transfer or redemption of any Financial Asset relating to the Series 2005-1
Designated Accounts, the Securities Intermediary shall comply with such
entitlement order without further consent by HVF or the Administrator;

(vi)          The Series 2005-1
Designated Accounts shall be governed by the laws of the State of New York,
regardless of any provision of any other agreement.  For purposes of the UCC, New York shall be
deemed to the Securities Intermediary’s jurisdiction and the Series 2005-1
Designated Accounts (as well as the “securities entitlements” (as defined in Section
8-102(a)(17) of the New York UCC) related thereto) shall be governed by the
laws of the State of New York;

(vii)         The Securities
Intermediary has not entered into, and until termination of this Series
Supplement, will not enter into, any agreement with any other Person relating
to the Series 2005-1 Designated Accounts and/or any Financial Assets credited
thereto pursuant to which it has agreed to comply with entitlement orders (as
defined in Section 8-102(a)(8) of the New York UCC) of such other Person
and the Securities Intermediary has not entered into, and until 

 122
 

the
termination of this Series Supplement will not enter into, any agreement with
HVF purporting to limit or condition the obligation of the Securities
Intermediary to comply with entitlement orders as set forth in Section
2.10(b)(v) of this Series Supplement; and

(viii)        Except for the
claims and interest of the Trustee and HVF in the Series 2005-1 Designated
Accounts, the Securities Intermediary knows of no claim to, or interest, in the
Series 2005-1 Designated Accounts or in any Financial Asset credited thereto.  If the Securities Intermediary has actual
knowledge of the assertion by any other person of any lien, encumbrance, or
adverse claim (including any writ, garnishment, judgment, warrant of
attachment, execution or similar process) against any Series 2005-1 Designated
Account or in any Financial Asset carried therein, the Securities Intermediary
will promptly notify the Trustee, the Administrator and HVF thereof.

(c)           The
Trustee shall possess all right, title and interest in all funds on deposit
from time to time in the Series 2005-1 Designated Accounts and in all proceeds
thereof, and shall be the only person authorized to originate entitlement
orders in respect of the Series 2005-1 Designated Accounts.

Section 2.11. 
Series 2005-1 Interest Rate Hedges.

(a)           On
the Series 2005-1 Closing Date, HVF shall acquire one or more interest rate
caps or swaps, in form and substance acceptable to the Insurer (each a “Series
2005-1 Interest Rate Hedge”), from an Eligible Interest Rate Hedge
Provider with funds available to it.  The
aggregate initial notional amount of all Series 2005-1 Interest Rate Hedges
shall equal the sum of the Class A-1 Principal Amount, the Class A-2 Principal
Amount, the Class A-4 Principal Amount, the Class B-1 Principal Amount, the
Class B-3 Principal Amount and the Class B-5 Principal Amount on the Series
2005-1 Closing Date, and, thereafter, the aggregate notional amount of all
Series 2005-1 Interest Rate Hedges may be reduced pursuant to the related
Series 2005-1 Interest Rate Hedge but shall not at any time be less than the
sum of the Class A-1 Principal Amount, the Class A-2 Principal Amount, the
Class A-4 Principal Amount, the Class B-1 Principal Amount, the Class B-3
Principal Amount and the Class B-5 Principal Amount.  The strike rate of each Series 2005-1
Interest Rate Hedge in the form of a cap shall not be greater than 4.87%.  The fixed rate of each Series 2005-1 Interest
Rate Hedge in the form of a swap shall not be greater than 4.87%.  HVF shall satisfy the Series 2005-1 Rating Agency
Condition and, so long as any Class A Notes are Outstanding, obtain the consent
of the Insurer (such consent not to be unreasonably withheld or delayed) in
connection with its acquisition of any Series 2005-1 Interest Rate Hedge.  The Series 2005-1 Interest Rate Hedge must
provide that (i) no payments from the Series 2005-1 Hedge Provider to HVF shall
be conditioned upon payment of amounts (other than the Monthly Hedge Payment)
due to such Series 2005-1 Interest Rate Hedge Provider from HVF, to the extent
that any such non-payment resulted solely from the Fleet Equity Condition
failing to be satisfied, (ii) the Series 2005-1 Interest Rate Hedge Provider
shall provide to the Insurer a copy of any notice of payment default delivered
to HVF, simultaneously with 

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delivery of such notice to HVF and (iii) in the event that HVF shall
fail to pay any amounts due to the Series 2005-1 Hedge Provider under such
Series 2005-1 Interest Rate Hedge, the Insurer shall have the right to make any
such payment on behalf of HVF.  For so
long as an Interest Rate Hedge Provider is not in default under its Series
2005-1 Interest Rate Hedge and such Series 2005-1 Interest Rate Hedge continues
to be in effect, such Interest Rate Hedge Provider shall constitute an
“Enhancement Provider” with respect to the Series 2005-1 Notes for all purposes
under the Indenture and the other Related Documents, and each Series 2005-1
Interest Rate Hedge to which such Interest Rate Hedge Provider is a party shall
constitute an “Enhancement Agreement” with respect to the Series 2005-1 Notes
for all purposes under the Base Indenture and the other Related Documents.  Furthermore, each Interest Rate Hedge
Provider shall be deemed to be a “Secured Party” under the Base Indenture and
the Related Documents to the extent of amounts payable to each such Interest
Rate Hedge Provider pursuant to this Series Supplement.

(b)           If,
at any time, an Interest Rate Hedge Provider is not an Eligible Interest Rate
Hedge Provider, then HVF shall cause such Interest Rate Hedge Provider within
30 days following such occurrence, at such Interest Rate Hedge Provider’s
expense, to do one
of the following:  (i) obtain a
replacement interest rate cap or swap on the same terms as the Series 2005-1
Interest Rate Hedge to which such Interest Rate Hedge Provider is a party (or
with such modifications as are acceptable to the Rating Agencies and the
Insurer) from an Eligible Interest Rate Hedge Provider and simultaneously with
such replacement HVF shall terminate the Series 2005-1 Interest Rate Hedge
being replaced, (ii) obtain a guaranty from, or contingent agreement of (in
each case, in form and substance acceptable to the Insurer), another person who
qualifies as an Eligible Interest Rate Hedge Provider to honor such Interest
Rate Hedge Provider’s obligations under its Series 2005-1 Interest Rate Hedge
in accordance with its terms and written confirmation from Standard &
Poor’s and Moody’s that the substantive terms of the guaranty agreement are
sufficient to maintain or restore the immediately prior Shadow Rating, (iii)
post collateral pursuant to and in accordance with its Series 2005-1 Interest
Rate Hedge, or (iv) enter into any arrangement satisfactory to Standard &
Poor’s, Moody’s and, so long as the Class A Notes are Outstanding, the Insurer, which approval of the Insurer,
during any period when an Insurer Default is continuing, shall not be
unreasonably withheld or delayed, which is sufficient to maintain or restore
the immediately prior Shadow Rating.  If
HVF is unable to cause such Interest Rate Hedge Provider to take any of the
actions described in clauses (i), (ii), (iii) or (iv)
of the preceding sentence after making commercially reasonable efforts, (I) HVF
will obtain a replacement Series 2005-1 Interest Rate Hedge at the expense of
the replaced Interest Rate Hedge Provider or, if the replaced Interest Rate
Hedge Provider fails to make such payment, at the expense of HVF (in which
event, such amount will be considered Carrying Charges and paid solely from
Interest Collections available pursuant to Section 2.3(h) of this Series
Supplement) and (II) to the extent that HVF does not obtain a replacement
Series 2005-1 Interest Rate Hedge, the Insurer shall be deemed to have been
materially and adversely effected.  HVF
must cause each Series 2005-1 Interest Rate Hedge to provide that if the
Interest Rate Hedge Provider is required to take any of the 

 124
 

actions described in clauses (i), (ii), or (iv)
above and such action is not taken within 30 days, then the Interest Rate Hedge
Provider must, until a replacement Series 2005-1 Interest Rate Hedge is
executed and in effect, collateralize its obligations as required under clause
(iii) above.  Each Series 2005-1
Noteholder by its acceptance of a Series 2005-1 Note hereby acknowledges and agrees,
and directs the Trustee to acknowledge and agree, and the Trustee, at such
direction, hereby acknowledges and agrees, that any collateral posted by an
Interest Rate Hedge Provider pursuant to clause (iii) above (A) is
collateral solely for the obligations of such Interest Rate Hedge Provider
under its Series 2005-1 Interest Rate Hedge, (B) does not constitute collateral
for the Series 2005-1 Notes (provided that in order to secure and provide for
the payment of the Note Obligations with respect to the Series 2005-1 Notes,
HVF has pledged each Series 2005-1 Interest Rate Hedge and its security
interest in any collateral posted in connection therewith as collateral for the
Series 2005-1 Notes), and (C) will in no event be available to satisfy any obligations
of HVF hereunder or otherwise unless and until such Interest Rate Hedge
Provider defaults in its obligations under its Series 2005-1 Interest Rate
Hedge and such collateral is applied in accordance with the terms of such
Series 2005-1 Interest Rate Hedge to satisfy such defaulted obligations of such
Interest Rate Hedge Provider.

(c)           If
the long-term senior unsecured debt rating of an Interest Rate Hedge Provider,
or the Person that guarantees all of the Interest Rate Hedge Provider’s
obligations under its Series 2005-1 Interest Rate Hedge, is withdrawn or falls
to or below “Baa1” by Moody’s or to or below “BBB+” by Standard & Poor’s,
then the Insurer may terminate such Interest Rate Hedge Provider’s Series
2005-1 Interest Rate Hedge if, after 10 Business Days after the occurrence of
such rating withdrawal or fall, the Interest Rate Hedge Provider has not, at
its own expense, (i) obtained a replacement interest rate swap or cap on the
same terms as the Series 2005-1 Interest Rate Hedge (or with such modifications
as are acceptable to the Rating Agencies and the Insurer) provided by such
Interest Rate Hedge Provider from an Eligible Interest Rate Hedge Provider and
simultaneously with such replacement terminated the Series 2005-1 Interest Rate
Hedge being replaced or (ii) entered into any arrangement satisfactory to
S&P, Moody’s and, so long as the Class A Notes are outstanding, the
Insurer, which approval of the Insurer, during any period when an Insurer
Default is continuing, will not have been unreasonably withheld or delayed,
which was sufficient to maintain or restore the immediately prior Shadow
Rating.

(d)           To
secure payment of the Note Obligations with respect to the Series 2005-1 Notes,
HVF hereby grants a security interest in, and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Series 2005-1
Noteholders and the Insurer, all of HVF’s right, title and interest, whether
now or hereafter existing or acquired, in the Series 2005-1 Interest Rate
Hedges and all proceeds thereof.  HVF
shall require all proceeds of the Series 2005-1 Interest Rate Hedges to be
paid, and the Trustee shall allocate, all proceeds of the Series 2005-1
Interest Rate Hedges to the Series 2005-1 Accrued Interest Account or the
Series 2005-1 Collection Account.

 125
 

Section 2.12. 
Series 2005-1 Demand Note Constitutes Additional Collateral for
Series 2005-1 Notes.

(a)           In
order to secure and provide for the repayment and payment of the Note
Obligations with respect to the Series 2005-1 Notes, HVF hereby grants a
security interest in and assigns, pledges, grants, transfers and sets over to
the Trustee, for the benefit of the Series 2005-1 Noteholders, the Insurer,
Ford and each Interest Rate Hedge Provider, all of HVF’s right, title and
interest in and to the following (whether now or hereafter existing or
acquired):  (i) the Series 2005-1 Demand
Note; (ii) all certificates and instruments, if any, representing or evidencing
the Series 2005-1 Demand Note; and (iii) all proceeds of any and all of the foregoing,
including, without limitation, cash.  On
the date hereof, HVF shall deliver to the Trustee, for the benefit of the
Series 2005-1 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider, the Series 2005-1 Demand Note, endorsed in blank.  The Trustee, for the benefit of the Series
2005-1 Noteholders, the Insurer, Ford and each Interest Rate Hedge Provider,
shall be the only Person authorized to make a demand for payment on the Series
2005-1 Demand Note.

(b)           Other
than pursuant to a payment made upon a demand thereon by the Trustee, HVF shall
not reduce the amount of the Series 2005-1 Demand Note or forgive amounts
payable thereunder so that the outstanding principal amount of the Series
2005-1 Demand Note after such reduction or forgiveness is less than the sum of
the Class A Letter of Credit Liquidity Amount and the Class B Letter of Credit
Liquidity Amount.  HVF shall not agree,
to any amendment of the Series 2005-1 Demand Note without first satisfying the
Series 2005-1 Rating Agency Condition.

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

(d)           Upon
the occurrence and during the continuance of an Amortization Event with respect
to the Series 2005-1 Notes, the Trustee may and, at the written direction of
the Insurer or the Series 2005-1 Noteholders holding more than 50% of the
Controlling Class shall, make one or more demands (each a “Demand Notice”)
on Hertz for payment under the Series 2005-1 Demand Note, in each case, in an
amount equal to the lesser of (i) the principal amount of the Series 2005-1
Demand Note and (ii) on any Business Day, (A) prior to the second Business Day
immediately preceding the Three-Year Notes Legal Final Payment Date, the amount
of any Principal Deficit Amount on such date, (B) on or after the second
Business Day immediately preceding the Three-Year Notes Legal Final Payment
Date but prior to the second Business Day immediately preceding the Four-Year
Notes Legal Final Payment Date, the greater of (x) the Principal Deficit Amount
on such date and (y) the sum of the Class A-1 Principal Amount, the Class B-1
Principal Amount and the Class B-2 Principal Amount (on or prior to the
Three-Year Notes Legal Final Payment Date, calculated after giving effect to 

 126
 

the distribution of all amounts on account of principal that will be
available to be distributed to the Class A-1 Noteholders (other than under the
Insurance Policy) and the Class B-1 Noteholders and the Class B-2 Noteholders
in accordance with this Series Supplement on the Three-Year Notes Legal Final
Payment Date (including, but not limited to, amounts to be withdrawn from the
Class A Reserve Account and the Class B Reserve Account pursuant to Section
2.5(c) of this Series Supplement)), (C) on or after the second Business Day
immediately preceding the Four-Year Notes Legal Final Payment Date but prior to
the second Business Day immediately preceding the Five-Year Notes Legal Final
Payment Date, the greater of (x) the Principal Deficit Amount on such date and
(y) the sum of the Class A-2 Principal Amount, the Class A-3 Principal Amount,
the Class B-3 Principal Amount and the Class B-4 Principal Amount (on or prior
to the Four-Year Notes Legal Final Payment Date, calculated after giving effect
to the distribution of all amounts on account of principal that will be
available to be distributed to the Class A-2 Noteholders and the Class A-3 Noteholders
(other than under the Insurance Policy) and the Class B-3 Noteholders and the
Class B-4 Noteholders in accordance with this Series Supplement on the
Four-Year Notes Legal Final Payment Date (including, but not limited to,
amounts to be withdrawn from the Class A Reserve Account and the Class B
Reserve Account pursuant to Section 2.5(c) of this Series Supplement)),
and (D) on or after the second Business Day immediately preceding the Five-Year
Notes Legal Final Payment Date, the Series 2005-1 Principal Amount (on or prior
to the Five-Year Notes Legal Final Payment Date, calculated after giving effect
to the distribution of all amounts that will be available to be distributed to
the Class A-4 Noteholders and the Class A-5 Noteholders (other than under the
Insurance Policy) and the Class B-5 Noteholders and the Class B-5 Noteholders
in accordance with this Series Supplement on the Five-Year Notes Legal Final
Payment Date (including, but not limited to, amounts to be withdrawn from the
Class A Reserve Account and the Class B Reserve Account pursuant to Section
2.5(c) of this Series Supplement)). 
The Trustee shall cause the proceeds of any demand on the Series 2005-1
Demand Note to be deposited into the Series 2005-1 Distribution Account, and
such proceeds shall be treated as Principal Collections for all purposes
hereunder.  If (i) the Trustee shall have
made such a Demand Notice and Hertz shall have failed to pay to the Trustee or
deposit into the Series 2005-1 Distribution Account the amount specified in
such Demand Notice in whole or in part by 12:00 noon (New York City time) on
the Business Day following the making of the Demand Notice or (ii) due to the
occurrence of an Event of Bankruptcy (or the occurrence of an event described
in clause (a) of the definition thereto, without the lapse of a period
of 60 consecutive days) with respect to Hertz, the Trustee shall not have
delivered such Demand Notice to Hertz, the Trustee shall draw on:

(X) the Class B Non-Ford
Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business
Day an amount equal to the least of: (A) the amount that Hertz failed to pay
under the Series 2005-1 Demand Note (or the amount that the Trustee failed to
demand for payment thereunder);

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

 127
 

(C)           on
any Business Day:

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

(ii)           on the Business Day
immediately preceding the Three-Year Notes Legal Final Payment Date, the sum of
(x) the greater of the Principal Deficit Amount on such date and the sum of the
Class A-1 Principal Amount, the Class B-1 Principal Amount and the
Class B-2 Principal Amount on such Business Day and (y) the lesser of (1)
the amount by which the Class B Liquidity Amount (after giving effect to any
withdrawals to be made from the Class B Reserve Account pursuant to Section
2.3(d)(ii) and Section 2.5(b)(i)(A) of this Series Supplement and
any drawings to be made under the Class B Letters of Credit pursuant to Section
2.3(e)(II) of this Series Supplement on the Three-Year Notes Legal Final
Payment Date) will exceed the Class B Required Liquidity Amount (after giving
effect to all anticipated reductions in the Class B Principal Amount on the
Three-Year Notes Legal Final Payment Date) and (2) an amount equal to the
excess, if any, of (a) the Class B Required Liquidity Amount on the earlier of
(I) the date of the first occurrence of a Series 2005-1 Lease Interest Payment
Deficit (other than any Series 2005-1 Lease Interest Payment Deficit resulting
from a failure to pay Rent or any other amount payable by the Lessee under the
HVF Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure) and (II) the Three-Year Notes Legal Final Payment
Date over (b) the aggregate amount, as of the Three-Year Notes Legal Final
Payment Date, of all withdrawals from the Class B Reserve Account made since
the date set forth in clause (a) of this subparagraph (C)(ii) or
to be made in respect of the Three-Year Notes Legal Final Payment Date pursuant
to Section 2.3(d)(ii) of this Series Supplement and all drawings made
since such date or to be made in respect of the Three-Year Notes Legal Final Payment
Date under the Class B Letters of Credit pursuant to Section 2.3(e)(II)
of this Series Supplement; provided, however, that any such
withdrawals from the Class B Reserve Account and/or drawings made under the
Class B Letters of Credit on account of a Series 2005-1 Lease Interest Payment
Deficit resulting from a failure to pay Rent or other amount payable by the
Lessee under the HVF Lease that is cured in full on or prior to the fifth
Business Day after the occurrence of such failure shall be excluded from this clause
(b);

(iii)          on the Business Day
immediately preceding the Four-Year Notes Legal Final Payment Date, the sum of
(x) the greater of the Principal Deficit Amount on such date and the sum of the
Class A-2 Principal Amount, the Class A-3 Principal Amount, the Class B-3
Principal Amount and the Class B-4 Principal Amount on such Business Day and
(y) the lesser of (1) the amount by which the Class B Liquidity Amount (after
giving effect to any withdrawals to be made from the Class B Reserve Account
pursuant to Section 2.3(d)(ii) and Section 2.5(b)(i)(A) of this
Series Supplement and any drawings to be made under the Class B Letters of
Credit pursuant to Section 2.3(e)(II) of this Series 

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Supplement on
the Four-Year Notes Legal Final Payment Date) will exceed the Class B Required
Liquidity Amount (after giving effect to all anticipated reductions in the
Class B Principal Amount on the Four-Year Notes Legal Final Payment Date) and
(2) an amount equal to the excess, if any, of (a) the Class B Required
Liquidity Amount on the earlier of (I) the date of the first occurrence of a
Series 2005-1 Lease Interest Payment Deficit (other than any Series 2005-1
Lease Interest Payment Deficit resulting from a failure to pay Rent or any
other amount payable by the Lessee under the HVF Lease that is cured in full on
or prior to the fifth Business Day after the occurrence of such failure) and
(II) the Four-Year Notes Legal Final Payment Date over (b) the aggregate
amount, as of the Four-Year Notes Legal Final Payment Date, of all withdrawals
from the Class B Reserve Account made since the date set forth in clause (a)
of this subparagraph (C)(iii) or to be made in respect of the Four-Year
Notes Legal Final Payment Date pursuant to Section 2.3(d)(ii) of this
Series Supplement and all drawings made since such date or to be made in
respect of the Four-Year Notes Legal Final Payment Date under the Class B
Letters of Credit pursuant to Section 2.3(e)(II) of this Series
Supplement; provided, however, that any such withdrawals from the
Class B Reserve Account and/or drawings made under the Class B Letters of
Credit on account of a Series 2005-1 Lease Interest Payment Deficit resulting
from a failure to pay Rent or other amount payable by the Lessee under the HVF
Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure shall be excluded from this clause (b); and

(iv)          on the Business Day
immediately preceding the Five-Year Notes Legal Final Payment Date, the sum of
(x) the greater of the Principal Deficit Amount on such date and the sum of the
Class A-4 Principal Amount, the Class A-5 Principal Amount, the Class B-5
Principal Amount and the Class B-6 Principal Amount on such Business Day and
(y) an amount equal to the excess, if any, of (a) the Class B Required
Liquidity Amount on the earlier of (I) the date of the first occurrence of a
Series 2005-1 Lease Interest Payment Deficit (other than any Series 2005-1
Lease Interest Payment Deficit resulting from a failure to pay Rent or any other
amount payable by the Lessee under the HVF Lease that is cured in full on or
prior to the fifth Business Day after the occurrence of such failure) and (II)
the Five-Year Notes Legal Final Payment Date over (b) the aggregate amount, as
of the Five-Year Notes Legal Final Payment Date, of all withdrawals from the
Class B Reserve Account made since the date set forth in clause (a) of
this subparagraph (C)(iv) or to be made in respect of the Five-Year
Notes Legal Final Payment Date pursuant to Section 2.3(d)(ii) of this
Series Supplement and all drawings made since such date or to be made in
respect of the Five-Year Notes Legal Final Payment Date under the Class B
Letters of Credit pursuant to Section 2.3(e)(II) of this Series
Supplement; provided, however, that any such withdrawals from the
Class B Reserve Account and/or drawings made under the Class B Letters of
Credit on account of a Series 2005-1 Lease Interest Payment Deficit resulting
from a failure to pay Rent or other amount payable by the Lessee under the HVF
Lease that is cured in full on or prior to the fifth 

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Business Day
after the occurrence of such failure shall be excluded from this clause (b);

by presenting to each
Class B Non-Ford Letter of Credit Provider a draft accompanied by a Class B
Certificate of Unpaid Demand Note Demand; provided, however that
if the Class B Non-Ford Cash Collateral Account has been established and
funded, the Trustee shall withdraw from the Class B Non-Ford Cash Collateral
Account and deposit in the Series 2005-1 Distribution Account an amount equal
to the lesser of (x) the Class B Non-Ford Cash Collateral Percentage on such
Business Day of the least of the amounts set forth in clause (A), (B)
or (C) above and (y) the Class B Available Non-Ford Cash Collateral
Account Amount on such Business Day and draw an amount equal to the remainder
of such amount on the Class B Non-Ford Letters of Credit; and

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

(A)          the excess of the amount that Hertz
failed to pay under the Series 2005-1 Demand Note (or the amount that the
Trustee failed to demand for payment thereunder) over the aggregate amount of
any draws under the Class B Non-Ford Letter of Credit and/or withdrawals from
the Class B Non-Ford Cash Collateral Account pursuant to clause (X)
above on such Business Day;

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

(C)           on any Business Day:

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

(ii)           on the Business Day
immediately preceding the Three-Year Notes Legal Final Payment Date, the sum of
(x) the excess of the greater of the Principal Deficit Amount and the sum of
the Class A-1 Principal Amount, the Class B-1 Principal Amount and
the Class B-2 Principal Amount on such Business Day over the aggregate
amount of any draws under the Class B Non-Ford Letter of Credit and/or
withdrawals from the Class B Non-Ford Cash Collateral Account pursuant to clause
(X) above on such Business Day and (y) the lesser of (1) the amount by
which the Class A Liquidity Amount (after giving effect to any withdrawals to
be made from the Class A Reserve Account pursuant to Section 2.3(d)(i)
and Section 2.5(b)(i)(B) of this Series Supplement and any drawings to
be made under the Class A Letters of Credit pursuant to Section 2.3(e)(I)
of this Series Supplement on the Three-Year Notes Legal Final Payment Date)
will exceed the Class A Required Liquidity Amount (after giving effect to 

 130
 

all
anticipated reductions in the Class A Principal Amount on the Three-Year Notes
Legal Final Payment Date) and (2) an amount equal to the excess, if any, of (a)
the Class A Required Liquidity Amount on the earlier of (I) the date of the
first occurrence of a Series 2005-1 Lease Interest Payment Deficit (other than
any Series 2005-1 Lease Interest Payment Deficit resulting from a failure to
pay Rent or any other amount payable by the Lessee under the HVF Lease that is
cured in full on or prior to the fifth Business Day after the occurrence of
such failure) and (II) the Three-Year Notes Legal Final Payment Date over (b)
the aggregate amount, as of the Three-Year Notes Legal Final Payment Date, of
all withdrawals from the Class A Reserve Account made since the date set forth
in clause (a) of this subparagraph (C)(ii) or to be made in
respect of the Three-Year Notes Legal Final Payment Date pursuant to Section
2.3(d)(i) of this Series Supplement and all drawings made since such date or
to be made in respect of the Three-Year Notes Legal Final Payment Date under
the Class A Letters of Credit pursuant to Section 2.3(e)(I) of this
Series Supplement; provided, however, that any such withdrawals
from the Class A Reserve Account and/or drawings made under the Class A Letters
of Credit on account of a Series 2005-1 Lease Interest Payment Deficit
resulting from a failure to pay Rent or other amount payable by the Lessee
under the HVF Lease that is cured in full on or prior to the fifth Business Day
after the occurrence of such failure shall be excluded from this clause (b);

(iii)          on the Business Day
immediately preceding the Four-Year Notes Legal Final Payment Date, the sum of
(x) the excess of the greater of the Principal Deficit Amount and the sum of
the Class A-2 Principal Amount, the Class A-3 Principal Amount, the Class B-3
Principal Amount and the Class B-4 Principal Amount on such Business Day over
the aggregate amount of any draws under the Class B Non-Ford Letter of Credit
and/or withdrawals from the Class B Non-Ford Cash Collateral Account pursuant
to clause (X) above on such Business Day and (y) the lesser of (1) the
amount by which the Class A Liquidity Amount (after giving effect to any
withdrawals to be made from the Class A Reserve Account pursuant to Section
2.3(d)(i) and Section 2.5(b)(i)(B) of this Series Supplement and any
drawings to be made under the Class A Letters of Credit pursuant to Section
2.3(e)(I) of this Series Supplement on the Four-Year Notes Legal Final
Payment Date) will exceed the Class A Required Liquidity Amount (after giving
effect to all anticipated reductions in the Class A Principal Amount on the
Four-Year Notes Legal Final Payment Date) and (2) an amount equal to the
excess, if any, of (a) the Class A Required Liquidity Amount on the earlier of
(I) the date of the first occurrence of a Series 2005-1 Lease Interest Payment
Deficit (other than any Series 2005-1 Lease Interest Payment Deficit resulting
from a failure to pay Rent or any other amount payable by the Lessee under the
HVF Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure) and (II) the Four-Year Notes Legal Final Payment
Date over (b) the aggregate amount, as of the Four-Year Notes Legal Final Payment
Date, of all withdrawals from the Class A Reserve Account made since the date
set forth in clause (a) of this subparagraph (C)(iii) or to be
made in 

 131
 

respect of the
Four-Year Notes Legal Final Payment Date pursuant to Section 2.3(d)(i)
of this Series Supplement and all drawings made since such date or to be made
in respect of the Four-Year Notes Legal Final Payment Date under the Class A
Letters of Credit pursuant to Section 2.3(e)(I) of this Series
Supplement; provided, however, that any such withdrawals from the
Class A Reserve Account and/or drawings made under the Class A Letters of
Credit on account of a Series 2005-1 Lease Interest Payment Deficit resulting
from a failure to pay Rent or other amount payable by the Lessee under the HVF
Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure shall be excluded from this clause (b); and

(iv)          on the Business Day
immediately preceding the Five-Year Notes Legal Final Payment Date, the sum of
(x) the excess of the greater of the Principal Deficit Amount and the sum of
the Class A-4 Principal Amount, the Class A-5 Principal Amount, the Class B-5
Principal Amount and the Class B-6 Principal Amount on such Business Day over
the aggregate amount of any draws under the Class B Non-Ford Letter of Credit
and/or withdrawals from the Class B Non-Ford Cash Collateral Account pursuant
to clause (X) above on such Business Day and (y) an amount equal to the
excess, if any, of (a) the Class A Required Liquidity Amount on the earlier of
(I) the date of the first occurrence of a Series 2005-1 Lease Interest Payment
Deficit (other than any Series 2005-1 Lease Interest Payment Deficit resulting
from a failure to pay Rent or any other amount payable by the Lessee under the
HVF Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure) and (II) the Five-Year Notes Legal Final Payment
Date over (b) the aggregate amount, as of the Five-Year Notes Legal Final
Payment Date, of all withdrawals from the Class A Reserve Account made since
the date set forth in clause (a) of this subparagraph (C)(iv) or
to be made in respect of the Five-Year Notes Legal Final Payment Date pursuant
to Section 2.3(d)(i) of this Series Supplement and all drawings made since
such date or to be made in respect of the Five-Year Notes Legal Final Payment
Date under the Class A Letters of Credit pursuant to Section 2.3(e)(I)
of this Series Supplement; provided, however, that any such
withdrawals from the Class A Reserve Account and/or drawings made under the
Class A Letters of Credit on account of a Series 2005-1 Lease Interest Payment
Deficit resulting from a failure to pay Rent or other amount payable by the
Lessee under the HVF Lease that is cured in full on or prior to the fifth
Business Day after the occurrence of such failure shall be excluded from this clause
(b); and

by presenting to each Class A Non-Ford Letter of
Credit Provider a draft accompanied by a Class A Certificate of Unpaid Demand
Note Demand; provided, however that if the Class A Non-Ford Cash
Collateral Account has been established and funded, the Trustee shall withdraw
from the Class A Non-Ford Cash Collateral Account and deposit in the Series
2005-1 Distribution Account an amount equal to the lesser of (x) the Class A
Non-Ford Cash Collateral Percentage on such Business Day of the least of the
amounts set forth in clause (A), (B) or (C) above and (y)
the Class A Available Non-Ford Cash 

 132
 

Collateral Account Amount on such Business Day and
draw an amount equal to the remainder of such amount on the Class A Non-Ford
Letters of Credit.  The Trustee shall
deposit, or cause the deposit of, the proceeds of any such draw on the Class A
Non-Ford Letters of Credit and the proceeds of any such withdrawal from the
Class A Non-Ford Cash Collateral Account and any draw on the Class B Non-Ford
Letters of Credit and the proceeds of any such withdrawal from the Class B
Non-Ford Cash Collateral Account, into the Series 2005-1 Collection Account and
such proceeds shall be treated as Principal Collections for the Related Month.

Section 2.13. 
Class B Reserve Account.

(a)           Establishment
of Class B Reserve Account.  On or
prior to the first Series 2005-1 Class B Notes Closing Date, HVF shall
establish and maintain in the name of the Trustee for the benefit of the Series
2005-1 Noteholders, Ford and each Interest Rate Hedge Provider an account (the
“Class B Reserve Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Series 2005-1
Noteholders, Ford and each Interest Rate Hedge Provider.  The Class B Reserve Account shall be an
Eligible Deposit Account.  If the Class B
Reserve Account is at any time following such initial Series 2005-1 Class B
Notes Closing Date no longer an Eligible Deposit Account, HVF shall, within 10
Business Days of obtaining knowledge that the Class B Reserve Account is no
longer an Eligible Deposit Account, establish a new Class B Reserve Account
that is an Eligible Deposit Account.  If
a new Class B Reserve Account is established, HVF shall instruct the Trustee in
writing to transfer all cash and investments from the non-qualifying Class B
Reserve Account into the new Class B Reserve Account.  Initially, the Class B Reserve Account will
be established with the Trustee.

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

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

 133
 

(d)           Class
B Reserve Account Constitutes Additional Collateral for Series 2005-1 Notes.
 In
order to secure and provide for the repayment and payment of the Note
Obligations with respect to the Series 2005-1 Notes, HVF hereby grants a
security interest in and assigns, pledges, grants, transfers and sets over to
the Trustee, for the benefit of the Series 2005-1 Noteholders, Ford and each
Interest Rate Hedge Provider, all of HVF’s right, title and interest in and to
the following (whether now or hereafter existing or acquired):  (i) the Class B Reserve Account, including
any security entitlement thereto; (ii) all funds on deposit therein from time
to time; (iii) all certificates and instruments, if any, representing or
evidencing any or all of the Class B Reserve Account or the funds on deposit
therein from time to time; (iv) all investments made at any time and from time
to time with monies in the Class B Reserve Account, whether constituting
securities, instruments, general intangibles, investment property, financial
assets or other property; (v) all interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for the Class B Reserve Account, the funds on
deposit therein from time to time or the investments made with such funds; and
(vi) all proceeds of any and all of the foregoing, including, without
limitation, cash (the items in the foregoing clauses (i) through (vi)
are referred to, collectively, as the “Class B Reserve Account Collateral”).

(e)           Class
B Reserve Account Surplus.  In the
event that the Class B Reserve Account Surplus on any Payment Date is greater
than zero, the Trustee, acting in accordance with the written instructions of
the Administrator, shall withdraw from the Class B Reserve Account an amount
equal to the Class B Reserve Account Surplus and (i) pay to Ford, the lesser of
(x) such Class B Reserve Account Surplus and (y) all unpaid Ford Reimbursement
Obligations and (ii) only for so long as the Ford LOC Exposure Amount is
greater than zero, solely to the extent that after giving effect to such
payment the Fleet Equity Condition would be satisfied, (A) pay to each Interest
Rate Hedge Provider on a pro  rata basis the lesser of (x) the
excess of such Class B Reserve Account Surplus over the amounts paid pursuant
to clause (i) above and (y) all amounts then due and owing to each such
Interest Rate Hedge Provider under its Series 2005-1 Interest Rate Hedge and
(B) pay to HVF any portion of such Class B Reserve Account Surplus remaining
after any required payments pursuant to clauses (i) and (ii)(A)
above.

(f)            Termination
of Class B Reserve Account.  On or
after the date on which the Class B Notes are fully paid, each Interest Rate
Hedge Provider has been paid all amounts due and owing to it from HVF under its
Series 2005-1 Interest Rate Hedge and Ford has been paid all unpaid Ford
Reimbursement Obligations, the Trustee, acting in accordance with the written
instructions of the Administrator, shall withdraw from the Class B Reserve
Account, only for so long as the Ford LOC Exposure Amount is greater than zero,
solely to the extent that after giving effect to such payment the Fleet Equity
Condition would be satisfied, all remaining amounts on deposit therein for
payment to HVF.

 134

Section 2.14. 
Class B Letters of Credit and Class B Cash Collateral Account.

(a)           (I) Class
B Ford Cash Collateral Account Constitutes Additional Collateral for Series
2005-1 Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-1 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-1 Noteholders, Ford and each Interest Rate Hedge Provider, all of
HVF’s right, title and interest in and to the following (whether now or
hereafter existing or acquired):  (i) the
Class B Ford Cash Collateral Account, including any security entitlement
thereto; (ii) all funds on deposit in the Class B Ford Cash Collateral Account
from time to time; (iii) all certificates and instruments, if any, representing
or evidencing any or all of the Class B Ford Cash Collateral Account or the
funds on deposit therein from time to time; (iv) all investments made at any time
and from time to time with monies in the Class B Ford Cash Collateral Account,
whether constituting securities, instruments, general intangibles, investment
property, financial assets or other property; (v) all interest, dividends,
cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for the Class B Ford Cash
Collateral Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Class B
Ford Cash Collateral Account Collateral”).

(II)           Class B Non-Ford Cash Collateral
Account Constitutes Additional Collateral for Series 2005-1 Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Series 2005-1
Notes, HVF hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Series 2005-1
Noteholders, Ford and each Interest Rate Hedge Provider, all of HVF’s right,
title and interest in and to the following (whether now or hereafter existing
or acquired):  (i) the Class B Non-Ford
Cash Collateral Account, including any security entitlement thereto; (ii) all
funds on deposit in the Class B Non-Ford Cash Collateral Account from time to
time; (iii) all certificates and instruments, if any, representing or evidencing
any or all of the Class B Non-Ford Cash Collateral Account or the funds on
deposit therein from time to time; (iv) all investments made at any time and
from time to time with monies in the Class B Non-Ford Cash Collateral Account,
whether constituting securities, instruments, general intangibles, investment
property, financial assets or other property; (v) all interest, dividends,
cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for the Class B Non-Ford
Cash Collateral Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Class B
Non-Ford Cash Collateral Account Collateral”).

(b)           Class
B Letter of Credit Expiration Date. 
If prior to the date which is sixteen (16) Business Days prior to the
then scheduled Class B Letter of Credit Expiration Date with respect to any
Class B Letter of Credit, excluding the amount

 135
 

available to be drawn under such Class B Letter of Credit but taking
into account each substitute Class B Letter of Credit which has been obtained
from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford
Letter of Credit Provider, as applicable, and is in full force and effect on
such date, (i) the Class A Adjusted Enhancement Amount would be equal to or
greater than the Class A Required Enhancement Amount, (ii) the Class B
Enhancement Amount would be equal to or greater than the Class B Required
Enhancement Amount, (iii) the Class B Liquidity Amount would be equal to or
greater than the Class B Required Liquidity Amount or (iv) if the expiring
Class B Letter of Credit is a Class B Non-Ford Letter of Credit, the sum of the
Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford
Letter of Credit Liquidity Amount would be equal to or greater than the Series 2005-1
Demand Note Payment Amount, then the Administrator shall notify the Trustee in
writing no later than fifteen (15) Business Days prior to such Class B Letter
of Credit Expiration Date of such determination.  If prior to the date which is sixteen (16) Business
Days prior to the then scheduled Class B Letter of Credit Expiration Date with
respect to any Class B Letter of Credit, excluding such Class B Letter of
Credit but taking into account any substitute Class B Letter of Credit which
has been obtained from a Class B Eligible Letter of Credit Provider or a Class
B Eligible Ford Letter of Credit Provider, as applicable, and is in full force
and effect on such date, (i) the Class A Adjusted Enhancement Amount would
be less than the Class A Required Enhancement Amount, (ii) the Class B Adjusted
Enhancement Amount would be less than the Class B Required Enhancement Amount,
(iii) the Class B Adjusted Liquidity Amount would be less than the Class B
Required Liquidity Amount or (iv) if the expiring Class B Letter of Credit is a
Class B Non-Ford Letter of Credit, the sum of the Class A Non-Ford Letter of
Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity
Amount would be less than the Series 2005-1 Demand Note Payment Amount, then
the Administrator shall notify the Trustee in writing no later than fifteen
(15) Business Days prior to such Class B Letter of Credit Expiration Date of
(x) the greatest of (A) the excess, if any, of the Class A Required Enhancement
Amount over the Class A Adjusted Enhancement Amount, excluding such Class B
Letter of Credit but taking into account any substitute Class B Letter of
Credit which has been obtained from a Class B Eligible Letter of Credit
Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable,
and is in full force and effect on such date, (B) the excess, if any, of the
Class B Required Enhancement Amount over the Class B Adjusted Enhancement
Amount, excluding such Class B Letter of Credit but taking into account any
substitute Class B Letter of Credit which has been obtained from a Class B
Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit
Provider, as applicable, and is in full force and effect on such date, (C) the
excess, if any, of the Class B Required Liquidity Amount over the Class B
Adjusted Liquidity Amount, excluding such Class B Letter of Credit but taking
into account each substitute Class B Letter of Credit which has been obtained
from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford
Letter of Credit Provider, as applicable, and is in full force and effect on
such date, and (D) solely with respect to a Class B Non-Ford Letter of Credit,
the excess, if any, of the Series 2005-1 Demand Note Payment Amount over the
sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B
Non-Ford Letter of Credit Liquidity Amount, 

 136
 

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

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

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

(d)           Class
B Preference Amount Demands on the Class B Letters of Credit.  If a Class B Noteholder notifies the Trustee
in writing that a Class B Preference Amount is due and owing, subject to the
satisfaction of the conditions set forth in the next succeeding sentence, the
Trustee shall draw an amount equal to the lesser of (i) such Class B Preference
Amount and (ii) the Class B Non-Ford Letter of Credit Liquidity Amount on the
Class B Non-Ford Letters of Credit by presenting to each Class B Non-Ford Letter of Credit Provider a
draft accompanied by a Class B
Certificate of Preference Payment Demand and shall cause the Class B LOC
Preference Payment Disbursements to be paid to the Class B Noteholders; provided,
however, that if the Class B Non-Ford Cash Collateral Account has been established and funded, the Trustee
shall draw an amount equal to the product of (a) 100% minus the Class B
Non-Ford Cash Collateral Percentage and (b) the lesser of the amounts referred
to in clause (i) and (ii) on such Business Day on the Class B Non-Ford
Letters of Credit as calculated by
the Administrator, at the request of the Trustee, and provided in writing to
the Trustee.  Prior to any draw on
the Class B Non-Ford Letters of Credit or withdrawal from the Class B Non-Ford
Cash Collateral Account pursuant to this Section 2.14(d), the Trustee
shall have received a certified copy of the order requiring the return of such
Class B Preference Amount.

(e)           (I) Reductions
in Stated Amounts of the Class B Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-3-1, requesting a
reduction in the stated amount of any Class B Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to
the Class B Ford Letter of Credit Provider who issued such Class B Ford Letter
of Credit with a copy to Ford a Class B Notice of Reduction requesting a
reduction in the stated amount of such Class B Ford Letter of Credit in the
amount requested in such notice effective on the date set forth in such notice,
provided that on such effective date, after giving effect to the
requested reduction in the stated amount of such Class B Ford Letter of Credit,
(i) the Class A Adjusted Enhancement Amount will equal or exceed the Class A
Required Enhancement Amount, (ii) the Class B Adjusted Enhancement Amount will
equal or exceed the Class B Required Enhancement Amount, and (iii) the Class B
Adjusted Liquidity Amount will equal or exceed the Class B Required Liquidity
Amount.  If the Trustee receives a
written notice from Ford, substantially in the form of Exhibit D-3-2, 

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requesting the replacement of any Class B Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice and upon
receipt of a substitute Class B Ford Letter of Credit having a stated amount
equal to the available amount of the Class B Ford Letter of Credit being
replaced issued by a Class B Eligible Ford Letter of Credit Provider deliver to
the Class B Letter of Credit Provider who issued the Class B Ford Letter of
Credit being replaced a written notice in the form provided in such Class B
Ford Letter of Credit confirming cancellation of such Class B Ford Letter of
Credit and shall deliver such cancelled Class B Ford Letter of Credit to such
Class B Letter of Credit Provider as soon as practicable.

(II)           Reductions in Stated Amounts of
the Class B Non-Ford Letters of Credit. 
If the Trustee receives a written notice from the Lessee, substantially
in the form of Exhibit D-4, requesting a reduction in the stated amount
of any Class B Non-Ford Letter of Credit, the Trustee shall within two Business
Days of the receipt of such notice deliver to the Class B Non-Ford Letter of
Credit Provider who issued such Class B Non-Ford Letter of Credit a Class B
Notice of Reduction requesting a reduction in the stated amount of such Class B
Non-Ford Letter of Credit in the amount requested in such notice effective on
the date set forth in such notice provided that on such effective date, after
giving effect to the requested reduction in the stated amount of such Class B
Non-Ford Letter of Credit, (i) the Class A Adjusted Enhancement Amount will
equal or exceed the Class A Required Enhancement Amount, (ii) the Class B
Adjusted Enhancement Amount will equal or exceed the Class B Required
Enhancement Amount, (iii) the Class B Adjusted Liquidity Amount will equal or
exceed the Class B Required Liquidity Amount and (iv) the Class B Non-Ford
Letter of Credit Liquidity Amount will equal or exceed the Series 2005-1 Demand
Note Payment Amount minus the Class A Non-Ford Letter of Credit Liquidity
Amount.

(f)            (I) Draws
on the Class B Ford Letters of Credit. 
If there is more than one Class B Ford Letter of Credit on the date of
any draw on the Class B Ford Letters of Credit pursuant to the terms of this
Series Supplement (other than pursuant to Sections 2.14(b) and (c)
of this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Class B Ford Letter of Credit in an amount equal to
the Pro Rata Share of the Class B Ford Letter of Credit Provider issuing such
Class B Ford Letter of Credit of the amount of such draw on the Class B Ford
Letters of Credit.

(II)  Draws on the Class B Non-Ford Letters of
Credit.  If there is more than one
Class B Non-Ford Letter of Credit on the date of any draw on the Class B
Non-Ford Letters of Credit pursuant to the terms of this Series Supplement
(other than pursuant to Sections 2.14(b) and (c) of this Series
Supplement), the Administrator shall instruct the Trustee, in writing, to draw
on each Class B Non-Ford Letter of Credit in an amount equal to the Pro Rata
Share of the Class B Non-Ford Letter of Credit Provider issuing such Class B
Non-Ford Letter of Credit of the amount of such draw on the Class B Non-Ford
Letters of Credit.

(g)           (I) Establishment
of Class B Ford Cash Collateral Account. 
On or prior to the date of any drawing under a Class B Ford Letter of
Credit pursuant to Section 2.14(b) 

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or (c) of this Series Supplement, HVF shall establish and
maintain in the name of the Trustee for the benefit of the Series 2005-1
Noteholders, Ford and each Interest Rate Hedge Provider, an account (the “Class
B Ford Cash Collateral Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Series 2005-1
Noteholders, Ford
and each Interest Rate Hedge Provider. 
The Class B Ford Cash Collateral Account shall be an Eligible Deposit
Account.  If the Class B Ford Cash
Collateral Account is at any time no longer an Eligible Deposit Account, HVF
shall, within 10 Business Days of obtaining knowledge that the Class B Ford
Cash Collateral Account is no longer an Eligible Deposit Account, establish a
new Class B Ford Cash Collateral Account that is an Eligible Deposit
Account.  If a new Class B Ford Cash
Collateral Account is established, HVF shall instruct the Trustee in writing to
transfer all cash and investments from the non-qualifying Class B Ford Cash
Collateral Account into the new Class B Ford Cash Collateral Account.

(II)  Establishment
of Class B Non-Ford Cash Collateral Account.  On or prior to the date of any drawing under
a Class B Non-Ford Letter of Credit pursuant to Section 2.14(b) or (c)
of this Series Supplement, HVF shall establish and maintain in the name of the
Trustee for the benefit of the Series 2005-1 Noteholders, Ford and each
Interest Rate Hedge Provider, an account (the “Class B Non-Ford Cash
Collateral Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Series 2005-1
Noteholders, Ford and each Interest Rate Hedge Provider.  The Class B Non-Ford Cash Collateral Account
shall be an Eligible Deposit Account.  If
the Class B Non-Ford Cash Collateral Account is at any time no longer an
Eligible Deposit Account, HVF shall, within 10 Business Days of obtaining
knowledge that the Class B Non-Ford Cash Collateral Account is no longer an
Eligible Deposit Account, establish a new Class B Non-Ford Cash Collateral
Account that is an Eligible Deposit Account. 
If a new Class B Non-Ford Cash Collateral Account is established, HVF
shall instruct the Trustee in writing to transfer all cash and investments from
the non-qualifying Class B Non-Ford Cash Collateral Account into the new Class
B Non-Ford Cash Collateral Account.

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

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

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

(j)            Class
B Cash Collateral Account Surplus. 
(X) In the event that the Class B Cash Collateral Account Surplus on any
Payment Date is greater than zero, the Administrator may direct the Trustee to,
and the Trustee, acting in accordance with the written instructions of the
Administrator, shall, subject to the limitations set forth in this Section
2.14(j)(X), withdraw the amount specified by the Administrator from the
Class B Cash Collateral Account specified by the Administrator and apply such
amount in accordance with the terms of this Section 2.14(j)(X).  The amount of any such withdrawal from the
Class B Ford Cash Collateral Account shall be limited to the lesser of (a) the
Class B Available Ford Cash Collateral Account Amount on such Payment Date and
(b) the Class B Cash Collateral Account Surplus (after giving effect to any
withdrawal from the Class B Non-Ford Cash Collateral Account) on such Payment
Date.  The amount of any such withdrawal
from the Class B Non-Ford Cash Collateral Account shall be limited to the least
of (a) the Class B Available Non-Ford Cash Collateral Account Amount on such
Payment Date, (b) the Class B Cash Collateral Account Surplus (after giving
effect to any withdrawal from the Class B Ford Cash Collateral Account) on such
Payment Date and (c) the excess, if any, of the Class B Non-Ford Letter of
Credit Liquidity Amount on such Payment Date over the excess, if any, of the Series
2005-1 Demand Note Payment Amount over the Class A Non-Ford Letter of Credit
Liquidity Amount on such Payment Date. 
Any amounts withdrawn from the Class B Ford Cash Collateral Account
pursuant to this Section 2.14(j)(X) shall be paid to Ford.  Any amounts withdrawn from the Class B
Non-Ford Cash Collateral Account shall be paid: 
first, to Ford to the extent that there are unpaid Ford
Reimbursement Obligations due and owing to Ford, the lesser of the amount
withdrawn from the Class B Non-Ford Cash Collateral Account and the amount of
such unpaid Ford Reimbursement Obligations, second, only for so long as
the Ford LOC Exposure Amount is greater than zero, solely to the extent that
after giving effect to any such withdrawal, the Fleet Equity Condition would be
satisfied, to the Class B Non-Ford Letter of Credit Providers, to the extent
that there are unreimbursed Class B Disbursements due and owing to such Class B
Non-Ford Letter of Credit Providers in respect of the Class B Non-Ford Letters
of Credit, for application in accordance with the provisions of the respective
Class B Non-Ford Letter of Credit Reimbursement Agreement, and third,
only for so long as the Ford LOC Exposure Amount is greater than zero, solely
to the extent that after giving effect to any such withdrawal, the Fleet Equity
Condition would be satisfied, to HVF any remaining amount.  (Y) Irrespective of whether there is a Class
B Cash Collateral Account Surplus, in the event that the Class B Ford Cash
Collateral Account has been established pursuant to Section 2.14(g)(I)
of this Series Supplement, the proceeds of one or more Class B LOC Termination
Disbursements have been deposited therein pursuant to Section 2.14(b) or
Section 2.14(c) of this Series Supplement and Ford delivers to the Trustee
a Class B Ford Letter of Credit from a Class B 

 141
 

Eligible Ford Letter of Credit Provider, the Administrator shall direct
the Trustee to, and the Trustee, acting in accordance with the written
instructions of the Administrator shall withdraw from the Class B Ford Cash
Collateral Account an amount equal to the stated amount of such Class B Ford
Letter of Credit and pay such amount to Ford.

(k)           Termination
of Class B Cash Collateral Account. 
On the earlier of the termination of this Series Supplement in
accordance with Section 6.13 and the Five-Year Notes Legal Final Payment
Date, the Trustee, acting in accordance with the written instructions of the
Administrator, shall withdraw from the Class B Ford Cash Collateral Account and
(i) pay to Ford an amount equal to the lesser of (x) the Class B Available Ford
Cash Collateral Account Amount and (y) the excess, if any, of (A) the aggregate
amount of Class B LOC Termination Disbursements deposited into the Class B Ford
Cash Collateral Account pursuant to Section 2.14(b) or Section
2.14(c) of this Series Supplement over (B) the aggregate amount withdrawn
from the Class B Ford Cash Collateral Account pursuant to Section
2.3(e)(II)(Y) or Section 2.5(b)(ii) of this Series Supplement that
has not be reimbursed by HVF in accordance with Section 2.16 of this
Series Supplement on or prior to such date, (ii) pay to Ford, an amount equal
to the lesser of (x) the amount of unpaid Ford Reimbursement Obligations due
and owing to Ford and (y) the excess, if any, of the Class B Available Ford
Cash Collateral Account Amount over the amount paid to Ford pursuant to clause
(i) above and (iii) pay to HVF, any funds remaining in the Class B Ford Cash
Collateral Account.

(Y)  Upon the termination of this Series
Supplement in accordance with its terms, the Trustee, acting in accordance with
the written instructions of the Administrator, after the prior payment of all
amounts due and owing to the Series 2005-1 Noteholders, the Insurer, Ford and
each Interest Rate Hedge Provider and payable from the Class B Non-Ford Cash
Collateral Account as provided herein, shall withdraw from such Class B
Non-Ford Cash Collateral Account all amounts on deposit therein (to the extent
not withdrawn pursuant to Section 2.14(d) above) and shall pay such amounts,
first, to Ford, to the extent that there are unpaid Ford Reimbursement
Obligations due and owing to Ford, second, only for so long as the Ford
LOC Exposure is greater than zero, solely to the extent that after giving
effect to such payment the Fleet Equity Condition would be satisfied, pro
rata to the Class B Non-Ford Letter of Credit Providers, to the extent that
there are unreimbursed Class B Disbursements due and owing to such Class B
Non-Ford Letter of Credit Providers, for application in accordance with the
provisions of the respective Class B Non-Ford Letters of Credit, and third,
only for so long as the Ford LOC Exposure Amount is greater than zero, solely
to the extent that after giving effect to such payment the Fleet Equity
Condition would be satisfied, to HVF any remaining amounts.

Section 2.15. 
Subordination of Class B Notes. 
Notwithstanding anything to the contrary contained herein or in any
other Related Document, the Class B Notes will be subordinate in all respects
to the Class A Notes.  No payments on
account of interest or principal with respect to the Class B Notes shall be
made on any Payment Date until all payments of interest and principal then due
and payable with respect to the Class A Notes on such Payment Date (including,
without limitation, all accrued interest, all 

 142
 

interest accrued on such accrued interest, all Class A Deficiency
Amounts and all Class A Controlled Distribution Amounts) have been paid in full
and all Insurer Fees and Insurer Reimbursement Amounts due on such Payment Date
have been paid in full.

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

Section 2.16. 
Reimbursement Obligation. 
(A)  HVF agrees to pay to Ford in
accordance with, and solely to the extent of funds available therefore under,
the Indenture:

(i)            on and after each
date on which a Series 2005-1 Ford Letter of Credit Provider shall pay any Ford
LOC Disbursement under a Series 2005-1 Ford Letter of Credit, an amount equal
to such Ford LOC Disbursement;

(ii)           on and after each
date on which any amount is withdrawn from the Class A Ford Cash Collateral
Account pursuant to Section 2.3(e)(I)(Y) or Section 2.5(b)(ii) of
this Series Supplement, an amount equal to the amount of such withdrawal; and

(iii)          on and after each
date on which any amount is withdrawn from the Class B Ford Cash Collateral
Account pursuant to Section 2.3(e)(II)(Y) or Section 2.5(b)(ii)
of this Series Supplement, an amount equal to the amount of such withdrawal.

(B) Notwithstanding the foregoing, prior to the
earlier of (i) the Five-Year Notes Legal Final Payment Date and (ii) the
termination of this Series Supplement in accordance with Section 6.13 of this
Series Supplement, any amount payable by HVF to Ford pursuant to Section
2.16(A)(ii) of this Series Supplement shall be paid by HVF by depositing such
amount in the Class A Ford Cash Collateral Account and any amount payable by
HVF to Ford pursuant to Section 2.16(A)(iii) of this Series Supplement shall be
paid by HVF by depositing such amount in the Class B Ford Cash Collateral
Account.

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

(i)            any lack of
validity or enforceability of this Series Supplement, the Indenture, any
Related Document or any Series 2005-1 Ford Letter of Credit;

 143
 

(ii)           the existence of
any claim, set-off, defense or other right which HVF may have at any time
against Ford, the Trustee or any other beneficiary or any transferee of any
Series 2005-1 Ford Letter of Credit (or any persons or entities for whom the
Trustee, any such beneficiary or any such transferee may be acting), whether in
connection with this Series Supplement, the transactions contemplated hereby or
by the Related Documents or any unrelated transaction;

(iii)          any statement or
any other document presented under any Series 2005-1 Ford Letter of Credit
proving to be forged, fraudulent or invalid in any respect or any statement
therein being untrue or inaccurate in any respect;

(iv)          any statement or any
other document presented under any Series 2005-1 Ford Letter of Credit proving
to be insufficient in any respect;

(v)           payment by a Series
2005-1 Ford Letter of Credit Provider under a Series 2005-1 Ford Letter of
Credit against presentation of a draft or certificate which does not strictly
comply with the terms of such Series 2005-1 Ford Letter of Credit;

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

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

Section 2.17. 
Series 2005-1 Closing Account

(a)           Establishment
of Series 2005-1 Closing Account. 
The Trustee shall establish and maintain in the name of the Trustee for
the benefit of the Series 2005-1 Noteholders, the Series 2005-1 Interest Rate
Hedge Provider, the Insurer and Ford an account (the “Series 2005-1 Closing
Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2005-1 Noteholders,
the Series 2005-1 Interest Rate Hedge Provider and Ford.  The Series 2005-1 Closing Account shall be an
Eligible Deposit Account.  Initially, the
Series 2005-1 Closing Account will be established with Deutsche Bank Trust
Company Americas.

(b)           Administration
of the Series 2005-1 Closing Account. 
Funds on deposit in the Series 2005-1 Closing Account shall remain
uninvested.

(c)           Series
2005-1 Closing Account Constitutes Additional Collateral for Series 2005-1
Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-1 Notes, HVF hereby grants a 

 144
 

security interest in and assigns, pledges, grants, transfers and sets
over to the Trustee, for the benefit of the Series 2005-1 Noteholders, the
Insurer, the Series 2005-1 Interest Rate Hedge Provider and Ford, all of HVF’s
right, title and interest in and to the following (whether now or hereafter
existing or acquired):  (i) the Series
2005-1 Closing Account, including any security entitlement thereto; (ii) all funds
on deposit therein from time to time; (iii) all certificates and instruments,
if any, representing or evidencing any or all of the Series 2005-1 Closing
Account or the funds on deposit therein from time to time; (iv) all investments
made at any time and from time to time with monies in the Series 2005-1 Closing
Account, whether constituting securities, instruments, general intangibles,
investment property, financial assets or other property; (v) all interest,
dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for the Series
2005-1 Closing Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Series
2005-1 Closing Account Collateral”).

(d)           Termination
of Series 2005-1 Closing Account.  On
or after the date on which the DTC Closing occurs, the Trustee, acting in
accordance with the written instructions of the Administrator, shall withdraw
from the Series 2005-1 Closing Account all remaining amounts on deposit therein
for payment to HVF or to such other account as may be specified in such written
instruction and signed by the Administrator and by HVF.

ARTICLE
III

AMORTIZATION
EVENTS

In addition to the Amortization Events set forth in Section
9.1 of the Base Indenture, the following shall be Amortization Events with
respect to the Series 2005-1 Notes and shall constitute the Amortization Events
set forth in Section 9.1(j) of the Base Indenture with respect to the
Series 2005-1 Notes:

(a)           HVF
defaults in the payment of any interest on, or other amount payable in respect
of, the Series 2005-1 Notes when the same becomes due and payable and such
default continues for a period of five (5) Business Days;

(b)           HVF
defaults in the payment of any principal of the Series 2005-1 Notes when the
same becomes due and payable on the applicable Legal Final Payment Date;

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

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

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(e)           (i)
all principal of and interest on the Class A-1 Notes, the Class B-1 Notes and
the Class B-2 Notes is not paid in full on or before the Three-Year Notes
Expected Final Payment Date, (ii) all principal of and interest on the Class
A-2 Notes, the Class A-3 Notes, the Class B-3 Notes and the Class B-4 Notes is
not paid in full on or before the Four-Year Notes Expected Final Payment Date
or (iii) all principal of and interest on the Class A-4 Notes, the Class A-5
Notes, the Class B-5 Notes and the Class B-6 Notes is not paid in full on or
before the Five-Year Notes Expected Final Payment Date;

(f)            the
Class A Asset Amount shall be less than the Class A Required Asset Amount for
at least three (3) Business Days or the Class B Asset Amount shall be less than
the Series 2005-1 Required Asset Amount for at least three (3) Business Days;

(g)           the
Insured Principal Deficit Amount shall be greater than zero;

(h)           the
Class A Reserve Account, a Class A Cash Collateral Account, the Class B Reserve
Account, a Class B Cash Collateral Account, the Series 2005-1 Excess Collection
Account or any HVF Exchange Account shall be subject to an injunction, estoppel
or other stay or a Lien (other than a Permitted Lien) for at least three (3)
Business Days and either a Class Enhancement Deficiency or a Class Liquidity
Deficiency would result from excluding the amount on deposit in any such
account that is subject to an injunction, estoppel or other stay or a Lien
(other than a Permitted Lien) for at least three (3) Business Days from the
Class Enhancement Amount or the Class Liquidity Amount, to the extent
applicable;

(i)            the
Trustee shall make a demand for payment under the Insurance Policy;

(j)            the
occurrence of an Event of Bankruptcy with respect to the Insurer;

(k)           the
Insurer fails to honor a demand for payment made in accordance with the
requirements of the Insurance Policy;

(l)            the
Trustee shall for any reason cease to have a valid and perfected first priority
security interest in the Series 2005-1 Collateral (other than the Initial Hertz
Vehicles and the Service Vehicles) or any of the Lessee, HVF or any Affiliate
of either so asserts in writing;

(m)          the
occurrence of a Servicer Event of Default;

(n)           HVF
fails to comply with any of its other agreements or covenants in, or provisions
of, the Series 2005-1 Notes or the Indenture and the failure to so comply
materially and adversely affects the interests of the Series 2005-1 Noteholders
or the Insurer and continues to materially and adversely affect the interests
of the Series 2005-1 Noteholders or the Insurer for a period of thirty (30)
days after the earlier of (i) the date 

 146
 

on which HVF obtains knowledge thereof or (ii) the date on which
written notice of such failure, requiring the same to be remedied, shall have
been given to HVF by the Trustee or to HVF and the Trustee by the Required
Noteholders with respect to the Series 2005-1 Notes; or

(o)           any
representation made by HVF in the Indenture or any Related Document is false
and such false representation materially and adversely affects the interests of
the Series 2005-1 Noteholders or the Insurer and such false representation is
not cured for a period of thirty (30) days after the earlier of (i) the date on
which HVF obtains knowledge thereof or (ii) the date that written notice
thereof is given to HVF by the Trustee or to HVF and the Trustee by the
Required Noteholders with respect to the Series 2005-1 Notes.

In the case of

(i)            any event described
in clauses (a) through (l) above, an Amortization Event with
respect to the Series 2005-1 Notes will immediately occur without any notice or
other action on the part of the Trustee or any Series 2005-1 Noteholder or

(ii)           any event described
in clauses (m) through (o) above, either the Trustee may, by
written notice to HVF or the Required Noteholders with respect to the Series
2005-1 Notes may, by written notice to HVF and the Trustee declare that an
Amortization Event with respect to the Series 2005-1 Notes has occurred as of
the date of the notice.

Amortization Events with respect to the Series 2005-1
Notes described in clauses (j) and (k) above will not be subject
to waiver.  An Amortization Event with
respect to the Series 2005-1 Notes described in clauses (a) through (i)
and clauses (l) through (o) above will be subject to waiver in
accordance with Section 9.4 of the Base Indenture.

Notwithstanding anything herein to the contrary, an
Amortization Event with respect to the Series 2005-1 Notes described in clause
(l) above shall be curable at any time.

ARTICLE
IV

RESERVED

ARTICLE
V

FORM OF SERIES 2005-1 NOTES

Section 5.1. 
Initial Issuance of Series 2005-1 Notes.  The Class A Notes are being offered and sold
by HVF pursuant to the Class A Purchase Agreement.  The Class B Notes may be offered and sold on
any Series 2005-1 Class B Notes Closing Date by HVF pursuant to a Class B Purchase
Agreement.  The Series 2005-1 Notes will
be 

 147
 

resold initially only (A) to qualified institutional buyers (as defined
in Rule 144A) (“QIBs”) in reliance on Rule 144A and (B) to Persons other
than U.S. Persons (as defined in Regulation S) in reliance on Regulation
S.  The Series 2005-1 Notes may
thereafter be transferred to QIBs or purchasers in reliance on Regulation S in
accordance with the procedure described herein. 
The Series 2005-1 Notes will initially be issued in the form of
Definitive Notes without interest coupons
and may be transferred or exchanged for other Series 2005-1 Notes in the
form of Book-Entry Notes or in the form of Definitive Notes, as provided in Annex
B hereto.  DTC will be the Depository
for any Series 2005-1 Notes which are in the form of Book-Entry Notes.  The provisions of the rules and procedures of
DTC, the “Operating Procedures of the Euroclear System” and “Terms and
Conditions Governing Use of Euroclear” and the “General Terms and Conditions of
Clearstream Banking” and “Customer Handbook” of Clearstream (the “Applicable
Procedures”) shall be applicable to transfers of beneficial interests in
the Series 2005-1 Notes which are in the form of Book-Entry Notes.

Section 5.2. 
Restricted Notes.

(a)           Restricted
Certificated Notes.  On the Series
2005-1 Closing Date, the Series 2005-1 Notes will be initially issued to the
Initial Purchasers in the form of Definitive
Notes in fully registered form without interest coupon, substantially in
the form set forth in Exhibits A-1-1-C, A-2-1-C, A-3-1-C, A-4-1-C
and A-5-1-C, with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Series Supplement
(the “Restricted Certificated Notes”). 
The Restricted Certificated Notes may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon
as may be required to comply with the rules of any securities exchange or as
may, consistently herewith, be determined by the officers executing such Restricted
Certificated Notes, as evidenced by their execution of the Restricted
Certificated Notes.  The Restricted
Certificated Notes may be produced in any manner, all as determined by the
officers executing such Restricted Certificated Notes, as evidenced by their
execution of such Restricted Certificated Notes.  Prior to the DTC Closing Availability, the
aggregate initial principal amount of the Restricted Certificated Note may from
time to time be increased or decreased by the issuance of replacement Restricted
Certificated Notes, in connection with an exchange or transfer of a Restricted
Certificated Note, as provided in Annex B hereto.  Upon the occurrence of the DTC Closing
Availability, all Restricted Certificated Notes shall immediately without any
[notice or other] action on the part of any Noteholder be exchanged or
transferred for Series 2005-1 Notes in the form of one or more Restricted
Global Notes or Regulation S Global Notes in accordance with Annex B
hereto.

(b)           Restricted
Global Notes.  Each Class of Series
2005-1 Notes may be issued in the form of one or more global notes in fully
registered form, without coupons, substantially in the form set forth in Exhibits
A-1-1, A-2-1, A-3-1, A-4-1, A-5-1, A-6-1,
A-7-1,  A-8-1, A-9-1, A-10-1 and A-11-1
respectively, registered in the name of Cede, as nominee of DTC, and deposited
with BNY MTC, as custodian of DTC (collectively, the “Restricted Global
Notes”).  The aggregate initial
principal amount of the Restricted Global Notes may from time to time be increased
or decreased by

 148
 

adjustments made on the
records of BNY MTC, as custodian for DTC, in connection with a corresponding
decrease or increase in the aggregate initial principal amount of the
corresponding class of Regulation S Global Notes or the Unrestricted Global
Notes, as hereinafter provided.

Section 5.3. 
Regulation S Notes.

(a)           Regulation
S Certificated Notes and Unrestricted Certificated Notes.  Prior to the DTC Closing Availability, each
Class of the Series 2005-1 Notes offered and sold in reliance upon Regulation S
may be issued in the form of one or more definitive
Notes in fully registered form without interest coupons, substantially
in the form set forth in Exhibits A-1-2-C, A-2-2-C, A-3-2-C,
A-4-2-C and A-5-2-C, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Series
Supplement.  Until such time as the
Restricted Period shall have terminated, such Series 2005-1 Notes shall be
referred to herein collectively as the “Regulation S Certificated Notes”.  The Regulation S Certificated Notes may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the
officers executing such Regulation S Certificated Notes, as evidenced by their
execution of the Regulation S Certificated Notes.  The Regulation S Certificated Notes may be produced
in any manner, all as determined by the officers executing such Regulation S
Certificated Notes, as evidenced by their execution of such Regulation S
Certificated Notes.  After such time as
the Restricted Period shall have terminated with respect to any Series 2005-1
Note, such Series 2005-1 Notes shall be exchangeable, in whole or in part, for
interests in one or more permanent certificated notes in fully registered form without interest coupons, substantially
in the forms set forth in Exhibits A-1-3-C, A-2-3-C, A-3-3-C,
A-4-3-C and A-5-3-C as hereinafter provided (collectively, the “Unrestricted
Certificated Notes”, and together with the Regulation S Certificated Notes
and the Restricted Certificated Notes, the “Certificated Notes”).  The Unrestricted Certificated Notes may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the
officers executing such Unrestricted Certificated Notes, as evidenced by their
execution of the Unrestricted Certificated Notes.  The Unrestricted Certificated Notes may be
produced in any manner, all as determined by the officers executing such Unrestricted
Certificated Notes, as evidenced by their execution of such Unrestricted
Certificated Notes.  The aggregate
principal amount of the Regulation S Certificated Notes or the Unrestricted
Certificated Notes may from time to time be increased or decreased by the
issuance of replacement Regulation S Certificated Notes or the Unrestricted
Certificated Notes, as applicable, in connection with an exchange or transfer
of the Regulation S Certificated Notes or the Unrestricted Certificated Notes,
as hereinafter provided.

(b)           Regulation
S Global Notes and Unrestricted Global Notes.  Each Class of the Series 2005-1 Notes offered
and sold in reliance upon Regulation S may be issued in the form of one or more
global notes in fully registered form, without coupons, 

 149
 

substantially in the forms set forth in Exhibits A-1-2, A-2-2,
A-3-2, A-4-2 and A-5-2, and any Class B Notes offered and
sold on a Series 2005-1 Class B Notes Closing Date in reliance upon Regulation
S will be issued in the form of one or more global notes in fully registered
form, without coupons, substantially in the forms set forth in Exhibits  A-6-2,
A-7-2, A-8-2, A-9-2, A-10-2 and A-11-2, in
each case registered in the name of Cede, as nominee of DTC, and deposited with
BNY MTC, as custodian of DTC, for credit to the respective accounts at DTC of
the designated agents holding on behalf of Euroclear and Clearstream.  Until such time as the Restricted Period
shall have terminated, such Series 2005-1 Notes shall be referred to herein
collectively as the “Regulation S Global Notes”.  After such time as the Restricted Period
shall have terminated with respect to any Series 2005-1 Note, such Series
2005-1 Notes shall be exchangeable, in whole or in part, for interests in one
or more permanent global notes in registered form without interest coupons,
substantially in the forms set forth in Exhibits A-1-3, A-2-3, A-3-3,
A-4-3, A-5-3, A-6-3, A-7-3, A-8-3, A-9-3,
A-10-3 and A-11-3 as hereinafter provided (collectively, the “Unrestricted
Global Notes”).  The aggregate
principal amount of the Regulation S Global Notes or the Unrestricted Global
Notes may from time to time be increased or decreased by adjustments made on
the records of BNY MTC, as custodian for DTC, in connection with a
corresponding decrease or increase of aggregate principal amount of the corresponding
Restricted Global Notes, as hereinafter provided.

Section 5.4. 
Transfer Restrictions.

(a)           A
Series 2005-1 Global Note may not be transferred, in whole or in part, to any
Person other than DTC or a nominee thereof, or to a successor Depository or to
a nominee of a successor Depository, and no such transfer to any such other
Person may be registered; provided, however, that this Section
5.4(a) shall not prohibit any transfer of a Series 2005-1 Note that is
issued in exchange for a Series 2005-1 Global Note in accordance with Section
2.13 of the Base Indenture and shall not prohibit any transfer of a
beneficial interest in a Series 2005-1 Global Note effected in accordance with
the other provisions of this Section 5.4.

(b)           The
transfer by a Series 2005-1 Note Owner holding a beneficial interest in a
Restricted Global Note to a Person who wishes to take delivery thereof in the
form of a beneficial interest in the Restricted Global Note shall be made upon
the deemed representation of the transferee that it is purchasing for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a QIB, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding HVF as such transferee has requested
pursuant to Rule 144A or has determined not to request such information and
that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by
Rule 144A.

(c)           If
a Series 2005-1 Note Owner holding a beneficial interest in a Restricted Global
Note wishes at any time to exchange its interest in such Restricted Global Note
for an interest in the Regulation S Global Note, or to transfer such interest
to a Person who wishes to take delivery thereof in the form of a beneficial
interest in the 

 150
 

Regulation S Global Note, such exchange or transfer may be effected,
subject to the Applicable Procedures, only in accordance with the provisions of
this Section 5.4(c).  Upon receipt
by the Registrar, at the office of the Registrar, of (i) written instructions
given in accordance with the Applicable Procedures from a Clearing Agency
Participant directing the Registrar to credit or cause to be credited to a
specified Clearing Agency Participant’s account a beneficial interest in the
Regulation S Global Note, in a principal amount equal to that of the beneficial
interest in such Restricted Global Note to be so exchanged or transferred, (ii)
a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Clearing Agency Participant (and the
Euroclear or Clearstream account, as the case may be) to be credited with, and
the account of the Clearing Agency Participant to be debited for, such
beneficial interest and (iii) a certificate in substantially the form set forth
in Exhibit F-1 given by the Series 2005-1 Note Owner holding such
beneficial interest in such Restricted Global Note, the Registrar shall
instruct BNY MTC, as custodian of DTC, to reduce the principal amount of the
Restricted Global Note, and to increase the principal amount of the Regulation
S Global Note, by the principal amount of the beneficial interest in such
Restricted Global Note to be so exchanged or transferred, and to credit or
cause to be credited to the account of the Person specified in such
instructions (which shall be the Clearing Agency Participant for Euroclear or
Clearstream or both, as the case may be) a beneficial interest in the
Regulation S Global Note having a principal amount equal to the amount by which
the principal amount of such Restricted Global Note was reduced upon such
exchange or transfer.

(d)           If
a Series 2005-1 Note Owner holding a beneficial interest in a Restricted Global
Note wishes at any time to exchange its interest in such Restricted Global Note
for an interest in the Unrestricted Global Note, or to transfer such interest
to a Person who wishes to take delivery thereof in the form of a beneficial
interest in the Unrestricted Global Note, such exchange or transfer may be
effected, subject to the Applicable Procedures, only in accordance with the
provisions of this Section 5.4(d). 
Upon receipt by the Registrar, at the office of the Registrar, of (A)
written instructions given in accordance with the Applicable Procedures from a
Clearing Agency Participant directing the Registrar to credit or cause to be
credited to a specified Clearing Agency Participant’s account a beneficial interest
in the Unrestricted Global Note in a principal amount equal to that of the
beneficial interest in such Restricted Global Note to be so exchanged or
transferred, (ii) a written order given in accordance with the Applicable
Procedures containing information regarding the account of the Clearing Agency
Participant (and the Euroclear or Clearstream account, as the case may be) to
be credited with, and the account of the Clearing Agency Participant to be
debited for, such beneficial interest and (iii) a certificate in substantially
the form of Exhibit F-2 given by the Series 2005-1 Note Owner holding
such beneficial interest in such Restricted Global Note, the Registrar shall
instruct BNY MTC, as custodian of DTC, to reduce the principal amount of such Restricted
Global Note, and to increase the principal amount of the Unrestricted Global
Note, by the principal amount of the beneficial interest in such Restricted
Global Note to be so exchanged or transferred, and to credit or cause to be
credited to the account of the Person specified in such instructions (which
shall be the 

 151
 

Clearing Agency Participant for Euroclear or Clearstream or both, as
the case may be) a beneficial interest in the Unrestricted Global Note having a
principal amount equal to the amount by which the principal amount of such
Restricted Global Note was reduced upon such exchange or transfer.

(e)           If
a Series 2005-1 Note Owner holding a beneficial interest in a Regulation S
Global Note or an Unrestricted Global Note wishes at any time to exchange its
interest in such Regulation S Global Note or such Unrestricted Global Note for
an interest in the Restricted Global Note, or to transfer such interest to a
Person who wishes to take delivery thereof in the form of a beneficial interest
in the Restricted Global Note, such exchange or transfer may be effected,
subject to the Applicable Procedures, only in accordance with the provisions of
this Section 5.4(e).  Upon receipt
by the Registrar, at the office of the Registrar, of (i) written instructions
given in accordance with the Applicable Procedures from a Clearing Agency
Participant directing the Registrar to credit or cause to be credited to a
specified Clearing Agency Participant’s account a beneficial interest in the
Restricted Global Note in a principal amount equal to that of the beneficial
interest in such Regulation S Global Note or such Unrestricted Global Note, as
the case may be, to be so exchanged or transferred, (ii) a written order given
in accordance with the Applicable Procedures containing information regarding
the account of the Clearing Agency Participant (and the Euroclear or
Clearstream account, as the case may be) to be credited with, and the account
of the Clearing Agency Participant to be debited for, such beneficial interest
and (iii) with respect to a transfer of a beneficial interest in such
Regulation S Global Note (but not such Unrestricted Global Note), a certificate
in substantially the form set forth in Exhibit F-3 given by such Series
2005-1 Note Owner holding such beneficial interest in such Regulation S Global
Note, the Registrar shall instruct BNY MTC, as custodian of DTC, to reduce the
principal amount of such Regulation S Global Note or such Unrestricted Global
Note, as the case may be, and to increase the principal amount of the
Restricted Global Note, by the principal amount of the beneficial interest in
such Regulation S Global Note or such Unrestricted Global Note to be so
exchanged or transferred, and to credit or cause to be credited to the account
of the Person specified in such instructions (which shall be the Clearing
Agency Participant for DTC) a beneficial interest in the Restricted Global Note
having a principal amount equal to the amount by which the principal amount of
such Regulation S Global Note or such Unrestricted Global Note, as the case may
be, was reduced upon such exchange or transfer.

(f)            In
the event that a Series 2005-1 Global Note or any portion thereof is exchanged
for Series 2005-1 Notes other than Series 2005-1 Global Notes, such other Series
2005-1 Notes may in turn be exchanged (upon transfer or otherwise) for Series
2005-1 Notes that are not Series 2005-1 Global Notes or for a beneficial
interest in a Series 2005-1 Global Note (if any is then outstanding) only in
accordance with such procedures, which shall be substantially consistent with
the provisions of Sections 5.4(a) through Section 5.4(e) and Section
5.4(g) of this Series Supplement (including the certification requirement
intended to ensure that transfers and exchanges of beneficial interests in a
Series 2005-1 Global Note comply with Rule 144A or Regulation S under 

 152
 

the Securities Act, as the case may be) and any Applicable Procedures,
as may be adopted from time to time by HVF and the Registrar.

(g)           Until
the termination of the Restricted Period with respect to any Series 2005-1
Note, interests in the Regulation S Global Notes representing such Series
2005-1 Note may be held only through Clearing Agency Participants acting for
and on behalf of Euroclear and Clearstream; provided, that this Section
5.4(g) shall not prohibit any transfer in accordance with Section 5.4(d)
of this Series Supplement.  After the
expiration of the applicable Restricted Period, interests in the Unrestricted
Global Notes may be transferred without requiring any certifications.

(h)           The
Series 2005-1 Notes shall bear the following legends to the extent indicated:

(i)            The Restricted
Global Notes and the Restricted Certificated Notes shall bear the following
legend:

THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR WITH ANY STATE SECURITIES LAWS.  THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HVF,
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
144A (A “QIB”) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB
TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN
THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE RIGHT OF HVF, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT
TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

(ii)           The Regulation S
Global Notes and the Regulation S Certificated Notes shall bear the following
legend:

THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR 

 153
 

OTHER JURISDICTION OF THE
UNITED STATES.  UNTIL 40 DAYS AFTER THE
ORIGINAL ISSUE DATE OF THE NOTES (THE “RESTRICTED PERIOD”) IN CONNECTION WITH
THE OFFERING OF THE NOTES IN THE UNITED STATES FROM OUTSIDE OF THE UNITED
STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN
CONDITIONS AND RESTRICTIONS.  THE HOLDER HEREOF,
BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF
HERTZ VEHICLE FINANCING LLC (“HVF”) THAT THIS NOTE MAY BE TRANSFERRED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND
OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED
STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE EXPIRATION
OF THE RESTRICTED PERIOD, ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE
WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE
WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF.

(iii)          The Series 2005-1
Global Notes shall bear the following legends:

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

UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HVF OR THE REGISTRAR, AND
ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.  OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE &
CO.  OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE
REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

 154

 

(iv)          The required legends
set forth above shall not be removed from the applicable Series 2005-1 Notes
except as provided herein.  The legend
required for a Restricted Note may be removed from such Restricted Note if there
is delivered to HVF and the Registrar such satisfactory evidence, which may
include an Opinion of Counsel as may be reasonably required by HVF that neither
such legend nor the restrictions on transfer set forth therein are required to
ensure that transfers of such Series 2005-1 Note will not violate the
registration requirements of the Securities Act.  Upon provision of such satisfactory evidence,
the Trustee at the direction of HVF shall authenticate and deliver in exchange
for such Restricted Note a Series 2005-1 Note or Series 2005-1 Notes having an
equal aggregate principal amount that does not bear such legend.  If such a legend required for a Restricted
Note has been removed from a Series 2005-1 Note as provided above, no other
Series 2005-1 Note issued in exchange for all or any part of such Series 2005-1
Note shall bear such legend, unless HVF has reasonable cause to believe that
such other Series 2005-1 Note is a “restricted security” within the meaning of
Rule 144 under the Securities Act and instructs the Trustee to cause a legend
to appear thereon.

(i)            HVF
shall take all actions that are required, necessary or desirable to cause the
DTC Closing Availability to occur as soon as practicable unless otherwise
directed by the Series 2005-1 Noteholders.

ARTICLE
VI

GENERAL

Section 6.1.  Optional Redemption of Series 2005-1 Notes.  (a) HVF may, at its option, redeem any Class
of Series 2005-1 Notes as a whole on any Payment Date on which the Class A-1
Outstanding Principal Amount, the Class A-2 Outstanding Principal Amount, the
Class A-3 Outstanding Principal Amount, the Class A-4 Outstanding Principal
Amount, the Class A-5 Outstanding Principal Amount, the Class B-1 Principal
Amount, the Class B-2 Principal Amount, the Class B-3 Principal Amount, the
Class B-4 Principal Amount, the Class B-5 Principal Amount or the Class B-6
Principal Amount, as the case may be, is equal to or less than 10% of the
Initial Class A-1 Principal Amount, the Initial Class A-2 Principal Amount, the
Initial Class A-3 Principal Amount, the Initial Class A-4 Principal Amount, the
Initial Class A-5 Principal Amount, the Initial Class B-1 Principal Amount, the
Initial Class B-2 Principal Amount, the Initial Class B-3 Principal Amount, the
Initial Class B-4 Principal Amount, the Initial Class B-5 Principal Amount or the
Initial Class B-6 Principal Amount, as the case may be, with funds deposited in
the Series 2005-1 Distribution Account pursuant to Section 2.2 of this
Series Supplement, at 100% of the principal amount thereof, plus accrued and
unpaid interest thereon; provided, however, as a condition
precedent to any redemption, HVF shall pay to the Insurer all Insurer Fees and
all other Insurer Reimbursement Amounts due and payable, to each Interest Rate
Hedge Provider all amounts due and owing to such Interest Rate Hedge Provider
under its related Series 2005-1 Interest Rate Hedge and to Ford, all unpaid
Ford Reimbursement Obligations.

 155
 

(b)           If
HVF elects to redeem any Class of the Series 2005-1 Notes pursuant to the
provisions of Section 6.1(a), it shall notify the Trustee in writing at
least 30 days prior to the intended date of redemption of (i) such intended
date of redemption, (ii) the Series 2005-1 Notes subject to redemption and
(iii) the principal amount of the Series 2005-1 Notes to be redeemed.  Upon receipt of a notice of redemption from
HVF, the Trustee shall give notice of such redemption in the manner provided in
Section 13.1 of the Base Indenture to the Series 2005-1 Noteholders of
the Series 2005-1 Notes to be redeemed. 
Such notice shall be given not less than ten (10) days prior to the
intended date of redemption.

Section 6.2. 
Information.  On or before
the fourth Business Day prior to each Payment Date (unless otherwise agreed to
by the Trustee), HVF shall cause the Administrator to furnish to the Trustee a
Monthly Noteholders’ Statement with respect to the Series 2005-1 Notes,
substantially in the form of Exhibit G, setting forth, inter alia, the
following information:

(i)            the total amount
available to be distributed to Series 2005-1 Noteholders on such Payment Date;

(ii)           the amount of such
distribution allocable to the payment of principal of each Class of the Series
2005-1 Notes;

(iii)          the amount of such
distribution allocable to the payment of interest on each Class of the Series
2005-1 Notes;

(iv)          the Class A-1
Carryover Controlled Amortization Amount, the Class A-2 Carryover Controlled
Amortization Amount, the Class A-3 Carryover Controlled Amortization Amount,
the Class A-4 Carryover Controlled Amortization Amount, the Class A-5 Carryover
Controlled Amortization Amount,  the
Class B-1 Carryover Controlled Amortization Amount, the Class B-2 Carryover
Controlled Amortization Amount, the Class B-3 Carryover Controlled Amortization
Amount, the Class B-4 Carryover Controlled Amortization Amount, the Class B-5
Carryover Controlled Amortization Amount or the Class B-6 Carryover Controlled
Amortization Amount, in each case if any, for the Related Month;

(v)           the Series 2005-1
Invested Percentage with respect to Interest Collections and with respect to
Principal Collections for the period from and including the second
Determination Date preceding such Payment Date to but excluding the
Determination Date immediately preceding such Payment Date;

(vi)          the Class A
Enhancement Amount, the Class A Adjusted Enhancement Amount, the Class A
Liquidity Amount, the Class A Adjusted Liquidity Amount, the Class B
Enhancement Amount, the Class B Adjusted Enhancement Amount, the Class B
Liquidity Amount and the Class B Adjusted

 156
 

Liquidity
Amount, in each case, if any, as of the close of business on the last day of
the Related Month;

(vii)         whether, to the
knowledge of the Administrator, any Lien exists on any of the Collateral (other
than Permitted Liens);

(viii)        whether, to the
knowledge of the Administrator, any Operating Lease Event of Default has
occurred;

(ix)           whether, to the
knowledge of the Administrator, any Amortization Event or Potential
Amortization Event with respect to the Series 2005-1 Notes has occurred;

(x)            the Aggregate Asset
Amount and the amount of the Aggregate Asset Amount Deficiency, if any, as of
the close of business on the last day of the Related Month;

(xi)           the Non-Eligible
Vehicle Amount, the Class A Non-Eligible Vehicle Percentage, the BBB-/Baa3
Vehicle Percentage, the BBB-/Baa3 EPM Amount, the BBB-/Baa3 Vehicle Percentage
Excess, the Mazda Vehicle Percentage Excess and the Class A Non-Investment
Grade Manufacturer Vehicle Percentage Excess as of the close of business on the
last day of the Related Month;

(xii)          the Non-Eligible
Manufacturer Amount as of the close of business on the last day of the Related
Month;

(xiii)         the Class A
Required Non-Eligible Vehicle Enhancement Percentage as of the close of
business on the last day of the Related Month and the Non-Program Vehicle
Measurement Month Average, if any, included in the calculation of such Class A
Required Non-Eligible Vehicle Enhancement Percentage;

(xiv)        the Class A Required
Enhancement Incremental Amount and the Class B Required Enhancement Incremental
Amount, if any, as of the close of business on the last day of the Related
Month;

(xv)         the Class A Required
Liquidity Amount and the Class B Required Liquidity Amount, if any, as of the
close of business on the last day of the Related Month, and whether a Class
Liquidity Deficiency with respect to any Class of Series 2005-1 Notes existed
and the amount thereof, in each case as of the close of business on the last
day of the Related Month;

(xvi)        the Class A Required
Enhancement Amount and the Class B Required Enhancement Amount, if any, as of
the close of business on the last day of the Related Month, and whether a Class
Enhancement Deficiency with

 157
 

respect to any
Class of Series 2005-1 Notes existed and the amount thereof, in each case as of
the close of business on the last day of the Related Month;

(xvii)       the Class A Required
Overcollateralization Amount, the Class A Overcollateralization Amount, the
Class B Required Overcollateralization Amount and the Class B
Overcollateralization Amount, in each case, if any as of the close of business
on the last day of the Related Month;

(xviii)      the Class A Required
Reserve Account Amount, the Class A Available Reserve Account Amount, the Class
B Required Reserve Account Amount and the Class B Available Reserve Account
Amount, in each case, if any, as of the close of business on the last day of
the Related Month;

(xix)         the percentage of
all HVF Vehicles, with respect to each Manufacturer, as of the close of
business on the last day of the Related Month which were Eligible Program
Vehicles manufactured by such Manufacturer;

(xx)          the percentage of
all HVF Vehicles, with respect to each Manufacturer which is not an Eligible
Program Manufacturer, as of the close of business on the last day of the
Related Month which were Program Vehicles manufactured by such Manufacturer;

(xxi)         the percentage of
all HVF Vehicles, with respect to each Manufacturer, as of the close of
business on the last day of the Related Month which were Non-Program Vehicles
manufactured by such Manufacturer;

(xxii)        the Class A
Principal Amount with respect to each Class of Class A Notes as of such Payment
Date and the Class B Principal Amount with respect to each Class of Class B
Notes as of such Payment Date; and

(xxiii)       such other items as
may be specified in a Class B Notes Term Sheet.

The Trustee shall provide to the
Series 2005-1 Noteholders, or their designated agent, the Insurer and each
Interest Rate Hedge Provider copies of each Monthly Noteholders’ Statement.

Section 6.3. 
Exhibits.  The following
exhibits attached hereto supplement the exhibits included in the Indenture.

Exhibit A-1-1: Form of
Restricted Global Class A-1 Note

Exhibit A-1-1-C: Form of Restricted Certificated Class A-1 Note

Exhibit A-1-2: Form of Regulation S Global Class A-1 Note

Exhibit A-1-2-C: Form of Regulation S Certificated Class A-1 Note

Exhibit A-1-3: Form of Unrestricted Global Class A-1 Note

Exhibit A-1-3-C: Form of Unrestricted Certificated Class A-1 Note

 158
 

Exhibit A-2-1: Form of
Restricted Global Class A-2 Note

Exhibit A-2-1-C: Form of Restricted Certificated Class A-2 Note

Exhibit A-2-2: Form of Regulation S Global Class A-2 Note

Exhibit A-2-2-C: Form of Regulation S Certificated Class A-2 Note

Exhibit A-2-3: Form of Unrestricted Global Class A-2 Note

Exhibit A-2-3-C: Form of Unrestricted Certificated Class A-2 Note

Exhibit A-3-1: Form of Restricted Global Class A-3 Note

Exhibit A-3-1-C: Form of Restricted Certificated Class A-3 Note

Exhibit A-3-2: Form of Regulation S Global Class A-3 Note

Exhibit A-3-2-C: Form of Regulation S Certificated Class A-3 Note

Exhibit A-3-3: Form of Unrestricted Global Class A-3 Note

Exhibit A-3-3-C: Form of Unrestricted Certificated Class A-3 Note

Exhibit A-4-1: Form of Restricted Global Class A-4 Note

Exhibit A-4-1-C: Form of Restricted Certificated Class A-4 Note

Exhibit A-4-2: Form of Regulation S Global Class A-4 Note

Exhibit A-4-2-C: Form of Regulation S Certificated Class A-4 Note

Exhibit A-4-3: Form of Unrestricted Global Class A-4 Note

Exhibit A-4-3-C: Form of Unrestricted Certificated Class A-4 Note

Exhibit A-5-1: Form of Restricted Global Class A-5 Note

Exhibit A-5-1-C: Form of Restricted Certificated Class A-5 Note

Exhibit A-5-2: Form of Regulation S Global Class A-5 Note

Exhibit A-5-2-C: Form of Regulation S Certificated Class A-5 Note

Exhibit A-5-3: Form of Unrestricted Global Class A-5 Note

Exhibit A-5-3-C: Form of Unrestricted Certificated Class A-5 Note

Exhibit A-6-1: Form of Restricted Global Class B-1 Note

Exhibit A-6-2: Form of Regulation S Global Class B-1 Note

Exhibit A-6-3: Form of Unrestricted Global Class B-1 Note

Exhibit A-7-1: Form of Restricted Global Class B-2 Note

Exhibit A-7-2: Form of Regulation S Global Class B-2 Note

Exhibit A-7-3: Form of Unrestricted Global Class B-2 Note

Exhibit A-8-1: Form of Restricted Global Class B-3 Note

Exhibit A-8-2: Form of Regulation S Global Class B-3 Note

Exhibit A-8-3: Form of Unrestricted Global Class B-3 Note

Exhibit A-9-1: Form of Restricted Global Class B-4 Note

Exhibit A-9-2: Form of Regulation S Global Class B-4 Note

Exhibit A-9-3: Form of Unrestricted Global Class B-4 Note

Exhibit A-10-1: Form of Restricted Global Class B-5 Note

Exhibit A-10-2: Form of Regulation S Global Class B-5 Note

Exhibit A-10-3: Form of Unrestricted Global Class B-5 Note

Exhibit A-11-1: Form of Restricted Global Class B-6 Note

Exhibit A-11-2: Form of Regulation S Global Class B-6 Note

Exhibit A-11-3: Form of Unrestricted Global Class B-6 Note

Exhibit B-1-1: Form of Class A Letter of Credit

Exhibit B-1-2: Form of Class A Ford Letter of Credit

Exhibit B-2-1: Form of Class B Letter of Credit

 159
 

 

	
  Exhibit
  B-2-2:

  	
  Form of Class B Ford Letter of Credit

  
	
  Exhibit C:

  	
  Form of Lease Payment Deficit Notice

  
	
  Exhibit D-1-1:

  	
  Form of Class A Ford Letter of Credit Reduction
  Notice

  
	
  Exhibit D-1-2:

  	
  Form of Class A Ford Letter of Credit Termination
  Notice

  
	
  Exhibit D-2:

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

  
	
  Exhibit D-3-1:

  	
  Form of Class B Ford Letter of Credit Reduction
  Notice

  
	
  Exhibit D-3-2:

  	
  Form of Class B Ford Letter of Credit Termination
  Notice

  
	
  Exhibit D-4:

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

  
	
  Exhibit E:

  	
  Reserved

  
	
  Exhibit F-1:

  	
  Form of Transfer Certificate

  
	
  Exhibit F-2:

  	
  Form of Transfer Certificate

  
	
  Exhibit F-3:

  	
  Form of Transfer Certificate

  
	
  Exhibit G:

  	
  Form of Monthly Noteholders’ Statement

  
	
  Exhibit H:

  	
  Form of Series 2005-1 Demand Note

  
	
  Exhibit I:

  	
  Form of Transfer Certificate for Certificated Notes

  

 

Section 6.4. 
Ratification of Base Indenture. 
As supplemented by this Series Supplement, the Base Indenture is in all
respects ratified and confirmed and the Base Indenture as so supplemented by
this Series Supplement shall be read, taken, and construed as one and the same
instrument.

Section 6.5. 
Notice to Insurer, Rating Agencies, Interest Rate Hedge Provider and
Ford.  The Trustee shall provide to
the Insurer, each Rating Agency and each Interest Rate Hedge Provider a copy of
each notice to the Series 2005-1 Noteholders, Opinion of Counsel and Officer’s
Certificate delivered to the Trustee pursuant to this Series Supplement or any
other Related Document.  Each such
Opinion of Counsel to be delivered to the Insurer shall be addressed to the
Insurer, shall be from counsel reasonably acceptable to the Insurer and shall
be in form and substance reasonably acceptable to the Insurer.  The Trustee shall provide notice to each
Rating Agency of any consent by the Insurer to the waiver of the occurrence of
any Series 2005-1 Limited Liquidation Event of Default.  In addition, only for so long as the Ford LOC
Exposure Amount is greater than zero, the Trustee shall provide to Ford a copy
of each report, notice and other information provided to the Series 2005-1
Noteholders pursuant to this Series Supplement or any other Related
Document.  All such notices, opinions,
certificates or other items to be delivered to the Insurer shall be forwarded
to MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504,
Attention: Insured Portfolio Management – Structured Finance (IPM-SF) (Hertz
Vehicle Financing LLC Series 2005-1 Rental Car Asset Backed Notes Policy No.
47437), Facsimile No.: (914) 765-3810, Confirmation No.: (914) 765-3781.  All such notices, opinions, certificates or
other items to be delivered to the Interest Rate Hedge Provider shall be
forwarded to the address specified for notices in the Series 2005-1 Interest
Rate Hedge.  All such notices, opinions,
certificates or other items to be delivered to Ford shall be forwarded to Ford
Motor Company, 1 American Road, Dearborn, MI 48126 Attention: Director – Global
Banking, Facsimile No.: (313) 594-0110.

 160
 

Section 6.6. 
Insurer Deemed Class A Noteholder and Secured Party.  Except for any period during which an Insurer
Default is continuing, the Insurer shall be deemed to be the holder of 100% of
the Class A Notes for the purposes of giving any consents, waivers, approvals,
instructions, directions, declarations, notices and/or taking any other action
pursuant to the Base Indenture, this Series Supplement and the other Related
Documents.  Any reference in the Base
Indenture or the Related Documents to materially, adversely, or detrimentally
affecting the rights or interests of the Noteholders, or words of similar
meaning, shall be deemed, for purposes of the Class A Notes, to refer to the
rights or interests of the Insurer.  In
addition, the Insurer shall constitute an “Enhancement Provider” with respect
to the Series 2005-1 Notes for all purposes under the Base Indenture, the other
Related Documents and the Insurance Agreement shall constitute an “Enhancement
Agreement” with respect to the Series 2005-1 Notes for all purposes under the
Base Indenture and the other Related Documents. 
Furthermore, the Insurer shall be deemed to be a “Secured Party” under
the Base Indenture and the Related Documents to the extent of amounts payable
to the Insurer pursuant to this Series Supplement.  Moreover, wherever in the Related Documents
money or other property is assigned, conveyed, granted or held for, a filing is
made for, action is taken for or agreed to be taken for, or a representation or
warranty is made for, the benefit of the Class A Noteholders, the Insurer shall
be deemed to be the Class A Noteholders with respect to 100% of the Series
2005-1 Notes for such purposes.  In
addition, all provisions of this Series Supplement (i) requiring the consent
(written or otherwise), approval, advice or satisfaction of the Insurer, (ii)
requiring notice to be provided to the Insurer, (iii) requiring any other
action or involvement on the part of the Insurer, (iv) granting to the Insurer
any rights or remedies, (v) taking into consideration the interests of the
Insurer, or the effect of any event or action on the Insurer or (vi) permitting
the Insurer to take any actions, in each case shall no longer have any effect
at any time after the Class A Notes have been paid in full and the Insurer has
been paid all Insurer Fees and all other Insurer Reimbursement Amounts due
under the Insurance Agreement.

Section 6.7. 
Third Party Beneficiary. 
Each of the Insurer, Ford, in its capacity as accountholder of a Series
2005-1 Ford Letter of Credit, and each Interest Rate Hedge Provider is an
express third party beneficiary of (i) the Base Indenture to the extent of
provisions relating to any Enhancement Provider, in the case of the Insurer and
the Series 2005-1 Interest Rate Hedge Provider, or to the extent of the provisions
relating to Ford, in the case of Ford and (ii) this Series Supplement.

Section 6.8. 
Prior Notice by Trustee to Insurer.  Subject to Section 10.1 of the Base
Indenture, except for any period during which an Insurer Default is continuing,
the Trustee agrees that so long as no Amortization Event shall have occurred
and be continuing with respect to any Series of Notes, other than the Series
2005-1 Notes, it shall not exercise any rights or remedies available to it as a
result of the occurrence of an Amortization Event with respect to the Series
2005-1 Notes (except those set forth in clauses (j) and (k) of Article
III of this Series Supplement) until after the Trustee has given prior
written notice thereof to the Insurer and obtained the direction of the
Insurer, so long as the Insurer, through operation of Section 6.6 of
this Series Supplement,

 161
 

constitutes the Required Noteholders of the Series 2005-1 Notes.  The Trustee agrees to notify the Insurer
promptly following any exercise of rights or remedies available to it as a
result of the occurrence of an Amortization Event with respect to the Series
2005-1 Notes.

Section 6.9. 
Subrogation.  In
furtherance of and not in limitation of the Insurer’s equitable right of
subrogation, each of the Trustee and HVF acknowledge that, to the extent of any
payment made by the Insurer under the Insurance Policy with respect to interest
on or principal of the Series 2005-1 Notes, the Insurer is to be fully
subrogated to the extent of such payment and any additional interest due on any
late payment to the rights of the Series 2005-1 Noteholders under the
Indenture.  Each of HVF and the Trustee
agree to such subrogation and, further, agree to take such actions as the
Insurer may reasonably request to evidence such subrogation.

Furthermore, in furtherance of and not in limitation
of Ford’s equitable right of subrogation, each of the Trustee and HVF
acknowledge that, to the extent that Ford LOC Disbursements or amounts on
deposit in the Class A Ford Cash Collateral Account or Class B Ford Cash
Collateral Account are applied to pay interest on or principal of the Series
2005-1 Notes and Ford has reimbursed the applicable Series 2005-1 Letter of
Credit Providers for such Ford LOC Disbursements or such amounts deposited in the
Class A Ford Cash Collateral Account or the Class B Ford Cash Collateral
Account, Ford is to be fully subrogated to the extent of such payment under the
Indenture; provided such rights shall be subordinated in all respects to
the rights of subrogation of the Insurer set forth in the preceding paragraph
and to the rights of the Noteholders to the payment in full of all amounts
owing to them under the Indenture. Each of HVF and the Trustee agree to such
subrogation and, further, agree to take such actions as Ford may reasonably
request to evidence such subrogation.

Section 6.10. 
Counterparts.  This Series
Supplement may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all of such counterparts shall
together constitute but one and the same instrument.

Section 6.11. 
Governing Law.  This Series Supplement shall be construed in
accordance with the law of the State of New York, and the obligations, rights
and remedies of the parties hereto shall be determined in accordance with such
law.

Section 6.12. 
Amendments.  This Series
Supplement and any Class B Notes Term Sheet may be modified or amended from
time to time in accordance with the terms of the Base Indenture, provided,  that if, pursuant to the terms of the Base
Indenture or this Series Supplement, the consent of the Required Noteholders is
required for an amendment or modification of this Series Supplement, such
requirement shall be satisfied if such amendment or modification is consented
to by the Required Noteholders with respect to the Series 2005-1 Notes; provided,
further, that, if the consent of the Required Noteholders with respect
to the Series 2005-1 Notes is required for a proposed amendment or modification
of this Series Supplement that does not affect in any material respect one or
more Classes of the Series 2005-1 Notes (as evidenced by an Officer’s

 162
 

Certificate to such effect), then such requirement shall be satisfied
if such amendment or modification is consented to by the Series 2005-1 Noteholders
representing more than 50% of the aggregate outstanding principal amount of the
Classes of the Series 2005-1 Notes affected by such amendment or modification
(without the necessity of obtaining the consent of the Series 2005-1
Noteholders holding the Classes of the Series 2005-1 Notes not affected by such
amendment or modification); provided, further, that for so long
as any Class B Notes are outstanding, any amendment to any of the Related
Documents that (i) pursuant to the terms of the Base Indenture would require
the consent of the Required Noteholders with respect to the Series 2005-1 Notes
and (ii) would result in a reduction in the amount of Rent payable under the
Lease or would otherwise have the effect of reducing the Enhancement available
to the Class B Notes shall require the consent of Class B Noteholders holding
more than 50% of the Class B Notes.  Any
amendment to this Series Supplement that adversely affects in any material
respect the interests of an Interest Rate Hedge Provider shall require the
prior written consent of such Interest Rate Hedge Provider.  For so long as the Ford LOC Exposure Amount
is greater than zero, any amendment to any provision of this Series Supplement
shall be subject to Section 6.17 of this Series Supplement.  Furthermore, for so long as any Class A Notes
are Outstanding, any amendment, waiver or other modification pursuant to
Section 12.2(iii) of the Base Indenture shall require the prior written consent
of the Insurer, such consent not to be unreasonably withheld or delayed.

Section 6.13. 
Termination of Series Supplement. 
This Series Supplement shall cease to be of further effect when (i) all
Outstanding Series 2005-1 Notes theretofore authenticated and issued have been
delivered (other than destroyed, lost, or stolen Series 2005-1 Notes which have
been replaced or paid) to the Trustee for cancellation, (ii) HVF has paid all
sums payable hereunder, (iii) the Insurer has been paid all Insurer Fees and
all other Insurer Reimbursement Amounts due under the Insurance Agreement, (iv)
each Interest Rate Hedge Provider has been paid all amounts due and owing to it
from HVF under its Series 2005-1 Interest Rate Hedge, (v) Ford has been paid
all amounts payable to it hereunder and no amounts are required hereby to be
retained in any Series Account with respect to the Series 2005-1 Notes and (vi)
the Series 2005-1 Demand Note Payment Amount is equal to zero or the Class A
Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of
Credit Liquidity Amount are each equal to zero.

Section 6.14. 
Discharge of Indenture. 
Notwithstanding anything to the contrary contained in the Base
Indenture, so long as this Series Supplement shall be in effect in accordance
with Section 6.13 of this Series Supplement, no discharge of the
Indenture pursuant to Section 11.1(b) of the Base Indenture shall be
effective as to the Series 2005-1 Notes without the consent of the Required
Noteholders with respect to the Series 2005-1 Notes.

Section 6.15. 
Effect of Payment by Insurer. 
Anything in this Series Supplement to the contrary notwithstanding, any
payments of principal of or interest on the Class A Notes that is made with
moneys received pursuant to the terms of the Insurance Policy shall not (except
for the purpose of calculating the Class A-1

 163
 

Outstanding Principal Amount, the Class A-2 Outstanding Principal
Amount, the Class A-3 Outstanding Principal Amount, the Class A-4 Outstanding
Principal Amount, and the Class A-5 Outstanding Principal Amount be considered
payment of the Class A Notes by HVF.  The
Trustee acknowledges that, without the need for any further action on the part
of the Insurer, (i) to the extent the Insurer makes payments, directly or
indirectly, on account of principal of or interest on, the Class A Notes to the
Trustee for the benefit of the Class A Noteholders or to the Class A
Noteholders (including any Preference Amounts as defined in the Insurance
Policy), the Insurer will be fully subrogated to the rights of such Class A
Noteholders to receive such principal and interest and will be deemed to the
extent of the payments so made to be a Class A Noteholder and (ii) the Insurer
shall be paid principal and interest in its capacity as a Class A Noteholder
until all such payments by the Insurer have been fully reimbursed, but only
from the sources and in the manner provided in this Series Supplement for
payment of such principal and interest and, in each case, only after the Class
A Noteholders have received all payments of principal and interest due to them
under this Series Supplement on the related Payment Date.

Section 6.16. 
Interest Rate Hedge Provider Deemed Secured Party.  Each Interest Rate Hedge Provider shall
constitute an “Enhancement Provider” with respect to the Series 2005-1 Notes
for all purposes under the Base Indenture, the other Related Documents and each
Series 2005-1 Interest Rate Hedge shall constitute an “Enhancement Agreement”
with respect to the Series 2005-1 Notes for all purposes under the Base
Indenture and the other Related Documents. 
Furthermore, each Interest Rate Hedge Provider shall be deemed to be a
“Secured Party” under the Base Indenture and the Related Documents to the
extent of amounts payable to such Interest Rate Hedge Provider under its Series
2005-1 Interest Rate Hedge and pursuant to this Series Supplement.

Section 6.17. 
Ford Covenants.  HVF hereby
covenants and agrees with Ford that, only for so long as the Ford LOC Exposure
Amount is greater than zero:

(a)           Distributions
to HVF.  No amounts will be
distributed to HVF pursuant to any provision of the Indenture if, after giving
effect to that distribution, the Fleet Equity Amount would be less than the
Required Minimum Fleet Equity Amount.

(b)           Inspection
of Property, Books and Records.  It
will permit representatives of Ford to visit and inspect any of its properties
and to examine any of its books and records, and to discuss its affairs,
finances and accounts with the Servicer and its officers, directors, employees
and independent public accountants all at such reasonable times and on
reasonable notice and as often as may reasonably be requested (but, prior to
the occurrence of a Potential Amortization Event or an Amortization Event, not
more than twice in any year).

(c)           Other
Series Supplements.  Each Series
Supplement will provide for the payment of Ford Reimbursement Obligations prior
to any distribution or other release of funds to HVF thereunder and prior to
any payment of any termination

 164
 

payments under Swap Agreements; provided, however, that
on or prior to January 6, 2006, the Series 2002-1 Supplement, dated as of
September 18, 2002, by and between HVF and the Trustee, as amended,
supplemented or otherwise modified from time to time, will not be required to
provide for any payment of Ford Reimbursement Obligations.

(d)           No
Amendments.  It will not, without the
prior written consent of Ford (which consent shall not be unreasonably withheld
or delayed), (i) extend or otherwise modify the Three-Year Notes Expected Final
Payment Date, the Four-Year Notes Expected Final Payment Date, the Five-Year
Notes Expected Final Payment Date, the Three-Year Notes Legal Final Payment
Date, the Four-Year Notes Legal Final Payment Date or the Five-Year Notes Legal
Final Payment Date, (ii) amend, modify or waive Sections 2.2(d), (e)
and (f), 2.3(d) and (e), 2.5(a), (b), and (d),
2.7(e) and (f), 2.8(b), (c), (e), (f)(I),
(g), (h), (i), (j) and (k), 2.12, 2.13(e)
and (f), 2.14(b), (c), (e), (f)(I), (g),
(h), (i), (j) and (k), 2.16, 6.5, 6.7,
6.9  6.12, 6.13 and 6.17 of this Series Supplement
or any other provision of the Series 2005-1 Supplement providing for drawings
on the Series 2005-1 Letters of Credit or withdrawals from the Class A Reserve
Account or the Class B Reserve Account or the payment by HVF of Ford
Reimbursement Obligations or any terms used in such provisions, (iii) amend,
modify or waive the definitions of Fleet Equity Amount, Fleet Equity Condition,
or Required Minimum Fleet Equity Amount, or the effect of the use of those
terms to prohibit certain payments, (iv) amend, modify or waive any of the
provisions of any other Series Supplement providing for the payment by HVF of
Ford Reimbursement Obligations, (v) amend, modify or waive the provisions of
Sections 5.2(b) or 5.2(d) of the Base Indenture or (vi) amend, modify or waive
the Base Indenture, enter into any Series Supplement or amend, modify or waive
any Series Supplement in a manner that provides for an invested percentage
calculation that is different than that contained in the Series Supplements
relating to the Series of Notes being issued on the Series 2005-1 Closing Date.

(e)           Outstanding
Letters of Credit.  After the Series
2005-1 Closing Date, it will not, without the prior written consent of Ford
(which consent shall not be unreasonably withheld or delayed) obtain a Class A
Non-Ford Letter of Credit for so long as any Class B Ford Letters of Credit
remain outstanding.

Section 6.18. 
Issuances of Class B Notes.

(a)           Notwithstanding
the inclusion of Class B Notes in this Series Supplement, no Class B Notes will
be issued on the Series 2005-1 Closing Date. 
Until such time as Class B Notes are issued, all provisions relating to
the Class B Notes (other than the provisions of this Section 6.18)
contained herein, shall be disregarded. 
From time to time on any Distribution Date prior to the Expected Final
Payment Date for a Class of Class B Notes, HVF, subject to the conditions set
forth in clause (b) below, may issue Class B Notes of such Class.

(b)           Class
B Notes may be issued only upon satisfaction of the following conditions:

 165
 

(i)            The Trustee shall
have received a Company Request at least two (2) Business Days (or such shorter
time as is acceptable to the Trustee) in advance of the related Series 2005-1
Class B Notes Closing Date requesting that the Trustee authenticate and deliver
one or more Classes of Class B Notes specified in such Company Request;

(ii)           The Trustee shall
have received a Company Order authorizing and directing the authentication and
delivery of one or more Classes of Class B Notes, to be issued pursuant to this
Series Supplement, as supplemented by the Class B Notes Term Sheet with respect
to such Class or Classes of Class B Notes, by the Trustee and specifying the
designation of such Class or Classes of Class B Notes, the Initial Principal
Amount (or the method for calculating the Initial Principal Amount) of such
Class or Classes of Class B Notes to be authenticated and the Note Rate with
respect to such Class or Classes of Class B Notes;

(iii)          The Trustee shall
have received an Officer’s Certificate of HVF dated as of the applicable Series
2005-1 Class B Notes Closing Date to the effect that:

(A)  no Amortization Event,
Limited Liquidation Event of Default, Potential Amortization Event or
Enhancement Deficiency with respect to any Series of Notes Outstanding is
continuing or will occur as a result of the issuance of such Class or Classes
of Class B Notes,

(B)  no Liquidation Event of
Default, Aggregate Asset Amount Deficiency, Manufacturer Event of Default,
Operating Lease Event of Default, Potential Operating Lease Event of Default or
Potential Manufacturer Event of Default is continuing or will occur as a result
of the issuance of such Class or Classes of Class B Notes, and

(C)  all conditions precedent
provided in the Base Indenture and this Series Supplement with respect to the
authentication and delivery of such Class or Classes of Class B Notes have been
satisfied;

(iv)          a Class B Notes Term
Sheet, substantially in the form of Annex A hereto, shall have been
executed by HVF and the Trustee;

(v)           the Series 2005-1
Rating Agency Condition shall have been satisfied in respect of the issuance of
such Class or Classes of Class B Notes;

(vi)          for so long as any
Class B Notes are Outstanding, one or more Series 2005-1 Interest Rate Hedges
have been acquired from one or more Eligible Interest Rate Hedge Provider in an
aggregate initial notional amount

 166
 

equal to the
aggregate Principal Amount of the Class B Notes issued, each with a strike rate
equal to no more than 5.50% or as otherwise agreed by Fitch and each other
Rating Agency rating the Class B Notes and that otherwise satisfies Section
2.11 of this Series Supplement;

(vii)         the excess of the
principal amount of any of the Class B Notes over their issue price will not
exceed the maximum amount permitted under the Code without the creation of an
original issue discount,

(viii)        the Trustee shall
have received opinions of counsel substantially similar to those received in
connection with the offering and sale of the Class A Notes, including without
limitation, opinions to the effect that:

(A)  the Class B Notes will be
characterized as indebtedness for federal income tax purposes,

(B)  the issuance of the Class B
Notes will not affect adversely the United States federal income tax
characterization of any Series of Notes outstanding or Class thereof that was
(based upon on Opinion of Counsel) characterized as debt at the time of their
issuance and HVF will not be classified as an association or as a publicly
traded partnership taxable as a corporation for United States federal income
tax purposes,

(C)  all instruments furnished to
the Trustee conform to the requirements of the Base Indenture and this Series
Supplement and constitute all the documents required to be delivered hereunder
and thereunder for the Trustee to authenticate and deliver the Class B Notes,
and all conditions precedent provided for in the Base Indenture and this Series
Supplement with respect to the authentication and delivery of the Class B Notes
have been complied with,

(D)  the Class B Notes Term Sheet
with respect to the Class or Classes of Class B Notes being issued on such
Series 2005-1 Class B Notes Closing Date has been duly authorized, executed and
delivered by HVF,

(E)  the Class B Notes being
issued on such Series 2005-1 Class B Notes Closing Date have been duly
authorized and executed and, when authenticated and delivered in accordance
with the provisions of the Base Indenture and this Series Supplement, will
constitute valid, binding and enforceable obligations of HVF entitled to the
benefits of the Base Indenture and this Series Supplement, subject, in the case
of enforcement, to bankruptcy, insolvency, reorganization, moratorium and other
similar laws affecting creditors’ rights generally and to general principles of
equity,

 167
 

(F)  each of the Class B Notes
Term Sheets with respect to Class B Notes being issued on such Series 2005-1
Class B Notes Closing Date and this Series Supplement, as supplemented thereby,
is a legal, valid and binding agreement of HVF, enforceable in accordance with
its terms, subject to bankruptcy, insolvency, reorganization, moratorium and
other similar laws affecting creditors’ rights generally and to general
principles of equity; and

(G) 
such other documents, instruments, certifications, agreements or other
items as the Trustee may reasonably require.

 168
 

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

	
   

  	
  HERTZ VEHICLE FINANCING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert H.
  Rillings

  
	
   

  	
   

  	
  Name: Robert H.
  Rillings

  
	
   

  	
   

  	
  Title: Vice
  President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  BNY MIDWEST
  TRUST COMPANY,

  
	
   

  	
  as Trustee,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marian
  Onischak

  
	
   

  	
   

  	
  Name: Marian
  Onischak

  
	
   

  	
   

  	
  Title: Assistant
  Vice President

  

 

 169
 

ANNEX B

Transfer or Exchange of Certificated Notes

(a)           The
Certificated Notes may be transferred or exchanged, in whole or in part, for
other Certificated Notes[, upon surrender of the Certificated Notes to be
exchanged at any office or agency of the Registrar maintained for such
purpose].  Upon the occurrence of the DTC
Closing Availability, the Restricted Certificated Notes shall immediately
without any [notice or other] action on the part of any Noteholder, be
transferred or exchanged, in whole and not in part, for Restricted Global
Notes[, upon surrender of the Restricted Certificated Notes to be exchanged at
any office or agency of the Registrar maintained for such purpose].  In the event that any such Certificated Notes
are so surrendered for exchange, if the requirements of Section 8-401(a) of the
UCC are met, HVF shall execute and after HVF has executed, the Trustee shall
authenticate, the Series 2005-1 Notes which the Series 2005-1 Noteholder making
the exchange is entitled to receive or have a beneficial interest in, as
applicable.

[Every Certificated Note presented or surrendered for
registration of transfer or exchange shall be (i) duly endorsed by, or be
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder thereof or such Holder’s attorney duly
authorized in writing, with a medallion signature guarantee, and (ii)
accompanied by such other documents as the Trustee may require.]

[All Series 2005-1 Notes issued upon any registration
of transfer or exchange of the Certificated Notes shall be the valid
obligations of HVF, evidencing the same debt, and entitled to the same benefits
under the Base Indenture and this Series Supplement, as the Certificated Notes
surrendered upon such registration of transfer or exchange.]

No service charge shall be payable for any
registration of transfer or exchange of Certificated Notes.

(b)           The
transfer or exchange of a Restricted Certificated Note to a Person who wishes
to take delivery thereof in a new Restricted Certificated Note or in the form
of a beneficial interest in a Restricted Global Note shall be made upon the
deemed representation of the transferee that it is purchasing for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a QIB, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding HVF as such transferee has requested pursuant
to Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon its foregoing representations in
order to claim the exemption from registration provided by Rule 144A.

(c)           The holder of any Certificated Note may transfer the same
in whole or in part, in an amount equivalent to an authorized denomination, by
surrendering such Certificated Note at the office maintained by the Registrar
for such purpose, with

 170
 

the
form of transfer endorsed on it duly completed and executed by, or accompanied
by a written instrument of transfer in form satisfactory to HVF and the
Registrar by, the holder thereof and accompanied by a certificate substantially
in the form of Exhibit I hereto.  In
exchange for any Certificated Note properly presented for transfer, HVF shall
execute and the Trustee shall promptly authenticate and deliver or cause to be
authenticated and delivered in compliance with applicable law, to the
transferee at such office, or send by mail (at the risk of the transferee) to
such address as the transferee may request, one or more other Certificated
Notes (as the transferee may request) which collectively have an aggregate
principal amount equal to the aggregate principal amount as was transferred.  In the case of the transfer of any
Certificated Note in part, HVF shall execute and the Trustee shall promptly
authenticate and deliver or cause to be authenticated and delivered to the
transferor at such office, or send by mail (at the risk of the transferor) to
such address as the transferor may request, one or more Certificated Notes (as
the transferee may request) which collectively have an aggregate principal
amount equal to the aggregate principal amount that was not transferred.  [No transfer of any Certificated Note shall
be made unless the request for such transfer is made by the Holder at such
office.]  Neither HVF nor the Trustee
shall be liable for any delay in delivery of transfer instructions and each may
conclusively rely on, and shall be protected in relying on, such
instructions.  Upon the issuance of
transferred Certificated Notes, the Trustee shall recognize the Holders of such
Certificated Note as Series 2005-1 Noteholders. 
Notwithstanding anything to the contrary contained herein, upon the occurrence
of the DTC Closing Availability (i) all Certificated Notes which are Regulation
S Certificated Notes or Unrestricted Certificated Notes shall be exchanged for
one or more Restricted Certificated Notes (as the transferee may request) which
collectively have an aggregate principal amount equal to the aggregate
principal amount of the Regulation S Certificated Notes and Unrestricted
Certificated Notes so exchanged and (ii) all Restricted Certificated Notes
shall be exchanged or transferred for Restricted Global Notes.

(d)           Promptly
upon the occurrence of the DTC Closing Availability, the Trustee shall notify
the Registrar, and upon receipt by the Registrar, at the office of the
Registrar, of a certificate in substantially the form set forth in Exhibit I
given by the Series 2005-1 Noteholders holding Restricted Certificated Notes,
Regulation S Certificated Notes or Unrestricted Certificated Notes, the
Registrar shall instruct BNY MTC to cancel each Restricted Certificated Note,
Regulation S Certificated Note and Unrestricted Certificated Note, and shall
instruct BNY MTC, as custodian of DTC, to transfer or exchange such Restricted
Certificated Notes, Regulation S Certificated Notes and Unrestricted
Certificated Notes, as applicable, for an interest in Restricted Global Notes,
Regulation S Global Notes and Unrestricted Global Notes, as specified in such
notice, and record the principal amount of such Restricted Global Notes,
Regulation S Global Notes and Unrestricted Global Notes, as applicable, in an
amount equal to the principal amount of such exchanged or transferred
Restricted Certificated Notes, Regulation S Certificated Notes or Unrestricted
Certificated Notes, as applicable, and to credit or cause to be credited to the
account of the Persons specified in such instructions (which shall be the
Clearing Agency Participant for Euroclear or Clearstream or both, as the case
may be) a beneficial interest in the Restricted Global Notes, Regulation S
Global 

 171
 

Notes and Unrestricted
Global Notes, as applicable, having a principal amount equal to the principal
amount of such exchanged or transferred Restricted Certificated Notes,
Regulation S Certificated Notes or Unrestricted Certificated Notes, as
specified in such notice.

 172EXHIBIT
4.9.3

HERTZ VEHICLE FINANCING LLC,

as Issuer

and

BNY MIDWEST TRUST COMPANY,

as Trustee and Securities Intermediary

AMENDED AND RESTATED SERIES 2005-2 SUPPLEMENT

dated as of August 1, 2006

to

SECOND AMENDED AND RESTATED

BASE INDENTURE

dated as of August 1, 2006

 

$225,000,00 Series
2005-2 Floating Rate Rental Car Asset Backed Notes, Class A-1

$200,000,000
Series 2005-2 4.93% Rental Car Asset Backed Notes, Class A-2

$275,000,000
Series 2005-2 Floating Rate Rental Car Asset Backed Notes, Class A-3

$100,000,000
Series 2005-2 5.01% Rental Car Asset Backed Notes, Class A-4

$1,125,000 Series
2005-2 Floating Rate Rental Car Asset Backed Notes, Class A-5

$225,000,000
Series 2005-2 5.08% Rental Car Asset Backed Notes, Class A-6

Series 2005-2 Floating
Rate Rental Car Asset Backed Notes, Class B-1

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

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

Series 2005-2
Fixed Rate Rental Car Asset Backed Notes, Class B-4

Series 2005-2 Floating Rate Rental Car Asset Backed Notes, Class B-5

Series 2005-2 Fixed Rate Rental Car Asset Backed
Notes, Class B-6

Three-Year Notes, Four-Year Notes and Five-Year Notes

Insurer of Class A Notes:  Ambac
Assurance Corporation

TABLE OF CONTENTS

 

	
  

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  DEFINITIONS

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  SERIES 2005-2 ALLOCATIONS

  	
   

  	
  72

  
	
  Section 2.1.

  	
  Series 2005-2 Series Accounts

  	
   

  	
  72

  
	
  Section 2.2.

  	
  Allocations with Respect to the Series 2005-2 Notes

  	
   

  	
  73

  
	
  Section 2.3.

  	
  Application of Interest Collections

  	
   

  	
  80

  
	
  Section 2.4.

  	
  Payment of Note Interest

  	
   

  	
  90

  
	
  Section 2.5.

  	
  Payment of Note Principal

  	
   

  	
  91

  
	
  Section 2.6.

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

  	
   

  	
  107

  
	
  Section 2.7.

  	
  Class A Reserve Account

  	
   

  	
  107

  
	
  Section 2.8.

  	
  Class A Letters of Credit and Class A Cash
  Collateral Accounts

  	
   

  	
  109

  
	
  Section 2.9.

  	
  Series 2005-2 Distribution Account

  	
   

  	
  117

  
	
  Section 2.10.

  	
  Trustee as Securities Intermediary

  	
   

  	
  118

  
	
  Section 2.11.

  	
  Series 2005-2 Interest Rate Hedges

  	
   

  	
  120

  
	
  Section 2.12.

  	
  Series 2005-2 Demand Note Constitutes Additional
  Collateral for Series 2005-2 Notes

  	
   

  	
  122

  
	
  Section 2.13.

  	
  Class B Reserve Account

  	
   

  	
  129

  
	
  Section 2.14.

  	
  Class B Letters of Credit and Class B Cash
  Collateral Account

  	
   

  	
  131

  
	
  Section 2.15.

  	
  Subordination of Class B Notes

  	
   

  	
  139

  
	
  Section 2.16.

  	
  Reimbursement Obligation

  	
   

  	
  139

  
	
  Section 2.17.

  	
  Series 2005-2 Closing Account

  	
   

  	
  140

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  AMORTIZATION EVENTS

  	
   

  	
  141

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  RESERVED

  	
   

  	
  143

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  FORM OF SERIES 2005-2 NOTES

  	
   

  	
  144

  
	
  Section 5.1.

  	
  Initial Issuance of Series 2005-2 Notes

  	
   

  	
  144

  
	
  Section 5.2.

  	
  Restricted Notes

  	
   

  	
  144

  
	
  Section 5.3.

  	
  Regulation S Notes

  	
   

  	
  145

  
	
  Section 5.4.

  	
  Transfer Restrictions

  	
   

  	
  146

  
					

 

 i
 

 

	
  

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  GENERAL

  	
   

  	
  151

  
	
  Section 6.1.

  	
  Optional Redemption of Series 2005-2 Notes

  	
   

  	
  151

  
	
  Section 6.2.

  	
  Information

  	
   

  	
  152

  
	
  Section 6.3.

  	
  Exhibits

  	
   

  	
  154

  
	
  Section 6.4.

  	
  Ratification of Base Indenture

  	
   

  	
  156

  
	
  Section 6.5.

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

  	
   

  	
  156

  
	
  Section 6.6.

  	
  Insurer Deemed Class A Noteholder and Secured Party

  	
   

  	
  157

  
	
  Section 6.7.

  	
  Third Party Beneficiary

  	
   

  	
  157

  
	
  Section 6.8.

  	
  Prior Notice by Trustee to Insurer

  	
   

  	
  157

  
	
  Section 6.9.

  	
  Subrogation

  	
   

  	
  158

  
	
  Section 6.10.

  	
  Counterparts

  	
   

  	
  158

  
	
  Section 6.11.

  	
  Governing Law

  	
   

  	
  158

  
	
  Section 6.12.

  	
  Amendments

  	
   

  	
  158

  
	
  Section 6.13.

  	
  Termination of Series Supplement

  	
   

  	
  159

  
	
  Section 6.14.

  	
  Discharge of Indenture

  	
   

  	
  159

  
	
  Section 6.15.

  	
  Effect of Payment by Insurer

  	
   

  	
  159

  
	
  Section 6.16.

  	
  Interest Rate Hedge Provider Deemed Secured Party

  	
   

  	
  160

  
	
  Section 6.17.

  	
  Ford Covenants

  	
   

  	
  160

  
	
  Section 6.18.

  	
  Issuances of Class B Notes

  	
   

  	
  161

  
					

 

 ii
 

EXHIBITS

 

	
  Exhibit A-1-1:

  	
  Form of Restricted Global Class A-1 Note

  	
   

  	
   

  
	
  Exhibit A-1-1-C:

  	
  Form of Restricted Certificated Class A-1 Note

  	
   

  	
   

  
	
  Exhibit A-1-2:

  	
  Form of Regulation S Global Class A-1 Note

  	
   

  	
   

  
	
  Exhibit A-1-2-C:

  	
  Form of Regulation S Certificated Class A-1 Note

  	
   

  	
   

  
	
  Exhibit A-1-3:

  	
  Form of Unrestricted Global Class A-1 Note

  	
   

  	
   

  
	
  Exhibit A-1-3-C:

  	
  Form of Unrestricted Certificated Class A-1 Note

  	
   

  	
   

  
	
  Exhibit A-2-1:

  	
  Form of Restricted Global Class A-2 Note

  	
   

  	
   

  
	
  Exhibit A-2-1-C:

  	
  Form of Restricted Certificated Class A-2 Note

  	
   

  	
   

  
	
  Exhibit A-2-2:

  	
  Form of Regulation S Global Class A-2 Note

  	
   

  	
   

  
	
  Exhibit A-2-2-C:

  	
  Form of Regulation S Certificated Class A-2 Note

  	
   

  	
   

  
	
  Exhibit A-2-3:

  	
  Form of Unrestricted Global Class A-2 Note

  	
   

  	
   

  
	
  Exhibit A-2-3-C:

  	
  Form of Unrestricted Certificated Class A-2 Note

  	
   

  	
   

  
	
  Exhibit A-3-1:

  	
  Form of Restricted Global Class A-3 Note

  	
   

  	
   

  
	
  Exhibit A-3-1-C:

  	
  Form of Restricted Certificated Class A-3 Note

  	
   

  	
   

  
	
  Exhibit A-3-2:

  	
  Form of Regulation S Global Class A-3 Note

  	
   

  	
   

  
	
  Exhibit A-3-2-C:

  	
  Form of Regulation S Certificated Class A-3 Note

  	
   

  	
   

  
	
  Exhibit A-3-3:

  	
  Form of Unrestricted Global Class A-3 Note

  	
   

  	
   

  
	
  Exhibit A-3-3-C:

  	
  Form of Unrestricted Certificated Class A-3 Note

  	
   

  	
   

  
	
  Exhibit A-4-1:

  	
  Form of Restricted Global Class A-4 Note

  	
   

  	
   

  
	
  Exhibit A-4-1-C:

  	
  Form of Restricted Certificated Class A-4 Note

  	
   

  	
   

  
	
  Exhibit A-4-2:

  	
  Form of Regulation S Global Class A-4 Note

  	
   

  	
   

  
	
  Exhibit A-4-2-C:

  	
  Form of Regulation S Certificated Class A-4 Note

  	
   

  	
   

  
	
  Exhibit A-4-3:

  	
  Form of Unrestricted Global Class A-4 Note

  	
   

  	
   

  
	
  Exhibit A-4-3-C:

  	
  Form of Unrestricted Certificated Class A-4 Note

  	
   

  	
   

  
	
  Exhibit A-5-1:

  	
  Form of Restricted Global Class A-5 Note

  	
   

  	
   

  
	
  Exhibit A-5-1-C:

  	
  Form of Restricted Certificated Class A-5 Note

  	
   

  	
   

  
	
  Exhibit A-5-2:

  	
  Form of Regulation S Global Class A-5 Note

  	
   

  	
   

  
	
  Exhibit A-5-2-C:

  	
  Form of Regulation S Certificated Class A-5 Note

  	
   

  	
   

  
	
  Exhibit A-5-3:

  	
  Form of Unrestricted Global Class A-5 Note

  	
   

  	
   

  
	
  Exhibit A-5-3-C:

  	
  Form of Unrestricted Certificated Class A-5 Note

  	
   

  	
   

  
	
  Exhibit A-6-1:

  	
  Form of Restricted Global Class B-1 Note

  	
   

  	
   

  
	
  Exhibit A-6-2:

  	
  Form of Regulation S Global Class B-1 Note

  	
   

  	
   

  
	
  Exhibit A-6-3:

  	
  Form of Unrestricted Global Class B-1 Note

  	
   

  	
   

  
	
  Exhibit A-7-1:

  	
  Form of Restricted Global Class B-2 Note

  	
   

  	
   

  
	
  Exhibit A-7-2:

  	
  Form of Regulation S Global Class B-2 Note

  	
   

  	
   

  
	
  Exhibit A-7-3:

  	
  Form of Unrestricted Global Class B-2 Note

  	
   

  	
   

  
	
  Exhibit A-8-1:

  	
  Form of Restricted Global Class B-3 Note

  	
   

  	
   

  
	
  Exhibit A-8-2:

  	
  Form of Regulation S Global Class B-3 Note

  	
   

  	
   

  
	
  Exhibit A-8-3:

  	
  Form of Unrestricted Global Class B-3 Note

  	
   

  	
   

  
	
  Exhibit A-9-1:

  	
  Form of Restricted Global Class B-4 Note

  	
   

  	
   

  
	
  Exhibit A-9-2:

  	
  Form of Regulation S Global Class B-4 Note

  	
   

  	
   

  

 

 iii
 

 

	
  Exhibit A-9-3:

  	
  Form of Unrestricted Global Class B-4 Note

  	
   

  	
   

  
	
  Exhibit A-10-1:

  	
  Form of Restricted Global Class B-5 Note

  	
   

  	
   

  
	
  Exhibit A-10-2:

  	
  Form of Regulation S Global Class B-5 Note

  	
   

  	
   

  
	
  Exhibit A-10-3:

  	
  Form of Unrestricted Global Class B-5 Note

  	
   

  	
   

  
	
  Exhibit A-11-1:

  	
  Form of Restricted Global Class B-6 Note

  	
   

  	
   

  
	
  Exhibit A-11-2:

  	
  Form of Regulation S Global Class B-6 Note

  	
   

  	
   

  
	
  Exhibit A-11-3:

  	
  Form of Unrestricted Global Class B-6 Note

  	
   

  	
   

  
	
  Exhibit B-1-1:

  	
  Form of Class A Letter of Credit

  	
   

  	
   

  
	
  Exhibit B-1-2:

  	
  Form of Class A Ford Letter of Credit

  	
   

  	
   

  
	
  Exhibit B-2-1:

  	
  Form of Class B Letter of Credit

  	
   

  	
   

  
	
  Exhibit B-2-2:

  	
  Form of Class B Ford Letter of Credit

  	
   

  	
   

  
	
  Exhibit C:

  	
  Form of Lease Payment Deficit Notice

  	
   

  	
   

  
	
  Exhibit D-1-1:

  	
  Form of Class A Ford Letter of Credit Reduction
  Notice

  	
   

  	
   

  
	
  Exhibit D-1-2:

  	
  Form of Class A Ford Letter of Credit Termination
  Notice

  	
   

  	
   

  
	
  Exhibit D-2:

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

  	
   

  	
   

  
	
  Exhibit D-3-1:

  	
  Form of Class B Ford Letter of Credit Reduction
  Notice

  	
   

  	
   

  
	
  Exhibit D-3-2:

  	
  Form of Class B Ford Letter of Credit Termination
  Notice

  	
   

  	
   

  
	
  Exhibit D-4:

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

  	
   

  	
   

  
	
  Exhibit E:

  	
  Reserved

  	
   

  	
   

  
	
  Exhibit F-1:

  	
  Form of Transfer Certificate

  	
   

  	
   

  
	
  Exhibit F-2:

  	
  Form of Transfer Certificate

  	
   

  	
   

  
	
  Exhibit F-3:

  	
  Form of Transfer Certificate

  	
   

  	
   

  
	
  Exhibit G:

  	
  Form of Monthly Noteholders’ Statement

  	
   

  	
   

  
	
  Exhibit H:

  	
  Form of Series 2005-2 Demand Note

  	
   

  	
   

  
	
  Exhibit I:

  	
  Form of Transfer Certificate for Certificated Notes

  	
   

  	
   

  

 

ANNEXES

	
  Annex A:

  	
  Form of Class B Notes Term Sheet

  	
   

  	
   

  
	
  Annex B:

  	
  Transfer and Exchange of Certificated Notes

  	
   

  	
   

  

 

 iv

AMENDED AND RESTATED
SERIES 2005-2 SUPPLEMENT dated as of August 1, 2006 (“Series Supplement”)
between HERTZ VEHICLE FINANCING LLC, a special purpose limited liability
company established under the laws of Delaware (“HVF”), and BNY MIDWEST
TRUST COMPANY, an Illinois trust company, as trustee (together with its
successors in trust thereunder as provided in the Base Indenture referred to
below, the “Trustee”), and as securities intermediary (in such capacity,
the “Securities Intermediary”), to the Second Amended and Restated Base
Indenture, dated as of August 1, 2006, between HVF and the Trustee (as amended,
modified or supplemented from time to time, exclusive of Series Supplements,
the “Base Indenture”).

PRELIMINARY STATEMENT

WHEREAS, HVF and the
Trustee entered into the Series 2005-2 Supplement dated as of
December 21, 2005 (the “Prior Series Supplement”);

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

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

NOW, THEREFORE, the
parties hereto agree as follows:

DESIGNATION

There is hereby created a
Series of Notes to be issued pursuant to the Base Indenture and this Series
Supplement and such Series of Notes shall be designated as Rental Car Asset
Backed Notes, Series 2005-2.  On the
Series 2005-2 Closing Date, six classes of Series 2005-2 Notes shall be
issued:  the first of which shall be
designated as the Series 2005-2 Floating Rate Rental Car Asset Backed Notes,
Class A-1, and referred to herein as the Class A-1 Notes, the second of which
shall be designated as the Series 2005-2 4.93% Rental Car Asset Backed Notes,
Class A-2, and referred to herein as the Class A-2 Notes, the third of which
shall be designated as the Series 2005-2 Floating Rate Rental Car Asset Backed
Notes, Class A-3, and referred to herein as the Class A-3 Notes, the fourth of
which shall be designated as the Series 2005-2 5.01% Rental Car Asset Backed
Notes, Class A-4, and referred to herein as the Class A-4 Notes, the fifth of
which shall be designated as the Series 2005-2 Floating Rate Rental Car Asset
Backed Notes, Class A-5, and referred to herein as the Class A-5 Notes and the
last of which shall be designated as the Series 2005-2 5.08% Rental Car Asset
Backed Notes, Class A-6, and referred to herein as the Class A-6 Notes.  The Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes, the Class A-4 Notes, the Class A-5 Notes and the Class A-6
Notes are referred to herein collectively as the “Class A Notes”.  At any time prior to the Expected Final Payment
Date for the Class of Class B Notes being issued, additional Series 2005-2
Notes may be issued in up to six classes: the first of which shall be
designated as the Series 2005-2 Floating Rate Rental Car Asset Backed Notes,
Class B-1, 

and referred to herein
as the Class B-1 Notes, the second of which shall be designated as the Series
2005-2 Fixed Rate Rental Car Asset Backed Notes, Class B-2, and referred to
herein as the Class B-2 Notes, the third of which shall be designated as the
Series 2005-2 Floating Rate Rental Car Asset Backed Notes, Class B-3, and
referred to herein as the Class B-3 Notes, the fourth of which shall be
designated as the Series 2005-2 Fixed Rate Rental Car Asset Backed Notes, Class
B-4, and referred to herein as the Class B-4 Notes, the fifth of which shall be
designated as the Series 2005-2 Floating Rate Rental Car Asset Backed Notes,
Class B-5, and referred to herein as the Class B-5 Notes, and the last of which
shall be designated as the Series 2005-2 Fixed Rate Rental Car Asset Backed
Notes, Class B-6, and referred to herein as the Class B-6 Notes. The Class B-1
Notes, the Class B-2 Notes, the Class B-3 Notes, the Class B-4 Notes, the Class
B-5 Notes and the Class B-6 Notes are referred to herein collectively as the “Class
B Notes.”  The Class A Notes and the
Class B Notes are referred to herein collectively as the “Series 2005-2
Notes.”  The Series 2005-2 Notes
shall be issued in minimum denominations of $25,000 and integral multiples of
$1,000 in excess thereof.

The net proceeds from the
sale of the Class A Notes shall be deposited in the Series 2005-2 Closing
Account and used to make payments in reduction of the Principal Amount of other
Series of Notes or paid to HVF and used to acquire Eligible Vehicles and
Manufacturer Receivables from HGI pursuant to the Purchase Agreement and/or
from Hertz and/or HFC to the extent permitted by the Related Documents on the
Series 2005-2 Closing Date or for other purposes permitted under the Related
Documents.  The net proceeds from the
sale of the Class B Notes shall be deposited in the Series 2005-2 Excess
Collection Account and used to make payments in reduction of the Principal
Amount of other Series of Notes or paid to HVF and used to acquire Eligible
Vehicles from HGI pursuant to the Purchase Agreement on the related Series
2005-2 Class B Notes Closing Date or for other purposes permitted under the
Related Documents.

ARTICLE I

DEFINITIONS

(a)                                  All
capitalized terms not otherwise defined herein shall have the meanings assigned
thereto in the Definitions List attached to the Base Indenture as Schedule I
thereto, as amended, modified, restated or supplemented from time to time in
accordance with the terms of the Base Indenture.  All Article, Section or Subsection references
herein shall refer to Articles, Sections or Subsections of the Base Indenture,
except as otherwise provided herein. 
Unless otherwise stated herein, as the context otherwise requires or if
such term is otherwise defined in the Base Indenture, each capitalized term
used or defined herein shall relate only to the Series 2005-2 Notes and not to
any other Series of Notes issued by HVF. 
All references herein to the “Series 2005-2 Supplement” shall mean the
Base Indenture, as supplemented hereby.

(b)                                 The
following words and phrases shall have the following meanings with respect to
the Series 2005-2 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:

 2
 

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

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

“Applicable Procedures”
has the meaning specified in Section 5.1(c) of this Series Supplement.

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

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

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

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

“BBB-/Baa3 EPM Amount”
means, as of any date of determination, the sum for all BBB-/Baa3 Manufacturers
of an amount, with respect to each BBB-/Baa3 Manufacturer, equal to the sum,
rounded to the nearest $100,000, of the following amounts to the extent that
such amounts are included in the definition of “Aggregate Asset Amount” for
such date: (i) the Net Book Value of all Eligible Program Vehicles that are
Eligible Vehicles as of such date that were manufactured by such BBB-/Baa3
Manufacturer or an Affiliate thereof and not turned in to and accepted by such
BBB-/Baa3 Manufacturer pursuant to its Manufacturer Program, not delivered and
accepted for Auction pursuant to its Manufacturer Program or not otherwise sold
or deemed to be sold under the Related Documents, plus (ii) the aggregate
amount of Manufacturer Receivables (other than Excluded Payments) payable to
HVF or to the Intermediary 

 3
 

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

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

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

“BBB-/Baa3
Manufacturer” means, as of any day, each Manufacturer of a Program Vehicle
from an Eligible Program Manufacturer that is rated at least “BBB-” from
S&P, at least “Baa3” from Moody’s and, unless otherwise agreed to by Fitch,
at 

 4
 

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

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

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

“Calculation Agent”
means BNY MTC, in its capacity as calculation agent with respect to the Class
A-1 Note Rate, the Class A-3 Note Rate, the Class A-5 Note Rate, the Class B-1
Note Rate, the Class B-3 Note Rate and the Class B-5 Note Rate.

“Class” means a
class of the Series 2005-2 Notes, which may be the Class A-1 Notes, the Class
A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class A-5 Notes, the
Class A-6 Notes, the Class B-1 Notes, the Class B-2 Notes, the Class B-3 Notes,
the Class B-4 Notes, the Class B-5 Notes or the Class B-6 Notes.

“Class A Adjusted
Enhancement Amount” means, the Class A Enhancement Amount, excluding from
the calculation thereof the amount available to be drawn under any Series
2005-2 Letter of Credit if at the time of such calculation (A) such Series
2005-2 Letter of Credit shall not be in full force and effect, (B) an Event of
Bankruptcy shall have occurred with respect to the Series 2005-2 Letter of
Credit Provider of such Series 2005-2 Letter of Credit, (C) such Series 2005-2
Letter of Credit Provider shall have repudiated such Series 2005-2 Letter of
Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Class A Downgrade Event shall have occurred and be continuing
for at least 30 days with respect to the Series 2005-2 Letter of Credit
Provider of such Series 2005-2 Letter of Credit.

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

 5
 

least 30 days with
respect to the Series 2005-2 Letter of Credit Provider of such Series 2005-2
Letter of Credit.

“Class A Adjusted
Monthly Interest” means, (a) for the initial Payment Date, the sum of (A)
the Class A-1 Monthly Interest with respect to the initial Series 2005-2
Interest Period, (B) the Class A-2 Monthly Interest with respect to the initial
Series 2005-2 Interest Period, (C) the Class A-3 Monthly Interest with respect
to the initial Series 2005-2 Interest Period, (D) the Class A-4 Monthly
Interest with respect to the initial Series 2005-2 Interest Period, (E) the
Class A-5 Monthly Interest with respect to the initial Series 2005-2 Interest
Period, and (F) the Class A-6 Monthly Interest with respect to the initial
Series 2005-2 Interest Period, and (b) for any other Payment Date, the sum of
(i) with respect to the Series 2005-2 Interest Period ending on the day
preceding such Payment Date, the sum of (A) an amount equal to the product of
(1) the Class A-1 Note Rate for such Series 2005-2 Interest Period, (2) the
Class A-1 Outstanding Principal Amount on the first day of such Series 2005-2
Interest Period, after giving effect to any principal payments made on such
date, and (3) a fraction, the numerator of which is the number of days in such
Series 2005-2 Interest Period and the denominator of which is 360, (B) an
amount equal to the product of (1) one-twelfth of the Class A-2 Note Rate and
(2) the Class A-2 Outstanding Principal Amount on the first day of such Series
2005-2 Interest Period, after giving effect to any principal payments made on
such date, (C) an amount equal to the product of (1) the Class A-3 Note Rate
for such Series 2005-2 Interest Period, (2) the Class A-3 Outstanding Principal
Amount on the first day of such Series 2005-2 Interest Period, after giving
effect to any principal payments made on such date, and (3) a fraction, the
numerator of which is the number of days in such Series 2005-2 Interest Period
and the denominator of which is 360, (D) an amount equal to the product of (1)
one-twelfth of the Class A-4 Note Rate and (2) the Class A-4 Outstanding
Principal Amount on the first day of such Series 2005-2 Interest Period, after
giving effect to any principal payments made on such date, (E) an amount equal
to the product of (1) the Class A-5 Note Rate for such Series 2005-2 Interest
Period, (2) the Class A-5 Outstanding Principal Amount on the first day of such
Series 2005-2 Interest Period, after giving effect to any principal payments
made on such date, and (3) a fraction, the numerator of which is the number of
days in such Series 2005-2 Interest Period and the denominator of which is 360,
and (F) an amount equal to the product of (1) one-twelfth of the Class A-6 Note
Rate and (2) the Class A-6 Outstanding Principal Amount on the first day of
such Series 2005-2 Interest Period, after giving effect to any principal
payments made on such date, and (ii) an amount equal to the aggregate amount of
any unpaid Class A Deficiency Amounts, as of the preceding Payment Date
(together with any accrued interest on such Class A Deficiency Amounts at the
applicable Series 2005-2 Note Rate).

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

 6
 

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

“Class A Asset
Percentage” means, as of any date of determination, a fraction, the
numerator of which shall be equal to the Class A Required Asset Amount,
determined during the Series 2005-2 Revolving Period as of the end of the
immediately preceding Related Month (or, until the end of the initial Related
Month after the Series 2005-2 Closing Date, on the Series 2005-2 Closing Date),
or, during the Series 2005-2 Controlled Amortization Period and the Series
2005-2 Rapid Amortization Period, as of the end of the Series 2005-2 Revolving
Period, and the denominator of which shall be the greater of (I) the Aggregate
Asset Amount as of the end of the immediately preceding Related Month or, until
the end of the initial Related Month after the Series 2005-2 Closing Date, as
of the Series 2005-2 Closing Date and (II) as of the same date as in clause
(I), the Aggregate Required Asset Amount.

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

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

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

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

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

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

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

 7
 

Required Liquidity
Amount on such Payment Date, and (iii) the excess, if any, of the Class B
Adjusted Enhancement Amount over the Class B Required Enhancement Amount on
such Payment Date.

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

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

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

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

“Class A Controlled
Distribution Amount” means a Class A-1 Controlled Distribution Amount, a
Class A-2 Controlled Distribution Amount, a Class A-3 Controlled Distribution
Amount, a Class A-4 Controlled Distribution Amount, a Class A-5 Controlled
Distribution Amount or a Class A-6 Controlled Distribution Amount.

“Class A Deficiency
Amount” means a Class A-1 Deficiency Amount, a Class A-2 Deficiency Amount,
a Class A-3 Deficiency Amount, a Class A-4 Deficiency Amount, a Class A-5
Deficiency Amount or a Class A-6 Deficiency Amount, as the context may require.

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

“Class A Downgrade
Event” has the meaning specified in Section 2.8(c) of this Series
Supplement.

“Class A Eligible Ford
Letter of Credit Provider” means a Person having, at the time of the
issuance of the related Class A Ford Letter of Credit, a long-term senior
unsecured debt rating (or the equivalent thereof in the case of Moody’s or
Standard & Poor’s, as applicable) of at least “A+” from Standard & Poor’s
and, at least “A1” from Moody’s and a short-term senior unsecured debt rating
of at least “A-1” from Standard & Poor’s and “P-1” from Moody’s; provided
that, other than in connection with the initial Series 2005-2 Ford Letter of
Credit Provider, for so long as any Class A Notes are Outstanding, each Class A
Eligible Ford Letter of Credit Provider shall be approved by the Insurer, such
approval not to be unreasonably withheld or delayed.

“Class A Eligible
Letter of Credit Provider” means a Person having, at the time of the
issuance of the related Class A Letter of Credit, a long-term senior unsecured
debt rating (or the equivalent thereof in the case of Moody’s or Standard &
Poor’s, as 

 8
 

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

“Class A Eligible
Program Vehicle Percentage” means, as of any date of determination, the
result of (x) a fraction, expressed as a percentage, the numerator of which is
the excess, if any, of (i) the Eligible Program Vehicle Amount as of such date
over (ii) the Non-Investment Grade Eligible Program Manufacturer Vehicle Amount
as of such date and the denominator of which is the excess of (A) the
Aggregate Asset Amount over (B) the amount of cash and Permitted
Investments on deposit in the Collection Account and the HVF Exchange Account,
in each case as of such date minus (y) the BBB-/Baa3 EPM Vehicle Percentage Excess.

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

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

“Class A Ford Cash
Collateral Account” has the meaning specified in Section 2.8(g) of
this Series Supplement.

“Class A Ford Cash
Collateral Account Collateral” has the meaning specified in Section 2.8(a)
of this Series Supplement.

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

“Class A Ford Letter
of Credit” means an irrevocable letter of credit, substantially in the form
of Exhibit B-1-2 to this Series Supplement and otherwise in form and
substance satisfactory to the Insurer, issued for the account of Ford or an
affiliate thereof by a Class A Eligible Ford Letter of Credit Provider in favor
of the 

 9
 

Trustee for the
benefit of the Series 2005-2 Noteholders; provided, however, that
the Insurer agrees that any Class A Letter of Credit that is in the form and
substance of the Class A Letter of Credit delivered to the Trustee on the
Series 2005-2 Closing Date is in form and substance satisfactory to the
Insurer.

“Class A Ford Letter
of Credit Liquidity Amount” means, as of any date of determination, the sum
of (a) the aggregate amount available to be drawn on such date under each Class
A Ford Letter of Credit, as specified therein, and (b) if a Class A Ford Cash
Collateral Account has been established and funded pursuant to Section 2.8
of this Series Supplement, the Class A Available Ford Cash Collateral Account
Amount on such date.

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

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

“Class A Letter of
Credit Agreement” means the Class A Letter of Credit Reimbursement
Agreement and any other agreement pursuant to which a Class A Letter of Credit
is issued in favor of the Trustee for the benefit of the Series 2005-2
Noteholders.

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

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

“Class A Letter of
Credit Liquidity Amount” means, as of any date of determination, the sum of
(a) the aggregate amount available to be drawn on such date under each Class A
Letter of Credit, as specified therein, and (b) if a Class A Cash Collateral
Account has been established and funded pursuant to Section 2.8 of this
Series Supplement, the Class A Available Cash Collateral Account Amount on such
date.

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

“Class A Letter of
Credit Reimbursement Agreement” means any and each reimbursement agreement
providing for the reimbursement of a Class A Letter of Credit Provider for
draws under its Class A Letter of Credit, other than any such 

 10
 

reimbursement
agreement between Ford and a Class A Ford Letter of Credit Provider, as the
same may be amended, restated, modified or supplemented from time to time in
accordance with its terms.

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

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

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

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

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

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

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

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

“Class A Monthly
Interest” means, with respect to any Series 2005-2 Interest Period, the sum
of Class A-1 Monthly Interest, Class A-2 Monthly Interest, Class A-3 Monthly
Interest, Class A-4 Monthly Interest, Class A-5 Monthly Interest and Class A-6
Monthly Interest for such Series 2005-2 Interest Period.

“Class A Non-Eligible
Vehicle Percentage” means, as of any date of determination, the result of
(x) the percentage equivalent of a fraction, the numerator of which is the
result of (i) the Non-Eligible Vehicle Amount minus the Bankrupt 

 11
 

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

“Class A Non-Ford Cash
Collateral Account” has the meaning specified in Section 2.8(g) of
this Series Supplement.

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

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

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

“Class A Non-Ford
Letter of Credit Amount” means, as of any date of determination, the lesser
of (a) the sum of (i) the aggregate amount available to be drawn on such date
under the Class A Non-Ford Letters of Credit, as specified therein, and (ii) if
the Class A Non-Ford Cash Collateral Account has been established and funded
pursuant to Section 2.8 of this Series Supplement, the Class A Available
Non-Ford Cash Collateral Account Amount on such date and (b) the outstanding
principal amount of the Series 2005-2 Demand Note on such date.

“Class A Non-Ford
Letter of Credit Liquidity Amount” means, as of any date of determination,
the sum of (a) the aggregate amount available to be drawn on such date under
each Class A Non-Ford Letter of Credit, as specified therein, and (b) if a
Class A Non-Ford Cash Collateral Account has been established and funded
pursuant to Section 2.8 of this Series Supplement, the Class A Available
Non-Ford Cash Collateral Account Amount on such date.

 12
 

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

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

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

“Class A Noteholders”
means, collectively, the Class A-1 Noteholders, the Class A-2 Noteholders, the
Class A-3 Noteholders, the Class A-4 Noteholders, the Class A-5 Noteholders and
the Class A-6 Noteholders.

“Class A Notes”
means, collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes, the Class A-4 Notes, the Class A-5 Notes and the Class A-6 Notes.

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

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

“Class A Outstanding
Principal Amount” means, as of any date of determination, the sum of the
Class A-1 Outstanding Principal Amount, the Class A-2 Outstanding Principal
Amount, the Class A-3 Outstanding Principal Amount, the Class A-4 Outstanding
Principal Amount, the Class A-5 Outstanding Principal Amount and the Class A-6
Outstanding Principal Amount, in each case, as of such date.

 13
 

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

“Class A Percentage”
shall mean a fraction expressed as a percentage, the numerator of which is the
Class A Principal Amount and the denominator of which is the Series 2005-2
Principal Amount.

“Class A Preference
Amount” means any amount previously paid by Hertz pursuant to the Series
2005-2 Demand Note and distributed to the Class A Noteholders in respect of
amounts owing under the Class A Notes that is recoverable or that has been
recovered as a voidable preference by the trustee in a bankruptcy proceeding of
Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable
order of a court having competent jurisdiction.

“Class A Principal
Amount” means, as of any date of determination, the sum of the Class A-1
Principal Amount, the Class A-2 Principal Amount, the Class A-3 Principal
Amount, the Class A-4 Principal Amount, the Class A-5 Principal Amount and the
Class A-6 Principal Amount, in each case, as of such date.

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

“Class A Purchase
Agreement” means that certain purchase agreement, dated December 15, 2005,
among HVF, CCMG Acquisition Corporation and Lehman Brothers Inc., as an initial
purchaser, Deutsche Bank Securities Inc., as an initial purchaser, Merrill
Lynch Pierce, Fenner & Smith Incorporated, as an initial purchaser,
Goldman, Sachs & Co., as an initial purchaser, J.P. Morgan Securities Inc.,
as an initial purchaser, BNP Paribas, as an initial purchaser, Greenwich
Capital Markets, Inc., as an initial purchaser and Calyon Securities (USA)
Inc., as an initial purchaser.

 14
 

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

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

“Class A Required
Enhancement Amount” means, as of any date of determination, the sum of (i)
the product of the Class A Required Enhancement Percentage as of such date and
the Class A Adjusted Principal Amount as of such date and (ii) the Class A
Required Enhancement Incremental Amount as of such date; provided, however,
that, as of any date of determination after the occurrence of a Series 2005-2
Limited Liquidation Event of Default, the Class A Required Enhancement Amount
shall equal the lesser of (x) the Class A Adjusted Principal Amount as of such
date and (y) the sum of (1) the product of the Class A Required Enhancement
Percentage as of such date of determination and the Class A Adjusted Principal
Amount as of the date of the occurrence of such Series 2005-2 Limited
Liquidation Event of Default and (2) the Class A Required Enhancement
Incremental Amount as of such date of determination.

“Class A Required
Enhancement Incremental Amount” means

(i)                                     as
of the Series 2005-2 Closing Date, $0; and

(ii)                                  as
of any date thereafter, the product of (A) the Class A Required Asset Amount
Percentage as of the immediately preceding Business Day and (B) the sum of (1)
the excess, if any, of the Non-Eligible Vehicle Amount (excluding from the
calculation thereof, to the extent that an Event of Bankruptcy has occurred
with respect to any of Ford, GM, Chrysler, Toyota and Honda, the Net Book Value
of the HVF Vehicles (other than Non-Program Vehicles manufactured by any such
Manufacturer as of the date of the occurrence of such Event of Bankruptcy)
manufactured by each such Manufacturer for which an Event of Bankruptcy has
occurred and any amounts related to such HVF Vehicles due from such
Manufacturer) over the Series 2005-2 Maximum Non-Eligible Vehicle Amount as of
such immediately preceding Business Day, (2) the excess, if any, of the Hyundai
Amount over the Series 2005-2 Maximum Hyundai Amount as of such immediately
preceding Business Day, (3) the excess, if any, of the Jaguar Amount over the
Series 2005-2 Maximum Jaguar Amount as of such immediately preceding Business
Day, (4) the excess, if any, of the Kia Amount over the Series 2005-2 Maximum
Kia Amount as of such immediately preceding Business Day, (5) the excess, if
any, of the Land Rover Amount over the Series 2005-2 Maximum Land Rover Amount
as of such immediately preceding Business Day, (6) the excess, if any, of the
Mazda Amount over the Series 2005-2 Maximum Mazda Amount as of such immediately
preceding Business Day, (7) the excess, if any, of the Mitsubishi Amount over
the Series 2005-2 Maximum Mitsubishi Amount as of such immediately preceding
Business Day, (8) the excess, if any, of the Subaru Amount over the Series
2005-2 Maximum Subaru Amount as of such 

 15
 

immediately
preceding Business Day, (9) the excess, if any, of the Volvo Amount over the
Series 2005-2 Maximum Volvo Amount as of such immediately preceding Business
Day, (10) the excess, if any, of the Non-Eligible Manufacturer Amount over the
Series 2005-2 Maximum Non-Eligible Manufacturer Amount as of such immediately
preceding Business Day, (11) the excess, if any, of the Manufacturer
Non-Eligible Vehicle Amount with respect to any Manufacturer (excluding from
the calculation thereof, to the extent that an Event of Bankruptcy has occurred
with respect to any of Ford, GM, Chrysler, Toyota and Honda, the Net Book Value
of the HVF Vehicles (other than Non-Program Vehicles manufactured by any such
Manufacturer as of the date of the occurrence of such Event of Bankruptcy)
manufactured by each such Manufacturer for which an Event of Bankruptcy has
occurred and any amounts related to such HVF Vehicles due from such
Manufacturer) over the Series 2005-2 Maximum Manufacturer Non-Eligible Vehicle
Amount as of such immediately preceding Business Day, (12) the excess, if any,
of the Audi Amount over the Series 2005-2 Maximum Audi Amount as of such
immediately preceding Business Day, (13) the excess, if any of the BMW Amount
over the Series 2005-2 Maximum BMW Amount as of such immediately preceding
Business Day, (14) the excess, if any of the Lexus Amount over the Series
2005-2 Maximum Lexus Amount as of such immediately preceding Business Day, (15)
the excess, if any of the Mercedes Amount over the Series 2005-2 Maximum
Mercedes Amount as of such immediately preceding Business Day, (16) the excess,
if any of the Aggregate BMW/Lexus/Mercedes/Audi Amount over the Series 2005-2
Maximum Aggregate BMW/Lexus/Mercedes/Audi Amount as of such immediately
preceding Business Day and (17) the excess, if any of the HVF Service Vehicle
Amount over the Series 2005-2 Maximum HVF Service Vehicle Amount as of such
immediately preceding Business Day.  The
Manufacturer Non-Eligible Vehicle Amounts with respect to Ford, Volvo, Jaguar
and Land Rover shall be calculated on an aggregate basis so that they will be
considered as one Manufacturer for the purpose of the calculation of the Series
2005-2 Maximum Manufacturer Non-Eligible Vehicle Amount for so long as each of
Volvo, Jaguar and Land Rover is an Affiliate of Ford.

“Class A Required
Enhancement Percentage” means, as of any date of determination, the sum of
(i) the product of (A) the Class A Required Program Vehicle Enhancement
Percentage as of such date times (B) the Class A Eligible Program Vehicle
Percentage as of such date, (ii) the product of (A) the Class A Required
Non-Eligible Vehicle Enhancement Percentage as of such date times (B) the
BBB-/Baa3 EPM Vehicle Percentage Excess as of such date and (iii) the greater
of (a) the product of (A) 26.5% (or such lower percentage as may be agreed to
by the Issuer and the Rating Agencies subject to the Series 2005-2 Rating
Agency Condition) and (B) the sum of (I) the Class A Non-Eligible Vehicle
Percentage as of such date and (II) the Class A Other Non-Investment Grade
Manufacturer Vehicle Percentage as of such date and (b) the sum of (I) the
product of (A) the Class A Required Non-Eligible Vehicle Enhancement Percentage
as of such date times (B) the Class A Non-Eligible Vehicle Percentage as of
such date and (II) the product of (A) the Class A Required Other Non-Investment
Grade Manufacturer Vehicle Enhancement Percentage as of such date times (B) the
Class A Other Non-Investment Grade Manufacturer Vehicle Percentage as of such
date.

 16
 

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

“Class A Required
Liquidity Percentage” means, as of any date of determination, 3.75%.

“Class A Required
Non-Eligible Vehicle Enhancement Percentage” means, as of any date of
determination, the sum of (i) 20.00% (or such lower percentage as may be agreed
to by the Issuer and the Rating Agencies, subject to satisfaction of the Series
2005-2 Rating Agency Condition) and (ii) an amount equal to 100% minus the
lower of (x) the lowest Non-Program Vehicle Measurement Month Average for any
Measurement Month within the preceding 12 calendar months (or such fewer number
of months as have elapsed since the Series 2005-2 Closing Date) and (y) the
lowest Market Value Average as of any Determination Date within the preceding
12 calendar months (or such fewer number of months as have elapsed since the
Series 2005-2 Closing Date).

“Class A Required
Other Non-Investment Grade Manufacturer Vehicle Enhancement Percentage”
means, as of any date of determination, the sum of (i) 29.75% (or such lower
percentage as may be agreed to by HVF and the Rating Agencies, subject to
satisfaction of the Series 2005-2 Rating Agency Condition) and (ii) an amount
equal to 100% minus the lower of (x) the lowest Non-Program Vehicle Measurement
Month Average for any Measurement Month within the preceding 12 calendar months
(or such fewer number of months as have elapsed since the Series 2005-2 Closing
Date) and (y) the lowest Market Value Average as of any Determination Date
within the preceding 12 calendar months (or such fewer number of months as have
elapsed since the Series 2005-2 Closing Date).

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

“Class A Required
Program Vehicle Enhancement Percentage” means 15.00% (or such lower
percentage as may be agreed to by the Issuer and the Rating Agencies, subject
to satisfaction of the Series 2005-2 Rating Agency Condition).

“Class
A Required Reserve Account Amount” means, with respect to any date of
determination, an amount equal to the greatest of (a) the excess, if any, of
the Class A Required Liquidity Amount over the Class A Letter of Credit
Liquidity Amount, in each case, as of such date, excluding from the calculation
thereof the amount available to be drawn under any Class A Letter of Credit if
at the time of such calculation (A) such 

 17
 

Class A Letter of Credit shall not be in full force and effect, (B) an
Event of Bankruptcy shall have occurred with respect to the Class A Letter of
Credit Provider of such Class A Letter of Credit, (C) such Class A Letter of
Credit Provider shall have repudiated such Class A Letter of Credit or failed
to honor a draw thereon made in accordance with the terms thereof or (D) a
Class A Downgrade Event shall have occurred and be continuing for at least 30
days with respect to the Series 2005-2 Letter of Credit Provider of such Class
A Letter of Credit, (b) the excess, if any, of the Class A Required Enhancement
Amount over the Class A Adjusted Enhancement
Amount (excluding therefrom the Class A Available Reserve Account Amount), in
each case, as of such date and (c) the excess, if any, of the Class B Required
Enhancement Amount over the Class B Enhancement Amount, in each case, as of
such date.

“Class
A Reserve Account” has the meaning specified in Section 2.7(a) of
this Series Supplement.

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

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

“Class A-1 Carryover Controlled
Amortization Amount” means, with respect to the Class A-1 Notes for any
Related Month during the Three-Year Notes Controlled Amortization Period, the
amount, if any, by which the portion of the Monthly Total Principal Allocation
for the previous Related Month allocated to pay the Class A-1 Controlled
Distribution Amount was less than the Class A-1 Controlled Distribution Amount
for the previous Related Month; provided, however, that for the
first Related Month in the Three-Year Notes Controlled Amortization Period, the
Class A-1 Carryover Controlled Amortization Amount shall be zero.

“Class A-1 Controlled
Amortization Amount” means, for any Related Month other than the last
Related Month during the Three-Year Notes Controlled Amortization Period, $37,500,000.00.

“Class A-1 Controlled
Distribution Amount” means, with respect to any Related Month during the
Three-Year Notes Controlled Amortization Period, an amount equal to the sum of
the Class A-1 Controlled Amortization Amount for such Related Month and any
Class A-1 Carryover Controlled Amortization Amount for such Related Month.

“Class A-1 Deficiency
Amount” has the meaning specified in Section 2.3(g) of this Series
Supplement.

 18
 

“Class A-1 Initial
Principal Amount” means the aggregate initial principal amount of the Class
A-1 Notes, which is $225,000,000.

“Class A-1 Monthly
Interest” means, with respect to any Series 2005-2 Interest Period, an
amount equal to the product of (i) the Class A-1 Note Rate for such Series
2005-2 Interest Period, (ii) the Class A-1 Principal Amount on the first day of
such Series 2005-2 Interest Period, after giving effect to any principal
payments made on such date, or, in the case of the initial Series 2005-2
Interest Period, the Class A-1 Initial Principal Amount and (iii) a fraction,
the numerator of which is the number of days in such Series 2005-2 Interest
Period and the denominator of which is 360.

“Class A-1 Note Rate”
means, (i) with respect to the initial Series 2005-2 Interest Period, 4.52% per
annum and (ii) with respect to each Series 2005-2 Interest Period thereafter, a
rate per annum equal to One-Month LIBOR for such Series 2005-2 Interest Period
plus 0.14% per annum.

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

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

“Class A-1 Outstanding
Principal Amount” means, when used with respect to any date, an amount
equal to (a) the Class A-1 Initial Principal Amount minus (b) the amount of
principal payments made to Class A-1 Noteholders on or prior to such date.

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

“Class A-2 Carryover
Controlled Amortization Amount” means, with respect to the Class A-2 Notes
for any Related Month during the Three-Year Notes Controlled Amortization
Period, the amount, if any, by which the portion of the Monthly Total Principal
Allocation for the previous Related Month allocated to pay the Class A-2
Controlled Distribution Amount was less than the Class A-2 Controlled
Distribution Amount for the previous Related Month; provided, however,
that for the first Related Month in the Three-Year Notes Controlled
Amortization Period, the Class A-2 Carryover Controlled Amortization Amount
shall be zero.

 19
 

“Class A-2 Controlled
Amortization Amount” means (i) for any Related Month other than the last
Related Month during the Three-Year Notes Controlled Amortization Period,
$33,333,333.33 and (ii) for the last Related Month during the Three-Year Notes
Controlled Amortization Period, $33,333,333.35.

“Class A-2 Controlled
Distribution Amount” means, with respect to any Related Month during the
Three-Year Notes Controlled Amortization Period, an amount equal to the sum of
the Class A-2 Controlled Amortization Amount for such Related Month and any
Class A-2 Carryover Controlled Amortization Amount for such Related Month.

“Class A-2 Deficiency
Amount” has the meaning specified in Section 2.3(g) of this Series
Supplement.

“Class A-2 Initial
Principal Amount” means the aggregate initial principal amount of the Class
A-2 Notes, which is $200,000,000.

“Class A-2 Monthly
Interest” means, (a) with respect to the initial Series 2005-2 Interest
Period, an amount equal to the product of (i) the Class A-2 Note Rate, (ii) the
Class A-2 Initial Principal Amount and (iii) 34/360 and (b) with respect to any
other Series 2005-2 Interest Period, an amount equal to the product of (i)
one-twelfth of the Class A-2 Note Rate and (ii) the Class A-2 Principal Amount
on the first day of such Series 2005-2 Interest Period, after giving effect to
any principal payments made on such date.

“Class A-2 Note Rate”
means 4.93% per annum.

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

“Class A-2 Notes”
means any one of the Series 2005-2 4.93% Rental Car Asset Backed Notes, Class
A-2, executed by HVF and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit A-2-1, Exhibit A-2-2, or Exhibit
A-2-3.  Definitive Class A-2 Notes
shall have such insertions and deletions as are necessary to give effect to the
provisions of Section 2.13 of the Base Indenture.

“Class A-2 Outstanding
Principal Amount” means, when used with respect to any date, an amount
equal to (a) the Class A-2 Initial Principal Amount minus (b) the amount of
principal payments made to Class A-2 Noteholders on or prior to such date.

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

 20
 

“Class A-3 Carryover
Controlled Amortization Amount” means, with respect to the Class A-3 Notes
for any Related Month during the Four-Year Notes Controlled Amortization
Period, the amount, if any, by which the portion of the Monthly Total Principal
Allocation for the previous Related Month allocated to pay the Class A-3
Controlled Distribution Amount was less than the Class A-3 Controlled
Distribution Amount for the previous Related Month; provided, however,
that for the first Related Month in the Four-Year Notes Controlled Amortization
Period, the Class A-3 Carryover Controlled Amortization Amount shall be zero.

“Class A-3 Controlled
Amortization Amount” means (i) for any Related Month other than the last
Related Month during the Four-Year Notes Controlled Amortization Period,
$45,833,333.33 and (ii) for the last Related Month during the Four-Year Notes
Controlled Amortization Period, $45,833,333.35.

“Class A-3 Controlled
Distribution Amount” means, with respect to any Related Month during the
Four-Year Notes Controlled Amortization Period, an amount equal to the sum of
the Class A-3 Controlled Amortization Amount for such Related Month and any
Class A-3 Carryover Controlled Amortization Amount for such Related Month.

“Class A-3 Deficiency
Amount” has the meaning specified in Section 2.3(g) of this Series
Supplement.

“Class A-3 Initial
Principal Amount” means the aggregate initial principal amount of the Class
A-3 Notes, which is $275,000,000.

“Class A-3 Monthly
Interest” means, with respect to any Series 2005-2 Interest Period, an
amount equal to the product of (i) the Class A-3 Note Rate for such Series
2005-2 Interest Period, (ii) the Class A-3 Principal Amount on the first day of
such Series 2005-2 Interest Period, after giving effect to any principal
payments made on such date, or, in the case of the initial Series 2005-2
Interest Period, the Class A-3 Initial Principal Amount and (iii) a fraction,
the numerator of which is the number of days in such Series 2005-2 Interest
Period and the denominator of which is 360.

“Class A-3 Note Rate”
means, (i) with respect to the initial Series 2005-2 Interest Period, 4.58% per
annum and (ii) with respect to each Series 2005-2 Interest Period thereafter, a
rate per annum equal to One-Month LIBOR for such Series 2005-2 Interest Period
plus 0.20% per annum.

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

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

 21
 

“Class A-3 Outstanding
Principal Amount” means, when used with respect to any date, an amount
equal to (a) the Class A-3 Initial Principal Amount minus (b) the amount of
principal payments made to Class A-3 Noteholders on or prior to such date.

“Class A-3 Principal
Amount” means when used with respect to any date, an amount equal to the
Class A-3 Outstanding Principal Amount as of such date plus the sum of (a) the
amount of any principal payments made to Class A-3 Noteholders on or prior to
such date with the proceeds of a demand on the Insurance Policy and (b) the
amount of any principal payments made to Class A-3 Noteholders, including any
principal payments made to the Insurer, that have been rescinded or otherwise
returned by the Class A-3 Noteholders or the Insurer for any reason.

“Class A-4 Carryover
Controlled Amortization Amount” means, with respect to the Class A-4 Notes
for any Related Month during the Four-Year Notes Controlled Amortization
Period, the amount, if any, by which the portion of the Monthly Total Principal
Allocation for the previous Related Month allocated to pay the Class A-4
Controlled Distribution Amount was less than the Class A-4 Controlled
Distribution Amount for the previous Related Month; provided, however,
that for the first Related Month in the Four-Year Notes Controlled Amortization
Period, the Class A-4 Carryover Controlled Amortization Amount shall be zero.

“Class A-4 Controlled
Amortization Amount” means (i) for any Related Month other than the last
Related Month during the Four-Year Notes Controlled Amortization Period,
$16,666,666.66 and (ii) for the last Related Month during the Four-Year Notes
Controlled Amortization Period, $16,666,666.70.

“Class A-4 Controlled
Distribution Amount” means, with respect to any Related Month during the
Four-Year Notes Controlled Amortization Period, an amount equal to the sum of
the Class A-4 Controlled Amortization Amount for such Related Month and any
Class A-4 Carryover Controlled Amortization Amount for such Related Month.

“Class A-4 Deficiency
Amount” has the meaning specified in Section 2.3(g) of this Series
Supplement.

“Class A-4 Initial
Principal Amount” means the aggregate initial principal amount of the Class
A-4 Notes, which is $100,000,000.

“Class A-4 Monthly
Interest” means, (a) with respect to the initial Series 2005-2 Interest
Period, an amount equal to the product of (i) the Class A-4 Note Rate,
(ii) the Class A-4 Initial Principal Amount and (iii) 34/360 and (b) with
respect to any other Series 2005-2 Interest Period, an amount equal to the
product of (i) one-twelfth of the Class A-4 Note Rate and (ii) the Class A-4
Principal Amount on the first day of such Series 2005-2 Interest Period, after
giving effect to any principal payments made on such date.

 22

“Class A-4 Note Rate”
means 5.01% per annum.

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

“Class A-4 Notes”
means any one of the Series 2005-2 5.01% Rental Car Asset Backed Notes, Class
A-4, executed by HVF and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit A-4-1, Exhibit A-4-2, or Exhibit
A-4-3.  Definitive Class A-4 Notes
shall have such insertions and deletions as are necessary to give effect to the
provisions of Section 2.13 of the Base Indenture.

“Class A-4 Outstanding
Principal Amount” means, when used with respect to any date, an amount
equal to (a) the Class A-4 Initial Principal Amount minus (b) the amount of
principal payments made to Class A-4 Noteholders on or prior to such date.

“Class A-4 Principal
Amount” means when used with respect to any date, an amount equal to the
Class A-4 Outstanding Principal Amount as of such date plus the sum of (a) the
amount of any principal payments made to Class A-4 Noteholders on or prior to
such date with the proceeds of a demand on the Insurance Policy and (b) the
amount of any principal payments made to Class A-4 Noteholders, including any
principal payments made to the Insurer, that have been rescinded or otherwise
returned by the Class A-4 Noteholders or the Insurer for any reason.

“Class A-5 Carryover
Controlled Amortization Amount” means, with respect to the Class A-5 Notes
for any Related Month during the Five-Year Notes Controlled Amortization
Period, the amount, if any, by which the portion of the Monthly Total Principal
Allocation for the previous Related Month allocated to pay the Class A-5
Controlled Distribution Amount was less than the Class A-5 Controlled
Distribution Amount for the previous Related Month; provided, however,
that for the first Related Month in the Five-Year Notes Controlled Amortization
Period, the Class A-5 Carryover Controlled Amortization Amount shall be zero.

“Class A-5 Controlled
Amortization Amount” means, for any Related Month other than the last
Related Month during the Five-Year Notes Controlled Amortization Period,
$187,500,000.00.

“Class A-5 Controlled
Distribution Amount” means, with respect to any Related Month during the
Five-Year Notes Controlled Amortization Period, an amount equal to the sum of
the Class A-5 Controlled Amortization Amount for such Related Month and any
Class A-5 Carryover Controlled Amortization Amount for such Related Month.

“Class A-5 Deficiency
Amount” has the meaning specified in Section 2.3(g) of this Series
Supplement.

“Class A-5 Initial
Principal Amount” means the aggregate initial principal amount of the Class
A-5 Notes, which is $1,125,000,000.

 23
 

“Class A-5 Monthly
Interest” means, with respect to any Series 2005-2 Interest Period, an
amount equal to the product of (i) the Class A-5 Note Rate for such Series
2005-2 Interest Period, (ii) the Class A-5 Principal Amount on the first day of
such Series 2005-2 Interest Period, after giving effect to any principal
payments made on such date, or, in the case of the initial Series 2005-2
Interest Period, the Class A-5 Initial Principal Amount and (iii) a fraction,
the numerator of which is the number of days in such Series 2005-2 Interest
Period and the denominator of which is 360.

“Class A-5 Note Rate”
means, (i) with respect to the initial Series 2005-2 Interest Period, 4.63% per
annum and (ii) with respect to each Series 2005-2 Interest Period thereafter, a
rate per annum equal to One-Month LIBOR for such Series 2005-2 Interest Period
plus 0.25% per annum.

“Class A-5 Noteholder”
means the Person in whose name a Class A-5 Note is registered in the Note
Register.

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

“Class A-5 Outstanding
Principal Amount” means, when used with respect to any date, an amount
equal to (a) the Class A-5 Initial Principal Amount minus (b) the amount of
principal payments made to Class A-5 Noteholders on or prior to such date.

“Class A-5 Principal
Amount” means when used with respect to any date, an amount equal to the
Class A-5 Outstanding Principal Amount as of such date plus the sum of (a) the
amount of any principal payments made to Class A-5 Noteholders on or prior to
such date with the proceeds of a demand on the Insurance Policy and (b) the
amount of any principal payments made to Class A-5 Noteholders, including any
principal payments made to the Insurer, that have been rescinded or otherwise
returned by the Class A-5 Noteholders or the Insurer for any reason.

“Class A-6 Carryover
Controlled Amortization Amount” means, with respect to the Class A-6 Notes
for any Related Month during the Five-Year Notes Controlled Amortization
Period, the amount, if any, by which the portion of the Monthly Total Principal
Allocation for the previous Related Month allocated to pay the Class A-6
Controlled Distribution Amount was less than the Class A-6 Controlled
Distribution Amount for the previous Related Month; provided, however,
that for the first Related Month in the Five-Year Notes Controlled Amortization
Period, the Class A-6 Carryover Controlled Amortization Amount shall be zero.

“Class A-6 Controlled
Amortization Amount” means, for any Related Month other than the last
Related Month during the Five-Year Notes Controlled Amortization Period,
$37,500,000.00.

 24
 

“Class A-6 Controlled
Distribution Amount” means, with respect to any Related Month during the
Five-Year Notes Controlled Amortization Period, an amount equal to the sum of
the Class A-6 Controlled Amortization Amount for such Related Month and any
Class A-6 Carryover Controlled Amortization Amount for such Related Month.

“Class A-6 Deficiency
Amount” has the meaning specified in Section 2.3(g) of this Series
Supplement.

“Class A-6 Initial Principal
Amount” means the aggregate initial principal amount of the Class A-6
Notes, which is $225,000,000.

“Class A-6 Monthly
Interest” means, (a) with respect to the initial Series 2005-2 Interest
Period, an amount equal to the product of (i) the Class A-6 Note Rate, (ii) the
Class A-6 Initial Principal Amount and (iii) 34/360 and (b) with respect to any
other Series 2005-2 Interest Period, an amount equal to the product of (i)
one-twelfth of the Class A-6 Note Rate and (ii) the Class A-6 Principal Amount
on the first day of such Series 2005-2 Interest Period, after giving effect to
any principal payments made on such date.

“Class A-6 Note Rate”
means 5.08% per annum.

“Class A-6 Noteholder”
means the Person in whose name a Class A-6 Note is registered in the Note
Register.

“Class A-6 Notes”
means any one of the Series 2005-2 5.08% Rental Car Asset Backed Notes, Class
A-6, executed by HVF and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit A-6-1, Exhibit A-6-2, or Exhibit
A-6-3.  Definitive Class A-6 Notes
shall have such insertions and deletions as are necessary to give effect to the
provisions of Section 2.13 of the Base Indenture.

“Class A-6 Outstanding
Principal Amount” means, when used with respect to any date, an amount
equal to (a) the Class A-6 Initial Principal Amount minus (b) the amount of
principal payments made to Class A-6 Noteholders on or prior to such date.

“Class A-6 Principal
Amount” means when used with respect to any date, an amount equal to the
Class A-6 Outstanding Principal Amount as of such date plus the sum of (a) the
amount of any principal payments made to Class A-6 Noteholders on or prior to
such date with the proceeds of a demand on the Insurance Policy and (b) the
amount of any principal payments made to Class A-6 Noteholders, including any
principal payments made to the Insurer, that have been rescinded or otherwise
returned by the Class A-6 Noteholders or the Insurer for any reason.

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

 25
 

have occurred with
respect to the Class B Letter of Credit Provider of such Class B Letter of
Credit or (C) such Class B Letter of Credit Provider shall have repudiated such
Class B Letter of Credit or failed to honor a draw thereon made in accordance
with the terms thereof.

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

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

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

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

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

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

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

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

“Class B Cash
Collateral Account Surplus” means, with respect to any Payment Date, the
lesser of (a) the sum of (x) the Class B Available Ford Cash Collateral 

 26
 

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

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

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

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

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

“Class B Deficiency
Amount” means a Class B-1 Deficiency Amount, a Class B-2 Deficiency Amount,
a Class B-3 Deficiency Amount, a Class B-4 Deficiency Amount, a Class B-5
Deficiency Amount or a Class B-6 Deficiency Amount.

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

“Class B Downgrade
Event” has the meaning specified in Section 2.14(c) of this Series
Supplement.

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

“Class B Eligible
Letter of Credit Provider” means, for so long as any Class A Notes are
Outstanding, a Class A Eligible Letter of Credit Provider, and if no Class A
Notes are Outstanding, a Person having, at the time of the issuance of the
related Class B Letter of Credit, a long-term senior unsecured debt rating (or
the equivalent 

 27
 

thereof in the
case of Moody’s or Standard & Poor’s, as applicable) of at least “A+” from
Standard & Poor’s and at least “A1” from Moody’s and a short-term senior unsecured
debt rating of at least “A-1” from Standard & Poor’s and “P-1” from Moody’s.

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

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

“Class B Ford Cash
Collateral Account” has the meaning specified in Section 2.14(g) of
this Series Supplement.

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

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

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

“Class B Ford Letter
of Credit Liquidity Amount” means, as of any date of determination, the sum
of (a) the aggregate amount available to be drawn on such date under each Class
B Ford Letter of Credit, as specified therein, and (b) if a Class B Ford Cash
Collateral Account has been established and funded pursuant to Section 2.8 of this
Series Supplement, the Class B Available Ford Cash Collateral Account Amount on
such date.

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

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

 28
 

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

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

“Class B Letter of
Credit Liquidity Amount” means, as of any date of determination, the sum of
(a) the aggregate amount available to be drawn on such date under each Class B
Letter of Credit, as specified therein, and (b) if a Class B Cash Collateral
Account has been established and funded pursuant to Section 2.14 of this
Series Supplement, the Class B Available Cash Collateral Account Amount on such
date.

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

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

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

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

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

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

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

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

 29
 

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

“Class B Monthly
Interest” means, with respect to any Series 2005-2 Interest Period, the sum
of Class B-1 Monthly Interest, Class B-2 Monthly Interest, Class B-3 Monthly
Interest, Class B-4 Monthly Interest, Class B-5 Monthly Interest and Class B-6
Monthly Interest for such Series 2005-2 Interest Period.

“Class B Non-Ford Cash
Collateral Account” has the meaning specified in Section 2.14(g) of
this Series Supplement.

“Class B Non-Ford Cash
Collateral Account Collateral” has the meaning specified in Section 2.14(a)
of this Series Supplement.

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

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

“Class B Non-Ford
Letter of Credit Amount” means, as of any date of determination, the lesser
of (a) the sum of (i) the aggregate amount available to be drawn on such date
under the Class B Non-Ford Letters of Credit, as specified therein, and (ii) if
a Class B Non-Ford Cash Collateral Account has been established and funded
pursuant to Section 2.14 of this Series Supplement, the Class B Available
Non-Ford Cash Collateral Account Amount on such date and (b) the result of (x)
the outstanding principal amount of the Series 2005-2 Demand Note on such date
minus (y) the Class A Non-Ford Letter of Credit Amount.

“Class B Non-Ford
Letter of Credit Liquidity Amount” means, as of any date of determination,
the sum of (a) the aggregate amount available to be drawn on such date under
each Class B Non-Ford Letter of Credit, as specified therein, and (b) if a
Class B Non-Ford Cash Collateral Account has been established and funded
pursuant to Section 2.8 of this Series Supplement, the Class B Available
Non-Ford Cash Collateral Account Amount on such date.

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

“Class B Noteholders”
means, collectively, the Class B-1 Noteholders, the Class B-2 Noteholders, the
Class B-3 Noteholders, the Class B-4 Noteholders, the Class B-5 Noteholders and
the Class B-6 Noteholders.

 30
 

“Class B Notes”
means, collectively, the Class B-1 Notes, the Class B-2 Notes, the Class B-3
Notes, the Class B-4 Notes, the Class B-5 Notes and the Class B-6 Notes.

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

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

“Class B
Overcollateralization Amount” means as of any date of determination, (i) on
which no Aggregate Asset Amount Deficiency exists, the Class B Required
Overcollateralization Amount as of such date or (ii) on which an Aggregate
Asset Amount Deficiency exists, the excess, if any, of the Series 2005-2 Asset
Amount over the Series 2005-2 Adjusted Principal Amount, in each case as of
such date.

“Class B Percentage”
shall mean a fraction expressed as a percentage, the numerator of which is the
Class B Principal Amount and the denominator of which is the Series 2005-2
Principal Amount.

“Class B Preference
Amount” means any amount previously paid by Hertz pursuant to the Series
2005-2 Demand Note and distributed to the Class B Noteholders in respect of
amounts owing under the Class B Notes that is recoverable or that has been
recovered as a voidable preference by the trustee in a bankruptcy proceeding of
Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable
order of a court having competent jurisdiction.

“Class B Principal
Amount” means, as of any date of determination, the sum of the Class B-1
Principal Amount, the Class B-2 Principal Amount, the Class B-3 Principal
Amount, the Class B-4 Principal Amount, the Class B-5 Principal Amount and the
Class B-6 Principal Amount as of such date.

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

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

 31
 

of Default and (2)
the Class B Required Enhancement Incremental Amount as of such date of
determination.

“Class B Required
Enhancement Incremental Amount” means

(i)                                     as
of the Series 2005-2 Closing Date, $0; and

(ii)                                  as
of any date thereafter, the product of (A) the Series 2005-2 Required Asset
Amount Percentage as of the immediately preceding Business Day and (B) the sum
of (1) the excess, if any, of the Non-Eligible Vehicle Amount (excluding from
the calculation thereof, to the extent that an Event of Bankruptcy has occurred
with respect to any of Ford, GM, Chrysler, Toyota and Honda, the Net Book Value
of the HVF Vehicles (other than Non-Program Vehicles manufactured by any such
Manufacturer as of the date of the occurrence of such Event of Bankruptcy)
manufactured by each such Manufacturer for which an Event of Bankruptcy has
occurred and any amounts related to such HVF Vehicles due from such
Manufacturer) over the Series 2005-2 Maximum Non-Eligible Vehicle Amount as of
such immediately preceding Business Day, (2) the excess, if any, of the Hyundai
Amount over the Series 2005-2 Maximum Hyundai Amount as of such immediately
preceding Business Day, (3) the excess, if any, of the Jaguar Amount over the
Series 2005-2 Maximum Jaguar Amount as of such immediately preceding Business
Day, (4) the excess, if any, of the Kia Amount over the Series 2005-2 Maximum
Kia Amount as of such immediately preceding Business Day, (5) the excess, if
any, of the Land Rover Amount over the Series 2005-2 Maximum Land Rover Amount
as of such immediately preceding Business Day, (6) the excess, if any, of the
Mazda Amount over the Series 2005-2 Maximum Mazda Amount as of such immediately
preceding Business Day, (7) the excess, if any, of the Mitsubishi Amount over
the Series 2005-2 Maximum Mitsubishi Amount as of such immediately preceding
Business Day, (8) the excess, if any, of the Subaru Amount over the Series
2005-2 Maximum Subaru Amount as of such immediately preceding Business Day, (9)
the excess, if any, of the Volvo Amount over the Series 2005-2 Maximum Volvo
Amount as of such immediately preceding Business Day, (10) the excess, if any,
of the Non-Eligible Manufacturer Amount over the Series 2005-2 Maximum
Non-Eligible Manufacturer Amount as of such immediately preceding Business Day,
(11) the excess, if any, of the Manufacturer Non-Eligible Vehicle Amount with
respect to any Manufacturer (excluding from the calculation thereof, to the
extent that an Event of Bankruptcy has occurred with respect to any of Ford,
GM, Chrysler, Toyota and Honda, the Net Book Value of the HVF Vehicles (other
than Non-Program Vehicles manufactured by any such Manufacturer as of the date
of the occurrence of such Event of Bankruptcy) manufactured by each such
Manufacturer for which an Event of Bankruptcy has occurred and any amounts
related to such HVF Vehicles due from such Manufacturer) over the Series 2005-2
Maximum Manufacturer Non-Eligible Vehicle Amount as of such immediately
preceding Business Day, (12) the excess, if any, of the Audi Amount over the
Series 2005-2 Maximum Audi Amount as of such immediately preceding Business Day, (13) the excess, if any of the BMW Amount
over the Series 2005-2 Maximum BMW Amount as of such immediately preceding
Business Day, (14) the excess, if any of the Lexus Amount over the Series
2005-2 Maximum Lexus Amount as of such immediately preceding Business Day, (15)
the excess, if any of the Mercedes Amount 

 32
 

over the Series 2005-2 Maximum Mercedes Amount as of such immediately
preceding Business Day and (16) the excess, if any of the Aggregate
BMW/Lexus/Mercedes/Audi Amount over the Series 2005-2 Maximum Aggregate
BMW/Lexus/Mercedes/Audi Amount as of such immediately preceding Business Day.  The Manufacturer Non-Eligible Vehicle Amounts
with respect to Ford, Volvo, Jaguar and Land Rover shall be calculated on an
aggregate basis so that they will be considered as one Manufacturer for the
purpose of the calculation of the Series 2005-2 Maximum Manufacturer
Non-Eligible Vehicle Amount for so long as each of Volvo, Jaguar and Land Rover
is an Affiliate of Ford.

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

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

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

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

“Class
B Required Reserve Account Amount” means, with respect to any date of
determination, an amount equal to the greater of (a) the excess, if any, of the
Class B Required Liquidity Amount over the Class B Letter of Credit Liquidity
Amount, in each case, as of such date, excluding from the calculation thereof
the amount available to be drawn under any Class B Letter of Credit if at the
time of such calculation (A) such Class B Letter of Credit shall not be in full
force and effect, (B) an Event of Bankruptcy shall have occurred with respect
to the Class B Letter of Credit Provider of such Class B Letter of Credit, (C)
such Class B Letter of Credit Provider shall have repudiated such Class B
Letter of Credit or failed to honor a draw thereon made in accordance with the
terms thereof or (D) a Class B Downgrade Event shall have occurred and be
continuing for at least 30 days with respect to the Series 2005-2 Letter of
Credit Provider of such Class B Letter of Credit, and (b) the excess, if any, of
the Class B Required Enhancement Amount over the Class B Adjusted Enhancement
Amount (excluding therefrom the Class B Available Reserve Account Amount), in
each case, as of such date.

“Class
B Reserve Account” has the meaning specified in Section 2.13(a) of
this Series Supplement.

 33
 

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

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

“Class B-1 Carryover
Controlled Amortization Amount” means, with respect to the Class B-1 Notes
for any Related Month during the Three-Year Notes Controlled Amortization
Period, the lesser of (i) the Class B-1 Percentage of the amount, if any,
by which the portion of the Monthly Total Principal Allocation allocated to pay
the Class A-1 Controlled Distribution Amount, the Class A-2 Controlled
Distribution Amount, the Class B-1 Controlled Distribution Amount and the Class
B-2 Controlled Distribution Amount for the previous Related Month was less than
the sum of the Class A-1 Controlled Distribution Amount, the Class A-2
Controlled Distribution Amount, the Class B-1 Controlled Distribution Amount
and the Class B-2 Controlled Distribution Amount for the previous Related Month
and (ii) the Class B-1 Controlled Distribution Amount for the previous Related
Month; provided, however, that for the first Related Month in the
Three-Year Notes Controlled Amortization Period, the Class B-1 Carryover
Controlled Amortization Amount shall be zero.

“Class B-1 Controlled
Amortization Amount” shall have the meaning specified in the Class B Notes
Term Sheet related to the issuance of the Class B-1 Notes

“Class B-1 Controlled
Distribution Amount” means, with respect to any Related Month during the
Three-Year Notes Controlled Amortization Period, an amount equal to the sum of
the Class B-1 Controlled Amortization Amount for such Related Month and any
Class B-1 Carryover Controlled Amortization Amount for such Related Month.

“Class B-1 Deficiency
Amount” has the meaning specified in Section 2.3(g) of this Series
Supplement.

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

“Class B-1 Monthly
Interest” means, with respect to any Series 2005-2 Interest Period, an
amount equal to the product of (i) the Class B-1 Note Rate for such Series
2005-2 Interest Period, (ii) the Class B-1 Principal Amount on the first day of
such Series 2005-2 Interest Period, after giving effect to any principal
payments made on such date, or, in the case of the initial Series 2005-2
Interest Period, the Class B-1 Initial Principal Amount and (iii) a fraction,
the numerator of which is the number of days in such Series 2005-2 Interest
Period and the denominator of which is 360.

 34
 

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

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

“Class B-1 Notes”
means any one of the Series 2005-2 Floating Rate Rental Car Asset Backed Notes,
Class B-1, executed by HVF and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit A-7-1, Exhibit A-7-2, or Exhibit
A-7-3.  Definitive Class B-1 Notes
shall have such insertions and deletions as are necessary to give effect to the
provisions of Section 2.13 of the Base Indenture.

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

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

“Class B-2 Carryover
Controlled Amortization Amount” means, with respect to the Class B-2 Notes
for any Related Month during the Three-Year Notes Controlled Amortization
Period, the lesser of (i) the Class B-2 Percentage of the amount, if any,
by which the portion of the Monthly Total Principal Allocation allocated to pay
the Class A-1 Controlled Distribution Amount, the Class A-2 Controlled
Distribution Amount, the Class B-1 Controlled Distribution Amount and the Class
B-2 Controlled Distribution Amount for the previous Related Month was less than
the Class A-1 Controlled Distribution Amount, the Class A-2 Controlled
Distribution Amount, the Class B-1 Controlled Distribution Amount and the Class
B-2 Controlled Distribution Amount for the previous Related Month and (ii) the
Class B-2 Controlled Distribution Amount for the previous Related Month; provided,
however, that for the first Related Month in the Three-Year Notes
Controlled Amortization Period, the Class B-2 Carryover Controlled Amortization
Amount shall be zero.

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

“Class B-2 Controlled
Distribution Amount” means, with respect to any Related Month during the Three-Year
Notes Controlled Amortization Period, an amount equal to the sum of the Class
B-2 Controlled Amortization Amount for such Related 

 35
 

Month and any
Class B-2 Carryover Controlled Amortization Amount for such Related Month.

“Class B-2 Deficiency
Amount” has the meaning specified in Section 2.3(g) of this Series
Supplement.

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

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

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

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

“Class B-2 Notes”
means any one of the Series 2005-2 Fixed Rate Rental Car Asset Backed Notes,
Class B-2, executed by HVF and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit A-8-1, Exhibit A-8-2, or Exhibit
A-8-3.  Definitive Class B-2 Notes
shall have such insertions and deletions as are necessary to give effect to the
provisions of Section 2.13 of the Base Indenture.

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

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

“Class B-3 Carryover
Controlled Amortization Amount” means, with respect to the Class B-3 Notes
for any Related Month during the Four-Year Notes Controlled Amortization
Period, the lesser of (i) the Class B-3 Percentage of the amount, if any,
by which the portion of the Monthly Total Principal Allocation allocated to pay
the Class A-3 Controlled Distribution Amount, the Class A-4 Controlled
Distribution Amount, the Class B-3 Controlled Distribution Amount and the Class
B-4 Controlled Distribution Amount for the previous Related Month was less than
the sum of the Class A-3 Controlled Distribution Amount, the Class A-4
Controlled Distribution Amount, the Class B-3 Controlled Distribution Amount
and the Class B-4 Controlled Distribution Amount for the previous Related Month
and (ii) the Class B-3 Controlled Distribution Amount for the previous Related
Month; provided, however, that for the first Related 

 36
 

Month in the
Four-Year Notes Controlled Amortization Period, the Class B-3 Carryover
Controlled Amortization Amount shall be zero.

“Class B-3 Controlled
Amortization Amount” shall have the meaning specified in the Class B Notes
Term Sheet related to the issuance of the Class B-2 Notes.

“Class B-3 Controlled
Distribution Amount” means, with respect to any Related Month during the
Four-Year Notes Controlled Amortization Period, an amount equal to the sum of
the Class B-3 Controlled Amortization Amount for such Related Month and any
Class B-3 Carryover Controlled Amortization Amount for such Related Month.

“Class B-3 Deficiency
Amount” has the meaning specified in Section 2.3(g) of this Series
Supplement.

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

“Class B-3 Monthly
Interest” means, with respect to any Series 2005-2 Interest Period, an
amount equal to the product of (i) the Class B-3 Note Rate for such Series
2005-2 Interest Period, (ii) the Class B-3 Principal Amount on the first day of
such Series 2005-2 Interest Period, after giving effect to any principal
payments made on such date, or, in the case of the initial Series 2005-2
Interest Period, the Class B-3 Initial Principal Amount and (iii) a fraction,
the numerator of which is the number of days in such Series 2005-2 Interest
Period and the denominator of which is 360.

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

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

“Class B-3 Notes”
means any one of the Series 2005-2 Floating Rate Rental Car Asset Backed Notes,
Class B-3, executed by HVF and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit A-9-1, Exhibit A-9-2, or Exhibit
A-9-3.  Definitive Class B-3 Notes
shall have such insertions and deletions as are necessary to give effect to the
provisions of Section 2.13 of the Base Indenture.

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

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

 37
 

amount of any
principal payments made to Class B-3 Noteholders that have been rescinded or
otherwise returned by the Class B-3 Noteholders for any reason.

“Class B-4 Carryover
Controlled Amortization Amount” means, with respect to the Class B-4 Notes
for any Related Month during the Four-Year Notes Controlled Amortization
Period, the lesser of (i) the Class B-4 Percentage of the amount, if any,
by which the portion of the Monthly Total Principal Allocation allocated to pay
the Class A-3 Controlled Distribution Amount, the Class A-4 Controlled
Distribution Amount, the Class B-3 Controlled Distribution Amount and the Class
B-4 Controlled Distribution Amount for the previous Related Month was less than
the sum of the Class A-3 Controlled Distribution Amount, the Class A-4
Controlled Distribution Amount, the Class B-3 Controlled Distribution Amount
and the Class B-4 Controlled Distribution Amount for the previous Related Month
and (ii) the Class B-4 Controlled Distribution Amount for the previous Related
Month; provided, however, that for the first Related Month in the
Four-Year Notes Controlled Amortization Period, the Class B-4 Carryover
Controlled Amortization Amount shall be zero.

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

“Class B-4 Controlled
Distribution Amount” means, with respect to any Related Month during the
Four-Year Notes Controlled Amortization Period, an amount equal to the sum of
the Class B-4 Controlled Amortization Amount for such Related Month and any
Class B-4 Carryover Controlled Amortization Amount for such Related Month.

“Class B-4 Deficiency
Amount” has the meaning specified in Section 2.3(g) of this Series
Supplement.

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

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

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

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

“Class B-4 Notes”
means any one of the Series 2005-2 Fixed Rate Rental Car Asset Backed Notes,
Class B-4, executed by HVF and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit A-10-1, Exhibit A-10-2, or Exhibit
A-10-3.  Definitive Class B-4 Notes
shall have such insertions and deletions as are necessary to give effect to the
provisions of Section 2.13 of the Base Indenture.

 38
 

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

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

“Class B-5 Carryover
Controlled Amortization Amount” means, with respect to the Class B-5 Notes
for any Related Month during the Five-Year Notes Controlled Amortization
Period, the lesser of (i) the Class B-5 Percentage of the amount, if any,
by which the portion of the Monthly Total Principal Allocation allocated to pay
the Class A-5 Controlled Distribution Amount, the Class A-6 Controlled
Distribution Amount, the Class B-5 Controlled Distribution Amount and the Class
B-6 Controlled Distribution Amount for the previous Related Month was less than
the sum of the Class A-5 Controlled Distribution Amount, the Class A-6
Controlled Distribution Amount, the Class B-5 Controlled Distribution Amount
and the Class B-6 Controlled Distribution Amount for the previous Related Month
and (ii) the Class B-5 Controlled Distribution Amount for the previous Related
Month; provided, however, that for the first Related Month in the
Five-Year Notes Controlled Amortization Period, the Class B-5 Carryover
Controlled Amortization Amount shall be zero.

“Class B-5 Controlled
Amortization Amount” shall have the meaning specified in the Class B Notes
Term Sheet related to the issuance of the Class B-5 Notes.

“Class B-5 Controlled
Distribution Amount” means, with respect to any Related Month during the
Five-Year Notes Controlled Amortization Period, an amount equal to the sum of
the Class B-5 Controlled Amortization Amount for such Related Month and any
Class B-5 Carryover Controlled Amortization Amount for such Related Month.

“Class B-5 Deficiency
Amount” has the meaning specified in Section 2.3(g) of this Series
Supplement.

“Class B-5 Initial Principal
Amount” shall have the meaning with respect to the Class B-5 Notes
specified in the related Class B Notes Term Sheet.

“Class B-5 Monthly
Interest” means, with respect to any Series 2005-2 Interest Period, an
amount equal to the product of (i) the Class B-5 Note Rate for such Series
2005-2 Interest Period, (ii) the Class B-5 Principal Amount on the first day of
such Series 2005-2 Interest Period, after giving effect to any principal
payments made on such date, or, in the case of the initial Series 2005-2
Interest Period, the Class B-5 Initial 

 39
 

Principal Amount
and (iii) a fraction, the numerator of which is the number of days in such
Series 2005-2 Interest Period and the denominator of which is 360.

“Class B-5 Note Rate”
shall have the meaning with respect to the Class B-5 Notes specified in the
related Class B Notes Term Sheet.

“Class B-5 Noteholder”
means the Person in whose name a Class B-5 Note is registered in the Note
Register.

“Class B-5 Notes”
means any one of the Series 2005-2 Floating Rate Rental Car Asset Backed Notes,
Class B-5, executed by HVF and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit A-11-1, Exhibit A-11-2, or Exhibit
A-11-3.  Definitive Class B-5 Notes
shall have such insertions and deletions as are necessary to give effect to the
provisions of Section 2.13 of the Base Indenture.

“Class B-5 Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Principal Amount with respect to the
Class B-5 Notes and the denominator of which is the sum of the Principal Amount
with respect to the Class B-5 Notes and the Principal Amount with respect to
the Class B-6 Notes.

“Class B-5 Principal
Amount” means, when used with respect to any date, an amount equal to (a)
the Class B-5 Initial Principal Amount specified in the Class B Notes Term
Sheet related to the issuance of the Class B-5 Notes minus (b) the amount of
principal payments made to Class B-5 Noteholders on or prior to such date plus
(c) the amount of any principal payments made to Class B-5 Noteholders that
have been rescinded or otherwise returned by the Class B-5 Noteholders for any
reason.

“Class B-6 Carryover
Controlled Amortization Amount” means, with respect to the Class B-6 Notes
for any Related Month during the Five-Year Notes Controlled Amortization
Period, the lesser of (i) the Class B-6 Percentage of the amount, if any,
by which the portion of the Monthly Total Principal Allocation allocated to pay
the Class A-5 Controlled Distribution Amount, the Class A-6 Controlled
Distribution Amount, the Class B-5 Controlled Distribution Amount and the Class
B-6 Controlled Distribution Amount for the previous Related Month was less than
the sum of the Class A-5 Controlled Distribution Amount, the Class A-6
Controlled Distribution Amount, the Class B-5 Controlled Distribution Amount
and the Class B-6 Controlled Distribution Amount for the previous Related Month
and (ii) the Class B-6 Controlled Distribution Amount for the previous Related
Month; provided, however, that for the first Related Month in the
Five-Year Notes Controlled Amortization Period, the Class B-6 Carryover
Controlled Amortization Amount shall be zero.

“Class B-6 Controlled
Amortization Amount” shall have the meaning specified in the Class B Notes
Term Sheet related to the issuance of the Class B-6 Notes.

“Class B-6 Controlled
Distribution Amount” means, with respect to any Related Month during the
Five-Year Notes Controlled Amortization Period, an amount 

 40
 

equal to the sum
of the Class B-6 Controlled Amortization Amount for such Related Month and any
Class B-6 Carryover Controlled Amortization Amount for such Related Month.

“Class B-6 Deficiency
Amount” has the meaning specified in Section 2.3(g) of this Series
Supplement.

“Class B-6 Initial
Principal Amount” shall have the meaning with respect to the Class B-6
Notes specified in the related Class B Notes Term Sheet.

“Class B-6 Monthly
Interest” shall have the meaning specified in the Class B Notes Term Sheet
related to the issuance of the Class B-6 Notes.

“Class B-6 Note Rate”
shall have the meaning with respect to the Class B-6 Notes specified in the
related Class B Notes Term Sheet.

“Class B-6 Noteholder”
means the Person in whose name a Class B-6 Note is registered in the Note Register.

“Class B-6 Notes”
means any one of the Series 2005-2 Fixed Rate Rental Car Asset Backed Notes,
Class B-6, executed by HVF and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit A-12-1, Exhibit A-12-2, or Exhibit
A-12-3.  Definitive Class B-6 Notes
shall have such insertions and deletions as are necessary to give effect to the
provisions of Section 2.13 of the Base Indenture.

“Class B-6 Percentage”
means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Principal Amount with respect to the
Class B-6 Notes and the denominator of which is the sum of the Principal Amount
with respect to the Class B-5 Notes and the Principal Amount with respect to
the Class B-6 Notes.

“Class B-6 Principal
Amount” means, when used with respect to any date, an amount equal to (a)
the Class B-6 Initial Principal Amount specified in the Class B Notes Term
Sheet related to the issuance of the Class B-6 Notes minus (b) the amount of
principal payments made to Class B-6 Noteholders on or prior to such date plus
(c) the amount of any principal payments made to Class B-6 Noteholders that
have been rescinded or otherwise returned by the Class B-6 Noteholders for any
reason.

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

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

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

 41
 

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

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

“Controlling Class”
means the Class A Notes as long as any Class A Notes are Outstanding, and upon
payment in full of the Class A Notes, the Class B Notes (in each case excluding any Series 2005-2 Notes held by HVF or any
Affiliate of HVF).

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

“Demand Notice”
has the meaning specified in Section 2.12(d) of this Series Supplement.

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

“DTC Closing”
shall occur when the Class A Notes that are Series 2005-2 Global Notes are
cleared through DTC on the Series 2005-2 Closing Date.

“DTC Closing
Availability” shall occur on the date that the Class A Notes are available
to be cleared through DTC.

“Eligible Interest
Rate Hedge Provider” means a counterparty to a Series 2005-2 Interest Rate
Hedge who is a bank or other financial institution, that (A) has, or has all of
its obligations under its Series 2005-2 Interest Rate Hedge guaranteed by a
person that has, a short-term senior and unsecured debt rating of at least “A-1”
from Standard & Poor’s and a long-term senior unsecured debt rating of at
least “A+” from Standard & Poor’s, (B) has, or has all of its obligations
under its Series 2005-2 Interest Rate Hedge guaranteed by a person that has, a
short-term senior unsecured debt rating of 

 42
 

“P-1” from Moody’s
and a long-term senior unsecured debt rating of at least “A1” from Moody’s and
(C) unless otherwise agreed to by Fitch, has, or has all of its obligations
under its Series 2005-2 Interest Rate Hedge guaranteed by a person that has, a
short-term senior and unsecured debt rating of at least “F1” from Fitch and a
long-term senior unsecured debt rating of at least “A” from Fitch; provided
that, for so long as any Class A Notes are Outstanding, each Eligible Interest
Rate Hedge Provider shall be approved by the Insurer, such approval not to be
unreasonably withheld or delayed.

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

 43

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

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

“Financial Assets”
has the meaning specified in Section 2.10(b)(i) of this Series
Supplement.

“Five-Year Notes”
means, collectively, the Class A-5 Notes, the Class A-6 Notes, the Class B-5
Notes and the Class B-6 Notes.

“Five-Year Notes
Controlled Amortization Period” means the period commencing at the close of
business on April 30, 2010 (or, if such day is not a Business Day, the Business
Day immediately preceding such day) and continuing to the earlier of (i) the
commencement of the Series 2005-2 Rapid Amortization Period, and (ii) the date
on which the Five-Year Notes are fully paid.

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

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

“Fleet Equity Amount”
means, on any date of determination, the amount, if any, by which the sum of
(a) the Aggregate Asset Amount on such date and (b) the amount of cash and
Permitted Investments on deposit in the (i) Class A Reserve Account, (ii) the
Class B Reserve Account, (iii) the Class A Non-Ford Cash Collateral Account,
(iv) the Class B Non-Ford Cash Collateral Account, (v) the Series 2005-2 Excess
Collection Account after the required application of such
funds in accordance with the priorities set forth in clauses (i)
through (v) of Section 2.2(f) of this Series Supplement as of
such date, (vi) the Series 2005-2 Collection Account and available for
reduction of the Series 2005-2 Principal Amount as of such date, (vii) any
Series-Specific Excess Collection Account (other than the Series 2005-2 Excess
Collection Account) after the required
application of such funds
in accordance with the priorities set forth in the provisions of the related Series Supplement governing the distribution of amounts
on deposit in such Series-Specific Excess Collection Account, other than
amounts that are permitted to be
released to HVF, (viii) any Series-Specific Collection Account (other than the
Series 2005-2 Collection Account) and
available for reduction of the Principal Amount with respect to the related
Series as of such date and (ix) any other Eligible 

 44
 

Series Enhancement
Account exceeds the aggregate Principal Amount of each Outstanding Series of
Notes on such date.

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

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

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

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

“Ford Reimbursement
Obligations” means any and all obligations of HVF set forth in Section 2.16
of this Series Supplement and any other payment obligation of HVF in respect of
a Ford Letter of Credit set forth in any other Series Supplement; provided,
however, that no Ford Reimbursement Obligation in respect of a
disbursement made under a Ford Letter of Credit shall arise until such time as
Ford has reimbursed the provider of such Ford Letter of Credit for such
disbursement.

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

“Four-Year Notes
Controlled Amortization Period” means the period commencing at the close of
business on July 31, 2009 (or, if such day is not a Business Day, the Business
Day immediately preceding such day) and continuing to the earlier of (i) the
commencement of the Series 2005-2 Rapid Amortization Period, and (ii) the date
on which the Four-Year Notes are fully paid.

“Four-Year Notes
Expected Final Payment Date” means the February 2010 Payment Date.

“Four-Year Notes Legal
Final Payment Date” means the February 2011 Payment Date.

 45
 

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

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

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

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

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

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

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

“Initial Purchaser”
means each of Lehman Brothers Inc., Deutsche Bank Securities Inc., Merrill
Lynch Pierce, Fenner & Smith Incorporated, Goldman, Sachs & Co., J.P.
Morgan Securities Inc., BNP Paribas, Greenwich Capital Markets, Inc. and Calyon
Securities (USA) Inc., each as an initial purchaser under the Class A Purchase
Agreement.

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

“Insurance Policy”
means the Note Guaranty Insurance Policy No. AB0953BE, dated December 21, 2005,
issued by the Insurer.

 46
 

“Insured Principal
Deficit Amount” means, with respect to any Payment Date, the excess, if
any, of (a) the Class A Outstanding Principal Amount measured as of such
Payment Date (after giving effect to the distribution of the Monthly Total
Principal Allocation for the Related Month) over (b) the sum on such Payment
Date of (i) the Class A Asset Amount, (ii) the Class A Available Reserve
Account Amount, (iii) the Class A Letter of Credit Amount, (iv) the Class B
Available Reserve Account Amount, (v) the Class B Letter of Credit Amount,
(vi) the amount of cash and Permitted Investments on deposit in the Series
2005-2 Excess Collection Account and (vii) the amount on deposit in the Series 2005-2 Distribution Account and
allocated to effect a redemption of the Class A Notes of any Class.

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

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

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

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

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

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

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

“Insurer Reimbursement
Amounts” means, as of any date of determination, (i) an amount equal to the
aggregate of any amounts due as of such date to the Insurer 

 47
 

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

“Interest Rate Hedge
Provider” means HVF’s counterparty under a Series 2005-2 Interest Rate
Hedge.  Each Interest Rate Hedge
Provider, for so long as such Interest Rate Hedge Provider is not in default
under its Series 2005-2 Interest Rate Hedge, and such Series 2005-2 Interest
Rate Hedge continues to be in effect, shall constitute an “Enhancement Provider”
with respect to the Series 2005-2 Notes for all purposes under the Indenture
and the other Related Documents.

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

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

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

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

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

“Lease Payment Deficit
Notice” has the meaning specified in Section 2.3(c) of this Series Supplement.

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

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

“LIBOR Determination
Date” means, with respect to any Series 2005-2 Interest Period, the second
London Business Day preceding the first day of such Series 2005-2 Interest
Period.

 48
 

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

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

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

 49
 

definition, an
Affiliate of a Manufacturer shall not include any Person who is included as a
Manufacturer hereunder.

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

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

 50
 

Non-Program
Vehicles (excluding any Excluded Redesignated Vehicles) as of the preceding
Determination Date and the two Determination Dates precedent thereto.

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

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

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

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

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

“Monthly Hedge Payment”
means, for any Payment Date, the excess, if any, of (i) the aggregate amount
payable by HVF as the “Fixed Amount” under each Series 2005-2 Interest Rate
Hedge on such Payment Date over (ii) the aggregate amount payable to HVF as the
“Floating Amount” under each such Series 2005-2 Interest Rate Hedge on such
Payment Date, in each case excluding any termination payments under such Series
2005-2 Interest Rate Hedges.

“Monthly Total
Principal Allocation” means for any Related Month the sum of all Series
2005-2 Principal Allocations with respect to such Related Month plus any
amounts deposited in the Series 2005-2 Collection Account pursuant to Section
2.3(h)(vi)(B) of this Series Supplement.

“New York UCC” has
the meaning specified in Section 2.10(b)(i) of this Series Supplement.

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

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

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

 52
 

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

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

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

 53
 

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

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

“Non-Investment Grade
Manufacturer Non-Eligible Vehicle Amount” means, as of any date of
determination, the sum for all Non-Investment Grade Manufacturers of an amount,
with respect to each Non-Investment Grade Manufacturer, equal to the sum,
rounded to the nearest $100,000, of the following amounts to the extent 

 54
 

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

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

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

 55
 

is the aggregate
Net Book Values of such Non-Program Vehicles on the dates of their respective
sales and (b) 100%.

“One-Month LIBOR”
means, with respect to the initial Series 2005-2 Interest Period, 4.38%, and
for each subsequent Series 2005-2 Interest Period, the rate per annum
determined on the related LIBOR Determination Date by the Calculation Agent to
be the rate for Dollar deposits having a maturity equal to one month that
appears on Telerate Page 3750 at approximately 11:00 a.m., London time, on such
LIBOR Determination Date; provided, however, that if such rate does
not appear on Telerate Page 3750, One-Month LIBOR will mean, for such Series
2005-2 Interest Period, the rate per annum equal to the arithmetic mean
(rounded to the nearest one-one-hundred-thousandth of one percent) of the rates
quoted by the Reference Banks to the Calculation Agent as the rates at which
deposits in Dollars are offered by the Reference Banks at approximately 11:00
a.m., London time, on the LIBOR Determination Date to prime banks in the London
interbank market for a period equal to one month; provided, further,
that if fewer than two quotations are provided as requested by the Reference
Banks, “One-Month LIBOR” for such Series 2005-2 Interest Period will mean the
arithmetic mean (rounded to the nearest one-one-hundred-thousandth of one percent)
of the rates quoted by major banks in New York, New York selected by the
Calculation Agent, at approximately 10:00 a.m., New York City time, on the
first day of such Series 2005-2 Interest Period for loans in Dollars to leading
European banks for a period equal to one month; provided, finally, that
if no such quotes are provided, “One-Month LIBOR” for such Series 2005-2
Interest Period will mean One-Month LIBOR as in effect with respect to the
preceding Series 2005-2 Interest Period.

“Outstanding” means
with respect to the Series 2005-2 Notes, all Series 2005-2 Notes theretofore
authenticated and delivered under the Indenture, except (a) Series
2005-2 Notes theretofore cancelled or delivered to the Registrar for
cancellation, (b) Series 2005-2 Notes which have not been presented for payment
but funds for the payment of which are on deposit in the Series 2005-2
Distribution Account and are available for payment of such Series 2005-2 Notes,
and Series 2005-2 Notes which are considered paid pursuant to Section 8.1
of the Base Indenture, or (c) Series 2005-2 Notes in exchange for or in lieu of
other Series 2005-2 Notes which have been authenticated and delivered pursuant
to the Indenture unless proof satisfactory to the Trustee is presented that any
such Series 2005-2 Notes are held by a purchaser for value.

“Past Due Rent Payment”
has the meaning specified in Section 2.2(d) of this Series Supplement.

“Preference Amount”
means any amount previously paid by Hertz pursuant to the Series 2005-2 Demand
Note and distributed to the Series 2005-2 Noteholders in respect of amounts
owing under the Series 2005-2 Notes that is recoverable or that has been
recovered as a voidable preference by the trustee in a bankruptcy proceeding of
Hertz pursuant to the Bankruptcy Code in accordance with a final nonappealable
order of a court having competent jurisdiction.

 56
 

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

“Pro Rata Share”
means, (a) with respect to any Series 2005-2 Non-Ford Letter of Credit Provider,
as of any date, the fraction (expressed as a percentage) obtained by dividing
(A) the available amount under such Series 2005-2 Non-Ford Letter of Credit Provider’s Series 2005-2 Non-Ford Letter of Credit as of such
date by (B) an amount equal to the aggregate available amount under all Series
2005-2 Non-Ford Letters of
Credit relating to the same Class of Series 2005-2 Notes as such Series 2005-2
Non-Ford Letter of Credit Provider’s Series 2005-2 Non-Ford Letter of Credit, as of such date and (b) with respect
to any Series 2005-2 Ford Letter of Credit Provider as of any date, the
fraction (expressed as a percentage) obtained by dividing (A) the available
amount under such Series 2005-2 Ford Letter of Credit Provider’s Series 2005-2 Ford Letter of Credit as of such date
by (B) an amount equal to the aggregate available amount under all Series
2005-2 Ford Letters of Credit relating to the same Class of Series 2005-2 Notes
as such Series 2005-2 Ford Letter of Credit Provider’s Series 2005-2 Ford Letter of Credit, as of such
date; provided, that only for purposes of calculating the Pro Rata Share
with respect to any Series 2005-2 Letter of Credit Provider as of any date, if
such Series 2005-2 Letter of Credit Provider has not complied with its
obligation to pay the Trustee the amount of any draw under its Series 2005-2
Letter of Credit made prior to such date, the available amount under such
Series 2005-2 Letter of Credit Provider’s Series 2005-2 Letter of Credit as of
such date shall be treated as reduced (for calculation purposes only) by the
amount of such unpaid demand and shall not be reinstated for purposes of such
calculation unless and until the date as of which such Series 2005-2 Letter of
Credit Provider has paid such amount to the Trustee and been reimbursed by the
Lessee for such amount (provided that the foregoing calculation shall not in
any manner reduce a Series 2005-2 Letter of Credit Provider’s actual liability
in respect of any failure to pay any demand under its Series 2005-2 Letter of
Credit).

“QIB” has the
meaning specified in Section 5.1(d) of this Series Supplement.

“Rating Agencies”
means, with respect to the Series 2005-2 Notes, Standard & Poor’s, Moody’s
and Fitch and any other nationally recognized rating agency rating the Series
2005-2 Notes at the request of HVF.

 57
 

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

“Redesignated Vehicle”
means any Program Vehicle manufactured by a Manufacturer with respect to which
an Event of Bankruptcy has occurred which has been redesignated as a
Non-Program Vehicle pursuant to Section 18(b) of the HVF Lease in
accordance with Section 2.6 thereof.

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

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

“Regulation S Global
Notes” has the meaning specified in Section 5.3(b) of this Series
Supplement.

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

“Required Noteholders”
means with respect to the Series 2005-2 Notes, subject to Section 6.6 of
this Series Supplement, Series 2005-2 Noteholders holding more than 50% of the
Series 2005-2 Principal Amount (excluding any Series 2005-2 Notes held by HVF
or any Affiliate of HVF).

“Restricted Global
Notes” has the meaning specified in Section 5.2(b) of this Series
Supplement.

“Restricted Notes”
means the Restricted Global Notes, and all other Series 2005-2 Notes evidencing
the obligations, or any portion of the obligations, initially evidenced by the
Restricted Global Notes, other than certificates transferred or exchanged upon
certification as provided in Section 5 of this Series Supplement.

“Restricted Period”
means, with respect to any Series 2005-2 Notes issued on the Series 2005-2
Closing Date, the period commencing on such Series 2005-2 Closing Date and
ending on the 40th day after such Series 2005-2 Closing Date, and with respect
to any Class B Notes issued on a Series 2005-2 Class B Notes Closing Date, the
period commencing on such Series 2005-2 Class B Notes Closing Date and ending
on the 40th day after such Series 2005-2 Class B Notes
Closing Date.

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

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

 58
 

as sole
documentation agent, and the other financial institutions party thereto from
time to time.

“Series 2005-1 Notes”
means the Series 2005-1 Medium Term Rental Car Asset Backed Notes issued by HVF
on the date hereof under that certain Series Supplement to the Base Indenture,
dated as of the date hereof (as amended, modified, restated or supplemented
from time to time in accordance with the terms thereof), by and between HVF and
the Trustee.

“Series 2005-2 Accrued
Amounts” means, on any date of determination, the sum of (i) accrued and
unpaid interest on the Series 2005-2 Notes as of such date, (ii) the Insurer
Fee, if any, accrued to such date and payable by HVF on the next succeeding
Payment Date, (iii) any other amounts due or accrued as of such date and
payable to the Insurer pursuant to the Insurance Agreement (other than
unreimbursed amounts drawn under the Insurance Policy to pay the principal of
the Series 2005-2 Notes) on or prior to the next succeeding Payment Date, (iv)
the Monthly Hedge Payment and (v) the product of (A) the Indenture Carrying
Charges payable on the next succeeding Payment Date times (B) the Series 2005-2
Percentage as of the Determination Date immediately preceding such Payment
Date.

“Series 2005-2 Accrued
Interest Account” has the meaning specified in Section 2.1(a) of
this Series Supplement.

“Series 2005-2
Adjusted Principal Amount” means, as of any date of determination, the sum
of the Class A Adjusted Principal Amount and the Class B Adjusted Principal
Amount, in each case, as of such date.

“Series 2005-2 Asset
Amount” means, as of any date of determination, the product of (i) the
Series 2005-2 Invested Percentage (with respect to principal) as of such date
and (ii) the Aggregate Asset Amount as of such date.

“Series 2005-2 Cash
Collateral Accounts” means the Class A Cash Collateral Account and the
Class B Cash Collateral Account.

“Series 2005-2 Class B
Notes Closing Date” means, with respect to any issuance of Class B Notes,
the date specified in the Class B Notes Term Sheet related to such issuance of
Class B Notes.

“Series 2005-2 Closing
Account” has the meaning specified in Section 2.17(a) of this Series
Supplement.

“Series 2005-2 Closing
Account Collateral” has the meaning specified in Section 2.17(c) of
this Series Supplement.

“Series 2005-2 Closing
Date” means December 21, 2005.

“Series 2005-2
Collateral” means the Collateral, any Series 2005-2 Interest Rate Hedges,
each Series 2005-2 Letter of Credit, the Series 2005-2 Series 

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Account
Collateral, the Class A Cash Collateral Account Collateral, the Class B Cash
Collateral Account Collateral, the Series 2005-2 Demand Note, the Series 2005-2
Distribution Account Collateral, the Class A Reserve Account Collateral, the
Class B Reserve Account Collateral and the Series 2005-2 Closing Account
Collateral.

“Series 2005-2
Collection Account” has the meaning specified in Section 2.1(a) of
this Series Supplement.

“Series 2005-2
Controlled Amortization Period” means the Three-Year Notes Controlled
Amortization Period, the Four-Year Notes Controlled Amortization Period or the
Five-Year Notes Controlled Amortization Period, as the context requires.

“Series 2005-2 Demand
Note” means each demand note made by Hertz, substantially in the form of Exhibit
H to this Series Supplement, as amended, modified or restated from time to
time in accordance with its terms and the terms of this Series Supplement.

“Series 2005-2 Demand
Note Payment Amount” means, as of any date of determination, the excess, if
any, of (a) the aggregate amount of all proceeds of demands made on the Series
2005-2 Demand Note that were deposited into the Series 2005-2 Distribution
Account and paid to the Series 2005-2 Noteholders during the one year period
ending on such date of determination over (b) the amount of any Preference
Amount relating to such proceeds that has been repaid to HVF (or any payee of
HVF) with the proceeds of any LOC Preference Payment Disbursement (or any
withdrawal from any Series 2005-2 Cash Collateral Account); provided, however,
that if an Event of Bankruptcy (or the occurrence of an event described in clause
(a) of the definition thereof, without the lapse of a period of 60
consecutive days) with respect to Hertz shall have occurred on or before such
date of determination, the Series 2005-2 Demand Note Payment Amount shall equal
(i) on any date of determination until the conclusion or dismissal of the
proceedings giving rise to such Event of Bankruptcy without continuing
jurisdiction by the court in such proceedings (or on any earlier date upon
which the statute of limitations in respect of avoidance actions in such
proceedings has run or when such actions otherwise become unavailable to the
bankruptcy estate), the Series 2005-2 Demand Note Payment Amount as if it were
calculated as of the date of the occurrence of such Event of Bankruptcy and
(ii) on any date of determination thereafter, $0.

“Series 2005-2 Deposit
Date” has the meaning specified in Section 2.2 of this Series
Supplement.

“Series 2005-2
Designated Account” has the meaning specified in Section 2.10(a)
of this Series Supplement.

“Series 2005-2
Distribution Account” has the meaning specified in Section 2.9(a)
of this Series Supplement.

“Series 2005-2
Distribution Account Collateral” has the meaning specified in Section 2.9(d)
of this Series Supplement.

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“Series 2005-2 Excess
Collection Account” has the meaning specified in Section 2.1(a) of
this Series Supplement.

“Series 2005-2 Ford
Letter of Credit” means each Class A Ford Letter of Credit and each Class B
Ford Letter of Credit, as the context may require.

“Series 2005-2 Ford
Letter of Credit Provider” means each Class A Ford Letter of Credit
Provider and each Class B Ford Letter of Credit Provider, as the context may
require.

“Series 2005-2 Ford
Letter of Credit Termination Date” means the date on which (i) all Series
2005-2 Ford Letters of Credit have expired or been terminated and returned to
the Series 2005-2 Ford Letter of Credit Provider thereof, (ii) no Ford
Reimbursement Obligations are outstanding and (iii) Ford has been paid all
amounts distributable to Ford hereunder from the Series 2005-2 Cash Collateral
Accounts.

“Series 2005-2 Global
Note” means a Regulation S Global Note, a Restricted Global Note or an
Unrestricted Global Note.

“Series 2005-2
Interest Period” means a period commencing on and including a Payment Date
and ending on and including the day preceding the next succeeding Payment Date;
provided, however, that the initial Series 2005-2 Interest Period
shall commence on and include the Series 2005-2 Closing Date and end on and
include January 24, 2006.

“Series 2005-2
Interest Rate Hedge” is defined in Section 2.11(a) of this Series
Supplement; provided that for the avoidance of doubt each Series 2005-2
Interest Rate Hedge shall constitute a “Series-Specific Swap Agreement”, but
shall not constitute a “Swap Agreement” for all purposes under the Base
Indenture or any other Related Document.

“Series 2005-2
Invested Percentage” means, on any date of determination:

(a)                                  when
used with respect to Principal Collections, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which shall
be equal to the Series 2005-2 Required Adjusted Asset Amount, determined during
the Series 2005-2 Revolving Period as of the end of the immediately preceding
Related Month (or, until the end of the initial Related Month after the Series
2005-2 Closing Date, on the Series 2005-2 Closing Date), or, the Series 2005-2
Required Adjusted Asset Amount, determined during the Series 2005-2 Controlled
Amortization Period and the Series 2005-2 Rapid Amortization Period as of the
last day of the Series 2005-2 Revolving Period, and the denominator of which
shall be the greater of (I) the Aggregate Asset Amount as of the end of the
immediately preceding Related Month or, until the end of the initial Related
Month after the Series 2005-2 Closing Date, as of the Series 2005-2 Closing
Date and (II) as of the same date as in clause (I), the Aggregate
Required Asset Amount;

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(b)                                 when
used with respect to Interest Collections, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which shall
be the Series 2005-2 Accrued Amounts on such date of determination, and the
denominator of which shall be the aggregate Accrued Amounts with respect to all
Series of Notes on such date of determination.

“Series 2005-2 Lease
Interest Payment Deficit” means on any Payment Date an amount equal to the
excess, if any, of (a) the aggregate amount of Interest Collections which
pursuant to Section 2.2(a), (b) or (c) of this Series
Supplement would have been deposited into the Series 2005-2 Accrued Interest
Account if all payments of Monthly Variable Rent required to have been made
under the HVF Lease from and excluding the preceding Payment Date to and
including such Payment Date were made in full over (b) the aggregate amount of
Interest Collections which pursuant to Section 2.2(a), (b) or (c)
of this Series Supplement have been received for deposit into the Series 2005-2
Accrued Interest Account from and excluding the preceding Payment Date to and
including such Payment Date.

“Series 2005-2 Lease
Payment Deficit” means either a Series 2005-2 Lease Interest Payment
Deficit or a Series 2005-2 Lease Principal Payment Deficit.

“Series 2005-2 Lease
Principal Payment Carryover Deficit” means (a) for the initial Payment
Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the
Series 2005-2 Lease Principal Payment Deficit, if any, on the preceding Payment
Date over (y) the amount deposited in the Series 2005-2 Distribution
Account pursuant to Section 2.5(d) of this Series Supplement on such
preceding Payment Date on account of such Series 2005-2 Lease Principal Payment
Deficit.

“Series 2005-2 Lease
Principal Payment Deficit” means on any Payment Date the sum of (a) the
Series 2005-2 Monthly Lease Principal Payment Deficit for such Payment Date and
(b) the Series 2005-2 Lease Principal Payment Carryover Deficit for such
Payment Date.

“Series 2005-2 Letter
of Credit” means a Class A Letter of Credit and/or a Class B Letter of
Credit, as the context may require.

“Series 2005-2 Letter
of Credit Provider” means a Class A Letter of Credit Provider and/or a
Class B Letter of Credit Provider, as the context may require.

“Series 2005-2 Limited
Liquidation Event of Default” means, so long as such event or condition
continues, any event or condition of the type specified in clauses (a)
through (k) of Article III of this Series Supplement that continues
for thirty (30) days (without double counting the cure period, if any, provided
therein); provided  however, that any event or condition of the
type specified in clauses (a) through (i) shall cease to
constitute a Series 2005-2 Limited Liquidation Event of Default if (i) within
such thirty (30) day period, such Amortization Event shall have been cured and
(ii) the Trustee shall have received from the Series 2005-2 Noteholders holding
more than 50% of the 

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Controlling Class
a waiver of the occurrence of such Series 2005-2 Limited Liquidation Event of
Default.

“Series 2005-2
Liquidity Amount” means, as of any date of determination, the sum of (a)
the Class A Liquidity Amount and (b) the Class B Liquidity Amount, in each case
on such date.

“Series 2005-2 Maximum Aggregate BMW/Lexus/Mercedes/Audi
Amount” means as of any
day, an amount equal to 6% of the Adjusted Aggregate Asset Amount on such day (or
such greater percentage as may be agreed to by HVF, the Insurer (such consent
not to be unreasonably withheld or delayed) for so long as any Class A Notes
are Outstanding, and the Rating Agencies, subject to satisfaction of the Series
2005-2 Rating Agency Condition; provided, that the consent of the
Insurer shall not be required to the extent such percentage is equal to or less
than 15%).

“Series 2005-2 Maximum
Amount” means any of the Series 2005-2 Maximum Hyundai Amount, the Series
2005-2 Maximum Jaguar Amount, the Series 2005-2 Maximum Kia Amount, the Series
2005-2 Maximum Land Rover Amount, the Series 2005-2 Maximum Mazda Amount, the
Series 2005-2 Maximum Mitsubishi Amount, the Series 2005-2 Maximum Subaru
Amount, the Series 2005-2 Maximum Volvo Amount, the Series 2005-2 Maximum
Manufacturer Non-Eligible Vehicle Amount, the Series 2005-2 Maximum
Non-Eligible Manufacturer Amount, the Series 2005-2 Maximum Non-Eligible
Vehicle Amount, the Series 2005-2 Maximum Audi Amount, the Series 2005-2
Maximum BMW Amount, the Series 2005-2 Maximum Lexus Amount, the Series 2005-2
Maximum Mercedes Amount, the Series 2005-2 Maximum Aggregate BMW/Lexus Mercedes
Amount and the Series 2005-2 Maximum HVF Service Vehicle Amount.

“Series 2005-2 Maximum
Audi Amount” means, as of any day, an amount equal to 3% of the Adjusted
Aggregate Asset Amount on such day (or such greater percentage as may be agreed
to by HVF, the Insurer (such consent not to be unreasonably withheld or
delayed) for so long as any Class A Notes are Outstanding, and the Rating
Agencies, subject to satisfaction of the Series 2005-2 Rating Agency Condition;
provided, that the consent of the Insurer shall not be required to the
extent such percentage is equal to or less than 8%).

“Series 2005-2 Maximum
BMW Amount” means, as of any day, an amount equal to 3% of the Adjusted
Aggregate Asset Amount on such day (or such greater percentage as may be agreed
to by HVF, the Insurer (such consent not to be unreasonably withheld or
delayed) for so long as any Class A Notes are Outstanding, and the Rating
Agencies, subject to satisfaction of the Series 2005-2 Rating Agency Condition;
provided, that the consent of the Insurer shall not be required to the extent
such percentage is equal to or less than 5%).

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

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“Series 2005-2 Maximum
Hyundai Amount” means, as of any day, an amount equal to 13% of the
Adjusted Aggregate Asset Amount on such day.

“Series 2005-2 Maximum
Jaguar Amount” means, as of any day, an amount equal to 5% of the Adjusted
Aggregate Asset Amount on such day.

“Series 2005-2 Maximum
Kia Amount” means, as of any day, an amount equal to 10% of the Adjusted
Aggregate Asset Amount on such day.

“Series 2005-2 Maximum
Land Rover Amount” means, as of any day, an amount equal to 5% of the Adjusted
Aggregate Asset Amount on such day.

“Series 2005-2 Maximum
Lexus Amount” means, as of any day, an amount equal to 3% of the Adjusted
Aggregate Asset Amount on such day (or such greater percentage as may be agreed
to by HVF, the Insurer (such consent not to be unreasonably withheld or
delayed) for so long as any Class A Notes are Outstanding, and the Rating
Agencies, subject to satisfaction of the Series 2005-2 Rating Agency Condition;
provided, that the consent of the Insurer shall not be required to the
extent such percentage is equal to or less than 5%).

“Series 2005-2 Maximum
Manufacturer Non-Eligible Vehicle Amount” means, as of any day, with
respect to any Manufacturer, an amount equal to 40% of the Non-Eligible Vehicle
Amount.

“Series 2005-2 Maximum
Mazda Amount” means, as of any day, an amount equal to 20% of the Adjusted
Aggregate Asset Amount on such day.

“Series 2005-2 Maximum
Mercedes Amount” means, as of any day, an amount equal to 3% of the
Adjusted Aggregate Asset Amount on such day (or such greater percentage as may
be agreed to by HVF, the Insurer (such consent not to be unreasonably withheld
or delayed) for so long as any Class A Notes are Outstanding, and the Rating
Agencies, subject to satisfaction of the Series 2005-2 Rating Agency Condition;
provided, that the consent of the Insurer shall not be required to the
extent such percentage is equal to or less than 5%).

“Series 2005-2 Maximum
Mitsubishi Amount” means, as of any day, an amount equal to 10% of the
Adjusted Aggregate Asset Amount on such day.

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

“Series 2005-2 Maximum
Non-Eligible Vehicle Amount” means, as of any day, an amount equal to 65%
of the Adjusted Aggregate Asset Amount.

“Series 2005-2 Maximum
Subaru Amount” means, as of any day, an amount equal to 5% of the Adjusted
Aggregate Asset Amount on such day.

 64

“Series 2005-2 Maximum
Volvo Amount” means, as of any day, an amount equal to 5% of the Adjusted
Aggregate Asset Amount on such day.

“Series 2005-2 Monthly
Lease Principal Payment Deficit” means on any Payment Date an amount equal
to the excess, if any, of (a) the aggregate amount of Principal Collections
which pursuant to Section 2.2(a), (b) or (c) of this
Series Supplement would have been deposited into the Series 2005-2 Collection
Account if all payments required to have been made under the HVF Lease from and
excluding the preceding Payment Date to and including such Payment Date were
made in full over (b) the aggregate amount of Principal Collections which
pursuant to Section 2.2(a), (b) or (c) of this Series
Supplement have been received for deposit into the Series 2005-2 Collection
Account (without giving effect to any amounts deposited into the Series 2005-2
Accrued Interest Account pursuant to the proviso in Section 2.2(c)(ii)
of this Series Supplement) from and excluding the preceding Payment Date to and
including such Payment Date.

“Series 2005-2
Non-Ford Letter of Credit” means each Class A Non-Ford Letter of Credit and
each Class B Non-Ford Letter of Credit, as the context may require.

“Series 2005-2
Non-Ford Letter of Credit Provider” means each Class A Non-Ford Letter of
Credit Provider and each Class B Non-Ford Letter of Credit Provider, as the
context may require.

“Series 2005-2 Note
Rate” means the Class A-1 Note Rate, the Class A-2 Note Rate, the Class A-3
Note Rate, the Class A-4 Note Rate, the Class A-5 Note Rate, the Class A-6 Note
Rate, the Class B-1 Note Rate, the Class B-2 Note Rate, the Class B-3 Note
Rate, the Class B-4 Note Rate, the Class B-5 Note Rate or the Class B-6 Note
Rate, as the context may require.

“Series 2005-2 Note
Owner” means, with respect to a Series 2005-2 Global Note, the Person who
is the beneficial owner of an interest in such Series 2005-2 Global Note, as
reflected on the books of DTC, or on the books of a Person maintaining an
account with DTC (directly as a Clearing Agency Participant or as an indirect
participant, in each case in accordance with the rules of DTC).

“Series 2005-2
Noteholders” means, collectively, the Class A Noteholders and the Class B
Noteholders.

“Series 2005-2 Notes”
means, collectively, the Class A Notes and the Class B Notes.

“Series 2005-2 Past
Due Rent Payment” has the meaning specified in Section 2.2(d) of
this Series Supplement.

“Series 2005-2
Percentage” means, as of any date of determination, a fraction, expressed
as a percentage, the numerator of which is the Series 2005-2 Principal Amount
as of such date and the denominator of which is the Aggregate Principal Amount
as of such date.

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“Series 2005-2
Principal Allocation” has the meaning specified in Section 2.2 (a)(ii)
of this Series Supplement.

“Series 2005-2
Principal Amount” means, as of any date of determination, the sum of the
Class A Principal Amount and the Class B Principal Amount, in each case, as of
such date.

“Series 2005-2 Rapid
Amortization Period” means the period beginning at the close of business on
the Business Day immediately preceding the day on which an Amortization Event
is deemed to have occurred with respect to the Series 2005-2 Notes and ending
upon the earlier to occur of (i) the date on which (A) the Series 2005-2 Notes
are fully paid, (B) the Insurer has been paid all Insurer Fees and all
Insurer Reimbursement Amounts then due, (C) each Interest Rate Hedge
Provider has been paid all amounts due and owing to it from HVF under its
Series 2005-2 Interest Rate Hedge, and (D) the Series 2005-2 Ford Letter of
Credit Termination Date and (ii) the termination of the Indenture.

“Series 2005-2 Rating
Agency Condition” means, with respect to the Series 2005-2 Notes and any
action, including the issuance of an additional Series of Notes, that each
Rating Agency shall have notified HVF, the Insurer and the Trustee in writing
that such action will not result in a reduction or withdrawal of the ratings of
the Class A Notes (both with and without regard to the Insurance Policy in effect
immediately before the taking of such action) or the Class B Notes.

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

“Series 2005-2
Required Asset Amount” means, as of any date of determination, the sum of
(i) the Class A Adjusted Principal Amount as of such date and (ii) the greater
of (x) the Class A Required Overcollateralization Amount as of such date and
(y) the sum of (a) the Class B Adjusted Principal Amount as of such date and
(b) the Class B Required Overcollateralization Amount as of such date.

“Series 2005-2
Required Asset Amount Percentage” means, as of any date of determination,
the percentage equivalent of a fraction, the numerator of which is the 

 66
 

Series 2005-2
Required Asset Amount and the denominator of which is the Aggregate Required
Asset Amount as of such date.

“Series 2005-2
Required Liquidity Amount” means, as of any date of determination, an
amount equal to the sum of (i) the Class A Required Liquidity Amount and (ii)
the Class B Required Liquidity Amount, in each case on such date.

“Series 2005-2
Revolving Period” means the period from and including the Series 2005-2
Closing Date to the earlier of (i) the commencement of the Series 2005-2 Rapid
Amortization Period and (ii) the commencement of the Three-Year Notes
Controlled Amortization Period; provided that if the Three-Year Notes
are paid in full on or prior to the Three-Year Notes Expected Final Payment
Date and the Insurer has been paid all Insurer Fees and Insurer Reimbursement
Amounts due to the Insurer on such Three-Year Notes Expected Final Payment
Date, then the Series 2005-2 Revolving Period shall recommence and shall also
include the period from and including the Determination Date immediately
preceding the Payment Date on which the Three-Year Notes are paid in full and
continue to the earlier of (i) the commencement of the Four-Year Notes
Controlled Amortization Period and (ii) the commencement of the Series 2005-2
Rapid Amortization Period; provided that if the Four-Year Notes are paid
in full on or prior to the Four-Year Notes Expected Final Payment Date and the
Insurer has been paid all Insurer Fees and Insurer Reimbursement Amounts due to
the Insurer on such Four-Year Notes Expected Final Payment Date, then the
Series 2005-2 Revolving Period shall recommence and shall also include the
period from and including the Determination Date immediately preceding the
Payment Date on which the Four-Year Notes are paid in full and continue to the
earlier of (i) the commencement of the Five-Year Notes Controlled Amortization
Period and (ii) the commencement of the Series 2005-2 Rapid Amortization
Period.

“Series
2005-2 Series Account Collateral” has the meaning specified in Section
2.1(d) of this Series Supplement.

“Series 2005-2 Series
Accounts” has the meaning specified in Section 2.1(a) of this Series
Supplement.

“Series 2005-3 Notes”
means the Series 2005-3 Variable Funding Rental Car Asset Backed Notes issued
by HVF on the date hereof under that certain Series Supplement to the Base
Indenture, dated as of the date hereof (as amended, modified, restated or
supplemented from time to time in accordance with the terms thereof), by and
between HVF and the Trustee.

“Series 2005-4 Notes”
means the Series 2005-4 Variable Funding Rental Car Asset Backed Notes issued
by HVF on the date hereof under that certain Series Supplement to the Base
Indenture, dated as of the date hereof (as amended, modified, restated or
supplemented from time to time in accordance with the terms thereof), by and
between HVF and the Trustee.

 67
 

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

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

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

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

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

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

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

“Third-Party Market
Value” means, with respect to any HVF Vehicle as of any date of
determination, the market value of such HVF Vehicle as specified in the Related
Month’s published NADA Guide for the model class and model year of such HVF
Vehicle based on the average equipment and the average mileage of each HVF
Vehicle of such model class and model year; provided, that if the NADA
Guide was not published in the Related Month or the NADA Guide is being
published but such HVF 

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

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

“Three-Year Notes
Controlled Amortization Period” means the period commencing at the close of
business on July 31, 2008 (or, if such day is not a Business Day, the Business
Day immediately preceding such day) and continuing to the earlier of (i) the
commencement of the Series 2005-2 Rapid Amortization Period, and (ii) the date
on which the Three-Year Notes are fully paid.

“Three-Year Notes
Expected Final Payment Date” means the February 2009 Payment Date.

“Three-Year Notes
Legal Final Payment Date” means the February 2010 Payment Date.

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

 69
 

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

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

 70
 

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

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

“Unrestricted Global
Notes” has the meaning specified in Section 5.4(d) of this Series
Supplement.

 71
 

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

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

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

ARTICLE II

SERIES 2005-2 ALLOCATIONS

With respect to the
Series 2005-2 Notes only, the following shall apply:

Section 2.1.                                   Series
2005-2 Series Accounts.

(a)                                  Establishment
of Series 2005-2 Series Accounts. 
HVF shall establish and maintain in the name of the Trustee for the
benefit of the Series 2005-2 Noteholders, the Insurer, Ford and each Interest
Rate Hedge Provider three accounts: the Series 2005-2 Collection Account (such
account, the “Series 2005-2 Collection Account”), the Series 2005-2
Accrued Interest Account (such account, the “Series 2005-2 Accrued Interest
Account”) and the Series 2005-2 Excess Collection Account (such account,
the “Series 2005-2 Excess Collection Account” and, together with the
Series 2005-2 Collection Account and the Series 2005-2 Accrued Interest
Account, the “Series 2005-2 Series Accounts”).  Each Series 2005-2 Series Account shall bear
a designation clearly indicating that the funds deposited therein are held for
the benefit of the Series 2005-2 Noteholders, the Insurer, Ford and each
Interest Rate Hedge Provider.  Each
Series 2005-2 Series Account shall be an Eligible Deposit Account.  If a Series 2005-2 Series Account is at any
time no longer an Eligible Deposit Account, HVF shall, within 10 Business Days
of obtaining knowledge that such Series 2005-2 Series Account is no longer an
Eligible Deposit Account, establish a new Series 2005-2 Series Account that is
an Eligible Deposit Account.  If a new
Series 2005-2 Series Account is established, HVF shall instruct the Trustee in
writing to transfer all cash and investments from the non-qualifying Series
2005-2 Series Account into the new Series 2005-2 Series Account.  Initially, each of the Series 2005-2 Series
Accounts will be established with The Bank of New York.

(b)                                 Administration
of the Series 2005-2 Series Accounts. 
HVF may instruct (by standing instructions or otherwise) the institution
maintaining each of the Series 2005-2 Series Accounts to invest funds on
deposit in such Series 2005-2 Series Account from time to time in Permitted
Investments; provided, however, that (x) any such investment in
the Series 2005-2 Excess Collection Account shall mature not later than the
Business Day following the date on which such funds were received (including 

 72
 

funds received
upon a payment in respect of a Permitted Investment made with funds on deposit
in the Series 2005-2 Excess Collection Account) and (y) any such investment in
the Series 2005-2 Collection Account or the Series 2005-2 Accrued Interest
Account shall mature not later than the Business Day prior to the first Payment
Date following the date on which such funds were received (including funds
received upon a payment in respect of a Permitted Investment made with funds on
deposit in the Series 2005-2 Collection Account or Series 2005-2 Accrued
Interest Account), unless any such Permitted Investment is held with the
Trustee, then such investment may mature on such Payment Date so long as such
funds shall be available for withdrawal on or prior to such Payment Date.  HVF shall not direct the Trustee to dispose
of (or permit the disposal of) any Permitted Investments prior to the maturity
thereof to the extent such disposal would result in a loss of the initial
purchase price of such Permitted Investment. 
In the absence of written investment instructions hereunder, funds on
deposit in the Series 2005-2 Series Accounts shall remain uninvested.

(c)                                  Earnings
from Series 2005-2 Series Accounts. 
All interest and earnings (net of losses and investment expenses) paid
on funds on deposit in the Series 2005-2 Series Accounts shall be deemed to be
on deposit therein and available for distribution.

(d)                                 Series
2005-2 Series Accounts Constitute Additional Collateral for Series 2005-2 Notes.
 In
order to secure and provide for the repayment and payment of the Note
Obligations with respect to the Series 2005-2 Notes, HVF hereby grants a
security interest in and assigns, pledges, grants, transfers and sets over to
the Trustee, for the benefit of the Series 2005-2 Noteholders, the Insurer,
Ford and each Interest Rate Hedge Provider, all of HVF’s right, title and
interest in and to the following (whether now or hereafter existing or
acquired):  (i) the Series 2005-2 Series
Accounts, including any security entitlement thereto; (ii) all funds on deposit
therein from time to time; (iii) all certificates and instruments, if any,
representing or evidencing any or all of the Series 2005-2 Series Accounts or
the funds on deposit therein from time to time; (iv) all investments made at
any time and from time to time with monies in the Series 2005-2 Series
Accounts, whether constituting securities, instruments, general intangibles,
investment property, financial assets or other property; (v) all interest,
dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for the Series
2005-2 Series Accounts, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Series
2005-2 Series Account Collateral”).

Section 2.2.                                   Allocations
with Respect to the Series 2005-2 Notes. 
The net proceeds from the initial sale of the Class A Notes will be
deposited into the Series 2005-2 Closing Account on the Series 2005-2 Closing
Date.  The Administrator will direct the
Trustee in writing pursuant to the Administration Agreement, prior to 4:00 a.m.
(New York City time) on the Series 2005-2 Closing Date, as to the manner in
which to apply all amounts so deposited into the Series 2005-2 Closing Account;
provided that all amounts on deposit in the Series 2005-2 Closing
Account shall be applied in accordance 

 73
 

with the priority
of payments specified in Section 2.2(f) of this Series Supplement, as if
such funds were on deposit in the Series 2005-2 Excess Collection Account.  The Trustee shall withdraw any amounts remaining
in the Series 2005-2 Closing Account as of 9:30 a.m. on the Series 2005-2
Closing Date and deposit such amounts in the Series 2005-2 Excess Collection
Account.  The net proceeds from the
initial sale of any Class B Notes on a Series 2005-2 Class B Notes Closing Date
will be deposited into the Series 2005-2 Excess Collection Account.  All amounts payable to HVF under any Series
2005-2 Interest Rate Hedges will be deposited into the Series 2005-2 Collection
Account.  On each Business Day on which
Collections are deposited into the Collection Account (each such date, a “Series
2005-2 Deposit Date”), the Administrator will direct the Trustee in writing
pursuant to the Administration Agreement to apply from all amounts deposited
into the Collection Account in accordance with the provisions of this Section
2.2:

(a)                                  Allocations
of Collections During the Series 2005-2 Revolving Period.  During the Series 2005-2 Revolving Period,
the Administrator will direct the Trustee in writing pursuant to the
Administration Agreement, prior to 1:00 p.m. (New York City time) on each
Series 2005-2 Deposit Date, to apply from all amounts deposited into the
Collection Account as set forth below:

(i)                                     allocate to and
deposit in the Series 2005-2 Collection Account an amount equal to the sum of
(A) the Series 2005-2 Invested Percentage (as of such day) of the aggregate
amount of Interest Collections on such day and (B) any amounts received by the
Trustee in respect of the Series 2005-2 Interest Rate Hedges.  All such amounts deposited into the Series
2005-2 Collection Account shall thereafter be deposited into the Series 2005-2
Accrued Interest Account; and

(ii)                                  allocate to and
deposit in the Series 2005-2 Excess Collection Account (A) an amount equal to
the Series 2005-2 Invested Percentage (as of such day) of the aggregate amount
of Principal Collections on such day and (B) on the Series 2005-2 Closing Date,
the net proceeds from the issuance of the Series 2005-2 Notes (for any such
day, the “Series 2005-2 Principal Allocation”).

(b)                                 Allocations
of Collections During any Series 2005-2 Controlled Amortization Period.  During any Series 2005-2 Controlled
Amortization Period, the Administrator will direct the Trustee in writing
pursuant to the Administration Agreement, prior to 1:00 p.m. (New York City
time) on each Series 2005-2 Deposit Date, to apply from all amounts deposited
into the Collection Account as set forth below:

(i)                                     allocate to and
deposit in the Series 2005-2 Collection Account an amount determined as set
forth in Section 2.2(a)(i) above for such day, which amount shall be
thereafter allocated to and deposited in the Series 2005-2 Accrued Interest
Account; and

(ii)                                  (A) with respect to
the Three-Year Notes Controlled Amortization Period, allocate to and deposit in
the Series 2005-2 Collection Account an amount equal to the Series 2005-2
Principal Allocation for such day, 

 74
 

which amount shall be used to make principal payments on the next
succeeding Payment Date (I) on a pro  rata basis in respect of the
Class A-1 Notes and the Class A-2 Notes until the Class A-1 Controlled
Distribution Amount and the Class A-2 Controlled Distribution Amount with
respect to the Related Month related to such Payment Date have been paid in
full and (II) once the Class A-1 Controlled Distribution Amount and the Class
A-2 Controlled Distribution Amount with respect to such Payment Date have been
paid in full, on a pro  rata basis in respect of the Class B-1
Notes and the Class B-2 Notes until the Class B-1 Controlled Distribution
Amount and the Class B-2 Controlled Distribution Amount with respect to the
Related Month related to such Payment Date have been paid in full; provided,
however, that if the Monthly Total Principal Allocation for the current
Related Month (together with the amount deposited in the Series 2005-2
Collection Account from the Series 2005-2 Excess Collection Account on the
first day of such Related Month pursuant to Section 2.2(f) of this
Series Supplement) exceeds the sum of the Class A-1 Controlled Distribution
Amount, the Class A-2 Controlled Distribution Amount, the Class B-1 Controlled
Distribution Amount and the Class B-2 Controlled Distribution Amount, in each
case with respect to such Related Month, then the amount of such excess shall
be deposited into the Series 2005-2 Excess Collection Account; (B) with respect
to the Four-Year Notes Controlled Amortization Period, allocate to and deposit
in the Series 2005-2 Collection Account an amount equal to the Series 2005-2
Principal Allocation for such day, which amount shall be used to make principal
payments on the next succeeding Payment Date (I) on a pro  rata
basis in respect of the Class A-3 Notes and the Class A-4 Notes until the Class
A-3 Controlled Distribution Amount and the Class A-4 Controlled Distribution
Amount with respect to the Related Month related to such Payment Date have been
paid in full and (II) once the Class A-3 Controlled Distribution Amount and the
Class A-4 Controlled Distribution Amount with respect to such Payment Date have
been paid in full, on a pro  rata basis in respect of the Class
B-3 Notes and the Class B-4 Notes until the Class B-3 Controlled Distribution
Amount and the Class B-4 Controlled Distribution Amount with respect to the
Related Month related to such Payment Date have been paid in full; provided,
however, that if the Monthly Total Principal Allocation for the current
Related Month (together with the amount deposited in the Series 2005-2
Collection Account from the Series 2005-2 Excess Collection Account on the
first day of such Related Month pursuant to Section 2.2(f) of this
Series Supplement) exceeds the sum of the Class A-3 Controlled Distribution
Amount, the Class A-4 Controlled Distribution Amount, the Class B-3 Controlled
Distribution Amount and the Class B-4 Controlled Distribution Amount, in each
case with respect to such Related Month, then the amount of such excess shall
be deposited into the Series 2005-2 Excess Collection Account; and (C) with
respect to the Five-Year Notes Controlled Amortization Period, allocate to and
deposit in the Series 2005-2 Collection Account an amount equal to the Series
2005-2 Principal Allocation for such day, which amount shall be used to make
principal payments on the next succeeding Payment Date (I) on a pro  rata
basis in respect of the Class A-5 Notes and the Class A-6 Notes until the Class
A-5 Controlled Distribution Amount and the Class A-6 Controlled 

 75
 

Distribution Amount with respect to the Related Month related to such
Payment Date have been paid in full and (II) once the Class A-5 Controlled Distribution
Amount and the Class A-6 Controlled Distribution Amount with respect to such
Payment Date have been paid in full, on a pro  rata basis in
respect of the Class B-5 Notes and the Class B-6 Notes until the Class B-5
Controlled Distribution Amount and the Class B-6 Controlled Distribution Amount
with respect to the Related Month related to such Payment Date have been paid
in full; provided, however, that if the Monthly Total Principal
Allocation for the current Related Month, (together with the amount deposited
in the Series 2005-2 Collection Account from the Series 2005-2 Excess
Collection Account on the first day of such Related Month pursuant to Section
2.2(f) of this Series Supplement), exceeds the sum of the Class A-5
Controlled Distribution Amount, the Class A-6 Controlled Distribution Amount,
the Class B-5 Controlled Distribution Amount and the Class B-6 Controlled
Distribution Amount, in each case with respect to such Related Month, then the
amount of such excess shall be deposited into the Series 2005-2 Excess
Collection Account.

(c)                                  Allocations
of Collections During the Series 2005-2 Rapid Amortization Period.  During the Series 2005-2 Rapid Amortization
Period, the Administrator will direct the Trustee in writing pursuant to the
Administration Agreement, prior to 1:00 p.m. (New York City time) on any Series
2005-2 Deposit Date, to apply from all amounts deposited into the Collection
Account as set forth below:

(i)                                     allocate to and
deposit in the Series 2005-2 Collection Account an amount determined as set
forth in Section 2.2(a)(i) above for such day, which amount shall be
thereafter allocated to and deposited in the Series 2005-2 Accrued Interest
Account; and

(ii)                                  allocate to and
deposit in the Series 2005-2 Collection Account an amount equal to the Series
2005-2 Principal Allocation for such day, which amount shall be used to make
principal payments (I) on a pro  rata basis in respect of the
Class A Notes until the Class A Notes have been paid in full, (II) once the
Class A Notes have been paid in full, on a pro  rata basis in
respect of the Class B Notes until the Class B Notes have been paid in full,
(III) once the Class B Notes have been paid in full, to Ford, all unpaid Ford
Reimbursement Obligations until Ford has been paid in full, and (IV) once Ford
has been paid in full, only for so long as the Ford LOC Exposure Amount is
greater than zero, solely to the extent that after giving effect to such
payment the Fleet Equity Condition would
be satisfied, on a pro  rata
basis to each Interest Rate Hedge Provider all amounts due and owing to it
under its Series 2005-2 Interest Rate Hedge; provided that if on any
Determination Date (A) the Administrator determines that the amount anticipated
to be available from Interest Collections allocable to the Series 2005-2 Notes,
any amounts payable to the Trustee in respect of any Series 2005-2 Interest
Rate Hedges and other amounts available pursuant to Section 2.3 of this
Series Supplement to pay Class A Adjusted Monthly Interest and the Monthly
Hedge Payment on the next succeeding Payment Date will be less than the sum of
the Class A Adjusted Monthly Interest

 76
 

and the Monthly Hedge Payment for such Payment Date and (B) the Class A
Enhancement Amount is greater than zero, then the Administrator shall direct
the Trustee in writing to withdraw from the Series 2005-2 Collection Account a
portion of the Principal Collections allocated to the Series 2005-2 Notes
during the Related Month equal to the lesser of such insufficiency and the
Class A Enhancement Amount and deposit such amount into the Series 2005-2
Accrued Interest Account to be treated as Interest Collections on such Payment
Date.

(d)                                 Past
Due Rental Payments.  Notwithstanding
the foregoing, if, after the occurrence of a Series 2005-2 Lease Payment
Deficit, the Lessee shall make a payment of Rent or other amount payable by the
Lessee under the HVF Lease on or prior to the fifth Business Day after the
occurrence of such Series 2005-2 Lease Payment Deficit (a “Past Due Rent
Payment”), the Administrator shall direct the Trustee in writing pursuant
to the Administration Agreement to allocate to and deposit in the Series 2005-2
Collection Account an amount equal to the Series 2005-2 Invested Percentage as
of the date of the occurrence of such Series 2005-2 Lease Payment Deficit of
the Collections attributable to such Past Due Rent Payment (the “Series
2005-2 Past Due Rent Payment”).  The
Administrator shall instruct the Trustee in writing pursuant to the
Administration Agreement to withdraw from the Series 2005-2 Collection Account
and apply the Series 2005-2 Past Due Rent Payment in the following order:

(i)                                     if the occurrence
of the related Series 2005-2 Lease Payment Deficit resulted in a demand for
payment being made under the Insurance Policy, pay to the Insurer an amount
equal to the lesser of (x) the unreimbursed amount of the payment made by the
Insurer under the Insurance Policy in respect of such demand and (y) the amount
of the Series 2005-2 Past Due Rent Payment;

(ii)                                  if the occurrence of
the related Series 2005-2 Lease Payment Deficit resulted in one or more Class A
LOC Credit Disbursements being made under the Class A Ford Letters of Credit,
pay to Ford an amount equal to the lesser of (x) the unreimbursed amount of
such Class A LOC Credit Disbursement and (y) the amount of the Series 2005-2
Past Due Rent Payment remaining after any payment pursuant to clause (i)
above;

(iii)                               if the occurrence of
such Series 2005-2 Lease Payment Deficit resulted in a withdrawal being made
from the Class A Ford Cash Collateral Account, deposit in the Class A Ford Cash
Collateral Account an amount equal to the lesser of (x) the amount of the
Series 2005-2 Past Due Rent Payment remaining after any payments pursuant to clauses
(i) and (ii) above and (y) the amount withdrawn from the Class A
Ford Cash Collateral Account on account of such Series 2005-2 Lease Payment
Deficit;

(iv)                              if the occurrence of the
related Series 2005-2 Lease Payment Deficit resulted in one or more Class A LOC
Credit Disbursements being made under the Class A Non-Ford Letters of Credit,
pay to each Class A Non-Ford Letter of Credit Provider who made such a Class A
LOC Credit 

 77
 

Disbursement for application in accordance with the provisions of the
applicable Class A Letter of Credit Reimbursement Agreement an amount equal to
the lesser of (x) the unreimbursed amount of such Class A Non-Ford Letter of
Credit Provider’s Class A LOC Credit Disbursement and (y) such Class A Non-Ford
Letter of Credit Provider’s pro rata share, calculated on the basis of the
unreimbursed amount of each such Class A Non-Ford Letter of Credit Provider’s
Class A LOC Credit Disbursement, of the amount of the Series 2005-2 Past Due
Rent Payment remaining after any payment pursuant to clauses (i) through (iii)
above;

(v)                                 if the occurrence of
such Series 2005-2 Lease Payment Deficit resulted in a withdrawal being made
from the Class A Non-Ford Cash Collateral Account, deposit in the Class A
Non-Ford Cash Collateral Account an amount equal to the lesser of (x) the
amount of the Series 2005-2 Past Due Rent Payment remaining after any payments
pursuant to clauses (i) through (iv) above and (y) the amount withdrawn from
the Class A Non-Ford Cash Collateral Account on account of such Series 2005-2
Lease Payment Deficit;

(vi)                              if the occurrence of the
related Series 2005-2 Lease Payment Deficit resulted in one or more Class B LOC
Credit Disbursements being made under the Class B Ford Letters of Credit, pay
to Ford an amount equal to the lesser of (x) the unreimbursed amount of such
Class B LOC Credit Disbursement and (y) the amount of the Series 2005-2 Past
Due Rent Payment remaining after any payment pursuant to clauses (i) through
(v) above;

(vii)                           if the occurrence of such
Series 2005-2 Lease Payment Deficit resulted in a withdrawal being made from the
Class B Ford Cash Collateral Account, deposit in the Class B Ford Cash
Collateral Account an amount equal to the lesser of (x) the amount of the
Series 2005-2 Past Due Rent Payment remaining after any payments pursuant to
clauses (i) through (vi) above and (y) the amount withdrawn from the Class B
Ford Cash Collateral Account on account of such Series 2005-2 Lease Payment
Deficit;

(viii)                        if the occurrence of such
Series 2005-2 Lease Payment Deficit resulted in a withdrawal being made from
the Class A Reserve Account pursuant to Section 2.3(d)(i) of this Series
Supplement, deposit in the Class A Reserve Account an amount equal to the
lesser of (x) the amount of the Series 2005-2 Past Due Rent Payment remaining
after any payments pursuant to clauses (i) through (vii)
above and (y) the excess, if any, of the Class A Required Reserve Account
Amount over the Class A Available Reserve Account Amount on such day;

(ix)                                if the occurrence of
the related Series 2005-2 Lease Payment Deficit resulted in one or more Class B
LOC Credit Disbursements being made under the Class B Non-Ford Letters of
Credit, pay to each Class B Non-Ford Letter of Credit Provider who made such a
Class B LOC Credit Disbursement for application in accordance with the
provisions of the applicable 

 78
 

Class B Letter of Credit Reimbursement Agreement an amount equal to the
lesser of (x) the unreimbursed amount of such Class B Non-Ford Letter of Credit
Provider’s Class B LOC Credit Disbursement and (y) such Class B Non-Ford Letter
of Credit Provider’s pro rata share,
calculated on the basis of the unreimbursed amount of each such Class B
Non-Ford Letter of Credit Provider’s Class B LOC Credit Disbursement, of the
amount of the Series 2005-2 Past Due Rent Payment remaining after any payment
pursuant to clauses (i) through (viii) above;

(x)                                   if the occurrence of
such Series 2005-2 Lease Payment Deficit resulted in a withdrawal being made
from the Class B Non-Ford Cash Collateral Account, deposit in the Class B
Non-Ford Cash Collateral Account an amount equal to the lesser of (x) the
amount of the Series 2005-2 Past Due Rent Payment remaining after any payments
pursuant to clauses (i) through (ix) above and (y) the amount
withdrawn from the Class B Non-Ford Cash Collateral Account on account of such
Series 2005-2 Lease Payment Deficit;

(xi)                                if the occurrence of
such Series 2005-2 Lease Payment Deficit resulted in a withdrawal being made
from the Class B Reserve Account pursuant to Section 2.3(d)(ii) of this
Series Supplement, deposit in the Class B Reserve Account an amount equal to
the lesser of (x) the amount of the Series 2005-2 Past Due Rent Payment
remaining after any payments pursuant to clauses (i) through (x)
above and (y) the excess, if any, of the Class B Required Reserve Account
Amount over the Class B Available Reserve Account Amount on such day;

(xii)                             deposit into the Series
2005-2 Accrued Interest Account the amount, if any, by which the Series 2005-2
Lease Interest Payment Deficit, if any, relating to such Series 2005-2 Lease
Payment Deficit exceeds the amount of the Series 2005-2 Past Due Rent Payment
applied pursuant to clauses (i) through (xi) above; and

(xiii)                          deposit into the Series
2005-2 Excess Collection Account and treat as Principal Collections the
remaining amount of the Series 2005-2 Past Due Rent Payment.

(e)                                  Amounts
Allocated from Other Series.  Amounts
allocated to other Series of Notes that have been reallocated by HVF to the
Series 2005-2 Notes (i) during the Series 2005-2 Revolving Period shall be
deposited into the Series 2005-2 Excess Collection Account and applied in
accordance with Section 2.2(f) of this Series Supplement and (ii) during
the Series 2005-2 Controlled Amortization Period or the Series 2005-2 Rapid
Amortization Period shall be deposited into the Series 2005-2 Collection
Account and applied in accordance with Section 2.2(b) or 2.2(c),
as the case may be, of this Series Supplement to make principal payments in
respect of the Series 2005-2 Notes, and after the Series 2005-2 Notes have been
paid in full, to pay Ford all unpaid Ford Reimbursement Obligations and, only for so long as the Ford LOC
Exposure Amount is greater than zero, solely
to the extent that after giving effect to such payment 

 79
 

the Fleet Equity Condition would be satisfied, to pay
each Interest Rate Hedge Provider all amounts due and owing to it under its
Series 2005-2 Interest Rate Hedge.

(f)                                    Series
2005-2 Excess Collection Account. 
Amounts deposited into the Series 2005-2 Excess Collection Account on
any Series 2005-2 Deposit Date will be (i) first, withdrawn and
deposited in the Class A Reserve Account in an amount up to the excess, if any,
of the Class A Required Reserve Account Amount for such date over the Class A
Available Reserve Account Amount for such date, (ii) second, withdrawn
and deposited in the Class B Reserve Account in an amount up to the excess, if
any, of the Class B Required Reserve Account Amount for such date over the
Class B Available Reserve Account Amount for such date, (iii) third,
used to pay the principal amount of other Series of Notes that are then
required to be paid or, at the option of HVF, to pay the principal amount of
other Series of Notes that may be paid under the Indenture, (iv) fourth,
used to pay Ford all unpaid Ford Reimbursement Obligations, (v) fifth,
used to pay each Interest Rate Hedge Provider all amounts due and owing to it
under its Series 2005-2 Interest Rate Hedge and (vi) sixth, any
remaining funds may be released to HVF, in the case of clauses (ii) through (vi), only to the
extent that no Class Enhancement Deficiency or other Amortization Event with
respect to the Series 2005-2 Notes would result therefrom or exist immediately
thereafter and in the case of clauses
(v) and (vi) only for so long as the Ford LOC
Exposure Amount is greater than zero, solely to the extent that after giving
effect to such payment or release
or immediately after such payment or release,
the Fleet Equity Condition would be satisfied. 
Notwithstanding the foregoing, on the first day of each Series 2005-2
Controlled Amortization Period and on the first Business Day of each Related
Month during each Series 2005-2 Controlled Amortization Period following the
Related Month in which such Series 2005-2 Controlled Amortization Period began,
or, if earlier, the first day of the Series 2005-2 Rapid Amortization Period,
all funds on deposit in the Series 2005-2 Excess Collection Account will be
withdrawn from the Series 2005-2 Excess Collection Account and deposited into
the Series 2005-2 Collection Account and applied in accordance with Section
2.2(b)(ii) or 2.2(c)(ii), as the case may be, of this Series
Supplement.

Section 2.3.                                   Application
of Interest Collections.

On the fourth Business
Day prior to each Payment Date, as provided below, the Administrator shall
instruct the Trustee in writing pursuant to the Administration Agreement to
withdraw, and on such Payment Date the Trustee, acting in accordance with such
instructions, shall withdraw the amounts required to be withdrawn from the
Series 2005-2 Accrued Interest Account pursuant to Section 2.3(b) below
in respect of all funds available from any Series 2005-2 Interest Rate Hedges
and Interest Collections processed since the preceding Payment Date and
allocated to the holders of the Series 2005-2 Notes.

(a)                                  Appointment
of Calculation Agent.  BNY MTC is
hereby appointed Calculation Agent for the purpose of determining the Class A-1
Note Rate, the Class A-3 Note Rate, the Class A-5 Note Rate, the Class B-1 Note
Rate, the Class B-3 Note Rate and the Class B-5 Note Rate for each Series
2005-2 Interest Period.  On each LIBOR
Determination Date, the Calculation Agent shall determine the Class A-1 Note 

 80
 

Rate, the Class
A-3 Note Rate, the Class A-5 Note Rate, the Class B-1 Note Rate, the Class B-3
Note Rate and the Class B-5 Note Rate for the next succeeding Series 2005-2
Interest Period and deliver notice of the Class A-1 Note Rate, the Class A-3
Note Rate, the Class A-5 Note Rate, the Class B-1 Note Rate, the Class B-3 Note
Rate and the Class B-5 Note Rate to the Trustee and the Administrator.

(b)                                 Note
Interest with respect to the Series 2005-2 Notes.  On the fourth Business Day prior to each
Payment Date, the Administrator shall instruct the Trustee in writing pursuant
to the Administration Agreement as to the amount to be withdrawn from the
Series 2005-2 Accrued Interest Account to the extent funds are anticipated to
be available from Interest Collections allocable to the Series 2005-2 Notes
processed from but not including the preceding Payment Date through the
succeeding Payment Date and any amounts payable to HVF under any Series 2005-2
Interest Rate Hedge during that period in respect of (i) first, an
amount equal to the Class A Monthly Interest for the Series 2005-2 Interest
Period ending on the day preceding such succeeding Payment Date, (ii) second,
an amount equal to the Monthly Hedge Payment, if any, for the next succeeding
Payment Date, (iii) third, an amount equal to the unpaid Class A
Deficiency Amounts, if any, as of the preceding Payment Date (together with any
accrued interest on such Class A Deficiency Amounts), (iv) fourth, an
amount equal to the Insurer Fee for such Series 2005-2 Interest Period plus any
Insurer Reimbursement Amounts then due and owing, (v) fifth, an amount
equal to the Class B Monthly Interest for the Series 2005-2 Interest Period
ending on the day preceding such succeeding Payment Date, and (vi) sixth,
an amount equal to the unpaid Class B Deficiency Amounts, if any, as of the
preceding Payment Date (together with any accrued interest on such Class B
Deficiency Amounts).  On or before 10:00
a.m. (New York City time) on the following Payment Date, the Trustee shall
withdraw the amounts described in the first sentence of this Section 2.3(b)
from the Series 2005-2 Accrued Interest Account and deposit such amounts into
the Series 2005-2 Distribution Account.

(c)                                  Lease
Payment Deficit Notice.  On or before
10:00 a.m. (New York City time) on each Payment Date, the Administrator shall
notify the Trustee of the amount of any Series 2005-2 Lease Payment Deficit,
such notification to be in the form of Exhibit C to this Series
Supplement (each a “Lease Payment Deficit Notice”).

(d)                                 (i)                                     Withdrawals
from the Class A Reserve Account. 
If the Administrator determines on any Payment Date that the amounts
available from the Series 2005-2 Accrued Interest Account are insufficient to
pay the sum of the amounts described in clauses  (i), (ii),
(iii) and (iv) of Section 2.3(b) of this Series Supplement
on such Payment Date, the Administrator shall instruct the Trustee in writing
to withdraw from the Class A Reserve Account and deposit in the Series 2005-2
Distribution Account on such Payment Date an amount equal to the lesser of the
Class A Available Reserve Account Amount and such insufficiency.  The Trustee shall withdraw such amount from
the Class A Reserve Account and deposit such amount in the Series 2005-2
Distribution Account.  During the
continuance of an Insurer Default, no amounts in respect of the Insurer Fee
shall be withdrawn from the Class A Reserve Account.

 81
 

(ii)                                  Withdrawals
from the Class B Reserve Account.  If
the Administrator determines on any Payment Date that the amounts available
from the Series 2005-2 Accrued Interest Account are insufficient to pay the sum
of the amounts described in clauses  (i) through (vi) of Section
2.3(b) of this Series Supplement on such Payment Date, the Administrator
shall instruct the Trustee in writing to withdraw from the Class B Reserve
Account and deposit in the Series 2005-2 Distribution Account on such Payment
Date an amount equal to the lesser of the Class B Available Reserve Account
Amount and the lesser of (I) such insufficiency and (II) the amounts described
in clauses (v) and (vi) of Section 2.3(b) of this Series
Supplement.  The Trustee shall withdraw
such amount from the Class B Reserve Account and deposit such amount in the
Series 2005-2 Distribution Account, solely for payment to the Class B
Noteholders in respect of amounts due and owing to them pursuant to clauses
(v) and (vi) of Section 2.3(b) of this Series Supplement.

(e)                                  Draws
on Series 2005-2 Letters of Credit.  (I)
(X)  If the Administrator determines on any Payment Date that there
exists a Series 2005-2 Lease Interest Payment Deficit, the Administrator shall
instruct the Trustee in writing to draw on the Class A Non-Ford Letters of
Credit, if any, and, upon receipt of such notice by the Trustee on or prior to
10:30 a.m. (New York City time) on such Payment Date, the Trustee shall, by 12:00 p.m. (New York City time) on
such Payment Date draw an amount, as set forth in such notice, equal to the
least of (i) such Series 2005-2 Lease Interest Payment Deficit, (ii) the
excess, if any, of the sum of the amounts described in clauses  (i),
(ii), (iii) and (iv) of Section 2.3(b) of this
Series Supplement on such Payment Date over the amounts available from the
Series 2005-2 Accrued Interest Account plus the amount withdrawn from the Class
A Reserve Account pursuant to Section 2.3(d)(i) of this Series
Supplement on such Payment Date and (iii) the Class A Non-Ford Letter of Credit
Liquidity Amount on the Class A Non-Ford Letters of Credit by presenting to
each Class A Letter of Credit Provider a draft accompanied by a Class A
Certificate of Credit Demand and shall cause the Class A LOC Credit
Disbursements to be deposited in the Series 2005-2 Distribution Account on such
Payment Date; provided, however  that if the Class A Non-Ford Cash
Collateral Account has been established and funded, the Trustee shall withdraw
from the Class A Non-Ford Cash Collateral Account and deposit in the Series
2005-2 Distribution Account an amount equal to the lesser of (x) the Class A
Non-Ford Cash Collateral Percentage on such Payment Date of the least of the
amounts described in clauses (i), (ii) or (iii) above and
(y) the Class A Available Non-Ford Cash Collateral Account Amount on such
Payment Date and draw an amount equal to the remainder of such amount on the
Class A Non-Ford Letters of Credit. 
During the continuance of an Insurer Default, no amounts in respect of
the Insurer Fee shall be drawn on the Class A Non-Ford Letters of Credit or
withdrawn from the Class A Non-Ford Cash Collateral Account.

(Y)  If the Administrator determines on any
Payment Date that the sum of the amounts described in clauses (i), (ii),
(iii) and (iv) of Section 2.3(b)  of this Series Supplement on such
Payment Date exceeds the amounts available from the Series 2005-2 Accrued
Interest Account plus the amount withdrawn from the Class A Reserve Account
pursuant to Section 2.3(d)(i) of this Series Supplement on such Payment
Date plus the amounts to be drawn on the Class A Non-Ford Letters of Credit
(and/or withdrawn from 

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the Class A
Non-Ford Cash Collateral Account) pursuant to clause (X) above on such
Payment Date, the Administrator shall instruct the Trustee in writing to draw
on the Class A Ford Letters of Credit, if any, and, upon receipt of such notice
by the Trustee on or prior to 10:30 a.m. (New York City time) on such Payment
Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Payment
Date draw an amount, as set forth in such notice, equal to the lesser of (i)
the excess, if any, of the sum of the amounts described in clauses (i), (ii),
(iii) and (iv) of Section 2.3(b) of this Series Supplement
on such Payment Date over the amounts available from the Series 2005-2 Accrued
Interest Account plus the amount withdrawn from the Class A Reserve Account
pursuant to Section 2.3(d)(i) of this Series Supplement on such Payment
Date plus the amounts to be drawn on the Class A Non-Ford Letters of Credit
(and/or withdrawn from the Class A Non-Ford Cash Collateral Account) pursuant
to clause (X) above on such Payment Date and (ii) the Class A Ford
Letter of Credit Liquidity Amount on the Class A Ford Letters of Credit by
presenting to each Class A Ford Letter of Credit Provider a draft accompanied
by a Class A Certificate of Credit Demand and shall cause the Class A LOC
Credit Disbursements to be deposited in the Series 2005-2 Distribution Account
on such Payment Date; provided, however that if the Class A Ford
Cash Collateral Account has been established and funded, the Trustee shall
withdraw from the Class A Ford Cash Collateral Account and deposit in the
Series 2005-2 Distribution Account an amount equal to the lesser of (x) the
Class A Ford Cash Collateral Percentage on such Payment Date of the lesser of the amounts described in clauses
(i) and (ii) above and (y) the Class A Available Ford Cash
Collateral Account Amount on such Payment Date and draw an amount equal to the
remainder of such amount on the Class A Ford Letters of Credit.  During the continuance of an Insurer Default,
no amounts in respect of the Insurer Fee shall be drawn on the Class A Ford
Letters of Credit or withdrawn from the Class A Ford Cash Collateral Account.

(II)                                (X)  If
the Administrator determines on any Payment Date that there exists a Series
2005-2 Lease Interest Payment Deficit, the Administrator shall instruct the
Trustee in writing to draw on the Class B Non-Ford Letters of Credit, if any,
and, upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New
York City time) on such Payment Date, the Trustee shall, by 12:00 p.m. (New
York City time) on such Payment Date draw an amount, as set forth in such
notice, equal to the least of (i) the excess, if any, of such Series 2005-2
Lease Interest Payment Deficit over the sum of the amounts to be drawn on the
Class A Non-Ford Letters of Credit (and/or withdrawn from the Class A Non-Ford
Cash Collateral Accounts), (ii) the lesser of (A) the excess, if any, of the
sum of the amounts described in clauses (i) through (vi) of Section
2.3(b) of this Series Supplement on such Payment Date over the sum of the amounts available from
the Series 2005-2 Accrued Interest Account plus the sum of the amount withdrawn from the Class A Reserve Account
pursuant to Section 2.3(d)(i) of this Series Supplement and the amount
withdrawn from the Class B Reserve Account pursuant to Section 2.3(d)(ii)
of this Series Supplement on such Payment Date plus the amounts to be drawn on
the Class A Letters of Credit (and/or withdrawn from the Class A Cash Collateral Accounts) pursuant to
Section 2.3(e)(I) of this Series Supplement on such Payment Date and (B) the
sum of the amounts described in clauses (v) and (vi) of Section
2.3(b) of this Series Supplement and (iii) the Class B Non-Ford Letter of
Credit Liquidity Amount on 

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the Class B
Non-Ford Letters of Credit by presenting to each Class B Non-Ford Letter of
Credit Provider a draft accompanied by a Class B Certificate of Credit Demand
and shall cause the Class B LOC Credit Disbursements to be deposited in the
Series 2005-2 Distribution Account on such Payment Date, solely for payment to
the Class B Noteholders in respect of amounts due and owing to them pursuant to
clauses (v) and (vi) of Section 2.3(b) of this Series
Supplement; provided, however that if the Class B Non-Ford Cash
Collateral Account has been established and funded, the Trustee shall withdraw
from the Class B Non-Ford Cash Collateral Account and deposit in the Series
2005-2 Distribution Account an amount equal to the lesser of (x) the Class B
Non-Ford Cash Collateral Percentage on such Payment Date of the least of the
amounts described in clauses (i), (ii) or (iii) above and
(y) the Class B Available Cash Collateral Account Amount on such Payment Date
and draw an amount equal to the remainder of such amount on the Class B
Non-Ford Letters of Credit.

(Y)  If the Administrator determines on any
Payment Date that the sum of the amounts described in clauses (i)
through (vi) of Section 2.3(b) of this Series Supplement on such Payment
Date exceeds the sum of the amounts available from the Series 2005-2 Accrued
Interest Account plus the sum of the amount withdrawn from the Class A Reserve
Account pursuant to Section 2.3(d)(i) of this Series Supplement and the
amount withdrawn from the Class B Reserve Account pursuant to Section
2.3(d)(ii) of this Series Supplement and the amounts to be drawn on the
Class B Non-Ford Letters of Credit (and/or withdrawn from the Class B Non-Ford
Cash Collateral Account) pursuant to clause (X) above on such Payment
Date plus the
amounts to be drawn on the Class A Letters of Credit (and/or withdrawn from the Class A Cash
Collateral Accounts) pursuant to Section 2.3(e)(I) of this Series Supplement on
such Payment Date, the Administrator shall instruct the Trustee in writing to
draw on the Class B Ford Letters of Credit, if any, and, upon receipt of such
notice by the Trustee on or prior to 10:30 a.m. (New York City time) on such
Payment Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Payment
Date draw an amount, as set forth in such notice, equal to the lesser of (i)
the lesser of (A) the excess, if any, of the sum of the amounts described in clauses
(i) through (vi) of Section 2.3(b) of this Series Supplement
on such Payment Date over the sum of the
amounts available from the Series 2005-2 Accrued Interest Account plus the sum
of the amount withdrawn from the Class A Reserve Account pursuant to Section
2.3(d)(i) of this Series Supplement and the amount withdrawn from the Class
B Reserve Account pursuant to Section 2.3(d)(ii) of this Series
Supplement and the amounts to be drawn on the Class B Non-Ford Letters of
Credit (and/or withdrawn from the Class B Non-Ford Cash Collateral Account)
pursuant to clause (X) above on such Payment Date plus the amounts to be
drawn on the Class A Letters of Credit (and/or withdrawn from the Class A Cash
Collateral Accounts) pursuant to Section 2.3(e)(I) of this Series
Supplement on such Payment Date and (B) the sum of the amounts described in clauses
(v)  

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and (vi) of
Section 2.3(b) of this Series Supplement and (ii) the Class B Ford
Letter of Credit Liquidity Amount on the Class B Ford Letters of Credit by
presenting to each Class B Ford Letter of Credit Provider a draft accompanied
by a Class B Certificate of Credit Demand and shall cause the Class B LOC
Credit Disbursements to be deposited in the Series 2005-2 Distribution Account
on such Payment Date, solely for payment to the Class B Noteholders in respect
of amounts due and owing to them pursuant to clauses (v) and (vi)
of Section 2.3(b) of this Series Supplement; provided, however that if the Class B Ford Cash
Collateral Account has been established and funded, the Trustee shall withdraw
from the Class B Ford Cash Collateral Account and deposit in the Series 2005-2
Distribution Account an amount equal to the lesser of (x) the Class B Ford Cash
Collateral Percentage on such Payment Date of the lesser of the amounts described in clauses
(i) and (ii) above and (y) the Class B Available Ford Cash Collateral Account Amount
on such Payment Date and draw an amount equal to the remainder of such amount
on the Class B Ford Letters of Credit.

(f)                                    Insurance
Policy.  (I)  If the Administrator determines on the second
Business Day prior to any Payment Date that the Series 2005-2 Lease Interest
Payment Deficit from the preceding Payment Date, if any, remains unpaid and the
Class A Liquidity Amount on such date of determination is insufficient to pay
the Class A Adjusted Monthly Interest due on the upcoming Payment Date, the
Administrator shall certify such insufficiency to the Trustee and shall
instruct the Trustee in writing to certify such insufficiency to the Insurer
and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New
York City time) on the second Business Day preceding such Payment Date, the
Trustee shall, by 12:00 noon (New York City time) on the second Business Day
preceding such Payment Date, certify such insufficiency to the Insurer.

(II)                                If
the Administrator determines on any Payment Date that the sum of the amounts
available from the Series 2005-2 Accrued Interest Account plus the amount
available under the Series 2005-2 Interest Rate Hedge plus the amount, if any,
to be withdrawn from the Class A Reserve Account pursuant to Section 2.3(d)(i)
of this Series Supplement plus the amount, if any, to be drawn under the Class
A Letters of Credit and/or withdrawn from the Class A Cash Collateral Accounts
pursuant to Section 2.3(e)(I) of this Series Supplement plus the amount,
if any, deposited in the Series 2005-2 Distribution Account pursuant to Section
2.3(f)(I) of this Series Supplement is insufficient to pay the amounts set
forth under clause (a) and clause (b)(i) of the Class A Adjusted
Monthly Interest definition for such Payment Date, the Administrator shall
instruct the Trustee in writing to make a demand on the Insurance Policy and,
upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York
City time) on such Payment Date, the Trustee shall, by 12:00 noon (New York City
time) on such Payment Date, make a demand on the Insurance Policy in an amount
equal to such insufficiency in accordance with the terms thereof and shall
cause the proceeds thereof to be deposited in the Series 2005-2 Distribution
Account.

(g)                                 Deficiency
Amounts.  If the amounts described in
Sections 2.3(b), (c), (d), (e) and (f) of
this Series Supplement are insufficient to pay (i) the Class A Adjusted Monthly
Interest for any Payment Date, payments of interest to the Class A Noteholders
will be reduced on a pro  rata basis by the amount of such
deficiency or (ii) the Class B Monthly Interest for any Payment Date, payments
of interest to the Class B Noteholders will be reduced on a pro  rata
basis by the amount of such deficiency. 
The aggregate amount, if any, of such deficiency on any Payment Date
allocable to the Class A-1 Notes shall be referred to as the “Class A-1
Deficiency Amount”, the aggregate amount, if any, of such deficiency on any
Payment Date allocable to the Class A-2 Notes shall be referred to as the “Class
A-2 Deficiency Amount”, the aggregate amount, if any, 

 85
 

of such deficiency
on any Payment Date allocable to the Class A-3 Notes shall be referred to as
the “Class A-3 Deficiency Amount”, the aggregate amount, if any, of such
deficiency on any Payment Date allocable to the Class A-4 Notes shall be
referred to as the “Class A-4 Deficiency Amount”, the aggregate amount,
if any, of such deficiency on any Payment Date allocable to the Class A-5 Notes
shall be referred to as the “Class A-5 Deficiency Amount”, the aggregate
amount, if any, of such deficiency on any Payment Date allocable to the Class
A-6 Notes shall be referred to as the “Class A-6 Deficiency Amount”, the
aggregate amount, if any, of such deficiency on any Payment Date allocable to
the Class B-1 Notes shall be referred to as the “Class B-1 Deficiency Amount”,
the aggregate amount, if any, of such deficiency on any Payment Date allocable
to the Class B-2 Notes shall be referred to as the “Class B-2 Deficiency
Amount”, the aggregate amount, if any, of such deficiency on any Payment
Date allocable to the Class B-3 Notes shall be referred to as the “Class B-3
Deficiency Amount”, the aggregate amount, if any, of such deficiency on any
Payment Date allocable to the Class B-4 Notes shall be referred to as the “Class
B-4 Deficiency Amount”, the aggregate amount, if any, of such deficiency on
any Payment Date allocable to the Class B-5 Notes shall be referred to as the “Class
B-5 Deficiency Amount” and the aggregate amount, if any, of such deficiency
on any Payment Date allocable to the Class B-6 Notes shall be referred to as
the “Class B-6 Deficiency Amount”. 
Interest shall accrue on the Deficiency Amount for each Class of Series
2005-2 Notes at the applicable Series 2005-2 Note Rate.

(h)                                 Balance.  On the fourth Business Day prior to each
Payment Date, the Administrator shall instruct the Trustee in writing pursuant
to the Administration Agreement to pay, on such Payment Date, the balance
(after making the payments required in Section 2.4 of this Series
Supplement), if any, of the amounts available from the Series 2005-2 Accrued
Interest Account plus the amount, if any, withdrawn from the Class A Reserve
Account pursuant to Section 2.3(d)(i) of this Series Supplement plus the
amount, if any, withdrawn from the Class B Reserve Account pursuant to Section
2.3(d)(ii) of this Series Supplement plus the amount, if any, drawn under
the Class A Letters of Credit and/or withdrawn from the Class A Cash Collateral
Accounts pursuant to Section 2.3(e)(I) of this Series Supplement plus
the amount, if any, drawn under the Class B Letters of Credit and/or withdrawn
from the Class B Cash Collateral Accounts pursuant to Section 2.3 (e)(II)
of this Series Supplement as follows:

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

(ii)                                  second, to the
Insurer, in an amount equal to the sum of (x) the Insurer Fee for the Series
2005-2 Interest Period ending on the day preceding such Payment Date and (y)
any other Insurer Reimbursement Amounts then due and payable to the Insurer
(excluding therefrom any amounts included in Class A Monthly Interest for such
Series 2005-2 Interest Period), provided
that during the continuance of an Insurer Default, no amounts in respect of the
Insurer Fee shall be paid with the proceeds of a draw on a Series 2005-2
Letters of Credit or a withdrawal from a Series 2005-2 Cash Collateral Account;

 86

(iii)                               third, to the
Administrator, in an amount equal to the Series 2005-2 Percentage as of the
beginning of the Series 2005-2 Interest Period ending on the day preceding such
Payment Date of the Monthly Administration Fee for such Series 2005-2 Interest
Period;

(iv)                              fourth, to the
Trustee, in an amount equal to the Series 2005-2 Percentage as of the beginning
of the Series 2005-2 Interest Period ending on the day preceding such Payment
Date of the Trustee’s fees for such Series 2005-2 Interest Period;

(v)                                 fifth, on a pro
rata basis, (x) to each Interest Rate Hedge Provider, in an amount equal
to any remaining amounts due and owing to such Interest Rate Hedge Provider and
(y) to pay any Indenture Carrying Charges (other than Indenture Carrying
Charges provided for above and in the preceding clause (x)) to the
Persons to whom such amounts are owed, in an amount equal to the Series 2005-2
Percentage as of the beginning of the Series 2005-2 Interest Period ending on
the day preceding such Payment Date of such Indenture Carrying Charges (other
than Indenture Carrying Charges provided for above) for such Series 2005-2
Interest Period; and

(vi)                              sixth, the
balance, if any, shall be withdrawn from the Series 2005-2 Accrued Interest
Account by the Trustee and (A) during the Series 2005-2 Revolving Period,
deposited into the Series 2005-2 Excess Collection Account or (B) during the
Series 2005-2 Controlled Amortization Period or the Series 2005-2 Rapid
Amortization Period, deposited into the Series 2005-2 Collection Account and
treated as Principal Collections.

(i)                                     Trustee
Fees.  If, on any Payment Date after
the occurrence and during the continuance of a Liquidation Event of Default or
a Series 2005-2 Limited Liquidation Event of Default, (x) the funds available
to pay the Trustee fees pursuant to Section 2.3(h)(iv) of this Series
Supplement on such Payment Date are less than the amount payable to the Trustee
thereunder on such Payment Date or (y) the funds available to pay the portion
of the Indenture Carrying Charges payable to the Trustee pursuant to Section
2.3(h)(v) of this Series Supplement on such Payment Date are less than the
amount payable to the Trustee thereunder on such Payment Date, the
Administrator shall instruct the Trustee in writing to withdraw from (I) the
Class A Reserve Account and pay to itself on such Payment Date an amount equal
to the least of (A) the Class A Available Reserve Account Amount on such
Payment Date (after giving effect to any deposits thereto and withdrawals and
releases therefrom on such date), (B) the Class A Percentage of an amount
equal to the excess, if any, of (i) the Class A Percentage of 0.70% of the Series 2005-2 Required
Asset Amount as of the date of the occurrence of such Liquidation Event of
Default or Series 2005-2 Limited Liquidation Event of Default over (ii) the
aggregate of the amounts previously withdrawn from the Class A Reserve Account
under this Section 2.3(i)(I) in respect of fees and other amounts due
and owing to the Trustee and (C) the Class A Percentage of such insufficiency
and (II) the Class B Reserve Account and pay to itself on such Payment Date an
amount equal to the least of (A) the Class B Available Reserve Account Amount
on such Payment Date 

 87
 

(after giving
effect to all other withdrawals therefrom pursuant to this Series Supplement on
such Payment Date), (B) the Class B Percentage of an amount equal to the
excess, if any, of (i) the Class B Percentage of 0.70% of the Series 2005-2 Required
Asset Amount as of the date of the occurrence of such Liquidation Event of
Default or Series 2005-2 Limited Liquidation Event of Default over (ii) the
aggregate of the amounts previously withdrawn from the Class B Reserve Account
under this Section 2.3(i)(II) in respect of fees and other amounts due
and owing to the Trustee and (C) the Class B Percentage of such
insufficiency.  The Trustee shall
withdraw such amounts from the Class A Reserve Account and the Class B Reserve
Account and pay or reimburse itself.

(j)                                     Listing
Information Requirement.  Until the
Administrator shall give the Trustee written notice that the Class A-1 Notes
are not listed on the Luxembourg Stock Exchange, the Trustee shall, or shall
instruct the Paying Agent to, cause the Class A-1 Note Rate for the next
succeeding Series 2005-2 Interest Period, the number of days in such Series
2005-2 Interest Period, the Payment Date for such Series 2005-2 Interest Period
and the amount of interest payable on the Class A-1 Notes on such Payment Date
to be (A) communicated to DTC, the Paying Agent in Luxembourg and the
Luxembourg Stock Exchange no later than 11:00 a.m. (London time) on the
Business Day immediately following each LIBOR Determination Date and (B) notify
the Luxembourg Stock Exchange if, based solely on the information contained in
the Monthly Noteholders’ Statement, the amount of interest to be paid on the
Class A-1 Notes on any Payment Date is less than the amount payable thereon on
such Payment Date, the amount of such deficit and the amount of interest that
will accrue on such deficit during the next succeeding Series 2005-2 Interest
Period by the Business Day prior to such Payment Date.  So long as the Class A-1 Notes are listed on
the Luxembourg Stock Exchange and the rules of that stock exchange so require,
notices to Class A-1 Noteholders will be published in a leading newspaper
having general circulation in Luxembourg (which is expected to be the Luxemburger Wort), it being understood that the term “notices”
as it is used in this clause shall not include communications of the Class A-1
Note Rate.  Upon HVF’s request, and at
HVF’s expense, the Trustee shall cause the Paying Agent in Luxembourg to
publish such notice.  Until the
Administrator shall give the Trustee written notice that the Class A-3 Notes
are not listed on the Luxembourg Stock Exchange, the Trustee shall, or shall
instruct the Paying Agent to, cause the Class A-3 Note Rate for the next
succeeding Series 2005-2 Interest Period, the number of days in such Series
2005-2 Interest Period, the Payment Date for such Series 2005-2 Interest Period
and the amount of interest payable on the Class A-3 Notes on such Payment Date
to be (A) communicated to DTC, the Paying Agent in Luxembourg and the
Luxembourg Stock Exchange no later than 11:00 a.m. (London time) on the
Business Day immediately following each LIBOR Determination Date and (B) notify
the Luxembourg Stock Exchange if, based solely on the information contained in
the Monthly Noteholders’ Statement, the amount of interest to be paid on the
Class A-3 Notes on any Payment Date is less than the amount payable thereon on
such Payment Date, the amount of such deficit and the amount of interest that
will accrue on such deficit during the next succeeding Series 2005-2 Interest
Period by the Business Day prior to such Payment Date.  So long as the Class A-3 Notes are listed on
the Luxembourg Stock Exchange and the rules of that stock exchange so require,
notices to Class A-3 Noteholders will be published in a 

 88
 

leading newspaper
having general circulation in Luxembourg (which is expected to be the Luxemburger Wort), it being understood that the term “notices”
as it is used in this clause shall not include communications of the Class A-3
Note Rate.  Upon HVF’s request, and at
HVF’s expense, the Trustee shall cause the Paying Agent in Luxembourg to publish
such notice.  Until the Administrator
shall give the Trustee written notice that the Class A-5 Notes are not listed
on the Luxembourg Stock Exchange, the Trustee shall, or shall instruct the
Paying Agent to, cause the Class A-5 Note Rate for the next succeeding Series
2005-2 Interest Period, the number of days in such Series 2005-2 Interest
Period, the Payment Date for such Series 2005-2 Interest Period and the amount
of interest payable on the Class A-5 Notes on such Payment Date to be (A) communicated
to DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no
later than 11:00 a.m. (London time) on the Business Day immediately following
each LIBOR Determination Date and (B) notify the Luxembourg Stock Exchange if,
based solely on the information contained in the Monthly Noteholders’
Statement, the amount of interest to be paid on the Class A-5 Notes on any
Payment Date is less than the amount payable thereon on such Payment Date, the
amount of such deficit and the amount of interest that will accrue on such
deficit during the next succeeding Series 2005-2 Interest Period by the
Business Day prior to such Payment Date. 
So long as the Class A-5 Notes are listed on the Luxembourg Stock
Exchange and the rules of that stock exchange so require, notices to Class A-5
Noteholders will be published in a leading newspaper having general circulation
in Luxembourg (which is expected to be the Luxemburger Wort),
it being understood that the term “notices” as it is used in this clause shall
not include communications of the Class A-5 Note Rate.  Upon HVF’s request, and at HVF’s expense, the
Trustee shall cause the Paying Agent in Luxembourg to publish such notice.

Until the Administrator
shall give the Trustee written notice that the Class B-1 Notes are not listed
on the Luxembourg Stock Exchange, the Trustee shall, or shall instruct the
Paying Agent to, cause the Class B-1 Note Rate for the next succeeding Series
2005-2 Interest Period, the number of days in such Series 2005-2 Interest
Period, the Payment Date for such Series 2005-2 Interest Period and the amount
of interest payable on the Class B-1 Notes on such Payment Date to be (A)
communicated to DTC, the Paying Agent in Luxembourg and the Luxembourg Stock
Exchange no later than 11:00 a.m. (London time) on the Business Day immediately
following each LIBOR Determination Date and (B) notify the Luxembourg Stock
Exchange if, based solely on the information contained in the Monthly
Noteholders’ Statement, the amount of interest to be paid on the Class B-1
Notes on any Payment Date is less than the amount payable thereon on such
Payment Date, the amount of such deficit and the amount of interest that will
accrue on such deficit during the next succeeding Series 2005-2 Interest Period
by the Business Day prior to such Payment Date. 
So long as the Class B-1 Notes are listed on the Luxembourg Stock
Exchange and the rules of that stock exchange so require, notices to Class B-1
Noteholders will be published in a leading newspaper having general circulation
in Luxembourg (which is expected to be the Luxemburger Wort),
it being understood that the term “notices” as it is used in this clause shall
not include communications of the Class B-1 Note Rate.  Upon HVF’s request, and at HVF’s expense, the
Trustee shall cause the Paying Agent in Luxembourg to publish such notice.  

 89
 

Until the
Administrator shall give the Trustee written notice that the Class B-3 Notes
are not listed on the Luxembourg Stock Exchange, the Trustee shall, or shall
instruct the Paying Agent to, cause the Class B-3 Note Rate for the next
succeeding Series 2005-2 Interest Period, the number of days in such Series
2005-2 Interest Period, the Payment Date for such Series 2005-2 Interest Period
and the amount of interest payable on the Class B-3 Notes on such Payment Date
to be (A) communicated to DTC, the Paying Agent in Luxembourg and the
Luxembourg Stock Exchange no later than 11:00 a.m. (London time) on the
Business Day immediately following each LIBOR Determination Date and (B) notify
the Luxembourg Stock Exchange if, based solely on the information contained in
the Monthly Noteholders’ Statement, the amount of interest to be paid on the
Class B-3 Notes on any Payment Date is less than the amount payable thereon on
such Payment Date, the amount of such deficit and the amount of interest that
will accrue on such deficit during the next succeeding Series 2005-2 Interest
Period by the Business Day prior to such Payment Date.  So long as the Class B-3 Notes are listed on
the Luxembourg Stock Exchange and the rules of that stock exchange so require,
notices to Class B-3 Noteholders will be published in a leading newspaper
having general circulation in Luxembourg (which is expected to be the Luxemburger Wort), it being understood that the term “notices”
as it is used in this clause shall not include communications of the Class B-3
Note Rate.  Upon HVF’s request, and at
HVF’s expense, the Trustee shall cause the Paying Agent in Luxembourg to
publish such notice.  Until the
Administrator shall give the Trustee written notice that the Class B-5 Notes
are not listed on the Luxembourg Stock Exchange, the Trustee shall, or shall
instruct the Paying Agent to, cause the Class B-5 Note Rate for the next
succeeding Series 2005-2 Interest Period, the number of days in such Series
2005-2 Interest Period, the Payment Date for such Series 2005-2 Interest Period
and the amount of interest payable on the Class B-5 Notes on such Payment Date
to be (A) communicated to DTC, the Paying Agent in Luxembourg and the
Luxembourg Stock Exchange no later than 11:00 a.m. (London time) on the
Business Day immediately following each LIBOR Determination Date and (B) notify
the Luxembourg Stock Exchange if, based solely on the information contained in
the Monthly Noteholders’ Statement, the amount of interest to be paid on the
Class B-5 Notes on any Payment Date is less than the amount payable thereon on
such Payment Date, the amount of such deficit and the amount of interest that
will accrue on such deficit during the next succeeding Series 2005-2 Interest
Period by the Business Day prior to such Payment Date.  So long as the Class B-5 Notes are listed on
the Luxembourg Stock Exchange and the rules of that stock exchange so require,
notices to Class B-5 Noteholders will be published in a leading newspaper
having general circulation in Luxembourg (which is expected to be the Luxemburger Wort), it being understood that the term “notices”
as it is used in this clause shall not include communications of the Class B-5
Note Rate.  Upon HVF’s request, and at
HVF’s expense, the Trustee shall cause the Paying Agent in Luxembourg to
publish such notice.

Section 2.4.                                   Payment
of Note Interest.  On each Payment
Date, the Trustee shall, in accordance with Section 6.1 of the Base
Indenture, pay to the Series 2005-2 Noteholders from the Series 2005-2
Distribution Account the amount deposited in the Series 2005-2 Distribution
Account for the payment of interest pursuant to Section 2.3 of this
Series Supplement.

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Section 2.5.                                   Payment
of Note Principal.

(a)                                  Monthly
Payments During Series 2005-2 Controlled Amortization Period or Series 2005-2
Rapid Amortization Period. 
Commencing on the second Determination Date during the Three-Year Notes
Controlled Amortization Period or the first Determination Date after the commencement
of the Series 2005-2 Rapid Amortization Period and on each Determination Date
thereafter, the Administrator shall instruct the Trustee in writing pursuant to
the Administration Agreement as to (v) the amount allocated to the Series
2005-2 Notes of each Class during the Related Month pursuant to Section
2.2(b)(ii) or (c)(ii) of this Series Supplement, as the case may be,
(w) any amounts to be withdrawn from the Class A Reserve Account and the
Class B Reserve Account and deposited into the Series 2005-2 Distribution
Account, (x) any amounts to be drawn on the Series 2005-2 Letters of Credit
(and/or withdrawn from the Series 2005-2 Cash Collateral Accounts), (y) the
amount of proceeds received in respect of a demand made under the Series 2005-2
Demand Note and (z) the amount of any demand on the Insurance Policy in
accordance with the terms thereof.  On
the Payment Date following each such Determination Date, the Trustee shall
withdraw the amount allocated to the Series 2005-2 Notes of each Class during
the Related Month pursuant to Section 2.2(b)(ii) or (c)(ii) of
this Series Supplement, as the case may be, from the Series 2005-2 Collection
Account and deposit such amount together with the proceeds of any demand made
on the Series 2005-2 Demand Note received during the period from and excluding
the immediately preceding Payment Date to and including such Payment Date into
the Series 2005-2 Distribution Account, which amount shall be paid (i) first,
to the Class A Noteholders holding Class A Notes to which amounts have been so
allocated, (ii) second, once all amounts due to such Class A
Noteholders on such Payment Date have been paid in full, to the Class B
Noteholders holding Class B Notes to which amounts have been so allocated,
(iii) third, once the Series 2005-2 Notes have been paid in full, to
Ford all unpaid Ford Reimbursement Obligations and (iv) fourth, once all
amounts due and owing to Ford under the immediately preceding clause have been
paid in full, only for so long
as the Ford LOC Exposure Amount is greater than zero, solely to the extent that
after giving effect to such payment the Fleet Equity Condition would be satisfied, to each Interest Rate Hedge
Provider to which amounts have been allocated; provided, however,
that with respect to the Three-Year Notes Legal Final Payment Date and the
Four-Year Notes Legal Final Payment Date, the Trustee shall withdraw from the
Series 2005-2 Collection Account an amount which is no greater than the amounts
due and owing pursuant to clauses (i) and (ii) of this Section
2.5(a) on such Payment Date; provided, further, however,
that with respect to the Five-Year Notes Legal Final Payment Date, the Trustee
shall withdraw from the Series 2005-2 Collection Account an amount which is no
greater than the amounts due and owing pursuant to clauses (i) through (iv)
of this Section 2.5(a) on such Payment Date.

(b)                                 Principal
Deficit Amount.  If the Principal
Deficit Amount is greater than zero on any date, the Administrator shall
promptly provide written notice thereof to the Insurer and the Trustee.  On each Payment Date on which the Principal
Deficit Amount is greater than zero, amounts shall be transferred to the Series
2005-2 Distribution Account as follows:

 91
 

(i)                                     (A)  Class B Reserve Account Withdrawal.  On each Payment Date on which the Principal
Deficit Amount is greater than zero, the Administrator shall instruct the
Trustee in writing prior to 12:00 noon (New York City time) on such Payment
Date, in the case of a Principal Deficit Amount resulting from a Series 2005-2
Lease Payment Deficit, or prior to 12:00 noon (New York City time) on the
second Business Day prior to such Payment Date, in the case of any other
Principal Deficit Amount, to withdraw from the Class B Reserve Account, an
amount equal to the sum of (I) the lesser of such Principal Deficit Amount and
the Class B Liquidity Surplus on such Payment Date (after giving effect to any
withdrawals from the Class B Reserve Account on such Payment Date pursuant to Section
2.3(d)(ii) of this Series Supplement and any draws under the Class B
Letters of Credit pursuant to Section 2.3(e)(II) of this Series Supplement) and
(II) the lesser of (x) the excess, if any, of such Principal Deficit Amount on
such Payment Date (after giving effect to any withdrawals from the Class B
Reserve Account on such Payment Date pursuant to clause (I) above) over
the Class A Liquidity Surplus on such Payment Date (after giving effect to any
withdrawals from the Class A Reserve Account on such Payment Date pursuant to Section
2.3(d)(i) of this Series Supplement
and the amounts to be drawn under the Class A Letters of Credit pursuant to Section
2.3(e)(I) of this Series Supplement) and (y) the Class B Available
Reserve Account Amount on such Payment Date (after giving effect to any
withdrawals from the Class B Reserve Account on such Payment Date pursuant to Section
2.3(d)(ii) of this Series Supplement and pursuant to clause (I)
above), and deposit such withdrawal in the Series 2005-2 Distribution Account
on such Payment Date.

(B)                                Class
A Reserve Account Withdrawal.  On
each Payment Date on which the Principal Deficit Amount is greater than zero,
the Administrator shall instruct the Trustee in writing prior to 12:00 noon
(New York City time) on such Payment Date, in the case of a Principal Deficit
Amount resulting from a Series 2005-2 Lease Payment Deficit, or prior to 12:00
noon (New York City time) on the second Business Day prior to such Payment
Date, in the case of any other Principal Deficit Amount, to withdraw from the
Class A Reserve Account, an amount equal to the sum of (I) the lesser of such
Principal Deficit Amount (after giving effect to any withdrawals from the Class
B Reserve Account on such Payment Date pursuant to Section 2.5(b)(i)(A)
of this Series Supplement) and the Class A Liquidity Surplus on such Payment
Date (after giving effect to any withdrawals from the Class A Reserve Account
on such Payment Date pursuant to Section 2.3(d)(i) of this Series
Supplement and the amounts to be drawn
under the Class A Letters of Credit pursuant to Section 2.3(e)(I)
of this Series Supplement) and (II) the lesser of (x) such Principal Deficit
Amount (after giving effect to any withdrawals from the Class B Reserve Account
on such Payment Date pursuant to Section 2.5(b)(i)(A) of this Series
Supplement and any withdrawals from
the Class A Reserve Account pursuant to clause (I) above) on such
Payment Date and (y) the Class A Available Reserve Account Amount on such
Payment Date (after giving effect to any withdrawals from the Class A Reserve
Account on such Payment Date pursuant to Section 2.3(d)(i) of 

 92
 

this Series
Supplement and pursuant to clause (I) above), and deposit such
withdrawal in the Series 2005-2 Distribution Account on such Payment Date.

(ii)                                  Principal Draws on
Series 2005-2 Letters of Credit.  If
the Administrator determines on any Payment Date that the Principal Deficit Amount on such Payment Date, after
giving effect to the distribution of amounts to be deposited in the Series
2005-2 Distribution Account in accordance with clause (i) of this Section
2.5(b) on such Payment Date, will be greater than zero (A) in the
case of a Payment Date that is not a Legal Final Payment Date, the
Administrator shall instruct the Trustee in writing to draw on:

(I)                                    (X) the
Class B Non-Ford Letters of Credit, if any, to the extent that on such Payment
Date there exists a Series 2005-2 Lease Principal Payment Deficit in an amount
equal to the sum of (x) the least of (1) the Class B Liquidity Surplus (after
giving effect to any withdrawals from the Class B Reserve Account on such
Payment Date pursuant to Section 2.3(d)(ii) and Section 2.5(b)(i)(A)
of this Series Supplement and any drawings on the Class B Letters of Credit on
such Payment Date pursuant to Section 2.3(e)(II) of this Series
Supplement), (2) the Series 2005-2 Lease Principal Payment Deficit, (3) the
amount by which the Principal Deficit Amount on such Payment Date exceeds the
sum of the amount to be deposited in the Series 2005-2 Distribution Account in
accordance with clause (i) of this Section 2.5(b) and the amount, if any, paid by
Hertz under the Series 2005-2 Demand Note in respect of such Principal Deficit
Amount on such Payment Date, and (4) the Class B Non-Ford Letter of Credit
Liquidity Amount (after giving effect to the amounts to be drawn on the Class B Non-Ford Letters of Credit
on such Payment Date pursuant to Section 2.3(e)(II) of this Series
Supplement) and (y) the least of (1) the excess, if any, of the Series 2005-2
Lease Principal Payment Deficit (after giving effect to the amounts to be drawn on the Class B Non-Ford Letters of Credit
on such Payment Date pursuant to clause (x) above) over the Class A
Liquidity Surplus on such Payment Date (after giving effect to any withdrawal
from the Class A Reserve Account on such Payment Date pursuant to Section
2.3(d)(i) of this Series Supplement and Section 2.5(b)(i)(B) of this
Series Supplement and the amounts to be drawn on the Class A Letters of Credit
pursuant to Section 23(e)(I) of this Series Supplement), (2) the excess,
if any, of the amount by which the Principal Deficit Amount on such Payment
Date exceeds the sum of the
amount to be deposited in the Series 2005-2 Distribution Account in accordance
with clause (i) of this Section 2.5(b), the amounts to be drawn on the Class B Non-Ford Letters of Credit
on such Payment Date pursuant to clause (x) above and the amount, if any, paid by Hertz under the Series 2005-2
Demand Note in respect of such Principal Deficit Amount on such Payment Date
over the Class A Liquidity Surplus on
such Payment Date (after giving effect to any withdrawal from the Class A
Reserve Account on such Payment Date pursuant to Section 2.3(d)(i) of
this Series Supplement and Section 2.5(b)(i)(B) of this Series
Supplement and the amounts to be drawn on the Class A Letters of Credit
pursuant to Section 2.3(e)(I) of this Series Supplement), and (3) the
Class B Non-Ford Letter of Credit Liquidity Amount (after giving effect to

 93
 

 

any drawings on the Class
B Non-Ford Letters of Credit on such Payment Date pursuant to Section 2.3(e)(II)(X)
of this Series Supplement and clause (x) above);

(Y) the Class B Ford Letters of Credit, if any, in an
amount equal to the lesser
of (A) the excess, if any, of the
amount by which the Principal Deficit Amount on such Payment Date exceeds the sum of the amount to be deposited in
the Series 2005-2 Distribution Account in accordance with clause (i) of
this Section 2.5(b), and the
amounts to be drawn on the Class B Non-Ford Letters of Credit pursuant to clause
(X) above and pursuant to Section 2.12(d)(X) of this Series
Supplement, each on such Payment Date over
the Class A Liquidity Surplus on such Payment Date (after giving effect to any
withdrawal from the Class A Reserve Account on such Payment Date pursuant to Section
2.3(d)(i) of this Series Supplement and Section 2.5(b)(i)(B) of this
Series Supplement and the amounts to be drawn on the Class A Letters of Credit
pursuant to Section 2.3(e)(I) of this Series Supplement), and (B) the Class B Ford Letter of Credit
Liquidity Amount (after giving effect to any drawings on the Class B Ford
Letters of Credit on such Payment Date pursuant to Section 2.3(e)(II)(Y)
of this Series Supplement);

(II)                                (X) the
Class A Non-Ford Letters of Credit, if any, to the extent that on such Payment
Date there exists a Series 2005-2 Lease Principal Payment Deficit in an amount
equal to the least of (1) the excess, if any, of the Series 2005-2 Lease
Principal Payment Deficit over the amounts drawn on the Class B Non-Ford Letters of Credit pursuant
to clause (I)(X)
above on such Payment Date, (2) the amount by which the Principal Deficit
Amount on such Payment Date exceeds the sum
of the amount to be deposited in the Series 2005-2 Distribution Account
in accordance with Section 2.5(b)(i) of this Series Supplement, the
amounts to be drawn on the Class B Letters of Credit pursuant to clause (I)
above and pursuant to Section
2.12(d)(X) of this Series Supplement on such Payment Date and the amount, if any, paid by
Hertz under the Series 2005-2 Demand Note in respect of such Principal Deficit
Amount on such Payment Date, and (3) the Class A Non-Ford Letter of Credit
Liquidity Amount (after giving effect to any drawings on the Class A Non-Ford
Letters of Credit on such Payment Date pursuant to Section 2.3(e)(I)(X)
of this Series Supplement);

(Y) the Class A Ford Letters of Credit, if any, in an
amount equal to the lesser of (1) the amount by which the Principal Deficit
Amount on such Payment Date exceeds the sum of the amount to be deposited in the Series 2005-2
Distribution Account in accordance with Section 2.5(b)(i) of this Series
Supplement, the amounts to be drawn on the Class B Letters of Credit pursuant
to clause (I) above and pursuant to Section 2.12(d)(X) of this
Series Supplement and on the
Class A Non-Ford Letters of Credit pursuant to clause (II)(X) above and
pursuant to Section 2.12(d)(Y) of this Series Supplement, each on such
Payment Date, and (2) the Class A Ford Letter of Credit Liquidity Amount (after
giving effect to any drawings on the Class A Ford Letters of Credit on such
Payment Date pursuant to Section 2.3(e)(I)(Y) of this Series
Supplement);

 94
 

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

(I)                                    (X) the
Class B Non-Ford Letters of Credit, if any, to the extent that on the
Three-Year Notes Legal Final Payment Date there exists a Series 2005-2 Lease
Principal Payment Deficit, in an amount equal to the least of:

(1)                                  the
Series 2005-2 Lease Principal Payment Deficit;

(2)                                  the
amount, if any, by which the Class B Liquidity Amount (after giving effect to
any withdrawals from the Class B Reserve Account pursuant to Section
2.3(d)(ii) and Section 2.5(b)(i)(A) of this Series Supplement and
any drawings under the Class B Letters of Credit pursuant to Section
2.3(e)(II) of this Series Supplement on the Three-Year Notes Legal Final
Payment Date) will exceed the Class B Required Liquidity Amount (after giving
effect to all anticipated reductions in the Class B Principal Amount on the
Three-Year Notes Legal Final Payment Date); and

(3)                                  the
Class B Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class B Non-Ford Letters of Credit on the Three-Year Notes
Legal Final Payment Date pursuant to Section 2.3(e)(II)(X) of this
Series Supplement); and

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

(1)                                  the
Class B Ford Letter of Credit Liquidity Amount (after giving effect to any
draws to be made on the Class B Ford Letters of Credit on the Three-Year Notes
Legal Final Payment Date pursuant to Section 2.3(e)(II)(Y) of this
Series Supplement), and (2) the sum of (Aa) the amount by which the Principal
Deficit Amount on the Three-Year Notes
Legal Final Payment Date exceeds the
sum of the amount to be deposited in the Series 2005-2 Distribution
Account in accordance with Section 2.5(b)(i) of this Series Supplement,
the amounts to be drawn on the Class B Non-Ford Letters of Credit pursuant to clause
(X) above, each on such Three-Year Notes Legal Final Payment Date and the
amounts to be drawn on the Class B Non-Ford Letters of Credit pursuant to Section 2.12(d)(X)
of this Series Supplement on the Business Day immediately preceding such
Three-Year Notes Legal Final Payment Date, and (Ab) the lesser of (x) the amount by which the Class B Liquidity
Amount (after giving effect to any withdrawals to be made from the Class B
Reserve Account pursuant to Section 2.3(d)(ii) and Section
2.5(b)(i)(A) of this Series Supplement and any drawings to be made under
the Class B Letters of Credit pursuant to Section 2.3(e)(II) of this Series
Supplement on the Three-Year Notes Legal Final Payment Date) will exceed the
Class B Required Liquidity Amount (after giving effect to all anticipated
reductions in the Class B Principal Amount on the Three-Year Notes Legal Final
Payment Date) and (y) an amount equal to the excess, if any, of (a) the Class B
Required Liquidity Amount on the earlier of (i) the date of the first
occurrence of a Series 2005-2 Lease Interest Payment Deficit (other than any
Series 2005-2 Lease Interest Payment Deficit resulting from a failure to pay
Rent 

 95
 

or any other
amount payable by the Lessee under the HVF Lease that is cured in full on or
prior to the fifth Business Day after the occurrence of such failure) and (ii)
the Three-Year Notes Legal Final Payment Date over (b) the aggregate amount, as
of the Three-Year Notes Legal Final Payment Date, of all withdrawals from the
Class B Reserve Account made since the date set forth in clause (2)(Ab)(y)(a) of this Section 2.5(b)(ii)(B)(I)(Y) or to
be made in respect of the Three-Year Notes Legal Final Payment Date pursuant to
Section 2.3(d)(ii) of this Series Supplement and all drawings made since
such date or to be made in respect of the Three-Year Notes Legal Final Payment
Date under the Class B Letters of Credit pursuant to Section 2.3(e)(II)
of this Series Supplement; provided, however, that any such
withdrawals from the Class B Reserve Account and/or drawings made under the
Class B Letters of Credit on account of a Series 2005-2 Lease Interest Payment
Deficit resulting from a failure to pay Rent or other amount payable by the
Lessee under the HVF Lease that is cured in full on or prior to the fifth
Business Day after the occurrence of such failure shall be excluded from this clause
(b);

(II)                                (X) the
Class A Non-Ford Letters of Credit, if any, to the extent that on the
Three-Year Notes Legal Final Payment Date there exists a Series 2005-2 Lease
Principal Payment Deficit, in an amount equal to the least of:

(1)                                  the
excess, if any, of the Series 2005-2 Lease Principal Payment Deficit over the
amounts to be drawn on the Class B Non-Ford
Letters of Credit pursuant to clause (I)(X) above on such Payment Date;

(2)                                  the
amount, if any, by which the Class A Liquidity Amount (after giving effect to
any withdrawals from the Class A Reserve Account pursuant to Section
2.3(d)(i) and Section 2.5(b)(i)(B) of this Series Supplement and any
drawings under the Class A Letters of Credit pursuant to Section 2.3(e)(I)
of this Series Supplement on the Three-Year Notes Legal Final Payment Date)
will exceed the Class A Required Liquidity Amount (after giving effect to all
anticipated reductions in the Class A Principal Amount on the Three-Year Notes
Legal Final Payment Date); and

(3)                                  the
Class A Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class A Non-Ford Letters of Credit on the Three-Year Notes
Legal Final Payment Date pursuant to Section 2.3(e)(I)(X) of this Series
Supplement); and

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

(1)                                  the
Class A Ford Letter of Credit Liquidity Amount (after giving effect to any
draws to be made on the Class A Ford Letters of Credit on the Three-Year Notes
Legal Final Payment Date pursuant to Section 2.3(e)(I)(Y) of this Series
Supplement), and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Three-Year Notes Legal
Final Payment Date exceeds the sum
of the amount to be deposited in the Series 2005-2 Distribution 

 96
 

Account in
accordance with Section 2.5(b)(i) of this Series Supplement, the amounts
to be drawn on the Class B Letters of Credit pursuant to clause (I)
above and the Class A Non-Ford Letters of Credit pursuant to clause (X)
above, each on such Three-Year Notes Legal Final Payment Date, the amounts to be drawn on the
Class B Non-Ford Letters of Credit pursuant to Section 2.12(d)(X) of
this Series Supplement and the
amounts to be drawn on the Class A Non-Ford Letters of Credit pursuant to Section
2.12(d)(Y) of this Series Supplement, each on the Business Day immediately
preceding such Three-Year Notes Legal Final Payment Date, and (Ab) the lesser of (x) the amount by
which the Class A Liquidity Amount (after giving effect to any withdrawals to
be made from the Class A Reserve Account pursuant to Section 2.3(d)(i)
and Section 2.5(b)(i)(B)
of this Series Supplement and any drawings to be made under the Class A Letters
of Credit pursuant to Section 2.3(e)(I) of this Series Supplement on the
Three-Year Notes Legal Final Payment Date) will exceed the Class A Required Liquidity
Amount (after giving effect to all anticipated reductions in the Class A
Principal Amount on the Three-Year Notes Legal Final Payment Date) and (y) an
amount equal to the excess, if any, of (a) the Class A Required Liquidity
Amount on the earlier of (i) the date of the first occurrence of a Series
2005-2 Lease Interest Payment Deficit (other than any Series 2005-2 Lease
Interest Payment Deficit resulting from a failure to pay Rent or any other
amount payable by the Lessee under the HVF Lease that is cured in full on or
prior to the fifth Business Day after the occurrence of such failure) and (ii)
the Three-Year Notes Legal Final Payment Date over (b) the aggregate amount, as
of the Three-Year Notes Legal Final Payment Date, of all withdrawals from the
Class A Reserve Account made since the date set forth in clause (2)(Ab)(y)(a) of this Section 2.5(b)(ii)(B)(II)(Y) or
to be made in respect of the Three-Year Notes Legal Final Payment Date pursuant
to Section 2.3(d)(i) of this Series Supplement and all drawings made
since such date or to be made in respect of the Three-Year Notes Legal Final
Payment Date under the Class A Letters of Credit pursuant to Section
2.3(e)(I) of this Series Supplement; provided, however, that
any such withdrawals from the Class A Reserve Account and/or drawings made
under the Class A Letters of Credit on account of a Series 2005-2 Lease
Interest Payment Deficit resulting from a failure to pay Rent or other amount
payable by the Lessee under the HVF Lease that is cured in full on or prior to
the fifth Business Day after the occurrence of such failure shall be excluded
from this clause (b);

(C) in the case of
the Four-Year Notes Legal Final Payment Date:

(I)                                    (X) the
Class B Non-Ford Letters of Credit, if any, to the extent that on the Four-Year
Notes Legal Final Payment Date there exists a Series 2005-2 Lease Principal
Payment Deficit, in an amount equal to the least of:

(1)                                  the
Series 2005-2 Lease Principal Payment Deficit;

(2)                                  the
amount, if any, by which the Class B Liquidity Amount (after giving effect to
any withdrawals from the Class B Reserve Account pursuant to Section
2.3(d)(ii) and Section 2.5(b)(i)(A) of this Series Supplement 

 97
 

and any drawings under
the Class B Letters of Credit pursuant to Section 2.3(e)(II) of this Series
Supplement on the Four-Year Notes Legal Final Payment Date) will exceed the
Class B Required Liquidity Amount (after giving effect to all anticipated
reductions in the Class B Principal Amount on the Four-Year Notes Legal Final
Payment Date); and

(3)                                  the
Class B Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class B Non-Ford Letters of Credit on the Four-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(II)(X) of this Series
Supplement); and

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

(1)                                  the
Class B Ford Letter of Credit Liquidity Amount (after giving effect to any
draws to be made on the Class B Ford Letters of Credit on the Four-Year Notes
Legal Final Payment Date pursuant to Section 2.3(e)(II)(Y) of this
Series Supplement); and (2) the sum of (Aa) the amount by which the Principal
Deficit Amount on the Four-Year Notes Legal Final Payment Date exceeds the sum
of the amount to be deposited in the Series 2005-2 Distribution Account in
accordance with Section 2.5(b)(i) of this Series Supplement, the amounts
to be drawn on the Class B Non-Ford Letters of Credit pursuant to clause (X)
above, each on such Four-Year Notes Legal Final Payment Date, and the amounts
to be drawn on the Class B Non-Ford Letters of Credit pursuant to Section
2.12(d)(X) of this Series Supplement on the Business Day immediately
preceding such Four-Year Notes Legal Final Payment Date, and (Ab) the lesser of
(x) the amount by which the Class B Liquidity Amount (after giving effect to
any withdrawals to be made from the Class B Reserve Account pursuant to Section
2.3(d)(ii) and Section 2.5(b)(i)(A) of this Series Supplement and
any drawings to be made under the Class B Letters of Credit pursuant to Section
2.3(e)(II) of this Series Supplement on the Four-Year Notes Legal Final
Payment Date) will exceed the Class B Required Liquidity Amount (after giving
effect to all anticipated reductions in the Class B Principal Amount on the
Four-Year Notes Legal Final Payment Date) and (y) an amount equal to the
excess, if any, of (a) the Class B Required Liquidity Amount on the earlier of
(i) the date of the first occurrence of a Series 2005-2 Lease Interest Payment
Deficit (other than any Series 2005-2 Lease Interest Payment Deficit resulting
from a failure to pay Rent or any other amount payable by the Lessee under the
HVF Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure) and (ii) the Four-Year Notes Legal Final Payment
Date over (b) the aggregate amount, as of the Four-Year Notes Legal Final
Payment Date, of all withdrawals from the Class B Reserve Account made since
the date set forth in clause (2)(Ab)(y)(a) of this Section
2.5(b)(ii)(C)(I)(Y) or to be made in respect of the Four-Year Notes Legal
Final Payment Date pursuant to Section 2.3(d)(ii) of this Series
Supplement and all drawings made since such date or to be made in respect of
the Four-Year Notes Legal Final Payment Date under the Class B Letters of
Credit pursuant to Section 2.3(e)(II) of this Series Supplement; provided,
however, that any such withdrawals from the Class B Reserve Account
and/or drawings made under the 

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Class B Letters of
Credit on account of a Series 2005-2 Lease Interest Payment Deficit resulting
from a failure to pay Rent or other amount payable by the Lessee under the HVF
Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure shall be excluded from this clause (b);

(II)                                (X) the
Class A Non-Ford Letters of Credit, if any, to the extent that on the Four-Year
Notes Legal Final Payment Date there exists a Series 2005-2 Lease Principal
Payment Deficit, in an amount equal to the least of:

(1)                                  the
excess, if any, of the Series 2005-2 Lease Principal Payment Deficit over the
amounts to be drawn on the Class B Non-Ford Letters of Credit pursuant to clause
(I)(X) above on such Payment Date;

(2)                                  the
amount, if any, by which the Class A Liquidity Amount (after giving effect to
any withdrawals from the Class A Reserve Account pursuant to Section
2.3(d)(i) and Section 2.5(b)(i)(B) of this Series Supplement and any
drawings under the Class A Letters of Credit pursuant to Section 2.3(e)(I)
of this Series Supplement on the Four-Year Notes Legal Final Payment Date) will
exceed the Class A Required Liquidity Amount (after giving effect to all
anticipated reductions in the Class A Principal Amount on the Four-Year Notes
Legal Final Payment Date); and

(3)                                  the
Class A Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class A Non-Ford Letters of Credit on the Four-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(I)(X) of this Series
Supplement); and

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

(1)                                  the
Class A Ford Letter of Credit Liquidity Amount (after giving effect to any
draws to be made on the Class A Ford Letters of Credit on the Three-Year Notes
Legal Final Payment Date pursuant to Section 2.3(e)(I)(Y) of this Series
Supplement); and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Four-Year Notes Legal Final Payment Date exceeds the sum of the
amount to be deposited in the Series 2005-2 Distribution Account in accordance
with Section 2.5(b)(i) of this Series Supplement, the amounts to be
drawn on the Class B Letters of Credit pursuant to clause (I) above and
the Class A Non-Ford Letters of Credit pursuant to clause (X) above,
each on such Four-Year Notes Legal Final Payment Date, the amounts to be drawn
on the Class B Non-Ford Letters of Credit pursuant to Section 2.12(d)(X)
of this Series Supplement and the amounts to be drawn on the Class A Non-Ford
Letters of Credit pursuant to Section 2.12(d)(Y) of this Series
Supplement, each on the Business Day immediately preceding such Four-Year Notes
Legal Final Payment Date, and (Ab) the lesser of (x) the amount by which the
Class A Liquidity Amount (after giving effect to any withdrawals to be made
from the Class A Reserve Account pursuant to Section 2.3(d)(i) and Section
2.5(b)(i)(B) of this Series Supplement and any drawings to be made under
the Class A Letters of 

 99
 

Credit pursuant to
Section 2.3(e)(I) of this Series Supplement on the Four-Year Notes Legal
Final Payment Date) will exceed the Class A Required Liquidity Amount (after
giving effect to all anticipated reductions in the Class A Principal Amount on
the Four-Year Notes Legal Final Payment Date) and (y) an amount equal to the
excess, if any, of (a) the Class A Required Liquidity Amount on the earlier of
(i) the date of the first occurrence of a Series 2005-2 Lease Interest Payment
Deficit (other than any Series 2005-2 Lease Interest Payment Deficit resulting
from a failure to pay Rent or any other amount payable by the Lessee under the HVF
Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure) and (ii) the Four-Year Notes Legal Final Payment
Date over (b) the aggregate amount, as of the Four-Year Notes Legal Final
Payment Date, of all withdrawals from the Class A Reserve Account made since
the date set forth in clause (2)(Ab)(y)(a) of this Section
2.5(b)(ii)(C)(II)(Y) or to be made in respect of the Four-Year Notes Legal
Final Payment Date pursuant to Section 2.3(d)(i) of this Series Supplement
and all drawings made since such date or to be made in respect of the Four-Year
Notes Legal Final Payment Date under the Class A Letters of Credit pursuant to Section
2.3(e)(I) of this Series Supplement; provided, however, that
any such withdrawals from the Class A Reserve Account and/or drawings made
under the Class A Letters of Credit on account of a Series 2005-2 Lease
Interest Payment Deficit resulting from a failure to pay Rent or other amount
payable by the Lessee under the HVF Lease that is cured in full on or prior to
the fifth Business Day after the occurrence of such failure shall be excluded
from this clause (b);

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

(I)                                    (X) the
Class B Non-Ford Letters of Credit, if any, to the extent that on the Five-Year
Notes Legal Final Payment Date there exists a Series 2005-2 Lease Principal
Payment Deficit, in an amount equal to the lesser of:

(1)                                  the
Series 2005-2 Lease Principal Payment Deficit; and

(2)                                  the
Class B Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class B Non-Ford Letters of Credit on the Five-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(II)(X) of this Series
Supplement); and

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

(1)                                  the
Class B Ford Letter of Credit Liquidity Amount (after giving effect to any
draws to be made on the Class B Ford Letters of Credit on the Five-Year Notes
Legal Final Payment Date pursuant to Section 2.3(e)(II)(Y) of this
Series Supplement); and (2) the sum of (Aa) the amount by which the Principal
Deficit Amount on the Five-Year Notes Legal Final Payment Date exceeds the sum
of the amount to be deposited in the Series 2005-2 Distribution Account in
accordance with Section 2.5(b)(i) of this Series Supplement, the amounts
to be drawn on the Class B Non-Ford Letters of Credit pursuant to clause 

 100
 

(X)
above, each on such Five-Year Notes Legal Final Payment Date, the amounts to be
drawn on the Class B Non-Ford Letters of Credit pursuant to Section
2.12(d)(X) of this Series Supplement on the Business Day immediately
preceding such Five-Year Notes Legal Final Payment Date, and (Ab) an amount
equal to the excess, if any, of (x) the Class B Required Liquidity Amount on the
earlier of (a) the date of the first occurrence of a Series 2005-2 Lease
Interest Payment Deficit (other than any Series 2005-2 Lease Interest Payment
Deficit resulting from a failure to pay Rent or other amount payable by the
Lessee under the HVF Lease that is cured in full on or prior to the fifth
Business Day after the occurrence of such failure) and (b) the Five-Year Notes
Legal Final Payment Date over (y) the aggregate amount, as of the Five-Year
Notes Legal Final Payment Date, of all withdrawals from the Class B Reserve
Account made since the date set forth in clause (2)(Ab)(x) of this Section
2.5(b)(ii)(D)(I)(Y) or to be made in respect of the Five-Year Notes Legal
Final Payment Date pursuant to Section 2.3(d)(ii) of this Series
Supplement and all drawings made since such date or to be made in respect of
the Five-Year Notes Legal Final Payment Date under the Class B Letters of
Credit pursuant to Section 2.3(e)(II) of this Series Supplement; provided,
however, that any such withdrawals from the Class B Reserve Account
and/or drawings made under the Class B Letters of Credit on account of a Series
2005-2 Lease Interest Payment Deficit resulting from a failure to pay Rent or
other amount payable by the Lessee under the HVF Lease that is cured in full on
or prior to the fifth Business Day after the occurrence of such failure shall
be excluded from this clause (y);

(II)                                (X) the
Class A Non-Ford Letters of Credit, if any, to the extent that on the Five-Year
Notes Legal Final Payment Date there exists a Series 2005-2 Lease Principal
Payment Deficit, in an amount equal to the lesser of:

(1)                                  the
excess, if any, of the Series 2005-2 Lease Principal Payment Deficit over the
amounts to be drawn on the Class B Non-Ford Letters of Credit pursuant to
clause (I) above; and

(2)                                  the
Class A Non-Ford Letter of Credit Liquidity Amount (after giving effect to any
drawings on the Class A Non-Ford Letters of Credit on the Five-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e)(I)(X) of this Series
Supplement).

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

(1)                                  the
Class A Ford Letter of Credit Liquidity Amount (after giving effect to any
draws to be made on the Class A Ford Letters of Credit on the Three-Year Notes
Legal Final Payment Date pursuant to Section 2.3(e)(I)(Y) of this Series
Supplement); and (2) the sum of (Aa) the amount by which the Principal Deficit
Amount on the Five-Year Notes Legal Final Payment Date exceeds the sum of the
amount to be deposited in the Series 2005-2 Distribution Account in accordance
with Section 2.5(b)(i) of this Series Supplement, the amounts to be
drawn on the Class B Letters of Credit pursuant to clause (I) above 

 101
 

and the Class A
Non-Ford Letters of Credit pursuant to clause (X) above, each on such
Five-Year Notes Legal Final Payment Date, the amounts to be drawn on the Class
B Non-Ford Letters of Credit pursuant to Section 2.12(d)(X) of this
Series Supplement and the amounts to be drawn on the Class A Non-Ford Letters
of Credit pursuant to Section 2.12(d)(Y) of this Series Supplement, each
on the Business Day immediately preceding such Five-Year Notes Legal Final
Payment Date, and (Ab) an amount equal to the excess, if any, of (x) the Class
A Required Liquidity Amount on the earlier of (I) the date of the first
occurrence of a Series 2005-2 Lease Interest Payment Deficit (other than any
Series 2005-2 Lease Interest Payment Deficit resulting from a failure to pay
Rent or other amount payable by the Lessee under the HVF Lease that is cured in
full on or prior to the fifth Business Day after the occurrence of such
failure) and (II) the Five-Year Notes Legal Final Payment Date over (y) the
aggregate amount, as of the Five-Year Notes Legal Final Payment Date, of all
withdrawals from the Class A Reserve Account made since the date set forth in clause
(2)(Ab)(x) of this Section 2.5(b)(ii)(D)(II)(Y) or to be made in
respect of the Five-Year Notes Legal Final Payment Date pursuant to Section
2.3(d)(i) of this Series Supplement and all drawings made since such date
or to be made in respect of the Five-Year Notes Legal Final Payment Date under
the Class A Letters of Credit pursuant to Section 2.3(e)(I) of this
Series Supplement; provided, however, that any such withdrawals
from the Class A Reserve Account and/or drawings made under the Class A Letters
of Credit on account of a Series 2005-2 Lease Interest Payment Deficit
resulting from a failure to pay Rent or other amount payable by the Lessee
under the HVF Lease that is cured in full on or prior to the fifth Business Day
after the occurrence of such failure shall be excluded from this clause (y).

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

(I) (X) the Class A Non-Ford Letters of
Credit by presenting to each Class A Non-Ford Letter of Credit Provider a draft
accompanied by a Class A Certificate of Credit Demand and shall cause the Class
A LOC Credit Disbursements to be deposited in the Series 2005-2 Distribution
Account on such Payment Date; provided, however, that if the
Class A Non-Ford Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Class A Non-Ford Cash Collateral Account and
deposit in the Series 2005-2 Distribution Account an amount equal to the lesser
of (x) the Class A Non-Ford Cash Collateral Percentage on such Payment Date of
the amount set forth in the notice provided to the Trustee by the Administrator
and (y) the Class A Available Non-Ford Cash Collateral Account Amount on such
Payment Date and draw an amount equal to the remainder of such amount on the
Class A Non-Ford Letters of Credit;

(Y) the Class A Ford Letters of Credit by
presenting to each Class A Ford Letter of Credit Provider a draft accompanied
by a Class A Certificate of Credit Demand 

 102
 

and shall cause the Class A LOC Credit Disbursements
to be deposited in the Series 2005-2 Distribution Account on such Payment Date;
provided, however, that if the Class A Ford Cash Collateral Account has been
established and funded, the Trustee shall withdraw from the Class A Ford Cash
Collateral Account and deposit in the Series 2005-2 Distribution Account an
amount equal to the lesser of (x) the Class A Ford Cash Collateral Percentage
on such Payment Date of the amount set forth in the notice provided to the
Trustee by the Administrator and (y) the Class A Available Ford Cash Collateral
Account Amount on such Payment Date and draw an amount equal to the remainder
of such amount on the Class A Ford Letters of Credit; and

(II) (X) the Class B Non-Ford Letters of Credit
by presenting to each Class B Non-Ford Letter of Credit Provider a draft
accompanied by a Class B Certificate of Credit Demand and shall cause the Class
B LOC Credit Disbursements to be deposited in the Series 2005-2 Distribution
Account on such Payment Date; provided, however, that if the
Class B Non-Ford Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Class B Non-Ford Cash Collateral Account and
deposit in the Series 2005-2 Distribution Account an amount equal to the lesser
of (x) the Class B Non-Ford Cash Collateral Percentage on such Payment Date of
the amount set forth in the notice provided to the Trustee by the Administrator
and (y) the Class B Available Cash Collateral Account Amount on such Payment
Date and draw an amount equal to the remainder of such amount on the Class B
Non-Ford Letters of Credit; and

(Y) the Class B Ford Letters of Credit by
presenting to each Class B Ford Letter of Credit Provider a draft accompanied
by a Class B Certificate of Credit Demand and shall cause the Class B LOC
Credit Disbursements to be deposited in the Series 2005-2 Distribution Account
on such Payment Date; provided, however, that if the Class B Ford
Cash Collateral Account has been established and funded, the Trustee shall
withdraw from the Class B Ford Cash Collateral Account and deposit in the
Series 2005-2 Distribution Account an amount equal to the lesser of (x) the
Class B Ford Cash Collateral Percentage on such Payment Date of the amount set
forth in the notice provided to the Trustee by the Administrator and (y) the
Class B Available Cash Collateral Account Amount on such Payment Date and draw
an amount equal to the remainder of such amount on the Class B Ford Letters of
Credit.

(iii)                               Demand on Insurance
Policy.  If the sum of the Class A
Letter of Credit Amount, the Class A Available Reserve Account Amount, the
Class B Letter of Credit Amount and the Class B Available Reserve Account
Amount on any Payment Date on which the Class A Principal Deficit Amount will
be greater than zero will be less than such Class A Principal Deficit Amount,
the Trustee shall make a demand on the Insurance Policy by 12:00 noon (New York
City time) on the second Business Day preceding such Payment Date in an amount
equal to the Insured Principal Deficit Amount and shall cause the proceeds
thereof to be deposited in the Series 2005-2 Distribution Account.

 103

(c)                                  Legal
Final Payment Dates.  The Class A-1
Principal Amount, the Class A-2 Principal Amount, the Class B-1 Principal
Amount and the Class B-2 Principal Amount shall be due and payable on the
Three-Year Notes Legal Final Payment Date. 
If the amount to be deposited in the Series 2005-2 Distribution Account
in accordance with Section 2.5(a) of this Series Supplement with respect
to the Three-Year Notes Legal Final Payment Date together with any amounts to
be deposited therein in accordance with Section 2.5(b) of this Series
Supplement on the Three-Year Notes Legal Final Payment Date, in each case to
pay principal of the Class A Notes and the Class B Notes, is less than the sum
of the Class A-1 Outstanding Principal Amount, the Class A-2 Outstanding
Principal Amount, the Class B-1 Principal Amount and the Class B-2 Principal
Amount on the Three-Year Notes Legal Final Payment Date, prior to 10:00 a.m.
(New York City time) on the second Business Day prior to the Three-Year Notes
Legal Final Payment Date, the Administrator shall instruct the Trustee to
withdraw from (I) the Class B Reserve Account, an amount equal to the least of
(i) the Class B Available Reserve Account Amount (after giving effect to any
withdrawals from the Class B Reserve Account pursuant to Section 2.3(d)(ii)
and Section 2.5(b)(i)(A) of this Series Supplement), (ii) the amount by
which the Class B Liquidity Amount (after giving effect to any withdrawals from
the Class B Reserve Account pursuant to Section 2.3(d)(ii) and Section
2.5(b)(i)(A) of this Series Supplement and any drawings under the Class B
Letters of Credit pursuant to Section 2.3(e)(II) and Section
2.5(b)(ii)(B)(I) of this Series Supplement on the Three-Year Notes Legal
Final Payment Date) will exceed the Class B Required Liquidity Amount (after
giving effect to all anticipated reductions in the Class B Principal Amount on
the Three-Year Notes Legal Final Payment Date) and (iii) such insufficiency and
(II) the Class A Reserve Account, an amount equal to the least of (i) the Class
A Available Reserve Account Amount (after giving effect to any withdrawals from
the Class A Reserve Account pursuant to Section 2.3(d)(i) and Section
2.5(b)(i)(B) of this Series Supplement), (ii) the amount by which the Class
A Liquidity Amount (after giving effect to any withdrawals from the Class A
Reserve Account pursuant to Section 2.3(d)(i) and Section
2.5(b)(i)(B) of this Series Supplement and any drawings under the Class A
Letters of Credit pursuant to Section 2.3(e)(I) and Section
2.5(b)(ii)(B)(II) of this Series Supplement on the Three-Year Notes Legal
Final Payment Date) will exceed the Class A Required Liquidity Amount (after
giving effect to all anticipated reductions in the Class A Principal Amount on
the Three-Year Notes Legal Final Payment Date) and (iii) the excess of such
insufficiency over the sum of (X) the Class B-1 Principal Amount, (Y) the Class
B-2 Principal Amount and (Z) the amounts withdrawn from the Class B Reserve
Account pursuant to clause (I) of this sentence, and deposit such withdrawn
amounts in the Series 2005-2 Distribution Account on the Three-Year Notes Legal
Final Payment Date.  The Trustee shall
withdraw such amounts from the Class A Reserve Account and the Class B Reserve
Account and deposit such amounts in the Series 2005-2 Distribution Account on
or prior to the Three-Year Notes Legal Final Payment Date.  The Class A-3 Principal Amount, the Class A-4
Principal Amount, the Class B-3 Principal Amount and the Class B-4 Principal
Amount shall be due and payable on the Four-Year Notes Legal Final Payment
Date.  If the amount to be deposited in
the Series 2005-2 Distribution Account in accordance with Section 2.5(a)
of this Series Supplement with respect to the Four-Year Notes Legal Final
Payment Date together with any amounts to be deposited therein in accordance
with Section 2.5(b) of this Series Supplement on the Four-Year 

 104
 

Notes Legal Final Payment Date, in each case
to pay principal of the Class A Notes and the Class B Notes, is less than the
sum of the Class A-3 Outstanding Principal Amount, the Class A-4 Outstanding
Principal Amount, the Class B-3 Principal Amount and the Class B-4 Principal
Amount on the Four-Year Notes Legal Final Payment Date, prior to 10:00 a.m.
(New York City time) on the second Business Day prior to the Four-Year Notes
Legal Final Payment Date, the Administrator shall instruct the Trustee to
withdraw from (I) the Class B Reserve Account, an amount equal to the least of
(i) the Class B Available Reserve Account Amount (after giving effect to any
withdrawals from the Class B Reserve Account pursuant to Section 2.3(d)(ii)
and Section 2.5(b)(i)(A) of this Series Supplement), (ii) the amount by
which the Class B Liquidity Amount (after giving effect to any withdrawals from
the Class B Reserve Account pursuant to Section 2.3(d)(ii) and Section
2.5(b)(i)(A) of this Series Supplement and any drawings under the Class B
Letters of Credit pursuant to Section 2.3(e)(II) and Section
2.5(b)(ii)(C)(I) of this Series Supplement on the Four-Year Notes Legal
Final Payment Date) will exceed the Class B Required Liquidity Amount (after
giving effect to all anticipated reductions in the Class B Principal Amount on
the Four-Year Notes Legal Final Payment Date) and (iii) such insufficiency and
(II) the Class A Reserve Account, an amount equal to the least of (i) the Class
A Available Reserve Account Amount (after giving effect to any withdrawals from
the Class A Reserve Account pursuant to Section 2.3(d)(i) and Section
2.5(b)(i)(B) of this Series Supplement), (ii) the amount by which the Class
A Liquidity Amount (after giving effect to any withdrawals from the Class A
Reserve Account pursuant to Section 2.3(d)(i) and Section
2.5(b)(i)(B) of this Series Supplement and any drawings under the Class A
Letters of Credit pursuant to Section 2.3(e)(I) and Section
2.5(b)(ii)(C)(II) of this Series Supplement on the Four-Year Notes Legal
Final Payment Date) will exceed the Class A Required Liquidity Amount (after
giving effect to all anticipated reductions in the Class A Principal Amount on the
Four-Year Notes Legal Final Payment Date) and (iii) the excess of such
insufficiency over the sum of (X) the Class B-3 Principal Amount, (Y) the Class
B-4 Principal Amount and (Z) the amounts withdrawn from the Class B Reserve
Account pursuant to clause (I) of this sentence, and deposit such
withdrawn amounts in the Series 2005-2 Distribution Account on the Four-Year
Notes Legal Final Payment Date.  The
Trustee shall withdraw such amounts from the Class A Reserve Account and the
Class B Reserve Account and deposit such amounts in the Series 2005-2
Distribution Account on or prior to the Four-Year Notes Legal Final Payment
Date.  The Class A-5 Principal Amount,
the Class A-6 Principal Amount, the Class B-5 Principal Amount and the Class
B-6 Principal Amount shall be due and payable on the Five-Year Notes Legal
Final Payment Date.  If the amount to be
deposited in the Series 2005-2 Distribution Account in accordance with Section
2.5(a) of this Series Supplement with respect to the Five-Year Notes Legal
Final Payment Date together with any amounts to be deposited therein in
accordance with Section 2.5(b) of this Series Supplement on the
Five-Year Notes Legal Final Payment Date, in each case to pay principal of the
Class A Notes and the Class B Notes, is less than the sum of the Class A-5
Outstanding Principal Amount, the Class A-6 Outstanding Principal Amount, the
Class B-5 Principal Amount and the Class B-6 Principal Amount on the Five-Year
Notes Legal Final Payment Date, prior to 10:00 a.m. (New York City time) on the
second Business Day prior to the Five-Year Notes Legal Final Payment Date, the
Administrator shall instruct the Trustee to withdraw from (I) the Class B
Reserve Account, an amount equal 

 105
 

to the lesser of (i) the Class B Available
Reserve Account Amount, (after giving effect to any withdrawals from the Class
B Reserve Account pursuant to Section 2.3(d)(ii) and Section
2.5(b)(i)(A) of this Series Supplement), and (ii) such insufficiency and
(II) the Class A Reserve Account, an amount equal to the lesser of (i) the
Class A Available Reserve Account Amount, (after giving effect to any
withdrawals from the Class A Reserve Account pursuant to Section 2.3(d)(i)
and Section 2.5(b)(i)(B) of this Series Supplement), and (ii) the excess
of such insufficiency over the amounts withdrawn from the Class B Reserve
Account pursuant to clause (I) above, and deposit such withdrawn amounts
in the Series 2005-2 Distribution Account on the Five-Year Notes Legal Final
Payment Date.  The Trustee shall withdraw
such amounts from the Class A Reserve Account and the Class B Reserve Account
and deposit such amounts in the Series 2005-2 Distribution Account on or prior
to the Five-Year Notes Legal Final Payment Date.  If, after giving effect to any such deposits
into the Series 2005-2 Distribution Account, the amount to be deposited in the
Series 2005-2 Distribution Account for payment of the Class A-1 Notes and the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, or the Class A-5
Notes and the Class A-6 Notes, as the case may be, with respect to the
Three-Year Notes Legal Final Payment Date, the Four-Year Notes Legal Final
Payment Date or the Five-Year Notes Legal Final Payment Date, as the case may
be, is or will be less than the sum of the Class A-1 Outstanding Principal
Amount and the Class A-2 Outstanding Principal Amount, the Class A-3
Outstanding Principal Amount and the Class A-4 Outstanding Principal Amount or
the Class A-5 Outstanding Principal Amount and the Class A-6 Outstanding
Principal Amount, as the case may be, the Administrator shall instruct the
Trustee in writing to make a demand on the Insurance Policy on the second
Business Day preceding such Legal Final Payment Date and, upon receipt of such
notice, the Trustee shall make a demand on the Insurance Policy on the second
Business Day preceding such Legal Final Payment Date in an amount equal to such
insufficiency in accordance with the terms thereof and shall cause the proceeds
thereof to be deposited in the Series 2005-2 Distribution Account.

(d)                                 Distribution.  On each Payment Date occurring on or after
the date a withdrawal is made pursuant to Section 2.5(a) of this Series
Supplement, the Trustee shall, in accordance with Section 6.1 of the
Base Indenture, pay (i) first, to the Class A Noteholders the amount
deposited in the Series 2005-2 Distribution Account for the payment of
principal of the Class A Notes held by such Class A Noteholders pursuant to Section
2.5(a) of this Series Supplement and any amounts deposited in the Series
2005-2 Distribution Account for the payment of principal of such Class A Notes
pursuant to Section 2.5(b) of this Series Supplement and, to the extent
necessary to pay the Class A-1 Outstanding Principal Amount and the Class A-2
Outstanding Principal Amount on the Three-Year Notes Legal Final Payment Date,
the Class A-3 Outstanding Principal Amount and the Class A-4 Outstanding
Principal Amount on the Four-Year Notes Legal Final Payment Date, or the Class
A-5 Outstanding Principal Amount and the Class A-6 Outstanding Principal Amount
on the Five-Year Notes Legal Final Payment Date, amounts deposited in the
Series 2005-2 Distribution Account pursuant to Section 2.5(c) of this
Series Supplement, (ii) second, once all amounts due to such Class A
Noteholders on such Payment Date have been paid in full, to the Class B
Noteholders the amount deposited in the Series 2005-2 Distribution Account for
the payment of principal of the 

 106
 

Class B Notes held by such Class B
Noteholders pursuant to Section 2.5(a) of this Series Supplement and any
amounts deposited in the Series 2005-2 Distribution Account for the payment of
principal of such Class B Notes pursuant to Section 2.5(b) of this
Series Supplement and, to the extent necessary to pay the Class B-1 Principal
Amount and the Class B-2 Principal Amount on the Three-Year Notes Legal Final
Payment Date, the Class B-3 Principal Amount and the Class B-4 Principal Amount
on the Four-Year Notes Legal Final Payment Date, or the Class B-5 Principal
Amount and the Class B-6 Principal Amount on the Five-Year Notes Legal Final
Payment Date, amounts deposited in the Series 2005-2 Distribution Account
pursuant to Section 2.5(c) of this Series Supplement, (iii) third,
once the Series 2005-2 Notes have been paid in full, to Ford the amounts
deposited in the Series 2005-2 Distribution Account for the payment of all
unpaid Ford Reimbursement Obligations pursuant to Section 2.5(a) of this
Series Supplement and (iv) fourth, once all amounts due and owing to
Ford pursuant to the immediately preceding clause have been paid in full, only
for so long as the Ford LOC Exposure Amount is greater than zero, solely to the
extent that after giving effect to such payment the Fleet Equity Condition
would be satisfied, to each Interest Rate Hedge Provider the amounts deposited
in the Series 2005-2 Distribution Account for the payment of all amounts due
and owing to it under its Series 2005-2 Interest Rate Hedge.

Section 2.6.                                   The
Administrator’s Failure to Instruct the Trustee to Make a Deposit or Payment.  If the Administrator fails to give notice or
instructions to make any payment from or deposit into the Collection Account or
any Series 2005-2 Series Account required to be given by the Administrator, at
the time specified in the Administration Agreement or any other Related
Document (including applicable grace periods), the Trustee shall make such
payment or deposit into or from the Collection Account or such Series 2005-2
Series Account without such notice or instruction from the Administrator,
provided that the Administrator or, in the case of any payment from a Series
2005-2 Series Account, the Insurer, upon request of the Trustee or the Insurer,
promptly provides the Trustee with all information necessary to allow the
Trustee to make such a payment or deposit. 
When any payment or deposit hereunder or under any other Related
Document is required to be made by the Trustee at or prior to a specified time,
the Administrator shall deliver any applicable written instructions with
respect thereto reasonably in advance of such specified time.  If the Administrator fails to give
instructions to draw on any Series 2005-2 Letters of Credit with respect to a
Class of Series 2005-2 Notes required to be given by the Administrator, at the
time specified in this Series Supplement, the Trustee shall draw on such Series
2005-2 Letters of Credit with respect to such Class of Series 2005-2 Notes
without such instruction from the Administrator, provided that the
Administrator or the Insurer (solely with respect to the Class A Letters of
Credit), upon request of the Trustee or the Insurer (solely with respect to the
Class A Letters of Credit), promptly provides the Trustee with all information
necessary to allow the Trustee to draw on each such Series 2005-2 Letter of
Credit.

Section 2.7.                                   Class
A Reserve Account.

(a)                                  Establishment
of Class A Reserve Account.  HVF
shall establish and maintain in the name of the Trustee for the benefit of the
Series 2005-2 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider an account (the “Class A 

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Reserve Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Series 2005-2 Noteholders, the Insurer, Ford and
each Interest Rate Hedge Provider.  The
Class A Reserve Account shall be an Eligible Deposit Account.  If the Class A Reserve Account is at any time
no longer an Eligible Deposit Account, HVF shall, within 10 Business Days of
obtaining knowledge that the Class A Reserve Account is no longer an Eligible
Deposit Account, establish a new Class A Reserve Account that is an Eligible
Deposit Account.  If a new Class A
Reserve Account is established, HVF shall instruct the Trustee in writing to
transfer all cash and investments from the non-qualifying Class A Reserve
Account into the new Class A Reserve Account. 
Initially, the Class A Reserve Account will be established with the
Trustee.

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

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

(d)                                 Class
A Reserve Account Constitutes Additional Collateral for Series 2005-2 Notes.
 In
order to secure and provide for the repayment and payment of the Note
Obligations with respect to the Series 2005-2 Notes, HVF hereby grants a
security interest in and assigns, pledges, grants, transfers and sets over to
the Trustee, for the benefit of the Series 2005-2 Noteholders, the Insurer,
Ford and each Interest Rate Hedge Provider, all of HVF’s right, title and
interest in and to the following (whether now or hereafter existing or
acquired):  (i) the Class A Reserve
Account, including any security entitlement thereto; (ii) all funds on deposit
therein from time to time; (iii) all certificates and instruments, if any,
representing or evidencing any or all of the Class A Reserve Account or the
funds on deposit therein from time to time; (iv) all investments made at any
time and from time to time with monies in the Class A Reserve Account, whether
constituting securities, instruments, general intangibles, investment property,
financial assets or other property; (v) all interest, dividends, cash,
instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for the Class A Reserve
Account, the funds on deposit therein from time to 

 108
 

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

(e)                                  Class
A Reserve Account Surplus.  In the
event that the Class A Reserve Account Surplus on any Payment Date is greater
than zero, the Trustee, acting in accordance with the written instructions of
the Administrator (with a copy to the Insurer), shall withdraw from the Class A
Reserve Account an amount equal to the Class A Reserve Account Surplus and (i)
deposit in the Class B Reserve Account the lesser of (x) such Class A Reserve
Account Surplus and (y) the excess, if any, of the Class B Required Reserve
Account Amount as of such Payment Date over the Class B Available Reserve
Account Amount as of such Payment Date, in each case as of such Payment Date,
(ii) pay to Ford the lesser of (x) the excess of such Class A Reserve Account
Surplus over the amounts deposited pursuant to clause (i) above and (y)
all unpaid Ford Reimbursement Obligations and (iii) only for so long as the
Ford LOC Exposure Amount is greater than zero, solely to the extent that after
giving effect to any such payment, the Fleet Equity Condition would be
satisfied (A) pay to each Interest Rate Hedge Provider on a pro  rata
basis the lesser of (x) the excess of such Class A Reserve Account Surplus over
the amounts deposited and/or paid pursuant to clauses (i) and (ii)
above and (y) all amounts then due and owing to each such Interest Rate Hedge
Provider under its Series 2005-2 Interest Rate Hedge and (B) pay to HVF any
portion of such Class A Reserve Account Surplus remaining after any required
deposit and/or payment pursuant to clauses (i) through (iii)(A)
above.

(f)                                    Termination
of Class A Reserve Account.  On or
after the date on which the Series 2005-2 Notes are fully paid, the Insurer has
been paid all Insurer Fees and all other Insurer Reimbursement Amounts due,
each Interest Rate Hedge Provider has been paid all amounts due and owing to it
from HVF under its Series 2005-2 Interest Rate Hedge and Ford has been paid all
unpaid Ford Reimbursement Obligations, the Trustee, acting in accordance with
the written instructions of the Administrator, only for so long as the Ford LOC
Exposure Amount is greater than zero, solely to the extent that after giving
effect to any such withdrawal, the Fleet Equity Condition would be satisfied,
shall withdraw from the Class A Reserve Account all remaining amounts on
deposit therein for payment to HVF.

Section 2.8.                                   Class
A Letters of Credit and Class A Cash Collateral Accounts.

(a)                                  (I) Class
A Ford Cash Collateral Account Constitutes Additional Collateral for Series
2005-2 Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-2 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-2 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Class A Ford Cash Collateral Account,
including any security entitlement thereto; (ii) all funds on deposit in the
Class A Ford Cash Collateral Account from time to time; (iii) all certificates
and instruments, if 

 109
 

any, representing or evidencing any or all of
the Class A Ford Cash Collateral Account or the funds on deposit therein from
time to time; (iv) all investments made at any time and from time to time with
monies in the Class A Ford Cash Collateral Account, whether constituting
securities, instruments, general intangibles, investment property, financial
assets or other property; (v) all interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for the Class A Ford Cash Collateral Account, the
funds on deposit therein from time to time or the investments made with such
funds; and (vi) all proceeds of any and all of the foregoing, including,
without limitation, cash (the items in the foregoing clauses (i) through
(vi) are referred to, collectively, as the “Class A Ford Cash
Collateral Account Collateral”).

(II)                                Class
A Non-Ford Cash Collateral Account Constitutes Additional Collateral for Series
2005-2 Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-2 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-2 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Class A Non-Ford Cash Collateral
Account, including any security entitlement thereto; (ii) all funds on deposit
in the Class A Non-Ford Cash Collateral Account from time to time; (iii) all
certificates and instruments, if any, representing or evidencing any or all of
the Class A Non-Ford Cash Collateral Account or the funds on deposit therein
from time to time; (iv) all investments made at any time and from time to time
with monies in the Class A Non-Ford Cash Collateral Account, whether
constituting securities, instruments, general intangibles, investment property,
financial assets or other property; (v) all interest, dividends, cash, instruments
and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for the Class A Non-Ford Cash
Collateral Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing
clauses (i) through (vi) are referred to, collectively, as the “Class A
Non-Ford Cash Collateral Account Collateral”).

(b)                                 Class
A Letter of Credit Expiration Date. 
If prior to the date which is sixteen (16) Business Days prior to the
then scheduled Class A Letter of Credit Expiration Date with respect to any
Class A Letter of Credit, excluding the amount available to be drawn under such
Class A Letter of Credit but taking into account each substitute Class A Letter
of Credit which has been obtained from a Class A Eligible Letter of Credit
Provider or a Class A Eligible Ford Letter of Credit Provider, as applicable,
and is in full force and effect on such date, (i) the Class A Adjusted
Enhancement Amount would be equal to or greater than the Class A Required
Enhancement Amount, (ii) the Class A Adjusted Liquidity Amount would be equal
to or greater than the Class A Required Liquidity Amount, (iii) the Class B
Adjusted Enhancement Amount would be equal to or greater than the Class B
Required Enhancement Amount and (iv) if the expiring Class A Letter of Credit
is a Class A Non-Ford Letter of Credit, the Class A Non-Ford Letter of Credit
Liquidity Amount would be equal to or greater than the Series 2005-2 Demand
Note Payment Amount, then the 

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Administrator shall notify the Trustee and
the Insurer in writing no later than fifteen (15) Business Days prior to such
Class A Letter of Credit Expiration Date of such determination.  If prior to the date which is sixteen (16)
Business Days prior to the then scheduled Class A Letter of Credit Expiration
Date with respect to any Class A Letter of Credit, excluding such Class A
Letter of Credit but taking into account any substitute Class A Letter of
Credit which has been obtained from a Class A Eligible Letter of Credit
Provider or a Class A Eligible Ford Letter of Credit Provider, as applicable,
and is in full force and effect on such date, (i) the Class A Adjusted
Enhancement Amount would be less than the Class A Required Enhancement Amount,
(ii) the Class A Adjusted Liquidity Amount would be less than the Class A
Required Liquidity Amount, (iii) the Class B Adjusted Enhancement Amount would
be less than the Class B Required Enhancement Amount, or (iv) if the expiring
Class A Letter of Credit is a Class A Non-Ford Letter of Credit, the Class A
Non-Ford Letter of Credit Liquidity Amount would be less than the Series 2005-2
Demand Note Payment Amount, then the Administrator shall notify the Trustee and
the Insurer in writing no later than fifteen (15) Business Days prior to such
Class A Letter of Credit Expiration Date of (x) the greatest of (A) the excess,
if any, of the Class A Required Enhancement Amount over the Class A Adjusted
Enhancement Amount, excluding such Class A Letter of Credit but taking into
account any substitute Class A Letter of Credit which has been obtained from a
Class A Eligible Letter of Credit Provider or a Class A Eligible Ford Letter of
Credit Provider, as applicable, and is in full force and effect on such date,
(B) the excess, if any, of the Class A Required Liquidity Amount over the Class
A Adjusted Liquidity Amount, excluding such Class A Letter of Credit but taking
into account each substitute Class A Letter of Credit which has been obtained
from a Class A Eligible Letter of Credit Provider or a Class A Eligible Ford
Letter of Credit Provider, as applicable, and is in full force and effect on
such date, (C) the excess, if any, of the Class B Required Enhancement
Amount over the Class B Adjusted Enhancement Amount, excluding such Class A
Letter of Credit but taking into account any substitute Class A Letter of
Credit which has been obtained from a Class A Eligible Letter of Credit Provider
or a Class A Eligible Ford Letter of Credit Provider, as applicable, and is in
full force and effect on such date and (D) if the expiring Class A Letter of
Credit is a Class A Non-Ford Letter of Credit, the excess, if any, of the
Series 2005-2 Demand Note Payment Amount over the Class A Non-Ford Letter of
Credit Liquidity Amount, excluding such Class A Non-Ford Letter of Credit but
taking into account each substitute Class A Non-Ford Letter of Credit which has
been obtained from a Class A Eligible Letter of Credit Provider and is in full
force and effect on such date, and (y) the amount available to be drawn on such
expiring Class A Letter of Credit on such date. 
Upon receipt of such notice by the Trustee on or prior to 10:30 a.m.
(New York City time) on any Business Day, the Trustee shall, by 12:00 p.m. (New
York City time) on such Business Day (or, in the case of any notice given to
the Trustee after 10:00 a.m. (New York City time), by 12:00 p.m. (New York City
time) on the next following Business Day), draw the lesser of the amounts set
forth in clauses (x) and (y) above on such Class A Letter of
Credit by presenting a draft accompanied by a Class A Certificate of
Termination Demand and shall cause the Class A LOC Termination Disbursements to
be deposited in the Class A Non-Ford Collateral Account, in the case of a Class
A LOC Termination Disbursement under a Class A Non-Ford Letter of Credit, and
the Class A Ford Cash Collateral Account, in the case of a Class A LOC
Termination Disbursement

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under a Class A Ford Letter of Credit.  If the
Trustee does not receive the notice from the Administrator described above on
or prior to the date that is fifteen (15) Business Days prior to each Class A
Letter of Credit Expiration Date, the Trustee shall, by 12:00 p.m. (New York
City time) on such Business Day draw the full amount of such Class A Letter of
Credit by presenting a draft accompanied by a Class A Certificate of
Termination Demand and shall cause the Class A LOC Termination Disbursements to
be deposited in the applicable Class A Cash Collateral Account.

(c)                                  Class
A Letter of Credit Providers.  The
Administrator shall notify the Trustee, Fitch and the Insurer in writing within
one Business Day of becoming aware that the short-term debt credit rating of
any Class A Letter of Credit Provider has fallen below “A-1” as determined by
Standard & Poor’s or “P-1” as determined by Moody’s or the long-term debt
credit rating of any Class A Letter of Credit Provider has fallen below “A+” as
determined by Standard & Poor’s or “A1” as determined by Moody’s (with
respect to any Class A Letter of Credit Provider, a “Class A Downgrade Event”).  On the thirtieth (30th) day after the
occurrence of a Class A Downgrade Event with respect to any Class A Letter of
Credit Provider, the Administrator shall notify the Trustee and the Insurer in
writing on such date of (i) the greatest of (A) the excess, if any, of the
Class A Required Enhancement Amount over the Class A Adjusted Enhancement
Amount, excluding the available amount under the Class A Letter of Credit
issued by such Class A Letter of Credit Provider, on such date, (B) the excess,
if any, of the Class A Required Liquidity Amount over the Class A Adjusted
Liquidity Amount, excluding the available amount under such Class A Letter of
Credit, on such date, (C) the excess, if any, of the Class B Required
Enhancement Amount over the Class B Adjusted Enhancement Amount, excluding the
available amount under the Class A Letter of Credit issued by such Class A
Letter of Credit Provider, on such date and (D) if the Class A Downgrade Event
affects a Class A Non-Ford Letter of Credit, the excess, if any, of the Series
2005-2 Demand Note Payment Amount over the Class A Non-Ford Letter of Credit
Liquidity Amount, excluding the available amount under such Class A Non-Ford
Letter of Credit, on such date, and (ii) the amount available to be drawn on
such Class A Letter of Credit on such date. 
Upon receipt of such notice by the Trustee on or prior to 10:30 a.m.
(New York City time) on any Business Day, the Trustee shall, by 12:00 p.m. (New
York City time) on such Business Day (or, in the case of any notice given to
the Trustee after 10:30 a.m. (New York City time), by 12:00 p.m. (New York City
time) on the next following Business Day), draw on such Class A Letter of
Credit in an amount equal to the lesser of the amount in clause (i) or clause
(ii) of the immediately preceding sentence on such Business Day by
presenting a draft accompanied by a Class A Certificate of Termination Demand
and shall cause the Class A LOC Termination Disbursement to be deposited in a
Class A Non-Ford Cash Collateral Account, in the case of a Class A LOC
Termination Disbursement under a Class A Non-Ford Letter of Credit, and the
Class A Ford Cash Collateral Account, in the case of a Class A LOC Termination
Disbursement under a Class A Ford Letter of Credit.

(d)                                 Class
A Preference Amount Demands on the Class A Non-Ford Letters of Credit.  If the Insurer notifies the Trustee in
writing that the Insurer shall have made a payment under the Insurance Policy
in respect of a Class A Preference Amount, subject to the satisfaction of the
conditions set forth in the next succeeding sentence, the 

 112
 

Trustee shall draw an amount equal to the
lesser of (i) such Class A Preference Amount and (ii) the Class A Non-Ford
Letter of Credit Liquidity Amount on the Class A Non-Ford Letters of Credit by
presenting to each Class A Non-Ford Letter of Credit Provider (with a copy to
the Insurer) a draft accompanied by a Class A Certificate of Preference Payment
Demand and shall cause the Class A LOC Preference Payment Disbursements to be
paid to the Insurer; provided, however, that if the Class A
Non-Ford Cash Collateral Account has been established and funded, the Trustee
shall draw an amount equal to the product of (a) 100% minus the Class A
Non-Ford Cash Collateral Percentage and (b) the lesser of the amounts referred
to in clause (i) and (ii) on such Business Day on the Class A
Non-Ford Letters of Credit as calculated by the Administrator, at the request
of the Trustee, and provided in writing to the Trustee and the Insurer.  Prior to any draw on the Class A Non-Ford
Letters of Credit or withdrawal from the Class A Non-Ford Cash Collateral
Account pursuant to this Section 2.8(d), the Trustee shall have received
a certified copy of the order requiring the return of such Class A Preference
Amount.

(e)                                  (I) Reductions
in Stated Amounts of the Class A Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-1, requesting a
reduction in the stated amount of any Class A Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to
the Class A Ford Letter of Credit Provider who issued such Class A Ford Letter
of Credit with a copy to Ford a Class A Notice of Reduction requesting a
reduction in the stated amount of such Class A Ford Letter of Credit in the
amount requested in such notice effective on the date set forth in such notice,
provided that on such effective date, after giving effect to the
requested reduction in the stated amount of such Class A Ford Letter of Credit,
(i) the Class A Adjusted Enhancement Amount will equal or exceed the Class A
Required Enhancement Amount, (ii) the Class A Adjusted Liquidity Amount will
equal or exceed the Class A Required Liquidity Amount and (iii) the Class B
Adjusted Enhancement Amount will equal or exceed the Class B Required
Enhancement Amount.  If the Trustee
receives a written notice from Ford, substantially in the form of Exhibit D-2,
requesting the replacement of any Class A Ford Letter of Credit, the Trustee
shall within two Business Days of the receipt of such notice and upon receipt
of a substitute Class A Ford Letter of Credit having a stated amount equal to
the available amount of the Class A Ford Letter of Credit being replaced issued
by a Class A Eligible Ford Letter of Credit Provider deliver to the Class A
Letter of Credit Provider who issued the Class A Ford Letter of Credit being
replaced a written notice in the form provided in such Class A Ford Letter of
Credit confirming cancellation of such Class A Ford Letter of Credit and shall
deliver such cancelled Class A Ford Letter of Credit to such Class A Letter of
Credit Provider as soon as practicable.

(II)                                Reductions
in Stated Amounts of the Class A Non-Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-2, requesting a
reduction in the stated amount of any Class A Non-Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to
the Class A Non-Ford Letter of Credit Provider who issued such Class A Non-Ford
Letter of Credit a Class A Notice of Reduction requesting a reduction in the stated
amount of such Class A Non-Ford Letter of Credit in the amount requested in
such notice effective on the date set forth in such notice provided that on
such effective date, after 

 113
 

giving effect to the requested reduction in
the stated amount of such Class A Non-Ford Letter of Credit, (i) the Class A
Adjusted Enhancement Amount will equal or exceed the Class A Required
Enhancement Amount, (ii) the Class A Adjusted Liquidity Amount will equal or
exceed the Class A Required Liquidity Amount, (iii) the Class B Adjusted
Enhancement Amount will equal or exceed the Class B Required Enhancement
Amount, and (iv) the Class A Non-Ford Letter of Credit Liquidity Amount will
equal or exceed the Series 2005-2 Demand Note Payment Amount.

(f)                                    (I) Draws
on the Class A Ford Letters of Credit. 
If there is more than one Class A Ford Letter of Credit on the date of
any draw on the Class A Ford Letters of Credit pursuant to the terms of this
Series Supplement (other than pursuant to Sections 2.8(b) and (c)
of this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Class A Ford Letter of Credit in an amount equal to
the Pro Rata Share of the Class A Ford Letter of Credit Provider issuing such
Class A Ford Letter of Credit of the amount of such draw on the Class A Ford
Letters of Credit.

(II)                                Draws
on the Class A Non-Ford Letters of Credit. 
If there is more than one Class A Non-Ford Letter of Credit on the date
of any draw on the Class A Non-Ford Letters of Credit pursuant to the terms of
this Series Supplement (other than pursuant to Sections 2.8(b) and (c)
of this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Class A Non-Ford Letter of Credit in an amount equal
to the Pro Rata Share of the Class A Non-Ford Letter of Credit Provider issuing
such Class A Non-Ford Letter of Credit of the amount of such draw on the Class
A Non-Ford Letters of Credit.

(g)                                 (I) Establishment
of Class A Ford Cash Collateral Account. 
On or prior to the date of any drawing under a Class A Ford Letter of
Credit pursuant to Section 2.8(b) or (c) of this Series
Supplement, HVF shall establish and maintain in the name of the Trustee for the
benefit of the Series 2005-2 Noteholders, the Insurer, Ford and each Interest Rate
Hedge Provider, an account (the “Class A Ford Cash Collateral Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Series 2005-2 Noteholders, the Insurer, Ford and
each Interest Rate Hedge Provider.  The
Class A Ford Cash Collateral Account shall be an Eligible Deposit Account.  If the Class A Ford Cash Collateral Account
is at any time no longer an Eligible Deposit Account, HVF shall, within 10
Business Days of obtaining knowledge that the Class A Ford Cash Collateral
Account is no longer an Eligible Deposit Account, establish a new Class A Ford
Cash Collateral Account that is an Eligible Deposit Account.  If a new Class A Ford Cash Collateral Account
is established, HVF shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Class A Ford Cash Collateral Account
into the new Class A Ford Cash Collateral Account.

(II)                                Establishment
of Class A Non-Ford Cash Collateral Account.  On or prior to the date of any drawing under
a Class A Non-Ford Letter of Credit pursuant to Section 2.8(b) or (c) of this
Series Supplement, HVF shall establish and maintain in the name of the Trustee
for the benefit of the Series 2005-2 Noteholders, the Insurer, Ford and each Interest
Rate Hedge Provider, an account (the “Class A Non-Ford Cash Collateral
Account”), bearing a designation clearly indicating that the funds
deposited 

 114
 

therein are held for the benefit of the
Series 2005-2 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider.  The Class A Non-Ford Cash
Collateral Account shall be an Eligible Deposit Account.  If the Class A Non-Ford Cash Collateral
Account is at any time no longer an Eligible Deposit Account, HVF shall, within
10 Business Days of obtaining knowledge that the Class A Non-Ford Cash
Collateral Account is no longer an Eligible Deposit Account, establish a new
Class A Non-Ford Cash Collateral Account that is an Eligible Deposit
Account.  If a new Class A Non-Ford Cash
Collateral Account is established, HVF shall instruct the Trustee in writing to
transfer all cash and investments from the non-qualifying Class A Non-Ford Cash
Collateral Account into the new Class A Non-Ford Cash Collateral Account.

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

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

(j)                                     Class
A Cash Collateral Account Surplus. 
(X) In the event that the Class A Cash Collateral Account Surplus on any
Payment Date is greater than zero, the Administrator may direct the Trustee to,
and the Trustee, acting in accordance with the written instructions of the
Administrator (with a copy to the Insurer), shall, subject to the limitations
set forth in this Section 2.8(j)(X), withdraw the amount specified by
the Administrator from the Class A Cash Collateral Account specified by the
Administrator and apply such amount in accordance with the terms of this Section
2.8(j)(X).  The amount of any such
withdrawal from the Class A Ford Cash Collateral Account shall be limited to
the lesser of (a) the Class A Available Ford Cash Collateral Account Amount on
such Payment Date and (b) the Class A Cash Collateral Account Surplus (after
giving effect to any withdrawal from the Class A Non-Ford Cash Collateral
Account) on such Payment Date.  The
amount of any such withdrawal from the Class A Non-Ford Cash Collateral Account
shall be limited to the least of (a) the Class A Available Non-Ford Cash
Collateral Account Amount on such Payment Date, (b) the Class A Cash Collateral
Account Surplus (after giving effect to any withdrawal from the Class A Ford
Cash Collateral Account) on such Payment Date and (c) the excess, if any, of
the Class A Non-

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Ford Letter of Credit Liquidity Amount on such
Payment Date over the Series 2005-2 Demand Note Payment Amount on such Payment
Date.  Any amounts withdrawn from the
Class A Ford Cash Collateral Account pursuant to this Section 2.8(j)(X)
shall be paid to Ford.  Any amounts
withdrawn from the Class A Non-Ford Cash Collateral Account shall be paid:  first, to Ford to the extent that
there are unpaid Ford Reimbursement Obligations due and owing to Ford, the
lesser of the amount withdrawn from the Class A Non-Ford Cash Collateral
Account and the amount of such unpaid Ford Reimbursement Obligations, second,
only for so long as the Ford LOC Exposure Amount is greater than zero, solely
to the extent that after giving effect to any such withdrawal, the Fleet Equity
Condition would be satisfied, to the Class A Non-Ford Letter of Credit
Providers, to the extent that there are unreimbursed Class A Disbursements due
and owing to such Class A Non-Ford Letter of Credit Providers in respect of the
Class A Non-Ford Letters of Credit, for application in accordance with the
provisions of the respective Class A Non-Ford Letter of Credit Reimbursement
Agreement, and third, only for so long as the Ford LOC Exposure Amount
is greater than zero, solely to the extent that after giving effect to any such
withdrawal, the Fleet Equity Condition would be satisfied, to HVF any remaining
amounts.  (Y) Irrespective of whether
there is a Class A Cash Collateral Account Surplus, in the event that the Class
A Ford Cash Collateral Account has been established pursuant to Section
2.8(g)(I) of this Series Supplement, the proceeds of one or more Class A
LOC Termination Disbursements have been deposited therein pursuant to Section
2.8(b) or Section 2.8(c) of this Series Supplement and Ford delivers
to the Trustee a Class A Ford Letter of Credit from a Class A Ford Eligible
Letter of Credit Provider the Administrator shall direct the Trustee to, and
the Trustee, acting in accordance with the written instructions of the
Administrator shall withdraw from the Class A Ford Cash Collateral Account an
amount equal to the stated amount of such Class A Ford Letter of Credit and pay
such amount to Ford.

(k)                                  Termination
of Class A Cash Collateral Accounts. 
(X)  On the earlier of the
termination of this Series Supplement in accordance with Section 6.13 of
this Series Supplement and the Five-Year Notes Legal Final Payment Date, the
Trustee, acting in accordance with the written instructions of the
Administrator, shall withdraw from the Class A Ford Cash Collateral Account and
(i) pay to Ford an amount equal to the lesser of (x) the Class A Available Ford
Cash Collateral Account Amount and (y) the excess, if any, of (A) the aggregate
amount of Class A LOC Termination Disbursements deposited into the Class A Ford
Cash Collateral Account pursuant to Section 2.8(b) or Section 2.8(c)
of this Series Supplement over (B) the aggregate amount withdrawn from the
Class A Ford Cash Collateral Account pursuant to Section 2.3(e)(I)(Y) or
Section 2.5(b)(ii) of this Series Supplement that has not be reimbursed
by HVF in accordance with Section 2.16 of this Series Supplement on or
prior to such date, (ii) pay to Ford, an amount equal to the lesser of (x) the
amount of unpaid Ford Reimbursement Obligations due and owing to Ford and (y)
the excess, if any, of the Class A Available Ford Cash Collateral Account
Amount over the amount paid to Ford pursuant to clause (i) above and
(iii) pay to HVF, any funds remaining in the Class A Ford Cash Collateral
Account.

(Y)  Upon the termination of this Series
Supplement in accordance with its terms, the Trustee, acting in accordance with
the written instructions of the Administrator, after the prior payment of all
amounts due and owing to the Series 2005-2 Noteholders, 

 116
 

the Insurer, Ford and each Interest Rate
Hedge Provider and payable from the Class A Non-Ford Cash Collateral Account as
provided herein, shall withdraw from such Class A Non-Ford Cash Collateral
Account all amounts on deposit therein (to the extent not withdrawn pursuant to
Section 2.8(d) above) and shall pay such amounts, first, to Ford
to the extent that there are unpaid Ford Reimbursement Obligations due and
owing to Ford, second, only for so long as the Ford LOC Exposure Amount
is greater than zero, solely to the extent that after giving effect to any such
withdrawal, the Fleet Equity Condition would be satisfied, pro  rata
to the Class A Non-Ford Letter of Credit Providers, to the extent that there
are unreimbursed Class A Disbursements due and owing to such Class A Non-Ford
Letter of Credit Providers, for application in accordance with the provisions
of the respective Class A Non-Ford Letters of Credit, and third, only
for so long as the Ford LOC Exposure Amount is greater than zero, solely to the
extent that after giving effect to any such withdrawal, the Fleet Equity Condition
would be satisfied, to HVF any remaining amounts.

Section 2.9.                                   Series
2005-2 Distribution Account.

(a)                                  Establishment
of Series 2005-2 Distribution Account. 
The Trustee shall establish and maintain in the name of the Trustee for
the benefit of the Series 2005-2 Noteholders, the Series 2005-2 Interest Rate
Hedge Provider and Ford an account (the “Series 2005-2 Distribution Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Series 2005-2 Noteholders, the Series 2005-2
Interest Rate Hedge Provider and Ford. 
The Series 2005-2 Distribution Account shall be an Eligible Deposit
Account.  If the Series 2005-2 Distribution
Account is at any time no longer an Eligible Deposit Account, HVF shall, within
10 Business Days of obtaining knowledge that the Series 2005-2 Distribution
Account is no longer an Eligible Deposit Account, establish a new Series 2005-2
Distribution Account that is an Eligible Deposit Account.  If a new Series 2005-2 Distribution Account
is established, HVF shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Series 2005-2 Distribution Account into
the new Series 2005-2 Distribution Account. 
Initially, the Series 2005-2 Distribution Account will be established
with the Trustee.

(b)                                 Administration
of the Series 2005-2 Distribution Account. 
The Administrator may instruct the institution maintaining the Series
2005-2 Distribution Account in writing to invest funds on deposit in the Series
2005-2 Distribution Account from time to time in Permitted Investments; provided,
however, that any such investment shall mature not later than the
Business Day prior to the Payment Date following the date on which such funds
were received (including funds received upon a payment in respect of a
Permitted Investment made with funds on deposit in the Series 2005-2
Distribution Account), unless any Permitted Investment held in the Series
2005-2 Distribution Account is held with the Trustee, then such investment may
mature on such Payment Date and such funds shall be available for withdrawal on
or prior to such Payment Date.  All such
Permitted Investments will be credited to the Series 2005-2 Distribution
Account.  HVF shall not direct the
Trustee to dispose of (or permit the disposal of) any Permitted Investments
prior to the maturity thereof to the extent such disposal would result in a
loss of the initial purchase price of such Permitted Investment.  In the absence 

 117
 

of written investment instructions hereunder,
funds on deposit in the Series 2005-2 Distribution Account shall remain
uninvested.

(c)                                  Earnings
from Series 2005-2 Distribution Account. 
All interest and earnings (net of losses and investment expenses) paid
on funds on deposit in the Series 2005-2 Distribution Account shall be deemed
to be on deposit and available for distribution.

(d)                                 Series
2005-2 Distribution Account Constitutes Additional Collateral for Series 2005-2
Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-2 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-2 Noteholders and Ford, all of HVF’s right, title and interest in
and to the following (whether now or hereafter existing or acquired):  (i) the Series 2005-2 Distribution Account,
including any security entitlement thereto; (ii) all funds on deposit therein
from time to time; (iii) all certificates and instruments, if any, representing
or evidencing any or all of the Series 2005-2 Distribution Account or the funds
on deposit therein from time to time; (iv) all investments made at any time and
from time to time with monies in the Series 2005-2 Distribution Account,
whether constituting securities, instruments, general intangibles, investment
property, financial assets or other property; (v) all interest, dividends,
cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for the Series 2005-2
Distribution Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Series
2005-2 Distribution Account Collateral”).

Section 2.10.                             Trustee
as Securities Intermediary.

(a)                                  The
Trustee or other Person holding the Series 2005-2 Collection Account, the
Series 2005-2 Excess Collection Account, the Series 2005-2 Accrued Interest
Account, the Class A Reserve Account, the Class B Reserve Account, the Series
2005-2 Cash Collateral Account, the Series 2005-2 Distribution Account or the
Series 2005-2 Closing Account (each a “Series 2005-2 Designated Account”)
shall be the “Securities Intermediary”. 
If the Securities Intermediary in respect of any Series 2005-2
Designated Account is not the Trustee, HVF shall obtain the express agreement
of such Person to the obligations of the Securities Intermediary set forth in
this Section 2.10.

(b)                                 The
Securities Intermediary agrees that:

(i)                                     The
Series 2005-2 Designated Accounts are accounts to which “financial assets”
within the meaning of Section 8-102(a)(9) (“Financial Assets”) of
the UCC in effect in the State of New York (the “New York UCC”) will be
credited;

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(ii)                                  All
securities or other property underlying any Financial Assets credited to any
Series 2005-2 Designated Account shall be registered in the name of the
Securities Intermediary, indorsed to the Securities Intermediary or in blank or
credited to another securities account maintained in the name of the Securities
Intermediary and in no case will any Financial Asset credited to any Series 2005-2
Designated Account be registered in the name of HVF, payable to the order of
HVF or specially endorsed to HVF;

(iii)                               All
property delivered to the Securities Intermediary pursuant to this Series
Supplement will be promptly credited to the appropriate Series 2005-2
Designated Account;

(iv)                              Each
item of property (whether investment property, security, instrument or cash)
credited to a Series 2005-2 Designated Account shall be treated as a Financial
Asset;

(v)                                 If
at any time the Securities Intermediary shall receive any order from the
Trustee directing transfer or redemption of any Financial Asset relating to the
Series 2005-2 Designated Accounts, the Securities Intermediary shall comply
with such entitlement order without further consent by HVF or the Administrator;

(vi)                              The
Series 2005-2 Designated Accounts shall be governed by the laws of the State of
New York, regardless of any provision of any other agreement.  For purposes of the UCC, New York shall be
deemed to the Securities Intermediary’s jurisdiction and the Series 2005-2
Designated Accounts (as well as the “securities entitlements” (as defined in Section
8-102(a)(17) of the New York UCC) related thereto) shall be governed by the
laws of the State of New York;

(vii)                           The
Securities Intermediary has not entered into, and until termination of this
Series Supplement, will not enter into, any agreement with any other Person
relating to the Series 2005-2 Designated Accounts and/or any Financial Assets
credited thereto pursuant to which it has agreed to comply with entitlement
orders (as defined in Section 8-102(a)(8) of the New York UCC) of such
other Person and the Securities Intermediary has not entered into, and until
the termination of this Series Supplement will not enter into, any agreement
with HVF purporting to limit or condition the obligation of the Securities
Intermediary to comply with entitlement orders as set forth in Section
2.10(b)(v) of this Series Supplement; and

(viii)                        Except
for the claims and interest of the Trustee and HVF in the Series 2005-2
Designated Accounts, the Securities Intermediary knows of no claim to, or
interest, in the Series 2005-2 Designated Accounts or in any Financial Asset
credited thereto.  If the Securities
Intermediary has actual knowledge of the assertion by any other person of any
lien, encumbrance, or adverse claim (including any writ, garnishment, judgment,
warrant of attachment, 

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execution or similar process) against any Series 2005-2 Designated
Account or in any Financial Asset carried therein, the Securities Intermediary
will promptly notify the Trustee, the Administrator and HVF thereof.

(c)                                  The
Trustee shall possess all right, title and interest in all funds on deposit
from time to time in the Series 2005-2 Designated Accounts and in all proceeds
thereof, and shall be the only person authorized to originate entitlement
orders in respect of the Series 2005-2 Designated Accounts.

Section 2.11.                             Series
2005-2 Interest Rate Hedges.

(a)                                  On
the Series 2005-2 Closing Date, HVF shall acquire one or more interest rate caps
or swaps, in form and substance acceptable to the Insurer (each a “Series
2005-2 Interest Rate Hedge”), from an Eligible Interest Rate Hedge Provider
with funds available to it.  The
aggregate initial notional amount of all Series 2005-2 Interest Rate Hedges
shall equal the sum of the Class A-1 Principal Amount, the Class A-3 Principal
Amount, the Class A-5 Principal Amount, the Class B-1 Principal Amount, the
Class B-3 Principal Amount and the Class B-5 Principal Amount on the Series
2005-2 Closing Date, and, thereafter, the aggregate notional amount of all
Series 2005-2 Interest Rate Hedges may be reduced pursuant to the related
Series 2005-2 Interest Rate Hedge but shall not at any time be less than the
sum of the Class A-1 Principal Amount, the Class A-3 Principal Amount, the
Class A-5 Principal Amount, the Class B-1 Principal Amount, the Class B-3
Principal Amount and the Class B-5 Principal Amount.  The strike rate of each Series 2005-2
Interest Rate Hedge in the form of a cap shall not be greater than 4.87%.  The fixed rate of each Series 2005-2 Interest
Rate Hedge in the form of a swap shall not be greater than 4.87%.  HVF shall satisfy the Series 2005-2 Rating
Agency Condition and, so long as any Class A Notes are Outstanding, obtain the
consent of the Insurer (such consent not to be unreasonably withheld or
delayed) in connection with its acquisition of any Series 2005-2 Interest Rate
Hedge.  The Series 2005-2 Interest Rate
Hedge must provide that (i) no payments from the Series 2005-2 Hedge Provider
to HVF shall be conditioned upon payment of amounts (other than the Monthly
Hedge Payment) due to such Series 2005-2 Interest Rate Hedge Provider from HVF,
to the extent that any such non-payment resulted solely from the Fleet Equity
Condition failing to be satisfied, (ii) the Series 2005-2 Interest Rate Hedge
Provider shall provide to the Insurer a copy of any notice of payment default
delivered to HVF, simultaneously with delivery of such notice to HVF and (iii)
in the event that HVF shall fail to pay any amounts due to the Series 2005-2
Hedge Provider under such Series 2005-2 Interest Rate Hedge, the Insurer shall
have the right to make any such payment on behalf of HVF.  For so long as an Interest Rate Hedge Provider
is not in default under its Series 2005-2 Interest Rate Hedge, and such Series
2005-2 Interest Rate Hedge continues to be in effect, such Interest Rate Hedge
Provider shall constitute an “Enhancement Provider” with respect to the Series
2005-2 Notes for all purposes under the Indenture and the other Related
Documents, and each Series 2005-2 Interest Rate Hedge to which such Interest
Rate Hedge Provider is a party shall constitute an “Enhancement Agreement” with
respect to the Series 2005-2 Notes for all purposes under the Base Indenture
and the other Related Documents. 
Furthermore, each Interest Rate Hedge Provider shall be deemed to be a “Secured
Party” under the Base Indenture and the Related Documents to the extent 

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of amounts payable to each such Interest Rate
Hedge Provider pursuant to this Series Supplement.

(b)                                 If,
at any time, an Interest Rate Hedge Provider is not an Eligible Interest Rate
Hedge Provider, then HVF shall cause such Interest Rate Hedge Provider within
30 days following such occurrence, at such Interest Rate Hedge Provider’s
expense, to do one of the following:  (i)
obtain a replacement interest rate cap or swap on the same terms as the Series
2005-2 Interest Rate Hedge to which such Interest Rate Hedge Provider is a
party (or with such modifications as are acceptable to the Rating Agencies and
the Insurer) from an Eligible Interest Rate Hedge Provider and simultaneously
with such replacement HVF shall terminate the Series 2005-2 Interest Rate Hedge
being replaced, (ii) obtain a guaranty from, or contingent agreement of (in
each case, in form and substance acceptable to the Insurer), another person who
qualifies as an Eligible Interest Rate Hedge Provider to honor such Interest
Rate Hedge Provider’s obligations under its Series 2005-2 Interest Rate Hedge
in accordance with its terms and written confirmation from Standard & Poor’s
and Moody’s that the substantive terms of the guaranty agreement are sufficient
to maintain or restore the immediately prior Shadow Rating, (iii) post
collateral pursuant to and in accordance with its Series 2005-2 Interest Rate
Hedge, or (iv) enter into any arrangement satisfactory to Standard & Poor’s,
Moody’s and, so long as the Class A Notes are Outstanding, the Insurer, which
approval of the Insurer, during any period when an Insurer Default is
continuing, shall not be unreasonably withheld or delayed, which is sufficient
to maintain or restore the immediately prior Shadow Rating.  If HVF is unable to cause such Interest Rate
Hedge Provider to take any of the actions described in clauses (i), (ii), (iii)
or (iv) of the preceding sentence after making commercially reasonable efforts,
(I) HVF will obtain a replacement Series 2005-2 Interest Rate Hedge at the
expense of the replaced Interest Rate Hedge Provider or, if the replaced
Interest Rate Hedge Provider fails to make such payment, at the expense of HVF
(in which event, such amount will be considered Carrying Charges and paid
solely from Interest Collections available pursuant to Section 2.3(h) of this
Series Supplement) and (II) to the extent that HVF does not obtain a
replacement Series 2005-2 Interest Rate Hedge, the Insurer shall be deemed to
have been materially and adversely effected. 
HVF must cause each Series 2005-2 Interest Rate Hedge to provide that if
the Interest Rate Hedge Provider is required to take any of the actions
described in clauses (i), (ii), or (iv) above and such action is not taken
within 30 days, then the Interest Rate Hedge Provider must, until a replacement
Series 2005-2 Interest Rate Hedge is executed and in effect, collateralize its
obligations as required under clause (iii) above.  Each Series 2005-2 Noteholder by its
acceptance of a Series 2005-2 Note hereby acknowledges and agrees, and directs
the Trustee to acknowledge and agree, and the Trustee, at such direction,
hereby acknowledges and agrees, that any collateral posted by an Interest Rate
Hedge Provider pursuant to clause (iii) above (A) is collateral solely for the
obligations of such Interest Rate Hedge Provider under its Series 2005-2
Interest Rate Hedge, (B) does not constitute collateral for the Series 2005-2
Notes (provided that in order to secure and provide for the payment of the Note
Obligations with respect to the Series 2005-2 Notes, HVF has pledged each
Series 2005-2 Interest Rate Hedge and its security interest in any collateral
posted in connection therewith as collateral for the Series 2005-2 Notes), and
(C) will in no event be available to satisfy any 

 121
 

obligations of HVF hereunder or otherwise
unless and until such Interest Rate Hedge Provider defaults in its obligations
under its Series 2005-2 Interest Rate Hedge and such collateral is applied in
accordance with the terms of such Series 2005-2 Interest Rate Hedge to satisfy
such defaulted obligations of such Interest Rate Hedge Provider.

(c)                                  If
the long-term senior unsecured debt rating of an Interest Rate Hedge Provider,
or the Person that guarantees all of the Interest Rate Hedge Provider’s
obligations under its Series 2005-2 Interest Rate Hedge, is withdrawn or falls
to or below “Baa1” by Moody’s or to or below “BBB+” by Standard & Poor’s,
then the Insurer may terminate such Interest Rate Hedge Provider’s Series
2005-2 Interest Rate Hedge if, after 10 Business Days after the occurrence of
such rating withdrawal or fall, the Interest Rate Hedge Provider has not, at
its own expense, (i) obtained a replacement interest rate swap or cap on the
same terms as the Series 2005-2 Interest Rate Hedge (or with such modifications
as are acceptable to the Rating Agencies and the Insurer) provided by such Interest
Rate Hedge Provider from an Eligible Interest Rate Hedge Provider and
simultaneously with such replacement terminated the Series 2005-2 Interest Rate
Hedge being replaced or (ii) entered into any arrangement satisfactory to
S&P, Moody’s and, so long as the Class A Notes are outstanding, the
Insurer, which approval of the Insurer, during any period when an Insurer
Default is continuing, will not have been unreasonably withheld or delayed,
which was sufficient to maintain or restore the immediately prior Shadow
Rating.

(d)                                 To
secure payment of the Note Obligations with respect to the Series 2005-2 Notes,
HVF hereby grants a security interest in, and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Series 2005-2 Noteholders
and the Insurer, all of HVF’s right, title and interest, whether now or
hereafter existing or acquired, in the Series 2005-2 Interest Rate Hedges and
all proceeds thereof.  HVF shall require
all proceeds of the Series 2005-2 Interest Rate Hedges to be paid, and the
Trustee shall allocate, all proceeds of the Series 2005-2 Interest Rate Hedges
to the Series 2005-2 Accrued Interest Account or the Series 2005-2 Collection
Account.

Section 2.12.                             Series
2005-2 Demand Note Constitutes Additional Collateral for Series 2005-2 Notes.

(a)                                  In
order to secure and provide for the repayment and payment of the Note
Obligations with respect to the Series 2005-2 Notes, HVF hereby grants a
security interest in and assigns, pledges, grants, transfers and sets over to
the Trustee, for the benefit of the Series 2005-2 Noteholders, the Insurer,
Ford and each Interest Rate Hedge Provider, all of HVF’s right, title and
interest in and to the following (whether now or hereafter existing or
acquired):  (i) the Series 2005-2 Demand
Note; (ii) all certificates and instruments, if any, representing or evidencing
the Series 2005-2 Demand Note; and (iii) all proceeds of any and all of the
foregoing, including, without limitation, cash. 
On the date hereof, HVF shall deliver to the Trustee, for the benefit of
the Series 2005-2 Noteholders, the Insurer, Ford and each Interest Rate Hedge
Provider, the Series 2005-2 Demand Note, endorsed in blank.  The Trustee, for the benefit of the Series
2005-2

 122
 

Noteholders, the Insurer, Ford and each
Interest Rate Hedge Provider, shall be the only Person authorized to make a
demand for payment on the Series 2005-2 Demand Note.

(b)                                 Other
than pursuant to a payment made upon a demand thereon by the Trustee, HVF shall
not reduce the amount of the Series 2005-2 Demand Note or forgive amounts
payable thereunder so that the outstanding principal amount of the Series
2005-2 Demand Note after such reduction or forgiveness is less than the sum of
the Class A Letter of Credit Liquidity Amount and the Class B Letter of Credit
Liquidity Amount.  HVF shall not agree,
to any amendment of the Series 2005-2 Demand Note without first satisfying the
Series 2005-2 Rating Agency Condition.

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

(d)                                 Upon
the occurrence and during the continuance of an Amortization Event with respect
to the Series 2005-2 Notes, the Trustee may and, at the written direction of
the Insurer or the Series 2005-2 Noteholders holding more than 50% of the
Controlling Class shall, make one or more demands (each a “Demand Notice”)
on Hertz for payment under the Series 2005-2 Demand Note, in each case, in an
amount equal to the lesser of (i) the principal amount of the Series 2005-2
Demand Note and (ii) on any Business Day, (A) prior to the second Business Day
immediately preceding the Three-Year Notes Legal Final Payment Date, the amount
of any Principal Deficit Amount on such date, (B) on or after the second
Business Day immediately preceding the Three-Year Notes Legal Final Payment
Date but prior to the second Business Day immediately preceding the Four-Year
Notes Legal Final Payment Date, the greater of (x) the Principal Deficit Amount
on such date and (y) the sum of the Class A-1 Principal Amount, the Class A-2
Principal Amount, the Class B-1 Principal Amount and the Class B-2 Principal
Amount (on or prior to the Three-Year Notes Legal Final Payment Date,
calculated after giving effect to the distribution of all amounts on account of
principal that will be available to be distributed to the Class A-1 Noteholders
and the Class A-2 Noteholders (other than under the Insurance Policy) and the
Class B-1 Noteholders and the Class B-2 Noteholders in accordance with this
Series Supplement on the Three-Year Notes Legal Final Payment Date (including,
but not limited to, amounts to be withdrawn from the Class A Reserve Account
and the Class B Reserve Account pursuant to Section 2.5(c) of this
Series Supplement)), (C) on or after the second Business Day immediately
preceding the Four-Year Notes Legal Final Payment Date but prior to the second
Business Day immediately preceding the Five-Year Notes Legal Final Payment
Date, the greater of (x) the Principal Deficit Amount on such date and (y) the
sum of the Class A-3 Principal Amount, the Class A-4 Principal Amount, the
Class B-3 Principal Amount and the Class B-4 Principal Amount (on or prior to
the Four-Year Notes Legal Final Payment Date, calculated after giving effect to
the distribution of all amounts on account of principal that will be available
to be distributed to the Class A-3 Noteholders and the Class A-4 Noteholders
(other than under the Insurance Policy) and the Class B-3 

 123
 

Noteholders and the Class B-4 Noteholders in
accordance with this Series Supplement on the Four-Year Notes Legal Final
Payment Date (including, but not limited to, amounts to be withdrawn from the
Class A Reserve Account and the Class B Reserve Account pursuant to Section
2.5(c) of this Series Supplement)), and (D) on or after the second Business
Day immediately preceding the Five-Year Notes Legal Final Payment Date, the
Series 2005-2 Principal Amount (on or prior to the Five-Year Notes Legal Final
Payment Date, calculated after giving effect to the distribution of all amounts
that will be available to be distributed to the Class A-5 Noteholders and the
Class A-6 Noteholders (other than under the Insurance Policy) and the Class B-5
Noteholders and the Class B-5 Noteholders in accordance with this Series
Supplement on the Five-Year Notes Legal Final Payment Date (including, but not
limited to, amounts to be withdrawn from the Class A Reserve Account and the
Class B Reserve Account pursuant to Section 2.5(c) of this Series
Supplement)).  The Trustee shall cause
the proceeds of any demand on the Series 2005-2 Demand Note to be deposited
into the Series 2005-2 Distribution Account, and such proceeds shall be treated
as Principal Collections for all purposes hereunder.  If (i) the Trustee shall have made such a
Demand Notice and Hertz shall have failed to pay to the Trustee or deposit into
the Series 2005-2 Distribution Account the amount specified in such Demand
Notice in whole or in part by 12:00 noon (New York City time) on the Business
Day following the making of the Demand Notice or (ii) due to the occurrence of
an Event of Bankruptcy (or the occurrence of an event described in clause
(a) of the definition thereto, without the lapse of a period of 60
consecutive days) with respect to Hertz, the Trustee shall not have delivered
such Demand Notice to Hertz, the Trustee shall draw on:

(X) the Class B
Non-Ford Letters of Credit, if any, by 12:00 p.m. (New York City time) on such
Business Day an amount equal to the least of: (A) the amount that Hertz failed
to pay under the Series 2005-2 Demand Note (or the amount that the Trustee
failed to demand for payment thereunder);

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

(C)                                on
any Business Day:

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

(ii)                                  on
the Business Day immediately preceding the Three-Year Notes Legal Final Payment
Date, the sum of (x) the greater of the Principal Deficit Amount on such date
and the sum of the Class A-1 Principal Amount, the Class A-2
Principal Amount, the Class B-1 Principal Amount and the Class B-2
Principal Amount on such Business Day and (y) the lesser of (1) the amount by
which the Class B Liquidity Amount (after giving effect to any withdrawals to
be made from the Class B Reserve Account pursuant to Section 2.3(d)(ii)
and Section 2.5(b)(i)(A) of this Series Supplement and any drawings to
be made under the Class B Letters of Credit pursuant to Section 2.3(e)(II)
of this Series Supplement on the Three-Year Notes Legal Final Payment Date)
will exceed the 

 124
 

Class B Required Liquidity Amount (after giving effect to all
anticipated reductions in the Class B Principal Amount on the Three-Year Notes
Legal Final Payment Date) and (2) an amount equal to the excess, if any, of (a)
the Class B Required Liquidity Amount on the earlier of (I) the date of the
first occurrence of a Series 2005-2 Lease Interest Payment Deficit (other than
any Series 2005-2 Lease Interest Payment Deficit resulting from a failure to
pay Rent or any other amount payable by the Lessee under the HVF Lease that is
cured in full on or prior to the fifth Business Day after the occurrence of
such failure) and (II) the Three-Year Notes Legal Final Payment Date over (b)
the aggregate amount, as of the Three-Year Notes Legal Final Payment Date, of
all withdrawals from the Class B Reserve Account made since the date set forth
in clause (a) of this subparagraph (C)(ii) or to be made in
respect of the Three-Year Notes Legal Final Payment Date pursuant to Section
2.3(d)(ii) of this Series Supplement and all drawings made since such date
or to be made in respect of the Three-Year Notes Legal Final Payment Date under
the Class B Letters of Credit pursuant to Section 2.3(e)(II) of this
Series Supplement; provided, however, that any such withdrawals
from the Class B Reserve Account and/or drawings made under the Class B Letters
of Credit on account of a Series 2005-2 Lease Interest Payment Deficit
resulting from a failure to pay Rent or other amount payable by the Lessee
under the HVF Lease that is cured in full on or prior to the fifth Business Day
after the occurrence of such failure shall be excluded from this clause (b);

(iii)                               on
the Business Day immediately preceding the Four-Year Notes Legal Final Payment
Date, the sum of (x) the greater of the Principal Deficit Amount on such date
and the sum of the Class A-3 Principal Amount, the Class A-4 Principal Amount,
the Class B-3 Principal Amount and the Class B-4 Principal Amount on such
Business Day and (y) the lesser of (1) the amount by which the Class B
Liquidity Amount (after giving effect to any withdrawals to be made from the
Class B Reserve Account pursuant to Section 2.3(d)(ii) and Section
2.5(b)(i)(A) of this Series Supplement and any drawings to be made under
the Class B Letters of Credit pursuant to Section 2.3(e)(II) of this
Series Supplement on the Four-Year Notes Legal Final Payment Date) will exceed
the Class B Required Liquidity Amount (after giving effect to all anticipated
reductions in the Class B Principal Amount on the Four-Year Notes Legal Final
Payment Date) and (2) an amount equal to the excess, if any, of (a) the Class B
Required Liquidity Amount on the earlier of (I) the date of the first
occurrence of a Series 2005-2 Lease Interest Payment Deficit (other than any
Series 2005-2 Lease Interest Payment Deficit resulting from a failure to pay
Rent or any other amount payable by the Lessee under the HVF Lease that is
cured in full on or prior to the fifth Business Day after the occurrence of
such failure) and (II) the Four-Year Notes Legal Final Payment Date over (b)
the aggregate amount, as of the Four-Year Notes Legal Final Payment Date, of
all withdrawals from the Class B Reserve Account made since the date set forth
in clause (a) of this subparagraph (C)(iii) or to be made in
respect of the Four-Year Notes Legal Final Payment Date pursuant to Section
2.3(d)(ii) of this Series Supplement and all drawings made since such date
or to be made in respect of the Four-Year Notes Legal Final 

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Payment Date under the Class B Letters of Credit pursuant to Section
2.3(e)(II) of this Series Supplement; provided, however, that
any such withdrawals from the Class B Reserve Account and/or drawings made
under the Class B Letters of Credit on account of a Series 2005-2 Lease
Interest Payment Deficit resulting from a failure to pay Rent or other amount
payable by the Lessee under the HVF Lease that is cured in full on or prior to
the fifth Business Day after the occurrence of such failure shall be excluded
from this clause (b); and

(iv)                              on
the Business Day immediately preceding the Five-Year Notes Legal Final Payment
Date, the sum of (x) the greater of the Principal Deficit Amount on such date
and the sum of the Class A-5 Principal Amount, the Class A-6 Principal Amount,
the Class B-5 Principal Amount and the Class B-6 Principal Amount on such
Business Day and (y) an amount equal to the excess, if any, of (a) the Class B
Required Liquidity Amount on the earlier of (I) the date of the first
occurrence of a Series 2005-2 Lease Interest Payment Deficit (other than any
Series 2005-2 Lease Interest Payment Deficit resulting from a failure to pay
Rent or any other amount payable by the Lessee under the HVF Lease that is
cured in full on or prior to the fifth Business Day after the occurrence of
such failure) and (II) the Five-Year Notes Legal Final Payment Date over (b)
the aggregate amount, as of the Five-Year Notes Legal Final Payment Date, of
all withdrawals from the Class B Reserve Account made since the date set forth
in clause (a) of this subparagraph (C)(iv) or to be made in
respect of the Five-Year Notes Legal Final Payment Date pursuant to Section
2.3(d)(ii) of this Series Supplement and all drawings made since such date
or to be made in respect of the Five-Year Notes Legal Final Payment Date under
the Class B Letters of Credit pursuant to Section 2.3(e)(II) of this
Series Supplement; provided, however, that any such withdrawals
from the Class B Reserve Account and/or drawings made under the Class B Letters
of Credit on account of a Series 2005-2 Lease Interest Payment Deficit
resulting from a failure to pay Rent or other amount payable by the Lessee under
the HVF Lease that is cured in full on or prior to the fifth Business Day after
the occurrence of such failure shall be excluded from this clause (b);

by presenting to each
Class B Non-Ford Letter of Credit Provider a draft accompanied by a Class B Certificate
of Unpaid Demand Note Demand; provided, however that if the Class
B Non-Ford Cash Collateral Account has been established and funded, the Trustee
shall withdraw from the Class B Non-Ford Cash Collateral Account and deposit in
the Series 2005-2 Distribution Account an amount equal to the lesser of (x) the
Class B Non-Ford Cash Collateral Percentage on such Business Day of the least
of the amounts set forth in clause (A), (B) or (C) above
and (y) the Class B Available Non-Ford Cash Collateral Account Amount on such
Business Day and draw an amount equal to the remainder of such amount on the
Class B Non-Ford Letters of Credit; and

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

 126

(A)                              the
excess of the amount that Hertz failed to pay under the Series 2005-2 Demand
Note (or the amount that the Trustee failed to demand for payment thereunder)
over the aggregate amount of any draws under the Class B Non-Ford Letter of
Credit and/or withdrawals from the Class B Non-Ford Cash Collateral Account
pursuant to clause (X) above on such Business Day;

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

(C)                                on
any Business Day:

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

(ii)                                  on
the Business Day immediately preceding the Three-Year Notes Legal Final Payment
Date, the sum of (x) the excess of the greater of the Principal Deficit Amount
and the sum of the Class A-1 Principal Amount, the Class A-2
Principal Amount, the Class B-1 Principal Amount and the Class B-2
Principal Amount on such Business Day over the aggregate amount of any draws
under the Class B Non-Ford Letter of Credit and/or withdrawals from the Class B
Non-Ford Cash Collateral Account pursuant to clause (X) above on such
Business Day and (y) the lesser of (1) the amount by which the Class A
Liquidity Amount (after giving effect to any withdrawals to be made from the
Class A Reserve Account pursuant to Section 2.3(d)(i) and Section
2.5(b)(i)(B) of this Series Supplement and any drawings to be made under
the Class A Letters of Credit pursuant to Section 2.3(e)(I) of this
Series Supplement on the Three-Year Notes Legal Final Payment Date) will exceed
the Class A Required Liquidity Amount (after giving effect to all anticipated
reductions in the Class A Principal Amount on the Three-Year Notes Legal Final
Payment Date) and (2) an amount equal to the excess, if any, of (a) the Class A
Required Liquidity Amount on the earlier of (I) the date of the first
occurrence of a Series 2005-2 Lease Interest Payment Deficit (other than any
Series 2005-2 Lease Interest Payment Deficit resulting from a failure to pay
Rent or any other amount payable by the Lessee under the HVF Lease that is
cured in full on or prior to the fifth Business Day after the occurrence of
such failure) and (II) the Three-Year Notes Legal Final Payment Date over (b)
the aggregate amount, as of the Three-Year Notes Legal Final Payment Date, of
all withdrawals from the Class A Reserve Account made since the date set forth
in clause (a) of this subparagraph (C)(ii) or to be made in
respect of the Three-Year Notes Legal Final Payment Date pursuant to Section
2.3(d)(i) of this Series Supplement and all drawings made since such date
or to be made in respect of the Three-Year Notes Legal Final Payment Date under
the Class A Letters of Credit pursuant to Section 2.3(e)(I) of this
Series Supplement; provided, however, that any such withdrawals
from the Class A Reserve Account and/or drawings made under the Class A Letters
of Credit on account of a Series 2005-2 

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

(iii)                               on
the Business Day immediately preceding the Four-Year Notes Legal Final Payment
Date, the sum of (x) the excess of the greater of the Principal Deficit Amount
and the sum of the Class A-3 Principal Amount, the Class A-4 Principal Amount,
the Class B-3 Principal Amount and the Class B-4 Principal Amount on such
Business Day over the aggregate amount of any draws under the Class B Non-Ford
Letter of Credit and/or withdrawals from the Class B Non-Ford Cash Collateral
Account pursuant to clause (X) above on such Business Day and (y) the
lesser of (1) the amount by which the Class A Liquidity Amount (after giving
effect to any withdrawals to be made from the Class A Reserve Account pursuant
to Section 2.3(d)(i) and Section 2.5(b)(i)(B) of this Series
Supplement and any drawings to be made under the Class A Letters of Credit
pursuant to Section 2.3(e)(I) of this Series Supplement on the Four-Year
Notes Legal Final Payment Date) will exceed the Class A Required Liquidity
Amount (after giving effect to all anticipated reductions in the Class A
Principal Amount on the Four-Year Notes Legal Final Payment Date) and (2) an
amount equal to the excess, if any, of (a) the Class A Required Liquidity
Amount on the earlier of (I) the date of the first occurrence of a Series
2005-2 Lease Interest Payment Deficit (other than any Series 2005-2 Lease
Interest Payment Deficit resulting from a failure to pay Rent or any other amount
payable by the Lessee under the HVF Lease that is cured in full on or prior to
the fifth Business Day after the occurrence of such failure) and (II) the
Four-Year Notes Legal Final Payment Date over (b) the aggregate amount, as of
the Four-Year Notes Legal Final Payment Date, of all withdrawals from the Class
A Reserve Account made since the date set forth in clause (a) of this subparagraph
(C)(iii) or to be made in respect of the Four-Year Notes Legal Final
Payment Date pursuant to Section 2.3(d)(i) of this Series Supplement and
all drawings made since such date or to be made in respect of the Four-Year
Notes Legal Final Payment Date under the Class A Letters of Credit pursuant to Section
2.3(e)(I) of this Series Supplement; provided, however, that
any such withdrawals from the Class A Reserve Account and/or drawings made
under the Class A Letters of Credit on account of a Series 2005-2 Lease
Interest Payment Deficit resulting from a failure to pay Rent or other amount
payable by the Lessee under the HVF Lease that is cured in full on or prior to
the fifth Business Day after the occurrence of such failure shall be excluded
from this clause (b); and

(iv)                              on
the Business Day immediately preceding the Five-Year Notes Legal Final Payment
Date, the sum of (x) the excess of the greater of the Principal Deficit Amount
and the sum of the Class A-5 Principal Amount, the Class A-6 Principal Amount,
the Class B-5 Principal Amount and the Class B-6 Principal Amount on such
Business Day over the aggregate amount of any draws under the Class B Non-Ford
Letter of Credit and/or withdrawals from the Class B Non-Ford Cash Collateral
Account pursuant to clause (X) above on such Business 

 128
 

Day and (y) an
amount equal to the excess, if any, of (a) the Class A Required Liquidity
Amount on the earlier of (I) the date of the first occurrence of a Series
2005-2 Lease Interest Payment Deficit (other than any Series 2005-2 Lease
Interest Payment Deficit resulting from a failure to pay Rent or any other
amount payable by the Lessee under the HVF Lease that is cured in full on or
prior to the fifth Business Day after the occurrence of such failure) and (II)
the Five-Year Notes Legal Final Payment Date over (b) the aggregate amount, as
of the Five-Year Notes Legal Final Payment Date, of all withdrawals from the
Class A Reserve Account made since the date set forth in clause (a) of
this subparagraph (C)(iv) or to be made in respect of the Five-Year
Notes Legal Final Payment Date pursuant to Section 2.3(d)(i) of this
Series Supplement and all drawings made since such date or to be made in
respect of the Five-Year Notes Legal Final Payment Date under the Class A
Letters of Credit pursuant to Section 2.3(e)(I) of this Series
Supplement; provided, however, that any such withdrawals from the
Class A Reserve Account and/or drawings made under the Class A Letters of
Credit on account of a Series 2005-2 Lease Interest Payment Deficit resulting
from a failure to pay Rent or other amount payable by the Lessee under the HVF
Lease that is cured in full on or prior to the fifth Business Day after the
occurrence of such failure shall be excluded from this clause (b); and

by presenting to each
Class A Non-Ford Letter of Credit Provider a draft accompanied by a Class A
Certificate of Unpaid Demand Note Demand; provided, however that
if the Class A Non-Ford Cash Collateral Account has been established and
funded, the Trustee shall withdraw from the Class A Non-Ford Cash Collateral
Account and deposit in the Series 2005-2 Distribution Account an amount equal
to the lesser of (x) the Class A Non-Ford Cash Collateral Percentage on such
Business Day of the least of the amounts set forth in clause (A), (B)
or (C) above and (y) the Class A Available Non-Ford Cash Collateral
Account Amount on such Business Day and draw an amount equal to the remainder
of such amount on the Class A Non-Ford Letters of Credit.  The Trustee shall deposit, or cause the
deposit of, the proceeds of any such draw on the Class A Non-Ford Letters of
Credit and the proceeds of any such withdrawal from the Class A Non-Ford Cash
Collateral Account and any draw on the Class B Non-Ford Letters of Credit and
the proceeds of any such withdrawal from the Class B Non-Ford Cash Collateral
Account, into the Series 2005-2 Collection Account and such proceeds shall be
treated as Principal Collections for the Related Month.

Section 2.13.                             Class
B Reserve Account.

(a)                                  Establishment
of Class B Reserve Account.  On or
prior to the first Series 2005-2 Class B Notes Closing Date, HVF shall
establish and maintain in the name of the Trustee for the benefit of the Series
2005-2 Noteholders, Ford and each Interest Rate Hedge Provider an account (the “Class
B Reserve Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Series 2005-2
Noteholders, Ford and each Interest Rate Hedge Provider.  The Class B Reserve Account shall be an
Eligible Deposit Account.  If the Class B
Reserve Account is at any time following such initial Series 2005-2 Class B
Notes Closing Date no longer an Eligible Deposit Account, HVF shall, within 10
Business Days of obtaining knowledge 

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that the Class B Reserve Account is no longer
an Eligible Deposit Account, establish a new Class B Reserve Account that is an
Eligible Deposit Account.  If a new Class
B Reserve Account is established, HVF shall instruct the Trustee in writing to
transfer all cash and investments from the non-qualifying Class B Reserve
Account into the new Class B Reserve Account. 
Initially, the Class B Reserve Account will be established with the
Trustee.

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

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

(d)                                 Class
B Reserve Account Constitutes Additional Collateral for Series 2005-2 Notes.
 In
order to secure and provide for the repayment and payment of the Note
Obligations with respect to the Series 2005-2 Notes, HVF hereby grants a
security interest in and assigns, pledges, grants, transfers and sets over to
the Trustee, for the benefit of the Series 2005-2 Noteholders, Ford and each
Interest Rate Hedge Provider, all of HVF’s right, title and interest in and to
the following (whether now or hereafter existing or acquired):  (i) the Class B Reserve Account, including
any security entitlement thereto; (ii) all funds on deposit therein from time
to time; (iii) all certificates and instruments, if any, representing or
evidencing any or all of the Class B Reserve Account or the funds on deposit
therein from time to time; (iv) all investments made at any time and from time
to time with monies in the Class B Reserve Account, whether constituting
securities, instruments, general intangibles, investment property, financial
assets or other property; (v) all interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for the Class B Reserve Account, the funds on
deposit therein from time to time or the investments made with such funds; and
(vi) all proceeds of any and all of the foregoing, including, without
limitation, cash (the items in the foregoing clauses (i) through (vi)
are referred to, collectively, as the “Class B Reserve Account Collateral”).

 130
 

(e)                                  Class
B Reserve Account Surplus.  In the
event that the Class B Reserve Account Surplus on any Payment Date is greater
than zero, the Trustee, acting in accordance with the written instructions of
the Administrator, shall withdraw from the Class B Reserve Account an amount
equal to the Class B Reserve Account Surplus and (i) pay to Ford, the lesser of
(x) such Class B Reserve Account Surplus and (y) all unpaid Ford Reimbursement
Obligations and (ii) only for so long as the Ford LOC Exposure Amount is
greater than zero, solely to the extent that after giving effect to such
payment the Fleet Equity Condition would be satisfied, (A) pay to each Interest
Rate Hedge Provider on a pro  rata basis the lesser of (x) the
excess of such Class B Reserve Account Surplus over the amounts paid pursuant
to clause (i) above and (y) all amounts then due and owing to each such
Interest Rate Hedge Provider under its Series 2005-2 Interest Rate Hedge and
(B) pay to HVF any portion of such Class B Reserve Account Surplus remaining
after any required payments pursuant to clauses (i) and (ii)(A)
above.

(f)                                    Termination
of Class B Reserve Account.  On or
after the date on which the Class B Notes are fully paid, each Interest Rate
Hedge Provider has been paid all amounts due and owing to it from HVF under its
Series 2005-2 Interest Rate Hedge and Ford has been paid all unpaid Ford
Reimbursement Obligations, the Trustee, acting in accordance with the written
instructions of the Administrator, shall withdraw from the Class B Reserve
Account, only for so long as the Ford LOC Exposure Amount is greater than zero,
solely to the extent that after giving effect to such payment the Fleet Equity
Condition would be satisfied, all remaining amounts on deposit therein for
payment to HVF.

Section 2.14.                             Class
B Letters of Credit and Class B Cash Collateral Account.

(a)                                  (I) Class
B Ford Cash Collateral Account Constitutes Additional Collateral for Series
2005-2 Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-2 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-2 Noteholders, Ford and each Interest Rate Hedge Provider, all of
HVF’s right, title and interest in and to the following (whether now or
hereafter existing or acquired):  (i) the
Class B Ford Cash Collateral Account, including any security entitlement
thereto; (ii) all funds on deposit in the Class B Ford Cash Collateral Account
from time to time; (iii) all certificates and instruments, if any, representing
or evidencing any or all of the Class B Ford Cash Collateral Account or the
funds on deposit therein from time to time; (iv) all investments made at any
time and from time to time with monies in the Class B Ford Cash Collateral
Account, whether constituting securities, instruments, general intangibles,
investment property, financial assets or other property; (v) all interest,
dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for the Class
B Ford Cash Collateral Account, the funds on deposit therein from time to time
or the investments made with such funds; and (vi) all proceeds of any and all
of the foregoing, including, without limitation, cash (the items in the
foregoing clauses (i) through (vi) are referred to, collectively,
as the “Class B Ford Cash Collateral Account Collateral”).

 131
 

(II)                                Class
B Non-Ford Cash Collateral Account Constitutes Additional Collateral for Series
2005-2 Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-2 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-2 Noteholders, Ford and each Interest Rate Hedge Provider, all of
HVF’s right, title and interest in and to the following (whether now or
hereafter existing or acquired):  (i) the
Class B Non-Ford Cash Collateral Account, including any security entitlement
thereto; (ii) all funds on deposit in the Class B Non-Ford Cash Collateral
Account from time to time; (iii) all certificates and instruments, if any,
representing or evidencing any or all of the Class B Non-Ford Cash Collateral
Account or the funds on deposit therein from time to time; (iv) all investments
made at any time and from time to time with monies in the Class B Non-Ford Cash
Collateral Account, whether constituting securities, instruments, general
intangibles, investment property, financial assets or other property; (v) all
interest, dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for
the Class B Non-Ford Cash Collateral Account, the funds on deposit therein from
time to time or the investments made with such funds; and (vi) all proceeds of
any and all of the foregoing, including, without limitation, cash (the items in
the foregoing clauses (i) through (vi) are referred to, collectively,
as the “Class B Non-Ford Cash Collateral Account Collateral”).

(b)                                 Class
B Letter of Credit Expiration Date. 
If prior to the date which is sixteen (16) Business Days prior to the
then scheduled Class B Letter of Credit Expiration Date with respect to any
Class B Letter of Credit, excluding the amount available to be drawn under such
Class B Letter of Credit but taking into account each substitute Class B Letter
of Credit which has been obtained from a Class B Eligible Letter of Credit
Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable,
and is in full force and effect on such date, (i) the Class A Adjusted
Enhancement Amount would be equal to or greater than the Class A Required
Enhancement Amount, (ii) the Class B Enhancement Amount would be equal to or
greater than the Class B Required Enhancement Amount, (iii) the Class B
Liquidity Amount would be equal to or greater than the Class B Required
Liquidity Amount or (iv) if the expiring Class B Letter of Credit is a Class B
Non-Ford Letter of Credit, the sum of the Class A Non-Ford Letter of Credit
Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount
would be equal to or greater than the Series 2005-2 Demand Note Payment Amount,
then the Administrator shall notify the Trustee in writing no later than
fifteen (15) Business Days prior to such Class B Letter of Credit Expiration
Date of such determination.  If prior to
the date which is sixteen (16) Business Days prior to the then scheduled Class
B Letter of Credit Expiration Date with respect to any Class B Letter of
Credit, excluding such Class B Letter of Credit but taking into account any
substitute Class B Letter of Credit which has been obtained from a Class B
Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit
Provider, as applicable, and is in full force and effect on such date,
(i) the Class A Adjusted Enhancement Amount would be less than the Class A
Required Enhancement Amount, (ii) the Class B Adjusted Enhancement Amount would
be less than the Class B Required Enhancement Amount, (iii) the Class B
Adjusted Liquidity Amount would be less than 

 132
 

the Class B Required Liquidity Amount or (iv)
if the expiring Class B Letter of Credit is a Class B Non-Ford Letter of
Credit, the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and
the Class B Non-Ford Letter of Credit Liquidity Amount would be less than the
Series 2005-2 Demand Note Payment Amount, then the Administrator shall notify
the Trustee in writing no later than fifteen (15) Business Days prior to such
Class B Letter of Credit Expiration Date of (x) the greatest of (A) the excess,
if any, of the Class A Required Enhancement Amount over the Class A Adjusted
Enhancement Amount, excluding such Class B Letter of Credit but taking into
account any substitute Class B Letter of Credit which has been obtained from a
Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of
Credit Provider, as applicable, and is in full force and effect on such date,
(B) the excess, if any, of the Class B Required Enhancement Amount over the
Class B Adjusted Enhancement Amount, excluding such Class B Letter of Credit
but taking into account any substitute Class B Letter of Credit which has been
obtained from a Class B Eligible Letter of Credit Provider or a Class B
Eligible Ford Letter of Credit Provider, as applicable, and is in full force
and effect on such date, (C) the excess, if any, of the Class B Required
Liquidity Amount over the Class B Adjusted Liquidity Amount, excluding such
Class B Letter of Credit but taking into account each substitute Class B Letter
of Credit which has been obtained from a Class B Eligible Letter of Credit
Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable,
and is in full force and effect on such date, and (D) solely with respect to a
Class B Non-Ford Letter of Credit, the excess, if any, of the Series 2005-2
Demand Note Payment Amount over the sum of the Class A Non-Ford Letter of
Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity
Amount, excluding such Class B Non-Ford Letter of Credit but taking into
account each substitute Class B Non-Ford Letter of Credit which has been
obtained from a Class B Eligible Letter of Credit Provider and is in full force
and effect on such date and (y) the amount available to be drawn on such
expiring Class B Letter of Credit on such date. 
Upon receipt of such notice by the Trustee on or prior to 10:30 a.m.
(New York City time) on any Business Day, the Trustee shall, by 12:00 p.m. (New
York City time) on such Business Day (or, in the case of any notice given to
the Trustee after 10:30 a.m. (New York City time), by 12:00 p.m. (New York City
time) on the next following Business Day), draw the lesser of the amounts set
forth in clauses (x) and (y) above on such Class B Letter of
Credit by presenting a draft accompanied by a Class B Certificate of
Termination Demand and shall cause the Class B LOC Termination Disbursements to
be deposited in the Class B Non-Ford Cash Collateral Account, in the case of a
Class B LOC Termination Disbursement under a Class B Non-Ford Letter of Credit,
and the Class B Ford Cash Collateral Account, in the case of a Class B LOC
Termination Disbursement under a Class B Ford Letter of Credit.  If the
Trustee does not receive the notice from the Administrator described above on
or prior to the date that is fifteen (15) Business Days prior to each Class B
Letter of Credit Expiration Date, the Trustee shall, by 12:00 p.m. (New York
City time) on such Business Day draw the full amount of such Class B Letter of
Credit by presenting a draft accompanied by a Class B Certificate of
Termination Demand and shall cause the Class B LOC Termination Disbursements to
be deposited in the applicable Class B Cash Collateral Account.

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(c)                                  Class
B Letter of Credit Providers.  The
Administrator shall notify the Trustee and Fitch in writing within one Business
Day of becoming aware that the short-term debt credit rating of any Class B
Letter of Credit Provider has fallen below “A-1” as determined by Standard
& Poor’s or “P-1” as determined by Moody’s or the long-term debt credit
rating of any Class B Letter of Credit Provider has fallen below “A+” as
determined by Standard & Poor’s or “A1” as determined by Moody’s (with
respect to any Class B Letter of Credit Provider, a “Class B Downgrade Event”).  On the thirtieth (30th) day after the
occurrence of a Class B Downgrade Event with respect to any Class B Letter of
Credit Provider, the Administrator shall notify the Trustee in writing on such
date of (i) the greatest of (A) the excess, if any, of the Class A Required
Enhancement Amount over the Class A Adjusted Enhancement Amount, excluding the
available amount under the Class B Letter of Credit issued by such Class B
Letter of Credit Provider, on such date, (B) the excess, if any, of the Class B
Required Enhancement Amount over the Class B Adjusted Enhancement Amount,
excluding the available amount under the Class B Letter of Credit issued by
such Class B Letter of Credit Provider, on such date, (C) the excess, if any,
of the Class B Required Liquidity Amount over the Class B Adjusted Liquidity
Amount, excluding the available amount under such Class B Letter of Credit, on
such date, and (D) solely with respect to a Class B Non-Ford Letter of Credit,
the excess, if any, of the Series 2005-2 Demand Note Payment Amount minus the
Class A Non-Ford Letter of Credit Liquidity Amount over the Class B Non-Ford
Letter of Credit Liquidity Amount, excluding the available amount under such
Class B Letter of Credit, on such date, and (ii) the amount available to be
drawn on such Class B Non-Ford Letter of Credit on such date.  Upon receipt of such notice by the Trustee on
or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee
shall, by 12:00 p.m. (New York City time) on such Business Day (or, in the case
of any notice given to the Trustee after 10:30 a.m. (New York City time), by
12:00 p.m. (New York City time) on the next following Business Day), draw on such
Class B Letter of Credit in an amount equal to the lesser of the amount in clause
(i) or clause (ii) of the immediately preceding sentence on such
Business Day by presenting a draft accompanied by a Class B Certificate of
Termination Demand and shall cause the Class B LOC Termination Disbursement to
be deposited in a Class B Non-Ford Cash Collateral Account, in the case of a
Class B LOC Termination Disbursement under a Class B Non-Ford Letter of Credit,
and the Class B Ford Cash Collateral Account, in the case of a Class B LOC
Termination Disbursement under a Class B Ford Letter of Credit.

(d)                                 Class
B Preference Amount Demands on the Class B Letters of Credit.  If a Class B Noteholder notifies the Trustee
in writing that a Class B Preference Amount is due and owing, subject to the
satisfaction of the conditions set forth in the next succeeding sentence, the
Trustee shall draw an amount equal to the lesser of (i) such Class B Preference
Amount and (ii) the Class B Non-Ford Letter of Credit Liquidity Amount on the
Class B Non-Ford Letters of Credit by presenting to each Class B Non-Ford Letter of Credit Provider a
draft accompanied by a Class B Certificate of Preference Payment Demand and
shall cause the Class B LOC Preference Payment Disbursements to be paid to the
Class B Noteholders; provided, however, that if the Class B
Non-Ford Cash Collateral Account has been established and funded, the Trustee
shall draw an amount equal to the product of (a) 100% minus the Class B
Non-Ford Cash Collateral 

 134
 

Percentage and (b) the lesser of the amounts
referred to in clause (i) and (ii) on such Business Day on the
Class B Non-Ford Letters of Credit as calculated by the Administrator, at the
request of the Trustee, and provided in writing to the Trustee.  Prior to any draw on the Class B Non-Ford
Letters of Credit or withdrawal from the Class B Non-Ford Cash Collateral
Account pursuant to this Section 2.14(d), the Trustee shall have
received a certified copy of the order requiring the return of such Class B
Preference Amount.

(e)                                  (I) Reductions
in Stated Amounts of the Class B Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-3-1, requesting a
reduction in the stated amount of any Class B Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to
the Class B Ford Letter of Credit Provider who issued such Class B Ford Letter
of Credit with a copy to Ford a Class B Notice of Reduction requesting a
reduction in the stated amount of such Class B Ford Letter of Credit in the
amount requested in such notice effective on the date set forth in such notice,
provided that on such effective date, after giving effect to the
requested reduction in the stated amount of such Class B Ford Letter of Credit,
(i) the Class A Adjusted Enhancement Amount will equal or exceed the Class A
Required Enhancement Amount, (ii) the Class B Adjusted Enhancement Amount will
equal or exceed the Class B Required Enhancement Amount, and (iii) the Class B
Adjusted Liquidity Amount will equal or exceed the Class B Required Liquidity
Amount.  If the Trustee receives a
written notice from Ford, substantially in the form of Exhibit D-3-2,
requesting the replacement of any Class B Ford Letter of Credit, the Trustee
shall within two Business Days of the receipt of such notice and upon receipt
of a substitute Class B Ford Letter of Credit having a stated amount equal to
the available amount of the Class B Ford Letter of Credit being replaced issued
by a Class B Eligible Ford Letter of Credit Provider deliver to the Class B
Letter of Credit Provider who issued the Class B Ford Letter of Credit being
replaced a written notice in the form provided in such Class B Ford Letter of
Credit confirming cancellation of such Class B Ford Letter of Credit and shall
deliver such cancelled Class B Ford Letter of Credit to such Class B Letter of
Credit Provider as soon as practicable.

(II)                                Reductions in Stated
Amounts of the Class B Non-Ford Letters of Credit.  If the Trustee receives a written notice from
the Lessee, substantially in the form of Exhibit D-4, requesting a
reduction in the stated amount of any Class B Non-Ford Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to
the Class B Non-Ford Letter of Credit Provider who issued such Class B Non-Ford
Letter of Credit a Class B Notice of Reduction requesting a reduction in the
stated amount of such Class B Non-Ford Letter of Credit in the amount requested
in such notice effective on the date set forth in such notice provided that on
such effective date, after giving effect to the requested reduction in the
stated amount of such Class B Non-Ford Letter of Credit, (i) the Class A
Adjusted Enhancement Amount will equal or exceed the Class A Required
Enhancement Amount, (ii) the Class B Adjusted Enhancement Amount will equal or
exceed the Class B Required Enhancement Amount, (iii) the Class B Adjusted
Liquidity Amount will equal or exceed the Class B Required Liquidity Amount and
(iv) the Class B Non-Ford Letter of Credit Liquidity Amount will equal or
exceed the Series 2005-2 Demand Note Payment Amount minus the Class A Non-Ford
Letter of 

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Credit Liquidity Amount.

(f)                                    (I) Draws
on the Class B Ford Letters of Credit. 
If there is more than one Class B Ford Letter of Credit on the date of
any draw on the Class B Ford Letters of Credit pursuant to the terms of this
Series Supplement (other than pursuant to Sections 2.14(b) and (c)
of this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Class B Ford Letter of Credit in an amount equal to
the Pro Rata Share of the Class B Ford Letter of Credit Provider issuing such
Class B Ford Letter of Credit of the amount of such draw on the Class B Ford
Letters of Credit.

(II)                                Draws
on the Class B Non-Ford Letters of Credit. 
If there is more than one Class B Non-Ford Letter of Credit on the date
of any draw on the Class B Non-Ford Letters of Credit pursuant to the terms of
this Series Supplement (other than pursuant to Sections 2.14(b) and (c)
of this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Class B Non-Ford Letter of Credit in an amount equal
to the Pro Rata Share of the Class B Non-Ford Letter of Credit Provider issuing
such Class B Non-Ford Letter of Credit of the amount of such draw on the Class
B Non-Ford Letters of Credit.

(g)                                 (I) Establishment
of Class B Ford Cash Collateral Account. 
On or prior to the date of any drawing under a Class B Ford Letter of
Credit pursuant to Section 2.14(b) or (c) of this Series
Supplement, HVF shall establish and maintain in the name of the Trustee for the
benefit of the Series 2005-2 Noteholders, Ford and each Interest Rate Hedge
Provider, an account (the “Class B Ford Cash Collateral Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Series 2005-2 Noteholders, Ford and each Interest Rate Hedge Provider.  The Class B Ford Cash Collateral Account shall
be an Eligible Deposit Account.  If the
Class B Ford Cash Collateral Account is at any time no longer an Eligible
Deposit Account, HVF shall, within 10 Business Days of obtaining knowledge that
the Class B Ford Cash Collateral Account is no longer an Eligible Deposit
Account, establish a new Class B Ford Cash Collateral Account that is an
Eligible Deposit Account.  If a new Class
B Ford Cash Collateral Account is established, HVF shall instruct the Trustee
in writing to transfer all cash and investments from the non-qualifying Class B
Ford Cash Collateral Account into the new Class B Ford Cash Collateral Account.

(II)                                Establishment of
Class B Non-Ford Cash Collateral Account. 
On or prior to the date of any drawing under a Class B Non-Ford Letter
of Credit pursuant to Section 2.14(b) or (c) of this Series
Supplement, HVF shall establish and maintain in the name of the Trustee for the
benefit of the Series 2005-2 Noteholders, Ford and each Interest Rate Hedge
Provider, an account (the “Class B Non-Ford Cash Collateral Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Series 2005-2 Noteholders, Ford and each Interest
Rate Hedge Provider.  The Class B
Non-Ford Cash Collateral Account shall be an Eligible Deposit Account.  If the Class B Non-Ford Cash Collateral
Account is at any time no longer an Eligible Deposit Account, HVF shall, within
10 Business Days of obtaining knowledge that the Class B Non-Ford Cash
Collateral Account is no longer an Eligible Deposit Account, establish a new
Class B Non-Ford Cash Collateral Account that is an Eligible 

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Deposit Account.  If a new Class B Non-Ford Cash Collateral
Account is established, HVF shall instruct the Trustee in writing to transfer
all cash and investments from the non-qualifying Class B Non-Ford Cash
Collateral Account into the new Class B Non-Ford Cash Collateral Account.

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

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

(j)                                     Class
B Cash Collateral Account Surplus. 
(X) In the event that the Class B Cash Collateral Account Surplus on any
Payment Date is greater than zero, the Administrator may direct the Trustee to,
and the Trustee, acting in accordance with the written instructions of the
Administrator, shall, subject to the limitations set forth in this Section
2.14(j)(X), withdraw the amount specified by the Administrator from the
Class B Cash Collateral Account specified by the Administrator and apply such
amount in accordance with the terms of this Section 2.14(j)(X).  The amount of any such withdrawal from the
Class B Ford Cash Collateral Account shall be limited to the lesser of (a) the
Class B Available Ford Cash Collateral Account Amount on such Payment Date and
(b) the Class B Cash Collateral Account Surplus (after giving effect to any
withdrawal from the Class B Non-Ford Cash Collateral Account) on such Payment
Date.  The amount of any such withdrawal
from the Class B Non-Ford Cash Collateral Account shall be limited to the least
of (a) the Class B Available Non-Ford Cash Collateral Account Amount on such
Payment Date, (b) the Class B Cash Collateral Account Surplus (after giving
effect to any withdrawal from the Class B Ford Cash Collateral Account) on such
Payment Date and (c) the excess, if any, of the Class B Non-Ford Letter of
Credit Liquidity Amount on such Payment Date over the excess, if any, of the
Series 2005-2 Demand Note Payment Amount over the Class A Non-Ford Letter of
Credit Liquidity Amount on such Payment Date. 
Any amounts withdrawn from the Class B Ford Cash Collateral Account
pursuant to this Section 2.14(j)(X) shall be paid to Ford.  Any amounts withdrawn from the Class B
Non-Ford Cash Collateral Account shall be paid: 
first, to Ford to the extent that there are unpaid Ford
Reimbursement Obligations due and owing to Ford, the lesser of the 

 137
 

amount withdrawn from the Class B Non-Ford
Cash Collateral Account and the amount of such unpaid Ford Reimbursement
Obligations, second, only for so long as the Ford LOC Exposure Amount is
greater than zero, solely to the extent that after giving effect to any such
withdrawal, the Fleet Equity Condition would be satisfied, to the Class B
Non-Ford Letter of Credit Providers, to the extent that there are unreimbursed
Class B Disbursements due and owing to such Class B Non-Ford Letter of Credit
Providers in respect of the Class B Non-Ford Letters of Credit, for application
in accordance with the provisions of the respective Class B Non-Ford Letter of
Credit Reimbursement Agreement, and third, only for so long as the Ford
LOC Exposure Amount is greater than zero, solely to the extent that after
giving effect to any such withdrawal, the Fleet Equity Condition would be
satisfied, to HVF any remaining amount. 
(Y) Irrespective of whether there is a Class B Cash Collateral Account
Surplus, in the event that the Class B Ford Cash Collateral Account has been
established pursuant to Section 2.14(g)(I) of this Series Supplement,
the proceeds of one or more Class B LOC Termination Disbursements have been
deposited therein pursuant to Section 2.14(b) or Section 2.14(c)
of this Series Supplement and Ford delivers to the Trustee a Class B Ford
Letter of Credit from a Class B Eligible Ford Letter of Credit Provider, the
Administrator shall direct the Trustee to, and the Trustee, acting in
accordance with the written instructions of the Administrator shall withdraw
from the Class B Ford Cash Collateral Account an amount equal to the stated
amount of such Class B Ford Letter of Credit and pay such amount to Ford.

(k)                                  Termination
of Class B Cash Collateral Account. 
On the earlier of the termination of this Series Supplement in
accordance with Section 6.13 and the Five-Year Notes Legal Final Payment
Date, the Trustee, acting in accordance with the written instructions of the
Administrator, shall withdraw from the Class B Ford Cash Collateral Account and
(i) pay to Ford an amount equal to the lesser of (x) the Class B Available Ford
Cash Collateral Account Amount and (y) the excess, if any, of (A) the aggregate
amount of Class B LOC Termination Disbursements deposited into the Class B Ford
Cash Collateral Account pursuant to Section 2.14(b) or Section
2.14(c) of this Series Supplement over (B) the aggregate amount withdrawn
from the Class B Ford Cash Collateral Account pursuant to Section
2.3(e)(II)(Y) or Section 2.5(b)(ii) of this Series Supplement that
has not be reimbursed by HVF in accordance with Section 2.16 of this
Series Supplement on or prior to such date, (ii) pay to Ford, an amount equal
to the lesser of (x) the amount of unpaid Ford Reimbursement Obligations due
and owing to Ford and (y) the excess, if any, of the Class B Available Ford
Cash Collateral Account Amount over the amount paid to Ford pursuant to clause
(i) above and (iii) pay to HVF, any funds remaining in the Class B Ford Cash
Collateral Account.

(Y)  Upon the termination of this Series
Supplement in accordance with its terms, the Trustee, acting in accordance with
the written instructions of the Administrator, after the prior payment of all
amounts due and owing to the Series 2005-2 Noteholders, the Insurer, Ford and
each Interest Rate Hedge Provider and payable from the Class B Non-Ford Cash
Collateral Account as provided herein, shall withdraw from such Class B
Non-Ford Cash Collateral Account all amounts on deposit therein (to the extent
not withdrawn pursuant to Section 2.14(d) above) and shall pay such
amounts, first, to Ford, to the extent that there are unpaid Ford
Reimbursement Obligations due and owing to Ford, second, only for so
long as the Ford LOC Exposure is greater than zero, solely to the 

 138
 

extent that after giving effect to such
payment the Fleet Equity Condition would be satisfied, pro rata to the Class
B Non-Ford Letter of Credit Providers, to the extent that there are
unreimbursed Class B Disbursements due and owing to such Class B Non-Ford
Letter of Credit Providers, for application in accordance with the provisions
of the respective Class B Non-Ford Letters of Credit, and third, only
for so long as the Ford LOC Exposure Amount is greater than zero, solely to the
extent that after giving effect to such payment the Fleet Equity Condition
would be satisfied, to HVF any remaining amounts.

Section 2.15.                             Subordination
of Class B Notes.  Notwithstanding
anything to the contrary contained herein or in any other Related Document, the
Class B Notes will be subordinate in all respects to the Class A Notes.  No payments on account of interest or
principal with respect to the Class B Notes shall be made on any Payment Date
until all payments of interest and principal then due and payable with respect
to the Class A Notes on such Payment Date (including, without limitation, all
accrued interest, all interest accrued on such accrued interest, all Class A
Deficiency Amounts and all Class A Controlled Distribution Amounts) have been
paid in full and all Insurer Fees and Insurer Reimbursement Amounts due on such
Payment Date have been paid in full.

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

Section 2.16.                             Reimbursement
Obligation.  (a)  HVF
agrees to pay to Ford in accordance with, and solely to the extent of funds
available therefore under, the Indenture:

(i)                                     on and after each
date on which a Series 2005-2 Ford Letter of Credit Provider shall pay any Ford
LOC Disbursement under a Series 2005-2 Ford Letter of Credit, an amount equal
to such Ford LOC Disbursement;

(ii)                                  on and after each
date on which any amount is withdrawn from the Class A Ford Cash Collateral
Account pursuant to Section 2.3(e)(I)(Y) or Section 2.5(b)(ii) of
this Series Supplement, an amount equal to the amount of such withdrawal; and

(iii)                               on and after each date
on which any amount is withdrawn from the Class B Ford Cash Collateral Account
pursuant to Section 2.3(e)(II)(Y) or Section 2.5(b)(ii) of this
Series Supplement, an amount equal to the amount of such withdrawal.

(b)                                 Notwithstanding
the foregoing, prior to the earlier of (i) the Five-Year Notes Legal Final
Payment Date and (ii) the termination of this Series Supplement in accordance
with Section 6.13 of this Series Supplement, any amount payable by HVF to Ford
pursuant to Section 2.16(A)(ii) of this Series Supplement shall be paid by HVF
by depositing such amount in the Class A Ford Cash Collateral Account and any
amount 

 139
 

payable by HVF to Ford pursuant to Section
2.16(A)(iii) of this Series Supplement shall be paid by HVF by depositing such
amount in the Class B Ford Cash Collateral Account.

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

(i)                                     any lack of
validity or enforceability of this Series Supplement, the Indenture, any
Related Document or any Series 2005-2 Ford Letter of Credit;

(ii)                                  the existence of any
claim, set-off, defense or other right which HVF may have at any time against
Ford, the Trustee or any other beneficiary or any transferee of any Series
2005-2 Ford Letter of Credit (or any persons or entities for whom the Trustee,
any such beneficiary or any such transferee may be acting), whether in
connection with this Series Supplement, the transactions contemplated hereby or
by the Related Documents or any unrelated transaction;

(iii)                               any statement or any
other document presented under any Series 2005-2 Ford Letter of Credit proving
to be forged, fraudulent or invalid in any respect or any statement therein
being untrue or inaccurate in any respect;

(iv)                              any statement or any
other document presented under any Series 2005-2 Ford Letter of Credit proving
to be insufficient in any respect;

(v)                                 payment by a Series
2005-2 Ford Letter of Credit Provider under a Series 2005-2 Ford Letter of
Credit against presentation of a draft or certificate which does not strictly
comply with the terms of such Series 2005-2 Ford Letter of Credit;

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

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

Section 2.17.                             Series
2005-2 Closing Account.  

(a)                                  Establishment
of Series 2005-2 Closing Account. 
The Trustee shall establish and maintain in the name of the Trustee for
the benefit of the Series 2005-2 Noteholders, the Series 2005-2 Interest Rate
Hedge Provider, the Insurer and Ford an account (the “Series 2005-2 Closing
Account”), bearing a designation clearly indicating 

 140
 

that the funds deposited therein are held for
the benefit of the Series 2005-2 Noteholders, the Series 2005-2 Interest Rate
Hedge Provider and Ford.  The Series
2005-2 Closing Account shall be an Eligible Deposit Account.  Initially, the Series 2005-2 Closing Account
will be established with Deutsche Bank Trust Company Americas.

(b)                                 Administration
of the Series 2005-2 Closing Account. 
Funds on deposit in the Series 2005-2 Closing Account shall remain
uninvested.

(c)                                  Series
2005-2 Closing Account Constitutes Additional Collateral for Series 2005-2
Notes.  In order to secure and
provide for the repayment and payment of the Note Obligations with respect to
the Series 2005-2 Notes, HVF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2005-2 Noteholders, the Insurer, the Series 2005-2 Interest Rate Hedge
Provider and Ford, all of HVF’s right, title and interest in and to the
following (whether now or hereafter existing or acquired):  (i) the Series 2005-2 Closing Account,
including any security entitlement thereto; (ii) all funds on deposit therein
from time to time; (iii) all certificates and instruments, if any, representing
or evidencing any or all of the Series 2005-2 Closing Account or the funds on
deposit therein from time to time; (iv) all investments made at any time and
from time to time with monies in the Series 2005-2 Closing Account, whether
constituting securities, instruments, general intangibles, investment property,
financial assets or other property; (v) all interest, dividends, cash,
instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for the Series 2005-2
Closing Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Series
2005-2 Closing Account Collateral”).

(d)                                 Termination
of Series 2005-2 Closing Account.  On
or after the date on which the DTC Closing occurs, the Trustee, acting in
accordance with the written instructions of the Administrator, shall withdraw
from the Series 2005-2 Closing Account all remaining amounts on deposit therein
for payment to HVF or to such other account as may be specified in such written
instruction and signed by the Administrator and by HVF.

ARTICLE III

AMORTIZATION EVENTS

In addition to the
Amortization Events set forth in Section 9.1 of the Base Indenture, the
following shall be Amortization Events with respect to the Series 2005-2 Notes
and shall constitute the Amortization Events set forth in Section 9.1(j)
of the Base Indenture with respect to the Series 2005-2 Notes:

(a)                                  HVF
defaults in the payment of any interest on, or other amount payable in respect
of, the Series 2005-2 Notes when the same becomes due and payable and such default
continues for a period of five (5) Business Days;

 141
 

(b)                                 HVF
defaults in the payment of any principal of the Series 2005-2 Notes when the
same becomes due and payable on the applicable Legal Final Payment Date;

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

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

(e)                                  (i)
all principal of and interest on the Class A-1 Notes, the Class A-2
Notes, the Class B-1 Notes and the Class B-2 Notes is not paid in full on or
before the Three-Year Notes Expected Final Payment Date, (ii) all principal of
and interest on the Class A-3 Notes, the Class A-4 Notes, the Class B-3 Notes
and the Class B-4 Notes is not paid in full on or before the Four-Year Notes
Expected Final Payment Date or (iii) all principal of and interest on the Class
A-5 Notes, the Class A-6 Notes, the Class B-5 Notes and the Class B-6 Notes is
not paid in full on or before the Five-Year Notes Expected Final Payment Date;

(f)                                    the
Class A Asset Amount shall be less than the Class A Required Asset Amount for
at least three (3) Business Days or the Class B Asset Amount shall be less than
the Series 2005-2 Required Asset Amount for at least three (3) Business Days;

(g)                                 the
Insured Principal Deficit Amount shall be greater than zero;

(h)                                 the
Class A Reserve Account, a Class A Cash Collateral Account, the Class B Reserve
Account, a Class B Cash Collateral Account, the Series 2005-2 Excess Collection
Account or any HVF Exchange Account shall be subject to an injunction, estoppel
or other stay or a Lien (other than a Permitted Lien) for at least three (3)
Business Days and either a Class Enhancement Deficiency or a Class Liquidity
Deficiency would result from excluding the amount on deposit in any such
account that is subject to an injunction, estoppel or other stay or a Lien
(other than a Permitted Lien) for at least three (3) Business Days from the
Class Enhancement Amount or the Class Liquidity Amount, to the extent applicable;

(i)                                     the
Trustee shall make a demand for payment under the Insurance Policy;

(j)                                     the
occurrence of an Event of Bankruptcy with respect to the Insurer;

(k)                                  the
Insurer fails to honor a demand for payment made in accordance with the
requirements of the Insurance Policy;

(l)                                     the
Trustee shall for any reason cease to have a valid and perfected first priority
security interest in the Series 2005-2 Collateral (other than the Initial Hertz
Vehicles and the Service Vehicles) or any of the Lessee, HVF or any Affiliate
of either so asserts in writing;

 142
 

(m)                               the
occurrence of a Servicer Event of Default;

(n)                                 HVF
fails to comply with any of its other agreements or covenants in, or provisions
of, the Series 2005-2 Notes or the Indenture and the failure to so comply
materially and adversely affects the interests of the Series 2005-2 Noteholders
or the Insurer and continues to materially and adversely affect the interests
of the Series 2005-2 Noteholders or the Insurer for a period of thirty (30)
days after the earlier of (i) the date on which HVF obtains knowledge thereof
or (ii) the date on which written notice of such failure, requiring the same to
be remedied, shall have been given to HVF by the Trustee or to HVF and the
Trustee by the Required Noteholders with respect to the Series 2005-2 Notes; or

(o)                                 any
representation made by HVF in the Indenture or any Related Document is false
and such false representation materially and adversely affects the interests of
the Series 2005-2 Noteholders or the Insurer and such false representation is
not cured for a period of thirty (30) days after the earlier of (i) the date on
which HVF obtains knowledge thereof or (ii) the date that written notice
thereof is given to HVF by the Trustee or to HVF and the Trustee by the Required
Noteholders with respect to the Series 2005-2 Notes.

In the case of

(i)                                     any event
described in clauses (a) through (l) above, an Amortization Event
with respect to the Series 2005-2 Notes will immediately occur without any
notice or other action on the part of the Trustee or any Series 2005-2
Noteholder or

(ii)                                  any event described
in clauses (m) through (o) above, either the Trustee may, by
written notice to HVF or the Required Noteholders with respect to the Series
2005-2 Notes may, by written notice to HVF and the Trustee declare that an
Amortization Event with respect to the Series 2005-2 Notes has occurred as of
the date of the notice.

Amortization Events with
respect to the Series 2005-2 Notes described in clauses (j) and (k)
above will not be subject to waiver.  An
Amortization Event with respect to the Series 2005-2 Notes described in clauses
(a) through (i) and clauses (l) through (o) above will
be subject to waiver in accordance with Section 9.4 of the Base Indenture.

Notwithstanding anything
herein to the contrary, an Amortization Event with respect to the Series 2005-2
Notes described in clause (l) above shall be curable at any time.

ARTICLE IV

RESERVED

 143
 

ARTICLE V

FORM OF SERIES 2005-2 NOTES

Section 5.1.                                   Initial
Issuance of Series 2005-2 Notes.  The
Class A Notes are being offered and sold by HVF pursuant to the Class A
Purchase Agreement.  The Class B Notes
may be offered and sold on any Series 2005-2 Class B Notes Closing Date by HVF
pursuant to a Class B Purchase Agreement. 
The Series 2005-2 Notes will be resold initially only (A) to qualified
institutional buyers (as defined in Rule 144A) (“QIBs”) in reliance on
Rule 144A and (B) to Persons other than U.S. Persons (as defined in Regulation
S) in reliance on Regulation S.  The
Series 2005-2 Notes may thereafter be transferred to QIBs or purchasers in
reliance on Regulation S in accordance with the procedure described
herein.  The Series 2005-2 Notes will
initially be issued in the form of Definitive Notes without interest coupons and may be transferred or exchanged for other Series
2005-2 Notes in the form of Book-Entry Notes or in the form of Definitive
Notes, as provided in Annex B hereto. 
DTC will be the Depository for any Series 2005-2 Notes which are in the
form of Book-Entry Notes.  The provisions
of the rules and procedures of DTC, the “Operating Procedures of the Euroclear
System” and “Terms and Conditions Governing Use of Euroclear” and the “General
Terms and Conditions of Clearstream Banking” and “Customer Handbook” of
Clearstream (the “Applicable Procedures”) shall be applicable to
transfers of beneficial interests in the Series 2005-2 Notes which are in the
form of Book-Entry Notes.

Section 5.2.                                   Restricted
Notes.

(a)                                  Restricted
Certificated Notes.  On the Series
2005-2 Closing Date, the Series 2005-2 Notes will be initially issued to the
Initial Purchasers in the form of Definitive
Notes in fully registered form without interest coupon, substantially in
the form set forth in Exhibits A-1-1-C, A-2-1-C, A-3-1-C, A-4-1-C,
A-5-1-C and A-6-1-C, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Series
Supplement (the “Restricted Certificated Notes”).  The Restricted Certificated Notes may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the
officers executing such Restricted Certificated Notes, as evidenced by their
execution of the Restricted Certificated Notes. 
The Restricted Certificated Notes may be produced in any manner, all as
determined by the officers executing such Restricted Certificated Notes, as evidenced
by their execution of such Restricted Certificated Notes.  Prior to the DTC Closing Availability, the
aggregate initial principal amount of the Restricted Certificated Note may from
time to time be increased or decreased by the issuance of replacement
Restricted Certificated Notes, in connection with an exchange or transfer of a
Restricted Certificated Note, as provided in Annex B hereto.  Upon the occurrence of the DTC Closing
Availability, all Restricted Certificated Notes shall immediately without any
[notice or other] action on the part of any Noteholder be exchanged or
transferred for Series 2005-2 Notes in the form of one or more Restricted
Global Notes or Regulation S Global Notes in accordance with Annex B
hereto.

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(b)                                 Restricted
Global Notes.  Each Class of Series
2005-2 Notes may be issued in the form of one or more global notes in fully
registered form, without coupons, substantially in the form set forth in Exhibits
A-1-1, A-2-1, A-3-1, A-4-1, A-5-1, A-6-1,
A-7-1,  A-8-1, A-9-1, A-10-1, A-11-1 and A-12-1
respectively, registered in the name of Cede, as nominee of DTC, and deposited
with BNY MTC, as custodian of DTC (collectively, the “Restricted Global
Notes”).  The aggregate initial
principal amount of the Restricted Global Notes may from time to time be
increased or decreased by adjustments made on the records of BNY MTC, as
custodian for DTC, in connection with a corresponding decrease or increase in
the aggregate initial principal amount of the corresponding class of Regulation
S Global Notes or the Unrestricted Global Notes, as hereinafter provided.

Section 5.3.                                   Regulation
S Notes.

(a)                                  Regulation
S Certificated Notes and Unrestricted Certificated Notes.  Prior to the DTC Closing Availability, each
Class of the Series 2005-2 Notes offered and sold in reliance upon Regulation S
may be issued in the form of one or more definitive
Notes in fully registered form without interest coupons, substantially
in the form set forth in Exhibits A-1-2-C, A-2-2-C, A-3-2-C,
A-4-2-C, A-5-2-C and A-6-2-C, with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Series Supplement. 
Until such time as the Restricted Period shall have terminated, such
Series 2005-2 Notes shall be referred to herein collectively as the “Regulation
S Certificated Notes”.  The
Regulation S Certificated Notes may have such letters, numbers or other marks
of identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Regulation
S Certificated Notes, as evidenced by their execution of the Regulation S
Certificated Notes.  The Regulation S
Certificated Notes may be produced in any manner, all as determined by the
officers executing such Regulation S Certificated Notes, as evidenced by their
execution of such Regulation S Certificated Notes.  After such time as the Restricted Period
shall have terminated with respect to any Series 2005-2 Note, such Series
2005-2 Notes shall be exchangeable, in whole or in part, for interests in one
or more permanent certificated notes in
fully registered form without interest coupons, substantially in the
forms set forth in Exhibits A-1-3-C, A-2-3-C, A-3-3-C, A-4-3-C,
A-5-3-C and A-6-3-C as hereinafter provided (collectively, the “Unrestricted
Certificated Notes”, and together with the Regulation S Certificated Notes
and the Restricted Certificated Notes, the “Certificated Notes”).  The Unrestricted Certificated Notes may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the
officers executing such Unrestricted Certificated Notes, as evidenced by their
execution of the Unrestricted Certificated Notes.  The Unrestricted Certificated Notes may be
produced in any manner, all as determined by the officers executing such
Unrestricted Certificated Notes, as evidenced by their execution of such
Unrestricted Certificated Notes.  The
aggregate principal amount of the Regulation S Certificated Notes or the
Unrestricted Certificated Notes may from time to time be increased or decreased
by the issuance of replacement Regulation S Certificated Notes or the
Unrestricted Certificated Notes, as applicable, in connection with an 

 145
 

exchange or transfer of the Regulation S
Certificated Notes or the Unrestricted Certificated Notes, as hereinafter
provided.

(b)                                 Regulation
S Global Notes and Unrestricted Global Notes.  Each Class of the Series 2005-2 Notes offered
and sold in reliance upon Regulation S may be issued in the form of one or more
global notes in fully registered form, without coupons, substantially in the
forms set forth in Exhibits A-1-2, A-2-2, A-3-2, A-4-2,
A-5-2 and A-6-2, and any Class B Notes offered and
sold on a Series 2005-2 Class B Notes Closing Date in reliance upon Regulation
S will be issued in the form of one or more global notes in fully registered
form, without coupons, substantially in the forms set forth in Exhibits  A-7-2,
A-8-2, A-9-2, A-10-2, A-11-2 and A-12-2, in
each case registered in the name of Cede, as nominee of DTC, and deposited with
BNY MTC, as custodian of DTC, for credit to the respective accounts at DTC of
the designated agents holding on behalf of Euroclear and Clearstream.  Until such time as the Restricted Period
shall have terminated, such Series 2005-2 Notes shall be referred to herein
collectively as the “Regulation S Global Notes”.  After such time as the Restricted Period
shall have terminated with respect to any Series 2005-2 Note, such Series
2005-2 Notes shall be exchangeable, in whole or in part, for interests in one
or more permanent global notes in registered form without interest coupons,
substantially in the forms set forth in Exhibits A-1-3, A-2-3, A-3-3,
A-4-3, A-5-3, A-6-3, A-7-3, A-8-3, A-9-3,
A-10-3, A-11-3 and A-12-3 as hereinafter
provided (collectively, the “Unrestricted Global Notes”).  The aggregate principal amount of the Regulation
S Global Notes or the Unrestricted Global Notes may from time to time be
increased or decreased by adjustments made on the records of BNY MTC, as
custodian for DTC, in connection with a corresponding decrease or increase of
aggregate principal amount of the corresponding Restricted Global Notes, as
hereinafter provided.

Section 5.4.                                   Transfer
Restrictions.

(a)                                  A
Series 2005-2 Global Note may not be transferred, in whole or in part, to any
Person other than DTC or a nominee thereof, or to a successor Depository or to
a nominee of a successor Depository, and no such transfer to any such other
Person may be registered; provided, however, that this Section
5.4(a) shall not prohibit any transfer of a Series 2005-2 Note that is
issued in exchange for a Series 2005-2 Global Note in accordance with Section
2.13 of the Base Indenture and shall not prohibit any transfer of a
beneficial interest in a Series 2005-2 Global Note effected in accordance with
the other provisions of this Section 5.4.

(b)                                 The
transfer by a Series 2005-2 Note Owner holding a beneficial interest in a
Restricted Global Note to a Person who wishes to take delivery thereof in the
form of a beneficial interest in the Restricted Global Note shall be made upon
the deemed representation of the transferee that it is purchasing for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a QIB, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding HVF as such transferee has requested
pursuant to Rule 144A or has determined not to request such information 

 146
 

and that it is aware that the transferor is
relying upon its foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

(c)                                  If
a Series 2005-2 Note Owner holding a beneficial interest in a Restricted Global
Note wishes at any time to exchange its interest in such Restricted Global Note
for an interest in the “Regulation S Global Note”), or to transfer such
interest to a Person who wishes to take delivery thereof in the form of a
beneficial interest in the Regulation S Global Note, such exchange or transfer
may be effected, subject to the Applicable Procedures, only in accordance with
the provisions of this Section 5.4(c). 
Upon receipt by the Registrar, at the office of the Registrar, of (i)
written instructions given in accordance with the Applicable Procedures from a
Clearing Agency Participant directing the Registrar to credit or cause to be
credited to a specified Clearing Agency Participant’s account a beneficial
interest in the Regulation S Global Note, in a principal amount equal to that
of the beneficial interest in such Restricted Global Note to be so exchanged or
transferred, (ii) a written order given in accordance with the Applicable
Procedures containing information regarding the account of the Clearing Agency
Participant (and the Euroclear or Clearstream account, as the case may be) to
be credited with, and the account of the Clearing Agency Participant to be
debited for, such beneficial interest and (iii) a certificate in substantially
the form set forth in Exhibit F-1 given by the Series 2005-2 Note Owner
holding such beneficial interest in such Restricted Global Note, the Registrar
shall instruct BNY MTC, as custodian of DTC, to reduce the principal amount of
the Restricted Global Note, and to increase the principal amount of the
Regulation S Global Note, by the principal amount of the beneficial interest in
such Restricted Global Note to be so exchanged or transferred, and to credit or
cause to be credited to the account of the Person specified in such
instructions (which shall be the Clearing Agency Participant for Euroclear or
Clearstream or both, as the case may be) a beneficial interest in the
Regulation S Global Note having a principal amount equal to the amount by which
the principal amount of such Restricted Global Note was reduced upon such
exchange or transfer.

(d)                                 If
a Series 2005-2 Note Owner holding a beneficial interest in a Restricted Global
Note wishes at any time to exchange its interest in such Restricted Global Note
for an interest in the Unrestricted Global Note, or to transfer such interest
to a Person who wishes to take delivery thereof in the form of a beneficial
interest in the Unrestricted Global Note, such exchange or transfer may be
effected, subject to the Applicable Procedures, only in accordance with the
provisions of this Section 5.4(d). 
Upon receipt by the Registrar, at the office of the Registrar, of (A)
written instructions given in accordance with the Applicable Procedures from a
Clearing Agency Participant directing the Registrar to credit or cause to be
credited to a specified Clearing Agency Participant’s account a beneficial
interest in the Unrestricted Global Note in a principal amount equal to that of
the beneficial interest in such Restricted Global Note to be so exchanged or
transferred, (ii) a written order given in accordance with the Applicable
Procedures containing information regarding the account of the Clearing Agency
Participant (and the Euroclear or Clearstream account, as the case may be) to
be credited with, and the account of the Clearing Agency Participant to be
debited for, such beneficial interest and (iii) a certificate in substantially
the form of Exhibit F-2 given by the Series 2005-2 Note Owner holding
such beneficial interest in such Restricted Global 

 147
 

Note, the Registrar shall instruct BNY MTC,
as custodian of DTC, to reduce the principal amount of such Restricted Global
Note, and to increase the principal amount of the Unrestricted Global Note, by
the principal amount of the beneficial interest in such Restricted Global Note
to be so exchanged or transferred, and to credit or cause to be credited to the
account of the Person specified in such instructions (which shall be the
Clearing Agency Participant for Euroclear or Clearstream or both, as the case
may be) a beneficial interest in the Unrestricted Global Note having a
principal amount equal to the amount by which the principal amount of such
Restricted Global Note was reduced upon such exchange or transfer.

(e)                                  If
a Series 2005-2 Note Owner holding a beneficial interest in a Regulation S
Global Note or an Unrestricted Global Note wishes at any time to exchange its
interest in such Regulation S Global Note or such Unrestricted Global Note for
an interest in the Restricted Global Note, or to transfer such interest to a
Person who wishes to take delivery thereof in the form of a beneficial interest
in the Restricted Global Note, such exchange or transfer may be effected,
subject to the Applicable Procedures, only in accordance with the provisions of
this Section 5.4(e).  Upon receipt
by the Registrar, at the office of the Registrar, of (i) written instructions
given in accordance with the Applicable Procedures from a Clearing Agency
Participant directing the Registrar to credit or cause to be credited to a
specified Clearing Agency Participant’s account a beneficial interest in the
Restricted Global Note in a principal amount equal to that of the beneficial
interest in such Regulation S Global Note or such Unrestricted Global Note, as
the case may be, to be so exchanged or transferred, (ii) a written order given
in accordance with the Applicable Procedures containing information regarding
the account of the Clearing Agency Participant (and the Euroclear or
Clearstream account, as the case may be) to be credited with, and the account
of the Clearing Agency Participant to be debited for, such beneficial interest
and (iii) with respect to a transfer of a beneficial interest in such
Regulation S Global Note (but not such Unrestricted Global Note), a certificate
in substantially the form set forth in Exhibit F-3 given by such Series
2005-2 Note Owner holding such beneficial interest in such Regulation S Global
Note, the Registrar shall instruct BNY MTC, as custodian of DTC, to reduce the
principal amount of such Regulation S Global Note or such Unrestricted Global
Note, as the case may be, and to increase the principal amount of the
Restricted Global Note, by the principal amount of the beneficial interest in
such Regulation S Global Note or such Unrestricted Global Note to be so
exchanged or transferred, and to credit or cause to be credited to the account
of the Person specified in such instructions (which shall be the Clearing
Agency Participant for DTC) a beneficial interest in the Restricted Global Note
having a principal amount equal to the amount by which the principal amount of
such Regulation S Global Note or such Unrestricted Global Note, as the case may
be, was reduced upon such exchange or transfer.

(f)                                    In
the event that a Series 2005-2 Global Note or any portion thereof is exchanged
for Series 2005-2 Notes other than Series 2005-2 Global Notes, such other
Series 2005-2 Notes may in turn be exchanged (upon transfer or otherwise) for
Series 2005-2 Notes that are not Series 2005-2 Global Notes or for a beneficial
interest in a Series 2005-2 Global Note (if any is then outstanding) only in
accordance with such procedures, which shall be substantially consistent with
the provisions of Sections 5.4(a)  

 148
 

through Section 5.4(e) and Section
5.4(g) of this Series Supplement (including the certification requirement
intended to ensure that transfers and exchanges of beneficial interests in a
Series 2005-2 Global Note comply with Rule 144A or Regulation S under the
Securities Act, as the case may be) and any Applicable Procedures, as may be
adopted from time to time by HVF and the Registrar.

(g)                                 Until
the termination of the Restricted Period with respect to any Series 2005-2
Note, interests in the Regulation S Global Notes representing such Series
2005-2 Note may be held only through Clearing Agency Participants acting for
and on behalf of Euroclear and Clearstream; provided, that this Section
5.4(g) shall not prohibit any transfer in accordance with Section 5.4(d)
of this Series Supplement.  After the
expiration of the applicable Restricted Period, interests in the Unrestricted
Global Notes may be transferred without requiring any certifications.

(h)                                 The
Series 2005-2 Notes shall bear the following legends to the extent indicated:

(i)                                     The Restricted
Global Notes and the Restricted Certificated Notes shall bear the following
legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY
STATE SECURITIES LAWS.  THE HOLDER OF
THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER
SUCH NOTE ONLY (A) TO HVF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS
BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A (A “QIB”) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE
UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR
(E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF HVF, PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

(ii)                                  The Regulation S
Global Notes and the Regulation S Certificated Notes shall bear the following
legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR 

 149
 

WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE
OR OTHER JURISDICTION OF THE UNITED STATES. 
UNTIL 40 DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES (THE “RESTRICTED
PERIOD”) IN CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES FROM
OUTSIDE OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS
SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS. 
THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE,
ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING LLC (“HVF”) THAT THIS
NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES,
TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE
OF SECURITIES, AND PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (1)
IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES
ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT
OR (3) TO HVF.

(iii)                               The Series 2005-2 Global
Notes shall bear the following legends:

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

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC TO HVF OR THE REGISTRAR, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. 
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. 
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN
INTEREST HEREIN.

 150

(iv)                              The required legends set
forth above shall not be removed from the applicable Series 2005-2 Notes except
as provided herein.  The legend required
for a Restricted Note may be removed from such Restricted Note if there is
delivered to HVF and the Registrar such satisfactory evidence, which may
include an Opinion of Counsel as may be reasonably required by HVF that neither
such legend nor the restrictions on transfer set forth therein are required to
ensure that transfers of such Series 2005-2 Note will not violate the
registration requirements of the Securities Act.  Upon provision of such satisfactory evidence,
the Trustee at the direction of HVF shall authenticate and deliver in exchange
for such Restricted Note a Series 2005-2 Note or Series 2005-2 Notes having an
equal aggregate principal amount that does not bear such legend.  If such a legend required for a Restricted
Note has been removed from a Series 2005-2 Note as provided above, no other
Series 2005-2 Note issued in exchange for all or any part of such Series 2005-2
Note shall bear such legend, unless HVF has reasonable cause to believe that
such other Series 2005-2 Note is a “restricted security” within the meaning of
Rule 144 under the Securities Act and instructs the Trustee to cause a legend
to appear thereon.

(i)                                     HVF
shall take all actions that are required, necessary or desirable to cause the
DTC Closing Availability to occur as soon as practicable unless otherwise
directed by the Series 2005-2 Noteholders.

ARTICLE VI

GENERAL

Section 6.1.                                   Optional
Redemption of Series 2005-2 Notes.  (a)  HVF
may, at its option, redeem any Class of Series 2005-2 Notes as a whole on any
Payment Date on which the Class A-1 Outstanding Principal Amount, the Class A-2
Outstanding Principal Amount, the Class A-3 Outstanding Principal Amount, the
Class A-4 Outstanding Principal Amount, the Class A-5 Outstanding Principal
Amount, the Class A-6 Outstanding Principal Amount, the Class B-1 Principal
Amount, the Class B-2 Principal Amount, the Class B-3 Principal Amount, the
Class B-4 Principal Amount, the Class B-5 Principal Amount or the Class B-6
Principal Amount, as the case may be, is equal to or less than 10% of the
Initial Class A-1 Principal Amount, the Initial Class A-2 Principal Amount, the
Initial Class A-3 Principal Amount, the Initial Class A-4 Principal Amount, the
Initial Class A-5 Principal Amount, the Initial Class A-6 Principal Amount, the
Initial Class B-1 Principal Amount, the Initial Class B-2 Principal Amount, the
Initial Class B-3 Principal Amount, the Initial Class B-4 Principal Amount, the
Initial Class B-5 Principal Amount or the Initial Class B-6 Principal Amount,
as the case may be, with funds deposited in the Series 2005-2 Distribution
Account pursuant to Section 2.2 of this Series Supplement, at 100% of
the principal amount thereof, plus accrued and unpaid interest thereon; provided,
however, as a condition precedent to any redemption, HVF shall pay to
the Insurer all Insurer Fees and all other Insurer Reimbursement Amounts due
and payable, to each Interest Rate Hedge Provider all amounts due and owing to
such Interest Rate Hedge Provider under its related Series 2005-2 Interest Rate
Hedge and to Ford, all unpaid Ford Reimbursement Obligations.

 151
 

(b)                                 If
HVF elects to redeem any Class of the Series 2005-2 Notes pursuant to the
provisions of Section 6.1(a), it shall notify the Trustee in writing at
least 30 days prior to the intended date of redemption of (i) such intended
date of redemption, (ii) the Series 2005-2 Notes subject to redemption and (iii)
the principal amount of the Series 2005-2 Notes to be redeemed.  Upon receipt of a notice of redemption from
HVF, the Trustee shall give notice of such redemption in the manner provided in
Section 13.1 of the Base Indenture to the Series 2005-2 Noteholders of
the Series 2005-2 Notes to be redeemed. 
Such notice shall be given not less than ten (10) days prior to the
intended date of redemption.

Section 6.2.                                   Information.  On or before the fourth Business Day prior to
each Payment Date (unless otherwise agreed to by the Trustee), HVF shall cause
the Administrator to furnish to the Trustee a Monthly Noteholders’ Statement
with respect to the Series 2005-2 Notes, substantially in the form of Exhibit
G, setting forth, inter alia, the following information:

(i)                                     the total amount
available to be distributed to Series 2005-2 Noteholders on such Payment Date;

(ii)                                  the amount of such
distribution allocable to the payment of principal of each Class of the Series
2005-2 Notes;

(iii)                               the amount of such
distribution allocable to the payment of interest on each Class of the Series
2005-2 Notes;

(iv)                              the Class A-1 Carryover
Controlled Amortization Amount, the Class A-2 Carryover Controlled Amortization
Amount, the Class A-3 Carryover Controlled Amortization Amount, the Class A-4
Carryover Controlled Amortization Amount, the Class A-5 Carryover Controlled
Amortization Amount, the Class A-6 Carryover Controlled Amortization Amount,
the Class B-1 Carryover Controlled Amortization Amount, the Class B-2 Carryover
Controlled Amortization Amount, the Class B-3 Carryover Controlled Amortization
Amount, the Class B-4 Carryover Controlled Amortization Amount, the Class B-5
Carryover Controlled Amortization Amount or the Class B-6 Carryover Controlled
Amortization Amount, in each case, if any, for the Related Month;

(v)                                 the Series 2005-2
Invested Percentage with respect to Interest Collections and with respect to
Principal Collections for the period from and including the second
Determination Date preceding such Payment Date to but excluding the
Determination Date immediately preceding such Payment Date;

(vi)                              the Class A Enhancement
Amount, the Class A Adjusted Enhancement Amount, the Class A Liquidity Amount,
the Class A Adjusted Liquidity Amount, the Class B Enhancement Amount, the Class
B Adjusted Enhancement Amount, the Class B Liquidity Amount and the Class B
Adjusted Liquidity Amount, in each case, if any, as of the close of business on
the last day of the Related Month;

 152
 

(vii)                           whether, to the knowledge of
the Administrator, any Lien exists on any of the Collateral (other than
Permitted Liens);

(viii)                        whether, to the knowledge of
the Administrator, any Operating Lease Event of Default has occurred;

(ix)                                whether, to the
knowledge of the Administrator, any Amortization Event or Potential
Amortization Event with respect to the Series 2005-2 Notes has occurred;

(x)                                   the Aggregate Asset
Amount and the amount of the Aggregate Asset Amount Deficiency, if any, as of
the close of business on the last day of the Related Month;

(xi)                                the Non-Eligible
Vehicle Amount, the Class A Non-Eligible Vehicle Percentage, the BBB-/Baa3
Vehicle Percentage, the BBB-/Baa3 EPM Amount, the BBB-/Baa3 Vehicle Percentage
Excess, the Mazda Vehicle Percentage Excess and the Class A Non-Investment
Grade Manufacturer Vehicle Percentage Excess as of the close of business on the
last day of the Related Month;

(xii)                             the Non-Eligible
Manufacturer Amount as of the close of business on the last day of the Related
Month;

(xiii)                          the Class A Required
Non-Eligible Vehicle Enhancement Percentage as of the close of business on the
last day of the Related Month and the Non-Program Vehicle Measurement Month
Average, if any, included in the calculation of such Class A Required
Non-Eligible Vehicle Enhancement Percentage;

(xiv)                         the Class A Required
Enhancement Incremental Amount and the Class B Required Enhancement Incremental
Amount, if any, as of the close of business on the last day of the Related
Month;

(xv)                            the Class A Required
Liquidity Amount and the Class B Required Liquidity Amount, if any, as of the
close of business on the last day of the Related Month, and whether a Class
Liquidity Deficiency with respect to any Class of Series 2005-2 Notes existed
and the amount thereof, in each case as of the close of business on the last
day of the Related Month;

(xvi)                         the Class A Required
Enhancement Amount and the Class B Required Enhancement Amount, if any, as of
the close of business on the last day of the Related Month, and whether a Class
Enhancement Deficiency with respect to any Class of Series 2005-2 Notes existed
and the amount thereof, in each case as of the close of business on the last
day of the Related Month;

(xvii)                      the Class A Required
Overcollateralization Amount, the Class A Overcollateralization Amount, the
Class B Required 

 153
 

Overcollateralization Amount and the Class B Overcollateralization
Amount, in each case, if any, as of the close of business on the last day of
the Related Month;

(xviii)                   the Class A Required Reserve Account
Amount, the Class A Available Reserve Account Amount, the Class B Required
Reserve Account Amount and the Class B Available Reserve Account Amount, in
each case, if any, as of the close of business on the last day of the Related
Month;

(xix)                           the percentage of all HVF
Vehicles, with respect to each Manufacturer, as of the close of business on the
last day of the Related Month which were Eligible Program Vehicles manufactured
by such Manufacturer;

(xx)                              the percentage of all HVF
Vehicles, with respect to each Manufacturer which is not an Eligible Program Manufacturer,
as of the close of business on the last day of the Related Month which were
Program Vehicles manufactured by such Manufacturer;

(xxi)                           the percentage of all HVF
Vehicles, with respect to each Manufacturer, as of the close of business on the
last day of the Related Month which were Non-Program Vehicles manufactured by
such Manufacturer; and

(xxii)                        the Class A Principal Amount
with respect to each Class of Class A Notes as of such Payment Date and the
Class B Principal Amount with respect to each Class of Class B Notes as of such
Payment Date; and

(xxiii)                     such other items as may be
specified in a Class B Notes Term Sheet.

The
Trustee shall provide to the Series 2005-2 Noteholders, or their designated
agent, the Insurer and each Interest Rate Hedge Provider copies of each Monthly
Noteholders’ Statement.

Section 6.3.                                   Exhibits.  The following exhibits attached hereto
supplement the exhibits included in the Indenture.

Exhibit
A-1-1:                                                Form
of Restricted Global Class A-1 Note

Exhibit
A-1-1-C:                                    Form
of Restricted Certificated Class A-1 Note

Exhibit
A-1-2:                                                Form
of Regulation S Global Class A-1 Note

Exhibit
A-1-2-C:                                    Form
of Regulation S Certificated Class A-1 Note

Exhibit
A-1-3:                                                Form
of Unrestricted Global Class A-1 Note

Exhibit
A-1-3-C:                                    Form
of Unrestricted Certificated Class A-1 Note

Exhibit
A-2-1:                                                Form
of Restricted Global Class A-2 Note

Exhibit
A-2-1-C:                                    Form
of Restricted Certificated Class A-2 Note

Exhibit
A-2-2:                                                Form
of Regulation S Global Class A-2 Note

Exhibit
A-2-2-C:                                    Form
of Regulation S Certificated Class A-2 Note

Exhibit
A-2-3:                                                Form
of Unrestricted Global Class A-2 Note

Exhibit
A-2-3-C:                                    Form
of Unrestricted Certificated Class A-2 Note

Exhibit
A-3-1:                                                Form
of Restricted Global Class A-3 Note

 154
 

Exhibit
A-3-1-C:                                    Form
of Restricted Certificated Class A-3 Note

Exhibit
A-3-2:                                                Form
of Regulation S Global Class A-3 Note

Exhibit
A-3-2-C:                                    Form
of Regulation S Certificated Class A-3 Note

Exhibit
A-3-3:                                                Form
of Unrestricted Global Class A-3 Note

Exhibit
A-3-3-C:                                    Form
of Unrestricted Certificated Class A-3 Note

Exhibit
A-4-1:                                                Form
of Restricted Global Class A-4 Note

Exhibit
A-4-1-C:                                    Form
of Restricted Certificated Class A-4 Note

Exhibit
A-4-2:                                                Form
of Regulation S Global Class A-4 Note

Exhibit
A-4-2-C:                                    Form
of Regulation S Restricted Class A-4 Note

Exhibit
A-4-3:                                                Form
of Unrestricted Global Class A-4 Note

Exhibit
A-4-3-C:                                    Form
of Unrestricted Certificated Class A-4 Note

Exhibit
A-5-1:                                                Form
of Restricted Global Class A-5 Note

Exhibit
A-5-1-C:                                    Form
of Restricted Certificated Class A-5 Note

Exhibit
A-5-2:                                                Form
of Regulation S Global Class A-5 Note

Exhibit
A-5-2-C:                                    Form
of Regulation S Certificated Class A-5 Note

Exhibit
A-5-3:                                                Form
of Unrestricted Global Class A-5 Note

Exhibit
A-5-3-C:                                    Form
of Unrestricted Certificated Class A-5 Note

Exhibit
A-6-1:                                                Form
of Restricted Global Class A-6 Note

Exhibit
A-6-1-C:                                    Form
of Restricted Certificated Class A-6 Note

Exhibit
A-6-2:                                                Form
of Regulation S Global Class A-6 Note

Exhibit
A-6-2-C:                                    Form
of Regulation S Certificated Class A-6 Note

Exhibit
A-6-3:                                                Form
of Unrestricted Global Class A-6 Note

Exhibit
A-6-3-C:                                    Form
of Unrestricted Certificated Class A-6 Note

Exhibit
A-7-1:                                                Form
of Restricted Global Class B-1 Note

Exhibit
A-7-2:                                                Form
of Regulation S Global Class B-1 Note

Exhibit
A-7-3:                                                Form
of Unrestricted Global Class B-1 Note

Exhibit
A-8-1:                                                Form
of Restricted Global Class B-2 Note

Exhibit
A-8-2:                                                Form
of Regulation S Global Class B-2 Note

Exhibit
A-8-3:                                                Form
of Unrestricted Global Class B-2 Note

Exhibit
A-9-1:                                                Form
of Restricted Global Class B-3 Note

Exhibit
A-9-2:                                                Form
of Regulation S Global Class B-3 Note

Exhibit
A-9-3:                                                Form
of Unrestricted Global Class B-3 Note

Exhibit
A-10-1:                                          Form
of Restricted Global Class B-4 Note

Exhibit
A-10-2:                                          Form
of Regulation S Global Class B-4 Note

Exhibit
A-10-3:                                          Form
of Unrestricted Global Class B-4 Note

Exhibit
A-11-1:                                          Form
of Restricted Global Class B-5 Note

Exhibit
A-11-2:                                          Form
of Regulation S Global Class B-5 Note

Exhibit
A-11-3:                                          Form
of Unrestricted Global Class B-5 Note

Exhibit
A-12-1:                                          Form
of Restricted Global Class B-6 Note

Exhibit
A-12-2:                                          Form
of Regulation S Global Class B-6 Note

Exhibit
A-12-3:                                          Form
of Unrestricted Global Class B-6 Note

Exhibit
B-1-1:                                                  Form
of Class A Letter of Credit

Exhibit
B-1-2:                                                  Form
of Class A Ford Letter of Credit

Exhibit
B-2-1:                                                  Form
of Class B Letter of Credit

Exhibit
B-2-2:                                                  Form
of Class B Ford Letter of Credit

Exhibit
C:                                                                      Form
of Lease Payment Deficit Notice

 155
 

Exhibit
D-1-1:                                                 Form
of Class A Ford Letter of Credit Reduction Notice

Exhibit
D-1-2:                                                 Form
of Class A Ford Letter of Credit Termination Notice

Exhibit
D-2:                                                           Form
of Class A Non-Ford Letter of Credit Reduction Notice

Exhibit
D-3-1:                                                 Form
of Class B Ford Letter of Credit Reduction Notice

Exhibit
D-3-2:                                                 Form
of Class B Ford Letter of Credit Termination Notice

Exhibit
D-4:                                                           Form
of Class B Non-Ford Letter of Credit Reduction Notice

Exhibit
E:                                                                       Reserved

Exhibit
F-1:                                                             Form
of Transfer Certificate

Exhibit
F-2:                                                             Form
of Transfer Certificate

Exhibit
F-3:                                                             Form
of Transfer Certificate

Exhibit
G:                                                                      Form
of Monthly Noteholders’ Statement

Exhibit
H:                                                                     Form
of Series 2005-2 Demand Note

Exhibit I:                                                                          Form
of Transfer Certificate for Certificated Notes

Section 6.4.                                   Ratification
of Base Indenture.  As supplemented
by this Series Supplement, the Base Indenture is in all respects ratified and
confirmed and the Base Indenture as so supplemented by this Series Supplement
shall be read, taken, and construed as one and the same instrument.

Section 6.5.                                   Notice
to Insurer, Rating Agencies, Interest Rate Hedge Provider and Ford.  The Trustee shall provide to the Insurer,
each Rating Agency and each Interest Rate Hedge Provider a copy of each notice
to the Series 2005-2 Noteholders, Opinion of Counsel and Officer’s Certificate
delivered to the Trustee pursuant to this Series Supplement or any other
Related Document.  Each such Opinion of
Counsel to be delivered to the Insurer shall be addressed to the Insurer, shall
be from counsel reasonably acceptable to the Insurer and shall be in form and
substance reasonably acceptable to the Insurer. 
The Trustee shall provide notice to each Rating Agency of any consent by
the Insurer to the waiver of the occurrence of any Series 2005-2 Limited
Liquidation Event of Default.  In
addition, only for so long as the Ford LOC Exposure Amount is greater than
zero, the Trustee shall provide to Ford a copy of each report, notice and other
information provided to the Series 2005-2 Noteholders pursuant to this Series
Supplement or any other Related Document. 
All such notices, opinions, certificates or other items to be delivered
to the Insurer shall be forwarded to Ambac Assurance Corporation, One State
Street Plaza, New York, New York 10004, Attention: General Counsel, Facsimile
No.: (212) 208-3566, Confirmation No.: (212) 668-0430.  All such notices, opinions, certificates or
other items to be delivered to the Interest Rate Hedge Provider shall be
forwarded to the address specified for notices in the Series 2005-2 Interest
Rate Hedge.  All such notices, opinions,
certificates or other items to be delivered to Ford shall be forwarded to Ford
Motor Company, 1 American Road, Dearborn, MI 48126 Attention: Director — Global
Banking, Facsimile No.: (313) 594-0110.

 156
 

Section 6.6.                                   Insurer
Deemed Class A Noteholder and Secured Party.  Except for any period during which an Insurer
Default is continuing, the Insurer shall be deemed to be the holder of 100% of
the Class A Notes for the purposes of giving any consents, waivers, approvals,
instructions, directions, declarations, notices and/or taking any other action
pursuant to the Base Indenture, this Series Supplement and the other Related
Documents.  Any reference in the Base
Indenture or the Related Documents to materially, adversely, or detrimentally
affecting the rights or interests of the Noteholders, or words of similar
meaning, shall be deemed, for purposes of the Class A Notes, to refer to the
rights or interests of the Insurer.  In
addition, the Insurer shall constitute an “Enhancement Provider” with respect
to the Series 2005-2 Notes for all purposes under the Base Indenture, the other
Related Documents and the Insurance Agreement shall constitute an “Enhancement
Agreement” with respect to the Series 2005-2 Notes for all purposes under the
Base Indenture and the other Related Documents. 
Furthermore, the Insurer shall be deemed to be a “Secured Party” under
the Base Indenture and the Related Documents to the extent of amounts payable
to the Insurer pursuant to this Series Supplement.  Moreover, wherever in the Related Documents
money or other property is assigned, conveyed, granted or held for, a filing is
made for, action is taken for or agreed to be taken for, or a representation or
warranty is made for, the benefit of the Class A Noteholders, the Insurer shall
be deemed to be the Class A Noteholders with respect to 100% of the Series
2005-2 Notes for such purposes.  In
addition, all provisions of this Series Supplement (i) requiring the consent
(written or otherwise), approval, advice or satisfaction of the Insurer, (ii)
requiring notice to be provided to the Insurer, (iii) requiring any other
action or involvement on the part of the Insurer, (iv) granting to the Insurer
any rights or remedies, (v) taking into consideration the interests of the
Insurer, or the effect of any event or action on the Insurer or (vi) permitting
the Insurer to take any actions, in each case shall no longer have any effect at
any time after the Class A Notes have been paid in full and the Insurer has
been paid all Insurer Fees and all other Insurer Reimbursement Amounts due
under the Insurance Agreement.

Section 6.7.                                   Third
Party Beneficiary.  Each of the
Insurer, Ford, in its capacity as accountholder of a Series 2005-2 Ford Letter
of Credit, and each Interest Rate Hedge Provider is an express third party
beneficiary of (i) the Base Indenture to the extent of provisions relating to
any Enhancement Provider, in the case of the Insurer and the Series 2005-2
Interest Rate Hedge Provider, or to the extent of the provisions relating to
Ford, in the case of Ford and (ii) this Series Supplement.

Section 6.8.                                   Prior
Notice by Trustee to Insurer. 
Subject to Section 10.1 of the Base Indenture, except for any
period during which an Insurer Default is continuing, the Trustee agrees that
so long as no Amortization Event shall have occurred and be continuing with
respect to any Series of Notes, other than the Series 2005-2 Notes, it shall not
exercise any rights or remedies available to it as a result of the occurrence
of an Amortization Event with respect to the Series 2005-2 Notes (except those
set forth in clauses (j) and (k) of Article III of this
Series Supplement) until after the Trustee has given prior written notice
thereof to the Insurer and obtained the direction of the Insurer, so long as
the Insurer, through operation of Section 6.6 of this Series Supplement,
constitutes the Required Noteholders of the Series 2005-2 Notes.  The Trustee agrees to notify the Insurer
promptly following any exercise of rights or remedies available to it as 

 157
 

a result of the occurrence of an Amortization
Event with respect to the Series 2005-2 Notes.

Section 6.9.                                   Subrogation.  In furtherance of and not in limitation of
the Insurer’s equitable right of subrogation, each of the Trustee and HVF
acknowledge that, to the extent of any payment made by the Insurer under the
Insurance Policy with respect to interest on or principal of the Series 2005-2
Notes, the Insurer is to be fully subrogated to the extent of such payment and
any additional interest due on any late payment to the rights of the Series
2005-2 Noteholders under the Indenture. 
Each of HVF and the Trustee agree to such subrogation and, further, agree
to take such actions as the Insurer may reasonably request to evidence such
subrogation.

Furthermore, in
furtherance of and not in limitation of Ford’s equitable right of subrogation,
each of the Trustee and HVF acknowledge that, to the extent that Ford LOC
Disbursements or amounts on deposit in the Class A Ford Cash Collateral Account
or Class B Ford Cash Collateral Account are applied to pay interest on or
principal of the Series 2005-2 Notes and Ford has reimbursed the applicable
Series 2005-2 Letter of Credit Providers for such Ford LOC Disbursements or
such amounts deposited in the Class A Ford Cash Collateral Account or the Class
B Ford Cash Collateral Account, Ford is to be fully subrogated to the extent of
such payment under the Indenture; provided such rights shall be
subordinated in all respects to the rights of subrogation of the Insurer set
forth in the preceding paragraph and to the rights of the Noteholders to the
payment in full of all amounts owing to them under the Indenture. Each of HVF and
the Trustee agree to such subrogation and, further, agree to take such actions
as Ford may reasonably request to evidence such subrogation.

Section 6.10.                             Counterparts.  This Series Supplement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all of such counterparts shall together constitute but one and
the same instrument.

Section 6.11.                             Governing
Law.  This Series Supplement shall be construed in accordance with the law of
the State of New York, and the obligations, rights and remedies of the parties
hereto shall be determined in accordance with such law.

Section 6.12.                             Amendments.  This Series Supplement and any Class B Notes
Term Sheet may be modified or amended from time to time in accordance with the
terms of the Base Indenture, provided, that if, pursuant to the terms of
the Base Indenture or this Series Supplement, the consent of the Required
Noteholders is required for an amendment or modification of this Series
Supplement, such requirement shall be satisfied if such amendment or
modification is consented to by the Required Noteholders with respect to the
Series 2005-2 Notes; provided, further, that, if the consent of
the Required Noteholders with respect to the Series 2005-2 Notes is required
for a proposed amendment or modification of this Series Supplement that does
not affect in any material respect one or more Classes of the Series 2005-2
Notes (as evidenced by an Officer’s Certificate to such effect), then such
requirement shall be satisfied if such amendment or modification is consented
to by the Series 2005-2 Noteholders representing more than 50% of the aggregate
outstanding principal amount of the Classes of the Series 2005-2 

 158
 

Notes affected by such amendment or
modification (without the necessity of obtaining the consent of the Series
2005-2 Noteholders holding the Classes of the Series 2005-2 Notes not affected
by such amendment or modification); provided, further, that for
so long as any Class B Notes are outstanding, any amendment to any of the
Related Documents that (i) pursuant to the terms of the Base Indenture would
require the consent of the Required Noteholders with respect to the Series
2005-2 Notes and (ii) would result in a reduction in the amount of Rent payable
under the Lease or would otherwise have the effect of reducing the Enhancement
available to the Class B Notes shall require the consent of Class B Noteholders
holding more than 50% of the Class B Notes. 
Any amendment to this Series Supplement that adversely affects in any
material respect the interests of an Interest Rate Hedge Provider shall require
the prior written consent of such Interest Rate Hedge Provider.  For so long as the Ford LOC Exposure Amount
is greater than zero, any amendment to any provision of this Series Supplement
shall be subject to Section 6.17 of this Series Supplement.  Furthermore, for so long as any Class A Notes
are Outstanding, any amendment, waiver or other modification pursuant to
Section 12.2(iii) of the Base Indenture shall require the prior written consent
of the Insurer, such consent not to be unreasonably withheld or delayed.

Section 6.13.                             Termination
of Series Supplement.  This Series
Supplement shall cease to be of further effect when (i) all Outstanding Series
2005-2 Notes theretofore authenticated and issued have been delivered (other
than destroyed, lost, or stolen Series 2005-2 Notes which have been replaced or
paid) to the Trustee for cancellation, (ii) HVF has paid all sums payable
hereunder, (iii) the Insurer has been paid all Insurer Fees and all other
Insurer Reimbursement Amounts due under the Insurance Agreement, (iv) each
Interest Rate Hedge Provider has been paid all amounts due and owing to it from
HVF under its Series 2005-2 Interest Rate Hedge, (v) Ford has been paid all
amounts payable to it hereunder and no amounts are required hereby to be
retained in any Series Account with respect to the Series 2005-2 Notes and (vi)
the Series 2005-2 Demand Note Payment Amount is equal to zero or the Class A
Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of
Credit Liquidity Amount are each equal to zero.

Section 6.14.                             Discharge
of Indenture.  Notwithstanding
anything to the contrary contained in the Base Indenture, so long as this
Series Supplement shall be in effect in accordance with Section 6.13 of
this Series Supplement, no discharge of the Indenture pursuant to Section
11.1(b) of the Base Indenture shall be effective as to the Series 2005-2
Notes without the consent of the Required Noteholders with respect to the
Series 2005-2 Notes.

Section 6.15.                             Effect
of Payment by Insurer.  Anything in
this Series Supplement to the contrary notwithstanding, any payments of
principal of or interest on the Class A Notes that is made with moneys received
pursuant to the terms of the Insurance Policy shall not (except for the purpose
of calculating the Class A-1 Outstanding Principal Amount, the Class A-2
Outstanding Principal Amount, the Class A-3 Outstanding Principal Amount, the
Class A-4 Outstanding Principal Amount, the Class A-5 Outstanding Principal
Amount and the Class A-6 Outstanding Principal Amount be considered payment of
the Class A Notes by HVF.  The Trustee 

 159
 

acknowledges that, without the need for any
further action on the part of the Insurer, (i) to the extent the Insurer makes
payments, directly or indirectly, on account of principal of or interest on,
the Class A Notes to the Trustee for the benefit of the Class A Noteholders or
to the Class A Noteholders (including any Preference Amounts as defined in the
Insurance Policy), the Insurer will be fully subrogated to the rights of such
Class A Noteholders to receive such principal and interest and will be deemed
to the extent of the payments so made to be a Class A Noteholder and (ii) the
Insurer shall be paid principal and interest in its capacity as a Class A
Noteholder until all such payments by the Insurer have been fully reimbursed,
but only from the sources and in the manner provided in this Series Supplement
for payment of such principal and interest and, in each case, only after the
Class A Noteholders have received all payments of principal and interest due to
them under this Series Supplement on the related Payment Date.

Section 6.16.                             Interest
Rate Hedge Provider Deemed Secured Party. 
Each Interest Rate Hedge Provider shall constitute an “Enhancement
Provider” with respect to the Series 2005-2 Notes for all purposes under the
Base Indenture, the other Related Documents and each Series 2005-2 Interest
Rate Hedge shall constitute an “Enhancement Agreement” with respect to the
Series 2005-2 Notes for all purposes under the Base Indenture and the other
Related Documents.  Furthermore, each
Interest Rate Hedge Provider shall be deemed to be a “Secured Party” under the
Base Indenture and the Related Documents to the extent of amounts payable to
such Interest Rate Hedge Provider under its Series 2005-2 Interest Rate Hedge
and pursuant to this Series Supplement.

Section 6.17.                             Ford
Covenants.  HVF hereby covenants and
agrees with Ford that, only for so long as the Ford LOC Exposure Amount is
greater than zero:

(a)                                  Distributions
to HVF.  No amounts will be
distributed to HVF pursuant to any provision of the Indenture if, after giving
effect to that distribution, the Fleet Equity Amount would be less than the
Required Minimum Fleet Equity Amount.

(b)                                 Inspection
of Property, Books and Records.  It
will permit representatives of Ford to visit and inspect any of its properties
and to examine any of its books and records, and to discuss its affairs,
finances and accounts with the Servicer and its officers, directors, employees
and independent public accountants all at such reasonable times and on
reasonable notice and as often as may reasonably be requested (but, prior to
the occurrence of a Potential Amortization Event or an Amortization Event, not
more than twice in any year).

(c)                                  Other
Series Supplements.  Each Series
Supplement will provide for the payment of Ford Reimbursement Obligations prior
to any distribution or other release of funds to HVF thereunder and prior to
any payment of any termination payments under Swap Agreements; provided,
however, that on or prior to January 6, 2006, the Series 2002-1
Supplement, dated as of September 18, 2002, by and between HVF and the Trustee,
as amended, supplemented or otherwise modified from time to time, will not be
required to provide for any payment of Ford Reimbursement Obligations.

 160
 

(d)                                 No
Amendments.  It will not, without the
prior written consent of Ford (which consent shall not be unreasonably withheld
or delayed), (i) extend or otherwise modify the Three-Year Notes Expected Final
Payment Date, the Four-Year Notes Expected Final Payment Date, the Five-Year
Notes Expected Final Payment Date, the Three-Year Notes Legal Final Payment
Date, the Four-Year Notes Legal Final Payment Date or the Five-Year Notes Legal
Final Payment Date, (ii) amend, modify or waive Sections 2.2(d), (e)
and (f), 2.3(d) and (e), 2.5(a), (b), and (d),
2.7(e) and (f), 2.8(b), (c), (e), (f)(I),
(g), (h), (i), (j) and (k), 2.12, 2.13(e)
and (f), 2.14(b), (c), (e), (f)(I), (g),
(h), (i), (j) and (k), 2.16, 6.5, 6.7,
6.9  6.12, 6.13 and 6.17 of this Series Supplement
or any other provision of the Series 2005-2 Supplement providing for drawings
on the Series 2005-2 Letters of Credit or withdrawals from the Class A Reserve
Account or the Class B Reserve Account or the payment by HVF of Ford
Reimbursement Obligations or any terms used in such provisions, (iii) amend,
modify or waive the definitions of Fleet Equity Amount, Fleet Equity Condition,
or Required Minimum Fleet Equity Amount, or the effect of the use of those
terms to prohibit certain payments, (iv) amend, modify or waive any of the
provisions of any other Series Supplement providing for the payment by HVF of
Ford Reimbursement Obligations, (v) amend, modify or waive the provisions of
Sections 5.2(b) or 5.2(d) of the Base Indenture or (vi) amend, modify or waive
the Base Indenture, enter into any Series Supplement or amend, modify or waive
any Series Supplement in a manner that provides for an invested percentage
calculation that is different than that contained in the Series Supplements
relating to the Series of Notes being issued on the Series 2005-2 Closing Date.

(e)                                  Outstanding
Letters of Credit.  After the Series
2005-2 Closing Date, it will not, without the prior written consent of Ford
(which consent shall not be unreasonably withheld or delayed) obtain a Class A
Non-Ford Letter of Credit for so long as any Class B Ford Letters of Credit
remain outstanding.

Section 6.18.                             Issuances
of Class B Notes.

(a)                                  Notwithstanding
the inclusion of Class B Notes in this Series Supplement, no Class B Notes will
be issued on the Series 2005-2 Closing Date. 
Until such time as Class B Notes are issued, all provisions relating to
the Class B Notes (other than the provisions of this Section 6.18)
contained herein, shall be disregarded. 
From time to time on any Distribution Date prior to the Expected Final
Payment Date for a Class of Class B Notes, HVF, subject to the conditions set
forth in clause (b) below, may issue Class B Notes of such Class.

(b)                                 Class
B Notes may be issued only upon satisfaction of the following conditions:

(i)                                     The Trustee shall
have received a Company Request at least two (2) Business Days (or such shorter
time as is acceptable to the Trustee) in advance of the related Series 2005-2
Class B Notes Closing Date requesting that the Trustee authenticate and deliver
one or more Classes of Class B Notes specified in such Company Request;

 161
 

(ii)                                  The Trustee shall
have received a Company Order authorizing and directing the authentication and
delivery of one or more Classes of Class B Notes, to be issued pursuant to this
Series Supplement, as supplemented by the Class B Notes Term Sheet with respect
to such Class or Classes of Class B Notes, by the Trustee and specifying the
designation of such Class or Classes of Class B Notes, the Initial Principal
Amount (or the method for calculating the Initial Principal Amount) of such
Class or Classes of Class B Notes to be authenticated and the Note Rate with
respect to such Class or Classes of Class B Notes;

(iii)                               The Trustee shall have
received an Officer’s Certificate of HVF dated as of the applicable Series
2005-2 Class B Notes Closing Date to the effect that:

(A)                              no Amortization Event,
Limited Liquidation Event of Default, Potential Amortization Event or
Enhancement Deficiency with respect to any Series of Notes Outstanding is
continuing or will occur as a result of the issuance of such Class or Classes
of Class B Notes,

(B)                                no Liquidation Event of
Default, Aggregate Asset Amount Deficiency, Manufacturer Event of Default,
Operating Lease Event of Default, Potential Operating Lease Event of Default or
Potential Manufacturer Event of Default is continuing or will occur as a result
of the issuance of such Class or Classes of Class B Notes, and

(C)                                all conditions
precedent provided in the Base Indenture and this Series Supplement with
respect to the authentication and delivery of such Class or Classes of Class B
Notes have been satisfied;

(iv)                              a Class B Notes Term
Sheet, substantially in the form of Annex A hereto, shall have been
executed by HVF and the Trustee;

(v)                                 the Series 2005-2
Rating Agency Condition shall have been satisfied in respect of the issuance of
such Class or Classes of Class B Notes;

(vi)                              for so long as any Class
B Notes are Outstanding, one or more Series 2005-2 Interest Rate Hedges have
been acquired from one or more Eligible Interest Rate Hedge Provider in an
aggregate initial notional amount equal to the aggregate Principal Amount of
the Class B Notes issued, each with a strike rate equal to no more than 5.50%
or as otherwise agreed by Fitch and each other Rating Agency rating the Class B
Notes and that otherwise satisfies Section 2.11 of this Series
Supplement;

(vii)                           the excess of the principal
amount of any of the Class B Notes over their issue price will not exceed the
maximum amount permitted under the Code without the creation of an original
issue discount,

 162
 

(viii)                        the Trustee shall have received
opinions of counsel substantially similar to those received in connection with
the offering and sale of the Class A Notes, including without limitation,
opinions to the effect that:

 163
 

(A)                              the Class B Notes will be
characterized as indebtedness for federal income tax purposes,

(B)                                the issuance of the
Class B Notes will not affect adversely the United States federal income tax
characterization of any Series of Notes outstanding or Class thereof that was
(based upon on Opinion of Counsel) characterized as debt at the time of their
issuance and HVF will not be classified as an association or as a publicly
traded partnership taxable as a corporation for United States federal income
tax purposes,

(C)                                all instruments
furnished to the Trustee conform to the requirements of the Base Indenture and
this Series Supplement and constitute all the documents required to be
delivered hereunder and thereunder for the Trustee to authenticate and deliver
the Class B Notes, and all conditions precedent provided for in the Base
Indenture and this Series Supplement with respect to the authentication and
delivery of the Class B Notes have been complied with,

(D)                               the Class B Notes Term
Sheet with respect to the Class or Classes of Class B Notes being issued on
such Series 2005-2 Class B Notes Closing Date has been duly authorized,
executed and delivered by HVF,

(E)                                 the Class B Notes
being issued on such Series 2005-2 Class B Notes Closing Date have been duly
authorized and executed and, when authenticated and delivered in accordance
with the provisions of the Base Indenture and this Series Supplement, will
constitute valid, binding and enforceable obligations of HVF entitled to the
benefits of the Base Indenture and this Series Supplement, subject, in the case
of enforcement, to bankruptcy, insolvency, reorganization, moratorium and other
similar laws affecting creditors’ rights generally and to general principles of
equity,

(F)                                 each of the Class B
Notes Term Sheets with respect to Class B Notes being issued on such Series
2005-2 Class B Notes Closing Date and this Series Supplement, as supplemented
thereby, is a legal, valid and binding agreement of HVF, enforceable in
accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors’ rights generally and to
general principles of equity; and

(G)                                such other documents,
instruments, certifications, agreements or other items as the Trustee may
reasonably require.

 164
 

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

	
   

  	
  HERTZ VEHICLE FINANCING LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert H.
  Rillings

  
	
   

  	
   

  	
  Name: Robert H.
  Rillings

  
	
   

  	
   

  	
  Title: Vice
  President & Treasurer

  
	
   

  	
   

  
	
   

  	
  BNY MIDWEST TRUST
  COMPANY,

  
	
   

  	
     as
  Trustee,

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marian
  Onischak

  
	
   

  	
   

  	
  Name: Marian
  Onischak

  
	
   

  	
   

  	
  Title: Assistant
  Vice President

  

 

 165
 

ANNEX B

Transfer or Exchange of
Certificated Notes

(a)                                  The
Certificated Notes may be transferred or exchanged, in whole or in part, for
other Certificated Notes[, upon surrender of the Certificated Notes to be
exchanged at any office or agency of the Registrar maintained for such
purpose].  Upon the occurrence of the DTC
Closing Availability, the Restricted Certificated Notes shall immediately
without any [notice or other] action on the part of any Noteholder, be
transferred or exchanged, in whole and not in part, for Restricted Global
Notes[, upon surrender of the Restricted Certificated Notes to be exchanged at
any office or agency of the Registrar maintained for such purpose].  In the event that any such Certificated Notes
are so surrendered for exchange, if the requirements of Section 8-401(a) of the
UCC are met, HVF shall execute and after HVF has executed, the Trustee shall
authenticate, the Series 2005-2 Notes which the Series 2005-2 Noteholder making
the exchange is entitled to receive or have a beneficial interest in, as
applicable.

[Every Certificated Note
presented or surrendered for registration of transfer or exchange shall be (i)
duly endorsed by, or be accompanied by a written instrument of transfer in form
satisfactory to the Trustee duly executed by, the Holder thereof or such Holder’s
attorney duly authorized in writing, with a medallion signature guarantee, and
(ii) accompanied by such other documents as the Trustee may require.]

[All Series 2005-2 Notes
issued upon any registration of transfer or exchange of the Certificated Notes
shall be the valid obligations of HVF, evidencing the same debt, and entitled
to the same benefits under the Base Indenture and this Series Supplement, as
the Certificated Notes surrendered upon such registration of transfer or
exchange.]

No service charge shall
be payable for any registration of transfer or exchange of Certificated Notes.

(b)                                 The
transfer or exchange of a Restricted Certificated Note to a Person who wishes
to take delivery thereof in a new Restricted Certificated Note or in the form
of a beneficial interest in a Restricted Global Note shall be made upon the
deemed representation of the transferee that it is purchasing for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a QIB, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding HVF as such transferee has requested
pursuant to Rule 144A or has determined not to request such information and
that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by
Rule 144A.

(c)                                  The holder of any Certificated Note may transfer
the same in whole or in part, in an amount equivalent to an authorized
denomination, by surrendering such Certificated Note at the office maintained
by the Registrar for such purpose, with the form of transfer endorsed on it
duly completed and executed by, or accompanied by a 

 166
 

written instrument of transfer in
form satisfactory to HVF and the Registrar by, the holder thereof and accompanied
by a certificate substantially in the form of Exhibit I hereto.  In exchange for any Certificated Note
properly presented for transfer, HVF shall execute and the Trustee shall
promptly authenticate and deliver or cause to be authenticated and delivered in
compliance with applicable law, to the transferee at such office, or send by
mail (at the risk of the transferee) to such address as the transferee may
request, one or more other Certificated Notes (as the transferee may request)
which collectively have an aggregate principal amount equal to the aggregate
principal amount as was transferred.  In
the case of the transfer of any Certificated Note in part, HVF shall execute
and the Trustee shall promptly authenticate and deliver or cause to be authenticated
and delivered to the transferor at such office, or send by mail (at the risk of
the transferor) to such address as the transferor may request, one or more
Certificated Notes (as the transferee may request) which collectively have an
aggregate principal amount equal to the aggregate principal amount that was not
transferred.  [No transfer of any
Certificated Note shall be made unless the request for such transfer is made by
the Holder at such office.]  Neither HVF
nor the Trustee shall be liable for any delay in delivery of transfer
instructions and each may conclusively rely on, and shall be protected in
relying on, such instructions.  Upon the
issuance of transferred Certificated Notes, the Trustee shall recognize the
Holders of such Certificated Note as Series 2005-2 Noteholders.  Notwithstanding anything to the contrary
contained herein, upon the occurrence of the DTC Closing Availability (i) all
Certificated Notes which are Regulation S Certificated Notes or Unrestricted
Certificated Notes shall be exchanged for one or more Restricted Certificated
Notes (as the transferee may request) which collectively have an aggregate
principal amount equal to the aggregate principal amount of the Regulation S
Certificated Notes and Unrestricted Certificated Notes so exchanged and (ii)
all Restricted Certificated Notes shall be exchanged or transferred for
Restricted Global Notes.

(d)                                 Promptly
upon the occurrence of the DTC Closing Availability, the Trustee shall notify
the Registrar, and upon receipt by the Registrar, at the office of the
Registrar, of a certificate in substantially the form set forth in Exhibit I
given by the Series 2005-2 Noteholders holding Restricted Certificated Notes,
Regulation S Certificated Notes or Unrestricted Certificated Notes, the Registrar
shall instruct BNY MTC to cancel each Restricted Certificated Note, Regulation
S Certificated Note and Unrestricted Certificated Note, and shall instruct BNY
MTC, as custodian of DTC, to transfer or exchange such Restricted Certificated
Notes, Regulation S Certificated Notes and Unrestricted Certificated Notes, as
applicable, for an interest in Restricted Global Notes, Regulation S Global
Notes and Unrestricted Global Notes, as specified in such notice, and record
the principal amount of such Restricted Global Notes, Regulation S Global Notes
and Unrestricted Global Notes, as applicable, in an amount equal to the
principal amount of such exchanged or transferred Restricted Certificated
Notes, Regulation S Certificated Notes or Unrestricted Certificated Notes, as
applicable, and to credit or cause to be credited to the account of the Persons
specified in such instructions (which shall be the Clearing Agency Participant
for Euroclear or Clearstream or both, as the case may be) a beneficial interest
in the Restricted Global Notes, Regulation S Global Notes and Unrestricted
Global Notes, as applicable, having a principal amount equal to the principal
amount of such exchanged or transferred Restricted Certificated Notes, 

 167
 

Regulation S Certificated Notes or Unrestricted
Certificated Notes, as specified in such notice.

 168

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