Document:

exv4w4w7

Exhibit 4.4.7
 

EXECUTION COPY

CHESAPEAKE FUNDING LLC,

as Issuer

and

THE BANK OF NEW YORK MELLON,

as Indenture Trustee

SERIES 2009-4 INDENTURE SUPPLEMENT

dated as of December 18, 2009

to

AMENDED AND RESTATED BASE INDENTURE

dated as of December 17, 2008

$267,800,000

of

Floating Rate Asset Backed Investor Notes

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	PRELIMINARY STATEMENT
	 	 	1	 
	 
	 	 	 	 
	DESIGNATION
	 	 	1	 
	 
	 	 	 	 
	ARTICLE I DEFINITIONS
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II ARTICLE 5 OF THE BASE INDENTURE
	 	 	22	 
	Section 5A.1 Establishment of Series 2009-4 Subaccounts
	 	 	22	 
	Section 5A.2 Allocations with Respect to the Series 2009-4 Investor Notes.

	 	 	23	 
	Section 5A.3 Determination of Interest
	 	 	25	 
	Section 5A.4 Monthly Application of Collections
	 	 	25	 
	Section 5A.5 Payment of Monthly Interest Payment
	 	 	28	 
	Section 5A.6 Payment of Principal
	 	 	28	 
	Section 5A.7 The Administrator’s Failure to Instruct the Indenture Trustee to
Make a Deposit or Payment
	 	 	29	 
	Section 5A.8 Series 2009-4 Reserve Account
	 	 	30	 
	Section 5A.9 Series 2009-4 Yield Supplement Account
	 	 	31	 
	Section 5A.10 Series 2009-4 Distribution Account
	 	 	33	 
	Section 5A.11 Lease Rate Caps
	 	 	34	 
	Section 5A.12 Indenture Trustee As Securities Intermediary
	 	 	35	 
	 
	 	 	 	 
	ARTICLE III AMORTIZATION EVENTS
	 	 	37	 
	 
	 	 	 	 
	ARTICLE IV OPTIONAL PREPAYMENT
	 	 	39	 
	 
	 	 	 	 
	ARTICLE V SERVICING AND ADMINISTRATOR FEES
	 	 	39	 
	Section 5.1 Servicing Fees
	 	 	39	 
	Section 5.2 Administrator Fee
	 	 	39	 
	 
	 	 	 	 
	ARTICLE VI FORM OF SERIES 2009-4 NOTES
	 	 	40	 
	Section 6.1 Initial Issuance of Series 2009-4 Investor Notes
	 	 	40	 
	Section 6.2 Transfer and Exchange of Series 2009-4 Investor Notes
	 	 	40	 
	 
	 	 	 	 
	ARTICLE VII INFORMATION
	 	 	43	 
	 
	 	 	 	 
	ARTICLE VIII MISCELLANEOUS
	 	 	43	 
	Section 8.1 Ratification of Indenture
	 	 	43	 
	Section 8.2 Governing Law
	 	 	43	 
	Section 8.3 Further Assurances
	 	 	43	 
	Section 8.4 Exhibits
	 	 	44	 
	Section 8.5 No Waiver; Cumulative Remedies
	 	 	44	 
	Section 8.6 Amendments
	 	 	44	 
	Section 8.7 Severability
	 	 	44	 
	Section 8.8 Counterparts
	 	 	44	 

 

 

	 	 	 	 	 
	 	 	Page	 
	Section 8.9 No Bankruptcy Petition
	 	 	45	 
	Section 8.10 SUBIs
	 	 	45	 
	Section 8.11 Notice to Rating Agencies
	 	 	46	 
	Section 8.12 Conflict of Instructions
	 	 	46	 

EXHIBITS

	 	 	 

	Exhibit A:

	 	Form of Class A Investor Note
	Exhibit B:

	 	Form of Class B Investor Note
	Exhibit C:

	 	Form of Class C Investor Note
	Exhibit D:

	 	Form of Transfer Certificate
	Exhibit E:

	 	Form of Monthly Settlement Statement
	Exhibit F:

	 	Form of Lease Rate Cap

-ii-

 

 

          SERIES 2009-4 SUPPLEMENT, dated as of December 18, 2009 (as amended, supplemented, restated or
otherwise modified from time to time, this “Indenture Supplement”) between CHESAPEAKE
FUNDING LLC, a special purpose limited liability company established under the laws of Delaware
(the “Issuer”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, in its
capacity as Indenture Trustee (together with its successors in trust thereunder as provided in the
Base Indenture referred to below, the “Indenture Trustee”), to the Amended and Restated
Base Indenture, dated as of December 17, 2008, between the Issuer and the Indenture Trustee (as
amended, modified, restated or supplemented from time to time, exclusive of Indenture Supplements
creating new Series of Investor Notes, the “Base Indenture”).

PRELIMINARY STATEMENT

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

          NOW, THEREFORE, the parties hereto agree as follows:

DESIGNATION

          There is hereby created a Series of Investor Notes to be issued pursuant to the Base Indenture
and this Indenture Supplement and such Series of Investor Notes shall be designated generally as
Series 2009-4 Floating Rate Asset Backed Investor Notes.

          The Series 2009-4 Investor Notes shall be issued in three classes: the first of which shall be
designated as Series 2009-4 Floating Rate Asset Backed Investor Notes, Class A, and referred to
herein as the Class A Investor Notes, the second of which shall be designated as the Series 2009-4
Floating Rate Asset Backed Investor Notes, Class B, and referred to herein as the Class B Investor
Notes and the last of which shall be designated as the Series 2009-4 Floating Rate Asset Backed
Investor Notes, Class C, and referred to herein as the Class C Investor Notes. The Class A
Investor Notes, the Class B Investor Notes and the Class C Investor Notes are referred to herein
collectively as the “Series 2009-4 Investor Notes.” The Series 2009-4 Investor Notes shall be
issued in minimum denominations of $200,000 and integral multiples of $1,000 in excess thereof.

          The net proceeds from the sale of the Series 2009-4 Investor Notes (as defined herein) shall
be applied in accordance with Section 5A.2(b) and the portion thereof deposited in the
Series 2009-4 Principal Collection Subaccount shall be used by the Issuer to fund the Loans to
Holdings under the Loan Agreement and the prepayment of the Invested Amounts of other Series of
Investor Notes.

 

2

ARTICLE I

DEFINITIONS

          (a) All capitalized terms not otherwise defined herein are defined in the Definitions List
attached to the Base Indenture as Schedule 1 thereto. All Article, Section or Subsection
references herein shall refer to Articles, Sections or Subsections of this Indenture Supplement,
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 2009-4 Investor Notes and not to any other Series of
Investor Notes issued by the Issuer.

          (b) The following words and phrases shall have the following meanings with respect to the
Series 2009-4 Investor Notes and the definitions of such terms are applicable to the singular as
well as the plural form of such terms and to the masculine as well as the feminine and neuter
genders of such terms:

          “Additional Closed-End Reserve Account Amount” means, for any Monthly Period, the
amount, if any, by which the amount determined pursuant to clause (b) of the definition of “Series
2009-4 Required Reserve Account Amount” on the first day of such Monthly Period exceeds the amount
determined pursuant to clause (b) of the definition of “Series 2009-4 Required Reserve Account
Amount” on the last day of the immediately preceding Monthly Period.

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

          “Amortization Event” is defined in Article 3.

     “Calculation Agent” means The Bank of New York Mellon, in its capacity as
calculation agent with respect to the Series 2009-4 Note Rates.

     “Car” means an automobile or a Light-Duty Truck.

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

     “Class A Final Maturity Date” means the September 2020 Payment Date.

     “Class A Initial Invested Amount” means the aggregate initial principal amount
of the Class A Investor Notes, which is $250,000,000.

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

     “Class A Invested Amount” means, as of any date of determination, an amount
equal to (a) the Class A Initial Invested Amount minus (b) the amount of principal payments
made to Class A Investor Noteholders on or prior to such date.

 

3

     “Class A Investor Note Owner” means, with respect to a Class A Investor Note,
the Person who is the beneficial owner of an interest in such Class A Investor Note.

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

     “Class A Investor Notes” means any one of the Series 2009-4 Floating Rate Asset
Backed Investor Notes, Class A, executed by the Issuer and authenticated by or on behalf of
the Indenture Trustee, substantially in the form of Exhibit A. Definitive Class A
Investor Notes shall have such insertions and deletions as are necessary to give effect to
the provisions of Section 2.11 of the Base Indenture.

     “Class A Monthly Interest” means, with respect to any Series 2009-4 Interest
Period, an amount equal to the product of (i) the Class A Note Rate for such Series 2009-4
Interest Period, (ii) the Class A Invested Amount on the first day of such Series 2009-4
Interest Period, after giving effect to any principal payments made on such date, or, in the
case of the initial Series 2009-4 Interest Period, the Class A Initial Invested Amount and
(iii) a fraction, the numerator of which is the number of days in such Series 2009-4
Interest Period and the denominator of which is 360.

     “Class A Monthly Interest Payment” is defined in Section 5A.3(b).

     “Class A Note Rate” means, (i) with respect to the initial Series 2009-4
Interest Period, 1.03250% per annum and (ii) with respect to each Series 2009-4 Interest
Period thereafter, a rate per annum equal to One-Month LIBOR for such Series 2009-4 Interest
Period plus 0.80% per annum.

     “Class B Final Maturity Date” means the September 2020 Payment Date.

     “Class B Initial Invested Amount” means the aggregate initial principal amount
of the Class B Investor Notes, which is $9,250,000.

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

     “Class B Invested Amount” means, as of any date of determination, an amount
equal to (a) the Class B Initial Invested Amount minus (b) the amount of principal
payments made to Class B Investor Noteholders on or prior to such date.

     “Class B Investor Note Owner” means, with respect to a Class B Investor Note,
the Person who is the beneficial owner of an interest in such Class B Investor Note.

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

     “Class B Investor Notes” means any one of the Series 2009-4 Floating Rate Asset
Backed Investor Notes, Class B, executed by the Issuer and authenticated by or on behalf of
the Indenture Trustee, substantially in the form of Exhibit B. Definitive Class B

 

4

Investor Notes shall have such insertions and deletions as are necessary to give effect
to the provisions of Section 2.11 of the Base Indenture.

     “Class B Monthly Interest” means, with respect to any Series 2009-4 Interest
Period, an amount equal to the product of (i) the Class B Note Rate for such Series 2009-4
Interest Period, (ii) the Class B Invested Amount on the first day of such Series 2009-4
Interest Period, after giving effect to any principal payments made on such date, or, in the
case of the initial Series 2009-4 Interest Period, the Class B Initial Invested Amount and
(iii) a fraction, the numerator of which is the number of days in such Series 2009-4
Interest Period and the denominator of which is 360.

     “Class B Monthly Interest Payment” is defined in Section 5A.3(b).

     “Class B Note Rate” means, (i) with respect to the initial Series 2009-4
Interest Period, 2.23250% per annum and (ii) with respect to each Series 2009-4 Interest
Period thereafter, a rate per annum equal to One-Month LIBOR for such Series 2009-4 Interest
Period plus 2.00% per annum.

     “Class C Final Maturity Date” means the September 2020 Payment Date.

     “Class C Initial Invested Amount” means the aggregate initial principal amount
of the Class C Investor Notes, which is $8,550,000.

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

     “Class C Invested Amount” means, as of any date of determination, an amount
equal to (a) the Class C Initial Invested Amount minus (b) the amount of principal
payments made to Class C Investor Noteholders on or prior to such date.

     “Class C Investor Note Owner” means, with respect to a Class C Investor Note,
the Person who is the beneficial owner of an interest in such Class C Investor Note.

     “Class C Investor Noteholder” means the Person in whose name a Class C Investor
Note is registered in the Note Register.

     “Class C Investor Notes” means any one of the Series 2009-4 Floating Rate Asset
Backed Investor Notes, Class C, executed by the Issuer and authenticated by or on behalf of
the Indenture Trustee, substantially in the form of Exhibit C. Definitive Class C
Investor Notes shall have such insertions and deletions as are necessary to give effect to
the provisions of Section 2.11 of the Base Indenture.

     “Class C Monthly Interest” means, with respect to any Series 2009-4 Interest
Period, an amount equal to the product of (i) the Class C Note Rate for such Series 2009-4
Interest Period, (ii) the Class C Invested Amount on the first day of such Series 2009-4
Interest Period, after giving effect to any principal payments made on such date, or, in the
case of the initial Series 2009-4 Interest Period, the Class C Initial Invested Amount and
(iii) a fraction, the numerator of which is the number of days in such Series 2009-4
Interest Period and the denominator of which is 360.

 

5

     “Class C Monthly Interest Payment” is defined in Section 5A.3(b).

     “Class C Note Rate” means, (i) with respect to the initial Series 2009-4
Interest Period, 2.23250% per annum and (ii) with respect to each Series 2009-4 Interest
Period thereafter, a rate per annum equal to One-Month LIBOR for such Series 2009-4 Interest
Period plus 2.00% per annum.

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

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

     “Equipment” means any Vehicle that is not a Car, a Forklift, a Heavy-Duty
Truck, a Medium-Duty Truck, a Truck Body or a Trailer.

     “Excess Alternative Vehicle Amount” means, on any Settlement Date, an amount
equal to the excess, if any, of (a) the sum of

     (i) the aggregate Lease Balance of all Eligible Leases the related Leased
Vehicle of which is not a Car allocated to the Lease SUBI as of the last day of the
Monthly Period immediately preceding such Settlement Date plus

     (ii) an amount equal to the aggregate for each Unit Vehicle which is not a Car
subject to a Closed-End Lease allocated to the Lease SUBI as of the last day of such
Monthly Period of the lesser of (A) the Stated Residual Value of such Unit Vehicle
and (B) the Net Book Value of such Unit Vehicle as of the last day of such Monthly
Period;

over (b) an amount equal to 31.50% of the Aggregate Unit Balance as of such Settlement Date.

     “Excess Equipment Amount” means, on any Settlement Date, an amount equal to the
excess, if any, of (a) the sum of

     (i) the aggregate Lease Balance of all Eligible Leases the related Leased
Vehicle of which is Equipment allocated to the Lease SUBI as of the last day of the
Monthly Period immediately preceding such Settlement Date plus

     (ii) an amount equal to the aggregate for each Unit Vehicle which is Equipment
subject to a Closed-End Lease allocated to the Lease SUBI as of the last day of such
Monthly Period of the lesser of (A) the Stated Residual Value of

 

6

such Unit Vehicle and (B) the Net Book Value of such Unit Vehicle as of the
last day of such Monthly Period;

over (b) an amount equal to 5.00% of the Aggregate Unit Balance as of such Settlement Date.

     “Excess Forklift Amount” means, on any Settlement Date, an amount equal to the
excess, if any, of (a) the sum of

     (i) the aggregate Lease Balance of all Eligible Leases the related Leased
Vehicle of which is a Forklift allocated to the Lease SUBI as of the last day of the
Monthly Period immediately preceding such Settlement Date plus

     (ii) an amount equal to the aggregate for each Unit Vehicle which is a Forklift
subject to a Closed-End Lease allocated to the Lease SUBI as of the last day of such
Monthly Period of the lesser of (A) the Stated Residual Value of such Unit Vehicle
and (B) the Net Book Value of such Unit Vehicle as of the last day of such Monthly
Period;

over (b) an amount equal to 2.00% of the Aggregate Unit Balance as of such Settlement Date.

     “Excess Heavy-Duty Truck Amount” means, on any Settlement Date, an amount equal
to the excess, if any, of (a) the sum of

     (i) the aggregate Lease Balance of all Eligible Leases the related Leased
Vehicle of which is a Heavy-Duty Truck allocated to the Lease SUBI as of the last
day of the Monthly Period immediately preceding such Settlement Date plus

     (ii) an amount equal to the aggregate for each Unit Vehicle which is a
Heavy-Duty Truck subject to a Closed-End Lease allocated to the Lease SUBI as of the
last day of such Monthly Period of the lesser of (A) the Stated Residual Value of
such Unit Vehicle and (B) the Net Book Value of such Unit Vehicle as of the last day
of such Monthly Period;

over (b) an amount equal to 7.50% of the Aggregate Unit Balance as of such Settlement Date.

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

     “Excess Longer-Term Lease Amount” means, on any Settlement Date, an amount
equal to the greater of (a) the excess, if any, of (i) the aggregate Lease Balance of all
Eligible Leases having remaining terms of longer than five years allocated to the Lease SUBI
as of the last day of the Monthly Period immediately preceding such Settlement

 

7

Date over (ii) an amount equal to 20.00% of the Aggregate Lease Balance as of such
Settlement Date and (b) the excess, if any, of (i) the aggregate Lease Balance of all
Eligible Leases having remaining terms of longer than seven years allocated to the Lease
SUBI as of the last day of the Monthly Period immediately preceding such Settlement Date
over (ii) an amount equal to 7.50% of the Aggregate Lease Balance as of such Settlement
Date.

     “Excess Medium-Duty Truck Amount” means, on any Settlement Date, an amount
equal to the excess, if any, of (a) the sum of

     (i) the aggregate Lease Balance of all Eligible Leases the related Leased
Vehicle of which is a Medium-Duty Truck allocated to the Lease SUBI as of the last
day of the Monthly Period immediately preceding such Settlement Date plus

     (ii) an amount equal to the aggregate for each Unit Vehicle which is a
Medium-Duty Truck subject to a Closed-End Lease allocated to the Lease SUBI as of
the last day of such Monthly Period of the lesser of (A) the Stated Residual Value
of such Unit Vehicle and (B) the Net Book Value of such Unit Vehicle as of the last
day of such Monthly Period;

over (b) an amount equal to 15.00% of the Aggregate Unit Balance as of such Settlement Date.

     “Excess State Obligor Risk Amount” means, on any Settlement Date, an amount
equal to the excess, if any, of (a) the aggregate Lease Balance of all Eligible Leases the
Obligor of which is a state or local government or any subdivision thereof, or any agency,
department or instrumentality thereof allocated to the Lease SUBI as of the last day of the
Monthly Period immediately preceding such Settlement Date over (b) an amount equal to 3.00%
of the Aggregate Lease Balance as of such Settlement Date.

     “Excess Trailer Amount” means, on any Settlement Date, an amount equal to the
excess, if any, of (a) the sum of

     (i) the aggregate Lease Balance of all Eligible Leases the related Leased
Vehicle of which is a Trailer allocated to the Lease SUBI as of the last day of the
Monthly Period immediately preceding such Settlement Date plus

     (ii) an amount equal to the aggregate for each Unit Vehicle which is a Trailer
subject to a Closed-End Lease allocated to the Lease SUBI as of the last day of such
Monthly Period of the lesser of (A) the Stated Residual Value of such Unit Vehicle
and (B) the Net Book Value of such Unit Vehicle as of the last day of such Monthly
Period;

over (b) an amount equal to 3.00% of the Aggregate Unit Balance as of such Settlement Date.

     “Excess Truck Amount” means, on any Settlement Date, an amount equal to the
greater of (a) the sum of (i) the Excess Heavy-Duty Truck Amount on such Settlement

 

8

Date and (ii) the Excess Medium-Duty Truck Amount on such Settlement Date and (b) an
amount equal to the excess, if any, of (x) the sum of

     (i) the aggregate Lease Balance of all Eligible Leases the related Leased
Vehicle of which is a Medium-Duty Truck or a Heavy-Duty Truck allocated to the Lease
SUBI as of the last day of the Monthly Period immediately preceding such Settlement
Date plus

     (ii) an amount equal to the aggregate for each Unit Vehicle which is a
Medium-Duty Truck or a Heavy-Duty Truck subject to a Closed-End Lease allocated to
the Lease SUBI as of the last day of such Monthly Period of the lesser of (A) the
Stated Residual Value of such Unit Vehicle and (B) the Net Book Value of such Unit
Vehicle as of the last day of such Monthly Period;

over (y) an amount equal to 21.50% of the Aggregate Unit Balance as of such Settlement Date.

     “Excess Truck Body Amount” means, on any Settlement Date, an amount equal to
the excess, if any, of (a) the sum of

     (i) the aggregate Lease Balance of all Eligible Leases the related Leased
Vehicle of which is a Truck Body allocated to the Lease SUBI as of the last day of
the Monthly Period immediately preceding such Settlement Date plus

     (ii) an amount equal to the aggregate for each Unit Vehicle which is a Truck
Body subject to a Closed-End Lease allocated to the Lease SUBI as of the last day of
such Monthly Period of the lesser of (A) the Stated Residual Value of such Unit
Vehicle and (B) the Net Book Value of such Unit Vehicle as of the last day of such
Monthly Period;

over (b) an amount equal to 2.00% of the Aggregate Unit Balance as of such Settlement Date.

     “Final Maturity Date” means the Class A Final Maturity Date, the Class B Final
Maturity Date or the Class C Final Maturity Date.

     “Finance Charge Rate” means the actual or implicit finance charge rate,
exclusive of any management or administrative fee.

     “Financial Assets” is defined in Section 5A.12(b)(i).

     “Forklift” means a high-lift, self-loading mobile vehicle, equipped with load
carriage and forks, for transporting and tiering loads.

     “Gross Vehicle Weight” means the maximum manufacturer recommended weight that
the axles of a Truck or Tractor can carry including the weight of the Truck or Tractor.

 

9

     “Heavy-Duty Truck” means a Truck or Tractor having a Gross Vehicle Weight of
over 33,000 pounds.

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

     “Interest Shortfall Amount” means, as of any Payment Date, the sum of (i) any
Class A Interest Shortfall Amount, (ii) any Class B Interest Shortfall Amount and (iii) any
Class C Interest Shortfall Amount.

     “Lease Rate Cap Event” means the failure on the part of the Issuer to have the
Lease Rate Caps that it is required to have in accordance with Section 5A.11.

     “LIBOR Determination Date” means, with respect to any Series 2009-4 Interest
Period, the second London Business Day next preceding the first day of such Series 2009-4
Interest Period.

     “Light-Duty Truck” means a Truck having a Gross Vehicle Weight of under 16,001
pounds.

     “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.

     “Management Fee Yield” means, with respect to any Unit Lease for any Settlement
Date, the product of (a) the percentage equivalent of a fraction, the numerator of which is
equal to the fixed monthly management or administrative fee payable in respect of such Unit
Lease, and the denominator of which is the Lease Balance of such Lease as of the last day of
the immediately preceding Monthly Period and (b) 12.

     “Medium-Duty Truck” means a Truck or Tractor having a Gross Vehicle Weight of
between 16,001 pounds and 33,000 pounds.

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

     “New York UCC” is defined in Section 5A.12(b)(i).

     “Purchase Agreement” means the purchase agreement, dated as of the Series
2009-4 Closing Date, among the Issuer, PHH, VMS and the purchaser named therein.

     “One-Month LIBOR” means, (i) for the initial Series 2009-4 Interest Period,
0.23250% and (ii) for each Series 2009-4 Interest Period thereafter, 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 the Bloomberg
Screen BTMM Page under the heading “LIBOR FIX BBAM” as of 11:00 A.M., London time, on such
LIBOR Determination Date; provided, however, that if such rate does not
appear on the Bloomberg Screen BTMM Page, One-Month LIBOR will mean, for such 2009-4
Interest Period, the rate per annum equal to the arithmetic mean (rounded to the nearest
one-one-hundred-thousandth of one percent) of the rates quoted

 

10

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 2009-4 Interest
Period will mean the arithmetic mean (rounded to the nearest one-one-hundred-thousandth of
one percent) of the rates quoted by major banks in New York, New York selected by the
Calculation Agent, at approximately 10:00 A.M., New York City time, on the first day of such
Series 2009-4 Interest Period for loans in Dollars to leading European banks for a period
equal to one month; provided, finally, that if no such quotes are provided,
“One-Month LIBOR” for such Series 2009-4 Interest Period will mean One-Month LIBOR as in
effect with respect to the preceding Series 2009-4 Interest Period.

     “Outstanding” means, with respect to the Series 2009-4 Investor Notes, all
Series 2009-4 Investor Notes theretofore authenticated and delivered under the Indenture,
except (a) Series 2009-4 Investor Notes theretofore canceled or delivered to the
Transfer Agent and Registrar for cancellation, (b) Series 2009-4 Investor Notes which have
not been presented for payment but funds for the payment of which are on deposit in the
Series 2009-4 Distribution Account and are available for payment of such Series 2009-4
Investor Notes, and Series 2009-4 Investor Notes which are considered paid pursuant to
Section 11.1 of the Base Indenture, or (c) Series 2009-4 Investor Notes in exchange
for or in lieu of other Series 2009-4 Investor Notes which have been authenticated and
delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is
presented that any such Series 2009-4 Investor Notes are held by a purchaser for value.

     “Overconcentration Amount” means, on any Settlement Date, an amount equal to
the greatest of (a) the excess, if any, of (i) the aggregate Lease Balance of the Eligible
Leases to which the Obligor having the largest aggregate Lease Balance of Eligible Leases
allocated to the Lease SUBI is a party as of the last day of the Monthly Period immediately
preceding such Settlement Date over (ii) an amount equal to 4.75% of the Aggregate Lease
Balance as of such Settlement Date; provided, however that if the long-term
debt obligations of such Obligor are not rated at least “Baa3” by Moody’s and at least
“BBB-” by Standard & Poor’s as of such Settlement Date, the amount in this clause (ii) shall
equal 3.75% of the Aggregate Lease Balance as of such Settlement Date, (b) the excess, if
any, of (i) the aggregate Lease Balance of the Eligible Leases to which the Obligors having
the two largest aggregate Lease Balances of Eligible Leases allocated to the Lease SUBI are
a party as of the last day of the Monthly Period immediately preceding such Settlement Date
over (ii) an amount equal to 8.50% of the Aggregate Lease Balance as of such Settlement
Date; provided, however that if the long-term debt obligations of the
Obligor having the largest aggregate Lease Balance of Eligible Leases allocated to the Lease
SUBI are not rated at least “Baa3” by Moody’s and at least “BBB-” by Standard & Poor’s as of
such Settlement Date, the amount in this clause (ii) shall equal 7.50% of the Aggregate
Lease Balance as of such Settlement Date, (c) the excess, if any, of (i) the aggregate Lease
Balance of the Eligible Leases to which the Obligors having the four largest aggregate Lease
Balances of Eligible Leases allocated to the Lease SUBI are a party as of the last day of
the Monthly Period immediately preceding

 

11

such Settlement Date over (ii) an amount equal to 17.50% of the Aggregate Lease Balance
as of such Settlement Date, (d) the excess, if any, of (i) the aggregate Lease Balance of
the Eligible Leases to which the Obligors having the five largest aggregate Lease Balances
of Eligible Leases allocated to the Lease SUBI are a party as of the last day of the Monthly
Period immediately preceding such Settlement Date over (ii) an amount equal to 18.75% of the
Aggregate Lease Balance as of such Settlement Date and (e) the excess, if any, of (i) the
aggregate Lease Balance of the Eligible Leases to which the Obligors having the ten largest
aggregate Lease Balances of Eligible Leases allocated to the Lease SUBI are a party as of
the last day of the Monthly Period immediately preceding such Settlement Date over (ii) an
amount equal to 30.00% of the Aggregate Lease Balance as of such Settlement Date.

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

     “Payment Date” means the 7th day of each month, or if such date is not a
Business Day, the next succeeding Business Day, commencing January 7, 2010.

     “Prepayment Date” is defined in Article IV.

     “QIBs” is defined in Section 6.1.

     “Rating Agencies” means, with respect to the Series 2009-4 Investor Notes,
Standard & Poor’s, Moody’s and any other nationally recognized rating agency rating the
Series 2009-4 Investor Notes at the request of the Issuer.

     “Rating Agency Condition” means, with respect to any action specified herein as
requiring satisfaction of the Rating Agency Condition, that each Rating Agency shall have
been given 10 days’ (or such shorter period as shall be acceptable to each Rating Agency)
prior notice thereof and that each of the Rating Agencies shall have notified the Issuer and
the Indenture Trustee in writing that such action will not result in a reduction or
withdrawal of the then current rating of the Series 2009-4 Investor Notes.

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

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

     “Remaining Lease Term” means, with respect to any Series 2009-4 Yield Shortfall
Lease for any Settlement Date, the remaining number of months over which the

 

12

Capitalized Cost of the related Leased Vehicle is being depreciated thereunder as of
the last day of the immediately preceding Monthly Period.

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

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

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

     “Securities Intermediary” is defined in Section 5A.12(a).

     “Series 2009-4” means Series 2009-4, the Principal Terms of which are set forth
in this Indenture Supplement.

     “Series 2009-4 Administrator Fee” is defined in Section 5.2.

     “Series 2009-4 Allocated Adjusted Aggregate Unit Balance” means, as of any date
of determination, the product of (a) the Adjusted Aggregate Unit Balance and (b) the
percentage equivalent of a fraction the numerator of which is the Series 2009-4 Required
Asset Amount as of such date and the denominator of which is the sum of (x) the Series
2009-4 Required Asset Amount and (y) the aggregate Required Asset Amounts with respect to
each other Series of Investor Notes as of such date, including all Series of Investor Notes
that have been paid in full but as to which the Amortization Period shall have not ended.

     “Series 2009-4 Allocated Asset Amount Deficiency” means, as of any date of
determination, the amount, if any, by which the Series 2009-4 Allocated Adjusted Aggregate
Unit Balance is less than the Series 2009-4 Required Asset Amount as of such date.

     “Series 2009-4 Amortization Period” means the period beginning at the earlier
of (a) the close of business on the Business Day immediately preceding the day on which an
Amortization Event is deemed to have occurred with respect to the Series 2009-4 Investor
Notes and (b) the close of business on the Period End Date in February 2010 and ending on
the date when the Series 2009-4 Investor Notes are fully paid.

     “Series 2009-4 Available Excess Collections Amount” means, on any Business Day
during the period commencing on a Period End Date to but excluding the next succeeding
Settlement Date, an amount equal to the excess, if any, of (a) the amount deposited in the
Series 2009-4 General Collection Subaccount during the immediately preceding Monthly Period
pursuant to Section 5A.2(a) over (b) the amounts to be

 

13

distributed from the Series 2009-4 Settlement Collection Subaccount pursuant to
paragraphs (i) through (xi) of Section 5A.4(c) on such Settlement Date.

     “Series 2009-4 Basic Servicing Fee” is defined in Section 5.1.

     “Series 2009-4 Basis Spread” means, with respect to any Unit Lease whose
Finance Charge Rate is based on (i) the LIBOR Index, 0.00%, (ii) the ABS CP Index, 0.65%,
(iii) the Non-Financial CP Index, 1.45%, (iv) the PHH Cost of Funds Index, 0.00%, (v) the
Bloomberg ABS CP Index, 0.65%, (vi) the PHH Commercial Paper Rate Index, 0.00% or (vii) any
other Eligible Floating Rate Index with respect to which the Rating Agency Condition has
been satisfied, the basis spread specified in connection with such satisfaction of the
Rating Agency Condition.

     “Series 2009-4 Closing Date” means December 18, 2009.

     “Series 2009-4 Collateral” means the Collateral, the Series 2009-4 Reserve
Account, the Series 2009-4 Yield Supplement Account and the Series 2009-4 Distribution
Account.

     “Series 2009-4 Collection Subaccount” is defined in Section 5A.1(a).

     “Series 2009-4 Designated Account” is defined in Section 5A.12(a).

     “Series 2009-4 Distribution Account” is defined in Section 5A.10(a).

     “Series 2009-4 Eligible Counterparty” means a financial institution which has,
or has all of its obligations under its interest rate cap maintained pursuant to Section
5A.11 guaranteed by a Person that has (i) a short-term senior unsecured debt, deposit,
claims paying or credit rating of at least “A-1” by Standard & Poor’s, or if such financial
institution does not have a short-term senior unsecured debt rating by Standard &Poor’s, a
long-term senior, unsecured debt or credit rating of at least “A+” by Standard & Poor’s and
(ii) a short-term senior unsecured debt, deposit, claims paying or credit rating of “P-1” by
Moody’s, and a long-term senior unsecured debt or credit rating of at least “A2” by Moody’s,
or if such financial institution does not have a short-term senior unsecured debt rating by
Moody’s, a long-term senior unsecured debt or credit rating of at least “A1” by Moody’s.

     “Series 2009-4 Gain on Sale Account Percentage” means 10.00%.

     “Series 2009-4 Initial Invested Amount” means the sum of the Class A Initial
Invested Amount, the Class B Initial Invested Amount and the Class C Initial Invested
Amount.

     “Series 2009-4 Interest Period” means a period commencing on and including a
Payment Date and ending on and including the day preceding the next succeeding Payment Date;
provided, however, that the initial Series 2009-4 Interest Period shall
commence on and include the Series 2009-4 Closing Date and end on and include January 6,
2010.

 

14

     “Series 2009-4 Invested Amount” means, on any date of determination, the sum of
the Class A Invested Amount, the Class B Invested Amount and the Class C Invested Amount.

     “Series 2009-4 Invested Percentage” means, with respect to any Business Day (i)
during the Series 2009-4 Revolving Period, the percentage equivalent (which percentage shall
never exceed 100%) of a fraction the numerator of which shall be equal to the Series 2009-4
Allocated Adjusted Aggregate Unit Balance as of the end of the immediately preceding
Business Day and the denominator of which is the sum of the numerators used to determine
invested percentages for allocations for all Series of Investor Notes (and all classes of
such Series of Investor Notes), including all Series of Investor Notes that have been paid
in full but as to which the Amortization Period shall have not ended, as of the end of such
immediately preceding Business Day or (ii) during the Series 2009-4 Amortization Period, the
percentage equivalent (which percentage shall never exceed 100%) of a fraction the numerator
of which shall be equal to the Series 2009-4 Allocated Adjusted Aggregate Unit Balance as of
the end of the Series 2009-4 Revolving Period, and the denominator of which is the sum of
the numerators used to determine invested percentages for allocations for all Series of
Investor Notes (and all classes of such Series of Investor Notes), including all Series of
Investor Notes that have been paid in full but as to which the Amortization Period shall
have not ended, as of the end of the immediately preceding Business Day.

     “Series 2009-4 Investor Note Owners” means, collectively, the Class A Investor
Note Owners, the Class B Investor Note Owners and the Class C Investor Note Owners.

     “Series 2009-4 Investor Noteholders” means, collectively, the Class A Investor
Noteholders, the Class B Investor Noteholders and the Class C Investor Noteholders.

     “Series 2009-4 Investor Notes” means, collectively, the Class A Investor Notes,
the Class B Investor Notes and the Class C Investor Notes.

     “Series 2009-4 Liquid Credit Enhancement Deficiency” means, on any date of
determination, the amount by which the Series 2009-4 Reserve Account Amount is less than the
Series 2009-4 Required Reserve Account Amount.

     “Series 2009-4 Minimum Yield Rate” means, with respect to any Unit Lease for
any Settlement Date, a rate per annum equal to the sum of (i) the Series 2009-4 Weighted
Average Cost of Funds for such Settlement Date, (ii) 0.2375% and (iii) the Series 2009-4
Basis Spread with respect to such Unit Lease.

     “Series 2009-4 Monthly Interest” means, with respect to any Series 2009-4
Interest Period, the sum of (i) Class A Monthly Interest, (ii) Class B Monthly Interest and
(iii) Class C Monthly Interest for such Series 2009-4 Interest Period.

     “Series 2009-4 Monthly Residual Value Gain” means, for any Settlement Date, an
amount equal to the product of (a) the average daily Series 2009-4 Invested Percentage
during the immediately preceding Monthly Period and (b) the Monthly Residual Value Gain for
such Settlement Date.

 

15

     “Series 2009-4 Monthly Servicer Advance Reimbursement Amount” means, for each
Settlement Date, an amount equal to the product of (a) the Monthly Servicer Advance
Reimbursement Amount for such Settlement Date and (b) the average daily Series 2009-4
Invested Percentage during the immediately preceding Monthly Period.

     “Series 2009-4 Note Rate” means (i) the Class A Note Rate, (ii) the Class B
Note Rate or (iii) the Class C Note Rate, as the context may require.

     “Series 2009-4 Note Termination Date” means the date on which the Series
2009-4 Investor Notes are fully paid.

     “Series 2009-4 Principal Collection Subaccount” is defined in Section
5A.1(a).

     “Series 2009-4 Principal Payment Amount” means, for any Settlement Date, an
amount equal to the greater of:

     (a) the product of:

     (i) the product of (x) the average daily Series 2009-4 Invested
Percentage during the immediately preceding Monthly Period and (y) the
Principal Payment Amount for such Settlement Date and

     (ii) the percentage equivalent of a fraction, the numerator of which is
the Series 2009-4 Invested Amount on the Payment Date immediately preceding
such Settlement Date and the denominator of which is the Series 2009-4
Allocated Adjusted Aggregate Unit Balance on the Settlement Date immediately
preceding such Settlement Date; and

     (b) the excess, if any, of:

     (i) the product of (x) the average daily Series 2009-4 Invested
Percentage during the immediately preceding Monthly Period and (y) the
Principal Payment Amount for such Settlement Date

     over

     (ii) the excess, if any of (A) the Series 2009-4 Target
Overcollateralization Amount on the Payment Date immediately preceding such
Settlement Date over (B) $4,870,090.34;

provided, however, that, if an Amortization Event shall have occurred or
been declared on or prior to such Settlement Date, the Series 2009-4 Principal Payment
Amount for such Settlement Date will equal the product of (x) the average daily Series
2009-4 Invested Percentage during the immediately preceding Monthly Period and (y) the
Principal Payment Amount for such Settlement Date.

 

16

     “Series 2009-4 Required Asset Amount” means, as of any date of determination,
the sum of the Series 2009-4 Invested Amount and the Series 2009-4 Required
Overcollateralization Amount as of such date.

     “Series 2009-4 Required Enhancement Amount” means, on any date, the amount by
which (a) the sum of (i) the product of (x) the Series 2009-4 Required Percentage on such
date and (y) (1) so long as the Class A Investor Notes are Outstanding, the Class A Initial
Invested Amount, (2) so long as the Class B Investor Notes are Outstanding and no Class A
Investor Notes are Outstanding, the sum of the Class A Initial Invested Amount and the Class
B Initial Invested Amount or (c) so long as the Class C Investor Notes are Outstanding and
no Class A Investor Notes or Class B Investor Notes are Outstanding, the Series 2009-4
Initial Invested Amount plus (ii) the sum of:

(A) (i) if the Three-Month Average Residual Value Loss Ratio with respect to
the most recent Settlement Date exceeded 12.50%, an amount equal to the
product of (1) the Series 2009-4 Invested Percentage as of the last day of
the Monthly Period immediately preceding such Settlement Date and (2) 90% of
the amount by which the Aggregate Residual Value Amount exceeded the Excess
Residual Value Amount, in each case, as of that date; or (ii) otherwise, 60%
of the amount, if any, by which (x) the product of (1) the Series 2009-4
Invested Percentage as of the last day of the Monthly Period immediately
preceding the most recent Settlement Date and (2) 90% of the amount by which
the Aggregate Residual Value Amount exceeded the Excess Residual Value
Amount, in each case, as of that date, exceeds (y) the product of (1) the
Series 2009-4 Invested Percentage as of the last day of the Monthly Period
immediately preceding the most recent Settlement Date and (2) 1.8% of the
Aggregate Unit Balance as of that date plus

(B) the greater of

     (1) the sum of:

     (I) an amount equal to the product of (x) the Series 2009-4
Invested Percentage as of the last day of the Monthly Period
immediately preceding the most recent Settlement Date and (y) the
Excess Equipment Amount on such Settlement Date;

     (II) an amount equal to the product of (x) the Series 2009-4
Invested Percentage as of the last day of the Monthly Period
immediately preceding the most recent Settlement Date and (y) the
Excess Forklift Amount on such Settlement Date;

     (III) an amount equal to the product of (x) the Series 2009-4
Invested Percentage as of the last day of the Monthly Period
immediately preceding the most recent Settlement Date and (y) the
Excess Truck Amount on such Settlement Date;

 

17

     (IV) an amount equal to the product of (x) the Series 2009-4
Invested Percentage as of the last day of the Monthly Period
immediately preceding the most recent Settlement Date and (y) the
Excess Trailer Amount on such Settlement Date; and

     (V) an amount equal to the product of (x) the Series 2009-4
Invested Percentage as of the last day of the Monthly Period
immediately preceding the most recent Settlement Date and (y) the
Excess Truck Body Amount on such Settlement Date; and

     (2) an amount equal to the product of (x) the Series 2009-4 Invested
Percentage as of the last day of the Monthly Period immediately preceding
such Settlement Date and (y) the Excess Alternative Vehicle Amount on such
Settlement Date; plus

     (C) the sum of:

     (1) an amount equal to the product of (x) the Series 2009-4 Invested
Percentage as of the last day of the Monthly Period immediately preceding
the most recent Settlement Date and (y) the Overconcentration Amount on such
Settlement Date;

     (2) an amount equal to the product of (x) the Series 2009-4 Invested
Percentage as of the last day of the Monthly Period immediately preceding
the most recent Settlement Date and (y) the Excess Longer-Term Lease Amount
on such Settlement Date;

     (3) an amount equal to the product of (x) the Series 2009-4 Invested
Percentage as of the last day of the Monthly Period immediately preceding
the most recent Settlement Date and (y) the Excess High Lease Balance Amount
on such Settlement Date; and

     (4) an amount equal to the product of (x) the Series 2009-4 Invested
Percentage as of the last day of the Monthly Period immediately preceding
the most recent Settlement Date and (y) the Excess State Obligor Risk Amount
on such Settlement Date;

exceeds (b) the excess of (i) $10,490,876.58 over (ii) the Series 2009-4 Target
Overcollateralization Amount on such date; provided, however, that, after
the declaration or occurrence of an Amortization Event, the Series 2009-4 Required
Enhancement Amount shall equal the Series 2009-4 Required Enhancement Amount on the date of
the declaration or occurrence of such Amortization Event.

     “Series 2009-4 Required Investor Noteholders” means (a) so long as the Class A
Investor Notes are Outstanding, Class A Investor Noteholders holding more than 50% of the
Class A Invested Amount (excluding any Class A Investor Notes held by the Issuer or any
Affiliate of the Issuer), (b) so long as the Class B Investor Notes are Outstanding and no
Class A Investor Notes are Outstanding, Class B Investor Noteholders holding more

 

18

than 50% of the Class B Invested Amount (excluding any Class B Investor Notes held by
the Issuer or any Affiliate of the Issuer) and (c) so long as the Class C Investor Notes are
Outstanding and no Class A Investor Notes or Class B Investor Notes are Outstanding, Class C
Investor Noteholders holding more than 50% of the Class C Invested Amount (excluding any
Class C Investor Notes held by the Issuer or any Affiliate of the Issuer).

     “Series 2009-4 Required Overcollateralization Amount” means, on any date of
determination during an Accrual Period, the amount, if any, by which (a) the Series 2009-4
Required Enhancement Amount exceeds (b) the sum of (i) the Series 2009-4 Reserve Account
Amount, (ii) the amount on deposit in the Series 2009-4 Principal Collection Subaccount on
such date (excluding any amounts deposited therein pursuant to Section 5A.2(d)
during the Monthly Period commencing after the first day of such Accrual Period) and
(iii)(A) so long as the Class A Investor Notes are Outstanding, the sum of the Class B
Invested Amount and the Class C Invested Amount on such date or (B) so long as the Class B
Investor Notes are Outstanding and no Class A Investor Notes are Outstanding, the Class C
Invested Amount on such date.

     “Series 2009-4 Required Percentage” means, on any date of determination,

     (a) so long as the Class A Investor Notes are Outstanding, the percentage
equivalent of a fraction, the numerator of which is $34,900,284.90, and the
denominator of which is $250,000,000 unless a Trigger Event shall have occurred with
respect to the most recent Settlement Date, in which case, the Series 2009-4
Required Percentage on such date will equal 14.96%;

     (b) so long as the Class B Investor Notes are Outstanding and no Class A
Investor Notes are Outstanding, the percentage equivalent of a fraction, the
numerator of which is $25,641,025.64, and the denominator of which is $259,250,000
unless a Trigger Event shall have occurred with respect to the most recent
Settlement Date, in which case, the Series 2009-4 Required Percentage on such date
will equal 10.89%; or

     (c) so long as the Class C Investor Notes are Outstanding and no Class A
Investor Notes or Class B Investor Notes are Outstanding, the percentage equivalent
of a fraction, the numerator of which is $17,094,017.09, and the denominator of
which is $267,800,000 unless a Trigger Event shall have occurred with respect to the
most recent Settlement Date, in which case, the Series 2009-4 Required Percentage on
such date will equal 7.38%.

     “Series 2009-4 Required Reserve Account Amount” means, on any date, the sum of
(a) $6,609,408.32 and (b) 60% of the amount, if any, by which (x) the product of (1) the
Series 2009-4 Invested Percentage as of the last day of the Monthly Period immediately
preceding such date and (2) 90% of the amount by which the Aggregate Residual Value Amount
exceeded the Excess Residual Value Amount, in each case, as of that date, exceeds (y) the
product of (1) the Series 2009-4 Invested Percentage as of the last day of the Monthly
Period immediately preceding such date and (2) 1.8% of the Aggregate Unit Balance as of that
date.

 

19

     “Series 2009-4 Required Yield Supplement Amount” means, as of any Settlement
Date, the excess, if any, of (a) the Series 2009-4 Yield Shortfall Amount for such
Settlement Date over (b) 70% of the product of (x) the Series 2009-4 Invested Percentage on
such Settlement Date and (y) the excess of (1) the Class X 1999-1B Invested Amount for the
current Monthly Period (after giving effect to any increase thereof on such Settlement Date)
over (2) the sum, with respect to each Obligor of Eligible Receivables as of the close of
business on the first day of such Monthly Period, of the amount, if any, by which the amount
owing by such Obligor in respect of such Eligible Receivables as of such date exceeds an
amount equal to 5.00% of the Class X 1999-1B Invested Amount; provided,
however that upon the occurrence of a Receivables Purchase Termination Event, the
Series 2009-4 Required Yield Supplement Amount will equal the Series 2009-4 Yield
Shortfall Amount for such Settlement Date.

     “Series 2009-4 Reserve Account” is defined in Section 5A.8(a).

     “Series 2009-4 Reserve Account Amount” means, on any date of determination, the
amount on deposit in the Series 2009-4 Reserve Account and available for withdrawal
therefrom.

     “Series 2009-4 Reserve Account Surplus” means, on any date of determination,
the amount, if any, by which the Series 2009-4 Reserve Account Amount exceeds the Series
2009-4 Required Reserve Account Amount.

     “Series 2009-4 Revolving Period” means the period from and including the Series
2009-4 Closing Date to but excluding the commencement of the Series 2009-4 Amortization
Period.

     “Series 2009-4 Servicing Fee Percentage” is defined in Section 5.1.

     “Series 2009-4 Settlement Collection Subaccount” is defined in Section
5A.1(a).

     “Series 2009-4 Subaccounts” is defined in Section 5A.1(a).

     “Series 2009-4 Supplemental Servicing Fee” is defined in Section 5.1.

     “Series 2009-4 Target Overcollateralization Amount” means, on any date of
determination, the greater of (a) 3.9174296421% of the Series 2009-4 Invested Amount on such
date and (b) $4,870,090.34.

     “Series 2009-4 Weighted Average Cost of Funds” means, for any Settlement Date,
the product of (a) the quotient of the aggregate amount of interest payable on the Series
2009-4 Investor Notes on such Settlement Date, divided by the Series 2009-4 Invested
Amount as of the first day of the immediately preceding Series 2009-4 Interest Period and
(b) a fraction, the numerator of which is 360 and the denominator of which is the number of
days in the Series 2009-4 Interest Period ending on such Settlement Date.

     “Series 2009-4 Yield Shortfall” means, with respect to any Series 2009-4 Yield
Shortfall Lease for any Settlement Date, the quotient of (a) the excess of (i) the Series

 

20

2009-4 Minimum Yield Rate with respect to such Series 2009-4 Yield Shortfall Lease for
such Settlement Date over (ii) the sum of (A) the Finance Charge Rate applicable to such
Series 2009-4 Yield Shortfall Lease on the Determination Date preceding such Settlement Date
and (B) the lesser of (x) the Series 2009-4 Basis Spread with respect to such Series 2009-4
Yield Shortfall Lease and (y) the excess, if any, of (I) the LIBOR Index on such
Determination Date over (II) the Base Index used to determine the Finance Charge Rate
applicable to such Series 2009-4 Yield Shortfall Lease on such Determination Date
divided by (b) 12.

     “Series 2009-4 Yield Shortfall Amount” means, for any Settlement Date, the sum
of the product with respect to each Series 2009-4 Yield Shortfall Lease of (a) the Series
2009-4 Invested Percentage on such Settlement Date and (b) the excess of (i) the Series
2009-4 Yield Shortfall Lease Break Even Amount with respect to such Series 2009-4 Yield
Shortfall Lease for such Settlement Date over (ii) the product of (A) the fixed monthly
management or administrative fee payable in respect of such Series 2009-4 Yield Shortfall
Lease and (B) the Series 2009-4 Yield Shortfall Lease Remaining Term with respect to such
Series 2009-4 Yield Shortfall Lease for such Settlement Date.

     “Series 2009-4 Yield Shortfall Lease” means, as of any Settlement Date, each
Unit Lease that is a Floating Rate Lease whose Finance Charge Rate plus the Management Fee
Yield with respect to such Unit Lease for such Settlement Date is less than the Series
2009-4 Minimum Yield Rate for such Settlement Date.

     “Series 2009-4 Yield Shortfall Lease Average Balance” means, with respect to
any Series 2009-4 Yield Shortfall Lease for any Settlement Date, the excess of (a) the Lease
Balance of such Series 2009-4 Yield Shortfall Lease as of the last day of the immediately
preceding Monthly Period over (b) the product of (i) the quotient of (A) the Lease Balance
of such Series 2009-4 Yield Shortfall Lease as of the last day of the immediately preceding
Monthly Period divided by (B) the Remaining Lease Term with respect to such Series
2009-4 Yield Shortfall Lease for such Settlement Date, (ii) the Series 2009-4 Yield
Shortfall Lease Remaining Term with respect to such Series 2009-4 Yield Shortfall Lease for
such Settlement Date minus 1 and (iii) 50%.

     “Series 2009-4 Yield Shortfall Lease Break Even Amount” means, with respect to
any Series 2009-4 Yield Shortfall Lease for any Settlement Date, the product of (a) the
Series 2009-4 Yield Shortfall Lease Remaining Term with respect to such Series 2009-4 Yield
Shortfall Lease for such Settlement Date, (b) the Series 2009-4 Yield Shortfall with respect
to such Series 2009-4 Yield Shortfall Lease for such Settlement Date and (c) the Series
2009-4 Yield Shortfall Lease Average Balance with respect to such Series 2009-4 Yield
Shortfall Lease for such Settlement Date.

     “Series 2009-4 Yield Shortfall Lease Remaining Term” means, with respect to any
Series 2009-4 Yield Shortfall Lease for any Settlement Date, the excess (rounded up to the
next integer) of (a) the Remaining Lease Term with respect to such Series 2009-4 Yield
Shortfall Lease for such Settlement Date over (b) the quotient of (i) the product of (A) the
fixed monthly management or administrative fee payable in respect of such Series 2009-4
Yield Shortfall Lease and (B) the Remaining Lease Term with respect to such

 

21

Series 2009-4 Yield Shortfall Lease for such Settlement Date divided by (ii)
the product of (A) the Lease Balance of such Series 2009-4 Yield Shortfall Lease as of the
last day of the immediately preceding Monthly Period and (B) the Series 2009-4 Yield
Shortfall with respect to such Series 2009-4 Yield Shortfall Lease for such Settlement Date.

     “Series 2009-4 Yield Supplement Account” is defined in Section 5A.9(a).

     “Series 2009-4 Yield Supplement Account Amount” means, on any date of
determination, the amount on deposit in the Series 2009-4 Yield Supplement Account and
available for withdrawal therefrom.

     “Series 2009-4 Yield Supplement Account Surplus” means, on any date of
determination, the amount, if any, by which the Series 2009-4 Yield Supplement Account
Amount exceeds the Series 2009-4 Required Yield Supplement Amount.

     “Series 2009-4 Yield Supplement Deficiency” means, on any date of
determination, the amount, if any, by which the Series 2009-4 Required Yield Supplement
Amount exceeds the Series 2009-4 Yield Supplement Account Amount.

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

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

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

     “Total Cash Available” means, for any Settlement Date, the excess, if any, of
(a) the sum of (i) the aggregate amount of Collections allocated to the Series 2009-4
General Collection Subaccount pursuant to Section 5A.2(a) during the immediately
preceding Monthly Period, (ii) an amount equal to the product of the average daily Series
2009-4 Invested Percentage during such Monthly Period and the amount of the Unit Repurchase
Payments paid by the Servicer on such Settlement Date, (iii) an amount equal to the product
of the average daily Series 2009-4 Invested Percentage during such Monthly Period and the
amount of the Monthly Servicer Advance made by the Servicer on such Settlement Date, (iv) an
amount equal to the product of the average daily Series 2009-4 Invested Percentage during
such Monthly Period and the amount withdrawn from the Gain on Sale Account pursuant to
Section 5.2(e) of the Base Indenture on the Transfer Date immediately preceding such
Settlement Date and (v) the investment income on amounts on deposit in the Series 2009-4
Principal Collection Subaccount and the Series 2009-4 General Collection Subaccount
transferred to the Series 2009-4 Settlement Collection Subaccount on such Settlement Date
pursuant to Section 5A.1(b) over (b) the amount withdrawn from the Series 2009-4
General Collection Subaccount pursuant to

 

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Section 5A.2(f) during the period commencing on the Period End Date immediately
preceding such Settlement Date to but excluding such Settlement Date.

     “Tractor” means a vehicle designed to pull a Trailer by means of a fifth wheel
mounted over its rear axel.

     “Trailer” means a truck trailer supported at the rear by its own wheels and at
the front by a fifth wheel mounted to a Tractor.

     “Transfer Date” means, with respect to the Series 2009-4 Investor Notes, the
Business Day immediately prior to each Settlement Date.

     “Trigger Event” means the occurrence of any of the following with respect to
any Settlement Date:

     (a) the Three Month Average Charge-Off Ratio exceeds 0.50%;

     (b) the Three Month Average Paid-In Advance Loss Ratio exceeds 1.00%; or

     (c) the Three Month Average Delinquency Ratio exceeds 4.50%.

     “Truck” means a vehicle that carries cargo in a body mounted to its chassis
rather than in a Trailer towed by the vehicle.

     “Truck Body” means the outer shell of a motor vehicle that is mounted to a cab
chassis and that covers that chassis from the back of the cab to the end of the body. A
Vehicle shall not be a Truck Body if it also includes the cab.

ARTICLE II

ARTICLE 5 OF THE BASE INDENTURE

          Sections 5.1 through 5.4 of the Base Indenture and each other Section of
Article 5 of the Indenture relating to another Series shall read in their entirety as provided in
the Base Indenture or any applicable Indenture Supplement. Article 5 of the Indenture
(except for Sections 5.1 through 5.4 thereof and any portion thereof relating to
another Series) shall read in its entirety as follows and shall be exclusively applicable to the
Series 2009-4 Investor Notes:

          Section 5A.1 Establishment of Series 2009-4 Subaccounts.

          (a) The Indenture Trustee shall establish and maintain in the name of the Indenture Trustee
for the benefit of the Series 2009-4 Investor Noteholders (i) a subaccount of the Collection
Account (the “Series 2009-4 Collection Subaccount”); and (ii) three subaccounts of the
Series 2009-4 Collection Subaccount: (1) the Series 2009-4 General Collection Subaccount, (2) the
Series 2009-4 Principal Collection Subaccount and (3) the Series 2009-4 Settlement Collection
Subaccount (respectively, the “Series 2009-4 General Collection Subaccount,” the
“Series 2009-4 Principal Collection Subaccount” and the “Series 2009-4

 

23

Settlement Collection Subaccount”); the accounts established pursuant to this
Section 5A.1(a), collectively, the “Series 2009-4 Subaccounts”), each Series 2009-4
Subaccount to bear a designation indicating that the funds deposited therein are held for the
benefit of the Series 2009-4 Investor Noteholders. The Indenture Trustee shall possess all right,
title and interest in all moneys, instruments, securities and other property on deposit from time
to time in the Series 2009-4 Subaccounts and the proceeds thereof for the benefit of the Series
2009-4 Investor Noteholders.

          (b) The Issuer shall instruct the institution maintaining the Collection Account in writing to
invest funds on deposit in the Series 2009-4 Subaccounts at all times in Permitted Investments
selected by the Issuer (by standing instructions or otherwise); provided, however,
that funds on deposit in a Series 2009-4 Subaccounts may be invested together with funds held in
other subaccounts of the Collection Account. Amounts on deposit and available for investment in the
Series 2009-4 General Collection Subaccount shall be invested by the Indenture Trustee at the
written direction of the Issuer in Permitted Investments that mature, or that are payable or
redeemable upon demand of the holder thereof, on or prior to the Business Day immediately preceding
the next Settlement Date. Amounts on deposit and available for investment in the Series 2009-4
Principal Collection Subaccount shall be invested by the Indenture Trustee at the written direction
of the Issuer in Permitted Investments that mature, or that are payable or redeemable upon demand
of the holder thereof, (i) in the case of any such investment made during the Series 2009-4
Revolving Period, on or prior to the next Business Day and (ii) in the case of any such investment
made on any day during the Series 2009-4 Amortization Period, on or prior to the Business Day
immediately preceding the next Settlement Date. On each Settlement Date, all interest and other
investment earnings (net of losses and investment expenses) on funds deposited in the Series 2009-4
Principal Collection Subaccount and the Series 2009-4 General Collection Subaccount shall be
deposited in the Series 2009-4 Settlement Collection Subaccount. The Issuer shall not direct the
Indenture Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the
maturity thereof to the extent such disposal would result in a loss of principal of such Permitted
Investment. In the absence of written direction as provided hereunder, all funds on deposit in the
Collection Account shall remain uninvested.

          Section 5A.2 Allocations with Respect to the Series 2009-4 Investor Notes.

          (a) Prior to 1:00 P.M., New York City time, on each Deposit Date, the Administrator shall
direct the Indenture Trustee in writing to allocate to the Series 2009-4 Investor Noteholders and
deposit in the Series 2009-4 General Collection Subaccount an amount equal to the product of the
Series 2009-4 Invested Percentage on such Deposit Date and the Collections deposited into the
Collection Account on such Deposit Date.

          (b) On the Series 2009-4 Closing Date, the Issuer shall cause the net proceeds from the sale
of the Series 2009-4 Notes to be deposited into the Series 2009-4 General Collection Subaccount and
the Indenture Trustee shall apply such net proceeds as follows: (i) deposit $6,609,408.32 in the
Series 2009-4 Reserve Account and (i) deposit the remainder of the net proceeds in the Series
2009-4 Principal Collection Subaccount for application in accordance with Section 5A.2(e).

 

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          (c) On each Determination Date, the Administrator shall direct the Indenture Trustee in
writing to allocate to the Series 2009-4 Investor Noteholders and deposit in the Series 2009-4
Settlement Collection Subaccount on the immediately succeeding Transfer Date amounts withdrawn from
the Gain on Sale Account on such Transfer Date, in an amount equal to the product of the average
daily Series 2009-4 Invested Percentage during the immediately preceding Monthly Period and the
amount withdrawn from the Gain on Sale Account pursuant to Section 5.2(e) of the Base
Indenture on such Transfer Date.

     (d) On each Determination Date, the Administrator shall direct the Indenture Trustee in
writing to allocate to the Series 2009-4 Investor Noteholders and deposit in the Series 2009-4
Settlement Collection Subaccount on the immediately succeeding Settlement Date the following
amounts:

     (i) any Unit Repurchase Payments made by the Servicer, in an amount equal to the
product of the average daily Series 2009-4 Invested Percentage during the immediately
preceding Monthly Period and the amount of such Unit Repurchase Payments;

     (ii) the Monthly Servicer Advance made by the Servicer, in an amount equal to the
product of the average daily Series 2009-4 Invested Percentage during the immediately
preceding Monthly Period and the amount of such Monthly Servicer Advance; and

     (iii) payments made under the Lease Rate Caps maintained by the Issuer pursuant to
Sections 5A.11, in an amount equal to the product of the average daily Series
2009-4 Invested Percentage during the immediately preceding Monthly Period and the amount
of such payments.

          (e) During the Series 2009-4 Revolving Period, the Administrator may direct the Indenture
Trustee in writing by 1:00 P.M., New York City time, on any Business Day to withdraw amounts on
deposit in the Series 2009-4 Principal Collection Subaccount for any of the following purposes:

     (i) if such Business Day is a Borrowing Date, to fund all or a portion of the Loan
being made to Holdings on such Borrowing Date pursuant to the Loan Agreement; or

     (ii) to reduce the Invested Amount of any Series of Investor Notes.

          (f) Prior to the occurrence of a Potential Amortization Event or an Amortization Event, on any
Business Day during the period commencing on a Period End Date to but excluding the next succeeding
Settlement Date on which the Administrator is able to determine the amounts to be distributed from
the Series 2009-4 Settlement Collection Subaccount pursuant to paragraphs (i) through (xi) of
Section 5A.4(c)on such Settlement Date, the Administrator may direct the Indenture Trustee
in writing to withdraw from the Series 2009-4 General Collection Subaccount and remit to the Issuer
the Series 2009-4 Available Excess Collections Amount for such Business Day.

 

25

          Section 5A.3 Determination of Interest.

          (a) The Bank of New York Mellon is hereby appointed Calculation Agent for the purpose of
determining the Series 2009-4 Note Rates for each Series 2009-4 Interest Period. On each LIBOR
Determination Date, the Calculation Agent shall determine the Series 2009-4 Note Rate for each
Class of Series 2009-4 Investor Notes for the next succeeding Series 2009-4 Interest Period and
deliver notice of such Series 2009-4 Note Rates to the Indenture Trustee. On each LIBOR
Determination Date, the Indenture Trustee shall deliver to the Administrator notice of the Series
2009-4 Note Rate for each Class of Series 2009-4 Investor Notes for the next succeeding Series
2009-4 Interest Period.

          (b) On each Determination Date, the Administrator shall determine (i) the excess, if any (the
“Class A Interest Shortfall Amount”), of (A) the sum of (x) the Class A Monthly Interest
for the Series 2009-4 Interest Period ending on the next succeeding Payment Date and (y) the Class
A Interest Shortfall Amount, if any, as of the preceding Payment Date (together with Additional
Interest on such Class A Interest Shortfall Amount) (such sum, the “Class A Monthly Interest
Payment”) over (B) the amount which will be available to pay interest on the Class A Investor
Notes in accordance with Section 5A.5 on such Payment Date, (ii) the excess, if any (the “Class
B Interest Shortfall Amount”), of (A) the sum of (x) the Class B Monthly Interest for the
Series 2009-4 Interest Period ending on the next succeeding Payment Date and (y) the Class B
Interest Shortfall Amount, if any, as of the preceding Payment Date (together with Additional
Interest on such Class B Interest Shortfall Amount) (such sum, the “Class B Monthly Interest
Payment”) over (B) the amount which will be available to pay interest on the Class B Investor
Notes in accordance with Section 5A.5 on such Payment Date and (iii) the excess, if any (the
“Class C Interest Shortfall Amount”), of (A) the sum of (x) the Class C Monthly Interest
for the Series 2009-4 Interest Period ending on the next succeeding Payment Date and (y) the Class
C Interest Shortfall Amount, if any, as of the preceding Payment Date (together with Additional
Interest on such Class C Interest Shortfall Amount) (such sum, the “Class C Monthly Interest
Payment”) over (B) the amount which will be available to pay interest on the Class C Investor
Notes in accordance with Section 5A.5 on such Payment Date. If the Class A Interest Shortfall
Amount with respect to any Payment Date is greater than zero, payments of interest to the Class A
Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable
to each such Class A Investor Noteholder, by such Class A Interest Shortfall Amount. If the Class
B Interest Shortfall Amount with respect to any Payment Date is greater than zero, payments of
interest to the Class B Investor Noteholders will be reduced on a pro rata basis, based on the
amount of interest payable to each such Class B Investor Noteholder, by such Class B Interest
Shortfall Amount. If the Class C Interest Shortfall Amount with respect to any Payment Date is
greater than zero, payments of interest to the Class C Investor Noteholders will be reduced on a
pro rata basis, based on the amount of interest payable to each such Class C Investor Noteholder,
by such Class C Interest Shortfall Amount. An additional amount of interest (“Additional
Interest”) shall accrue on the Class A Interest Shortfall Amount, the Class B Interest
Shortfall Amount and the Class C Interest Shortfall Amount for each Series 2009-4 Interest Period
at the applicable Series 2009-4 Note Rate for such Series 2009-4 Interest Period.

          Section 5A.4 Monthly Application of Collections.

 

26

          (a) On each Settlement Date, the Administrator shall direct the Indenture Trustee in writing
to withdraw from the Series 2009-4 General Collection Subaccount and allocate to the Series 2009-4
Settlement Collection Subaccount an amount equal to Total Cash Available for such Settlement Date
(less an amount equal to the investment income from the Series 2009-4 General Collection Subaccount
and the Series 2009-4 Principal Collection Subaccount transferred to the Series 2009-4 Settlement
Collection Subaccount pursuant to Section 5A.1(b)).

     (b) (i) If the Administrator determines that the aggregate amount distributable
from the Series 2009-4 Settlement Collection Subaccount pursuant to paragraphs (i)
through (viii) of Section 5A.4(c) on any Settlement Date exceeds the Total Cash
Available for such Settlement Date (the “Deficiency”), the Administrator shall
notify the Indenture Trustee thereof in writing at or before 10:00 A.M., New York City
time, on the Business Day immediately preceding such Settlement Date, and the Indenture
Trustee shall, in accordance with such notice, by 11:00 A.M., New York City time, on such
Settlement Date, withdraw from the Series 2009-4 Reserve Account and deposit in the
Series 2009-4 Settlement Collection Subaccount an amount equal to the least of (x) such
Deficiency, (y) the product of the average daily Series 2009-4 Invested Percentage during
the immediately preceding Monthly Period and Aggregate Net Lease Losses for such Monthly
Period and (z) the Series 2009-4 Reserve Account Amount and, to the extent that such
amount is less than the Deficiency, withdraw from the Series 2009-4 Yield Supplement
Account and deposit in the Series 2009-4 Settlement Collection Subaccount an amount equal
to the lesser of the amount of such insufficiency and the Series 2009-4 Yield Supplement
Account Amount. If the Deficiency with respect to any Settlement Date exceeds the
amounts to be withdrawn from the Series 2009-4 Reserve Account and the Series 2009-4
Yield Supplement Account pursuant to the immediately preceding sentence, the
Administrator shall instruct the Indenture Trustee in writing at or before 10:00 A.M.,
New York City time, on the Business Day immediately preceding such Settlement Date, and
the Indenture Trustee shall, in accordance with such notice, by 11:00 A.M., New York City
time, on such Settlement Date, withdraw from the Series 2009-4 Reserve Account and
deposit in the Series 2009-4 Settlement Collection Subaccount an amount equal to the
lesser of (x) the remaining portion of the Deficiency and (y) the Series 2009-4 Reserve
Account Amount (after giving effect to the withdrawal described in the immediately
preceding sentence).

          (ii) If the Administrator determines that (A) the amount to be deposited in the
Series 2009-4 Distribution Account in accordance with Section 5A.4(c)(viii) and
paid to the Class A Investor Noteholders pursuant to Section 5A.6 on the Class A
Final Maturity Date is less than the Class A Invested Amount, (B) the amount to be
deposited in the Series 2009-4 Distribution Account in accordance with Section
5A.4(c)(viii) and paid to the Class B Investor Noteholders pursuant to Section
5A.6 on the Class B Final Maturity Date is less than the Class B Invested Amount or
(C) the amount to be deposited in the Series 2009-4 Distribution Account in accordance
with Section 5A.4(c)(viii) and paid to the Class C Investor Noteholders pursuant
to Section 5A.6 on the Class C Final Maturity Date is less than the Class C
Invested Amount, the Administrator shall notify the Indenture Trustee thereof in writing
at or before 10:00 A.M., New York City time, on the Business Day

 

27

immediately preceding such Final Maturity Date, and the Indenture Trustee shall, in
accordance with such notice, by 11:00 A.M., New York City time, on such Final Maturity
Date, withdraw from the Series 2009-4 Reserve Account and deposit in the Series 2009-4
Distribution Account an amount equal to the lesser of such insufficiency and the Series
2009-4 Reserve Account Amount (after giving effect to any withdrawal therefrom pursuant
to Section 5A.4(b)(i) on such Final Maturity Date). In addition, if the Series
2009-4 Reserve Account Amount is less than such insufficiency on the Class C Final
Maturity Date, the Administrator shall notify the Indenture Trustee thereof in writing at
or before 10:00 A.M., New York City time, on the Business Day immediately preceding the
Class C Final Maturity Date, and the Indenture Trustee shall, in accordance with such
notice, by 11:00 A.M., New York City time, on such Final Maturity Date, withdraw from the
Series 2009-4 Yield Supplement Account and deposit in the Series 2009-4 Distribution
Account an amount equal to the lesser of such remaining insufficiency and the Series
2009-4 Yield Supplement Account Amount (after giving effect to any withdrawal therefrom
pursuant to Section 5A.4(b)(i) on such Final Maturity Date).

          (c) On each Settlement Date, based solely on the information contained in the Monthly
Settlement Statement with respect to Series 2009-4 Investor Notes, the Indenture Trustee shall
apply the following amounts allocated to, or deposited in, the Series 2009-4 Settlement Collection
Subaccount on such Settlement Date in the following order of priority:

     (i) to the Gain On Sale Account, an amount equal to the Series 2009-4 Monthly
Residual Value Gain, if any, for such Settlement Date;

     (ii) to the Servicer, an amount equal to the Series 2009-4 Monthly Servicer Advance
Reimbursement Amount for such Settlement Date;

     (iii) if VMS is not the Servicer, to the Servicer, an amount equal to the Series
2009-4 Basic Servicing Fee for the preceding Monthly Period plus, on the first
Settlement Date following the transfer of the servicing from VMS to a successor Servicer
pursuant to Section 9.1 of the Series 1999-1 SUBI Servicing Supplement, to the
extent not reimbursed by VMS, the reasonable costs and expenses of the successor Servicer
incurred in connection with the transfer of the servicing, in an amount up to $250,000;

     (iv) to the Series 2009-4 Distribution Account, an amount equal to the Monthly
Interest Payment payable on such Payment Date;

     (v) if VMS is the Servicer, to the Servicer, an amount equal to the Series 2009-4
Basic Servicing Fee for the preceding Monthly Period;

     (vi) to the Back-up Servicer, an amount equal to the lesser of (x) $2,790 and (y)
the amount then payable to the Back-up Servicer pursuant to the Back-up Servicing
Agreement;

     (vii) to the Administrator, an amount equal to the Series 2009-4 Administrator Fee
for the preceding Monthly Period;

 

28

     (viii) (A) on any Settlement Date immediately succeeding a Monthly Period falling in
the Series 2009-4 Revolving Period, to the Series 2009-4 Principal Collection Subaccount,
an amount equal to the Series 2009-4 Allocated Asset Amount Deficiency, if any, on such
Settlement Date and (B) on the earlier of (x) the second Settlement Date following the
February 2010 Period End Date or (y) the first Settlement Date following the occurrence
of an Amortization Event, to the Series 2009-4 Distribution Account, an amount equal to
the lesser of the Series 2009-4 Principal Payment Amount for such Settlement Date and the
Series 2009-4 Invested Amount on such Settlement Date;

     (ix) to the Series 2009-4 Reserve Account, to the extent that a Series 2009-4 Liquid
Credit Enhancement Deficiency exists or, on any Settlement Date immediately succeeding a
Monthly Period falling in the Series 2009-4 Amortization Period, to the extent that a
Series 2009-4 Allocated Asset Amount Deficiency exists, an amount equal to the greater of
such deficiencies;

     (x) to the Series 2009-4 Yield Supplement Account, to the extent that a Series
2009-4 Yield Supplement Deficiency exists (or, will exist after giving effect to any
reduction in the Class X 1999-1B Invested Amount on such Settlement Date), an amount
equal to such deficiency;

     (xi) if VMS is not the Servicer, to the Servicer, an amount equal to any Series
2009-4 Supplemental Servicing Fee for the preceding Monthly Period and any unpaid 2009-4
Supplemental Servicing Fee for any prior Monthly Period; and

     (xii) to, or at the written direction of, the Issuer, an amount equal to the balance
remaining in the Series 2009-4 Settlement Collection Subaccount.

          Section 5A.5 Payment of Monthly Interest Payment.

          On each Payment Date, based solely on the information contained in the Monthly Settlement
Statement with respect to the Series 2009-4 Investor Notes, the Indenture Trustee shall, in
accordance with Section 6.1 of the Base Indenture, distribute from the Series 2009-4 Distribution
Account the Monthly Interest Payment in the following order of priority to the extent of the amount
deposited in the Series 2009-4 Distribution Account for the payment of interest pursuant to
Section 5A.4(c)(iv):

          (a) pro rata to each Class A Investor Noteholder, an amount equal to the Class A Monthly
Interest Payment payable on such Payment Date;

          (b) pro rata to each Class B Investor Noteholder, an amount equal to the Class B Monthly
Interest Payment payable on such Payment Date; and

          (c) pro rata to each Class C Investor Noteholder, an amount equal to the Class C Monthly
Interest Payment payable on such Payment Date.

          Section 5A.6 Payment of Principal.

 

29

          (a) The principal amount of each Class of the Series 2009-4 Investor Notes shall be due and
payable on the Final Maturity Date with respect to such Class.

          (b) On the earlier of (x) the second Payment Date following the February 2010 Period End Date
or (y) the first Payment Date on or after the date of the occurrence of an Amortization Event and
on each Payment Date thereafter, based solely on the information contained in the Monthly
Settlement Statement with respect to the Series 2009-4 Investor Notes, the Indenture Trustee shall,
in accordance with Section 6.1 of the Base Indenture, distribute from the Series 2009-4
Distribution Account the amount deposited therein pursuant to Section 5A.4(c)(viii) and
Section 5A.4(b)(ii) in the following order of priority:

     (i) pro rata to each Class A Investor Noteholder until the Class A Invested Amount
is reduced to zero;

     (ii) pro rata to each Class B Investor Noteholder until the Class B Invested Amount
is reduced to zero; and

     (iii) pro rata to each Class C Investor Noteholder until the Class C Invested Amount
is reduced to zero.

          (c) The Indenture Trustee shall notify the Person in whose name a Series 2009-4 Investor Note
is registered at the close of business on the Record Date preceding the Payment Date on which the
Issuer expects that the final installment of principal of and interest on such Series 2009-4
Investor Note will be paid. Such notice shall be made at the expense of the Administrator and
shall be mailed within three (3) Business Days of receipt of a Monthly Settlement Statement
indicating that such final payment will be made and shall specify that such final installment will
be payable only upon presentation and surrender of such Series 2009-4 Investor Note and shall
specify the place where such Series 2009-4 Investor Note may be presented and surrendered for
payment of such installment. Notices in connection with redemptions of Series 2009-4 Investor
Notes shall be sent by registered mail to Series 2009-4 Investor Noteholders and shall specify that
such final installment will be payable only upon presentation and surrender of such Series 2009-4
Investor Note and shall specify the place where such Series 2009-4 Investor Note may be presented
and surrendered for payment of such installment.

          Section 5A.7 The Administrator’s Failure to Instruct the Indenture Trustee to Make
a Deposit or Payment.

          When any payment or deposit hereunder or under any other Transaction Document is required to
be made by the Indenture Trustee at or prior to a specified time, the Administrator shall deliver
any applicable written instructions with respect thereto reasonably in advance of such specified
time. If the Administrator fails to give notice or instructions to make any payment from or
deposit into the Collection Account or any subaccount thereof required to be given by the
Administrator, at the time specified herein or in any other Transaction Document (after giving
effect to applicable grace periods), the Indenture Trustee shall make such payment or deposit into
or from the Collection Account or such subaccount without such notice or instruction from the
Administrator; provided that the Administrator, upon request of the

 

30

Indenture Trustee, promptly provides the Indenture Trustee with all information necessary to
allow the Indenture Trustee to make such a payment or deposit. In the event that the Indenture
Trustee shall take or refrain from taking action pursuant to this Section 5A.7, the
Administrator shall, by 5:00 P.M., New York City time, on any day the Indenture Trustee makes a
payment or deposit based on information or direction from the Administrator, provide (i) written
confirmation of any such direction and (ii) written confirmation of all information used by the
Administrator in giving any such direction.

          Section 5A.8 Series 2009-4 Reserve Account.

          (a) The Indenture Trustee shall establish and maintain in the name of the Indenture Trustee
for the benefit of the Series 2009-4 Investor Noteholders an account (the “Series 2009-4
Reserve Account”), bearing a designation clearly indicating that the funds deposited therein
are held for the benefit of the Series 2009-4 Investor Noteholders. The Series 2009-4 Reserve
Account shall be an Eligible Deposit Account; provided that, if at any time such account is
not an Eligible Deposit Account, then the Indenture Trustee shall, within 30 days of obtaining
knowledge of such reduction, establish a new Series 2009-4 Reserve Account that is an Eligible
Deposit Account. If the Indenture Trustee establishes a new Series 2009-4 Reserve Account, it
shall transfer all cash and investments from the non-qualifying Series 2009-4 Reserve Account into
the new Series 2009-4 Reserve Account. Initially, the Series 2009-4 Reserve Account will be
established with The Bank of New York Mellon.

          (b) The Issuer may instruct the institution maintaining the Series 2009-4 Reserve Account in
writing to invest funds on deposit in the Series 2009-4 Reserve Account from time to time in
Permitted Investments selected by the Issuer (by standing instructions or otherwise);
provided, however, that any such investment shall mature not later than the
Business Day prior to the Settlement Date following the date on which such funds were received. In
absence of written direction as provided hereunder, funds on deposit in the Series 2009-4 Reserve
Account shall remain uninvested.

          (c) All interest and earnings (net of losses and investment expenses) paid on funds on deposit
in the Series 2009-4 Reserve Account shall be deemed to be on deposit and available for
distribution.

          (d) If there is a Series 2009-4 Reserve Account Surplus on any Settlement Date, the
Administrator may notify the Indenture Trustee thereof in writing and instruct the Indenture
Trustee to withdraw from the Series 2009-4 Reserve Account and pay to the Issuer, and the Indenture
Trustee shall withdraw from the Series 2009-4 Reserve Account and pay to the Issuer, so long as no
Series 2009-4 Allocated Asset Amount Deficiency exists or would result therefrom, an amount up to
the lesser of (i) such Series 2009-4 Reserve Account Surplus on such Business Day and (ii) the
Series 2009-4 Reserve Account Amount on such Business Day.

          (e) Amounts will be withdrawn from the Series 2009-4 Reserve Account in accordance with
Section 5A.4(b).

          (f) The Issuer may from time to time transfer amounts to the Indenture Trustee along with an
Issuer Order directing the Indenture Trustee to deposit such amounts into the

 

31

Series 2009-4 Reserve Account, whereupon the Indenture Trustee shall cause such amounts to be
so deposited; provided, that if the proceeds transferred by the Issuer for deposit to the
Series 2009-4 Reserve Account pursuant to this paragraph (f) during any Monthly Period would (x)
have the effect of curing a Series 2009-4 Liquid Credit Enhancement Deficiency during such Monthly
Period, other than a Series 2009-4 Liquid Credit Enhancement Deficiency caused by an increase in
the Series 2009-4 Required Reserve Account Amount as a result of an increase in the Aggregate
Residual Value Amount as of the last day of the immediately preceding Monthly Period or (y) when
aggregated with all proceeds transferred by the Issuer for deposit to the Series 2009-4 Reserve
Account pursuant to this paragraph (f) during such Monthly Period, exceed the Additional Closed-End
Reserve Account Amount for such Monthly Period, the Issuer shall only transfer such amounts if the
Series 2009-4 Required Investor Noteholders shall have consented thereto. No person other than the
Issuer shall be permitted to transfer amounts to the Indenture Trustee for deposit to the Series
2009-4 Reserve Account pursuant to this paragraph (f).

          (g) In order to secure and provide for the repayment and payment of the Issuer Obligations
with respect to the Series 2009-4 Investor Notes, the Issuer hereby grants a security interest in
and assigns, pledges, grants, transfers and sets over to the Indenture Trustee, for the benefit of
the Series 2009-4 Investor Noteholders, all of the Issuer’s right, title and interest in and to the
following (whether now or hereafter existing or acquired): (i) the Series 2009-4 Reserve Account,
including any security entitlement thereto; (ii) all funds on deposit therein from time to time;
(iii) all certificates and instruments, if any, representing or evidencing any or all of the Series
2009-4 Reserve Account or the funds on deposit therein from time to time; (iv) all investments made
at any time and from time to time with monies in the Series 2009-4 Reserve Account, whether
constituting securities, instruments, general intangibles, investment property, financial assets or
other property; (v) all interest, dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for the Series 2009-4
Reserve Account, the funds on deposit therein from time to time or the investments made with such
funds; and (vi) all proceeds of any and all of the foregoing, including, without limitation, cash.
The Indenture Trustee and the Series 2009-4 Investor Noteholders shall have no interest in any
amounts withdrawn from the Series 2009-4 Reserve Account and paid to the Issuer.

          (h) On the Series 2009-4 Note Termination Date, the Indenture Trustee, acting in accordance
with the written instructions of the Administrator shall withdraw from the Series 2009-4 Reserve
Account all amounts on deposit therein and pay them to the Issuer.

          Section 5A.9 Series 2009-4 Yield Supplement Account.

          (a) The Indenture Trustee shall establish and maintain in the name of the Indenture Trustee
for the benefit of the Series 2009-4 Investor Noteholders an account (the “Series 2009-4 Yield
Supplement Account”), bearing a designation clearly indicating that the funds deposited therein
are held for the benefit of the Series 2009-4 Investor Noteholders. The Series 2009-4 Yield
Supplement Account shall be an Eligible Deposit Account; provided that, if at any time such
account is not an Eligible Deposit Account, then the Indenture Trustee shall, within 30 days of
obtaining knowledge of such reduction, establish a new Series 2009-4 Yield Supplement Account that
is an Eligible Deposit Account. If the Indenture Trustee establishes a new Series 2009-4 Yield
Supplement Account, it shall transfer all cash and investments from the

 

32

non-qualifying Series 2009-4 Yield Supplement Account into the new Series 2009-4 Yield
Supplement Account. Initially, the Series 2009-4 Yield Supplement Account will be established The
Bank of New York Mellon.

          (b) The Issuer may instruct the institution maintaining the Series 2009-4 Yield Supplement
Account in writing to invest funds on deposit in the Series 2009-4 Yield Supplement Account from
time to time in Permitted Investments selected by the Issuer (by standing instructions or
otherwise); provided, however, that any such investment shall mature not later than
the Business Day prior to the Settlement Date following the date on which such funds were received.
In absence of written direction as provided hereunder, funds on deposit in the Series 2009-4 Yield
Supplement Account shall remain uninvested.

          (c) All interest and earnings (net of losses and investment expenses) paid on funds on deposit
in the Series 2009-4 Yield Supplement Account shall be deemed to be on deposit and available for
distribution.

          (d) If there is a Series 2009-4 Yield Supplement Account Surplus on any Settlement Date, the
Administrator may notify the Indenture Trustee thereof in writing and request the Indenture Trustee
to withdraw from the Series 2009-4 Yield Supplement Account pay to the Issuer, and the Indenture
Trustee shall withdraw from the Series 2009-4 Yield Supplement Account and pay to the Issuer, an
amount up to the lesser of (i) such Series 2009-4 Yield Supplement Account Surplus on such Business
Day and (ii) the Series 2009-4 Yield Supplement Account Amount on such Business Day.

          (e) Amounts will be withdrawn from the Series 2009-4 Yield Supplement Account in accordance
with Section 5A.4(b).

          (f) In order to secure and provide for the repayment and payment of the Issuer Obligations
with respect to the Series 2009-4 Investor Notes, the Issuer hereby grants a security interest in
and assigns, pledges, grants, transfers and sets over to the Indenture Trustee, for the benefit of
the Series 2009-4 Investor Noteholders, all of the Issuer’s right, title and interest in and to the
following (whether now or hereafter existing or acquired): (i) the Series 2009-4 Yield Supplement
Account, including any security entitlement thereto; (ii) all funds on deposit therein from time to
time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the
Series 2009-4 Yield Supplement Account or the funds on deposit therein from time to time; (iv) all
investments made at any time and from time to time with monies in the Series 2009-4 Yield
Supplement Account, whether constituting securities, instruments, general intangibles, investment
property, financial assets or other property; (v) all interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed in respect of or in
exchange for the Series 2009-4 Yield Supplement Account, the funds on deposit therein from time to
time or the investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash. The Indenture Trustee and the Series 2009-4
Investor Noteholders shall have no interest in any amounts withdrawn from the Series 2009-4 Yield
Supplement Account and paid to the Issuer.

 

33

          (g) On the Series 2009-4 Note Termination Date, the Indenture Trustee, acting in accordance
with the written instructions of the Administrator shall withdraw from the Series 2009-4 Yield
Supplement Account all amounts on deposit therein and pay them to the Issuer.

          Section 5A.10 Series 2009-4 Distribution Account.

          (a) The Indenture Trustee shall establish and maintain in the name of the Indenture Trustee
for the benefit of the Series 2009-4 Investor Noteholders an account (the “Series 2009-4
Distribution Account”), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Series 2009-4 Investor Noteholders. The Series 2009-4
Distribution Account shall be an Eligible Deposit Account; provided that, if at any time
such account is not an Eligible Deposit Account, then the Indenture Trustee shall, within 30 days
of obtaining knowledge of such reduction, establish a new Series 2009-4 Distribution Account that
is an Eligible Deposit Account. If the Indenture Trustee establishes a new Series 2009-4
Distribution Account, it shall transfer all cash and investments from the non-qualifying Series
2009-4 Distribution Account into the new Series 2009-4 Distribution Account. Initially, the Series
2009-4 Distribution Account will be established with The Bank of New York Mellon.

          (b) The Issuer may instruct the institution maintaining the Series 2009-4 Distribution Account
in writing to invest funds on deposit in the Series 2009-4 Distribution Account from time to time
in Permitted Investments selected by the Issuer (by standing instructions or otherwise);
provided, however, that any such investment shall mature not later than the
Business Day prior to the Settlement Date following the date on which such funds were received. In
absence of written direction as provided hereunder, funds on deposit in the Series 2009-4
Distribution Account shall remain uninvested.

          (c) On each Settlement Date, the Indenture Trustee shall pay to the Issuer all interest and
earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2009-4
Distribution Account since the immediately preceding Settlement Date.

          (d) In order to secure and provide for the repayment and payment of the Issuer Obligations
with respect to the Series 2009-4 Investor Notes, the Issuer hereby grants a security interest in
and assigns, pledges, grants, transfers and sets over to the Indenture Trustee, for the benefit of
the Series 2009-4 Investor Noteholders, all of the Issuer’s right, title and interest in and to the
following (whether now or hereafter existing or acquired): (i) the Series 2009-4 Distribution
Account, including any security entitlement thereto; (ii) all funds on deposit therein from time to
time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the
Series 2009-4 Distribution Account or the funds on deposit therein from time to time; (iv) all
investments made at any time and from time to time with monies in the Series 2009-4 Distribution
Account, whether constituting securities, instruments, general intangibles, investment property,
financial assets or other property; (v) all interest, dividends, cash, instruments and other
property from time to time received, receivable or otherwise distributed in respect of or in
exchange for the Series 2009-4 Distribution Account, the funds on deposit therein from time to time
or the investments made with such funds from time to time; and (vi) all proceeds of any and all of
the foregoing, including, without limitation, cash. The Indenture Trustee and the Series 2009-4
Investor Noteholders shall have no interest in any amounts withdrawn from the Series 2009-4
Distribution Account and paid to the Issuer.

 

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          Section 5A.11 Lease Rate Caps.

          (a) The Issuer shall have obtained on the Series 2009-4 Closing Date and shall thereafter
maintain one or more interest rate caps, substantially in the form of Exhibit F hereto,
each from a Series 2009-4 Eligible Counterparty, having, in the aggregate, a notional amount on the
Series 2009-4 Closing Date at least equal to the aggregate Lease Balance of all Fixed Rate Leases
allocated to the Lease SUBI Portfolio as of the last day of the Monthly Period immediately
preceding the Series 2009-4 Closing Date, plus, in the case of all such Fixed Rate Leases that are
Closed-End Leases, the aggregate Stated Residual Values of the related Leased Vehicles and on each
Settlement Date thereafter at least equal to the aggregate scheduled Lease Balance of all such
Fixed Rate Leases as of the last day of the Monthly Period immediately preceding such Settlement
Date, plus, in the case of all such Fixed Rate Leases that are Closed-End Leases, the aggregate
Stated Residual Values of the related Leased Vehicles, and an effective strike rate based on the
eurodollar rate set forth therein in effect on the dates set forth therein at the most equal to the
weighted average fixed rate of interest on such Fixed Rate Leases minus 2.2375% per annum.

          (b) The Issuer shall have obtained on the Series 2009-4 Closing Date and shall thereafter
maintain either (i) one or more interest rate caps, substantially in the form of Exhibit F
hereto, each from a Series 2009-4 Eligible Counterparty, having, in the aggregate, a notional
amount on the Series 2009-4 Closing Date at least equal to the aggregate Lease Balance of all
Floating Rate Leases providing for the right to convert the floating rate at which the finance
charges accrue thereunder to a fixed rate that is not based on PHH’s cost of funds allocated to the
Lease SUBI Portfolio as of the last day of the Monthly Period immediately preceding the Series
2009-4 Closing Date, plus, in the case of all such Floating Rate Leases that are Closed-End Leases,
the aggregate Stated Residual Values of the related Leased Vehicles and on each Settlement Date
thereafter at least equal to the aggregate scheduled Lease Balance of all such Floating Rate Leases
(other than any such Floating Rate Lease that has been converted to a Fixed Rate Lease and as to
which the Issuer shall have obtained an interest rate cap in accordance with Section
5A.11(c)) as of the last day of the Monthly Period immediately preceding such Settlement Date,
plus, in the case of all such Floating Rate Leases that are Closed-End Leases, the aggregate Stated
Residual Values of the related Leased Vehicles, and an effective strike rate based on the
eurodollar rate set forth therein in effect on the dates set forth therein at the most equal to the
weighted average margin that would be added to the rates set forth in such Floating Rate Leases to
determine the fixed rates at which finance charges would accrue thereunder upon conversion
minus 2.2375% per annum or (ii) such other hedging instrument or mechanism with respect to
such Floating Rate Leases with respect to which the Rating Agency Condition shall have been
satisfied.

          (c) On or prior to the date that any Fixed Rate Lease is allocated to the Lease SUBI Portfolio
on or after the Series 2009-4 Closing Date, the Issuer shall have obtained and shall thereafter
maintain an interest rate cap, substantially in the form of Exhibit F hereto, from a Series
2009-4 Eligible Counterparty having a notional amount equal to the initial Lease Balance of such
Fixed Rate Lease, plus, in the case of a Closed-End Lease, the Stated Residual Value of the related
Leased Vehicle and on each Settlement Date thereafter at least equal to the scheduled Lease Balance
of such Fixed Rate Lease as of the last day of the Monthly Period immediately preceding such
Settlement Date, plus, in the case of a Closed-End Lease, the Stated Residual

 

35

Value of the related Leased Vehicle and an effective strike rate based on the eurodollar rate
set forth therein in effect on the dates set forth therein at the most equal to the fixed rate of
interest on such Fixed Rate Lease minus 2.2375% per annum.

          (d) On or prior to each Settlement Date, the Issuer shall have obtained and shall thereafter
maintain an interest rate cap substantially in the form of Exhibit F hereto, from a Series
2009-4 Eligible Counterparty having a notional amount equal to the aggregate Lease Balance of each
Floating Rate Lease allocated to the Lease SUBI that shall have been converted to a Fixed Rate
Lease during the immediately preceding Monthly Period, plus, in the case of a Closed-End Lease, the
Stated Residual Value of the related Leased Vehicle and on each Settlement Date thereafter at least
equal to the scheduled Lease Balance of such newly converted Fixed Rate Lease as of the last day of
the Monthly Period immediately preceding such Settlement Date, plus, in the case of a Closed-End
Lease, the Stated Residual Value of the related Leased Vehicle and an effective strike rate based
on the eurodollar rate set forth therein in effect on the dates set forth therein at the most equal
to the fixed rate of interest on such newly converted Fixed Rate Lease minus 2.2375% per
annum.

          (e) If, at any time, any provider of an interest rate cap required to be obtained and
maintained by the Issuer pursuant to this Section 5A.11 is not a Series 2009-4 Eligible
Counterparty, the Issuer shall cause such provider to take the actions required of it under the
terms of the interest rate cap to which it is a party within the time frames set forth therein
following such occurrence. If any such provider of an interest rate cap fails to take the actions
required of it under the terms of its interest rate cap, the Issuer shall, at such provider’s
expense, obtain a replacement interest rate cap on the same terms from a Series 2009-4 Eligible
Counterparty and, simultaneously with such replacement, the Issuer shall terminate the interest
rate cap being replaced. The Issuer will not permit any interest rate cap required to be obtained
and maintained by the Issuer pursuant to this Section 5A.11 to be terminated or transferred
in whole or in part unless a replacement interest rate cap therefor has been provided as described
in the immediately preceding sentence and, after giving effect thereto, the Issuer has the interest
rate caps required to be obtained and maintained by the Issuer pursuant to this Section
5A.11.

          Section 5A.12 Indenture Trustee As Securities Intermediary.

          (a) The Indenture Trustee or other Person holding the Series 2009-4 Reserve Account, the
Series 2009-4 Yield Supplement Account or the Series 2009-4 Distribution Account (each a
“Series 2009-4 Designated Account”) shall be the “Securities Intermediary”. If the
Securities Intermediary in respect of any Series 2009-4 Designated Account is not the Indenture
Trustee, the Issuer shall obtain the express agreement of such Person to the obligations of the
Securities Intermediary set forth in this Section 5A.12.

          (b) The Securities Intermediary agrees that:

     (i) The Series 2009-4 Designated Accounts are accounts to which “financial assets”
within the meaning of Section 8-102(a)(9) (“Financial Assets”) of the UCC in
effect in the State of New York (the “New York UCC”) will be credited;

 

36

     (ii) All securities or other property underlying any Financial Assets credited to
any Series 2009-4 Designated Account shall be registered in the name of the Securities
Intermediary, indorsed to the Securities Intermediary or in blank or credited to another
securities account maintained in the name of the Securities Intermediary and in no case
will any Financial Asset credited to any Series 2009-4 Designated Account be registered
in the name of the Issuer, payable to the order of the Issuer or specially endorsed to
the Issuer;

     (iii) All property delivered to the Securities Intermediary pursuant to this
Indenture Supplement will be promptly credited to the appropriate Series 2009-4
Designated Account;

     (iv) Each item of property (whether investment property, security, instrument or
cash) credited to a Series 2009-4 Designated Account shall be treated as a Financial
Asset;

     (v) If at any time the Securities Intermediary shall receive any order from the
Indenture Trustee directing transfer or redemption of any Financial Asset relating to the
Series 2009-4 Designated Accounts, the Securities Intermediary shall comply with such
entitlement order without further consent by the Issuer or the Administrator;

     (vi) The Series 2009-4 Designated Accounts shall be governed by the laws of the
State of New York, regardless of any provision of any other agreement. For purposes of
the UCC, New York shall be deemed to the Securities Intermediary’s jurisdiction and the
Series 2009-4 Designated Accounts (as well as the “securities entitlements” (as defined
in Section 8-102(a)(17) of the New York UCC) related thereto) shall be governed by the
laws of the State of New York;

     (vii) The Securities Intermediary has not entered into, and until termination of
this Indenture Supplement, will not enter into, any agreement with any other Person
relating to the Series 2009-4 Designated Accounts and/or any Financial Assets credited
thereto pursuant to which it has agreed to comply with entitlement orders (as defined in
Section 8-102(a)(8) of the New York UCC) of such other Person and the Securities
Intermediary has not entered into, and until the termination of this Indenture Supplement
will not enter into, any agreement with the Issuer purporting to limit or condition the
obligation of the Securities Intermediary to comply with entitlement orders as set forth
in Section 5A.12(b)(v) of this Indenture Supplement; and

     (viii) Except for the claims and interest of the Indenture Trustee and the Issuer in
the Series 2009-4 Designated Accounts, the Securities Intermediary knows of no claim to,
or interest, in the Series 2009-4 Designated Accounts or in any Financial Asset credited
thereto. If the Securities Intermediary has actual knowledge of the assertion by any
other person of any lien, encumbrance, or adverse claim (including any writ, garnishment,
judgment, warrant of attachment, execution or similar process) against any Series 2009-4
Designated Account or in any Financial Asset carried therein, the Securities Intermediary
will promptly notify the Indenture Trustee, the Administrator and the Issuer thereof.

 

37

          (c) The Indenture Trustee shall possess all right, title and interest in all funds on deposit
from time to time in the Series 2009-4 Designated Accounts and in all proceeds thereof, and shall
be the only person authorized to originate entitlement orders in respect of the Series 2009-4
Designated Accounts.

ARTICLE III

AMORTIZATION EVENTS

          If any one of the following events shall occur with respect to the Series 2009-4 Investor
Notes:

          (a) the Series 2009-4 Reserve Account shall have become subject to an injunction, estoppel or
other stay or a Lien (other than a Permitted Lien);

          (b) the Series 2009-4 Yield Supplement Account shall have become subject to an injunction,
estoppel or other stay or a Lien (other than a Permitted Lien);

          (c) a Series 2009-4 Liquid Credit Enhancement Deficiency shall occur and continue for at least
two Business Days;

          (d) a Series 2009-4 Allocated Asset Amount Deficiency shall occur and continue for at least
two Business Days;

          (e) a Series 2009-4 Yield Supplement Deficiency shall occur and continue for at least two
Business Days;

          (f) the Three Month Average Charge-Off Ratio with respect to any Settlement Date exceeds
1.00%;

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

          (h) the Three Month Average Delinquency Ratio with respect to any Settlement Date exceeds
7.00%;

          (i) the Loan Principal Amount on any Settlement Date is less than the Aggregate Invested
Amount on such Settlement Date;

          (j) any Servicer Termination Event shall occur;

          (k) any Termination Event shall occur;

          (l) an Event of Default with respect to the Series 2009-4 Investor Notes shall occur;

          (m) an Insolvency Event shall occur with respect to SPV, Holdings, the Origination Trust, VMS,
PHH Sub 1, PHH Sub 2 or PHH;

 

38

          (n) a Lease Rate Cap Event shall occur and continue for two Business Days;

          (o) failure on the part of the Issuer (i) to make any payment or deposit required by the terms
of the Indenture (or within the applicable grace period which shall not exceed two Business Days
after the date such payment or deposit is required to be made) or (ii) duly to observe or perform
in any material respect any covenants or agreements of the Issuer set forth in the Purchase
Agreement, the Base Indenture or this Indenture Supplement (other than any such failure that
constitutes a Lease Rate Cap Event), which failure continues unremedied for a period of 30 days
after there shall have been given to the Issuer by the Indenture Trustee or the Issuer and the
Indenture Trustee by any Series 2009-4 Investor Noteholder, written notice specifying such default
and requiring it to be remedied;

          (p) any representation or warranty made by the Issuer in the Purchase Agreement, the Base
Indenture or this Indenture Supplement, or any information required to be delivered by the Issuer
to the Indenture Trustee shall prove to have been incorrect in any material respect when made or
when delivered, which continues to be incorrect in any material respect for a period of 30 days
after there shall have been given to the Issuer by the Indenture Trustee or the Issuer and the
Indenture Trustee by any Series 2009-4 Investor Noteholder, written notice thereof;

          (q) the Indenture Trustee shall for any reason cease to have a valid and perfected first
priority security interest in the Collateral or any of VMS, the Issuer or any Affiliate of either
thereof shall so assert;

          (r) there shall have been filed against PHH, PHH Sub 1, PHH Sub 2, VMS, the Origination Trust,
Holdings or the Issuer (i) a notice of federal tax Lien from the Internal Revenue Service, (ii) a
notice of Lien from the PBGC under Section 430(k) of the Internal Revenue Code or Section 303(k) of
ERISA for a failure to make a required installment or other payment to a plan to which either of
such sections applies or (iii) a notice of any other Lien the existence of which could reasonably
be expected to have a material adverse effect on the business, operations or financial condition of
such Person, and, in each case, 40 days shall have elapsed without such notice having been
effectively withdrawn or such Lien having been released or discharged;

          (s) one or more judgments or decrees shall be entered against the Issuer involving in the
aggregate a liability (not paid or fully covered by insurance) of $100,000 or more and such
judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal
within 30 days from the entry thereof; or

          (t) any of the Transaction Documents shall cease, for any reason, to be in full force and
effect, other than in accordance with its terms;

then, in the case of any event described in clause (o) through (t) above, an Amortization Event
will be deemed to have occurred with respect to the Series 2009-4 Investor Notes only, if after the
applicable grace period, either the Indenture Trustee or the Series 2009-4 Required Investor
Noteholders, declare that an Amortization Event has occurred with respect to the Series 2009-4
Investor Notes. In the case of any event described in clauses (a) through (n) above, an

 

39

Amortization Event with respect to the Series 2009-4 Investor Notes will be deemed to have occurred
without notice or other action on the part of the Indenture Trustee or the Series 2009-4 Investor
Noteholders.

ARTICLE IV

OPTIONAL PREPAYMENT

          The Issuer shall have the option to prepay the Series 2009-4 Investor Notes in full on any
Payment Date on or after the Payment Date on which the Class A Invested Amount is less than or
equal to 10% of the Class A Initial Invested Amount. The Issuer shall give the Indenture Trustee
at least ten Business Days’ prior written notice of the Payment Date on which the Issuer intends to
exercise such option to prepay (the “Prepayment Date”). The prepayment price for the
Series 2009-4 Investor Notes shall equal the aggregate outstanding principal balance of the Series
2009-4 Investor Notes (determined after giving effect to any payments of principal and interest on
such Payment Date), plus accrued and unpaid interest on such outstanding principal balance. Not
later than 11:00 A.M., New York City time, on such Prepayment Date, the Issuer shall deposit in the
Series 2009-4 Distribution Account an amount sufficient together with the funds deposited into the
Series 2009-4 Distribution Account pursuant to Section 5A.4(c)(iv) and Section
5A.4(c)(viii) on such date to pay the prepayment price in immediately available funds. The
funds deposited into the Series 2009-4 Distribution Account will be paid by the Indenture Trustee
to the Series 2009-4 Investor Noteholders on such Prepayment Date.

ARTICLE V

SERVICING AND ADMINISTRATOR FEES

          Section 5.1 Servicing Fees. A periodic servicing fee (the “Series 2009-4
Basic Servicing Fee”) shall be payable to the Servicer on each Settlement Date for the
preceding Monthly Period in an amount equal to the product of (a) 0.215% (the “Series Servicing
Fee Percentage”) times (b) the daily average of the Series 2009-4 Allocated Adjusted Aggregate
Unit Balance for such Monthly Period times (c) the number of days in such Monthly Period
divided by 365 (or 366, as applicable) days; provided, however that if VMS
is not the Servicer, the servicing fee payable to the Servicer on each Settlement Date hereunder
may be increased such that the sum of the Series 2009-4 Basic Servicing Fee and the additional
servicing fee payable to the Servicer hereunder (the “Series 2009-4 Supplemental Servicing
Fee”) for each Monthly Period equals 110% of the costs to the successor Servicer of servicing
the portion of the Lease SUBI Portfolio allocated to Series 2009-4 during such Monthly Period. For
this purpose, the portion of the Lease SUBI Portfolio allocated to Series 2009-4 for each Monthly
Period shall equal the average Series 2009-4 Invested Percentage during such Monthly Period. The
Series 2009-4 Basic Servicing Fee and any Series 2009-4 Supplemental Servicing Fee shall be payable
to the Servicer on each Settlement Date pursuant to Section 5A.4(c).

          Section 5.2 Administrator Fee. A periodic fee (the “Series 2009-4 Administrator Fee”) shall be payable to the
Administrator on each Settlement Date for the preceding Monthly Period in an amount equal to the
product of (a) 0.01% times (b) the daily average of the Series 2009-4 Allocated Adjusted Aggregate
Unit Balance for such Monthly Period times (c) the number of days in such Monthly Period
divided by 365 (or 366, as applicable) days. The Series

 

40

2009-4 Administrator Fee shall be
payable to the Administrator on each Settlement Date pursuant to Section 5A.4(c)(vi).

ARTICLE VI

FORM OF SERIES 2009-4 NOTES

          Section 6.1 Initial Issuance of Series 2009-4 Investor Notes. The Class A
Investor Notes are being offered and sold by the Issuer pursuant to the Purchase Agreement to
certain institutional “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7)
or Regulation D under the Securities Act. The Class B Investor Notes and the Class C Investors
Notes are being sold to PHH Sub 2.

          The Series 2009-4 Investor Notes will be issued in fully registered form, without coupons,
substantially the forms set forth in Exhibits A, B and C, respectively.
Any re-sales of the Series 2009-4 Investor Notes will be made only (i) in accordance with the
transfer restrictions set forth Section 6.2 and the Series 2009-4 Investor Notes and (ii)
either (1) to “qualified institutional buyers” (as defined in Rule 144A) (“QIBs”) in
reliance on Rule 144A, or (2) in accordance with Rule 144.

          Section 6.2 Transfer and Exchange of Series 2009-4 Investor Notes.

          (a) By acceptance of a Series 2009-4 Investor Note, whether upon original issuance or
subsequent transfer, each Series 2009-4 Investor Noteholder and each Series 2009-4 Investor Note
Owner acknowledges the restrictions on the transfer of such Series 2009-4 Investor Note (and any
interest therein) set forth in the legend thereon and agrees that it will transfer such Series
2009-4 Investor Note (or any interest therein) only as provided herein. In addition to the other
provisions of this Section 6.2, the following restrictions shall apply with respect to the
transfer and registration of transfer of a Series 2009-4 Investor Note (and any interest therein):
the Transfer Agent and Registrar shall register the transfer of a Series 2009-4 Investor Note if
the requested transfer is being made by a transferor who has provided the Transfer Agent and
Registrar with a certificate substantially in the form of Exhibit D.

          (b) Subject to the restrictions on transfer and exchange set forth in this
Section 6.2, any Series 2009-4 Investor Noteholder may transfer or exchange a Series 2009-4
Investor Note, in whole or in part, in minimum denominations of $200,000 and integral multiples of
$1,000 in excess thereof, by surrendering such Series 2009-4 Investor Note at the Corporate Trust
Office specified in Section 2.4(a) of the Base Indenture, together with an executed
instrument of assignment and transfer reasonably satisfactory in form and substance to the Transfer
Agent and Registrar in the case of transfer and a written request for exchange in the case of
exchange. Following a proper and complete request for transfer or exchange and the Issuer’s
execution and the Indenture Trustee’s authentication of the applicable Series 2009-4
Investor Note(s), the Transfer Agent and Registrar shall deliver at the Corporate Trust Office
to the transferee (in the case of transfer) or Series 2009-4 Investor Noteholder (in the case of
exchange) or send by first class mail at the risk of the transferee (in the case of transfer) or
Series 2009-4 Investor Noteholder (in the case of exchange) to such address as the transferee or
Series 2009-4 Investor Noteholder, as applicable, may request, a Series 2009-4 Investor Note or
Series

 

41

2009-4 Investor Notes, as the case may require, for a like aggregate outstanding principal
amount, in minimum denominations of $200,000 and integral multiples of $1,000 in excess thereof, as
may be requested.

          (c) By acceptance of a Series 2009-4 Investor Note, whether upon original issuance or
subsequent transfer, each Series 2009-4 Investor Noteholder and each Series 2009-4 Investor Note
Owner acknowledges that with respect to such Series 2009-4 Investor Noteholder’s or Series 2009-4
Investor Note Owner’s purchase, holding and disposition of the Series 2009-4 Notes, or any interest
therein, (a) either (1) such Series 2009-4 Noteholder or Series 2009-4 Note Owner is not, and it is
not acting on behalf of (and for so long as it holds such Series 2009-4 Investor Notes or any
interest therein will not be, and will not be acting on behalf of), an employee benefit plan (as
defined in Section 3(3) of ERISA), subject to the provisions of part 4 of subtitle B of Title I of
ERISA, a plan to which Section 4975 of the Code applies, or any entity whose underlying assets
include “plan assets” by reason of such an employee benefit plan’s and/or plan’s investment in such
entity (each, a “Benefit Plan Investor”), or a governmental, church or non-U.S. plan which
is subject to any federal, state, local non-U.S. or other laws or regulations that are
substantially similar to the fiduciary responsibility or prohibited transaction provisions of ERISA
or the provisions of Section 4975 of the Code, and no part of the assets to be used by it to
acquire or hold such Notes or any interest therein constitutes the assets of any such Benefit Plan
Investor or such plan, or (2) its purchase, holding and disposition of the Series 2009-4 Investor
Notes does not and will not constitute or otherwise result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code (or, in the case of a governmental, church
or non-U.S. plan, a violation of any similar federal, state, local or non-U.S. law) and (b) it
agrees not to sell or otherwise transfer any interest in the Series 2009-4 Investor Notes otherwise
than to a purchaser or transferee that makes or is otherwise deemed to make these same
representations, warranties and agreements with respect to its purchase and holding of such Series
2009-4 Investor Notes. By acceptance of a Series 2009-4 Investor Note, whether upon original
issuance or subsequent transfer, each Series 2009-4 Investor Noteholder and each Series 2009-4
Investor Note Owner agrees to indemnify and hold harmless the Issuer, VMS and the Indenture
Trustee, and their respective affiliates, from and against any cost, damage or loss incurred by any
of them as a result of any of the foregoing representations and agreements being or becoming false.
Any purported purchase or transfer of any Series 2009-4 Note by or to a purchaser or transferee
that does not comply with the requirements of this Section 6.2(c) shall be null and void
ab initio.

          (d) The Series 2009-4 Investor Notes shall bear the following legend:

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY
ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE
DATE (THE “RESALE RESTRICTION TERMINATION DATE”)
WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE
ON WHICH CHESAPEAKE FUNDING LLC (THE “ISSUER”) OR ANY AFFILIATE OF THE ISSUER WAS
THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A) TO THE ISSUER, (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN

 

42

DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) FOR SO LONG AS THE SECURITIES 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 THE ISSUER, 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. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
AFTER THE RESALE RESTRICTION TERMINATION DATE IN ACCORDANCE WITH THE INDENTURE SUPPLEMENT.

          BY ACCEPTANCE OF THIS NOTE, WHETHER UPON ORIGINAL ISSUANCE OR SUBSEQUENT TRANSFER, EACH
HOLDER AND EACH OWNER HEREOF, AS APPLICABLE, ACKNOWLEDGES THAT WITH RESPECT TO SUCH
HOLDER’S OR OWNER’S PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE, OR ANY INTEREST HEREIN,
(A) EITHER (1) SUCH NOTEHOLDER OR NOTE OWNER IS NOT, AND IT IS NOT ACTING ON BEHALF OF (AND
FOR SO LONG AS IT HOLDS THIS NOTE OR ANY INTEREST HEREIN WILL NOT BE, AND WILL NOT BE ACTING
ON BEHALF OF), AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE U.S. EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), SUBJECT TO THE
PROVISIONS OF PART 4 OF SUBTITLE B OF TITLE I OF ERISA, A PLAN TO WHICH SECTION 4975 OF THE
CODE APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH
AN EMPLOYEE BENEFIT PLAN’S AND/OR PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT
PLAN INVESTOR”), OR A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN WHICH IS SUBJECT TO ANY
FEDERAL, STATE, LOCAL NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR
TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR THE
PROVISIONS OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), AND NO PART OF THE ASSETS TO BE USED BY IT TO ACQUIRE OR HOLD SUCH NOTES OR
ANY INTEREST THEREIN CONSTITUTES THE ASSETS OF ANY SUCH BENEFIT PLAN INVESTOR OR SUCH PLAN,
OR (2) ITS PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE DOES NOT AND
WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL, CHURCH
OR NON-U.S. PLAN, A VIOLATION OF ANY SIMILAR FEDERAL, STATE, LOCAL OR NON-U.S. LAW) AND (B)
IT AGREES NOT TO SELL OR

 

43

OTHERWISE TRANSFER ANY INTEREST IN THIS NOTE OTHERWISE THAN TO A
PURCHASER OR TRANSFEREE THAT MAKES OR IS OTHERWISE DEEMED TO MAKE THESE SAME
REPRESENTATIONS, WARRANTIES AND AGREEMENTS WITH RESPECT TO ITS PURCHASE AND HOLDING OF THIS
NOTE. BY ACCEPTANCE OF THIS NOTE, WHETHER UPON ORIGINAL ISSUANCE OR SUBSEQUENT TRANSFER,
THE HOLDER HEREOF AND EACH OWNER HEREOF AGREES TO INDEMNIFY AND HOLD HARMLESS THE ISSUER,
VMS AND THE INDENTURE TRUSTEE, AND THEIR RESPECTIVE AFFILIATES, FROM AND AGAINST ANY COST,
DAMAGE OR LOSS INCURRED BY ANY OF THEM AS A RESULT OF ANY OF THE FOREGOING REPRESENTATIONS
AND AGREEMENTS BEING OR BECOMING FALSE. ANY PURPORTED PURCHASE OR TRANSFER OF THIS NOTE BY
OR TO A PURCHASER OR TRANSFEREE THAT DOES NOT COMPLY WITH THE REQUIREMENTS OF SECTION 6.2(c)
OF THE SERIES 2009-4 INDENTURE SUPPLEMENT SHALL BE NULL AND VOID AB INITIO.

ARTICLE VII

INFORMATION

          The Issuer hereby agrees to provide to the Indenture Trustee, on each Determination Date, a
Monthly Settlement Statement, substantially in the form of Exhibit E, setting forth as of
the last day of the most recent Monthly Period and for such Monthly Period the information set
forth therein. The Indenture Trustee shall provide to the Series 2009-4 Investor Noteholders, or
their designated agent, copies of each Monthly Settlement Statement.

ARTICLE VIII

MISCELLANEOUS

          Section 8.1 Ratification of Indenture. As supplemented by this Indenture
Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so
supplemented by this Indenture Supplement shall be read, taken and construed as one and the same
instrument.

          Section 8.2 Governing Law. THIS INDENTURE SUPPLEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          Section 8.3 Further Assurances. Each of the Issuer and the Indenture Trustee
agrees, at the Administrator’s expense, from time to time, to do and perform any and all acts and
to execute any and all further instruments required or reasonably requested by the Series 2009-4
Required Investor Noteholders more fully to effect the purposes of this Indenture Supplement and
the sale of the Series 2009-4 Investor Notes hereunder. The Issuer hereby authorizes the Indenture
Trustee to file any financing statements or similar documents or notices or

 

44

          continuation statements
in order to perfect the Indenture Trustee’s security interest in the Series 2009-4 Collateral under
the provisions of the UCC or similar legislation of any applicable jurisdiction.

          Section 8.4 Exhibits. The following exhibits attached hereto supplement the
exhibits included in the Base Indenture:

          Exhibit A: Form of Class A Investor Note

          Exhibit B: Form of Class B Investor Note

          Exhibit C: Form of Class C Investor Note

          Exhibit D: Form of Transfer Certificate

          Exhibit E: Form of Monthly Settlement Statement

          Exhibit F: Form of Lease Rate Cap

          Section 8.5 No Waiver; Cumulative Remedies. No failure to exercise and no
delay in exercising, on the part of the Indenture Trustee, any right, remedy, power or privilege
hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein
provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided
by law.

          Section 8.6 Amendments. (a) Notwithstanding anything in the Base Indenture
to the contrary, (i) this Indenture Supplement may not be amended without the prior written consent
of a Majority in Interest of the Series 2009-4 Investor Notes, such consent not to be unreasonably
withheld or delayed, and (ii) with the prior written consent of a Majority in Interest of the
Series 2009-4 Investor Notes but without satisfaction of the Rating Agency Condition, this
Indenture Supplement may be amended by the Issuer and the Indenture Trustee solely for the purpose
of facilitating the exchange of one or more classes of definitive Series 2009-4 Investor Notes for
global Series 2009-4 Investor Notes of the same class. In connection with any amendment of this
Indenture Supplement pursuant to this Section 8.6(c), the Indenture Trustee shall be
entitled, in accordance with Section 12.6 of the Base Indenture, to rely on an Officer’s
Certificate and an Opinion of Counsel as conclusive evidence that such amendment is authorized or
permitted by the Indenture and that it will be valid and binding upon the Issuer in accordance with
its terms.

          (b) No amendment specified in this Indenture Supplement as requiring satisfaction of the
Rating Agency Condition shall be effective until the Rating Agency Condition is satisfied with
respect thereto.

          Section 8.7 Severability. If any provision hereof is void or unenforceable
in any jurisdiction, such voidness or unenforceability shall not affect the validity or
enforceability of (i) such provision in any other jurisdiction or (ii) any other provision hereof
in such or any other jurisdiction.

          Section 8.8 Counterparts. This Indenture Supplement may be executed in any
number of counterparts and by the different parties hereto in separate counterparts, each of which

 

45

when so executed shall be deemed to be an original, and all of which taken together shall
constitute one and the same agreement.

          Section 8.9 No Bankruptcy Petition.

          (a) By acquiring a Series 2009-4 Investor Note or an interest therein, each Series 2009-4
Investor Noteholder and each Series 2009-4 Investor Note Owner hereby covenants and agrees that it
will not institute against, or join any other Person in instituting against, the Issuer any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other similar
proceedings under any federal or state bankruptcy or similar law.

          (b) The Issuer and the Indenture Trustee and, by acquiring a Series 2009-4 Investor Note or an
interest therein, each Series 2009-4 Investor Noteholder and each Series 2009-4 Investor Note
Owner, hereby covenants and agrees that, prior to the date which is one year and one day after
payment in full of all obligations under each Securitization, it will not institute against, or
join any other Person in instituting against, the Origination Trust, SPV, Holdings, any other
Special Purpose Entity, or any general partner or single member of any Special Purpose Entity that
is a partnership or limited liability company, respectively, any involuntary bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding or other proceedings under any
federal or state bankruptcy or similar law.

          (c) This covenant shall survive the termination of this Indenture Supplement and the Base
Indenture and the payment of all amounts payable hereunder and thereunder.

          Section 8.10 SUBIs. By acquiring a Series 2009-4 Investor Note or an
interest therein, each Series 2009-4 Investor Noteholder and each Series 2009-4 Investor Note
Owner, and the Issuer hereby represents, warrants and covenants that (a) each of the Lease SUBI and
the Fleet Receivable SUBI is a separate series of the Origination Trust as provided in Section
3806(b)(2) of Chapter
38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., (b)(i) the debts, liabilities,
obligations and expenses incurred, contracted for or otherwise existing with respect to the Lease
SUBI, the Lease SUBI Portfolio or the Fleet Receivable SUBI shall be enforceable against the Lease
SUBI Portfolio or the Fleet Receivable SUBI only, as applicable, and not against any other SUBI
Portfolio or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred,
contracted for or otherwise existing with respect to any other SUBI (used in this Section as
defined in the Origination Trust Agreement), any other SUBI Portfolio (used in this Section as
defined in the Origination Trust Agreement), the UTI or the UTI Portfolio shall be enforceable
against such other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against any
other SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect
to any SUBI (other than the Lease SUBI and the Fleet Receivable SUBI) shall not be subject to the
claims, debts, liabilities, expenses or obligations arising from or with respect to the Lease SUBI
or Fleet Receivable SUBI, respectively, in respect of such claim, (d)(i) no creditor or holder of a
claim relating to the Lease SUBI, the Fleet Receivable SUBI or the Lease Receivable SUBI Portfolio
shall be entitled to maintain any action against or recover any assets allocated to the UTI or the
UTI Portfolio or any other SUBI or the assets allocated thereto, and (ii) no creditor or holder of
a claim relating to the UTI, the UTI Portfolio or any SUBI other than the Lease SUBI or the Fleet
Receivable SUBI or any SUBI Assets other than the Lease SUBI Portfolio or the Fleet Receivables
shall be entitled to maintain

 

46

any action against or recover any assets allocated to the Lease SUBI
or the Fleet Receivable SUBI, and (e) any purchaser, assignee or pledgee of an interest in the
Lease SUBI, the Lease SUBI Certificate, the Fleet Receivable SUBI, the Lease SUBI Certificate, the
Fleet Receivable SUBI Certificate, any other SUBI, any other SUBI Certificate (used in this Section
as defined in the Origination Trust Agreement), the UTI or the UTI Certificate must, prior to or
contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to
the Origination Trust a non-petition covenant substantially similar to that set forth in Section
6.9 of the Origination Trust Agreement, and (ii) execute an agreement for the benefit of each
holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any other SUBI or
SUBI Certificate to release all claims to the assets of the Origination Trust allocated to the UTI
and each other SUBI Portfolio and in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the Origination Trust
allocated to the UTI Portfolio and each other SUBI Portfolio.

          Section 8.11 Notice to Rating Agencies. The Indenture Trustee shall provide
to each Rating Agency a copy of each notice delivered to, or required to be provided by, the
Indenture Trustee pursuant to this Indenture Supplement or any other Transaction Document.

          Section 8.12 Conflict of Instructions. In the event the Issuer and the
Administrator shall have delivered conflicting instructions to the Indenture Trustee to take or
refrain from taking action hereunder, the Indenture Trustee shall follow the instructions of the
Issuer.

[Remainder of page intentionally left blank.]

 

          IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture Supplement
to be duly executed by their respective officers hereunto duly authorized as of the day and year
first above written.

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	/s/ Mark E. Johnson
 	 
	 	 	Name:  	Mark E. Johnson 	 
	 	 	Title:  	SVP and Treasurer 	 
	 

F-1

 

2

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as 

     Indenture Trustee

 	 
	 	By:  	/s/ Helen Lam
 	 
	 	 	Name:  	Helen Lam 	 
	 	 	Title:  	Senior Associate 	 
	 

 

EXHIBIT A

TO SERIES 2009-4

INDENTURE SUPPLEMENT

FORM OF CLASS A INVESTOR NOTE

			
	 	 	 
	No. ___
	 	$         
                 

SEE REVERSE FOR CERTAIN CONDITIONS

CUSIP (CINS) NO. 165182 AU0

ISIN NO. US165182AU05

          THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DATE ON WHICH CHESAPEAKE FUNDING LLC (THE “ISSUER”) OR ANY AFFILIATE OF
THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY
(A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES 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 THE ISSUER, 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. THIS LEGEND WILL BE REMOVED
UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE IN ACCORDANCE WITH THE
INDENTURE SUPPLEMENT.

          BY ACCEPTANCE OF THIS NOTE, WHETHER UPON ORIGINAL ISSUANCE OR SUBSEQUENT TRANSFER, EACH HOLDER
AND EACH OWNER HEREOF, AS APPLICABLE, ACKNOWLEDGES THAT WITH RESPECT TO SUCH

A-1

 

HOLDER’S OR OWNER’S PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE, OR ANY INTEREST HEREIN,
(A) EITHER (1) SUCH NOTEHOLDER OR NOTE OWNER IS NOT, AND IT IS NOT ACTING ON BEHALF OF (AND FOR SO
LONG AS IT HOLDS THIS NOTE OR ANY INTEREST HEREIN WILL NOT BE, AND WILL NOT BE ACTING ON BEHALF
OF), AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), SUBJECT TO THE PROVISIONS OF PART 4 OF
SUBTITLE B OF TITLE I OF ERISA, A PLAN TO WHICH SECTION 4975 OF THE CODE APPLIES, OR ANY ENTITY
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH AN EMPLOYEE BENEFIT PLAN’S AND/OR
PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”), OR A GOVERNMENTAL,
CHURCH OR NON-U.S. PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL NON-U.S. OR OTHER LAWS OR
REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED
TRANSACTION PROVISIONS OF ERISA OR THE PROVISIONS OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), AND NO PART OF THE ASSETS TO BE USED BY IT TO ACQUIRE OR
HOLD SUCH NOTES OR ANY INTEREST THEREIN CONSTITUTES THE ASSETS OF ANY SUCH BENEFIT PLAN INVESTOR OR
SUCH PLAN, OR (2) ITS PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE DOES NOT AND WILL NOT
CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, A VIOLATION
OF ANY SIMILAR FEDERAL, STATE, LOCAL OR NON-U.S. LAW) AND
(B) IT AGREES NOT TO SELL OR OTHERWISE TRANSFER ANY INTEREST IN THIS NOTE OTHERWISE THAN TO A
PURCHASER OR TRANSFEREE THAT MAKES OR IS OTHERWISE DEEMED TO MAKE THESE SAME REPRESENTATIONS,
WARRANTIES AND AGREEMENTS WITH RESPECT TO ITS PURCHASE AND HOLDING OF THIS NOTE. BY ACCEPTANCE OF
THIS NOTE, WHETHER UPON ORIGINAL ISSUANCE OR SUBSEQUENT TRANSFER, THE HOLDER HEREOF AND EACH OWNER
HEREOF AGREES TO INDEMNIFY AND HOLD HARMLESS THE ISSUER, VMS AND THE INDENTURE TRUSTEE, AND THEIR
RESPECTIVE AFFILIATES, FROM AND AGAINST ANY COST, DAMAGE OR LOSS INCURRED BY ANY OF THEM AS A
RESULT OF ANY OF THE FOREGOING REPRESENTATIONS AND AGREEMENTS BEING OR BECOMING FALSE. ANY
PURPORTED PURCHASE OR TRANSFER OF THIS NOTE BY OR TO A PURCHASER OR TRANSFEREE THAT DOES NOT COMPLY
WITH THE REQUIREMENTS OF SECTION 6.2(c) OF THE SERIES 2009-4 INDENTURE SUPPLEMENT SHALL BE NULL AND
VOID AB INITIO.

          THE PRINCIPAL OF THIS CLASS A INVESTOR NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS A INVESTOR NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

A-2

 

CHESAPEAKE FUNDING LLC

SERIES 2009-4 FLOATING RATE ASSET BACKED INVESTOR NOTES, CLASS A

          CHESAPEAKE FUNDING LLC, a limited liability company formed under the laws of the State of
Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay
to                     , or registered assigns, the principal sum of
                                         DOLLARS, which amount shall be payable in the amounts and at the times set
forth in the Indenture described herein, provided, however, that the entire unpaid
principal amount of this Class A Investor Note shall be due on the Class A Final Maturity Date.
However, principal with respect to the Class A Investor Notes may be paid earlier under certain
limited circumstances described in the Indenture. The Issuer will pay interest on this Class A
Investor Note for each Series 2009- 4 Interest Period, in accordance with the terms of the
Indenture, at the Class A Note Rate for such Interest Period. Each “Series 2009-4 Interest
Period” will be a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; provided,
however, that the initial Series 2009-4 Interest Period shall commence on and include the
Series 2009-4 Closing Date and end on and include January 6, 2010. Such principal of and interest
on this Class A Investor Note shall be paid in the manner specified on the reverse hereof and in
the Indenture.

          The principal of and interest on this Class A Investor Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts. All payments made by the Issuer with respect to this Class A Investor
Note shall be applied as provided in the Indenture. This Class A Investor Note does not represent
an interest in, or an obligation of, PHH Vehicle Management Services, LLC (“VMS”) or any
affiliate of VMS other than the Issuer.

          Reference is made to the further provisions of this Class A Investor Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this
Class A Investor Note. Although a summary of certain provisions of the Indenture is set forth below
and on the reverse hereof and made a part hereof, this Class A Investor Note does not purport to
summarize the Indenture and reference is made to the Indenture for information with respect to the
interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights,
duties and obligations of the Issuer and the Indenture Trustee. A copy of the Indenture may be
requested from the Indenture Trustee by writing to the Indenture Trustee at: The Bank of New York
Mellon, 101 Barclay Street, Floor 4W, New York, New York 10286 Attention: Structured Finance
Services — Chesapeake Funding, Series 2009-4. To the extent not defined herein, the capitalized
terms used herein have the meanings ascribed to them in the Indenture.

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class A Investor Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

A-3

 

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

Date:                     

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Class A Investor Notes issued under the within-mentioned
Indenture.

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as

Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A-4

 

	 	 	 	 	 

[REVERSE OF CLASS A INVESTOR NOTE]

          This Class A Investor Note is one of a duly authorized issue of Class A Investor Notes of the
Issuer designated its Series 2009-4 Floating Rate Asset Backed Investor Notes, Class A (herein
called the “Class A Investor Notes”), all issued under (i) an Amended and Restated Base
Indenture dated as of December 17, 2008 (such Base Indenture, as amended or modified, is herein
called the “ Base Indenture”), between the Issuer and The Bank of New York Mellon, as
Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture
Trustee under the Base Indenture), and (ii) a Series 2009-4 Indenture Supplement dated as of
December 18, 2009 (the “Series 2009-4 Indenture Supplement”) between the Issuer and the
Indenture Trustee. The Base Indenture and the Series 2009-4 Indenture Supplement are referred to
herein as the “Indenture”. The Class A Investor Notes are subject to all terms of the
Indenture. All terms used in this Class A Investor Note that are defined in the Indenture, as
supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented, modified or amended.

          Subject to the subordination provisions of the Indenture, the Class A Notes, the Class B Notes
and the Class C Notes are and will be equally and ratably secured by the Series 2009-4 Collateral
pledged as security therefor as provided in the Indenture and the Series 2009-4 Indenture
Supplement.

          Principal of the Class A Investor Notes will be payable on each Payment Date specified in and
in the amounts described in the Indenture. “Payment Date” means the 7th day of each month,
or if such date is not a Business Day, the next succeeding Business Day, commencing January 7,
2010.

          The entire unpaid principal amount of this Class A Investor Note shall be due and payable on
the Class A Final Maturity Date. Notwithstanding the foregoing, principal on the Class A Investor
Notes will be paid earlier during the Series 2009-4 Amortization Period as described in the
Indenture. All principal payments on the Class A Investor Notes shall be made pro rata to the Class
A Investor Noteholders entitled thereto.

          The Issuer will have the option to prepay the Series 2009-4 Investor Notes, in whole but not
in part, on any Payment Date on or after the Payment Date on which the Class A Invested Amount is
less than or equal to 10% of the Class A Initial Invested Amount. The prepayment price for the
Series 2009-4 Investor Notes will be equal to the amount set forth in the Indenture.

          Interest will accrue on this Class A Investor Note for each Series 2009-4 Interest Period at a
rate equal to (i) with respect to the initial Series 2009-4 Interest Period, 1.03250% per annum and
(ii) with respect to each Series 2009-4 Interest Period thereafter, a rate per annum equal to
One-Month LIBOR for such Series 2009-4 Interest Period plus 0.80% per annum (the “Class
A Note Rate”). “One-Month LIBOR” means, for each Series 2009-4 Interest Period, the
rate per annum determined on the related LIBOR Determination Date by the Calculation Agent to be
the rate for Dollar deposits having a maturity equal to one month that appears on the Bloomberg
Screen BTMM Page under the heading “LIBOR FIX BBAM” as of 11:00 A.M., London time, on such LIBOR
Determination Date; provided, however, that if such rate does not

A-5

 

appear on the Bloomberg Screen BTMM Page, “One-Month LIBOR” will mean, for such 2009-4
Interest Period, the rate per annum equal to the arithmetic mean (rounded to the nearest
one-one-hundred-thousandth of one percent) of the rates quoted by the Reference Banks to the
Calculation Agent as the rates at which deposits in Dollars are offered by the Reference Banks at
approximately 11:00 A.M., London time, on the LIBOR Determination Date to prime banks in the London
interbank market for a period equal to one month; provided, further, that if fewer
than two quotations are provided as requested by the Reference Banks, “One-Month LIBOR” for
such Series 2009-4 Interest Period will mean the arithmetic mean (rounded to the nearest
one-one-hundred-thousandth of one percent) of the rates quoted by major banks in New York, New York
selected by the Calculation Agent, at approximately 10:00 A.M., New York City time, on the first
day of such Series 2009-4 Interest Period for loans in Dollars to leading European banks for a
period equal to one month; provided, finally, that if no such quotes are provided,
“One-Month LIBOR” for such Series 2009-4 Interest Period will mean One-Month LIBOR as in
effect with respect to the preceding Series 2009-4 Interest Period.

          The Issuer shall pay interest on overdue installments of interest at the Class A Note Rate to
the extent lawful.

          As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Class A Investor Note may be registered on the Note Register upon surrender of
this Class A Investor Note for registration of transfer at the office or agency designated by the
Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Class A Investor Notes of
authorized denominations in the same aggregate principal amount will be issued to the designated
transferee or transferees. No service charge will be charged for any registration of transfer or
exchange of this Class A Investor Note, but the transferor may be required to pay a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

          The Issuer and the Indenture Trustee covenant and agree in the Series 2009-4 Indenture
Supplement and, by acquiring a Class A Investor Note or an interest therein, each Class A Investor
Noteholder and each Class A Investor Note Owner hereby covenants and agrees that, prior to the date
which is one year and one day after payment in full of all obligations under each Securitization,
it will not institute against, or join any other Person in instituting against, the Origination
Trust, SPV, Holdings, any other Special Purpose Entity, or any general partner or single member of
any Special Purpose Entity that is a partnership or limited liability company, respectively, any
involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other
proceedings under any federal or state bankruptcy or similar law.

          Each Class A Investor Noteholder, by acceptance of a Class A Investor Note or, in the case of
a Class A Investor Note Owner, a beneficial interest in a Class A Investor Note, hereby represents,
warrants and covenants that (a) each of the Lease SUBI and the Fleet Receivable SUBI is a separate
series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the
Delaware Code, 12 Del. C. § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to the Lease SUBI, the Lease SUBI
Portfolio or the Fleet Receivable SUBI shall be enforceable

A-6

 

against the Lease SUBI Portfolio or the Fleet Receivable SUBI only, as applicable, and not
against any other SUBI Portfolio or the UTI Portfolio and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any other SUBI (used in
this paragraph as defined in the Origination Trust Agreement), any other SUBI Portfolio (used in
this paragraph as defined in the Origination Trust Agreement), the UTI or the UTI Portfolio shall
be enforceable against such other SUBI Portfolio or the UTI Portfolio only, as applicable, and not
against any other SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets
with respect to any SUBI (other than the Lease SUBI and the Fleet Receivable SUBI) shall not be
subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to
the Lease SUBI or Fleet Receivable SUBI, respectively, in respect of such claim, (d)(i) no creditor
or holder of a claim relating to the Lease SUBI, the Fleet Receivable SUBI or the Lease SUBI
Portfolio shall be entitled to maintain any action against or recover any assets allocated to the
UTI or the UTI Portfolio or any other SUBI or the assets allocated thereto, and (ii) no creditor or
holder of a claim relating to the UTI, the UTI Portfolio or any SUBI other than the Lease SUBI or
the Fleet Receivable SUBI or any SUBI Assets other than the Lease SUBI Portfolio or the Fleet
Receivables shall be entitled to maintain any action against or recover any assets allocated to the
Lease SUBI or the Fleet Receivable SUBI, and (e) any purchaser, assignee or pledgee of an interest
in the Lease SUBI, the Lease SUBI Certificate, the Fleet Receivable SUBI, the Lease SUBI
Certificate, the Fleet Receivable SUBI Certificate, any other SUBI, any other SUBI Certificate
(used in this Section as defined in the Origination Trust Agreement), the UTI or the UTI
Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or
security interest, (i) give to the Origination Trust a non-petition covenant substantially similar
to that set forth in Section 6.9 of the Origination Trust Agreement, and (ii) execute an agreement
for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate
and any other SUBI or SUBI Certificate to release all claims to the assets of the Origination Trust
allocated to the UTI and each other SUBI Portfolio and in the event that such release is not given
effect, to fully subordinate all claims it may be deemed to have against the assets of the
Origination Trust allocated to the UTI Portfolio and each other SUBI Portfolio.

          Each Class A Investor Noteholder or Class A Investor Note Owner, by acceptance of a Class A
Investor Note or, in the case of a Class A Investor Note Owner, a beneficial interest in a Class A
Investor Note, covenants and agrees that by accepting the benefits of the Indenture that such Class
A Investor Noteholder or Class A Investor Note Owner will not institute against, or join with any
other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy
or similar law.

          It is the intent of the Issuer, each Class A Investor Noteholder and each Class A Investor
Note Owner that, for federal, state and local income and franchise tax purposes only, the Class A
Investor Notes will evidence indebtedness of the Issuer secured by the Series 2009-4 Collateral.
Each Class A Investor Noteholder and each Class A Investor Note Owner, by the acceptance of this
Class A Investor Note, agrees to treat this Class A Investor Note for purposes of federal, state
and local income and franchise taxes and any other tax imposed on or measured by income, as
indebtedness of the Issuer.

          The Indenture permits the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Series 2009-4 Investor Notes

A-7

 

under the Indenture at any time by the Issuer with the consent of the Holders of a Majority in
Interest of the Series 2009-4 Investor Notes affected by such amendment or modification. The
Indenture also contains provisions permitting the Holders of Series 2009-4 Investor Notes
representing specified percentages of the aggregate outstanding amount of the Series 2009-4
Investor Notes, on behalf of the Holders of all the Series 2009-4 Investor Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Class A
Investor Note (or any one or more predecessor Class A Investor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Class A Investor Note and of any Class
A Investor Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this Class A Investor Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Holders of the Series 2009-4 Investor Notes issued
thereunder.

          The term “Issuer” as used in this Class A Investor Note includes any successor to the
Issuer under the Indenture.

          The Class A Investor Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations set forth therein.

          This Class A Investor Note and the Indenture shall be governed by, and construed in accordance
with, the law of the State of New York, and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such law.

          No reference herein to the Indenture and no provision of this Class A Investor Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and interest on this Class A Investor Note at the times, place and rate,
and in the coin or currency herein prescribed.

          Interests in this Class A Investor Note are exchangeable or transferable in whole or in part
provided that such transfer or exchange complies with Section 6.2 of the Series
2009-4 Indenture Supplement and subject to the provisions of the Indenture.

A-8

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:
                                        
                    

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

 

(name and address of assignee)

the within Class A Investor Note and all rights thereunder, and hereby irrevocably constitutes and
appoints                     , attorney, to transfer said Class A Investor Note on the books kept
for registration thereof, with full power of substitution in the premises.

			
	 	 	 
	Dated:                    
	 	By:                         
               1

	 	 	 	 	 
	 	Signature Guaranteed:

 	 
	 	
 	 
	 
	 	
 	 
	 	 	 
	 

 

			
	1/	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face
of the within Class A Investor Note, without alteration, enlargement or any change whatsoever.

A-9

 

EXHIBIT B

TO SERIES 2009-4

INDENTURE SUPPLEMENT

FORM OF CLASS B INVESTOR NOTE

			
	 	 	 
	No. ___
	 	$             
              

SEE REVERSE FOR CERTAIN CONDITIONS

CUSIP (CINS) NO. 165182 AV8

ISIN NO. US165182AV87

          THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DATE ON WHICH CHESAPEAKE FUNDING LLC (THE “ISSUER”) OR ANY AFFILIATE OF
THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY
(A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES 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 THE ISSUER, 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. THIS LEGEND WILL BE REMOVED
UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE IN ACCORDANCE WITH THE
INDENTURE SUPPLEMENT.

B-1

 

          BY ACCEPTANCE OF THIS NOTE, WHETHER UPON ORIGINAL ISSUANCE OR SUBSEQUENT TRANSFER, EACH
HOLDER AND EACH OWNER HEREOF, AS APPLICABLE, ACKNOWLEDGES THAT WITH RESPECT TO SUCH HOLDER’S OR
OWNER’S PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE, OR ANY INTEREST HEREIN, (A) EITHER (1) SUCH
NOTEHOLDER OR NOTE OWNER IS NOT, AND IT IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS
THIS NOTE OR ANY INTEREST HEREIN WILL NOT BE, AND WILL NOT BE ACTING ON BEHALF OF), AN EMPLOYEE
BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”)), SUBJECT TO THE PROVISIONS OF PART 4 OF SUBTITLE B OF TITLE I
OF ERISA, A PLAN TO WHICH SECTION 4975 OF THE CODE APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” BY REASON OF SUCH AN EMPLOYEE BENEFIT PLAN’S AND/OR PLAN’S INVESTMENT IN SUCH
ENTITY (EACH, A “BENEFIT PLAN INVESTOR”), OR A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN WHICH
IS SUBJECT TO ANY FEDERAL, STATE, LOCAL NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE
SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA
OR THE PROVISIONS OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), AND NO PART OF THE ASSETS TO BE USED BY IT TO ACQUIRE OR HOLD SUCH NOTES OR ANY
INTEREST THEREIN CONSTITUTES THE ASSETS OF ANY SUCH BENEFIT PLAN INVESTOR OR SUCH PLAN, OR (2) ITS
PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE DOES NOT AND WILL NOT CONSTITUTE OR OTHERWISE RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR,
IN THE CASE OF A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, A VIOLATION OF ANY SIMILAR FEDERAL, STATE,
LOCAL OR NON-U.S. LAW) AND
(B) IT AGREES NOT TO SELL OR OTHERWISE TRANSFER ANY INTEREST IN THIS NOTE OTHERWISE THAN TO A
PURCHASER OR TRANSFEREE THAT MAKES OR IS OTHERWISE DEEMED TO MAKE THESE SAME REPRESENTATIONS,
WARRANTIES AND AGREEMENTS WITH RESPECT TO ITS PURCHASE AND HOLDING OF THIS NOTE. BY ACCEPTANCE OF
THIS NOTE, WHETHER UPON ORIGINAL ISSUANCE OR SUBSEQUENT TRANSFER, THE HOLDER HEREOF AND EACH OWNER
HEREOF AGREES TO INDEMNIFY AND HOLD HARMLESS THE ISSUER, VMS AND THE INDENTURE TRUSTEE, AND THEIR
RESPECTIVE AFFILIATES, FROM AND AGAINST ANY COST, DAMAGE OR LOSS INCURRED BY ANY OF THEM AS A
RESULT OF ANY OF THE FOREGOING REPRESENTATIONS AND AGREEMENTS BEING OR BECOMING FALSE. ANY
PURPORTED PURCHASE OR TRANSFER OF THIS NOTE BY OR TO A PURCHASER OR TRANSFEREE THAT DOES NOT COMPLY
WITH THE REQUIREMENTS OF SECTION 6.2(c) OF THE SERIES 2009-4 INDENTURE SUPPLEMENT SHALL BE NULL AND
VOID AB INITIO.

          THE PRINCIPAL OF THIS CLASS B INVESTOR NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS B INVESTOR NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

B-2

 

CHESAPEAKE FUNDING LLC

SERIES 2009-4 FLOATING RATE ASSET BACKED INVESTOR NOTES, CLASS B

          CHESAPEAKE FUNDING LLC, a limited liability company formed under the laws of the State of
Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay
to                     , or registered assigns, the principal sum of
                                         DOLLARS, which amount shall be payable in the amounts and at the times
set forth in the Indenture described herein, provided, however, that the entire unpaid principal
amount of this Class B Investor Note shall be due on the Class B Final Maturity Date. However,
principal with respect to the Class B Investor Notes may be paid earlier under certain limited
circumstances described in the Indenture. The Issuer will pay interest on this Class B Investor
Note for each Series 2009-4 Interest Period, in accordance with the terms of the Indenture, at the
Class B Note Rate for such Interest Period. Each “Series 2009-4 Interest Period”
will be a period commencing on and including a Payment Date and
ending on and including the
day preceding the next succeeding Payment Date; provided, however, that the initial
Series 2009-4 Interest Period shall commence on and include the Series 2009-4 Closing Date and end
on and include January 6, 2010. Such principal of and interest on this Class B Investor Note shall
be paid in the manner specified on the reverse hereof and in the Indenture.

          The principal of and interest on this Class B Investor Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts. All payments made by the Issuer with respect to this Class B Investor
Note shall be applied as provided in the Indenture. This Class B Investor Note does not represent
an interest in, or an obligation of, PHH Vehicle Management Services, LLC (“VMS”) or any
affiliate of VMS other than the Issuer.

          Reference is made to the further provisions of this Class B Investor Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this
Class B Investor Note. Although a summary of certain provisions of the Indenture is set forth below
and on the reverse hereof and made a part hereof, this Class B Investor Note does not purport to
summarize the Indenture and reference is made to the Indenture for information with respect to the
interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights,
duties and obligations of the Issuer and the Indenture Trustee. A copy of the Indenture may be
requested from the Indenture Trustee by writing to the Indenture Trustee at: The Bank of New York
Mellon, 101 Barclay Street, Floor 4W, New York, New York 10286 Attention: Structured Finance
Services — Chesapeake Funding, Series 2009-4. To the extent not defined herein, the capitalized
terms used herein have the meanings ascribed to them in the Indenture.

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class B Investor Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

B-3

 

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

Date:                     

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Class B Investor Notes issued under the within-mentioned
Indenture.

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as

Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

B-4

 

	 	 	 	 	 

[REVERSE OF CLASS B INVESTOR NOTE]

          This Class B Investor Note is one of a duly authorized issue of Class B Investor Notes of the
Issuer designated its Series 2009-4 Floating Rate Asset Backed Investor Notes, Class B (herein
called the “Class B Investor Notes”), all issued under (i) an Amended and Restated Base
Indenture dated as of December 17, 2008 (such Base Indenture, as amended or modified, is herein
called the “ Base Indenture”), between the Issuer and The Bank of New York Mellon, as
Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture
Trustee under the Base Indenture), and (ii) a Series 2009-4 Indenture Supplement dated as of
December 18, 2009 (the “Series 2009-4 Indenture Supplement”) between the Issuer and the
Indenture Trustee. The Base Indenture and the Series 2009-4 Indenture Supplement are referred to
herein as the “Indenture”. The Class B Investor Notes are subject to all terms of the
Indenture. All terms used in this Class B Investor Note that are defined in the Indenture, as
supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented, modified or amended.

          Subject to the subordination provisions of the Indenture, the Class A Notes, the Class B Notes
and the Class C Notes are and will be equally and ratably secured by the Series 2009-4 Collateral
pledged as security therefor as provided in the Indenture and the Series 2009-4 Indenture
Supplement.

          Principal of the Class B Investor Notes will be payable on each Payment Date specified in and
in the amounts described in the Indenture. “Payment Date” means the 7th day of each month,
or if such date is not a Business Day, the next succeeding Business Day, commencing January 7,
2010.

          The entire unpaid principal amount of this Class B Investor Note shall be due and payable on
the Class B Final Maturity Date. Notwithstanding the foregoing, principal on the Class B Investor
Notes will be paid earlier during the Series 2009-4 Amortization Period as described in the
Indenture. All principal payments on the Class B Investor Notes shall be made pro rata to the Class
B Investor Noteholders entitled thereto.

          The Issuer will have the option to prepay the Series 2009-4 Investor Notes, in whole but not
in part, on any Payment Date on or after the Payment Date on which the Class A Invested Amount is
less than or equal to 10% of the Class A Initial Invested Amount. The prepayment price for the
Series 2009-4 Investor Notes will be equal to the amount set forth in the Indenture.

          Interest will accrue on this Class B Investor Note for each Series 2009-4 Interest Period at a
rate equal to (i) with respect to the initial Series 2009-4 Interest Period, 2.23250% per annum and
(ii) with respect to each Series 2009-4 Interest Period thereafter, a rate per annum equal to
One-Month LIBOR for such Series 2009-4 Interest Period plus 2.00% per annum (the “Class
B Note Rate”). “One-Month LIBOR” means, for each Series 2009-4 Interest Period, the
rate per annum determined on the related LIBOR Determination Date by the Calculation Agent to be
the rate for Dollar deposits having a maturity equal to one month that appears on the Bloomberg
Screen BTMM Page under the heading “LIBOR FIX BBAM” as of 11:00 A.M., London time, on such LIBOR
Determination Date; provided, however, that if such rate does not

B-5

 

appear on the Bloomberg Screen BTMM Page, “One-Month LIBOR” will mean, for such 2009-4
Interest Period, the rate per annum equal to the arithmetic mean (rounded to the nearest
one-one-hundred-thousandth of one percent) of the rates quoted by the Reference Banks to the
Calculation Agent as the rates at which deposits in Dollars are offered by the Reference Banks at
approximately 11:00 A.M., London time, on the LIBOR Determination Date to prime banks in the London
interbank market for a period equal to one month; provided, further, that if fewer
than two quotations are provided as requested by the Reference Banks, “One-Month LIBOR” for
such Series 2009-4 Interest Period will mean the arithmetic mean (rounded to the nearest
one-one-hundred-thousandth of one percent) of the rates quoted by major banks in New York, New York
selected by the Calculation Agent, at approximately 10:00 A.M., New York City time, on the first
day of such Series 2009-4 Interest Period for loans in Dollars to leading European banks for a
period equal to one month; provided, finally, that if no such quotes are provided,
“One-Month LIBOR” for such Series 2009-4 Interest Period will mean One-Month LIBOR as in
effect with respect to the preceding Series 2009-4 Interest Period.

          The Issuer shall pay interest on overdue installments of interest at the Class B Note Rate to
the extent lawful.

          As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Class B Investor Note may be registered on the Note Register upon surrender of
this Class B Investor Note for registration of transfer at the office or agency designated by the
Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Class B Investor Notes of
authorized denominations in the same aggregate principal amount will be issued to the designated
transferee or transferees. No service charge will be charged for any registration of transfer or
exchange of this Class B Investor Note, but the transferor may be required to pay a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

          The Issuer and the Indenture Trustee covenant and agree in the Series 2009-4 Indenture
Supplement and, by acquiring a Class B Investor Note or an interest therein, each Class B Investor
Noteholder and each Class B Investor Note Owner hereby covenants and agrees that, prior to the date
which is one year and one day after payment in full of all obligations under each Securitization,
it will not institute against, or join any other Person in instituting against, the Origination
Trust, SPV, Holdings, any other Special Purpose Entity, or any general partner or single member of
any Special Purpose Entity that is a partnership or limited liability company, respectively, any
involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other
proceedings under any federal or state bankruptcy or similar law.

          Each Class B Investor Noteholder, by acceptance of a Class B Investor Note or, in the case of
a Class B Investor Note Owner, a beneficial interest in a Class B Investor Note, hereby represents,
warrants and covenants that (a) each of the Lease SUBI and the Fleet Receivable SUBI is a separate
series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the
Delaware Code, 12 Del. C. § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to the Lease SUBI, the Lease SUBI
Portfolio or the Fleet Receivable SUBI shall be enforceable

B-6

 

against the Lease SUBI Portfolio or the Fleet Receivable SUBI only, as applicable, and not
against any other SUBI Portfolio or the UTI Portfolio and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any other SUBI (used in
this paragraph as defined in the Origination Trust Agreement), any other SUBI Portfolio (used in
this paragraph as defined in the Origination Trust Agreement), the UTI or the UTI Portfolio shall
be enforceable against such other SUBI Portfolio or the UTI Portfolio only, as applicable, and not
against any other SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets
with respect to any SUBI (other than the Lease SUBI and the Fleet Receivable SUBI) shall not be
subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to
the Lease SUBI or Fleet Receivable SUBI, respectively, in respect of such claim, (d)(i) no creditor
or holder of a claim relating to the Lease SUBI, the Fleet Receivable SUBI or the Lease SUBI
Portfolio shall be entitled to maintain any action against or recover any assets allocated to the
UTI or the UTI Portfolio or any other SUBI or the assets allocated thereto, and (ii) no creditor or
holder of a claim relating to the UTI, the UTI Portfolio or any SUBI other than the Lease SUBI or
the Fleet Receivable SUBI or any SUBI Assets other than the Lease SUBI Portfolio or the Fleet
Receivables shall be entitled to maintain any action against or recover any assets allocated to the
Lease SUBI or the Fleet Receivable SUBI, and (e) any purchaser, assignee or pledgee of an interest
in the Lease SUBI, the Lease SUBI Certificate, the Fleet Receivable SUBI, the Lease SUBI
Certificate, the Fleet Receivable SUBI Certificate, any other SUBI, any other SUBI Certificate
(used in this Section as defined in the Origination Trust Agreement), the UTI or the UTI
Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or
security interest, (i) give to the Origination Trust a non-petition covenant substantially similar
to that set forth in Section 6.9 of the Origination Trust Agreement, and (ii) execute an agreement
for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate
and any other SUBI or SUBI Certificate to release all claims to the assets of the Origination Trust
allocated to the UTI and each other SUBI Portfolio and in the event that such release is not given
effect, to fully subordinate all claims it may be deemed to have against the assets of the
Origination Trust allocated to the UTI Portfolio and each other SUBI Portfolio.

          Each Class B Investor Noteholder or Class B Investor Note Owner, by acceptance of a Class B
Investor Note or, in the case of a Class B Investor Note Owner, a beneficial interest in a Class B
Investor Note, covenants and agrees that by accepting the benefits of the Indenture that such Class
B Investor Noteholder or Class B Investor Note Owner will not institute against, or join with any
other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy
or similar law.

          It is the intent of the Issuer, each Class B Investor Noteholder and each Class B Investor
Note Owner that, for federal, state and local income and franchise tax purposes only, the Class B
Investor Notes will evidence indebtedness of the Issuer secured by the Series 2009-4 Collateral.
Each Class B Investor Noteholder and each Class B Investor Note Owner, by the acceptance of this
Class B Investor Note, agrees to treat this Class B Investor Note for purposes of federal, state
and local income and franchise taxes and any other tax imposed on or measured by income, as
indebtedness of the Issuer.

          The Indenture permits the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Series 2009-4 Investor Notes

B-7

 

under the Indenture at any time by the Issuer with the consent of the Holders of a Majority in
Interest of the Series 2009-4 Investor Notes affected by such amendment or modification. The
Indenture also contains provisions permitting the Holders of Series 2009-4 Investor Notes
representing specified percentages of the aggregate outstanding amount of the Series 2009-4
Investor Notes, on behalf of the Holders of all the Series 2009-4 Investor Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Class B
Investor Note (or any one or more predecessor Class B Investor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Class B Investor Note and of any Class
B Investor Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this Class B Investor Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Holders of the Series 2009-4 Investor Notes issued
thereunder.

          The term “Issuer” as used in this Class B Investor Note includes any successor to the
Issuer under the Indenture.

          The Class B Investor Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations set forth therein.

          This Class B Investor Note and the Indenture shall be governed by, and construed in accordance
with, the law of the State of New York, and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such law.

          No reference herein to the Indenture and no provision of this Class B Investor Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and interest on this Class B Investor Note at the times, place and rate,
and in the coin or currency herein prescribed.

          Interests in this Class B Investor Note are exchangeable or transferable in whole or in part
provided that such transfer or exchange complies with Section 6.2 of the Series
2009-4 Indenture Supplement and subject to the provisions of the Indenture.

B-8

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:
                                        
                    

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

 

(name and address of assignee)

the within Class B Investor Note and all rights thereunder, and hereby irrevocably constitutes and
appoints                             ,
attorney, to transfer said Class B Investor Note on the books kept
for registration thereof, with full power of substitution in the premises.

			
	 	 	 
	Dated:                    
	 	By:                                        2

	 	 	 	 	 
	 	Signature Guaranteed:

 	 
	 	
 	 
	 
	 	
 	 
	 	 	 
	 

 

			
	2/	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face
of the within Class B Investor Note, without alteration, enlargement or any change whatsoever.

B-9

 

EXHIBIT C

TO SERIES 2009-4

INDENTURE SUPPLEMENT

FORM OF CLASS C INVESTOR NOTE

			
	 	 	 
	No. ___
	 	$              
            

SEE REVERSE FOR CERTAIN CONDITIONS

CUSIP (CINS) NO. 165182 AW6

ISIN NO. US165182AW60

          THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DATE ON WHICH CHESAPEAKE FUNDING LLC (THE “ISSUER”) OR ANY AFFILIATE OF
THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY
(A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES 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 THE ISSUER, 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. THIS LEGEND WILL BE REMOVED
UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE IN ACCORDANCE WITH THE
INDENTURE SUPPLEMENT.

          BY ACCEPTANCE OF THIS NOTE, WHETHER UPON ORIGINAL ISSUANCE OR SUBSEQUENT TRANSFER, EACH HOLDER
AND EACH OWNER

C-1

 

HEREOF, AS APPLICABLE, ACKNOWLEDGES THAT WITH RESPECT TO SUCH HOLDER’S OR OWNER’S PURCHASE,
HOLDING AND DISPOSITION OF THIS NOTE, OR ANY INTEREST HEREIN, (A) EITHER (1) SUCH NOTEHOLDER OR
NOTE OWNER IS NOT, AND IT IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS THIS NOTE OR ANY
INTEREST HEREIN WILL NOT BE, AND WILL NOT BE ACTING ON BEHALF OF), AN EMPLOYEE BENEFIT PLAN (AS
DEFINED IN SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”)), SUBJECT TO THE PROVISIONS OF PART 4 OF SUBTITLE B OF TITLE I OF ERISA, A PLAN
TO WHICH SECTION 4975 OF THE CODE APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN
ASSETS” BY REASON OF SUCH AN EMPLOYEE BENEFIT PLAN’S AND/OR PLAN’S INVESTMENT IN SUCH ENTITY (EACH,
A “BENEFIT PLAN INVESTOR”), OR A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN WHICH IS SUBJECT TO
ANY FEDERAL, STATE, LOCAL NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO
THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR THE PROVISIONS OF
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND NO PART OF
THE ASSETS TO BE USED BY IT TO ACQUIRE OR HOLD SUCH NOTES OR ANY INTEREST THEREIN CONSTITUTES THE
ASSETS OF ANY SUCH BENEFIT PLAN INVESTOR OR SUCH PLAN, OR (2) ITS PURCHASE, HOLDING AND DISPOSITION
OF THIS NOTE DOES NOT AND WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A
GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, A VIOLATION OF ANY SIMILAR FEDERAL, STATE, LOCAL OR NON-U.S.
LAW) AND
(B) IT AGREES NOT TO SELL OR OTHERWISE TRANSFER ANY INTEREST IN THIS NOTE OTHERWISE THAN TO A
PURCHASER OR TRANSFEREE THAT MAKES OR IS OTHERWISE DEEMED TO MAKE THESE SAME REPRESENTATIONS,
WARRANTIES AND AGREEMENTS WITH RESPECT TO ITS PURCHASE AND HOLDING OF THIS NOTE. BY ACCEPTANCE OF
THIS NOTE, WHETHER UPON ORIGINAL ISSUANCE OR SUBSEQUENT TRANSFER, THE HOLDER HEREOF AND EACH OWNER
HEREOF AGREES TO INDEMNIFY AND HOLD HARMLESS THE ISSUER, VMS AND THE INDENTURE TRUSTEE, AND THEIR
RESPECTIVE AFFILIATES, FROM AND AGAINST ANY COST, DAMAGE OR LOSS INCURRED BY ANY OF THEM AS A
RESULT OF ANY OF THE FOREGOING REPRESENTATIONS AND AGREEMENTS BEING OR BECOMING FALSE. ANY
PURPORTED PURCHASE OR TRANSFER OF THIS NOTE BY OR TO A PURCHASER OR TRANSFEREE THAT DOES NOT COMPLY
WITH THE REQUIREMENTS OF SECTION 6.2(c) OF THE SERIES 2009-4 INDENTURE SUPPLEMENT SHALL BE NULL AND
VOID AB INITIO.

          THE PRINCIPAL OF THIS CLASS C INVESTOR NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS C INVESTOR NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

C-2

 

CHESAPEAKE FUNDING LLC

SERIES 2009-4 FLOATING RATE ASSET BACKED INVESTOR NOTES, CLASS C

          CHESAPEAKE FUNDING LLC, a limited liability company formed under the laws of the State of
Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay
to                     , or registered assigns, the principal sum of
                                         DOLLARS, which amount shall be payable in the amounts and at the times set
forth in the Indenture described herein, provided, however , that the entire unpaid
principal amount of this Class C Investor Note shall be due on the Class C Final Maturity Date.
However, principal with respect to the Class C Investor Notes may be paid earlier under certain
limited circumstances described in the Indenture. The Issuer will pay interest on this Class C
Investor Note for each Series 2009- 4 Interest Period, in accordance with the terms of the
Indenture, at the Class C Note Rate for such Interest Period. Each “Series 2009-4 Interest
Period” will be a period commencing on and including a Payment Date and ending on and including the day preceding the next succeeding Payment Date; provided,
however, that the initial Series 2009-4 Interest Period shall commence on and include the
Series 2009-4 Closing Date and end on and include January 6, 2010. Such principal of and interest
on this Class C Investor Note shall be paid in the manner specified on the reverse hereof and in
the Indenture.

          The principal of and interest on this Class C Investor Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts. All payments made by the Issuer with respect to this Class C Investor
Note shall be applied as provided in the Indenture. This Class C Investor Note does not represent
an interest in, or an obligation of, PHH Vehicle Management Services, LLC (“VMS”) or any
affiliate of VMS other than the Issuer.

          Reference is made to the further provisions of this Class C Investor Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this
Class C Investor Note. Although a summary of certain provisions of the Indenture is set forth below
and on the reverse hereof and made a part hereof, this Class C Investor Note does not purport to
summarize the Indenture and reference is made to the Indenture for information with respect to the
interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights,
duties and obligations of the Issuer and the Indenture Trustee. A copy of the Indenture may be
requested from the Indenture Trustee by writing to the Indenture Trustee at: The Bank of New York
Mellon, 101 Barclay Street, Floor 4W, New York, New York 10286 Attention: Structured Finance
Services — Chesapeake Funding, Series 2009-4. To the extent not defined herein, the capitalized
terms used herein have the meanings ascribed to them in the Indenture.

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class C Investor Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

C-3

 

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

Date: __________

	 	 	 	 	 
	 	CHESAPEAKE FUNDING LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Class C Investor Notes issued under the within-mentioned
Indenture.

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as

Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

C-4

 

	 	 	 	 	 

[REVERSE OF CLASS C INVESTOR NOTE]

          This Class C Investor Note is one of a duly authorized issue of Class C Investor Notes of the
Issuer designated its Series 2009-4 Floating Rate Asset Backed Investor Notes, Class C (herein
called the “Class C Investor Notes”), all issued under (i) an Amended and Restated Base
Indenture dated as of December 17, 2008 (such Base Indenture, as amended or modified, is herein
called the “Base Indenture”), between the Issuer and The Bank of New York Mellon, as
Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture
Trustee under the Base Indenture), and (ii) a Series 2009-4 Indenture Supplement dated as of
December 18, 2009 (the “Series 2009-4 Indenture Supplement”) between the Issuer and the
Indenture Trustee. The Base Indenture and the Series 2009-4 Indenture Supplement are referred to
herein as the “Indenture”. The Class C Investor Notes are subject to all terms of the
Indenture. All terms used in this Class C Investor Note that are defined in the Indenture, as
supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented, modified or amended.

          Subject to the subordination provisions of the Indenture, the Class A Notes, the Class B Notes
and the Class C Notes are and will be equally and ratably secured by the Series 2009-4 Collateral
pledged as security therefor as provided in the Indenture and the Series 2009-4 Indenture
Supplement.

          Principal of the Class C Investor Notes will be payable on each Payment Date specified in and
in the amounts described in the Indenture. “Payment Date” means the 7th day of each month,
or if such date is not a Business Day, the next succeeding Business Day, commencing January 7,
2010.

          The entire unpaid principal amount of this Class C Investor Note shall be due and payable on
the Class C Final Maturity Date. Notwithstanding the foregoing, principal on the Class C Investor
Notes will be paid earlier during the Series 2009-4 Amortization Period as described in the
Indenture. All principal payments on the Class C Investor Notes shall be made pro rata to the Class
C Investor Noteholders entitled thereto.

          The Issuer will have the option to prepay the Series 2009-4 Investor Notes, in whole but not
in part, on any Payment Date on or after the Payment Date on which the Class A Invested Amount is
less than or equal to 10% of the Class A Initial Invested Amount. The prepayment price for the
Series 2009-4 Investor Notes will be equal to the amount set forth in the Indenture.

          Interest will accrue on this Class C Investor Note for each Series 2009-4 Interest Period at a
rate equal to (i) with respect to the initial Series 2009-4 Interest Period, 2.23250% per annum and
(ii) with respect to each Series 2009-4 Interest Period thereafter, a rate per annum equal to
One-Month LIBOR for such Series 2009-4 Interest Period plus 2.00% per annum (the “Class
C Note Rate”). “One-Month LIBOR” means, for each Series 2009-4 Interest Period, the
rate per annum determined on the related LIBOR Determination Date by the Calculation Agent to be
the rate for Dollar deposits having a maturity equal to one month that appears on the Bloomberg
Screen BTMM Page under the heading “LIBOR FIX BBAM” as of 11:00 A.M., London time, on such LIBOR
Determination Date; provided, however, that if such rate does not

C-5

 

appear on the Bloomberg Screen BTMM Page, “One-Month LIBOR” will mean, for such 2009-4
Interest Period, the rate per annum equal to the arithmetic mean (rounded to the nearest
one-one-hundred-thousandth of one percent) of the rates quoted by the Reference Banks to the
Calculation Agent as the rates at which deposits in Dollars are offered by the Reference Banks at
approximately 11:00 A.M., London time, on the LIBOR Determination Date to prime banks in the London
interbank market for a period equal to one month; provided, further, that if fewer
than two quotations are provided as requested by the Reference Banks, “One-Month LIBOR” for
such Series 2009-4 Interest Period will mean the arithmetic mean (rounded to the nearest
one-one-hundred-thousandth of one percent) of the rates quoted by major banks in New York, New York
selected by the Calculation Agent, at approximately 10:00 A.M., New York City time, on the first
day of such Series 2009-4 Interest Period for loans in Dollars to leading European banks for a
period equal to one month; provided, finally, that if no such quotes are provided,
“One-Month LIBOR” for such Series 2009-4 Interest Period will mean One-Month LIBOR as in
effect with respect to the preceding Series 2009-4 Interest Period.

          The Issuer shall pay interest on overdue installments of interest at the Class C Note Rate to
the extent lawful.

          As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Class C Investor Note may be registered on the Note Register upon surrender of
this Class C Investor Note for registration of transfer at the office or agency designated by the
Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Class C Investor Notes of
authorized denominations in the same aggregate principal amount will be issued to the designated
transferee or transferees. No service charge will be charged for any registration of transfer or
exchange of this Class C Investor Note, but the transferor may be required to pay a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

          The Issuer and the Indenture Trustee covenant and agree in the Series 2009-4 Indenture
Supplement and, by acquiring a Class C Investor Note or an interest therein, each Class C Investor
Noteholder and each Class C Investor Note Owner hereby covenants and agrees that, prior to the date
which is one year and one day after payment in full of all obligations under each Securitization,
it will not institute against, or join any other Person in instituting against, the Origination
Trust, SPV, Holdings, any other Special Purpose Entity, or any general partner or single member of
any Special Purpose Entity that is a partnership or limited liability company, respectively, any
involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other
proceedings under any federal or state bankruptcy or similar law.

          Each Class C Investor Noteholder, by acceptance of a Class C Investor Note or, in the case of
a Class C Investor Note Owner, a beneficial interest in a Class C Investor Note, hereby represents,
warrants and covenants that (a) each of the Lease SUBI and the Fleet Receivable SUBI is a separate
series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the
Delaware Code, 12 Del. C. § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to the Lease SUBI, the Lease SUBI
Portfolio or the Fleet Receivable SUBI shall be enforceable

C-6

 

against the Lease SUBI Portfolio or the Fleet Receivable SUBI only, as applicable, and not
against any other SUBI Portfolio or the UTI Portfolio and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any other SUBI (used in
this paragraph as defined in the Origination Trust Agreement), any other SUBI Portfolio (used in
this paragraph as defined in the Origination Trust Agreement), the UTI or the UTI Portfolio shall
be enforceable against such other SUBI Portfolio or the UTI Portfolio only, as applicable, and not
against any other SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets
with respect to any SUBI (other than the Lease SUBI and the Fleet Receivable SUBI) shall not be
subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to
the Lease SUBI or Fleet Receivable SUBI, respectively, in respect of such claim, (d)(i) no creditor
or holder of a claim relating to the Lease SUBI, the Fleet Receivable SUBI or the Lease SUBI
Portfolio shall be entitled to maintain any action against or recover any assets allocated to the
UTI or the UTI Portfolio or any other SUBI or the assets allocated thereto, and (ii) no creditor or
holder of a claim relating to the UTI, the UTI Portfolio or any SUBI other than the Lease SUBI or
the Fleet Receivable SUBI or any SUBI Assets other than the Lease SUBI Portfolio or the Fleet
Receivables shall be entitled to maintain any action against or recover any assets allocated to the
Lease SUBI or the Fleet Receivable SUBI, and (e) any purchaser, assignee or pledgee of an interest
in the Lease SUBI, the Lease SUBI Certificate, the Fleet Receivable SUBI, the Lease SUBI
Certificate, the Fleet Receivable SUBI Certificate, any other SUBI, any other SUBI Certificate
(used in this Section as defined in the Origination Trust Agreement), the UTI or the UTI
Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or
security interest, (i) give to the Origination Trust a non-petition covenant substantially similar
to that set forth in Section 6.9 of the Origination Trust Agreement, and (ii) execute an agreement
for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate
and any other SUBI or SUBI Certificate to release all claims to the assets of the Origination Trust
allocated to the UTI and each other SUBI Portfolio and in the event that such release is not given
effect, to fully subordinate all claims it may be deemed to have against the assets of the
Origination Trust allocated to the UTI Portfolio and each other SUBI Portfolio.

          Each Class C Investor Noteholder or Class C Investor Note Owner, by acceptance of a Class C
Investor Note or, in the case of a Class C Investor Note Owner, a beneficial interest in a Class C
Investor Note, covenants and agrees that by accepting the benefits of the Indenture that such Class
C Investor Noteholder or Class C Investor Note Owner will not institute against, or join with any
other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy
or similar law.

          It is the intent of the Issuer, each Class C Investor Noteholder and each Class C Investor
Note Owner that, for federal, state and local income and franchise tax purposes only, the Class C
Investor Notes will evidence indebtedness of the Issuer secured by the Series 2009-4 Collateral.
Each Class C Investor Noteholder and each Class C Investor Note Owner, by the acceptance of this
Class C Investor Note, agrees to treat this Class C Investor Note for purposes of federal, state
and local income and franchise taxes and any other tax imposed on or measured by income, as
indebtedness of the Issuer.

          The Indenture permits the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Series 2009-4 Investor Notes

C-7

 

under the Indenture at any time by the Issuer with the consent of the Holders of a Majority in
Interest of the Series 2009-4 Investor Notes affected by such amendment or modification. The
Indenture also contains provisions permitting the Holders of Series 2009-4 Investor Notes
representing specified percentages of the aggregate outstanding amount of the Series 2009-4
Investor Notes, on behalf of the Holders of all the Series 2009-4 Investor Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Class C
Investor Note (or any one or more predecessor Class C Investor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Class C Investor Note and of any Class
C Investor Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this Class C Investor Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of Holders of the Series 2009-4 Investor Notes issued
thereunder.

          The term “Issuer” as used in this Class C Investor Note includes any successor to the
Issuer under the Indenture.

          The Class C Investor Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations set forth therein.

          This Class C Investor Note and the Indenture shall be governed by, and construed in accordance
with, the law of the State of New York, and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such law.

          No reference herein to the Indenture and no provision of this Class C Investor Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and interest on this Class C Investor Note at the times, place and rate,
and in the coin or currency herein prescribed.

          Interests in this Class C Investor Note are exchangeable or transferable in whole or in part
provided that such transfer or exchange complies with Section 6.2 of the Series
2009-4 Indenture Supplement and subject to the provisions of the Indenture.

C-8

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:
                                        
                    

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

 

(name and address of assignee)

the within Class C Investor Note and all rights thereunder, and hereby irrevocably constitutes and
appoints                            ,
attorney, to transfer said Class C Investor Note on the books kept
for registration thereof, with full power of substitution in the premises.

	 	 	 	 	 
	 	 	 
	Dated:__________________ 	By:  	
 	3 
	 	 	 	 
	 	 	 	 

	 	 	 	 	 
	 	Signature Guaranteed:

 	 
	 	
 	 
	 
	 	
 	 
	 	 	 
	 	 	 
	 

 

			
	3/	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face
of the within Class C Investor Note, without alteration, enlargement or any change whatsoever.

C-9

 

EXHIBIT D

FORM OF TRANSFER CERTIFICATE

(transfers pursuant to Section 6.2 of the Series 2009-4 Indenture Supplement)

The Bank of New York Mellon, 

as Transfer Agent and Registrar

2001 Bryan Street, 9th Floor

Dallas, Texas 75201

Attention: Structured Finance Services — Chesapeake Funding, Series 2009-4

	Re:	 	Chesapeake Funding LLC

Series 2009-4 Floating Rate Asset Backed Investor Notes

          Reference is hereby made to the Series 2009-4 Indenture Supplement, dated as of December 18,
2009 (as from time to time amended, supplemented or otherwise modified in accordance with the terms
thereof, the “Indenture Supplement”; terms defined therein being used herein as therein
defined), between Chesapeake Funding LLC (the “Issuer”) and The Bank of New York Mellon, as
Indenture Trustee (the “Indenture Trustee”), to the Amended and Restated Base Indenture,
dated as of December 17, 2008 (as amended or modified from time to time, the “Base
Indenture” and, together with the Indenture Supplement, the “Indenture”), between the
Issuer and the Indenture Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

          This letter relates to the Series 2009-4 Floating Rate Asset Backed Notes, [Class A] [Class B]
[Class C] (the “Notes”) (CUSIP No. [          ]) representing $______ in [Class A] [Class B]
[Class C] Initial Invested Amount which are held in the form of Notes registered in the name of
[transferor] (the “Transferor”). The Transferor has requested a transfer of such Notes for
Notes registered in the name of [transferee]. If this is a partial transfer, a minimum amount of
US$200,000 or any integral multiple of US$1,000 in excess thereof of the [Class A] [Class B] [Class
C] Investor Note held by the Transferor will remain outstanding.

          In connection with such request and in respect of such Notes, the Transferor does hereby
certify that such transfer is being effected in accordance with:

     (i) the transfer restrictions set forth in the Indenture and the
Notes;

     (ii) [Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”), to a transferee that the Transferor reasonably believes is purchasing the
Notes for its own account or an account with respect to which the transferee
exercises sole investment discretion and the transferee and any such account is a “qualified
institutional buyer” with the meaning of Rule 144A under the Securities Act, and such
transferee is aware that the sale to it is being made in reliance upon Rule 144A under the
Securities Act, in each case in transaction meeting the requirements of Rule 144A under the
Securities Act] [Rule 144 under the Securities Act of 1933, as amended (the
“Securities Act”), in a transaction permitted by Rule 144 under the
Securities Act]; and

D-1

 

 

     (iii) in accordance with any applicable securities law of any state of the United
States or any other jurisdiction.

          This certificate and the statements contained herein are made for your benefit and for the
benefit of Issuer and the Indenture Trustee.

	 	 	 	 	 
	 	[Insert name of Transferor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated:                                         

	cc: 	 	Chesapeake Funding LLC
940
Ridgebrook Road
Sparks,
Maryland 21152
Attention:
General Counsel

D-2

 

 

EXHIBIT E

FORM OF MONTHLY SETTLEMENT STATEMENT

E- 1

 

 

EXHIBIT F

FORM OF LEASE RATE CAP

F-1

 

EXHIBIT F

SCHEDULE

to the

MASTER AGREEMENT

(Multicurrency-Cross Border)

dated as of [_____], 20[_]

between

[__________]

(“Party A”)

and

Chesapeake Funding LLC,

a Limited liability company organized under the laws of the State of Delaware

(“Party B”)

 

 

Definitions

     The 2006 ISDA Definitions (the “Definitions”) are incorporated into this Agreement and shall
form part of this Agreement. In the event of any inconsistency among or between any of the
following documents, the relevant document first listed below shall govern: (i) a Confirmation and
any relevant definitions incorporated into such Confirmation; (ii) this Schedule and any relevant
definitions incorporated herein; (iii) Sections 1 to 14 of this Agreement; and (iv) the
Definitions.

     Capitalized terms used herein but not defined in this Agreement or the Definitions shall have
the meanings specified in that certain Amended and Related Base Indenture, dated as of December 17,
2008, by and among Party B and The Bank of New York Mellon, as Indenture Trustee (the “Indenture”).

     For the avoidance of doubt, references herein to a particular “Section” of this Agreement are
references to the corresponding sections of the Master Agreement.

Part 1. Termination Provisions

In this Agreement:

     (a) “Specified Entity” means in relation to Party A for the purpose of:

	 	 	 

	Section 5(a)(v),

	 	Not Applicable
	Section 5(a)(vi),

	 	Not Applicable
	Section 5(a)(vii),

	 	Not Applicable
	Section 5(b)(iv),

	 	Not Applicable
	 
	 	 
	in relation to Party B for the purpose of:
	 
	 	 
	Section 5(a)(v),

	 	Not Applicable
	Section 5(a)(vi),

	 	Not Applicable
	Section 5(a)(vii),

	 	Not Applicable
	Section 5(b)(iv),

	 	Not Applicable

     (b) “Specified Transaction” will have the meaning specified in Section 14 of this
Agreement.

     (c) Application of Events of Default. The provisions of Section 5(a) of this Agreement will
apply to Party A and Party B as follows:

	 	 	 	 	 	 	 
	 	 	Section 5(a)	 	Party A	 	Party B
	 
	(i)

	 	“Failure to Pay or Deliver”
	 	Applicable (except as
provided below in
Part 1(d)(ii)).
	 	Applicable.
	(ii)

	 	“Breach of Agreement”
	 	Applicable.
	 	Not Applicable.

 

 

	 	 	 	 	 	 	 
	 	 	Section 5(a)	 	Party A	 	Party B
	 
	(iii)

	 	“Credit Support Default”
	 	Applicable (except as
provided below in
Part 1(d)(ii)).
	 	Applicable (but
only to the extent
described below in
Part 1(d)(i)).
	(iv)

	 	“Misrepresentation”
	 	Applicable.
	 	Not Applicable.
	(v)

	 	“Default Under Specified
Transaction”
	 	[Not] Applicable.
	 	Not Applicable.
	(vi)

	 	“Cross-Default”
	 	Applicable.
	 	Not Applicable.
	(vii)

	 	“Bankruptcy”
	 	Applicable.
	 	Applicable (but
only to the extent
described below in
Part 1(f)).
	(viii)

	 	“Merger Without Assumption”
	 	Applicable.
	 	Applicable.

     (d) (i) Section 5(a)(iii)(1) will apply to Party B in respect of Party B’s obligations under
Paragraphs 3(b) and 8(d) of that certain Credit Support Annex, dated as of the date hereof,
attached hereto and made a part hereof between Party A and Party B (as from time to time amended,
supplemented or replaced, the “Credit Support Annex”).

     (ii) Notwithstanding Sections 5(a)(i) and 5(a)(iii), any failure by Party A to comply with or
perform any obligation to be complied with or performed by Party A under the Credit Support Annex
shall not be an Event of Default unless (A)(i) a Moody’s Second Trigger Event has occurred and has
continued for at least 30 Local Business Days, (ii) Party A has failed to Transfer sufficient
Eligible Credit Support to ensure that the Delivery Amount calculated under paragraph (2) of the
definition of “Delivery Amount” in Paragraph 13 of the Credit Support Annex is zero (unless, in any
such instance, the applicable Delivery Amount is less than the Minimum Transfer Amount) and (iii)
such failure is not remedied on or before the third Local Business Day after notice of such failure
is given to Party A, or (B)(i) an S&P Substitution Event has occurred and continued for at least 60
calendar days, (ii) Party A has failed to Transfer sufficient Eligible Credit Support to ensure
that the Delivery Amount calculated under paragraph (1) of the definition of “Delivery Amount” in
Paragraph 13 of the Credit Support Annex is zero (unless, in any such instance, the applicable
Delivery Amount is less than the Minimum Transfer Amount), and (iii) such failure is not remedied
on or before the third Local Business Day after notice of such failure is given to Party A.

     (e) With respect to Section 5(a)(vi):

“Specified Indebtedness” will have the meaning specified in Section 14, provided that
Specified Indebtedness shall not include deposits received in the course of a party’s ordinary
banking business.

“Threshold Amount” means, with respect to Party A, 3% of the Shareholders’ Equity of the applicable
Relevant Entity, provided that if the Relevant Entity is Party A, then “Threshold Amount”
means 3% of the Shareholders’ Equity of [                    ].

2

 

“Shareholders’ Equity” means [with respect to an entity, at any time, (1) if the Relevant
Entity is a national banking association, the “Total Equity Capital” of the Relevant Entity
(as shown in the most recently filed FFIEC Consolidated Report of Condition for Insured
Commercial and State-Chartered Savings Banks (“Call Report”) Schedule RC- Balance Sheet of
such entity) or (2) for any other entity, the sum (as shown in the most recent annual
audited financial statements of such entity) of (i) its capital stock (including preferred
stock) outstanding, taken at par value, (ii) its capital surplus and (iii) its retained
earnings, minus (iv) treasury stock, each to be determined in accordance with generally
accepted accounting principles] [an amount equal to [                    ]’s total assets minus its
total liabilities as reflected on [                    ]’s most recent audited financial statements].

     (f) With respect to Party B only (and the related Confirmations only), the provisions of
Section 5(a)(vii) clauses (2), (7) and (9) will not be applicable as an Event of Default; clause
(3) will not apply to Party B to the extent it refers to any assignment, arrangement or composition
that is effected by or pursuant to the Transaction Documents; clause (4) will not apply to Party B
to the extent that it refers to proceedings or petitions instituted or presented by Party A or any
of its Affiliates; clause (6) will not apply to Party B to the extent that it refers to
(i) any appointment that is contemplated or effected by the Transaction Documents or (ii) any
appointment that Party B has not become subject to; and clause (8) will not apply to Party B to the
extent that it applies to Section 5(a)(vii)(2), (3), (4), (6) and (7) except to the extent that
such provisions are not disapplied with respect to Party B.

     (g) Application of Termination Events. The provisions of Section 5(b) of this Agreement will
apply to Party A and Party B as follows:

	 	 	 	 	 	 	 
	 	 	Section 5(b)	 	Party A	 	Party B
	(i)

	 	“Illegality”
	 	Applicable.
	 	Applicable.
	(ii)

	 	“Tax Event”
	 	Applicable.
	 	Applicable.
	(iii)

	 	“Tax Event Upon Merger”
	 	Applicable.
	 	Applicable.
	(iv)

	 	“Credit Event Upon Merger”
	 	Not Applicable.
	 	Not Applicable.

     (h) Section 5(b)(ii) will apply, provided that the words “(x) any action taken by a
taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a
Transaction is entered into (regardless of whether such action is taken or brought with respect to
a party to this Agreement) or (y)” shall be deleted.

     (i) Notwithstanding Section 5(b)(iii), Party A shall not be entitled to designate an Early
Termination Date by reason of a Tax Event Upon Merger in respect of which it is the Affected Party.

     (j) Section 6(b)(ii) will apply, provided that the words “or if a Tax Event Upon
Merger occurs and the Burdened Party is the Affected Party,” shall be deleted.

     (k) The “Automatic Early Termination” provision of Section 6(a) will not apply to either Party
A or to Party B.

3

 

     (l) Payments on Early Termination. For the purpose of Section 6(e) of this Agreement:

Market Quotation will apply and the Second Method will apply; provided,
however, if an Early Termination Date is designated in respect of (A) an Event of
Default with respect to which Party A is a Defaulting Party or (B) an Additional Termination
Event with respect to which Party A is the sole Affected Party, notwithstanding Section 6 of
this Agreement, the following amendment to the Agreement set forth in paragraphs (i) to
(vii) below shall apply:

     (i) The definition of “Market Quotation” shall be deleted in its entirety and replaced
with the following:

“Market Quotation” means, with respect to one or more Terminated Transactions, a Firm Offer
which is (1) made by an Eligible Replacement, (2) for an amount that would be paid to Party
B (expressed as a negative number) or by Party B (expressed as a positive number) in
consideration of an agreement between Party B and such Eligible Replacement to enter into a
transaction (the “Replacement Transaction”) that would have the effect of preserving for
Party B the economic equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of each applicable
condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated
Transaction or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date, (3) made on the basis
that Unpaid Amounts in respect of the Terminated Transaction or group of Terminated
Transactions are to be excluded but, without limitation, any payment or delivery that would,
but for the relevant Early Termination Date, have been required (assuming satisfaction of
each applicable condition precedent) after that Early Termination Date is to be included and
(4) made in respect of a Replacement Transaction with terms that are, in all material
respects, no less beneficial for Party B than those of this Agreement (save for the
exclusion of provisions relating to Transactions that are not Terminated Transactions), as
determined by Party B.

     (ii) The definition of “Settlement Amount” shall be deleted in its entirety and
replaced with the following:

“Settlement Amount” means, with respect to any Early Termination Date, an amount (as
determined by Party B) equal to the Termination Currency Equivalent of the amount (whether
positive or negative) of any Market Quotation for the relevant Terminated Transaction or
group of Terminated Transactions that is accepted by Party B so as to become legally
binding, provided that:

(A) If, on or before the Early Termination Date, no Market Quotation for the
relevant Terminated Transaction or group of Terminated Transactions has been
accepted by Party B so as to become legally binding and one or more Market
Quotations have been made and remain capable of becoming legally binding
upon acceptance, the Settlement Amount shall equal the Termination Currency
Equivalent of the amount (whether

4

 

positive or negative) of the lowest of such Market Quotations (for the avoidance of
doubt, (i) a Market Quotation expressed as a negative number is lower than a Market
Quotation expressed as a positive number, and (ii) the lower of two Market
Quotations expressed as negative numbers is the one with the larger absolute
value); and

(B) If, on the Early Termination Date, no Market Quotation for the relevant
Terminated Transaction or group of Terminated Transactions is accepted by Party B
so as to become legally binding on or before the Early Termination Date, and no
Market Quotations have been made and remain capable of becoming legally binding
upon acceptance, the Settlement Amount shall equal Party B’s Loss (whether positive
or negative and without reference to any Unpaid Amounts) for the relevant
Terminated Transaction or group of Terminated Transactions.

     (iii) In determining whether or not a Firm Offer satisfies the condition in subparagraph (4)
of Market Quotation, Party B shall act in a commercially reasonable manner.

     (iv) At any time on or before the Early Termination Date at which two or more Market
Quotations remain capable of becoming legally binding upon acceptance, Party B shall be entitled to
accept only the lowest of such Market Quotations (for the avoidance of doubt, (i) a Market
Quotation expressed as a negative number is lower than a Market Quotation expressed as a positive
number, and (ii) the lower of two Market Quotations expressed as negative numbers is the one with
the larger absolute value).

     (v) Party B will be deemed to have discharged its obligations to obtain Market Quotations
above if it requests Party A to obtain Market Quotations, where such request is made in writing
within two Local Business Days after the day on which the Early Termination Date is designated.

     (vi) If Party B requests Party A in writing to obtain Market Quotations, Party A shall use its
reasonable efforts to do so before the Early Termination Date.

     (vii) If the Settlement Amount is a negative number, Section 6(e)(i)(3) of this Agreement
shall be deleted in its entirety and replaced with the following:

“Second Method and Market Quotation. If Second Method and Market Quotation apply, (1) Party B shall
pay to Party A an amount equal to the absolute value of the Settlement Amount in respect of the
Terminated Transactions, (2) Party B shall pay to Party A the Termination Currency Equivalent of
the Unpaid Amounts owing to Party A and (3) Party A shall pay to Party B the Termination Currency
Equivalent of the Unpaid Amounts owing to Party B; provided that, (i) the amounts payable
under (2) and (3) shall be subject to netting in accordance with Section 2(c) of this Agreement and
(ii) notwithstanding any other provision of this Agreement, any amount payable by Party A under (3)
shall not be netted-off against any amount payable by Party B under (1).”

     (m) “Termination Currency” means United States Dollars.

5

 

     (n) Additional Termination Event will apply. Each of the following events shall constitute an
Additional Termination Event hereunder:

     (i) An amendment and/or supplement to any Transaction Document is made without the
prior written consent of Party A if such consent is required under such Transaction
Documents and such amendment and/or supplement would materially and adversely affect Party
A. For purposes of Section 6 of this Agreement, Party B shall be the sole Affected Party.

     (ii) [Reserved].

     (iii) The Investor Notes shall be accelerated and/or Collateral shall be liquidated in
accordance with the Transaction Documents following an “Event of Default” thereunder, or
there shall occur an optional redemption or other prepayment of the Investor Notes in full
prior to their stated maturity dates. For purposes of Section 6 of this Agreement, Party B
shall be the sole Affected Party and the Early Termination Date (in the case of an optional
redemption or prepayment) shall occur not earlier than the third Local Business Day prior to
the applicable redemption or prepayment date.

     (iv) Following an S&P Substitution Event, each Relevant Entity shall
fail to
take action that satisfies Part 5(l)(A) hereof within the time period specified in Part
5(l)(A) (provided that the occurrence of any such Additional Termination Event shall
have no effect on Party A’s duty to perform its obligations hereunder prior to actual
termination of this Agreement), in which event Party A shall be the sole Affected Party.

     (v) Party A fails to comply with or perform any obligation to be complied with or
performed by Party A in accordance with the Credit Support Annex (other than any such
obligation that applies to Party A solely because an S&P Substitution Event has occurred)
and either (x) the Moody’s Second Trigger Event has not occurred or (y) the Moody’s Second
Trigger Event has occurred but has been continuing for less than 30 Business Days. For
purposes of Section 6 of this Agreement, Party A shall be the sole Affected Party.

     (vi) A Moody’s Second Trigger Event has occurred and has been continuing for at least
30 Local Business Days, and (i) at least one Eligible Replacement has made a Firm Offer to
be the Transferee under Part 5(k)(ii) below (but only if such Firm Offer then remains
capable of becoming legally binding upon acceptance) and/or (ii) at least one Eligible
Replacement has made a Firm Offer that would, assuming the occurrence of an Early
Termination Date, qualify as a Market Quotation (on the basis that paragraphs
(i) and (iii) in Part 1(l) above apply) and which remains capable of becoming legally
binding upon acceptance. For purposes of Section 6 of this Agreement, Party A shall be the
sole Affected Party.

     (o) Party A shall be responsible for any costs reasonably incurred by Party B in connection
with any assignment of this Agreement made by Party A by reason of any S&P Substitution Event,
Moody’s First Trigger Event or Moody’s Second Trigger Event having occurred.

6

 

Part 2. Tax Representations.

     (a) Payer Tax Representations. For the purpose of Section 3(e) of this Agreement, Party A and
Party B make the following representation:

It is not required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, of any Relevant Jurisdiction to make any deduction or
withholding for or on account of any Tax from any payment (other than interest under Section
2(e), 6(d)(ii), or 6(e) of this Agreement) to be made by it to the other party under this
Agreement. In making this representation, it may rely on (i) the accuracy of any
representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the
satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement,
and the accuracy and effectiveness of any document provided by the other party pursuant to
Section 4(a)(i) or 4(a)(iii) of this Agreement, and (iii) the satisfaction of the agreement
of the other party contained in Section 4(d) of this Agreement; provided that it
shall not be a breach of this representation where reliance is placed on clause (ii) and the
other party does not deliver a form or document under Section 4(a)(iii) by reason of
material prejudice to its legal or commercial position.

     (b) Payee Tax Representations. For the purposes of Section 3(f) of this Agreement, Party A and
Party B make the following representations:

     (i) The following representation applies to Party A: Party A is [a national banking
association organized under the laws of the United States and its United States federal
taxpayer identification number is [______]].

     (ii) The following representation applies to Party B: Party B is a limited liability
company organized under the laws of the State of Delaware, it is a U.S. person for United
States federal income tax purposes and its United States federal taxpayer identification
number is 51-0391968.

Part 3. Agreement to Deliver Documents.

     For the purpose of Section 4(a)(i) and (ii) of this Agreement, each Party agrees to
deliver the following documents as applicable:

(a) Tax forms, documents or certificates to be delivered are:

Party B agrees to complete, execute, and deliver to Party A a complete, valid and accurate
United States Internal Revenue Service Form W-9, or any successor to such form, and any
required attachments thereto (i) upon execution and delivery of this Agreement, (ii)
promptly upon reasonable demand by Party A, and (iii) promptly upon learning that any such
form(s) previously provided by Party B has become obsolete or is incorrect.

7

 

(b) Other documents to be delivered are:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Covered by
	Party required to	 	 	 	Date by which to be	 	Section 3(d)
	deliver document	 	Form/Document/Certificate	 	delivered	 	Representation
	 
	 	 	 	 	 	 
	Party A/Party B

	 	Credit Support Document, if
any, specified in Part 4 hereof,
such Credit Support Document
being duly executed if
required.
	 	Upon execution and
delivery of this
Agreement
	 	Yes
	 
	 	 	 	 	 	 
	Party A

	 	Incumbency certificate or other
documents evidencing the
authority of the persons
executing this Agreement and
the related Confirmation[s] on
Party A’s behalf
	 	On the Closing Date
	 	Yes
	 
	 	 	 	 	 	 
	Party B

	 	Monthly Servicing Report
setting forth the information
specified in Section 8.2 of the
Indenture
	 	To be made
available to Party B
on each
Determination Date
	 	Yes
	 
	 	 	 	 	 	 
	Party B

	 	Each of (i) a copy of the
Indenture and the other
Transaction Documents,
executed and delivered by the
parties thereto and (ii)
incumbency certificate or other
documents evidencing the
authority of the persons
executing this Agreement and
the related Confirmation[s] on
Party B’s behalf
	 	On the Closing Date
	 	Yes
	 
	 	 	 	 	 	 
	Party A/Party B

	 	Certified copies of all
corporate, partnership or
membership authorizations, as
the case may be, and any other
documents with respect to the
execution, delivery and
performance of this Agreement
and any Credit Support
Document
	 	Upon execution and
delivery of this
Agreement
	 	Yes

8

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Covered by
	Party required to	 	 	 	Date by which to be	 	Section 3(d)
	deliver document	 	Form/Document/Certificate	 	delivered	 	Representation
	 
	 	 	 	 	 	 
	Party A

	 	[FFIEC Consolidated Report
of Condition for Insured
Commercial and State-Chartered Savings Banks
(“Call Report”) of

[                              ]].
	 	To be made
available on
[                    ] after
the end of each fiscal
quarter of
[                         ].
	 	Yes

Part 4. Miscellaneous.

     (a) Addresses for Notices: For the purpose of Section 12(a) of this Agreement: Address for
notices or communications to Party A:

[                    ]

[                    ]

[                    ]

[                    ]

Telephone: [                    ]

Facsimile: [                    ]

With a copy to:

[                    ]

Address for notices or communications to Party B (for all purposes):

	 	 	 

	Address:

	 	Chesapeake Funding LLC
	 

	 	940 Ridgebrook Road
	 

	 	Sparks, MD 21152
	Attention:

	 	Chris Pointer
	Facsimile No.:

	 	(410) 773-8893
	Telephone No.:

	 	(410) 771-2393
	 
	 	 
	With a copy to Standard & Poor’s:
	 
	 	 
	Address:

	 	Standard & Poor’s, A Division of The McGraw-Hill Companies,
Inc.

55 Water Street, 41st Floor
	 

	 	New York, New York 10041
	Facsimile No.:

	 	(212) 438-2655
	Attention:

	 	Structured Finance Ratings, Asset-Backed Surveillance Group-John Detweiler

     (b) Process Agent. For the purpose of Section 13(c):

9

 

          Party A appoints as its Process Agent:          Not Applicable.

          Party B appoints as its Process Agent:          Not Applicable.

     (c) Offices. The provisions of Section 10(a) will apply to this Agreement.

     (d) Multibranch Party. For the purpose of Section 10(c) of this Agreement:

          (i) Party A is [not] a Multibranch Party.

          (ii) Party B is not a Multibranch Party.

     (e) Calculation Agent. The Calculation Agent is Party A.

     (f) Credit Support Document. Details of any Credit Support Document:

Each of the following, as amended, extended, supplemented or otherwise modified in
writing from time to time, is a “Credit Support Document”:

Party A: (i) The Credit Support Annex and (ii) any guarantee (including any Eligible
Guarantee) of Party A’s obligations hereunder procured by Party A in compliance with
this Agreement.

Party B: The Credit Support Annex.

     (g) Credit Support Provider.

Credit Support Provider means in relation to Party A, the guarantor under any
guarantee (including any Eligible Guarantee) of Party A’s obligations hereunder
procured by Party A in compliance with this Agreement.

Credit Support Provider means in relation to Party B, Not Applicable.

     (h) Governing Law. This Agreement and any and all controversies arising out of or in relation
to this Agreement will be governed by and construed in accordance with the laws of the State of New
York (without reference to its conflict of laws doctrine).

     (i) Netting of Payments. Subject to any particular Confirmation executed in connection with
this Agreement, subparagraph (ii) of Section 2(c) of this Agreement will apply to all Transactions
under the Agreement.

     (j) “Affiliate” will have the meaning specified in Section 14 of this Agreement.

Part 5. Other Provisions.

     (a) Representations. Section 3(a)(iii) is hereby amended by inserting the words “or
investment policies, or guidelines, procedures, or restrictions,” immediately following the word
“documents,”.

10

 

     (b) Financial Statements. Section 3(d) is hereby amended by adding in the third line thereof
after the word “respect” and before the period:

     “or, in the case of financial statements, a fair presentation of the financial condition of
the relevant party”

     (c) Additional Representations. Section 3 is hereby amended by adding the following additional
subsections:

“(g) Eligible Contract Participant. (a) It is an “eligible contract participant” as
defined in the Commodity Exchange Act, as amended by the Commodity Futures
Modernization Act of 2000, (b) this Agreement and each Transaction is subject to
individual negotiation by each party and (c) neither this Agreement nor any
Transaction will be executed or traded on a “trading facility” within the meaning of
Section 1a(33) of the Commodity Exchange Act, as amended.

(h) Line of Business. It has entered into this Agreement (including each Transaction
evidenced hereby) in conjunction with its line of business (including financial
intermediation services) or the financing of its business.

(i) No Agency. It is entering into this Agreement, any Credit Support Document to
which it is a party, each Transaction and any other documentation relating to this
Agreement or any Transaction as principal (and not as agent or in any other
capacity, fiduciary or otherwise).”

     In addition, the parties each represent that:

No Reliance. Each party represents to the other party (which representation will be
deemed to be repeated by each party on each date on which a Transaction is entered
into or amended, extended or otherwise modified) that: (1) it is acting for its own
account and has made its own independent decisions to enter into this Agreement and
any Transaction hereunder and as to whether this Agreement and any Transaction
hereunder is appropriate or proper for it based on its own judgment and upon advice
from such advisors as it has deemed necessary; (2) it is not relying on any
communication (written or oral) of the other party as investment advice or as a
recommendation to enter into this Agreement or any Transaction hereunder, it being
understood that information and explanations related to the terms and conditions of
this Agreement and any Transaction hereunder shall not be considered investment
advice or a recommendation to enter into this Agreement or any Transaction
hereunder; (3) no communication (written or oral) received from the other party
shall be deemed to be an assurance or guarantee as to the expected results of any
Transaction hereunder; and (4) it is capable of evaluating and understanding (on its
own behalf or through independent professional advice), and understands and accepts,
the terms, conditions and risks of that Transaction; and (5) it is capable of
assuming, and assumes, the financial and other risks of that Transaction.

     In addition, Party B represents that:

11

 

ERISA. It is not (i) an employee benefit plan (as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”)), subject to Title I of ERISA;
a plan (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended
(the “Code”)), subject to Section 4975 of the Code; or a plan subject to any other federal,
state, local or non-U.S. statute, regulation, procedure or restriction that is materially
similar to Section 406 of ERISA or Section 4975 of the Code (any such employee benefit or
other plan, a “Plan”); or (ii) a person acting on behalf of or deemed to hold assets of any
Plan. It will provide notice to Party A in the event that it becomes aware that it is in
breach of any aspect of this representation or that, with the passing of time, giving of
notice or expiry of any applicable grace period, it will breach this representation.

     In addition, Party A represents that:

Pari Passu: Its obligations under this Agreement rank pari passu with all of its other
unsecured, unsubordinated obligations except those obligations preferred by operation of
law.

(d) Method of Notice. Section 12(a)(ii) of this Agreement is deleted in its entirety.

(e) Set-off.

     (i) All payments under this Agreement shall be made without set-off or counterclaim, except as
expressly provided for in Section 2(c), Section 6 (subject to Part 5(e)(ii) below) or Paragraph 8
of the Credit Support Annex.

     (ii) Section 6(e) shall be amended by the deletion of the following sentence: “The amount, if
any, payable in respect of an Early Termination Date and determined pursuant to this Section will
be subject to any Set-off.”

     (f) Consent to Recording. The parties agree that each party may electronically record all
telephonic conversations between marketing and trading personnel in connection with this Agreement.
Each party agrees to obtain any necessary consent of, and give any necessary notice of such
recording, to, its relevant personnel.

     (g) Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY
JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY CREDIT
SUPPORT DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

(h) Additional Acknowledgments and Agreements of the Parties.

     (i) No Amendment without Prior Confirmation by Rating Agencies. Section 9(b) of this Agreement
is hereby amended by adding the following immediately before the period at the end thereof: “, and
unless each Rating Agency confirms that such amendment will not cause the reduction, suspension or
withdrawal of the then-current

12

 

rating of any of the Investor Notes, unless such amendment (i) clarifies any term or provision,
corrects any inconsistency, cures any ambiguity, or corrects any typographical error in this
Agreement or (ii) amends the notional amount or the other terms of a confirmation to satisfy the
requirements of the Indenture (in which case written copies of such proposed amendment will be
provided to the Rating Agencies prior to the effectiveness of such amendment)”.

     (ii) [Reserved].

     (iii) [Reserved].

     (i) Notices to Noteholders. Party B shall provide Party A with copies of all notices and
reports given to the holders of the Investor Notes, and upon request, shall provide Party A with
any other notices or reports which could be requested by the holders of any Investor Notes.

     (j) [Reserved].

     (k) Transfers.

     (i) Except as provided in Section 6(b)(ii) and Part 5(k)(ii) below, and except for transfers
authorized by Section 7[(a) and] (b), Party A may not transfer (whether by way of security or
otherwise) any interest or obligation in or under this Agreement without the prior written consent
of Party B. Party A shall provide prior written notice to each Rating Agency of any transfer made
by it pursuant to Section 6(b)(ii) or Section 7(b).

     (ii) Subject to giving prior written notification to Party B and Moody’s and receipt of Rating
Agency Confirmation from S&P, Party A may (at its own expense) transfer its rights and obligations
with respect to this Agreement to any other entity (a “Transferee”) that is an Eligible
Replacement, provided that (A) the Transferee contracts with Party B on terms that (I) are
identical to the terms of this Agreement in respect of any obligation (whether absolute or
contingent) to make payment or delivery after the effective date of such transfer; and (II) insofar
as they do not relate to payment or delivery obligations, are, in all material respects, no less
beneficial for Party B than the terms of this Agreement immediately before such transfer and (B)
unless such transfer is effected at a time when an S&P Substitution Event or a Moody’s First
Trigger Event has occurred and is continuing, Party B has determined that the condition in
sub-paragraph (A)(II) above is satisfied.

     (iii) If Party A requests Party B in writing to make a determination for the purpose of
sub-paragraph (ii)(B) above and Party B does not notify Party A of its determination within 20
Local Business Days of such request, such sub-paragraph (ii)(B) shall be deemed to be deleted for
the purpose of the relevant transfer, provided that such transfer is made at a time when a
Moody’s First Trigger Event has occurred and is continuing.

     (iv) In making any determination for the purpose of sub-paragraph (ii)(B) above, Party B shall
act in a commercially reasonable manner.

13

 

     (v) If an entity has made a Firm Offer (which remains capable of becoming legally binding upon
acceptance) to be the transferee of a transfer to be made in accordance with (ii) above, Party B
shall (at Party A’s expense) at Party A’s written request, take any reasonable steps required to be
taken by it to effect such transfer.

     (vi) Following a transfer in accordance with Part 5(k)(ii), all references to Party A shall be
deemed to be references to the Transferee.

(l) Downgrades of Party A.

(A) S&P Substitution Events. If an S&P Substitution Event occurs with respect to
each Relevant Entity, Party A shall (a) within 10 Local Business Days of the
occurrence of such S&P Substitution Event and at its sole expense, post Eligible
Collateral for the benefit of Party B in the amount and on the terms then
applicable under the Credit Support Annex, and (b) use commercially reasonable
efforts to, within 60 calendar days of the occurrence of such S&P Substitution
Event, assign its rights and obligations under all Transactions to an Eligible
Replacement in accordance with Part 5(k)(ii) above, provided that (A) no
termination payments or other settlement amounts are payable by Party B to either
Party A or the Transferee at the time of or as a result of such assignment by Party
A and (B) any termination payments or other settlement amounts are to be settled
directly between Party A and the Transferee. Upon the successful consummation of
any assignment to a Transferee as contemplated in this Part 5(l)(A), any obligation
of Party A to post and maintain collateral under the Credit Support Annex in
respect of such S&P Substitution Event shall terminate and Party B shall release
its security interest in, and return to Party A, any then-posted collateral.

(B) Moody’s Second Trigger Events. If a Moody’s Second Trigger Event has occurred
and is continuing, Party A shall at its own cost use commercially reasonable
efforts to, as soon as reasonably practicable, either (x) procure an Eligible
Guarantee in respect of all of Party A’s present and future obligations under this
Agreement from a guarantor that has the Moody’s Required Hedge Ratings, or (y)
effect a transfer of its rights and obligations under this Agreement to an Eligible
Replacement in accordance with Part 5(k)(ii) above.

     (m) USA PATRIOT Act Notice. Party A hereby notifies Party B that pursuant to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies Party B, which
information includes the name and address of Party B and other information that will allow Party A
to identify Party B in accordance with the Act.

     (n) Non-Petition. Party A agrees that it will not, prior to at least one year and one day (or
if longer, the applicable preference period then in effect plus one day) following the payment in
full of all the Investor Notes issued pursuant to the Indenture and the expiration of all

14

 

applicable preference periods under the laws of the United States, relating to any such payment,
acquiesce, petition or otherwise invoke or cause Party B to invoke the process of any governmental
authority for the purpose of commencing or sustaining a case (whether voluntary or involuntary)
against Party B under any bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of Party B or any
substantial part of its property or ordering the winding-up or liquidation of the affairs of Party
B; provided that this provision shall not restrict or prohibit Party A from joining any
other person, including, without limitation, the Trustee, or from asserting or exercising its
rights, in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation
proceedings commenced by any Person other than Party A or its affiliates or other analogous
proceedings already commenced under applicable laws. This Part 5(n) shall survive any termination
of this Agreement.

     (o) Limited Recourse. Notwithstanding anything to the contrary contained herein, the
obligations of Party B under this Agreement are limited recourse obligations of Party B, payable
solely from the Collateral (as such term is defined in the Indenture), subject to and in accordance
with the terms of the Indenture, and, following realization of the Collateral, any claims of Party
A against Party B shall be extinguished and shall not thereafter revive. None of the directors,
shareholders, officers or administrators of Party B shall be liable for any amount due from Party B
under this Agreement. It is understood that the foregoing provisions shall not
(i) prevent recourse to the Collateral for the sums due or to become due to Party A under this
Agreement (subject to the priority of payments set forth in the Indenture) or (ii) constitute a
waiver, release or discharge of any obligation of Party B arising under this Agreement until the
Collateral has been realized and the proceeds applied in accordance with the Indenture, whereupon
any outstanding obligation of Party B under this Agreement shall be extinguished. Notwithstanding
the foregoing (or anything to the contrary in this Agreement), Party B shall be liable for its own
fraud, willful misconduct and/or bad faith. This Part 5(o) shall survive any termination of this
Agreement.

     (p) Jurisdiction. Section 13(b) of this Agreement is hereby amended by: (i) deleting the word
“non-” in the second line of subparagraph (i) thereof; and (ii) adding the words “except as
necessary to pursue enforcement of the judgment of any such court in other jurisdictions” to the
last line of subparagraph (i) thereof immediately prior to “; and”.

     (q) Delivery of Confirmations. For each Transaction entered into hereunder, Party A shall
promptly send to Party B a Confirmation (which may be via facsimile transmission). Party B agrees
to respond to such Confirmation within two Local Business Days, either confirming agreement thereto
or requesting a correction of any error(s) contained therein. Failure by Party A to send a
Confirmation or of Party B to respond within such period shall not affect the validity or
enforceability of such Transaction. Absent manifest error, there shall be a presumption that the
terms contained in such Confirmation are the terms of the Transaction.

     (r) Certain Definitions.

“Eligible Guarantee” means an unconditional and irrevocable guarantee that is
satisfactory to S&P (as evidenced by receipt of Rating Agency Confirmation from S&P)
and is provided by a guarantor as principal debtor rather than surety and is

15

 

directly enforceable by Party B, where either (A) a law firm has given a legal opinion confirming
that none of the guarantor’s payments to Party B under such guarantee will be subject to
withholding for Tax and such opinion has been disclosed to Moody’s, (B) such guarantee provides
that, in the event that any of such guarantor’s payments to Party B are subject to withholding for
Tax, such guarantor is required to pay such additional amount as is necessary to ensure that the
net amount actually received by Party B (free and clear of any withholding tax) will equal the full
amount Party B would have received had no such withholding been required, or (C) in the event that
any payment under such guarantee is made net of deduction or withholding for Tax, Party A is
required, under Section 2(a)(i), to make such additional payment as is necessary to ensure that the
net amount actually received by Party B from the guarantor will equal the full amount Party B would
have received had no such deduction or withholding been required.

“Eligible Replacement” means an entity that could lawfully perform the obligations owing to Party B
under this Agreement (i) that (A) has the Moody’s Required Hedge Ratings and (B) satisfies the
Hedge Counterparty Ratings Requirement, or (ii) whose present and future obligations owing to Party
B are guaranteed pursuant to an Eligible Guarantee provided by a guarantor that (A) has the Moody’s
Required Hedge Ratings and (B) satisfies the Hedge Counterparty Ratings Requirement.

“Firm Offer” means an offer which, when made, was capable of becoming legally binding upon
acceptance.

“Hedge Counterparty Ratings Requirement” is satisfied by a Relevant Entity

(i) if such entity has a short-term rating from S&P of at least “A-1” (or, if such entity does not
have a short-term rating from S&P, a long-term rating from S&P of at least “A+”).

“Moody’s First Trigger Event” means, at any time when Investor Notes are outstanding and rated by
Moody’s but a Moody’s Second Trigger Event has not occurred, that no Relevant Entity satisfies the
Moody’s First Trigger Required Ratings.

“Moody’s First Trigger Required Ratings” are satisfied by an entity (x) where such entity is the
subject of a Moody’s Short-Term Rating, if such rating is “Prime-1” and its long-term, unsecured
and unsubordinated debt obligations are rated “A2” or above by Moody’s, and (y) where such entity
is not the subject of a Moody’s Short-Term Rating, if its long-term, unsecured and unsubordinated
debt obligations are rated “A1” or above by Moody’s.

“Moody’s Required Hedge Ratings” means the Moody’s First Trigger Required Ratings or the Moody’s
Second Trigger Required Ratings.

16

 

“Moody’s Second Trigger Event” means, at any time when Investor Notes are outstanding and
rated by Moody’s, that no Relevant Entity satisfies the Moody’s Second Trigger Required
Ratings.

“Moody’s Second Trigger Required Ratings” are satisfied by the entity (x) where such entity
is the subject of a Moody’s Short-Term Rating, if such rating is “Prime-2” or above and its
long-term, unsecured and unsubordinated debt obligations are rated “A3” or above by
Moody’s, and (y) where such entity is not the subject of a Moody’s Short-Term Rating, if
its long-term, unsecured and unsubordinated debt obligations are rated “A3” or above by
Moody’s.

“Moody’s Short-Term Rating” means a rating assigned by Moody’s under its short-term rating
scale in respect of an entity’s short-term, unsecured and unsubordinated debt obligations.

“Rating Agency Confirmation” means with respect to any specified action or determination,
receipt by Party B of written confirmation from each Rating Agency, for so long as any
Investor Notes are outstanding and rated by either Rating Agency, that such specified
action or determination will not cause such Rating Agency to reduce or withdraw its rating
of any such Investor Notes.

“Relevant Entities” means Party A and any guarantor under an Eligible Guarantee in respect
of all of Party A’s present and future obligations under this Agreement.

An “S&P Substitution Event” is deemed to occur with respect to a Relevant Entity if (i) any
of the Investor Notes are Outstanding and rated by S&P, and (ii) the short-term rating of
such Relevant Entity from S&P is downgraded below “A-1” or, if such Relevant Entity does
not have a short-term rating from S&P, the long-term rating of such Relevant Entity from
S&P is downgraded below “A+”.

“Transaction Documents” shall have the meaning assigned to such term under the Indenture.

(s) Safe Harbors. Each party to this Agreement acknowledges that:

     (i) [This Agreement, including any Credit Support Document, is a “master netting agreement”
and a “swap agreement” as defined in the U.S. Bankruptcy Code (the “Code”), a “netting contract” as
defined in Section 402 of the Federal Deposit Insurance Corporation Improvement Act of 1991, as
amended (“FDICIA” ) and a “swap agreement” as defined in Section 11(e)(8)(D) of the Federal
Deposit Insurance Act, as amended (“FDIA”);

     (ii) Party A is a “master netting agreement participant,” a “financial institution,” a
“financial participant” and a “swap participant” as defined in the Code, and a “financial
institution” as defined in Section 402 of FDICIA;

17

 

     (iii) The rights provided to Party A herein, and in any Credit Support Document, are rights
protected by Section 560, Section 561, Sections 362(b)(17) and (27), and Section 362(o) of the
Code, Sections 403 through 405 of FDICIA and Section 11(e)(8)(A) of FDIA;

     (iv) All transfers of cash, securities or other property under or in connection with this
Agreement, any Credit Support Document or any Transaction hereunder are transfers protected by
Sections 546(e), (f), (g) and (j) of the Code, Section 11(e)(8)(C) of FDIA, and Sections 403(f) and
404(h) of FDICIA; and

     (v) All obligations under or in connection with this Agreement, any Credit Support Document or
any Transaction hereunder represent obligations in respect of “termination values”, “payment
amounts” or “transfer obligations” within the meaning of the Code and FDIA.]

     (t) Tax. Notwithstanding the definition of “Indemnifiable Tax” in Section 14 of this
Agreement, in relation to payments by Party A, any Tax shall be an Indemnifiable Tax and, in
relation to payments by Party B, no Tax shall be an Indemnifiable Tax.

     (u) Rating Agency Notifications. Notwithstanding any other provision of this Agreement, this
Agreement shall not be amended, no Early Termination Date shall be effectively designated by Party
B, and no transfer of any rights or obligations under this Agreement shall be made, unless Moody’s
and S&P have been given prior written notice of such amendment, designation or transfer.

     (v) Severability. If any term, provision, covenant, or condition of this Agreement, or the
application thereof to any party or circumstance, shall be held to be invalid or unenforceable (in
whole or in part) for any reason, the remaining terms, provisions, covenants, and conditions hereof
shall continue in full force and effect as if this Agreement had been executed with the invalid or
unenforceable portion eliminated, so long as this Agreement as so modified continues to express,
without material change, the original intentions of the parties as to the subject matter of this
Agreement and the deletion of such portion of this Agreement will not substantially impair the
respective benefits or expectations of the parties to the Agreement; provided,
however, that this severability provision shall not be applicable if any provision of
Section 2, 5,6, or 13 (or any definition or provision in Section 14 to the extent it
relates to, or is used in or in connection with, any such Section) shall be so held to be invalid
or unenforceable.

     (w) Acknowledgement of Assignment. Party A hereby acknowledges and consents to Party’s
assignment to the Collateral Agent, for the benefit of the Noteholders under the Indenture, of
Party B’s rights hereunder, including the right to enforce Party A’s obligations hereunder.

[Signature Page Follows]

18

 

     IN WITNESS WHEREOF, the parties have executed this Schedule by their duly authorized officers
as of the date hereof,

	 	 	 	 	 

	[                                        ]

	 	CHESAPEAKE FUNDING LLC
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name:

	 	Name:	 	 
	Title:

	 	Title:exv4w4w8

Exhibit 4.4.8

FORM OF CLASS A INVESTOR NOTE

			
	 	 	 
	No.                     
	 	$                    

SEE REVERSE FOR CERTAIN CONDITIONS

CUSIP (CINS) NO. 165182 AU0

ISIN NO. US165182AU05

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DATE ON WHICH CHESAPEAKE FUNDING LLC (THE “ISSUER”) OR ANY AFFILIATE
OF THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A) TO THE ISSUER,
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT,
(C) FOR SO LONG AS THE SECURITIES 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 THE ISSUER, 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. THIS LEGEND WILL BE REMOVED
UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE IN ACCORDANCE WITH THE
INDENTURE SUPPLEMENT.

 

 

     BY ACCEPTANCE OF THIS NOTE, WHETHER UPON ORIGINAL ISSUANCE OR SUBSEQUENT TRANSFER, EACH
HOLDER AND EACH OWNER HEREOF, AS APPLICABLE, ACKNOWLEDGES THAT WITH RESPECT TO SUCH HOLDER’S OR
OWNER’S PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE, OR ANY INTEREST HEREIN, (A) EITHER (1) SUCH
NOTEHOLDER OR NOTE OWNER IS NOT, AND IT IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS
THIS NOTE OR ANY INTEREST HEREIN WILL NOT BE, AND WILL NOT BE ACTING ON BEHALF OF), AN EMPLOYEE
BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”)), SUBJECT TO THE PROVISIONS OF PART 4 OF SUBTITLE B OF TITLE I
OF ERISA, A PLAN TO WHICH SECTION 4975 OF THE CODE APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” BY REASON OF SUCH AN EMPLOYEE BENEFIT PLAN’S AND/OR PLAN’S INVESTMENT IN SUCH
ENTITY (EACH, A “BENEFIT PLAN INVESTOR”), OR A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN WHICH
IS SUBJECT TO ANY FEDERAL, STATE, LOCAL NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE
SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA
OR THE PROVISIONS OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), AND NO PART OF THE ASSETS TO BE USED BY IT TO ACQUIRE OR HOLD SUCH NOTES OR ANY
INTEREST THEREIN CONSTITUTES THE ASSETS OF ANY SUCH BENEFIT PLAN INVESTOR OR SUCH PLAN, OR (2) ITS
PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE DOES NOT AND WILL NOT CONSTITUTE OR OTHERWISE RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR,
IN THE CASE OF A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, A VIOLATION OF ANY SIMILAR FEDERAL, STATE,
LOCAL OR NON-U.S. LAW) AND (B) IT AGREES NOT TO SELL OR OTHERWISE TRANSFER ANY INTEREST IN THIS
NOTE OTHERWISE THAN TO A PURCHASER OR TRANSFEREE THAT MAKES OR IS OTHERWISE DEEMED TO MAKE THESE
SAME REPRESENTATIONS, WARRANTIES AND AGREEMENTS WITH RESPECT TO ITS PURCHASE AND HOLDING OF THIS
NOTE. BY ACCEPTANCE OF THIS NOTE, WHETHER UPON ORIGINAL ISSUANCE OR SUBSEQUENT TRANSFER, THE
HOLDER HEREOF AND EACH OWNER HEREOF AGREES TO INDEMNIFY AND HOLD HARMLESS THE ISSUER, VMS AND THE
INDENTURE TRUSTEE, AND THEIR RESPECTIVE AFFILIATES, FROM AND AGAINST ANY COST, DAMAGE OR LOSS
INCURRED BY ANY OF THEM AS A RESULT OF ANY OF THE FOREGOING REPRESENTATIONS AND AGREEMENTS BEING OR
BECOMING FALSE. ANY PURPORTED PURCHASE OR TRANSFER OF THIS NOTE BY OR TO A PURCHASER OR TRANSFEREE
THAT DOES NOT COMPLY WITH THE REQUIREMENTS OF SECTION 6.2(c) OF THE SERIES 2009-4 INDENTURE
SUPPLEMENT SHALL BE NULL AND VOID AB INITIO.

     THE PRINCIPAL OF THIS CLASS A INVESTOR NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE

 

 

OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS A INVESTOR NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

CHESAPEAKE FUNDING LLC
 

SERIES 2009-4 FLOATING RATE ASSET BACKED INVESTOR NOTES, CLASS A

     CHESAPEAKE FUNDING LLC, a limited liability company formed under the laws of the State of
Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay
to                      , or registered assigns, the principal sum of                                          DOLLARS,
which amount shall be payable in the amounts and at the times set forth in the Indenture described
herein, provided, however, that the entire unpaid principal amount of this Class A
Investor Note shall be due on the Class A Final Maturity Date. However, principal with respect to
the Class A Investor Notes may be paid earlier under certain limited circumstances described in the
Indenture. The Issuer will pay interest on this Class A Investor Note for each Series 2009-4
Interest Period, in accordance with the terms of the Indenture, at the Class A Note Rate for such
Interest Period. Each “Series 2009-4 Interest Period” will be a period commencing on and
including a Payment Date and ending on and including the day preceding the next succeeding Payment
Date; provided, however, that the initial Series 2009-4 Interest Period shall
commence on and include the Series 2009-4 Closing Date and end on and include January 6, 2010.
Such principal of and interest on this Class A Investor Note shall be paid in the manner specified
on the reverse hereof and in the Indenture.

     The principal of and interest on this Class A Investor Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts. All payments made by the Issuer with respect to this Class A Investor
Note shall be applied as provided in the Indenture. This Class A Investor Note does not represent
an interest in, or an obligation of, PHH Vehicle Management Services, LLC (“VMS”) or any
affiliate of VMS other than the Issuer.

     Reference is made to the further provisions of this Class A Investor Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this
Class A Investor Note. Although a summary of certain provisions of the Indenture is set forth below
and on the reverse hereof and made a part hereof, this Class A Investor Note does not purport to
summarize the Indenture and reference is made to the Indenture for information with respect to the
interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights,
duties and obligations of the Issuer and the Indenture Trustee. A copy of the Indenture may be
requested from the Indenture Trustee by writing to the Indenture Trustee at: The Bank of New York
Mellon, 101 Barclay Street, Floor 4W, New York, New York 10286 Attention: Structured Finance
Services – Chesapeake Funding, Series 2009-4. To the extent not defined herein, the capitalized
terms used herein have the meanings ascribed to them in the Indenture.

 

 

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class A Investor Note shall not be entitled to
any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

 

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer.

Date:                     

	 	 	 	 	 	 	 

	 	 	CHESAPEAKE FUNDING LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class A Investor Notes issued under the within-mentioned Indenture.

	 	 	 	 	 	 	 

	 	 	THE BANK OF NEW YORK MELLON, as 
     Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

 

 

[REVERSE OF CLASS A INVESTOR NOTE]

     This Class A Investor Note is one of a duly authorized issue of Class A Investor Notes of the
Issuer designated its Series 2009-4 Floating Rate Asset Backed Investor Notes, Class A (herein
called the “Class A Investor Notes”), all issued under (i) an Amended and Restated Base
Indenture dated as of December 17, 2008 (such Base Indenture, as amended or modified, is herein
called the “Base Indenture”), between the Issuer and The Bank of New York Mellon, as
Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture
Trustee under the Base Indenture), and (ii) a Series 2009-4 Indenture Supplement dated as of
December 18, 2009 (the “Series 2009-4 Indenture Supplement”) between the Issuer and the
Indenture Trustee. The Base Indenture and the Series 2009-4 Indenture Supplement are referred to
herein as the “Indenture”. The Class A Investor Notes are subject to all terms of the
Indenture. All terms used in this Class A Investor Note that are defined in the Indenture, as
supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented, modified or amended.

     Subject to the subordination provisions of the Indenture, the Class A Notes, the Class B Notes
and the Class C Notes are and will be equally and ratably secured by the Series 2009-4 Collateral
pledged as security therefor as provided in the Indenture and the Series 2009-4 Indenture
Supplement.

     Principal of the Class A Investor Notes will be payable on each Payment Date specified in and
in the amounts described in the Indenture. “Payment Date” means the 7th day of each month,
or if such date is not a Business Day, the next succeeding Business Day, commencing January 7,
2010.

     The entire unpaid principal amount of this Class A Investor Note shall be due and payable on
the Class A Final Maturity Date. Notwithstanding the foregoing, principal on the Class A Investor
Notes will be paid earlier during the Series 2009-4 Amortization Period as described in the
Indenture. All principal payments on the Class A Investor Notes shall be made pro rata to the
Class A Investor Noteholders entitled thereto.

     The Issuer will have the option to prepay the Series 2009-4 Investor Notes, in whole but not
in part, on any Payment Date on or after the Payment Date on which the Class A Invested Amount is
less than or equal to 10% of the Class A Initial Invested Amount. The prepayment price for the
Series 2009-4 Investor Notes will be equal to the amount set forth in the Indenture.

     Interest will accrue on this Class A Investor Note for each Series 2009-4 Interest Period at a
rate equal to (i) with respect to the initial Series 2009-4 Interest Period, 1.03250% per annum and
(ii) with respect to each Series 2009-4 Interest Period thereafter, a rate per annum equal to
One-Month LIBOR for such Series 2009-4 Interest Period plus 0.80% per annum (the “Class
A Note Rate”). “One-Month LIBOR” means, for each Series 2009-4 Interest Period, the
rate per annum determined on the related LIBOR Determination Date by the Calculation Agent to be
the rate for Dollar deposits

 

 

having a maturity equal to one month that appears on the Bloomberg Screen BTMM Page under the
heading “LIBOR FIX BBAM” as of 11:00 A.M., London time, on such LIBOR Determination Date;
provided, however, that if such rate does not appear on the Bloomberg Screen BTMM
Page, “One-Month LIBOR” will mean, for such 2009-4 Interest Period, the rate per annum
equal to the arithmetic mean (rounded to the nearest one-one-hundred-thousandth of one percent) of
the rates quoted by the Reference Banks to the Calculation Agent as the rates at which deposits in
Dollars are offered by the Reference Banks at approximately 11:00 A.M., London time, on the LIBOR
Determination Date to prime banks in the London interbank market for a period equal to one month;
provided, further, that if fewer than two quotations are provided as requested by
the Reference Banks, “One-Month LIBOR” for such Series 2009-4 Interest Period will mean the
arithmetic mean (rounded to the nearest one-one-hundred-thousandth of one percent) of the rates
quoted by major banks in New York, New York selected by the Calculation Agent, at approximately
10:00 A.M., New York City time, on the first day of such Series 2009-4 Interest Period for loans in
Dollars to leading European banks for a period equal to one month; provided,
finally, that if no such quotes are provided, “One-Month LIBOR” for such Series
2009-4 Interest Period will mean One-Month LIBOR as in effect with respect to the preceding Series
2009-4 Interest Period.

     The Issuer shall pay interest on overdue installments of interest at the Class A Note Rate to
the extent lawful.

     As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Class A Investor Note may be registered on the Note Register upon surrender of
this Class A Investor Note for registration of transfer at the office or agency designated by the
Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Class A Investor Notes of
authorized denominations in the same aggregate principal amount will be issued to the designated
transferee or transferees. No service charge will be charged for any registration of transfer or
exchange of this Class A Investor Note, but the transferor may be required to pay a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

     The Issuer and the Indenture Trustee covenant and agree in the Series 2009-4 Indenture
Supplement and, by acquiring a Class A Investor Note or an interest therein, each Class A Investor
Noteholder and each Class A Investor Note Owner hereby covenants and agrees that, prior to the date
which is one year and one day after payment in full of all obligations under each Securitization,
it will not institute against, or join any other Person in instituting against, the Origination
Trust, SPV, Holdings, any other Special Purpose Entity, or any general partner or single member of
any Special Purpose Entity that is a partnership or limited liability company, respectively, any
involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other
proceedings under any federal or state bankruptcy or similar law.

 

 

     Each Class A Investor Noteholder, by acceptance of a Class A Investor Note or, in the case of
a Class A Investor Note Owner, a beneficial interest in a Class A Investor Note, hereby represents,
warrants and covenants that (a) each of the Lease SUBI and the Fleet Receivable SUBI is a separate
series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the
Delaware Code, 12 Del. C. § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to the Lease SUBI, the Lease SUBI
Portfolio or the Fleet Receivable SUBI shall be enforceable against the Lease SUBI Portfolio or the
Fleet Receivable SUBI only, as applicable, and not against any other SUBI Portfolio or the UTI
Portfolio and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or
otherwise existing with respect to any other SUBI (used in this paragraph as defined in the
Origination Trust Agreement), any other SUBI Portfolio (used in this paragraph as defined in the
Origination Trust Agreement), the UTI or the UTI Portfolio shall be enforceable against such other
SUBI Portfolio or the UTI Portfolio only, as applicable, and not against any other SUBI Assets, (c)
except to the extent required by law, UTI Assets or SUBI Assets with respect to any SUBI (other
than the Lease SUBI and the Fleet Receivable SUBI) shall not be subject to the claims, debts,
liabilities, expenses or obligations arising from or with respect to the Lease SUBI or Fleet
Receivable SUBI, respectively, in respect of such claim, (d)(i) no creditor or holder of a claim
relating to the Lease SUBI, the Fleet Receivable SUBI or the Lease SUBI Portfolio shall be entitled
to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or
any other SUBI or the assets allocated thereto, and (ii) no creditor or holder of a claim relating
to the UTI, the UTI Portfolio or any SUBI other than the Lease SUBI or the Fleet Receivable SUBI or
any SUBI Assets other than the Lease SUBI Portfolio or the Fleet Receivables shall be entitled to
maintain any action against or recover any assets allocated to the Lease SUBI or the Fleet
Receivable SUBI, and (e) any purchaser, assignee or pledgee of an interest in the Lease SUBI, the
Lease SUBI Certificate, the Fleet Receivable SUBI, the Lease SUBI Certificate, the Fleet Receivable
SUBI Certificate, any other SUBI, any other SUBI Certificate (used in this Section as defined in
the Origination Trust Agreement), the UTI or the UTI Certificate must, prior to or
contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to
the Origination Trust a non-petition covenant substantially similar to that set forth in Section
6.9 of the Origination Trust Agreement, and (ii) execute an agreement for the benefit of each
holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any other SUBI or
SUBI Certificate to release all claims to the assets of the Origination Trust allocated to the UTI
and each other SUBI Portfolio and in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the Origination Trust
allocated to the UTI Portfolio and each other SUBI Portfolio.

     Each Class A Investor Noteholder or Class A Investor Note Owner, by acceptance of a Class A
Investor Note or, in the case of a Class A Investor Note Owner, a beneficial interest in a Class A
Investor Note, covenants and agrees that by accepting the benefits of the Indenture that such Class
A Investor Noteholder or Class A Investor Note Owner will not institute against, or join with any
other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy
or similar law.

 

 

     It is the intent of the Issuer, each Class A Investor Noteholder and each Class A Investor
Note Owner that, for federal, state and local income and franchise tax purposes only, the Class A
Investor Notes will evidence indebtedness of the Issuer secured by the Series 2009-4 Collateral.
Each Class A Investor Noteholder and each Class A Investor Note Owner, by the acceptance of this
Class A Investor Note, agrees to treat this Class A Investor Note for purposes of federal, state
and local income and franchise taxes and any other tax imposed on or measured by income, as
indebtedness of the Issuer.

     The Indenture permits the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Series 2009-4 Investor Notes under the Indenture
at any time by the Issuer with the consent of the Holders of a Majority in Interest of the Series
2009-4 Investor Notes affected by such amendment or modification. The Indenture also contains
provisions permitting the Holders of Series 2009-4 Investor Notes representing specified
percentages of the aggregate outstanding amount of the Series 2009-4 Investor Notes, on behalf of
the Holders of all the Series 2009-4 Investor Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Class A Investor Note (or any one or more
predecessor Class A Investor Notes) shall be conclusive and binding upon such Holder and upon all
future Holders of this Class A Investor Note and of any Class A Investor Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Class A Investor Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without
the consent of Holders of the Series 2009-4 Investor Notes issued thereunder.

     The term “Issuer” as used in this Class A Investor Note includes any successor to the
Issuer under the Indenture.

     The Class A Investor Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations set forth therein.

     This Class A Investor Note and the Indenture shall be governed by, and construed in accordance
with, the law of the State of New York, and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such law.

     No reference herein to the Indenture and no provision of this Class A Investor Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and interest on this Class A Investor Note at the times, place and rate,
and in the coin or currency herein prescribed.

     Interests in this Class A Investor Note are exchangeable or transferable in whole or in part
provided that such transfer or exchange complies with Section 6.2 of the Series
2009-4 Indenture Supplement and subject to the provisions of the Indenture.

 

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

                                                            

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

 

(name and address of assignee)

the within Class A Investor Note and all rights thereunder, and hereby irrevocably constitutes and
appoints                                         , attorney, to transfer said Class A Investor Note on the books kept
for registration thereof, with full power of substitution in the premises.

	 	 	 	 	 	 	 

	Dated:

	 	By:
	 	 	 	1
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Signature Guaranteed:
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 

 

			
	 	 	1/ NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Class A Investor Note, without
alteration, enlargement or any change whatsoever.

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