Document:

series20103supplement.htm

    Exhibit
10.2

     

     

    AVIS
BUDGET RENTAL CAR FUNDING (AESOP) LLC,

     

    as
Issuer

     

    and

     

    THE BANK
OF NEW YORK MELLON TRUST COMPANY, N.A.,

     

    as
Trustee and Series 2010-3 Agent

     

    _____________________

     

    SERIES
2010-3 SUPPLEMENT

     

    dated as
of March 23, 2010

     

    to

     

    SECOND
AMENDED AND RESTATED BASE INDENTURE

     

    dated as
of June 3, 2004

     

    _____________________

    

    

    Series
2010-3 4.64% Rental Car Asset Backed Notes, Class A

    Series
2010-3 6.74% Rental Car Asset Backed Notes, Class B

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    TABLE OF
CONTENTS

    
      	 
      	
              Page

            
	
              ARTICLE
      I DEFINITIONS

               

            	
              2

            
	
              ARTICLE
      II SERIES 2010-3 ALLOCATIONS

               

            	
              22

            
	
              Section
      2.1. Establishment of Series 2010-3 Collection Account, Series 2010-3
      Excess Collection
      Account and Series 2010-3 Accrued Interest Account

            	
              22

            
	
              Section
      2.2. Allocations with Respect to the Series 2010-3 Notes

            	
              22

            
	
              Section
      2.3. Payments to Noteholders

            	
              26

            
	
              Section
      2.4. Payment of Note Interest

            	
              29

            
	
              Section
      2.5. Payment of Note Principal

            	
              29

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

            	
              33

            
	
              Section
      2.7. Series 2010-3 Reserve Account

            	
              34

            
	
              Section
      2.8. Series 2010-3 Letters of Credit and Series 2010-3 Cash Collateral
      Account

            	
              36

            
	
              Section
      2.9. Series 2010-3 Distribution Account

            	
              40

            
	
              Section
      2.10. Series 2010-3 Accounts Permitted Investments

            	
              41

            
	
              Section
      2.11. Series 2010-3 Demand Notes Constitute Additional Collateral for
      Series 2010-3
      Notes

            	
              42

            
	
              Section
      2.12.  Subordination of the Class B Notes

            	
              42

            
	
              ARTICLE
      III AMORTIZATION EVENTS

               

            	
              42

            
	
              ARTICLE
      IV FORM OF SERIES 2010-3 NOTES

               

            	
              44

            
	
              Section
      4.1. Restricted Global Series 2010-3 Notes

            	
              44

            
	
              Section
      4.2. Temporary Global Series 2010-3 Notes; Permanent Global Series 2010-3
      Notes

            	
              44

            
	
              ARTICLE
      V GENERAL

               

            	
              44

            
	
              Section
      5.1. Optional Repurchase

            	
              44

            
	
              Section
      5.2. Information

            	
              45

            
	
              Section
      5.3. Exhibits

            	
              45

            
	
              Section
      5.4. Ratification of Base Indenture

            	
              45

            
	
              Section
      5.5. Counterparts

            	
              45

            
	
              Section
      5.6. Governing Law

            	
              45

            
	
              Section
      5.7. Amendments

            	
              45

            
	
              Section
      5.8. Discharge of Indenture

            	
              46

            
	
              Section
      5.9. Notice to Rating Agencies

            	
              46

            
	
              Section
      5.10. Capitalization of ABRCF

            	
              46

            
	
              Section
      5.11. Required Noteholders.

            	
              46

            
	
              Section
      5.12. Series 2010-3 Demand Notes

            	
              46

            
	
              Section
      5.13. Termination of Supplement

            	
              46

            
	
              Section
      5.14. Noteholder Consent to Certain Amendments

            	
              47

            
	
              Section
      5.15. Confidential Information.

            	
              47

            
	
              Section
      5.16. Capitalized Cost Covenant

            	
              48

            
	
              Section
      5.17. Further Limitation of Liability.

            	
              48

            
	
              Section
      5.18. Force Majeure

            	
              48

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    
      	 
      	
              Page

            
	
              Section
      5.19. Waiver of Jury Trial, etc.

            	
              49

            
	
              Section
      5.20. Submission to Jurisdiction

            	
              49

            

    

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SERIES
2010-3 SUPPLEMENT, dated as of March 23, 2010 (this “Supplement”), among
AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC, a special purpose limited liability
company established under the laws of Delaware (“ABRCF”), THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A. (formerly known as The Bank of New York), a
limited purpose national banking association with trust powers, as trustee (in
such capacity, and together with its successors in trust thereunder as provided
in the Base Indenture referred to below, the “Trustee”), and THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (formerly known as The Bank of New
York), as agent (in such capacity, the “Series 2010-3 Agent”)
for the benefit of the Series 2010-3 Noteholders, to the Second Amended and
Restated Base Indenture, dated as of June 3, 2004, between ABRCF and the Trustee
(as amended, modified or supplemented from time to time, exclusive of
Supplements creating a new Series of Notes, the “Base
Indenture”).

     

     

    PRELIMINARY
STATEMENT

     

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

     

     

    NOW,
THEREFORE, the parties hereto agree as follows:

     

     

    DESIGNATION

     

    There is
hereby created a Series of Notes to be issued pursuant to the Base Indenture and
this Supplement, and such Series of Notes shall be designated generally as the
Series 2010-3 Rental Car Asset Backed Notes.

     

    The
Series 2010-3 Notes shall be issued in two Classes, the first of which shall be
known as the “Class A Notes” and the second of which shall be known as the
“Class B Notes”.  On the Closing Date, ABRCF shall issue (i) one
tranche of Class A Notes, which shall be designated as the Series 2010-3 4.64%
Rental Car Asset Backed Notes, Class A and, (ii) one tranche of Class B Notes,
which shall be designated as the Series 2010-3 6.74% Rental Car Asset Backed
Notes, Class B.

     

    The Class
A Notes and Class B Notes, together, constitute the Series 2010-3
Notes.  The Class B Notes shall be subordinated in right of payment to
the Class A Notes, to the extent set forth herein.

     

    The
proceeds from the sale of the Series 2010-3 Notes shall be deposited in the
Collection Account and shall be deemed to be Principal Collections.

     

    The
Series 2010-3 Notes are a non-Segregated Series of Notes (as more fully
described in the Base Indenture).  Accordingly, all references in this
Supplement to “all” Series of Notes (and all references in this Supplement to
terms defined in the Base Indenture that contain references to “all” Series of
Notes) shall refer to all Series of Notes other than Segregated Series of
Notes.

     

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    ARTICLE
I

     

    DEFINITIONS

     

    (a)           All
capitalized terms not otherwise defined herein are defined in the Definitions
List attached to the Base Indenture as Schedule I thereto.  All
Article, Section, Subsection or Exhibit references herein shall refer to
Articles, Sections, Subsections or Exhibits of this 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 2010-3 Notes and not to any other Series of Notes issued by
ABRCF.  In the event that a term used herein shall be defined both
herein and in the Base Indenture, the definition of such term herein shall
govern.

     

    (b)           The
following words and phrases shall have the following meanings with respect to
the Series 2010-3 Notes and the definitions of such terms are applicable to the
singular as well as the plural form of such terms and to the masculine as well
as the feminine and neuter genders of such terms:

     

    “ABCR” means Avis
Budget Car Rental, LLC.

     

    “Adjusted Net Book
Value” means, as of any date of determination, with respect to each
Adjusted Program Vehicle as of such date, the product of 0.965 and the Net Book
Value of such Adjusted Program Vehicle as of such date.

     

    “Business Day” means
any day other than (a) a Saturday or a Sunday or (b) a day on which banking
institutions in New York City or in the city in which the corporate trust office
of the Trustee is located are authorized or obligated by law or executive order
to close.

     

    “Certificate of Lease Deficit
Demand” means a certificate substantially in the form of Annex A to the Series
2010-3 Letters of Credit.

     

    “Certificate of Termination
Date Demand” means a certificate substantially in the form of Annex D to the Series
2010-3 Letters of Credit.

     

    “Certificate of Termination
Demand” means a certificate substantially in the form of Annex C to the Series
2010-3 Letters of Credit.

     

    “Certificate of Unpaid Demand
Note Demand” means a certificate substantially in the form of Annex B to the Series
2010-3 Letters of Credit.

     

    “Class” means a class
of the Series 2010-3 Notes, which may be the Class A Notes or the Class B
Notes.

     

    “Class A Carryover Controlled
Amortization Amount” means, with respect to any Related Month during the
Series 2010-3 Controlled Amortization Period, the amount, if any, by which the
portion of the Monthly Total Principal Allocation paid to the Class A
Noteholders pursuant to Section 2.5(e)(i) for the previous Related Month was
less than the Class A Controlled Distribution Amount for the previous Related
Month; provided, however, that for the
first 

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    Related
Month in the Series 2010-3 Controlled Amortization Period, the Class A Carryover
Controlled Amortization Amount shall be zero.

     

    “Class A Controlled
Amortization Amount” means (i) with respect to any Related Month during
the Series 2010-3 Controlled Amortization Period other than the Related Month
immediately preceding the Series 2010-3 Expected Final Distribution Date,
$66,666,666.67 and (ii) with respect to the Related Month immediately
preceding the Series 2010-3 Expected Final Distribution Date,
$66,666,666.65.

     

    “Class A Controlled
Distribution Amount” means, with respect to any Related Month during the
Series 2010-3 Controlled Amortization Period, an amount equal to the sum of the
Class A Controlled Amortization Amount and any Class A Carryover Controlled
Amortization Amount for such Related Month.

     

    “Class A Initial Invested
Amount” means the aggregate initial principal amount of the Class A
Notes, which is $400,000,000.

     

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

     

    “Class A Monthly
Interest” means, with respect to (i) the initial Series 2010-3 Interest
Period, an amount equal to $1,392,000.00 and (ii) any other Series 2010-3
Interest Period, an amount equal to the product of (A) one-twelfth of the Class
A Note Rate and (B) the Class A Invested Amount on the first day of such Series
2010-3 Interest Period, after giving effect to any principal payments made on
such date.

     

    “Class A Note” means
any one of the Series 2010-3 4.64% Rental Car Asset Backed Notes, Class A,
executed by ABRCF and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit A-1, Exhibit A-2 or Exhibit
A-3.  Definitive Class A Notes shall have such insertions and
deletions as are necessary to give effect to the provisions of Section 2.18 of
the Base Indenture.

     

    “Class A Note Rate”
means 4.64% per annum.

     

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

     

    “Class A Shortfall”
has the meaning set forth in Section 2.3(g)(i).

     

    “Class B Carryover Controlled
Amortization Amount” means, with respect to any Related Month during the
Series 2010-3 Controlled Amortization Period, the amount, if any, by which the
portion of the Monthly Total Principal Allocation paid to the Class B
Noteholders pursuant to Section 2.5(e)(ii) for the previous Related Month was
less than the Class B Controlled Distribution Amount for the previous Related
Month; provided, however, that for the
first Related Month in the Series 2010-3 Controlled Amortization Period, the
Class B Carryover Controlled Amortization Amount shall be zero.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    “Class B Controlled
Amortization Amount” means with respect to any Related Month during the
Series 2010-3 Controlled Amortization Period, $10,443,000.

     

    “Class B Controlled
Distribution Amount” means, with respect to any Related Month during the
Series 2010-3 Controlled Amortization Period, an amount equal to the sum of the
Class B Controlled Amortization Amount and any Class B Carryover Controlled
Amortization Amount for such Related Month.

     

    “Class B Initial Invested
Amount” means the aggregate initial principal amount of the Class B
Notes, which is $62,658,000.

     

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

     

    “Class B Monthly
Interest” means, with respect to (i) the initial Series 2010-3 Interest
Period, an amount equal to $316,736.19 and (ii) any other Series 2010-3 Interest
Period, an amount equal to the product of (A) one-twelfth of the Class B Note
Rate and (B) the Class B Invested Amount on the first day of such Series 2010-3
Interest Period, after giving effect to any principal payments made on such
date.

     

    “Class B Note” means
any one of the Series 2010-3 6.74% Rental Car Asset Backed Notes, Class B,
executed by ABRCF and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit B-1, Exhibit B-2 or Exhibit
B-3.  Definitive Class B Notes shall have such insertions and
deletions as are necessary to give effect to the provisions of Section 2.18 of
the Base Indenture.

     

    “Class B Note Rate”
means 6.74% per annum.

     

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

     

    “Class B Shortfall”
has the meaning set forth in Section 2.3(g)(ii).

     

    “Clearstream” is
defined in Section 4.2.

     

    “Confirmation
Condition” means, with respect to any Bankrupt Manufacturer which is a
debtor in Chapter 11 Proceedings, a condition that shall be satisfied upon the
bankruptcy court having competent jurisdiction over such Chapter 11 Proceedings
issuing an order that remains in effect approving (i) the assumption of such
Bankrupt Manufacturer’s Manufacturer Program (and the related Assignment
Agreements) by such Bankrupt Manufacturer or the trustee in bankruptcy of such
Bankrupt Manufacturer under Section 365 of the Bankruptcy Code and at the time
of such assumption, the payment of all amounts due and payable by such Bankrupt
Manufacturer under such Manufacturer Program and the curing of all other
defaults by the Bankrupt Manufacturer thereunder or (ii) the execution, delivery
and performance by such Bankrupt Manufacturer of a new post-petition
Manufacturer Program (and the related assignment agreements) on the same terms
and covering the same Vehicles as such Bankrupt Manufacturer’s Manufacturer
Program (and the related Assignment Agreements) in 

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    effect on
the date such Bankrupt Manufacturer became subject to such Chapter 11
Proceedings and, at the time of the execution and delivery of such new
post-petition Manufacturer Program, the payment of all amounts due and payable
by such Bankrupt Manufacturer under such Manufacturer Program and the curing of
all other defaults by the Bankrupt Manufacturer thereunder; provided that
notwithstanding the foregoing, the Confirmation Condition shall be deemed
satisfied until the 90th
calendar day following the initial filing in respect of such Chapter 11
Proceedings.

     

    “DBRS” means DBRS,
Inc.

     

    “DBRS Excluded Manufacturer
Receivable Specified Percentage” means, as of any date of determination,
with respect to each DBRS Non-Investment Grade Manufacturer as of such date, the
percentage (not to exceed 100%) most recently specified in writing by DBRS to
ABRCF and the Trustee and consented to by the Requisite Series 2010-3
Noteholders with respect to such DBRS Non-Investment Grade Manufacturer; provided, however, that as of
the Series 2010-3 Closing Date the DBRS Excluded Manufacturer Receivable
Specified Percentage for each DBRS Non-Investment Grade Manufacturer shall be
100%; provided,
further, that
the initial DBRS Excluded Manufacturer Receivable Specified Percentage with
respect to any Manufacturer that becomes an DBRS Non-Investment Grade
Manufacturer after the Series 2010-3 Closing Date shall be 100%.

     

    “DBRS Excluded Receivable
Amount” means, as of any date of determination, the sum of the following
amounts with respect to each DBRS Non-Investment Grade Manufacturer as of such
date:  the product of (i) to the extent such amounts are included in
the calculation of AESOP I Operating Lease Loan Agreement Borrowing Base as of
such date, all amounts receivable, as of such date, by AESOP Leasing or the
Intermediary from such DBRS Non-Investment Grade Manufacturer and (ii) the DBRS
Excluded Manufacturer Receivable Specified Percentage for such DBRS
Non-Investment Grade Manufacturer as of such date.

     

    “DBRS Non-Investment Grade
Manufacturer” means, as of any date of determination, any Manufacturer
that (i) is not a Bankrupt Manufacturer and (ii) does not have a long-term
senior unsecured debt rating of at least “BBB (low)” from DBRS; provided that any
Manufacturer whose long-term senior unsecured debt rating is downgraded from at
least “BBB (low)” to below “BBB (low)” by DBRS after the Series 2010-3 Closing
Date shall not be deemed an DBRS Non-Investment Grade Manufacturer until the
thirtieth (30th)
calendar day following such downgrade.

     

    “Demand Note Issuer”
means each issuer of a Series 2010-3 Demand Note.

     

    “Disbursement” means
any Lease Deficit Disbursement, any Unpaid Demand Note Disbursement, any
Termination Date Disbursement or any Termination Disbursement under a Series
2010-3 Letter of Credit, or any combination thereof, as the context may
require.

     

    “Euroclear” is defined
in Section 4.2.

     

    “Excess Collections”
is defined in Section 2.3(f)(i).

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    “Excluded Receivable
Amount” means, as of any date of determination, the greater of the
Moody’s Excluded Receivable Amount and the DBRS Excluded Receivable Amount as of
such date.

     

    “Finance Guide” means
the Black Book Official Finance/Lease Guide.

     

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

     

    “Lease Deficit
Disbursement” means an amount drawn under a Series 2010-3 Letter of
Credit pursuant to a Certificate of Lease Deficit Demand.

     

    “Market Value Average”
means, as of any day, the percentage equivalent of a fraction, the numerator of
which is the average of the Selected Fleet Market Value as of the preceding
Determination Date and the two Determination Dates precedent thereto and the
denominator of which is the sum of (a) the average of the aggregate Net Book
Value of all Non-Program Vehicles (excluding (i) any Unaccepted Program
Vehicles, (ii) any Excluded Redesignated Vehicles and (iii) any other
Non-Program Vehicles that are subject to a Manufacturer Program with an Eligible
Non-Program Manufacturer with respect to which no Manufacturer Event of Default
has occurred and is continuing) and (b) the average of the aggregate Adjusted
Net Book Value of all Adjusted Program Vehicles, in the case of each of clause
(a) and (b) leased under the AESOP I Operating Lease and the Finance Lease as of
the preceding Determination Date and the two Determination Dates precedent
thereto.

     

    “Monthly Total Principal
Allocation” means for any Related Month the sum of all Series 2010-3
Principal Allocations with respect to such Related Month.

     

    “Moody’s Excluded
Manufacturer Receivable Specified Percentage” means, as of any date of
determination, with respect to each Moody’s Non-Investment Grade Manufacturer as
of such date, the percentage (not to exceed 100%) most recently specified in
writing by Moody’s to ABRCF and the Trustee and consented to by the Requisite
Series 2010-3 Noteholders with respect to such Moody’s Non-Investment Grade
Manufacturer; provided, however, that as of
the Series 2010-3 Closing Date the Moody’s Excluded Manufacturer Receivable
Specified Percentage for each Moody’s Non-Investment Grade Manufacturer shall be
100%; provided
further that
the initial Moody’s Excluded Manufacturer Receivable Specified Percentage with
respect to any Manufacturer that becomes a Moody’s Non-Investment Grade
Manufacturer after the Series 2010-3 Closing Date shall be 100%.

     

    “Moody’s Excluded Receivable
Amount” means, as of any date of determination, the sum of the following
amounts with respect to each Moody’s Non-Investment Grade Manufacturer as of
such date:  the product of (i) to the extent such amounts are included
in the calculation of AESOP I Operating Lease Loan Agreement Borrowing Base as
of such date, all amounts receivable, as of such date, by AESOP Leasing or the
Intermediary from such Moody’s Non-Investment Grade Manufacturer and (ii) the
Moody’s Excluded Manufacturer Receivable Specified Percentage for such Moody’s
Non-Investment Grade Manufacturer as of such date.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    “Moody’s Non-Investment Grade
Manufacturer” means, as of any date of determination, any Manufacturer
that (i) is not a Bankrupt Manufacturer and (ii) does not have a long term
senior unsecured debt rating of at least “Baa3” from Moody’s; provided that any
Manufacturer whose long term senior unsecured debt rating is downgraded from at
least “Baa3” to below “Baa3” by Moody’s after the Series 2010-3 Closing Date
shall not be deemed a Moody’s Non Investment Grade Manufacturer until the
thirtieth (30th) calendar day following such downgrade.

     

     “Past Due Rent
Payment” is defined in Section 2.2(g).

     

    “Permanent Global Class A
Note” is defined in Section 4.2.

     

    “Permanent Global Class B
Note” is defined in Section 4.2.

     

    “Permanent Global Series
2010-3 Notes” is defined in Section 4.2.

     

    “Pre-Preference Period Demand
Note Payments” means, as of any date of determination, the aggregate
amount of all proceeds of demands made on the Series 2010-3 Demand Notes
included in the Series 2010-3 Demand Note Payment Amount as of the Series 2010-3
Letter of Credit Termination Date that were paid by the Demand Note Issuers more
than one year before such date of determination; provided, however, that if an Event of
Bankruptcy (or the occurrence of an event described in clause (a) of the
definition thereof, without the lapse of a period of sixty (60) consecutive
days) with respect to a Demand Note Issuer occurs during such one-year period,
(x) the Pre-Preference Period Demand Note Payments as of any date during the
period from and including the date of the occurrence of such Event of Bankruptcy
to and including the conclusion or dismissal of the proceedings giving rise to
such Event of Bankruptcy without continuing jurisdiction by the court in such
proceedings shall equal the Pre-Preference Period Demand Note Payments as of the
date of such occurrence for all Demand Note Issuers and (y) the Pre-Preference
Period Demand Note Payments as of any date after the conclusion or dismissal of
such proceedings shall equal the Series 2010-3 Demand Note Payment Amount as of
the date of the conclusion or dismissal of such proceedings.

     

    “Principal Deficit
Amount” means, as of any date of determination, the excess, if any, of
(i) the Series 2010-3 Invested Amount on such date (after giving effect to the
distribution of the Monthly Total Principal Allocation for the Related Month if
such date is a Distribution Date) over (ii) the Series 2010-3 AESOP I Operating
Lease Loan Agreement Borrowing Base on such date; provided, however that the
Principal Deficit Amount on any date occurring during the period commencing on
and including the date of the filing by any of the Lessees of a petition for
relief under Chapter 11 of the Bankruptcy Code to but excluding the date on
which each of the Lessees shall have resumed making all payments of the portion
of Monthly Base Rent relating to Loan Interest required to be made under the
AESOP I Operating Lease, shall mean the excess, if any, of (x) the Series 2010-3
Invested Amount on such date (after giving effect to the distribution of Monthly
Total Principal Allocation for the Related Month if such date is a Distribution
Date) over (y) the sum of (1) the Series 2010-3 AESOP I Operating Lease Loan
Agreement Borrowing Base on such date and (2) the lesser of (a) the Series
2010-3 Liquidity Amount on such date and (b) the Series 2010-3 Required
Liquidity Amount on such date.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    “Pro Rata Share”
means, with respect to any Series 2010-3 Letter of Credit Provider as of any
date, the fraction (expressed as a percentage) obtained by dividing (A) the
available amount under such Series 2010-3 Letter of Credit Provider’s Series
2010-3 Letter of Credit as of such date by (B) an amount equal to the aggregate
available amount under all Series 2010-3 Letters of Credit as of such date;
provided, that
only for purposes of calculating the Pro Rata Share with respect to any Series
2010-3 Letter of Credit Provider as of any date, if such Series 2010-3 Letter of
Credit Provider has not complied with its obligation to pay the Trustee the
amount of any draw under its Series 2010-3 Letter of Credit made prior to such
date, the available amount under such Series 2010-3 Letter of Credit Provider’s
Series 2010-3 Letter of Credit as of such date shall be treated as reduced (for
calculation purposes only) by the amount of such unpaid demand and shall not be
reinstated for purposes of such calculation unless and until the date as of
which such Series 2010-3 Letter of Credit Provider has paid such amount to the
Trustee and been reimbursed by the Lessee or the applicable Demand Note Issuer,
as the case may be, for such amount (provided that the
foregoing calculation shall not in any manner reduce the undersigned’s actual
liability in respect of any failure to pay any demand under its Series 2010-3
Letter of Credit).

     

    “Required Controlling Class
Series 2010-3 Noteholders” means (i) for so long as any Class A Notes are
outstanding, Class A Noteholders holding more than 50% of the Class A Invested
Amount and (ii) if no Class A Notes are outstanding, Class B Noteholders holding
more than 50% of the Class B Invested Amount.

    

    “Requisite Series 2010-3
Noteholders” means, Series 2010-3 Noteholders holding more than 50% of
the Series 2010-3 Invested Amount.

     

    “Restricted Global Class A
Note” is defined in Section 4.1.

     

    “Restricted Global Class B
Note” is defined in Section 4.1.

     

    “Selected Fleet Market
Value” means, with respect to all Adjusted Program Vehicles and all
Non-Program Vehicles (excluding (i) any Unaccepted Program Vehicles,
(ii) any Excluded Redesignated Vehicles and (iii) any other Non-Program
Vehicles that are subject to a Manufacturer Program with an Eligible Non-Program
Manufacturer with respect to which no Manufacturer Event of Default has occurred
and is continuing) as of any date of determination, the sum of the respective
Market Values of each such Adjusted Program Vehicle and each such Non-Program
Vehicle, in each case subject to the AESOP I Operating Lease or the Finance
Lease as of such date.  For purposes of computing the Selected Fleet
Market Value, the “Market Value” of an Adjusted Program Vehicle or a Non-Program
Vehicle means the market value of such Vehicle as specified in the most recently
published NADA Guide for the model class and model year of such Vehicle based on
the average equipment and the average mileage of each Vehicle of such model
class and model year then leased under the AESOP I Operating Lease and the
Finance Lease; provided, that if the
NADA Guide is not being published or the NADA Guide is being published but such
Vehicle is not included therein, the Market Value of such Vehicle shall be based
on the market value specified in the most recently published Finance Guide for
the model class and model year of such Vehicle based on the average equipment
and the average mileage of each Vehicle of such model class and model year then
leased under the AESOP I Operating Lease or the Finance Lease; provided, further, that if

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    the
Finance Guide is being published but such Vehicle is not included therein, the
Market Value of such Vehicle shall mean (x) in the case of an Adjusted Program
Vehicle, the Adjusted Net Book Value of such Adjusted Program Vehicle and (y) in
the case of a Non-Program Vehicle, the Net Book Value of such Non-Program
Vehicle provided, further, that if the
Finance Guide is not being published, the Market Value of such Vehicle shall be
based on an independent third-party data source selected by the Administrator
and approved by each Rating Agency that is rating any Series of Notes at the
request of ABRCF based on the average equipment and average mileage of each
Vehicle of such model class and model year then leased under the AESOP I
Operating Lease or the Finance Lease; provided, further, that if no
such third-party data source or methodology shall have been so approved or any
such third-party data source or methodology is not available, the Market Value
of such Vehicle shall be equal to a reasonable estimate of the wholesale market
value of such Vehicle as determined by the Administrator, based on the Net Book
Value of such Vehicle and any other factors deemed relevant by the
Administrator.

     

    “Series 2003-4 Notes”
means the Series of Notes designated as the Series 2003-4 Notes.

     

    “Series 2004-1 Notes”
means the Series of Notes designated as the Series 2004-1 Notes.

     

    “Series 2005-1 Notes”
means the Series of Notes designated as the Series 2005-1 Notes.

     

    “Series 2005-2 Notes”
means the Series of Notes designated as the Series 2005-2 Notes.

     

    “Series 2005-4 Notes”
means the Series of Notes designated as the Series 2005-4 Notes.

     

    “Series 2006-1 Notes”
means the Series of Notes designated as the Series 2006-1 Notes.

     

    “Series 2007-2 Notes”
means the Series of Notes designated as the Series 2007-2 Notes.

     

    “Series 2008-1 Notes”
means the Series of Notes designated as the Series 2008-1 Notes.

     

    “Series 2009-1 Notes”
means the Series of Notes designated as the Series 2009-1 Notes.

     

    “Series 2009-2 Notes”
means the Series of Notes designated as Series 2009-2.

     

    “Series 2009-3 Notes”
means the Series of Notes designated as Series 2009-3.

     

    “Series 2010-1 Notes”
means the Series of Notes designated as Series 2010-1.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    “Series 2010-2 Notes”
means the Series of Notes designated as Series 2010-2.

     

    “Series 2010-3
Accounts” means each of the Series 2010-3 Distribution Account, the
Series 2010-3 Reserve Account, the Series 2010-3 Collection Account, the Series
2010-3 Excess Collection Account and the Series 2010-3 Accrued Interest
Account.

     

    “Series 2010-3 Accrued
Interest Account” is defined in Section 2.1(b).

     

     

    “Series 2010-3 AESOP I
Operating Lease Loan Agreement Borrowing Base” means, as of any date of
determination, the product of (a) the Series 2010-3 AESOP I Operating Lease
Vehicle Percentage as of such date and (b) the excess of (i) the AESOP I
Operating Lease Loan Agreement Borrowing Base as of such date over (ii) the
Excluded Receivable Amount as of such date.

     

     

    “Series 2010-3 AESOP I
Operating Lease Vehicle Percentage” means, as of any date of
determination, a fraction, expressed as a percentage (which percentage shall
never exceed 100%), the numerator of which is the Series 2010-3 Required AESOP I
Operating Lease Vehicle Amount as of such date and the denominator of which is
the sum of the Required AESOP I Operating Lease Vehicle Amounts for all Series
of Notes as of such date.

     

     

    “Series 2010-3 Agent”
is defined in the recitals hereto.

     

    “Series 2010-3 Available Cash
Collateral Account Amount” means, as of any date of determination, the
amount on deposit in the Series 2010-3 Cash Collateral Account (after giving
effect to any deposits thereto and withdrawals and releases therefrom on such
date).

     

    “Series 2010-3 Available
Reserve Account Amount” means, as of any date of determination, the
amount on deposit in the Series 2010-3 Reserve Account (after giving effect to
any deposits thereto and withdrawals and releases therefrom on such
date).

     

    “Series 2010-3 Cash
Collateral Account” is defined in Section 2.8(f).

     

    “Series 2010-3 Cash
Collateral Account Collateral” is defined in
Section 2.8(a).

     

    “Series 2010-3 Cash
Collateral Account Surplus” means, with respect to any Distribution Date,
the lesser of (a) the Series 2010-3 Available Cash Collateral Account Amount and
(b) the lesser of (A) the excess, if any, of the Series 2010-3 Liquidity Amount
(after giving effect to any withdrawal from the Series 2010-3 Reserve Account on
such Distribution Date) over the Series 2010-3 Required Liquidity Amount on such
Distribution Date and (B) the excess, if any, of the Series 2010-3 Enhancement
Amount (after giving effect to any withdrawal from the Series 2010-3 Reserve
Account on such Distribution Date) over the Series 2010-3 Required Enhancement
Amount on such Distribution Date; provided, however that, on any
date after the Series 2010-3 Letter of Credit Termination Date, the Series
2010-3 Cash Collateral Account Surplus shall mean the excess, if any, of (x) the
Series 2010-3 Available Cash Collateral Account Amount over (y) the Series
2010-3 Demand Note Payment Amount minus the Pre-Preference
Period Demand Note Payments as of such date.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    “Series 2010-3 Cash
Collateral Percentage” means, as of any date of determination, the
percentage equivalent of a fraction, the numerator of which is the Series 2010-3
Available Cash Collateral Amount as of such date and the denominator of which is
the Series 2010-3 Letter of Credit Liquidity Amount as of such
date.

     

    “Series 2010-3 Closing
Date” means March 23, 2010.

     

    “Series 2010-3
Collateral” means the Collateral, each Series 2010-3 Letter of Credit,
each Series 2010-3 Demand Note, the Series 2010-3 Distribution Account
Collateral, the Series 2010-3 Cash Collateral Account Collateral and the Series
2010-3 Reserve Account Collateral.

     

    “Series 2010-3 Collection
Account” is defined in Section 2.1(b).

     

    “Series 2010-3 Controlled
Amortization Period” means the period commencing at the opening of
business on November 1, 2014 (or, if such day is not a Business Day, the
Business Day immediately preceding such day) and continuing to the earliest of
(i) the commencement of the Series 2010-3 Rapid Amortization Period, (ii) the
date on which the Series 2010-3 Notes are fully paid and (iii) the termination
of the Indenture.

     

    “Series 2010-3 DBRS
Enhancement Percentage” means, as of any date of determination, the sum
of (i) the product of (A) the Series 2010-3 DBRS Lowest Enhancement Rate as of
such date and (B) the Series 2010-3 DBRS Lowest Enhanced Vehicle Percentage as
of such date, (ii) the product of (A) the Series 2010-3 DBRS Intermediate
Enhancement Rate as of such date and (B) the Series 2010-3 DBRS Intermediate
Enhanced Vehicle Percentage as of such date, and (iii) the product of (A) the
Series 2010-3 DBRS Highest Enhancement Rate as of such date and (B) the Series
2010-3 DBRS Highest Enhanced Vehicle Percentage as of such date.

     

    “Series 2010-3 DBRS Highest
Enhanced Vehicle Percentage” means, as of any date of determination, a
fraction, expressed as a percentage, (a) the numerator of which is the aggregate
Net Book Value of all Vehicles leased under the AESOP I Operating Lease that
were manufactured by Manufacturer that does not have a long-term senior
unsecured debt rating of at least “BBB (low)” from DBRS as of such date and (b)
the denominator of which is the aggregate Net Book Value of all Vehicles leased
under the AESOP I Operating Lease as of such date.

     

    “Series 2010-3 DBRS Highest
Enhancement Rate” means, as of any date of determination, the sum of (a)
35.5% and (b) the highest, for any calendar month within the preceding twelve
calendar months, of the greater of (x) an amount (not less than zero) equal to
100% minus the
Measurement Month Average for the immediately preceding Measurement Month and
(y) an amount (not less than zero) equal to 100% minus the Market
Value Average as of the Determination Date within such calendar month (excluding
the Market Value Average for any Determination Date which has not yet
occurred).

     

    “Series 2010-3 DBRS
Intermediate Enhanced Vehicle Percentage” means, as of any date of
determination, 100% minus the sum of (a) the Series 2010-3 DBRS Lowest Enhanced
Vehicle Percentage and (b) the Series 2010-3 DBRS Highest Enhanced Vehicle
Percentage.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    “Series 2010-3 DBRS
Intermediate Enhancement Rate” means, as of any date of determination,
the sum of (a) 35.5% and (b) the highest, for any calendar month within the
preceding twelve calendar months, of the greater of (c) an amount (not less than
zero) equal to 100% minus the Measurement
Month Average for the immediately preceding Measurement Month and (y) an amount
(not less than zero) equal to 100% minus the Market
Value Average as of the Determination Date within such calendar month (excluding
the Market Value Average for any Determination Date which as not yet
occurred).

     

    “Series 2010-3 DBRS Lowest
Enhanced Vehicle Percentage” means, as of any date of determination, a
fraction, expressed as a percentage, (a) the numerator of which is the sum,
without duplication, of (1) the aggregate Net Book Value of all Program Vehicles
leased under the AESOP I Operating Lease that are manufactured by Eligible
Program Manufacturers having long-term senior unsecured debt ratings of “BBB” or
higher from DBRS as of such date, (2) so long as any Eligible Non-Program
Manufacturer has a long-term senior unsecured debt rating of “BBB” or higher
from DBRS and no Manufacturer Event of Default has occurred and is continuing
with respect to such Eligible Non-Program Manufacturer, the aggregate Net Book
Value of all Non-Program Vehicles leased under the AESOP I Operating Lease
manufactured by each such Eligible Non-Program Manufacturer that are subject to
a Manufacturer Program and remain eligible for repurchase thereunder as of such
date and (3) the lesser of (A) the sum of (x) if as of such date any Eligible
Program Manufacturer has a long-term senior unsecured debt rating of “BBB (low)”
from DBRS, the aggregate Net Book Value of all Program Vehicles leased under the
AESOP I Operating Lease manufactured by each such Eligible Program Manufacturer
as of such date and (y) if as of such date any Eligible Non-Program Manufacturer
has a long-term senior unsecured debt rating of “BBB (low)” from DBRS and no
Manufacturer Event of Default has occurred and is continuing with respect to
such Eligible Non-Program Manufacturer, the aggregate Net Book Value of all
Non-Program Vehicles leased under the AESOP I Operating Lease manufactured by
each such Eligible Non-Program Manufacturer that are subject to a Manufacturer
Program and remain eligible for repurchase thereunder as of such date and (B)
10% of the aggregate Net Book Value of all Vehicles leased under the AESOP I
Operating Lease as of such date and (b) the denominator of which is the
aggregate Net Book Value of all Vehicles leased under the AESOP I Operating
Lease as of such date.

     

    “Series 2010-3 DBRS Lowest
Enhancement Rate” means, as of any date of determination,
25%.

     

    “Series 2010-3 Demand
Note” means each demand note made by a Demand Note Issuer, substantially
in the form of Exhibit
C, as amended, modified or restated from time to time.

     

    “Series 2010-3 Demand Note
Payment Amount” means, as of the Series 2010-3 Letter of Credit
Termination Date, the aggregate amount of all proceeds of demands made on the
Series 2010-3 Demand Notes pursuant to Section 2.5(b) or (c) that were
deposited into the Series 2010-3 Distribution Account and paid to the Series
2010-3 Noteholders during the one year period ending on the Series 2010-3 Letter
of Credit Termination Date; provided, however, that if an
Event of Bankruptcy (or the occurrence of an event described in clause (a) of
the definition thereof, without the lapse of a period of sixty (60) consecutive
days) with respect to a Demand Note Issuer shall have occurred during such one
year period, the Series 2010-3 Demand Note 

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    Payment
Amount as of the Series 2010-3 Letter of Credit Termination Date shall equal the
Series 2010-3 Demand Note Payment Amount as if it were calculated as of the date
of such occurrence.

     

    “Series 2010-3 Deposit
Date” is defined in Section 2.2.

     

    “Series 2010-3 Distribution
Account” is defined in Section 2.9(a).

     

    “Series 2010-3 Distribution
Account Collateral” is defined in Section 2.9(d).

     

    “Series 2010-3 Eligible
Letter of Credit Provider” means a Person satisfactory to ABCR and the
Demand Note Issuers and having, at the time of the issuance of the related
Series 2010-3 Letter of Credit, a long-term senior unsecured debt rating (or the
equivalent thereof) of at least “A1” from Moody’s and at least “A (high)” from
DBRS and a short term senior unsecured debt rating of at least “P-1” from
Moody’s and at least “R-1” from DBRS that is (a) a commercial bank having total
assets in excess of $500,000,000, (b) a finance company, insurance company or
other financial institution that in the ordinary course of business issues
letters of credit and has total assets in excess of $200,000,000 or (c) any
other financial institution; provided, however, that if a
Person is not a Series 2010-3 Letter of Credit Provider (or a letter of credit
provider under the Supplement for any other Series of Notes), then such Person
shall not be a Series 2010-3 Eligible Letter of Credit Provider until ABRCF has
provided 10 days’ prior notice to the Rating Agencies that such Person has been
proposed as a Series 2010-3 Letter of Credit Provider.

     

    “Series 2010-3
Enhancement” means the Series 2010-3 Cash Collateral Account Collateral,
the Series 2010-3 Letters of Credit, the Series 2010-3 Demand Notes, the Series
2010-3 Overcollateralization Amount and the Series 2010-3 Reserve Account
Amount.

     

    “Series 2010-3 Enhancement
Amount” means, as of any date of determination, the sum of (i) the Series
2010-3 Overcollateralization Amount as of such date, (ii) the Series 2010-3
Letter of Credit Amount as of such date, (iii) the Series 2010-3 Available
Reserve Account Amount as of such date and (iv) the amount of cash and Permitted
Investments on deposit in the Series 2010-3 Collection Account (not including
amounts allocable to the Series 2010-3 Accrued Interest Account) and the Series
2010-3 Excess Collection Account as of such date.

     

    “Series 2010-3 Enhancement
Deficiency” means, on any date of determination, the amount by which the
Series 2010-3 Enhancement Amount is less than the Series 2010-3 Required
Enhancement Amount as of such date.

     

    “Series 2010-3 Excess
Collection Account” is defined in Section 2.1(b).

     

    “Series 2010-3 Expected Final
Distribution Date” means the May 2015 Distribution Date.

     

    “Series 2010-3 Final
Distribution Date” means the May 2016 Distribution Date.

     

    “Series 2010-3 Interest
Period” means a period commencing on and including a Distribution Date
and ending on and including the day preceding the next succeeding 

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    Distribution
Date; provided,
however that
the initial Series 2010-3 Interest Period shall commence on and include the
Series 2010-3 Closing Date and end on and include April 19, 2010.

     

    “Series 2010-3 Invested
Amount” means, as of any date of determination, the sum of the Class A
Invested Amount as of such date and the Class B Invested Amount as of such
date.

     

    “Series 2010-3 Invested
Percentage” means as of any date of determination:

     

    (a)           when
used with respect to Principal Collections, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which shall
be equal to the sum of the Series 2010-3 Invested Amount and the Series 2010-3
Overcollateralization Amount, determined during the Series 2010-3 Revolving
Period as of the end of the Related Month (or, until the end of the initial
Related Month, on the Series 2010-3 Closing Date), or, during the Series 2010-3
Controlled Amortization Period and the Series 2010-3 Rapid Amortization Period,
as of the end of the Series 2010-3 Revolving Period, and the denominator of
which shall be the greater of (I) the Aggregate Asset Amount as of the end of
the Related Month or, until the end of the initial Related Month, as of the
Series 2010-3 Closing Date, and (II) as of the same date as in clause (I), the
sum of the numerators used to determine (i) invested percentages for allocations
with respect to Principal Collections (for all Series of Notes and all classes
of such Series of Notes) and (ii) overcollateralization percentages for
allocations with respect to Principal Collections (for all Series of Notes that
provide for credit enhancement in the form of overcollateralization);
and

     

    (b)           when
used with respect to Interest Collections, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which shall
be the Accrued Amounts with respect to the Series 2010-3 Notes on such date of
determination, and the denominator of which shall be the aggregate Accrued
Amounts with respect to all Series of Notes on such date of
determination.

     

    “Series 2010-3 Lease Interest
Payment Deficit” means, on any Distribution Date, an amount equal to the
excess, if any, of (a) the aggregate amount of Interest Collections which
pursuant to Section 2.2(a), (b), (c) or (d) would have been allocated to the
Series 2010-3 Accrued Interest Account if all payments of Monthly Base Rent
required to have been made under the Leases from and excluding the preceding
Distribution Date to and including such Distribution Date were made in full over
(b) the aggregate amount of Interest Collections which pursuant to Section
2.2(a), (b), (c) or (d) have been allocated to the Series 2010-3 Accrued
Interest Account (excluding any amounts paid into the Series 2010-3 Accrued
Interest Account pursuant to the proviso in Sections 2.2(c)(ii) and/or
2.2(d)(ii)) from and excluding the preceding Distribution Date to and including
the Business Day immediately preceding such Distribution Date.

     

    “Series 2010-3 Lease Payment
Deficit” means either a Series 2010-3 Lease Interest Payment Deficit or a
Series 2010-3 Lease Principal Payment Deficit.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    “Series 2010-3 Lease
Principal Payment Carryover Deficit” means (a) for the initial
Distribution Date, zero and (b) for any other Distribution Date, the excess of
(x) the Series 2010-3 Lease Principal Payment Deficit, if any, on the preceding
Distribution Date over (y) the amount
deposited in the Distribution Account on such preceding Distribution Date
pursuant to Section 2.5(b) on account of such Series 2010-3 Lease Principal
Payment Deficit.

     

    “Series 2010-3 Lease
Principal Payment Deficit” means on any Distribution Date the sum of (a)
the Series 2010-3 Monthly Lease Principal Payment Deficit for such Distribution
Date and (b) the Series 2010-3 Lease Principal Payment Carryover Deficit for
such Distribution Date.

     

    “Series 2010-3 Letter of
Credit” means an irrevocable letter of credit, if any, substantially in
the form of Exhibit
D issued by a Series 2010-3 Eligible Letter of Credit Provider in favor
of the Trustee for the benefit of the Series 2010-3 Noteholders.

     

    “Series 2010-3 Letter of
Credit Amount” means, as of any date of determination, the lesser of (a)
the sum of (i) the aggregate amount available to be drawn on such date under
each Series 2010-3 Letter of Credit on which no draw has been made pursuant to
Section 2.8(c), as specified therein, and (ii) if the Series 2010-3 Cash
Collateral Account has been established and funded pursuant to Section 2.8, the
Series 2010-3 Available Cash Collateral Account Amount on such date and (b) the
aggregate outstanding principal amount of the Series 2010-3 Demand Notes on such
date.

     

    “Series 2010-3 Letter of
Credit Expiration Date” means, with respect to any Series 2010-3 Letter
of Credit, the expiration date set forth in such Series 2010-3 Letter of Credit,
as such date may be extended in accordance with the terms of such Series 2010-3
Letter of Credit.

     

    “Series 2010-3 Letter of
Credit Liquidity Amount” means, as of any date of determination, the sum
of (a) the aggregate amount available to be drawn on such date under each Series
2010-3 Letter of Credit on which no draw has been made pursuant to Section
2.8(c), as specified therein, and (b) if the Series 2010-3 Cash Collateral
Account has been established and funded pursuant to Section 2.8, the Series
2010-3 Available Cash Collateral Account Amount on such date.

     

    “Series 2010-3 Letter of
Credit Provider” means the issuer of a Series 2010-3 Letter of
Credit.

     

    “Series 2010-3 Letter of
Credit Termination Date” means the first to occur of (a) the date on
which the Series 2010-3 Notes are fully paid and (b) the Series 2010-3
Termination Date.

     

    “Series 2010-3 Limited
Liquidation Event of Default” means, so long as such event or condition
continues, any event or condition of the type specified in clauses (a) through
(g) of Article III; provided, however, that any
event or condition of the type specified in clauses (a) through (g) of Article
III shall not constitute a Series 2010-3 Limited Liquidation Event of Default if
the Trustee shall have received the written consent of the Requisite Series
2010-3 Noteholders waiving the occurrence of such Series 2010-3 Limited
Liquidation Event of Default.  

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    The
Trustee shall promptly (but in any event within two days) provide the Rating
Agencies with written notice of such waiver.

     

    “Series 2010-3 Liquidity
Amount” means, as of any date of determination, the sum of (a) the Series
2010-3 Letter of Credit Liquidity Amount on such date and (b) the Series 2010-3
Available Reserve Account Amount on such date.

     

    “Series 2010-3 Maximum
Amount” means any of the Series 2010-3 Maximum Manufacturer Amounts, the
Series 2010-3 Maximum Non-Eligible Manufacturer Amount, the Series 2010-3
Maximum Non-Program Vehicle Amount or the Series 2010-3 Maximum Specified States
Amount.

     

    “Series 2010-3 Maximum
Hyundai Amount” means, as of any day, an amount equal to 20% of the
aggregate Net Book Value of all Vehicles leased under the Leases on such
day.

     

    “Series 2010-3 Maximum
Individual Isuzu/Subaru Amount” means, as of any day, with respect to
Isuzu or Subaru individually, an amount equal to 5% of the aggregate Net Book
Value of all Vehicles leased under the Leases on such day.

     

    “Series 2010-3 Maximum Kia
Amount” means, as of any day, an amount equal to 10% of the aggregate Net
Book Value of all Vehicles leased under the Leases on such day.

     

    “Series 2010-3 Maximum
Manufacturer Amount” means, as of any day, any of the Series 2010-3
Maximum Mitsubishi Amount, the Series 2010-3 Maximum Individual Isuzu/Subaru
Amount, the Series 2010-3 Maximum Hyundai Amount, the Series 2010-3 Maximum Kia
Amount or the Series 2010-3 Maximum Suzuki Amount.

     

    “Series 2010-3 Maximum
Mitsubishi Amount” means, as of any day, an amount equal to 10% of the
aggregate Net Book Value of all Vehicles leased under the Leases on such
day.

     

    “Series 2010-3 Maximum
Non-Eligible Manufactur­er Amount” means, as of any day, an amount
equal to 3% of the aggregate Net Book Value of all Vehicles leased under the
Leases on such day.

     

    “Series 2010-3 Maximum
Non-Program Vehicle Amount” means, as of any day, an amount equal to the
Series 2010-3 Maximum Non-Program Vehicle Percentage of the aggregate Net Book
Value of all Vehicles leased under the Leases on such day.

     

    “Series 2010-3 Maximum
Non-Program Vehicle Percentage” means, as of any date of determination,
the sum of (a) 85% and (b) a fraction, expressed as a percentage, the numerator
of which is the aggregate Net Book Value of all Redesignated Vehicles
manufactured by a Bankrupt Manufacturer or a Manufacturer with respect to which
a Manufacturer Event of Default has occurred, and in each case leased under the
AESOP I Operating Lease or the Finance Lease as of such date, and the
denominator of which is the aggregate Net Book Value of all Vehicles leased
under the Leases as of such date.

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    “Series 2010-3 Maximum
Specified States Amount” means, as of any day, an amount equal to 7.5% of
the aggregate Net Book Value of all Vehicles leased under the Leases on such
day.

     

    “Series 2010-3 Maximum Suzuki
Amount” means, as of any day, an amount equal to 7.5% of the aggregate
Net Book Value of all Vehicles leased under the Leases on such day.

     

    “Series 2010-3 Monthly
Interest” means, with respect to any Series 2010-3 Interest Period, the
sum of the Class A Monthly Interest and the Class B Monthly Interest in each
case with respect to such Series 2010-3 Interest Period.

     

    “Series 2010-3 Monthly Lease
Principal Payment Deficit” means, on any Distribution Date, an amount
equal to the excess, if any, of (a) the aggregate amount of Principal
Collections which pursuant to Section 2.2(a), (b), (c) or (d) would have been
allocated to the Series 2010-3 Collection Account if all payments required to
have been made under the Leases from and excluding the preceding Distribution
Date to and including such Distribution Date were made in full over (b) the
aggregate amount of Principal Collections which pursuant to Section 2.2(a),
(b), (c) or (d) have been allocated to the Series 2010-3 Collection Account
(without giving effect to any amounts paid into the Series 2010-3 Accrued
Interest Account pursuant to the proviso in Sections 2.2(c)(ii) and/or
2.2(d)(ii)) from and excluding the preceding Distribution Date to and including
the Business Day immediately preceding such Distribution Date.

     

    “Series 2010-3 Moody’s
Highest Enhanced Vehicle Percentage” means, as of any date
of determination, a fraction, expressed as a percentage, (a) the numerator of
which is the aggregate Net Book Value of all Vehicles leased under the AESOP I
Operating Lease that are either not subject to a Manufacturer Program or not
eligible for repurchase under a Manufacturer Program as of such date and (b) the
denominator of which is the aggregate Net Book Value of all Vehicles leased
under the AESOP I Operating Lease as of such date.

     

    “Series 2010-3 Moody’s
Highest Enhancement Rate” means, as of any date of determination, the sum
of (a) 40.5% and (b) the highest, for any calendar month within the preceding
twelve calendar months, of the greater of (x) an amount (not less than zero)
equal to 100% minus the Measurement
Month Average for the immediately preceding Measurement Month and (y) an amount
(not less than zero) equal to 100% minus the Market
Value Average as of the Determination Date within such calendar month (excluding
the Market Value Average for any Determination Date which has not yet
occurred).

     

    “Series 2010-3 Moody’s
Intermediate Enhanced Vehicle Percentage” means, as of any date of
determination, 100% minus the sum of (a)
the Series 2010-3 Moody’s Lowest Enhanced Vehicle Percentage and (b) the Series
2010-3 Moody’s Highest Enhanced Vehicle Percentage.

     

    “Series 2010-3 Moody’s
Intermediate Enhancement Rate” means, as of any date of determination,
40.5%.

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    “Series 2010-3 Moody’s Lowest
Enhanced Vehicle Percentage” means, as of any date of determination, a
fraction, expressed as a percentage, (a) the numerator of which is the sum,
without duplication, of (1) the aggregate Net Book Value of all Program Vehicles
leased under the AESOP I Operating Lease that are manufactured by Eligible
Program Manufacturers having long-term senior unsecured debt ratings of “Baa2”
or higher from Moody’s as of such date, (2) so long as any Eligible Non-Program
Manufacturer has a long-term senior unsecured debt rating of “Baa2” or higher
from Moody’s and no Manufacturer Event of Default has occurred and is continuing
with respect to such Eligible Non-Program Manufacturer, the aggregate Net Book
Value of all Non-Program Vehicles leased under the AESOP I Operating Lease
manufactured by each such Eligible Non-Program Manufacturer that are subject to
a Manufacturer Program and remain eligible for repurchase thereunder as of such
date and (3) the lesser of (A) the sum of (x) if as of such date any Eligible
Program Manufacturer has a long-term senior unsecured debt rating of “Baa3” from
Moody’s, the aggregate Net Book Value of all Program Vehicles leased under the
AESOP I Operating Lease manufactured by each such Eligible Program Manufacturer
as of such date and (y) if as of such date any Eligible Non-Program Manufacturer
has a long-term senior unsecured debt rating of “Baa3” from Moody’s and no
Manufacturer Event of Default has occurred and is continuing with respect to
such Eligible Non-Program Manufacturer, the aggregate Net Book Value of all
Non-Program Vehicles leased under the AESOP I Operating Lease manufactured by
each such Eligible Non-Program Manufacturer that are subject to a Manufacturer
Program and remain eligible for repurchase thereunder as of such date and (B)
10% of the aggregate Net Book Value of all Vehicles leased under the AESOP I
Operating Lease as of such date and (b) the denominator of which is the
aggregate Net Book Value of all Vehicles leased under the AESOP I Operating
Lease as of such date.

     

    “Series 2010-3 Moody’s Lowest
Enhancement Rate” means, as of any date of determination,
25%.

     

    “Series 2010-3 Moody’s
Required Enhancement Percentage” means, as of any date of determination,
the sum of (i) the product of (A) the Series 2010-3 Moody’s Lowest Enhancement
Rate as of such date and (B) the Series 2010-3 Moody’s Lowest Enhanced Vehicle
Percentage as of such date, (ii) the product of (A) the Series 2010-3 Moody’s
Intermediate Enhancement Rate as of such date and (B) the Series 2010-3 Moody’s
Intermediate Enhanced Vehicle Percentage as of such date, and (iii) the product
of (A) the Series 2010-3 Moody’s Highest Enhancement Rate as of such date and
(B) the Series 2010-3 Moody’s Highest Enhanced Vehicle Percentage as of such
date.

     

    “Series 2010-3 Note
Owner” means each beneficial owner of a Series 2010-3 Note.

     

    “Series 2010-3 Note
Rate” means the Class A Note Rate or the Class B Note Rate, as
applicable.

     

    “Series 2010-3
Noteholder” means any Class A Noteholder or any Class B
Noteholder.

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

    “Series 2010-3 Notes”
means, collectively, the Class A Notes and the Class B Notes.

     

    “Series 2010-3
Overcollateralization Amount” means (i) as of any date on which no AESOP
I Operating Lease Vehicle Deficiency exists, the Series 2010-3 Required
Overcollateralization Amount as of such date and (ii) as of any date on which an
AESOP I Operating Lease Vehicle Deficiency exists, the excess, if any, of (x)
the Series 2010-3 AESOP I Operating Lease Loan Agreement Borrowing Base as of
such date over (y) the Series 2010-3 Invested Amount as of such
date.

     

    “Series 2010-3 Past Due Rent
Payment” is defined in Section 2.2(g).

     

    “Series 2010-3
Percentage” means, as of any date of determination, a fraction, expressed
as a percentage, the numerator of which is the Series 2010-3 Invested Amount as
of such date and the denominator of which is the Aggregate Invested Amount as of
such date.

     

    “Series 2010-3 Principal
Allocation” is defined in Section 2.2(a)(ii).

     

    “Series 2010-3 Rapid
Amortization Period” means the period beginning at the close of business
on the Business Day immediately preceding the day on which an Amortization Event
is deemed to have occurred with respect to any Class of Series 2010-3 Notes and
ending upon the earliest to occur of (i) the date on which the Series 2010-3
Notes are fully paid, (ii) the Series 2010-3 Final Distribution Date and (iii)
the termination of the Indenture.

     

    “Series 2010-3 Reimbursement
Agreement” means any and each agreement providing for the reimbursement
of a Series 2010-3 Letter of Credit Provider for draws under its Series 2010-3
Letter of Credit as the same may be amended, supplemented, restated or otherwise
modified from time to time.

     

    “Series 2010-3 Repurchase
Amount” is defined in Section 5.1.

     

    “Series 2010-3 Required AESOP
I Operating Lease Vehicle Amount” means, as of any date of determination,
the sum of the Series 2010-3 Invested Amount and the Series 2010-3 Required
Overcollateralization Amount as of such date.

     

    “Series 2010-3 Required
Enhancement Amount” means, as of any date of determination, the sum of
(i) the product of the Series 2010-3 Required Enhancement Percentage as of such
date and the Series 2010-3 Invested Amount as of such date, (ii) the Series
2010-3 AESOP I Operating Lease Vehicle Percentage as of the immediately
preceding Business Day of the excess, if any, of the Non-Program Vehicle Amount
as of such date over the Series 2010-3 Maximum Non-Program Vehicle Amount as of
such date, (iii) the Series 2010-3 AESOP I Operating Lease Vehicle Percentage as
of the immediately preceding Business Day of the excess, if any, of the
aggregate Net Book Value of all Vehicles manufactured by Mitsubishi and leased
under the Leases as of such date over the Series 2010-3 Maximum Mitsubishi
Amount as of such date, (iv) the Series 2010-3 AESOP I Operating Lease Vehicle
Percentage as of the immediately preceding Business Day of the excess, if any,
of the aggregate Net Book Value of all Vehicles manufactured by Isuzu or Subaru,
individually, and leased under the Leases as of such date over the Series 2010-3
Maximum Individual Isuzu/Subaru Amount as of such date, (v) 

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    the
Series 2010-3 AESOP I Operating Lease Vehicle Percentage as of the immediately
preceding Business Day of the excess, if any, of the aggregate Net Book Value of
all Vehicles manufactured by Hyundai and leased under the Leases as of such date
over the Series 2010-3 Maximum Hyundai Amount as of such date, (vi) the Series
2010-3 AESOP I Operating Lease Vehicle Percentage as of the immediately
preceding Business Day of the excess, if any, of the aggregate Net Book Value of
all Vehicles manufactured by Kia and leased under the Leases as of such date
over the Series 2010-3 Maximum Kia Amount as of such date, (vii) the Series
2010-3 AESOP I Operating Lease Vehicle Percentage as of the immediately
preceding Business Day of the excess, if any, of the aggregate Net Book Value of
all Vehicles manufactured by Suzuki and leased under the Leases as of such date
over the Series 2010-3 Maximum Suzuki Amount as of such date, (viii) the Series
2010-3 AESOP I Operating Lease Vehicle Percentage as of the immediately
preceding Business Day of the excess, if any, of the Specified States Amount as
of such date over the Series 2010-3 Maximum Specified States Amount as of such
date and (ix) the Series 2010-3 AESOP I Operating Lease Vehicle Percentage as of
the immediately preceding Business Day of the excess, if any, of the
Non-Eligible Manufacturer Amount as of such date over the Series 2010-3 Maximum
Non-Eligible Manufacturer Amount as of such date.

     

    “Series 2010-3 Required
Enhancement Percentage” means, as of any date of determination, the
greater of (i) the Series 2010-3 DBRS Enhancement Percentage as of such date and
(ii) the Series 2010-3 Moody’s Required Enhancement Percentage as of such
date.

     

    “Series 2010-3 Required
Liquidity Amount” means, as of any date of determination, an amount equal
to the product of 3.25% and the Series 2010-3 Invested Amount as of such
date.

     

    “Series 2010-3 Required
Overcollateralization Amount” means, as of any date of determination, the
excess, if any, of the Series 2010-3 Required Enhancement Amount over the sum of
(i) the Series 2010-3 Letter of Credit Amount as of such date, (ii) the Series
2010-3 Available Reserve Account Amount on such date and (iii) the amount of
cash and Permitted Investments on deposit in the Series 2010-3 Collection
Account (not including amounts allocable to the Series 2010-3 Accrued Interest
Account) and the Series 2010-3 Excess Collection Account on such
date.

     

    “Series 2010-3 Required
Reserve Account Amount” means, for any date of determination, an amount
equal to the greater of (a) the excess, if any, of the Series 2010-3
Required Liquidity Amount as of such date over the Series 2010-3 Letter of
Credit Liquidity Amount as of such date and (b) the excess, if any, of the
Series 2010-3 Required Enhancement Amount over the Series 2010-3 Enhancement
Amount (excluding therefrom the Series 2010-3 Available Reserve Account Amount
and calculated after giving effect to any payments of principal to be made on
the Series 2010-3 Notes) as of such date.

     

    “Series 2010-3 Reserve
Account” is defined in Section 2.7(a).

     

    “Series 2010-3 Reserve
Account Collateral” is defined in Section 2.7(d).

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

    “Series 2010-3 Reserve
Account Surplus” means, with respect to any Distribution Date, the
excess, if any, of the Series 2010-3 Available Reserve Account Amount over the
Series 2010-3 Required Reserve Account Amount on such Distribution
Date.

     

    “Series 2010-3 Revolving
Period” means the period from and including the Series 2010-3 Closing
Date to the earlier of (i) the commencement of the Series 2010-3 Controlled
Amortization Period and (ii) the commencement of the Series 2010-3 Rapid
Amortization Period; provided that if the
Series 2010-3 Notes are paid in full on or prior to the Series 2010-3 Expected
Final Distribution Date, then the Series 2010-3 Revolving Period shall also
include the period from and including the first day of the calendar month during
which the Distribution Date on which the Series 2010-3 Notes are paid in full
occurs to the commencement of the Series 2010-3 Rapid Amortization
Period.

     

    “Series 2010-3
Shortfall” means, on any Distribution Date, the sum of the Class A
Shortfall and the Class B Shortfall on such Distribution Date.

     

    “Series 2010-3 Termination
Date” means the May 2016 Distribution Date.

     

    “Series 2010-3 Trustee’s
Fees” means, for any Distribution Date during the Series 2010-3 Rapid
Amortization Period on which there exists a Series 2010-3 Lease Interest Payment
Deficit, a portion of the fees payable to the Trustee in an amount equal to the
product of (i) the Series 2010-3 Percentage as of the beginning of the Series
2010-3 Interest Period ending on the day preceding such Distribution Date and
(ii) the fees owing to the Trustee under the Indenture; provided that the
Series 2010-3 Trustee’s Fees in the aggregate for all Distribution Dates shall
not exceed 1.1% of the Series 2010-3 Required AESOP I Operating Lease Vehicle
Amount as of the last day of the Series 2010-3 Revolving Period.

     

    “Series 2010-3 Unpaid Demand
Amount” means, with respect to any single draw pursuant to Section 2.5(c)
or (d) on the Series 2010-3 Letters of Credit, the aggregate amount drawn by the
Trustee on all Series 2010-3 Letters of Credit.

     

    “Supplement” is
defined in the preamble hereto.

     

    “Temporary Global Class A
Note” is defined in Section 4.2.

     

    “Temporary Global Class B
Note” is defined in Section 4.2.

     

    “Temporary Global Series
2010-3 Notes” is defined in Section 4.2.

     

    “Termination Date
Disbursement” means an amount drawn under a Series 2010-3 Letter of
Credit pursuant to a Certificate of Termination Date Demand.

     

    “Termination
Disbursement” means an amount drawn under a Series 2010-3 Letter of
Credit pursuant to a Certificate of Termination Demand.

     

    “Trustee” is defined
in the recitals hereto.

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

    “Unpaid Demand Note
Disbursement” means an amount drawn under a Series 2010-3 Letter of
Credit pursuant to a Certificate of Unpaid Demand Note Demand.

     

    (c)           Any
amounts calculated by reference to the Series 2010-3 Invested Amount (or any
component thereof) on any date shall, unless otherwise stated, be calculated
after giving effect to any payment of principal made to the applicable Series
2010-3 Noteholders on such date.

     

     

    ARTICLE
II

     

    SERIES
2010-3 ALLOCATIONS

     

    With
respect to the Series 2010-3 Notes, the following shall apply:

     

    Section
2.1. Establishment of Series
2010-3 Collection Account, Series 2010-3 Excess Collection Account and Series
2010-3 Accrued Interest Account.  (a)  All
Collections allocable to the Series 2010-3 Notes shall be allocated to the
Collection Account.

     

    (b) The
Trustee will create three administrative subaccounts within the Collection
Account for the benefit of the Series 2010-3 Noteholders:  the Series
2010-3 Collection Account (such sub-account, the “Series 2010-3 Collection
Account”), the Series 2010-3 Excess Collection Account (such sub-account,
the “Series 2010-3
Excess Collection Account”) and the Series 2010-3 Accrued Interest
Account (such sub-account, the “Series 2010-3 Accrued
Interest Account”).

     

    Section
2.2. Allocations with Respect to
the Series 2010-3 Notes.  The
net proceeds from the initial sale of each Class of the Series 2010-3 Notes will
be deposited into the Collection Account.  On each Business Day on
which Collections are deposited into the Collection Account (each such date, a
“Series 2010-3 Deposit
Date”), the Administrator will direct the Trustee in writing pursuant to
the Administration Agreement to allocate all amounts deposited into the
Collection Account in accordance with the provisions of this Section
2.2:

     

    (a) Allocations of Collections
During the Series 2010-3 Revolving Period.  During the Series
2010-3 Revolving Period, the Administrator will direct the Trustee in writing
pursuant to the Administration Agreement to allocate on each day, prior to
11:00 a.m. (New York City time) on each Series 2010-3 Deposit Date, all
amounts deposited into the Collection Account as set forth below:

     

    (i) allocate
to the Series 2010-3 Collection Account an amount equal to the Series 2010-3
Invested Percentage (as of such day) of the aggregate amount of Interest
Collections on such day.  All such amounts allocated to the Series
2010-3 Collection Account shall be further allocated to the Series 2010-3
Accrued Interest Account; and

     

    (ii) allocate
to the Series 2010-3 Excess Collection Account an amount equal to the sum of (A)
the Series 2010-3 Invested Percentage (as of such day) of the aggregate amount
of Principal Collections on such day (for any such day, the 

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

    “Series 2010-3 Principal
Allocation”) and (B) the proceeds from the issuance of any Class of the
Series 2010-3 Notes.

     

    (b) Allocations of Collections
During the Series 2010-3 Controlled Amortization Period.  With
respect to the Series 2010-3 Controlled Amortization Period, the Administrator
will direct the Trustee in writing pursuant to the Administration Agreement to
allocate, prior to 11:00 a.m.  (New York City time) on any Series
2010-3 Deposit Date, all amounts deposited into the Collection Account as set
forth below:

     

    (i) allocate
to the Series 2010-3 Collection Account an amount determined as set forth in
Section 2.2(a)(i) above for such day, which amount shall be further allocated to
the Series 2010-3 Accrued Interest Account; and

     

    (ii) allocate
to the Series 2010-3 Collection Account an amount equal to the Series 2010-3
Principal Allocation for such day, which amount shall be used to make principal
payments in respect of the Series 2010-3 Notes in accordance with Section 2.5,
(A) first, in respect of the Class A Notes in an amount equal to the Class A
Controlled Distribution Amount and (B) second, in respect of the Class B Notes
in an amount equal to the Class B Controlled Distribution Amount, in each case
with respect to the Related Month; provided, however, that if the
Monthly Total Principal Allocation exceeds the sum of the Class A Controlled
Distribution Amount and the Class B Controlled Distribution Amount, in each case
with respect to the Related Month, then the amount of such excess shall be
allocated to the Series 2010-3 Excess Collection Account.

     

    (c) Allocations of Collections
During the Series 2010-3 Rapid Amortization Period.  With
respect to the Series 2010-3 Rapid Amortization Period, other than after the
occurrence of an Event of Bankruptcy with respect to ABCR, any other Lessee or
any Permitted Sublessee, the Administrator will direct the Trustee in writing
pursuant to the Administration Agreement to allocate, prior to 11:00 a.m.
(New York City time) on any Series 2010-3 Deposit Date, all amounts
deposited into the Collection Account as set forth below:

     

    (i) allocate
to the Series 2010-3 Collection Account an amount determined as set forth in
Section 2.2(a)(i) above for such day, which amount shall be further allocated to
the Series 2010-3 Accrued Interest Account; and

     

    (ii) allocate
to the Series 2010-3 Collection Account an amount equal to the Series 2010-3
Principal Allocation for such day, which amount shall be used in accordance with
Section 2.5 to make principal payments in respect of the Class A Notes until the
Class A Notes have been paid in full, and after the Class A Notes have been paid
in full shall be used to make principal payments in respect of the Class B Notes
until the Class B Notes have been paid in full; provided that if on
any Determination Date (A) the Administrator determines that the amount
anticipated to be available from Interest Collections allocable to the Series
2010-3 Notes and other amounts available pursuant to Section 2.3 to pay the sum
of (x) the Series 2010-3 Monthly Interest for the next succeeding 

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

    Distribution
Date and (y) any unpaid Series 2010-3 Shortfall on such Distribution Date
(together with interest on such Series 2010-3 Shortfall) will be less than the
sum of the Series 2010-3 Monthly Interest for such Distribution Date and such
Series 2010-3 Shortfall and (B) the Series 2010-3 Enhancement Amount is greater
than zero, then the Administrator shall direct the Trustee in writing to
reallocate a portion of the Principal Collections allocated to the Series 2010-3
Notes during the Related Month equal to the lesser of such insufficiency and the
Series 2010-3 Enhancement Amount to the Series 2010-3 Accrued Interest Account
to be treated as Interest Collections on such Distribution Date.

     

    (d) Allocations of Collections
after the Occurrence of an Event of Bankruptcy.  After the
occurrence of an Event of Bankruptcy with respect to ABCR, any other Lessee or
any Permitted Sublessee, the Administrator will direct the Trustee in writing
pursuant to the Administration Agreement to allocate, prior to 11:00
a.m.  (New York City time) on any Series 2010-3 Deposit Date, all
amounts attributable to the AESOP I Operating Lease Loan Agreement deposited
into the Collection Account as set forth below:

     

    (i) allocate
to the Series 2010-3 Collection Account an amount equal to the Series 2010-3
AESOP I Operating Lease Vehicle Percentage as of the date of the occurrence of
such Event of Bankruptcy of the aggregate amount of Interest Collections made
under the AESOP I Operating Lease Loan Agreement for such day.  All
such amounts allocated to the Series 2010-3 Collection Account shall be further
allocated to the Series 2010-3 Accrued Interest Account;

     

    (ii) allocate
to the Series 2010-3 Collection Account an amount equal to the Series 2010-3
AESOP I Operating Lease Vehicle Percentage as of the date of the occurrence of
such Event of Bankruptcy of the aggregate amount of Principal Collections made
under the AESOP I Operating Lease Loan Agreement, which amount shall be used in
accordance with Section 2.5 to make principal payments in respect of the Class A
Notes until the Class A Notes have been paid in full, and after the Class A
Notes have been paid in full shall be used to make principal payments in respect
of the Class B Notes until the Class B Notes have been paid in full; provided that if on
any Determination Date (A) the Administrator determines that the amount
anticipated to be available from Interest Collections allocable to the Series
2010-3 Notes and other amounts available pursuant to Section 2.3 to pay the sum
of (x) the Series 2010-3 Monthly Interest for the next succeeding Distribution
Date and (y) any unpaid Series 2010-3 Shortfall on such Distribution Date
(together with interest on such Series 2010-3 Shortfall) will be less than the
sum of the Series 2010-3 Interest for such Distribution Date and such Series
2010-3 Shortfall and (B) the Series 2010-3 Enhancement Amount is greater than
zero, then the Administrator shall direct the Trustee in writing to reallocate a
portion of the Principal Collections allocated to the Series 2010-3 Notes during
the Related Month equal to the lesser of such insufficiency and the Series
2010-3 Enhancement Amount to the Series 2010-3 Accrued Interest Account to be
treated as Interest Collections on such Distribution Date.

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    (e) Series 2010-3 Excess
Collection Account.  Amounts allocated to the Series 2010-3
Excess Collection Account on any Series 2010-3 Deposit Date will be (w) first,
deposited in the Series 2010-3 Reserve Account in an amount up to the excess, if
any, of the Series 2010-3 Required Reserve Account Amount for such date over the
Series 2010-3 Available Reserve Account Amount for such date, (x) second, used
to pay the principal amount of other Series of Notes that are then in
amortization, (y) third, released to AESOP Leasing in an amount equal to the
product of (A) the Loan Agreement’s Share with respect to the AESOP I Operating
Lease Loan Agreement as of such date and (B) 100% minus the Loan
Payment Allocation Percentage with respect to the AESOP I Operating Lease Loan
Agreement as of such date and (C) the amount of any remaining funds and (z)
fourth, paid to ABRCF for any use permitted by the Related Documents including
to make Loans under the Loan Agreements to the extent the Borrowers have
requested Loans thereunder and Eligible Vehicles are available for financing
thereunder; provided, however, that in the
case of clauses (x), (y) and (z), that no Amortization Event, Series 2010-3
Enhancement Deficiency or AESOP I Operating Lease Vehicle Deficiency would
result therefrom or exist immediately thereafter.  Upon the occurrence
of an Amortization Event and once a Trust Officer has actual knowledge of the
Amortization Event, funds on deposit in the Series 2010-3 Excess Collection
Account will be withdrawn by the Trustee, deposited in the Series 2010-3
Collection Account and allocated as Principal Collections to reduce the Series
2010-3 Invested Amount on the immediately succeeding Distribution
Date.

     

    (f) Allocations From Other
Series.  Amounts allocated to other Series of Notes that have
been reallocated by ABRCF to the Series 2010-3 Notes (i) during the Series
2010-3 Revolving Period shall be allocated to the Series 2010-3 Excess
Collection Account and applied in accordance with Section 2.2(e) and (ii) during
the Series 2010-3  Controlled Amortization Period or the Series 2010-3
Rapid Amortization Period shall be allocated to the Series 2010-3 Collection
Account and applied in accordance with Section 2.2(b) or 2.2(c), as
applicable, to make principal payments in respect of the Series 2010-3
Notes.

     

    (g) Past Due Rent
Payments.  Notwithstanding the foregoing, if in the case of
Section 2.2(a) or (b), after the occurrence of a Series 2010-3 Lease Payment
Deficit, the Lessees shall make payments of Monthly Base Rent or other amounts
payable by the Lessees under the Leases on or prior to the fifth Business Day
after the occurrence of such Series 2010-3 Lease Payment Deficit (a “Past Due Rent
Payment”), the Administrator shall direct the Trustee in writing pursuant
to the Administration Agreement to allocate to the Series 2010-3 Collection
Account an amount equal to the Series 2010-3 Invested Percentage as of the date
of the occurrence of such Series 2010-3 Lease Payment Deficit of the Collections
attributable to such Past Due Rent Payment (the “Series 2010-3 Past Due Rent
Payment”).  The Administrator shall instruct the Trustee in
writing pursuant to the Administration Agreement to withdraw from the Series
2010-3 Collection Account and apply the Series 2010-3 Past Due Rent Payment in
the following order:

     

    (i) if the
occurrence of such Series 2010-3 Lease Payment Deficit resulted in one or more
Lease Deficit Disbursements being made under the 

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

    Series
2010-3 Letters of Credit, pay to each Series 2010-3 Letter of Credit Provider
who made such a Lease Deficit Disbursement for application in accordance with
the provisions of the applicable Series 2010-3 Reimbursement Agreement an amount
equal to the lesser of (x) the unreimbursed amount of such Series 2010-3
Letter of Credit Provider’s Lease Deficit Disbursement and (y) such Series
2010-3 Letter of Credit Provider’s Pro Rata Share of the Series 2010-3 Past Due
Rent Payment;

     

    (ii) if the
occurrence of such Series 2010-3 Lease Payment Deficit resulted in a withdrawal
being made from the Series 2010-3 Cash Collateral Account, deposit in the Series
2010-3 Cash Collateral Account an amount equal to the lesser of (x) the amount
of the Series 2010-3 Past Due Rent Payment remaining after any payment pursuant
to clause (i) above and (y) the amount withdrawn from the Series 2010-3 Cash
Collateral Account on account of such Series 2010-3 Lease Payment
Deficit;

     

    (iii) if the
occurrence of such Series 2010-3 Lease Payment Deficit resulted in a withdrawal
being made from the Series 2010-3 Reserve Account pursuant to Section 2.3(d),
deposit in the Series 2010-3 Reserve Account an amount equal to the lesser of
(x) the amount of the Series 2010-3 Past Due Rent Payment remaining after any
payments pursuant to clauses (i) and (ii) above and (y) the excess, if any, of
the Series 2010-3 Required Reserve Account Amount over the Series 2010-3
Available Reserve Account Amount on such day;

     

    (iv) allocate
to the Series 2010-3 Accrued Interest Account the amount, if any, by which the
Series 2010-3 Lease Interest Payment Deficit, if any, relating to such Series
2010-3 Lease Payment Deficit exceeds the amount of the Series 2010-3 Past Due
Rent Payment applied pursuant to clauses (i), (ii) and (iii) above;
and

     

    (v) treat the
remaining amount of the Series 2010-3 Past Due Rent Payment as Principal
Collections allocated to the Series 2010-3 Notes in accordance with Section
2.2(a)(ii) or 2.2(b)(ii), as the case may be.

     

    Section
2.3. Payments to
Noteholders.  On
each Determination Date, as provided below, the Administrator shall instruct the
Paying Agent in writing pursuant to the Administration Agreement to withdraw,
and on the following Distribution Date the Paying Agent, acting in accordance
with such instructions, shall withdraw the amounts required to be withdrawn from
the Collection Account pursuant to Section 2.3(a) below in respect of all
funds available from Interest Collections processed since the preceding
Distribution Date and allocated to the holders of the Series 2010-3
Notes.

     

    (a) Note Interest with Respect
to the Series 2010-3 Notes.  On each Determination Date, the
Administrator shall instruct the Trustee and the Paying Agent in writing
pursuant to the Administration Agreement as to the amount to be withdrawn and
paid pursuant to Section 2.4 from the Series 2010-3 Accrued Interest Account to
the extent funds are anticipated to be available from Interest Collections
allocable to the Series 2010-3 Notes processed from but not including the
preceding Distribution Date through the succeeding Distribution Date in

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

    respect
of (i) first,
an amount equal to the Class A Monthly Interest for the Series 2010-3 Interest
Period ending on the day preceding the related Distribution Date, (ii) second, an amount
equal to the amount of any unpaid Class A Shortfall as of the preceding
Distribution Date (together with any accrued interest on such Class A
Shortfall), (iii) third, an amount
equal to the Class B Monthly Interest for the Series 2010-3 Interest Period
ending on the day preceding the related Distribution Date and (iv) fourth, an amount
equal to the amount of any unpaid Class B Shortfall as of the preceding
Distribution Date (together with any accrued interest on such Class B
Shortfall).  On the following Distribution Date, the Trustee shall
withdraw the amounts described in the first sentence of this Section 2.3(a) from
the Series 2010-3 Accrued Interest Account and deposit such amounts in the
Series 2010-3 Distribution Account.

     

    (b) Lease Payment Deficit
Notice.  On or before 3:00 p.m. (New York City time) on the
Business Day immediately preceding each Distribution Date, the Administrator
shall notify the Trustee of the amount of any Series 2010-3 Lease Payment
Deficit, such notification to be in the form of Exhibit E (each a
“Lease Payment Deficit
Notice”).

     

    (c) Draws on Series 2010-3
Letters of Credit For Series 2010-3 Lease Interest Payment
Deficits.  If the Administrator determines on the Business Day
immediately preceding any Distribution Date that on such Distribution Date there
will exist a Series 2010-3 Lease Interest Payment Deficit, the Administrator
shall, on or prior to 3:00 p.m. (New York City time) on such Business Day,
instruct the Trustee in writing to draw on the Series 2010-3 Letters of Credit,
if any, and, the Trustee shall, by 5:00 p.m. (New York City time) on such
Business Day draw an amount as set forth in such notice equal to the least of
(i) such Series 2010-3 Lease Interest Payment Deficit, (ii) the excess, if any,
of the sum of (A) the amounts described in clauses (i) through (iv) of Section
2.3(a) above for such Distribution Date and (B) during the Series 2010-3 Rapid
Amortization Period, the Series 2010-3 Trustee’s Fees for such Distribution
Date, over the amounts available from the Series 2010-3 Accrued Interest Account
and (iii) the Series 2010-3 Letter of Credit Liquidity Amount on the Series
2010-3 Letters of Credit by presenting to each Series 2010-3 Letter of Credit
Provider a draft accompanied by a Certificate of Lease Deficit Demand and shall
cause the Lease Deficit Disbursements to be deposited in the Series 2010-3
Distribution Account on such date; provided, however, that if the
Series 2010-3 Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Series 2010-3 Cash Collateral Account and
deposit in the Series 2010-3 Distribution Account an amount equal to the lesser
of (x) the Series 2010-3 Cash Collateral Percentage on such date of the least of
the amounts described in clauses (i), (ii) and (iii) above and (y) the Series
2010-3 Available Cash Collateral Account Amount on such date and draw an amount
equal to the remainder of such amount on the Series 2010-3 Letters of
Credit.

     

    (d) Withdrawals from Series
2010-3 Reserve Account.  If the Administrator determines on any
Distribution Date that the amounts available from the Series 2010-3 Accrued
Interest Account plus the amount, if
any, to be drawn under the Series 2010-3 Letters of Credit and /or withdrawn
from the Series 2010-3 Cash Collateral Account pursuant to Section 2.3(c) are
insufficient to pay the sum of (A) the amounts described in clauses (i) through
(iv) of Section 2.3(a) above on such Distribution Date and (B) during the
Series 2010-3 Rapid Amortization Period, the Series 2010-3 Trustee’s Fees for
such Distribution Date, the Administrator shall instruct the Trustee in writing
to withdraw from the Series 2010-3 Reserve Account and deposit in the Series
2010-3 Distribution Account on such Distribution Date an 

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

    amount
equal to the lesser of the Series 2010-3 Available Reserve Account Amount and
such insufficiency.  The Trustee shall withdraw such amount from the
Series 2010-3 Reserve Account and deposit such amount in the Series 2010-3
Distribution Account.

     

    (e) [RESERVED]

     

    (f) Balance.  On
or prior to the second Business Day preceding each Distribution Date, the
Administrator shall instruct the Trustee and the Paying Agent in writing
pursuant to the Administration Agreement to pay the balance (after making the
payments required in Section 2.4), if any, of the amounts available from the
Series 2010-3 Accrued Interest Account and the Series 2010-3 Distribution
Account, plus
the amount, if any, drawn under the Series 2010-3 Letters of Credit and/or
withdrawn from the Series 2010-3 Cash Collateral Account pursuant to Section
2.3(c) plus the
amount, if any, withdrawn from the Series 2010-3 Reserve Account pursuant to
Section 2.3(d) as follows:

     

    (i) on each
Distribution Date during the Series 2010-3 Revolving Period or the Series 2010-3
Controlled Amortization Period, (1) first, to the Administrator, an amount equal
to the Series 2010-3 Percentage as of the beginning of the Series 2010-3
Interest Period ending on the day preceding such Distribution Date of the
portion of the Monthly Administration Fee payable by ABRCF (as specified in
clause (iii) of the definition thereof) for such Series 2010-3 Interest Period,
(2) second, to the Trustee, an amount equal to the Series 2010-3 Percentage as
of the beginning of such Series 2010-3 Interest Period of the fees owing to the
Trustee under the Indenture for such Series 2010-3 Interest Period, (3) third to
pay any Carrying Charges (other than Carrying Charges provided for above) to the
Persons to whom such amounts are owed, an amount equal to the Series 2010-3
Percentage as of the beginning of such Series 2010-3 Interest Period of such
Carrying Charges (other than Carrying Charges provided for above) for such
Series 2010-3 Interest Period and (4) fourth, the balance, if any (“Excess Collections”),
shall be withdrawn by the Paying Agent from the Series 2010-3 Collection Account
and deposited in the Series 2010-3 Excess Collection Account; and

     

    (ii) on each
Distribution Date during the Series 2010-3 Rapid Amortization Period, (1) first,
to the Trustee, an amount equal to the Series 2010-3 Percentage as of the
beginning of such Series 2010-3 Interest Period ending on the day preceding such
Distribution Date of the fees owing to the Trustee under the Indenture for such
Series 2010-3 Interest Period, (2) second, to the Administrator, an amount equal
to the Series 2010-3 Percentage as of the beginning of such Series 2010-3
Interest Period of the portion of the Monthly Administration Fee (as specified
in clause (iii) of the definition thereof) payable by ABRCF for such Series
2010-3 Interest Period, (3) third, to pay any Carrying Charges (other than
Carrying Charges provided for above) to the Persons to whom such amounts are
owed, an amount equal to the Series 2010-3 Percentage as of the beginning of
such Series 2010-3 Interest Period of such Carrying Charges (other than Carrying
Charges provided for above) for such Series 2010-3 Interest Period and (4)
fourth, so long as the Series 2010-3 Invested Amount is greater than the Monthly
Total Principal Allocations for the Related Month, an amount equal to the excess
of the Series 2010-3 Invested Amount over the Monthly Total Principal
Allocations for the Related Month shall be treated as Principal
Collections.

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

    (g) Shortfalls.  (i)  If
the amounts described in Section 2.3 are insufficient to pay the Class A Monthly
Interest on any Distribution Date, payments of interest to the Class A
Noteholders will be reduced on a pro rata basis by the
amount of such deficiency.  The aggregate amount, if any, of such
deficiency on any Distribution Date, together with the aggregate unpaid amount
of any such deficiencies with respect to all prior Distribution Dates, shall be
referred to as the “Class A
Shortfall”.  Interest shall accrue on the Class A Shortfall at
the Class A Note Rate.

     

    (ii) If the
amounts described in Section 2.3 are insufficient to pay the amounts described
in clauses (i) and (ii) of Section 2.3(a) and the Class B Monthly Interest on
any Distribution Date, payments of interest to the Class B Noteholders will be
reduced on a pro rata basis by the
amount of such deficiency.  The aggregate amount, if any, of such
deficiency on any Distribution Date (which deficiency on any Distribution Date
shall not exceed the Class B Monthly Interest for the Series 2010-3 Interest
Period ended on the day preceding such Distribution Date), together with the
aggregate unpaid amount of any such deficiencies with respect to all prior
Distribution Dates, shall be referred to as the “Class B
Shortfall”.  Interest shall accrue on the Class B Shortfall at
the Class B Note Rate.

     

    Section
2.4. Payment of Note
Interest.  (a)  On
each Distribution Date, subject to Section 9.8 of the Base Indenture, the Paying
Agent shall, in accordance with Section 6.1 of the Base Indenture, pay the
following amounts in the following order of priority from amounts deposited into
the Series 2010-3 Distribution Account pursuant to Section 2.3:

     

    (i) first, to the Class A
Noteholders, the amounts due to the Class A Noteholders described in Sections
2.3(a)(i) and (ii); and

     

    (ii) second, to the Class
B Noteholders the amounts due to the Class B Noteholders described in Sections
2.3(a)(iii) and (iv).

     

    Section
2.5. Payment of Note
Principal.  (a)  Monthly Payments During
Controlled Amortization Period or Rapid Amortization
Period.  On each Determination Date, commencing on the second
Determination Date during the Series 2010-3 Controlled Amortization Period or
the first Determination Date after the commencement of the Series 2010-3 Rapid
Amortization Period, the Administrator shall instruct the Trustee and the Paying
Agent in writing pursuant to the Administration Agreement and in accordance with
this Section 2.5 as to (1) the amount allocated to the Series 2010-3 Notes
during the Related Month pursuant to Section 2.2(b)(ii), (c)(ii) or (d)(ii), as
the case may be, (2) any amounts to be drawn on the Series 2010-3 Demand Notes
and/or on the Series 2010-3 Letters of Credit (or withdrawn from the Series
2010-3 Cash Collateral Account) pursuant to this Section 2.5 and (3) any amounts
to be withdrawn from the Series 2010-3 Reserve Account pursuant to this Section
2.5 and deposited into the Series 2010-3 Distribution Account.  On the
Distribution Date following each such Determination Date, the Trustee shall
withdraw the amount allocated to the Series 2010-3 Notes during the Related
Month pursuant to Section 2.2(b)(ii), (c)(ii) or (d)(ii), as the case may be,
from the Series 2010-3 Collection Account and deposit such amount in the Series
2010-3 Distribution Account, to be paid to the holders of the Series 2010-3
Notes.

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

    (b) Principal Draws on Series
2010-3 Letters of Credit.  If the Administrator determines on
the Business Day immediately preceding any Distribution Date during the Series
2010-3 Rapid Amortization Period that on such Distribution Date there will exist
a Series 2010-3 Lease Principal Payment Deficit, the Administrator shall
instruct the Trustee in writing to draw on the Series 2010-3 Letters of Credit,
if any, as provided below.  Upon receipt of a notice by the Trustee
from the Administrator in respect of a Series 2010-3 Lease Principal Payment
Deficit on or prior to 3:00 p.m. (New York City time) on the Business Day
immediately preceding a Distribution Date, the Trustee shall, by 5:00 p.m. (New
York City time) on such Business Day draw an amount as set forth in such notice
equal to the least of (i) such Series 2010-3 Lease Principal Payment Deficit,
(ii) the Principal Deficit Amount for such Distribution Date and (iii) the
Series 2010-3 Letter of Credit Liquidity Amount on the Series 2010-3 Letters of
Credit by presenting to each Series 2010-3 Letter of Credit Provider a draft
accompanied by a Certificate of Lease Deficit Demand and shall cause the Lease
Deficit Disbursements to be deposited in the Series 2010-3 Distribution Account
on such date; provided, however, that if the
Series 2010-3 Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Series 2010-3 Cash Collateral Account and
deposit in the Series 2010-3 Distribution Account an amount equal to the lesser
of (x) the Series 2010-3 Cash Collateral Percentage for such date of the lesser
of the Series 2010-3 Lease Principal Payment Deficit and the Principal Deficit
Amount for such Distribution Date and (y) the Series 2010-3 Available Cash
Collateral Account Amount on such date and draw an amount equal to the remainder
of such amount on the Series 2010-3 Letters of
Credit.  Notwithstanding any of the preceding to the contrary, during
the period after the date of the filing by any of the Lessees of a petition for
relief under Chapter 11 of the Bankruptcy Code until the date on which each of
the Lessees shall have resumed making all payments of the portion of Monthly
Base Rent relating to Loan Interest required to be made under the AESOP I
Operating Lease, the Administrator shall only instruct the Trustee to draw on
the Series 2010-3 Letters of Credit (or withdraw from the Series 2010-3 Cash
Collateral Account, if applicable) pursuant to this Section 2.5(b), and the
Trustee shall only draw (or withdraw), an amount equal to the lesser of (i) the
amount determined as provided in the preceding sentence and (ii) the excess, if
any, of (x) the Series 2010-3 Liquidity Amount on such date over (y) the Series
2010-3 Required Liquidity Amount on such date.

     

    (c) Final Distribution
Date.  Each of the entire Class A Invested Amount and the
entire Class B Invested Amount shall be due and payable on the Series 2010-3
Final Distribution Date.  In connection therewith:

     

    (i) Demand Note
Draw.  If the amount to be deposited in the Series 2010-3
Distribution Account in accordance with Section 2.5(a) together with any amounts
to be deposited therein in accordance with Section 2.5(b) on the Series 2010-3
Final Distribution Date is less than the Series 2010-3 Invested Amount and there
are any Series 2010-3 Letters of Credit on such date, then, prior to 10:00 a.m.
(New York City time) on the second Business Day prior to the Series 2010-3 Final
Distribution Date, the Administrator shall instruct the Trustee in writing to
make a demand (a “Demand Notice”)
substantially in the form attached hereto as Exhibit F on the
Demand Note Issuers for payment under the Series 2010-3 Demand Notes in an
amount equal to the lesser of (i) such insufficiency and (ii) the Series 2010-3
Letter of Credit Amount.  The Trustee shall, prior to 12:00 noon (New
York City time) on the second Business Day preceding such Series 2010-3 Final
Distribution Date deliver such Demand Notice to the 

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

    Demand
Note Issuers; provided, however, that if an
Event of Bankruptcy (or the occurrence of an event described in clause (a) of
the definition thereof, without the lapse of a period of 60 consecutive days)
with respect to a Demand Note Issuer shall have occurred and be continuing, the
Trustee shall not be required to deliver such Demand Notice to such Demand Note
Issuer.  The Trustee shall cause the proceeds of any demand on the
Series 2010-3 Demand Notes to be deposited into the Series 2010-3 Distribution
Account.

     

    (ii) Letter of Credit
Draw.  In the event that either (x) on or prior to 10:00 a.m.
(New York City time) on the Business Day immediately preceding the Series 2010-3
Final Distribution Date a Demand Notice has been transmitted by the Trustee to
the Demand Note Issuers pursuant to clause (i) of this Section 2.5(c) and any
Demand Note Issuer shall have failed to pay to the Trustee or deposit into the
Series 2010-3 Distribution Account the amount specified in such Demand Notice in
whole or in part or (y) due to the occurrence of an Event of Bankruptcy (or the
occurrence of an event described in clause (a) of the definition thereof,
without the lapse of a period of 60 consecutive days) with respect to one or
more of the Demand Note Issuers, the Trustee shall not have delivered such
Demand Notice to any Demand Note Issuer on the second Business Day preceding the
Series 2010-3 Final Distribution Date, then, in the case of (x) or (y) the
Trustee shall draw on the Series 2010-3 Letters of Credit by 12:00 noon (New
York City time) on such Business Day an amount equal to the lesser of (a) the
amount that the Demand Note Issuers so failed to pay under the Series 2010-3
Demand Notes (or, the amount that the Trustee failed to demand for payment
thereunder) and (b) the Series 2010-3 Letter of Credit Amount on such Business
Day by presenting to each Series 2010-3 Letter of Credit Provider a draft
accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the
Series 2010-3 Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Series 2010-3 Cash Collateral Account and
deposit in the Series 2010-3 Distribution Account an amount equal to the lesser
of (x) the Series 2010-3 Cash Collateral Percentage on such Business Day of the
amount that the Demand Note Issuers so failed to pay under the Series 2010-3
Demand Notes (or, the amount that the Trustee failed to demand for payment
thereunder) and (y) the Series 2010-3 Available Cash Collateral Account Amount
on such Business Day and draw an amount equal to the remainder of the amount
that the Demand Note Issuers failed to pay under the Series 2010-3 Demand Notes
(or, the amount that the Trustee failed to demand for payment thereunder) on the
Series 2010-3 Letters of Credit.  The Trustee shall deposit, or cause
the deposit of, the proceeds of any draw on the Series 2010-3 Letters of Credit
and the proceeds of any withdrawal from the Series 2010-3 Cash Collateral
Account to be deposited in the Series 2010-3 Distribution Account.

     

    (iii) Reserve Account
Withdrawal.  If, after giving effect to the deposit into the
Series 2010-3 Distribution Account of the amount to be deposited in accordance
with Section 2.5(a) and the amounts described in clauses (i) and (ii) of this
Section 2.5(c), the amount to be deposited in the Series 2010-3 Distribution
Account with respect to the Series 2010-3 Final Distribution Date is or will be
less than the Series 2010-3 Invested Amount, then, prior to 12:00 noon (New York
City time) on the second Business Day prior to such Series 2010-3 Final
Distribution Date, the Administrator shall instruct the Trustee in writing to
with­draw from the Series 2010-3 Reserve Account, an amount equal

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

    to the
lesser of the Series 2010-3 Available Reserve Account Amount and such remaining
insufficiency and deposit it in the Series 2010-3 Distribution Account on such
Series 2010-3 Final Distribution Date.

     

    (d) Principal Deficit
Amount.  On each Distribution Date, other than the Series
2010-3 Final Distribution Date, on which the Principal Deficit Amount is greater
than zero, amounts shall be transferred to the Series 2010-3 Distribution
Account as follows:

     

    (i) Demand Note
Draw.  If on any Determination Date, the Administrator
determines that the Principal Deficit Amount with respect to the next succeeding
Distribution Date will be greater than zero and there are any Series 2010-3
Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the
second Business Day prior to such Distribution Date, the Administrator shall
instruct the Trustee in writing to deliver a Demand Notice to the Demand Note
Issuers demanding payment of an amount equal to the lesser of (A) the Principal
Deficit Amount and (B) the Series 2010-3 Letter of Credit Amount.  The
Trustee shall, prior to 12:00 noon (New York City time) on the second Business
Day preceding such Distribution Date, deliver such Demand Notice to the Demand
Note Issuers; provided, however, that if an
Event of Bankruptcy (or the occurrence of an event described in clause (a) of
the definition thereof, without the lapse of a period of 60 consecutive days)
with respect to a Demand Note Issuer shall have occurred and be continuing, the
Trustee shall not be required to deliver such Demand Notice to such Demand Note
Issuer.  The Trustee shall cause the proceeds of any demand on the
Series 2010-3 Demand Note to be deposited into the Series 2010-3 Distribution
Account.

     

    (ii) Letter of Credit
Draw.  In the event that either (x) on or prior to 10:00 a.m.
(New York City time) on the Business Day prior to such Distribution Date, any
Demand Note Issuer shall have failed to pay to the Trustee or deposit into the
Series 2010-3 Distribution Account the amount specified in such Demand Notice in
whole or in part or (y) due to the occurrence of an Event of Bankruptcy (or the
occurrence of an event described in clause (a) of the definition thereof,
without the lapse of a period of 60 consecutive days) with respect to any Demand
Note Issuer, the Trustee shall not have delivered such Demand Notice to any
Demand Note Issuer on the second Business Day preceding such Distribution Date,
then, in the case of (x) or (y) the Trustee shall on such Business Day draw on
the Series 2010-3 Letters of Credit an amount equal to the lesser of
(i) Series 2010-3 Letter of Credit Amount and (ii) the aggregate
amount that the Demand Note Issuers failed to pay under the Series 2010-3 Demand
Notes (or, the amount that the Trustee failed to demand for payment thereunder)
by presenting to each Series 2010-3 Letter of Credit Provider a draft
accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the
Series 2010-3 Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Series 2010-3 Cash Collateral Account and
deposit in the Series 2010-3 Distribution Account an amount equal to the lesser
of (x) the Series 2010-3 Cash Collateral Percentage on such Business Day of the
aggregate amount that the Demand Note Issuers so failed to pay under the Series
2010-3 Demand Notes (or, the amount that the Trustee failed to demand for
payment thereunder) and (y) the Series 2010-3 Available Cash Collateral Account
Amount on such Business Day and draw an amount equal to the remainder of the

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

    aggregate
amount that the Demand Note Issuers failed to pay under the Series 2010-3 Demand
Notes (or, the amount that the Trustee failed to demand for payment thereunder)
on the Series 2010-3 Letters of Credit.  The Trustee shall deposit
into, or cause the deposit of, the proceeds of any draw on the Series 2010-3
Letters of Credit and the proceeds of any withdrawal from the Series 2010-3 Cash
Collateral Account to be deposited in the Series 2010-3 Distribution
Account.

     

    (iii) Reserve Account
Withdrawal.  If the Series 2010-3 Letter of Credit Amount will
be less than the Principal Deficit Amount on any Distribution Date, then, prior
to 12:00 noon (New York City time) on the second Business Day prior to such
Distribution Date, the Administrator shall instruct the Trustee in writing to
withdraw from the Series 2010-3 Reserve Account, an amount equal to the lesser
of (x) the Series 2010-3 Available Reserve Account Amount and (y) the amount by
which the Principal Deficit Amount exceeds the amounts to be deposited in the
Series 2010-3 Distribution Account in accordance with clauses (i) and (ii) of
this Section 2.5(d) and deposit it in the Series 2010-3 Distribution Account on
such Distribution Date.

     

    (e) Distributions.  (i)  Class A
Notes.  On each Distribution Date occurring on or after the
date a withdrawal is made from the Series 2010-3 Collection Account pursuant to
Section 2.5(a) or amounts are deposited in the Series 2010-3 Distribution
Account pursuant to Section 2.5(b), (c) or (d) the Paying Agent shall, in
accordance with Section 6.1 of the Base Indenture, pay pro rata to each Class A
Noteholder from the Series 2010-3 Distribution Account the amount deposited
therein pursuant to Section 2.5(a), (b), (c) or (d), to the extent necessary to
pay the Class A Controlled Amortization Amount during the Series 2010-3
Controlled Amortization Period or to the extent necessary to pay the Class A
Invested Amount during the Series 2010-3 Rapid Amortization Period.

     

    (ii)           Class B
Notes.  On each Distribution Date occurring on or after the
date a withdrawal is made from the Series 2010-3 Collection Account pursuant to
Section 2.5(a) or amounts are deposited in the Series 2010-3 Distribution
Account pursuant to Section 2.5(b), (c) or (d) the Paying Agent shall, in
accordance with Section 6.1 of the Base Indenture, pay pro rata to each Class B
Noteholder from the Series 2010-3 Distribution Account the amount deposited
therein pursuant to Section 2.5(a), (b), (c) or (d) less the aggregate amount
applied to make the payments required pursuant to Section 2.5(e)(i), to the
extent necessary to pay the Class B Controlled Amortization Amount during the
Series 2010-3 Controlled Amortization Period or to the extent necessary to pay
the Class B Invested Amount during the Series 2010-3 Rapid Amortization
Period.

     

    Section
2.6. Administrator’s Failure to
Instruct the Trustee to Make a Deposit or Payment.  If
the Administrator fails to give notice or instructions to make any payment from
or deposit into the Collection Account required to be given by the
Administrator, at the time specified in the Administration Agreement or any
other Related Document (including applicable grace periods), the Trustee shall
make such payment or deposit into or from the Collection Account without such
notice or instruction from the Administrator, provided that the
Administrator, upon request of the Trustee, promptly provides the Trustee with
all information necessary to allow the Trustee to make such a payment or
deposit.  When any payment or deposit hereunder or under any other
Related Document is required to be made by the Trustee or the 

     

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

    Paying
Agent 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.

     

    Section
2.7. Series 2010-3 Reserve
Account.  (a)  Establishment of Series
2010-3 Reserve Account.  ABRCF shall establish and maintain in
the name of the Series 2010-3 Agent for the benefit of the Series 2010-3
Noteholders, or cause to be established and maintained, an account (the “Series 2010-3 Reserve
Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2010-3
Noteholders.  The Series 2010-3 Reserve Account shall be maintained
(i) with a Qualified Institution, or (ii) as a segregated trust account with the
corporate trust department of a depository institution or trust company having
corporate trust powers and acting as trustee for funds deposited in the Series
2010-3 Reserve Account; provided that, if at
any time such Qualified Institution is no longer a Qualified Institution or the
credit rating of any securities issued by such depositary institution or trust
company shall be reduced to below “BBB (low)” by DBRS or “Baa2” by Moody’s, then
ABRCF shall, within thirty (30) days of such reduction, establish a new Series
2010-3 Reserve Account with a new Qualified Institution.  If the
Series 2010-3 Reserve Account is not maintained in accordance with the previous
sentence, ABRCF shall establish a new Series 2010-3 Reserve Account, within ten
(10) Business Days after obtaining knowledge of such fact, which complies with
such sentence, and shall instruct the Series 2010-3 Agent in writing to transfer
all cash and investments from the non-qualifying Series 2010-3 Reserve Account
into the new Series 2010-3 Reserve Account.  Initially, the Series
2010-3 Reserve Account will be established with The Bank of New York Mellon
Trust Company, N.A.

     

    (b) Administration of the Series
2010-3 Reserve Account.  The Administrator may instruct the
institution maintaining the Series 2010-3 Reserve Account to invest funds on
deposit in the Series 2010-3 Reserve Account from time to time in Permitted
Investments; provided, however, that any
such investment shall mature not later than the Business Day prior to the
Distribution Date following the date on which such funds were received, unless
any Permitted Investment held in the Series 2010-3 Reserve Account is held with
the Paying Agent, then such investment may mature on such Distribution Date and
such funds shall be available for withdrawal on or prior to such Distribution
Date.  All such Permitted Investments will be credited to the Series
2010-3 Reserve Account and any such Permitted Investments that constitute
(i) physical property (and that is not either a United States security
entitlement or a security entitlement) shall be physically delivered to the
Trustee; (ii) United States security entitlements or security entitlements
shall be controlled (as defined in Section 8-106 of the New York UCC) by
the Trustee pending maturity or disposition, and (iii) uncertificated
securities (and not United States security entitlements) shall be delivered to
the Trustee by causing the Trustee to become the registered holder of such
securities.  The Trustee shall, at the expense of ABRCF, take such
action as is required to maintain the Trustee’s security interest in the
Permitted Investments credited to the Series 2010-3 Reserve
Account.  ABRCF shall not direct the Trustee to dispose of (or permit
the disposal of) any Permitted Investments prior to the maturity thereof to the
extent such disposal would result in a loss of the purchase price of such
Permitted Investments.  In the absence of written investment
instructions hereunder, funds on deposit in the Series 2010-3 Reserve Account
shall remain uninvested.

     

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

    (c) Earnings from Series 2010-3
Reserve Account.  All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Series 2010-3 Reserve
Account shall be deemed to be on deposit therein and available for
distribution.

     

    (d) Series 2010-3 Reserve
Account Constitutes Additional Collateral for Series 2010-3
Notes.  In order to secure and provide for the repayment and
payment of ABRCF’s Obligations with respect to the Series 2010-3 Notes, ABRCF
hereby grants a security interest in and assigns, pledges, grants, transfers and
sets over to the Trustee, for the benefit of the Series 2010-3 Noteholders, all
of ABRCF’s right, title and interest in and to the following (whether now or
hereafter existing or acquired):  (i) the Series 2010-3 Reserve
Account, including any security entitlement thereto; (ii) all funds on deposit
therein from time to time; (iii) all certificates and instruments, if any,
representing or evidencing any or all of the Series 2010-3 Reserve Account or
the funds on deposit therein from time to time; (iv) all investments made
at any time and from time to time with monies in the Series 2010-3 Reserve
Account, whether constituting securities, instruments, general intangibles,
investment property, financial assets or other property; (v) all interest,
dividends, cash, instru­ments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for the Series
2010-3 Reserve Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing
clauses (i) through (vi) are referred to, collectively, as the “Series 2010-3 Reserve
Account Collateral”).  The Trustee shall possess all right,
title and interest in and to all funds on deposit from time to time in the
Series 2010-3 Reserve Account and in all proceeds thereof, and shall be the only
person authorized to originate entitlement orders in respect of the Series
2010-3 Reserve Account.  The Series 2010-3 Reserve Account Collateral
shall be under the sole dominion and control of the Trustee for the benefit of
the Series 2010-3 Noteholders.  The Series 2010-3 Agent hereby agrees
(i) to act as the securities intermediary (as defined in Section 8-102(a)(14) of
the New York UCC) with respect to the Series 2010-3 Reserve Account; (ii)
that its jurisdiction as securities intermediary is New York; (iii) that
each item of property (whether investment property, financial asset, security,
instrument or cash) credited to the Series 2010-3 Reserve Account shall be
treated as a financial asset (as defined in Section 8-102(a)(9) of the
New York UCC) and (iv) to comply with any entitlement order (as defined in
Section 8-102(a)(8) of the New York UCC) issued by the
Trustee.

     

    (e) Series 2010-3 Reserve
Account Surplus.  In the event that the Series 2010-3 Reserve
Account Surplus on any Distribution Date, after giving effect to all withdrawals
from the Series 2010-3 Reserve Account, is greater than zero, if no Series
2010-3 Enhancement Deficiency or AESOP I Operating Lease Vehicle Deficiency
would result therefrom or exist thereafter, the Trustee, acting in accordance
with the written instructions of the Administrator pursuant to the
Administration Agreement, shall withdraw from the Series 2010-3 Reserve Account
an amount equal to the Series 2010-3 Reserve Account Surplus and shall pay such
amount to ABRCF.

     

    (f) Termination of Series 2010-3
Reserve Account.  Upon the termination of the Indenture
pursuant to Section 11.1 of the Base Indenture, the Trustee, acting in
accordance with the written instructions of the Administrator, after the prior
payment of all amounts owing to the Series 2010-3 Noteholders and payable from
the Series 2010-3 Reserve Account as 

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

    provided
herein, shall withdraw from the Series 2010-3 Reserve Account all amounts on
deposit therein for payment to ABRCF.

     

    Section
2.8. Series 2010-3 Letters of
Credit and Series 2010-3 Cash Collateral Account.  (a)           Series 2010-3 Letters of
Credit and Series 2010-3 Cash Collateral Account Constitute Additional
Collateral for Series 2010-3 Notes.  In order to secure and
provide for the repayment and payment of ABRCF’s Obligations with respect to the
Series 2010-3 Notes, ABRCF hereby grants a security interest in and assigns,
pledges, grants, transfers and sets over to the Trustee, for the benefit of the
Series 2010-3 Noteholders, all of ABRCF’s right, title and interest in and to
the following (whether now or hereafter existing or
acquired):  (i) each Series 2010-3 Letter of Credit;
(ii) the Series 2010-3 Cash Collateral Account, including any security
entitlement thereto; (iii) all funds on deposit in the Series 2010-3 Cash
Collateral Account from time to time; (iv) all certificates and
instruments, if any, representing or evidencing any or all of the Series 2010-3
Cash Collateral Account or the funds on deposit therein from time to time;
(v) all investments made at any time and from time to time with monies in
the Series 2010-3 Cash Collateral Account, whether constituting securities,
instruments, general intangibles, investment property, financial assets or other
property; (vi) 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 2010-3 Cash Collateral Account, the
funds on deposit therein from time to time or the investments made with such
funds; and (vii) all proceeds of any and all of the foregoing, including,
without limitation, cash (the items in the foregoing clauses (ii) through
(vii) are referred to, collectively, as the “Series 2010-3 Cash
Collateral Account Collateral”).  The Trustee shall, for the
benefit of the Series 2010-3 Noteholders, possess all right, title and interest
in all funds on deposit from time to time in the Series 2010-3 Cash Collateral
Account and in all proceeds thereof, and shall be the only person authorized to
originate entitlement orders in respect of the Series 2010-3 Cash Collateral
Account.  The Series 2010-3 Cash Collateral Account shall be under the
sole dominion and control of the Trustee for the benefit of the Series 2010-3
Noteholders.  The Series 2010-3 Agent hereby agrees (i) to act as the
securities intermediary (as defined in Section 8-102(a)(14) of the New York
UCC) with respect to the Series 2010-3 Cash Collateral Account; (ii) that its
jurisdiction as a securities intermediary is New York, (iii) that each item of
property (whether investment property, financial asset, security, instrument or
cash) credited to the Series 2010-3 Cash Collateral Account shall be treated as
a financial asset (as defined in Section 8-102(a)(9) of the New York UCC)
and (iv) to comply with any entitlement order (as defined in Section 8-102(a)(8)
of the New York UCC) issued by the Trustee.

     

    (b) Series 2010-3 Letter of
Credit Expiration Date.  If prior to the date which is ten (10)
days prior to the then - scheduled Series 2010-3 Letter of Credit Expiration
Date with respect to any Series 2010-3 Letter of Credit, excluding the amount
available to be drawn under such Series 2010-3 Letter of Credit but taking into
account each substitute Series 2010-3 Letter of Credit which has been obtained
from a Series 2010-3 Eligible Letter of Credit Provider and is in full force and
effect on such date, the Series 2010-3 Enhancement Amount would be equal to or
more than the Series 2010-3 Required Enhancement Amount and the Series 2010-3
Liquidity Amount would be equal to or greater than the Series 2010-3 Required
Liquidity Amount, then the Administrator shall notify the Trustee in writing no
later than two (2) Business Days prior to such Series 2010-3 Letter of Credit
Expiration Date of such determination.  If prior to the date which is
ten (10) days prior to the then-scheduled Series 2010-3 Letter of Credit
Expiration Date 

     

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

    with
respect to any Series 2010-3 Letter of Credit, excluding the amount available to
be drawn under such Series 2010-3 Letter of Credit but taking into account a
substitute Series 2010-3 Letter of Credit which has been obtained from a Series
2010-3 Eligible Letter of Credit Provider and is in full force and effect on
such date, the Series 2010-3 Enhancement Amount would be less than the Series
2010-3 Required Enhancement Amount or the Series 2010-3 Liquidity Amount would
be less than the Series 2010-3 Required Liquidity Amount, then the Administrator
shall notify the Trustee in writing no later than two (2) Business Days prior to
such Series 2010-3 Letter of Credit Expiration Date of (x)
the greater of (A) the excess, if any, of the Series 2010-3 Required Enhancement
Amount over the Series 2010-3 Enhancement Amount, excluding the available amount
under such expiring Series 2010-3 Letter of Credit but taking into account any
substitute Series 2010-3 Letter of Credit which has been obtained from a Series
2010-3 Eligible Letter of Credit Provider and is in full force and effect, on
such date, and (B) the excess, if any, of the Series 2010-3 Required Liquidity
Amount over the Series 2010-3 Liquidity Amount, excluding the available amount
under such expiring Series 2010-3 Letter of Credit but taking into account any
substitute Series 2010-3 Letter of Credit which has been obtained from a Series
2010-3 Eligible Letter of Credit Provider and is in full force and effect, on
such date, and (y) the amount available to be drawn on such expiring Series
2010-3 Letter of Credit on such date.  Upon receipt of such notice by
the Trustee on or prior to 10:00 a.m. (New York City time) on any Business Day,
the Trustee shall, by 12:00 noon (New York City time) on such Business Day (or,
in the case of any notice given to the Trustee after 10:00 a.m. (New York City
time), by 12:00 noon (New York City time) on the next following Business Day),
draw the lesser of the amounts set forth in clauses (x) and (y) above on such
expiring Series 2010-3 Letter of Credit by presenting a draft accompanied by a
Certificate of Termination Demand and shall cause the Termination Disbursement
to be deposited in the Series 2010-3 Cash Collateral Account.

     

    If the
Trustee does not receive the notice from the Administrator described in the
first paragraph of this Section 2.8(b) on or prior to the date that is two (2)
Business Days prior to each Series 2010-3 Letter of Credit Expiration Date, the
Trustee shall, by 12:00 noon (New York City time) on such Business Day draw the
full amount of such Series 2010-3 Letter of Credit by presenting a draft
accompanied by a Certificate of Termination Demand and shall cause the
Termination Disbursement to be deposited in the Series 2010-3 Cash Collateral
Account.

     

    (c) Series 2010-3 Letter of
Credit Providers.  The Administrator shall notify the Trustee
in writing within one (1) Business Day of becoming aware that (i) the long-term
senior unsecured debt credit rating of any Series 2010-3 Letter of Credit
Provider has fallen below “A (high)” as determined by DBRS or “A1” as determined
by Moody’s or (ii) the short-term senior unsecured debt credit rating of any
Series 2010-3 Letter of Credit Provider has fallen below “R-1” as determined by
DBRS or “P-1” as determined by Moody’s.  At such time the
Administrator shall also notify the Trustee of (i) the greater of (A) the
excess, if any, of the Series 2010-3 Required Enhancement Amount over the Series
2010-3 Enhancement Amount, excluding the available amount under the Series
2010-3 Letter of Credit issued by such Series 2010-3 Letter of Credit Provider,
on such date, and (B) the excess, if any, of the Series 2010-3 Required
Liquidity Amount over the Series 2010-3 Liquidity Amount, excluding the
available amount under such Series 2010-3 Letter of Credit, on such date, and
(ii) the amount available to be drawn on such Series 2010-3 Letter of
Credit on such date.  Upon receipt of such notice by the Trustee on or
prior to 10:00 a.m. (New York City time) on any Business Day, the Trustee shall,
by 12:00 noon (New York City time) on such Business Day (or, in the case of any
notice 

     

    
      
        
        

      

      
        -37-

        
          

        

      

      
        
        

      

    

    given to
the Trustee after 10:00 a.m. (New York City time), by 12:00 noon (New York City
time) on the next following Business Day), draw on such Series 2010-3 Letter of
Credit in an amount equal to the lesser of the amounts in clause (i) and
clause (ii) of the immediately preceding sentence on such Business Day by
presenting a draft accompanied by a Certificate of Termination Demand and shall
cause the Termination Disbursement to be deposited in the Series 2010-3 Cash
Collateral Account.

     

    (d) Termination Date Demands on
the Series 2010-3 Letters of Credit.  Prior to 10:00 a.m. (New
York City time) on the Business Day immediately succeeding the Series 2010-3
Letter of Credit Termination Date, the Administrator shall determine the Series
2010-3 Demand Note Payment Amount, if any, as of the Series 2010-3 Letter of
Credit Termination Date and, if the Series 2010-3 Demand Note Payment Amount is
greater than zero, instruct the Trustee in writing to draw on the Series 2010-3
Letters of Credit.  Upon receipt of any such notice by the Trustee on
or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee
shall, by 12:00 noon (New York City time) on such Business Day draw an amount
equal to the lesser of (i) the Series 2010-3 Demand Note Payment Amount and
(ii) the Series 2010-3 Letter of Credit Liquidity Amount on the Series
2010-3 Letters of Credit by presenting to each Series 2010-3 Letter of Credit
Provider a draft accompanied by a Certificate of Termination Date Demand and
shall cause the Termination Date Disbursement to be deposited in the Series
2010-3 Cash Collateral Account; provided, however, that if the
Series 2010-3 Cash Collateral Account has been established and funded, the
Trustee shall draw an amount equal to the product of (a) 100% minus the Series
2010-3 Cash Collateral Percentage and (b) the lesser of the amounts referred to
in clause (i) and (ii) on such Business Day on the Series 2010-3 Letters of
Credit as calculated by the Administrator and provided in writing to the
Trustee.

     

    (e) Draws on the Series 2010-3
Letters of Credit.  If there is more than one Series 2010-3
Letter of Credit on the date of any draw on the Series 2010-3 Letters of Credit
pursuant to the terms of this Supplement, the Administrator shall instruct the
Trustee, in writing, to draw on each Series 2010-3 Letter of Credit in an amount
equal to the Pro Rata Share of the Series 2010-3 Letter of Credit Provider
issuing such Series 2010-3 Letter of Credit of the amount of such draw on the
Series 2010-3 Letters of Credit.

     

    (f) Establishment of Series
2010-3 Cash Collateral Account.  On or prior to the date of any
drawing under a Series 2010-3 Letter of Credit pursuant to Section 2.8(b),
(c) or (d) above, ABRCF shall establish and maintain in the name of the Trustee
for the benefit of the Series 2010-3 Noteholders, or cause to be established and
maintained, an account (the “Series 2010-3 Cash
Collateral Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Series 2010-3
Noteholders.  The Series 2010-3 Cash Collateral Account shall be
maintained (i) with a Qualified Institution, or (ii) as a segregated
trust account with the corporate trust department of a depository institution or
trust company having corporate trust powers and acting as trustee for funds
deposited in the Series 2010-3 Cash Collateral Account; provided, however, that if at
any time such Qualified Institution is no longer a Qualified Institution or the
credit rating of any securities issued by such depository institution or trust
company shall be reduced to below “BBB (low)” by DBRS or “Baa3” by Moody’s, then
ABRCF shall, within thirty (30) days of such reduction, establish a new Series
2010-3 Cash Collateral Account with a new Qualified Institution or a new
segregated trust account with the corporate trust department of a depository
institution or trust company having 

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

    corporate
trust powers and acting as trustee for funds deposited in the Series 2010-3 Cash
Collateral Account.  If a new Series 2010-3 Cash Collateral Account is
established, ABRCF shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Series 2010-3 Cash Collateral Account
into the new Series 2010-3 Cash Collateral Account.

     

    (g) Administration of the Series
2010-3 Cash Collateral Account.  ABRCF may instruct (by
standing instructions or otherwise) the institution maintaining the Series
2010-3 Cash Collateral Account to invest funds on deposit in the Series 2010-3
Cash Collateral Account from time to time in Permitted Investments; provided, however, that any
such investment shall mature not later than the Business Day prior to the
Distribution Date following the date on which such funds were received, unless
any Permitted Investment held in the Series 2010-3 Cash Collateral Account is
held with the Paying Agent, in which case such investment may mature on such
Distribution Date so long as such funds shall be available for withdrawal on or
prior to such Distribution Date.  All such Permitted Investments will
be credited to the Series 2010-3 Cash Collateral Account and any such Permitted
Investments that constitute (i) physical property (and that is not either a
United States security entitlement or a security entitlement) shall be
physically delivered to the Trustee; (ii) United States security
entitlements or security entitlements shall be controlled (as defined in Section
8-106 of the New York UCC) by the Trustee pending maturity or disposition, and
(iii) uncertificated securities (and not United States security
entitlements) shall be delivered to the Trustee by causing the Trustee to become
the registered holder of such securities.  The Trustee shall, at the
expense of ABRCF, take such action as is required to maintain the Trustee’s
security interest in the Permitted Investments credited to the Series 2010-3
Cash Collateral Account.  ABRCF shall not direct the Trustee to
dispose of (or permit the disposal of) any Permitted Investments prior to the
maturity thereof to the extent such disposal would result in a loss of the
purchase price of such Permitted Investments.  In the absence of
written investment instructions hereunder, funds on deposit in the Series 2010-3
Cash Collateral Account shall remain uninvested.

     

    (h) Earnings from Series 2010-3
Cash Collateral Account.  All interest and earnings (net of
losses and investment expenses) paid on funds on deposit in the Series 2010-3
Cash Collateral Account shall be deemed to be on deposit therein and available
for distribution.

     

    (i) Series 2010-3 Cash
Collateral Account Surplus.  In the event that the Series
2010-3 Cash Collateral Account Surplus on any Distribution Date (or, after the
Series 2010-3 Letter of Credit Termination Date, on any date) is greater than
zero, the Trustee, acting in accordance with the written instructions of the
Administrator, shall withdraw from the Series 2010-3 Cash Collateral Account an
amount equal to the Series 2010-3 Cash Collateral Account Surplus and shall pay
such amount:  first, to the Series
2010-3 Letter of Credit Providers to the extent of any unreimbursed drawings
under the related Series 2010-3 Reimbursement Agreement, for application in
accordance with the provisions of the related Series 2010-3 Reimbursement
Agreement, and, second, to ABRCF any
remaining amount.

     

    (j) Termination of Series 2010-3
Cash Collateral Account.  Upon the termination of this
Supplement in accordance with its terms, the Trustee, acting in accordance with
the written instructions of the Administrator, after the prior payment of all
amounts owing to the Series 2010-3 Noteholders and payable from the Series
2010-3 Cash Collateral Account as provided herein, shall withdraw from the
Series 2010-3 Cash Collateral Account all amounts on 

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

    deposit
therein (to the extent not withdrawn pursuant to Section 2.8(i) above) and
shall pay such amounts:  first, to the Series
2010-3 Letter of Credit Providers to the extent of any unreimbursed drawings
under the related Series 2010-3 Reimbursement Agreement, for application in
accordance with the provisions of the related Series 2010-3 Reimbursement
Agreement, and, second, to ABRCF any
remaining amount.

     

    Section
2.9. Series 2010-3 Distribution
Account.  (a)  Establishment of Series
2010-3 Distribution Account.  ABRCF shall establish and
maintain in the name of the Trustee for the benefit of the Series 2010-3
Noteholders, or cause to be established and maintained, an account (the “Series 2010-3 Distribution
Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2010-3
Noteholders.  The Series 2010-3 Distribution Account shall be
maintained (i) with a Qualified Institution, or (ii) as a segregated trust
account with the corporate trust department of a depository institution or trust
company having corporate trust powers and acting as trustee for funds deposited
in the Series 2010-3 Distribution Account; provided, however, that if at
any time such Qualified Institution is no longer a Qualified Institution or the
credit rating of any securities issued by such depositary institution or trust
company shall be reduced to below “BBB (low)” by DBRS or “Baa3” by Moody’s, then
ABRCF shall, within thirty (30) days of such reduction, establish a new Series
2010-3 Distribution Account with a new Qualified Institution.  If the
Series 2010-3 Distribution Account is not maintained in accordance with the
previous sentence, ABRCF shall establish a new Series 2010-3 Distribution
Account, within ten (10) Business Days after obtaining knowledge of such fact,
which complies with such sentence, and shall instruct the Series 2010-3 Agent in
writing to transfer all cash and investments from the non-qualifying Series
2010-3 Distribution Account into the new Series 2010-3 Distribution
Account.  Initially, the Series 2010-3 Distribution Account will be
established with The Bank of New York Mellon Trust Company, N.A.

     

    (b) Administration of the Series
2010-3 Distribution Account.  The Administrator may instruct
the institution maintaining the Series 2010-3 Distribution Account to invest
funds on deposit in the Series 2010-3 Distribution Account from time to time in
Permitted Investments; provided, however, that any
such investment shall mature not later than the Business Day prior to the
Distribution Date following the date on which such funds were received, unless
any Permitted Investment held in the Series 2010-3 Distribution Account is held
with the Paying Agent, then such investment may mature on such Distribution Date
and such funds shall be available for withdrawal on or prior to such
Distribution Date.  All such Permitted Investments will be credited to
the Series 2010-3 Distribution Account and any such Permitted Investments that
constitute (i) physical property (and that is not either a United States
security entitlement or a security entitlement) shall be physically delivered to
the Trustee; (ii) United States security entitlements or security
entitlements shall be controlled (as defined in Section 8-106 of the
New York UCC) by the Trustee pending maturity or disposition, and
(iii) uncertificated securities (and not United States security
entitlements) shall be delivered to the Trustee by causing the Trustee to become
the registered holder of such securities.  The Trustee shall, at the
expense of ABRCF, take such action as is required to maintain the Trustee’s
security interest in the Permitted Investments credited to the Series 2010-3
Distribution Account.  ABRCF shall not direct the Trustee to dispose
of (or permit the disposal of) any Permitted Investments prior to the maturity
thereof to the extent such disposal would result in a loss of the 

     

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

    

    purchase
price of such Permitted Investments.  In the absence of written
investment instructions hereunder, funds on deposit in the Series 2010-3
Distribution Account shall remain uninvested.

     

    (c) Earnings from Series 2010-3
Distribution Account.  All interest and earnings (net of losses
and investment expenses) paid on funds on deposit in the Series 2010-3
Distribution Account shall be deemed to be on deposit and available for
distribution.

     

    (d) Series 2010-3 Distribution
Account Constitutes Additional Collateral for Series 2010-3
Notes.  In order to secure and provide for the repayment and
payment of ABRCF’s Obligations with respect to the Series 2010-3 Notes, ABRCF
hereby grants a security interest in and assigns, pledges, grants, transfers and
sets over to the Trustee, for the benefit of the Series 2010-3 Noteholders, all
of ABRCF’s right, title and interest in and to the following (whether now or
hereafter existing or acquired):  (i) the Series 2010-3 Distribution
Account, including any security entitlement thereto; (ii) all funds on deposit
therein from time to time; (iii) all certificates and instruments, if any,
representing or evidencing any or all of the Series 2010-3 Distribution Account
or the funds on deposit therein from time to time; (iv) all investments made at
any time and from time to time with monies in the Series 2010-3 Distribution
Account, whether constituting securities, instruments, general intangibles,
investment property, financial assets or other property; (v) all interest,
dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for the Series
2010-3 Distribution Account, the funds on deposit therein from time to time or
the investments made with such funds; and (vi) all proceeds of any and all
of the foregoing, including, without limitation, cash (the items in the
foregoing clauses (i) through (vi) are referred to, collectively, as the “Series 2010-3 Distribution
Account Collateral”).  The Trustee shall possess all right,
title and interest in all funds on deposit from time to time in the Series
2010-3 Distribution Account and in and to all proceeds thereof, and shall be the
only person authorized to originate entitlement orders in respect of the Series
2010-3 Distribution Account.  The Series 2010-3 Distribution Account
Collateral shall be under the sole dominion and control of the Trustee for the
benefit of the Series 2010-3 Noteholders.  The Series 2010-3 Agent
hereby agrees (i) to act as the securities intermediary (as defined in Section
8-102(a)(14) of the New York UCC) with respect to the Series 2010-3
Distribution Account; (ii) that its jurisdiction as securities intermediary
is New York, (iii) that each item of property (whether investment property,
financial asset, security, instrument or cash) credited to the Series 2010-3
Distribution Account shall be treated as a financial asset (as defined in
Section 8-102(a)(9) of the New York UCC) and (iv) to comply with any
entitlement order (as defined in Section 8-102(a)(8) of the New York
UCC) issued by the Trustee.

     

    Section
2.10. Series 2010-3 Accounts
Permitted Investments.  ABRCF
shall not, and shall not permit, funds on deposit in the Series 2010-3 Accounts
to be invested in:

     

    (i) Permitted
Investments that do not mature at least one Business Day before the next
Distribution Date;

     

    (ii) demand
deposits, time deposits or certificates of deposit with a maturity in excess of
360 days;

     

    (iii) commercial
paper which is not rated “P-1” by Moody’s;

     

    
      
        
        

      

      
        -41-

        
          

        

      

      
        
        

      

    

    (iv) money
market funds or eurodollar time deposits which are not rated at least “P-1” by
Moody’s;

     

    (v) eurodollar
deposits that are not rated “P-1” by Moody’s or that are with financial
institutions not organized under the laws of a G-7 nation; or

     

    (vi) any
investment, instrument or security not otherwise listed in clause
(i) through (vi) of the definition of “Permitted Investments” in the Base
Indenture.

     

    Section
2.11. Series 2010-3 Demand Notes
Constitute Additional Collateral for Series 2010-3 Notes.  In
order to secure and provide for the repayment and payment of ABRCF’s Obligations
with respect to the Series 2010-3 Notes, ABRCF hereby grants a security interest
in and assigns, pledges, grants, transfers and sets over to the Trustee, for the
benefit of the Series 2010-3 Noteholders, all of ABRCF’s right, title and
interest in and to the following (whether now or hereafter existing or
acquired):  (i) the Series 2010-3 Demand Notes; (ii) all
certificates and instruments, if any, representing or evidencing the Series
2010-3 Demand Notes; and (iii) all proceeds of any and all of the
foregoing, including, without limitation, cash.  On the date hereof,
ABRCF shall deliver to the Trustee, for the benefit of the Series 2010-3
Noteholders, each Series 2010-3 Demand Note, endorsed in blank.  The
Trustee, for the benefit of the Series 2010-3 Noteholders, shall be the only
Person authorized to make a demand for payments on the Series 2010-3 Demand
Notes.

     

    Section
2.12. Subordination of the Class B
Notes.  Notwithstanding
anything to the contrary contained in this Supplement, the Indenture or in any
other Related Document, the Class B Notes will be subordinate in all respects to
the Class A Notes as and to the extent set forth in this Section
2.12(a).  No payments on account of principal shall be made with
respect to the Class B Notes on any Distribution Date prior to the Series 2010-3
Rapid Amortization Period unless an amount equal to the Class A Controlled
Distribution Amount for the Related Month shall have been paid to the Class A
Noteholders and no payments on account of principal shall be made with respect
to the Class B Notes during the Series 2010-3 Rapid Amortization Period or on
the Series 2010-3 Final Distribution Date until the Class A Notes have been paid
in full.  No payments on account of interest shall be made with
respect to the Class B Notes until all payments of interest then due and payable
with respect to the Class A Notes (including, without limitation, all accrued
interest, all Class A Shortfall and all interest accrued on such Class A
Shortfall) have been paid in full.

     

     

    ARTICLE
III

     

    AMORTIZATION
EVENTS

     

    In
addition to the Amortization Events set forth in Section 9.1 of the Base
Indenture, any of the following shall be an Amortization Event with respect to
the Series 2010-3 Notes and collectively shall constitute the Amortization
Events set forth in Section 9.1(n) of the Base Indenture with respect to the
Series 2010-3 Notes (without notice or other action on the part of the Trustee
or any holders of the Series 2010-3 Notes):

     

     

    
      
        
        

      

      
        -42-

        
          

        

      

      
        
        

      

    

     

    (a) a Series
2010-3 Enhancement Deficiency shall occur and continue for at least two (2)
Business Days; provided, however, that such
event or condition shall not be an Amortization Event if during such two (2)
Business Day period such Series 2010-3 Enhancement Deficiency shall have been
cured in accordance with the terms and conditions of the Indenture and the
Related Documents;

     

    (b) the
Series 2010-3 Liquidity Amount shall be less than the Series 2010-3 Required
Liquidity Amount for at least two (2) Business Days; provided, however, that such
event or condition shall not be an Amortization Event if during such two
(2) Business Day period such insufficiency shall have been cured in
accordance with the terms and conditions of the Indenture and the Related
Documents;

     

    (c) the
Collection Account, the Series 2010-3 Collection Account, the Series 2010-3
Excess Collection Account or the Series 2010-3 Reserve Account shall be subject
to an injunction, estoppel or other stay or a Lien (other than Liens permitted
under the Related Documents);

     

    (d) all
principal of and interest on any Class of the Series 2010-3 Notes is not paid in
full on or before the Series 2010-3 Expected Final Distribution
Date;

     

    (e) any
Series 2010-3 Letter of Credit shall not be in full force and effect for at
least two (2) Business Days and (x) either a Series 2010-3 Enhancement
Deficiency would result from excluding such Series 2010-3 Letter of Credit from
the Series 2010-3 Enhancement Amount or (y) the Series 2010-3 Liquidity Amount,
excluding therefrom the available amount under such Series 2010-3 Letter of
Credit, would be less than the Series 2010-3 Required Liquidity
Amount;

     

    (f) from and
after the funding of the Series 2010-3 Cash Collateral Account, the Series
2010-3 Cash Collateral Account shall be subject to an injunction, estoppel or
other stay or a Lien (other than Liens permitted under the Related Documents)
for at least two (2) Business Days and either (x) a Series 2010-3 Enhancement
Deficiency would result from excluding the Series 2010-3 Available Cash
Collateral Account Amount from the Series 2010-3 Enhancement Amount or (y) the
Series 2010-3 Liquidity Amount, excluding therefrom the Series 2010-3 Available
Cash Collateral Amount, would be less than the Series 2010-3 Required Liquidity
Amount; and

     

    (g) an Event
of Bankruptcy shall have occurred with respect to any Series 2010-3 Letter of
Credit Provider or any Series 2010-3 Letter of Credit Provider repudiates its
Series 2010-3 Letter of Credit or refuses to honor a proper draw thereon and
either (x) a Series 2010-3 Enhancement Deficiency would result from excluding
such Series 2010-3 Letter of Credit from the Series 2010-3 Enhancement Amount or
(y) the Series 2010-3 Liquidity Amount, excluding therefrom the available amount
under such Series 2010-3 Letter of Credit, would be less than the Series 2010-3
Required Liquidity Amount.

     

    
      
        
        

      

      
        -43-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
IV

     

    FORM
OF SERIES 2010-3 NOTES

     

    Section
4.1. Restricted Global Series
2010-3 Notes.  Each
Class of the Series 2010-3 Notes to be issued in the United States will be
issued in book-entry form and represented by one or more permanent global Notes
in fully registered form without interest coupons (each, a “Restricted Global Class A
Note”, or a “Restricted Global Class B
Note”, as the case may be), substantially in the form set forth in Exhibits A-1 and
B-1, with such
legends as may be applicable thereto as set forth in the Base Indenture, and
will be sold only in the United States (1) initially to institutional accredited
investors within the meaning of Regulation D under the Securities Act in
reliance on an exemption from the registration requirements of the Securities
Act and (2) thereafter to qualified institutional buyers within the meaning
of, and in reliance on, Rule 144A under the Securities Act and shall be
deposited on behalf of the purchasers of such Class of the Series 2010-3 Notes
represented thereby, with the Trustee as custodian for DTC, and registered in
the name of Cede as DTC’s nominee, duly executed by ABRCF and authenticated by
the Trustee in the manner set forth in Section 2.4 of the Base
Indenture.

     

    Section
4.2. Temporary Global Series
2010-3 Notes; Permanent Global Series 2010-3 Notes.  Each
Class of the Series 2010-3 Notes to be issued outside the United States will be
issued and sold in transactions outside the United States in reliance on
Regulation S under the Securities Act, as provided in the applicable note
purchase agreement, and shall initially be issued in the form of one or more
temporary notes in registered form without interest coupons (each, a “Temporary Global Class A
Note”, or a “Temporary Global Class B
Note”, as the case may be, and collectively the “Temporary Global Series
2010-3 Notes”), substantially in the form set forth in Exhibits A-2, and
B-2, which
shall be deposited on behalf of the purchasers of such Class of the Series
2010-3 Notes represented thereby with a custodian for, and registered in the
name of a nominee of DTC, for the account of Euroclear Bank S.A./N.V., as
operator of the Euroclear System (“Euroclear”) or for
Clearstream Banking, société anonyme (“Clearstream”), duly
executed by ABRCF and authenticated by the Trustee in the manner set forth in
Section 2.4 of the Base Indenture.  Interests in each Temporary Global
Series 2010-3 Note will be exchangeable, in whole or in part, for interests in
one or more permanent global notes in registered form without interest coupons
(each, a “Permanent
Global Class A Note” or a “Permanent Global Class B
Note”, as the case may be, and collectively the “Permanent Global Series
2010-3 Notes”), substantially in the form of Exhibits A-3, and
B-3, in
accordance with the provisions of such Temporary Global Series 2010-3 Note and
the Base Indenture (as modified by this Supplement).  Interests in a
Permanent Global Series 2010-3 Note will be exchangeable for a definitive Series
2010-3 Note in accordance with the provisions of such Permanent Global Series
2010-3 Note and the Base Indenture (as modified by this
Supplement).

     

     

    ARTICLE
V

     

    GENERAL

     

    Section
5.1. Optional
Repurchase.  The
Series 2010-3 Notes shall be subject to repurchase by ABRCF at its option in
accordance with Section 6.3 of the Base Indenture on any Distribution Date after
the Series 2010-3 Invested Amount is reduced to an amount less than or

     

    
      
        
        

      

      
        -44-

        
          

        

      

      
        
        

      

    

    equal to
10% of the sum of the Class A Initial Invested Amount and the Class B Initial
Invested Amount (the “Series 2010-3 Repurchase
Amount”).  The repurchase price for any Series 2010-3 Note
shall equal the aggregate outstanding principal balance of such Series 2010-3
Note (determined after giving effect to any payments of principal and interest
on such Distribution Date), plus accrued and
unpaid interest on such outstanding principal balance.

     

    Section
5.2. Information.  The
Trustee shall provide to the Series 2010-3 Noteholders, or their designated
agent, copies of all information furnished to the Trustee or ABRCF pursuant to
the Related Documents, as such information relates to the Series 2010-3 Notes or
the Series 2010-3 Collateral.

     

    
       

      Section
5.3. Exhibits. The following exhibits attached hereto supplement the exhibits
included in the Indenture.

       

    

    
      
        	 
      	
                Exhibit
      A-1:

              	
                Form
      of Restricted Global Class A Note

              
	 
      	
                Exhibit
      A-2:

              	
                Form
      of Temporary Global Class A Note

              
	 
      	
                Exhibit
      A-3:

              	
                Form
      of Permanent Global Class A Note

              
	 
      	
                Exhibit
      B-1:

              	
                Form
      of Restricted Global Class B Note

              
	 
      	
                Exhibit
      B-2:

              	
                Form
      of Temporary Global Class B Note

              
	 
      	
                Exhibit
      B-3:

              	
                Form
      of Permanent Global Class B Note

              
	 
      	
                Exhibit
      C:

              	
                Form
      of Series 2010-3 Demand Note

              
	 
      	
                Exhibit
      D:

              	
                Form
      of Letter of Credit

              
	 
      	
                Exhibit
      E:

              	
                Form
      of Lease Payment Deficit Notice

              
	 
      	
                Exhibit
      F:

              	
                Form
      of Demand Notice

              
	 
      	
                Exhibit
      G:

              	
                Form
      of Supplemental Indenture No. 3 to the Base Indenture

              
	 
      	
                Exhibit
      H:

              	
                Form
      of Amendment to the Master Exchange
Agreement

              

      

       

      

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

    

     

    Section
5.5. Counterparts.  This
Supplement may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all of such counterparts shall
together constitute but one and the same instrument.

     

    Section
5.6. Governing
Law.  This
Supplement shall be construed in accordance with the law of the State of New
York, and the obligations, rights and remedies of the parties hereto shall be
determined in accordance with such law.

     

    Section
5.7. Amendments.  This
Supplement may be modified or amended from time to time in accordance with the
terms of the Base Indenture; provided, however, that if,
pursuant to the terms of the Base Indenture or this Supplement, the consent of
the Required Noteholders is required for an amendment or modification of this
Supplement or any other Related Document, such requirement shall be satisfied if
such amendment or modification is 

     

    
      
        
        

      

      
        -45-

        
          

        

      

      
        
        

      

    

    consented
to by the Requisite Series 2010-3 Noteholders; provided further, that, so
long as (i) no Amortization Event has occurred and is continuing and (ii) the
Rating Agency Consent Condition is met with respect to the outstanding Series
2010-3 Notes, ABRCF shall be able to (x) increase the Series 2010-3 Maximum
Hyundai Amount up to an amount not to exceed 30% of the aggregate Net Book Value
of all Vehicles leased under the Leases and (y) increase the Series 2010-3
Maximum Kia Amount up to an amount not to exceed 15% of the aggregate Net Book
Value of all Vehicles leased under the Leases at any time without the consent of
the Series 2010-3 Noteholders by giving written notice of such increase to the
Trustee along with an Officer’s Certificate certifying that no Amortization
Event has occurred and is continuing.

    

    Section
5.8. Discharge of
Indenture.  Notwithstanding
anything to the contrary contained in the Base Indenture, no discharge of the
Indenture pursuant to Section 11.1(b) of the Base Indenture will be effective as
to the Series 2010-3 Notes without the consent of the Requisite Series 2010-3
Noteholders.

     

    Section
5.9. Notice to Rating
Agencies.  The
Trustee shall provide to each Rating Agency a copy of each notice, opinion of
counsel, certificate or other item delivered to, or required to be provided by,
the Trustee pursuant to this Supplement or any other Related
Document.

     

    Section
5.10. Capitalization of
ABRCF.  ABRCF
agrees that on the Series 2010-3 Closing Date it will have capitalization in an
amount equal to or greater than 3% of the sum of (x) the Series 2010-3 Invested
Amount and (y) the invested amount of the Series 2003-4 Notes, the Series 2004-1
Notes, the Series 2005-1 Notes, the Series 2005-2 Notes, the Series 2005-4
Notes, the Series 2006-1 Notes, the Series 2007-2 Notes, the Series 2008-1
Notes, the Series 2009-1 Notes, the Series 2009-2 Notes, the Series 2009-3
Notes, the Series 2010-1 Notes and the Series 2010-2 Notes.

     

    Section
5.11. Required Noteholders.
Subject
to Section 5.7 above, any action pursuant to Section 5.6, Section 8.13 or
Article 9 of the Base Indenture that requires the consent of, or is permissible
at the direction of, the Required Noteholders with respect to the Series 2010-3
Notes pursuant to the Base Indenture shall only be allowed with the consent of,
or at the direction of, the Required Controlling Class Series 2010-3
Noteholders.  Any other action pursuant to any Related Document which
requires the consent or approval of, or the waiver by, the Required Noteholders
with respect to the Series 2010-3 Notes shall require the consent or approval
of, or waiver by, the Requisite Series 2010-3 Noteholders.

     

    Section
5.12. Series 2010-3 Demand
Notes.  Other
than pursuant to a demand thereon pursuant to Section 2.5, ABRCF shall not
reduce the amount of the Series 2010-3 Demand Notes or forgive amounts payable
thereunder so that the outstanding principal amount of the Series 2010-3 Demand
Notes after such reduction or forgiveness is less than the Series 2010-3 Letter
of Credit Liquidity Amount.  ABRCF shall not agree to any amendment of
the Series 2010-3 Demand Notes without first satisfying the Rating Agency
Confirmation Condition and the Rating Agency Consent Condition.

     

    Section
5.13. Termination of
Supplement.  This
Supplement shall cease to be of further effect when all outstanding Series
2010-3 Notes theretofore authenticated and issued have 

     

    
      
        
        

      

      
        -46-

        
          

        

      

      
        
        

      

    

    been
delivered (other than destroyed, lost, or stolen Series 2010-3 Notes which have
been replaced or paid) to the Trustee for cancellation, ABRCF has paid all sums
payable hereunder, and, if the Series 2010-3 Demand Note Payment Amount on the
Series 2010-3 Letter of Credit Termination Date was greater than zero, all
amounts have been withdrawn from the Series 2010-3 Cash Collateral Account in
accordance with Section 2.8(i).

     

    Section
5.14. Noteholder Consent to
Certain Amendments.  Each
Series 2010-3 Noteholder, upon any acquisition of a Series 2010-3 Note, will be
deemed to agree and consent to (i) the execution by ABRCF of a Supplemental
Indenture to the Base Indenture substantially in the form of Exhibit G hereto and
(ii) the execution of an amendment to the Master Exchange Agreement
substantially in the form of Exhibit H
hereto.  Such deemed consent will apply to each proposed amendment set
forth in Exhibits
G and H
individually, and the failure to adopt any of the amendments set forth therein
will not revoke the consent with respect to any other amendment.

     

    Section
5.15. Confidential
Information. (a)  The
Trustee and each Series 2010-3 Note Owner agrees, by its acceptance and holding
of a beneficial interest in a Series 2010-3 Note, to maintain the
confidentiality of all Confidential Information in accordance with procedures
adopted by the Trustee or such Series 2010-3 Note Owner in good faith to protect
confidential information of third parties delivered to such Person; provided,
that such Person may deliver or disclose Confidential Information
to:  (i) such Person’s directors, trustees, officers, employees,
agents, attorneys, independent or internal auditors and affiliates who agree to
hold confidential the Confidential Information substantially in accordance with
the terms of this Section 5.15; (ii) such Person’s financial advisors and other
professional advisors who agree to hold confidential the Confidential
Information substantially in accordance with the terms of this Section 5.15;
(iii) any other Series 2010-3 Note Owner; (iv) any Person of the type that would
be, to such Person’s knowledge, permitted to acquire an interest in the Series
2010-3 Notes in accordance with the requirements of the Indenture to which such
Person sells or offers to sell any such Series 2010-3 Note or any part thereof
and that agrees to hold confidential the Confidential Information substantially
in accordance with this Section 5.15 (or in accordance with such other
confidentiality procedures as are acceptable to ABRCF); (v) any federal or state
or other regulatory, governmental or judicial authority having jurisdiction over
such Person; (vi) the National Association of Insurance Commissioners or
any similar organization, or any nationally recognized rating agency that
requires access to information about the investment portfolio of such Person,
(vii) any reinsurers or liquidity or credit providers that agree to hold
confidential the Confidential Information substantially in accordance with this
Section 5.15 (or in accordance with such other confidentiality procedures as are
acceptable to ABRCF); (viii) any other Person with the consent of ABRCF; or (ix)
any other Person to which such delivery or disclosure may be necessary or
appropriate (A) to effect compliance with any law, rule, regulation, statute or
order applicable to such Person, (B) in response to any subpoena or other legal
process upon prior notice to ABRCF (unless prohibited by applicable law, rule,
order or decree or other requirement having the force of law), (C) in connection
with any litigation to which such Person is a party upon prior notice to ABRCF
(unless prohibited by applicable law, rule, order or decree or other requirement
having the force of law) or (D) if an Amortization Event with respect to
the Series 2010-3 Notes has occurred and is continuing, to the extent such
Person may reasonably determine such delivery and disclosure to be necessary or
appropriate in the enforcement or for the protection of the rights and remedies
under the Series 2010-3 Notes, 

     

    
      
        
        

      

      
        -47-

        
          

        

      

      
        
        

      

    

    the
Indenture or any other Related Document; and provided, further, however, that
delivery to any Series 2010-3 Note Owner of any report or information required
by the terms of the Indenture to be provided to such Series 2010-3 Note Owner
shall not be a violation of this Section 5.15.  Each Series 2010-3
Note Owner agrees, by acceptance of a beneficial interest in a Series 2010-3
Note, except as set forth in clauses (v), (vi) and (ix) above, that it shall use
the Confidential Information for the sole purpose of making an investment in the
Series 2010-3 Notes or administering its investment in the Series 2010-3
Notes.  In the event of any required disclosure of the Confidential
Information by such Series 2010-3 Note Owner, such Series 2010-3 Note Owner
agrees to use reasonable efforts to protect the confidentiality of the
Confidential Information.

     

    (b) For the
purposes of this Section 5.15, “Confidential
Information” means information delivered to the Trustee or any Series
2010-3 Note Owner by or on behalf of ABRCF in connection with and relating to
the transactions contemplated by or otherwise pursuant to the Indenture and the
Related Documents; provided, that such
term does not include information that:  (i) was publicly known or
otherwise known to the Trustee or such Series 2010-3 Note Owner prior to the
time of such disclosure; (ii) subsequently becomes publicly known through no act
or omission by the Trustee, any Series 2010-3 Note Owner or any person acting on
behalf of the Trustee or any Series 2010-3 Note Owner; (iii) otherwise is known
or becomes known to the Trustee or any Series 2010-3 Note Owner other than (x)
through disclosure by ABRCF or (y) as a result of the breach of a fiduciary duty
to ABRCF or a contractual duty to ABRCF; or (iv) is allowed to be treated as
non-confidential by consent of ABRCF.

     

    Section
5.16. Capitalized Cost
Covenant.  ABRCF
hereby agrees that it shall not permit the aggregate Capitalized Cost for all
Vehicles purchased in any model year that are not subject to a Manufacturer
Program to exceed 85% of the aggregate MSRP (Manufacturer Suggested Retail
Price) of all such Vehicles; provided, however, that ABCRF
shall not modify the customary buying patterns or purchasing criteria used
by the Administrator and its Affiliates with respect to the Vehicles if the
primary purpose of such modification is to comply with this
covenant.

     

    Section
5.17. Further Limitation of
Liability.Notwithstanding
anything in this Supplement to the contrary, in no event shall the Trustee or
its directors, officers, agents or employees be liable under this Supplement for
special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, lost profits), even if the Trustee or
its directors, officers, agents or employees have been advised of the likelihood
of such loss or damage and regardless of the form of action.

    

    Section
5.18. Force Majeure.
In no
event shall the Trustee be liable for any failure or delay in the performance of
its obligations under this Supplement because of circumstances beyond the
Trustee’s control, including, but not limited to, a failure, termination,
suspension of a clearing house, securities depositary, settlement system or
central payment system in any applicable part of the world or acts of God,
flood, war (whether declared or undeclared), civil or military disturbances or
hostilities, nuclear or natural catastrophes, political unrest, explosion,
severe weather or accident, earthquake, terrorism, fire, riot, labor
disturbances, strikes or work stoppages for any reason, embargo, government
action, including any laws, ordinances, regulations or the like (whether
domestic, federal, state, county or municipal or 

     

    
      
        
        

      

      
        -48-

        
          

        

      

      
        
        

      

    

    foreign)
which delay, restrict or prohibit the providing of the services contemplated by
this Supplement, or the unavailability of communications or computer facilities,
the failure of equipment or interruption of communications or computer
facilities, or the unavailability of the Federal Reserve Bank wire or telex or
other wire or communication facility, or any other causes beyond the Trustee’s
control whether or not of the same class or kind as specified
above.

     

    Section
5.19. Waiver of Jury Trial,
etc.  EACH OF
THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO
THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHTS IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN
CONNECTION WITH, THIS SUPPLEMENT, THE SERIES 2010-3 NOTES, THE SERIES 2010-3
DEMAND NOTES, THE SERIES 2010-3 LETTER OF CREDIT AND ANY OTHER RELATED DOCUMENTS
EXECUTED IN CONNECTION WITH THE ISSUANCE OF THE SERIES 2010-3 NOTES, OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR
ACTIONS OF THE PARTIES HERETO.  THIS PROVISION IS A MATERIAL
INDUCEMENT FOR THE PARTIES HERETO TO ENTER INTO THIS SUPPLEMENT.

     

    Section
5.20. Submission to
Jurisdiction. EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS (TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW) TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR
FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK CITY, STATE OF NEW
YORK, OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
SUPPLEMENT, THE SERIES 2010-3 NOTES, THE SERIES 2010-3 DEMAND NOTES, THE SERIES
2010-3 LETTER OF CREDIT AND ANY OTHER RELATED DOCUMENTS EXECUTED IN CONNECTION
WITH THE ISSUANCE OF THE SERIES 2010-3 NOTES AND EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL
COURT.  EACH OF THE PARTIES HERETO EACH HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION EACH MAY NOW OR HEREAFTER
HAVE, TO THE LAYING OF VENUE IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT
AS WELL AS ANY RIGHT EACH MAY NOW OR HEREAFTER HAVE, TO REMOVE ANY SUCH ACTION
OR PROCEEDING, ONCE COMMENCED, TO ANOTHER COURT ON THE GROUNDS OF FORUM NON CONVENIENS OR
OTHERWISE.  NOTHING CONTAINED HEREIN SHALL PRECLUDE ANY PARTY HERETO
FROM BRINGING AN ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
SUPPLEMENT, THE SERIES 2010-3 NOTES, THE SERIES 2010-3 DEMAND NOTES, THE SERIES
2010-3 LETTER OF CREDIT AND ANY OTHER RELATED DOCUMENTS EXECUTED IN CONNECTION
WITH THE ISSUANCE OF THE SERIES 2010-3 NOTES IN ANY OTHER COUNTRY, STATE OR
PLACE HAVING JURISDICTION OVER SUCH ACTION OR PROCEEDING.

     

    
      
        
           

        

        
          -49-

          
            

          

        

        
           

        

      

    

    

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

     

    
      
         

        

          
            	 
      	 
      	
                    AVIS
      BUDGET RENTAL CAR FUNDING (AESOP) LLC

                     

                     

                  
	 
      	
                    By:

                  	
                    /s/
      David Calabria

                  
	 
      	 
      	
                    Name:
      David Calabria

                    Title:   Vice
      President, Assistant Secretary & Assistant
  Treasurer

                  

          

        
           

           

        

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 
      	 
      	
              THE
      BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

              as
      Trustee

               

               

            	 
      
	 
      	
              By:

            	
              /s/
      Sally R. Tokich

            	 
      
	 
      	 
      	
              Title:  Senior
      Associate

            	 
      

    

     

     

    

      
        	 
      	 
      	
                THE
      BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

                as
      Series 2010-3 Agent

                 

                 

              	 
      
	 
      	
                By:

              	
                /s/
      Sally R. Tokich

              	 
      
	 
      	 
      	
                Title: Senior
      Associatetriumphex101.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit 10.1

 

 

TRIUMPH GROUP, INC. STOCKHOLDERS AGREEMENT

Dated as of March 23, 2010

 

 

		TABLE OF CONTENTS	
			Page
	 
	ARTICLE I 	GOVERNANCE 	1 
	1.1 	Composition of the Board of Directors at the Closing 	1 
	1.2 	Composition of the Board of Directors Following Closing 	2 
	1.3 	Objection to Investor Designee 	3 
	1.4 	Veto Rights 	4 
	1.5 	Venture Capital Qualifying Investment 	4 
	1.6 	Termination of Investor Rights 	4 
	ARTICLE II 	TRANSFERS; STANDSTILL PROVISIONS 	5 
	2.1 	Transfer Restrictions 	5 
	2.2 	Standstill Provisions 	7 
	ARTICLE III 	NON-COMPETITION; NON-SOLICIT 	8 
	3.1. 	Non-Competition; Non-Solicit 	8 
	ARTICLE IV 	REPRESENTATIONS AND WARRANTIES 	11 
	4.1 	Representations and Warranties of the Investors 	11 
	4.2 	Representations and Warranties of Carlyle 	12 
	4.3 	Representations and Warranties of the Company 	12 
	ARTICLE V 	REGISTRATION 	13 
	5.1 	Demand Registrations 	13 
	5.2 	Piggyback Registrations 	15 
	5.3 	Shelf Registration Statement 	16 
	5.4 	Registration Procedures 	16 
	5.5 	Registration Expenses 	20 
	5.6 	Participation in Underwritten Registrations 	20 
	5.7 	Suspension of Sales 	21 
	5.8 	Rule 144; Legended Securities 	21 
	5.9 	Holdback 	21 
	5.10 	Delay of Registration; Furnishing Information 	22 
	ARTICLE VI 	INDEMNIFICATION 	22 
	6.1 	Indemnification 	22 
	ARTICLE VII 	DEFINITIONS 	25 
	7.1 	Defined Terms 	25 
	7.2 	Terms Generally 	29 
	ARTICLE VIII 	MISCELLANEOUS 	30 
	8.1 	Term 	30 
	8.2 	No Inconsistent Agreements 	30 
	8.3 	Investor Actions 	30 
	8.4 	Amendments and Waivers 	30 
	8.5 	Successors and Assigns 	30 
	8.6 	Severability 	30 
	8.7 	Counterparts 	30 
	8.8 	Entire Agreement 	30 
	8.9 	Governing Law; Jurisdiction 	31 
	8.10 	WAIVER OF JURY TRIAL 	31 
	-i-

				Page
	 
	 	8.11 	Specific Performance 	31 
	 	8.12 	No Third Party Beneficiaries 	31 
	 	8.13 	Notices 	31 
	 
	Annex A 	 	Investor Ownership 	 
	Annex B 	 	List of Employees Subject to No-Hire 	 
	Annex C 	 	Covered Individuals 	 

	-ii-

          STOCKHOLDERS AGREEMENT, dated as of March 23, 2010 (as it may be amended from time to time, this “Agreement”), among (i) Triumph Group,, a Delaware corporation (the “Company”), (ii) Carlyle Partners III, L.P., a Delaware limited partnership, Carlyle Partners II, L.P., a Delaware limited partnership, Carlyle International Partners II, L.P., a Cayman Island exempted limited partnership, Carlyle-Aerostructures Partners, L.P., a Delaware limited partnership, CHYP Holdings, L.L.C., a Delaware limited liability company, Carlyle-Aerostructures Partners II, L.P., a Delaware limited partnership, CP III Coinvestment, L.P., a Delaware limited partnership, C/S International Partners, a Cayman Island exempted limited partnership, Carlyle-Aerostructures International Partners, L.P., a Cayman Island exempted limited partnership, Carlyle-Contour Partners, L.P., a Delaware limited partnership, Carlyle SBC Partners II, L.P., a Delaware limited partnership, Carlyle International Partners III, L.P., a Cayman Island exempted limited partnership, Carlyle-Aerostructures Management, L.P., a Delaware limited partnership, Carlyle-Contour International Partners, L.P., a Cayman Island exempted limited partnership, and Carlyle Investment Group, L.P., a Delaware limited partnership (each an “Initial Investor” and collectively, the “Initial Investors”) and (iii) TC Group, L.L.C. (“Carlyle”), a Delaware limited liability company.

W I T N E S S E T H:

          WHEREAS, on the date hereof, the Company, Spitfire Merger Corporation, a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”), Vought Aircraft Industries, Inc. (“Target”), a Delaware corporation, and Carlyle, as the Holder Representative, have entered into an Agreement and Plan of Merger (as it may be amended from time to time, the “Merger Agreement”) pursuant to which Merger Sub will be merged with and into Target (the “Merger”) and, as soon as reasonably practicable following the Merger, Target will be merged with and into a direct wholly owned limited liability company subsidiary of the Company;

          WHEREAS, the Initial Investors will receive cash and shares (“Shares”) of common stock, par value $0.001 per share, of the Company (“Company Common Stock”) in the Merger; and

          WHEREAS, each of the parties hereto wishes to set forth in this Agreement certain terms and conditions regarding the Investors’ ownership of the Shares.

          NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

ARTICLE I

GOVERNANCE

          1.1 Composition of the Board of Directors at the Closing. At the Closing, (i) the number of directors on the Company’s board of directors (the “Board”) shall be increased by three and (ii) the Board will appoint three Investor Designees to the Board. The initial Investor

Directors shall be (i) Adam Palmer, (ii) Elmer Doty and (iii) an individual designated by Carlyle on behalf of the Investors and approved by the Company (such approval not to be unreasonably withheld) prior to the Closing Date; provided that if any such person is unable or unwilling to serve as an Investor Director, then the Investors and the Company will agree on a mutually acceptable replacement.

          1.2 Composition of the Board of Directors Following Closing.

          (a) Following the Closing and until an Investor Rights Termination Event, subject to compliance with Section 1.2(c), at each annual or special meeting of stockholders of the Company at which directors are to be elected to the Company’s Board, the Company will nominate and use its reasonable best efforts to cause the election to the Company’s Board of a slate of directors which includes: (i) if the Investor Percentage Interest equals or exceeds 66.67% (the “First Threshold”), three Investor Designees; (ii) if the Investor Percentage Interest is less than the First Threshold but equals or exceeds 33.33% (the “Second Threshold”), two Investor Designees; and (iii) if the Investor Percentage Interest is less than the Second Threshold, one Investor Designee.

          (b) Subject to the last sentence of this Section 1.2(b), until the later to occur of (i) the expiration of the Standstill Period and (ii) the third anniversary of the Closing Date, each Investor agrees to cause each Share Beneficially Owned by it to be present in person or represented by proxy at all meetings of stockholders of the Company at which directors are to be elected to the Board, so that each such Share shall be counted as present for determining the presence of a quorum at such meetings and to support and cause each such Share to be voted in favor of those persons nominated by the Board or the Nominating and Corporate Governance Committee. The obligations set forth in the preceding sentence shall not apply during any period in which the Standstill Period is suspended pursuant to the terms of Section 2.2(b), provided that such obligations shall again apply from and after the date on which the Standstill Period resumes pursuant to the terms of Section 2.2(b).

          (c) The Investors shall notify the Company of the identity of the proposed Investor Designees, in writing, on or before the time such information is reasonably requested by the Board or Nominating and Corporate Governance Committee for inclusion in a proxy statement for a meeting of stockholders, together with all information about the proposed Investor Designees as shall be reasonably requested by the Board or the Nominating and Corporate Governance Committee; provided however, that in no event shall the Company require more information from the Investors regarding the proposed Investor Designees than is required for any other person nominated for election to the Board; provided further that in the event the Investors fail to provide any such notice, the persons then serving as the Investor Directors shall be deemed to be the Investor Designees for such meeting.

          (d) In the event of the death, disability, resignation or removal of an Investor Director (other than pursuant to Section 1.6), the Board will promptly appoint to the Board a replacement Investor Director designated by the Investors to fill the resulting vacancy, and such individual shall then be deemed an Investor Director for all purposes hereunder; provided that if an Investor Director is removed for cause, the replacement Investor Director will not be the same person who was removed. The Board will not remove, or recommend to the

-2-

stockholders of the Company removal of, an Investor Director without the prior written consent of the Investors unless such Investor Director is no longer eligible for designation as an Investor Director pursuant to clause (ii) or (iii) of the first sentence of Section 1.3 hereof.

          (e) In the event an Investor Designee fails to be elected to the Board following any annual or special meeting of the stockholders at which the Investor Designee stood for election but was nevertheless not elected, (i) the Company will promptly (and in any event within two (2) Business Days of such annual or special meeting of stockholders) appoint such Investor Director to the Board either by expanding the size of the Board or causing a non-Investor Director to resign, and such individual shall then be deemed an Investor Director for all purposes hereunder, (ii) the Board will not hold any meeting or take any material action between the date and time of such annual or special meeting of stockholders and the appointment of such Investor Director as contemplated by clause (i) of this sentence, other than the actions contemplated by clause (i) of this sentence and any meeting held solely for the purpose of taking such actions, (iii) the Investors will use commercially reasonable efforts to identify within ninety (90) days a replacement Investor Designee (a “Replacement Designee”) who is reasonably acceptable to the Board or Nominating and Corporate Governance Committee and (iv) upon identification of such Replacement Designee, Investors will use their reasonable best efforts to cause the Investor Designee appointed to the Board pursuant to clause (i) of this sentence to resign from the Board and, contemporaneously with (but subject to) such resignation, the Company will appoint such Replacement Designee to fill the vacancy on the Board caused by such resignation.

          (f) The Company will at all times provide the Investor Directors with the same rights to indemnification that it provides to the other members of the Board.

          (g) For so long as (i) the Investors are entitled to designate at least one Investor Director and (ii) Carlyle Partners III, L.P. (the “Initial VCOC Investor”) holds Shares, the Initial VCOC Investor shall be entitled to designate one of the Investor Directors.

          1.3 Objection to Investor Designee. Notwithstanding the provisions of this Article I, the Investors will not be entitled to designate any person to the Board as of any date (or any committee thereof) pursuant to this Article I, in the event that (i) the election of such Investor Designee to the Board would cause the Company to be not in compliance with Applicable Law (other than the director independence requirements of any SRO), (ii) such Investor Designee has been the subject of a conviction or proceeding enumerated in Item 2(d) or (e) of Schedule 13D, (iii) such Investor Designee is or has been a party to a proceeding, or is subject to an order, judgment or decree, of the type enumerated in Item 401(f) of Regulation S-K in the five (5) year period preceding such date or is subject to any order, decree or judgment of any court or agency prohibiting service as a director of any public company or (iv) such Investor Designee is not reasonably acceptable to the Board or Nominating and Corporate Governance Committee; provided that for the purposes of this clause (iv) the persons specified in Section 1.1 as the initial Investor Directors shall be deemed to be acceptable to the Board and Nominating and Corporate Governance Committee for so long as this Agreement remains in effect. In any such case described in clauses (i), (ii), (iii) or (iv) of the immediately preceding sentence, the Investors will withdraw the designation of such proposed Investor Designee and designate a replacement therefor (which replacement Investor Designee will also be subject to the

-3-

requirements of this Section 1.3). The Company will notify the Investors of any objection to an Investor Designee sufficiently in advance of the date on which proxy materials are mailed by the Company in connection with such election of directors to enable the Investors to propose a replacement Investor Designee or Investor Designees, as the case may be, in accordance with the terms of this Agreement.

          1.4 Veto Rights. Until the occurrence of any Investor Rights Termination Event, without the prior consent of the Investors, except as required by Applicable Law, the Company shall not take any action to cause the amendment of, or amend, its charter or bylaws in a manner that is adverse to, or limits, any of the Investors’ rights under Article I of this Agreement or imposes restrictions on the transfer of any Shares; provided, that the foregoing shall not prohibit such amendments effected solely to increase, or to permit the increase, of the size of the Board.

          1.5 Venture Capital Qualifying Investment. The Company hereby agrees that, subject to Applicable Law, it shall (i) furnish each VCOC Investor with such financial and operating data and other information with respect to the business and properties of the Company as the Company prepares and compiles for its directors in the ordinary course and as such VCOC Investor may from time to time reasonably request and provide such VCOC Investor reasonable access to the books and records of the Company, including, without limitation, financial and operating data and (ii) permit each VCOC Investor to discuss the affairs, finances and accounts of the Company, and to make proposals and furnish advice with respect thereto, with the principal officers of the Company from time to time. The provisions of this Section 1.5 shall terminate on the earlier of (i) the date of termination of this Article I pursuant to Section 1.6, and (ii) the date on which, in each VCOC Investor’s good faith judgment, the provisions of this Section 1.5 are no longer required in order for the ownership of the Shares to qualify as a venture capital investment within the meaning of Department of Labor “plan asset” regulations. The Investors agrees to notify the Company promptly if, in each VCOC Investor’s good faith judgment, the provisions set forth in this Section 1.5 are no longer required in order for the ownership of the Shares to qualify as a venture capital investment within the meaning of Department of Labor “plan asset” regulations (a “VCOC”).

          1.6 Termination of Investor Rights. If as of the close of any Business Day following the Closing, the Investor Percentage Interest has fallen below the First Threshold, the Investors shall promptly notify the Company and, unless otherwise consented to by a majority of the non-Investor Directors on the Board, use their reasonable best efforts to cause one Investor Director to promptly resign from the Board such that promptly following such resignation there are two Investor Directors on the Board. If as of the close of any Business Day following the Closing, the Investor Percentage Interest falls below the Second Threshold, the Investors shall promptly notify the Company and, unless otherwise consented to by a majority of the non-Investor Directors on the Board, use their reasonable best efforts to cause an additional Investor Director to promptly resign from the Board such that immediately following such resignation there is one Investor Director on the Board. Promptly upon the occurrence of any Investor Rights Termination Event all obligations of the Company pursuant to this Article I shall terminate and the Investors shall, unless otherwise consented to by a majority of the non-Investor Directors on the Board, use their reasonable best efforts to cause any and all remaining Investor Directors to resign from the Board. If, notwithstanding the reasonable best efforts of the

-4-

Investors to cause an Investor Director to resign, such Investor Director does not resign, the Company shall call a special meeting of the stockholders of the Company for the purposes of removing such Investor Director, and each Investor agrees (a) not to object to the calling of such meeting, (b) to cause each Share Beneficially Owned by it to be present in person or represented by proxy at such special meeting and (c) to cause each such Shares to be voted in favor of the removal of such Investor Director.

ARTICLE II

TRANSFERS; STANDSTILL PROVISIONS

          2.1 Transfer Restrictions.

          (a) Without the prior written consent of the Company, no Investor shall Transfer any shares of common stock, par value $0.01 per share, of the Target (“Target Common Stock”) between the date hereof and the Closing, other than to a Controlled Affiliate of such Investor that agrees to be bound by the provisions of this Agreement as if it were an Investor hereunder (a “Permitted Transferee”).

          (b) No Investor or Permitted Transferee shall Transfer any of the Shares prior to the first anniversary of the Closing Date, other than to a Permitted Transferee. In the event that prior to the first anniversary of the Closing Date, any Permitted Transferee ceases to be a Controlled Affiliate of the transferring Investor, then any prior Transfer to such Person pursuant to such exception shall become null and void and ownership and title to any such securities so Transferred shall revert to such transferring Investor. An Investor shall promptly notify the Company following any Transfer to a Permitted Transferee.

          (c) From and after the first anniversary of the Closing, the Investors shall not Transfer any Shares:

                    (i) (A) in one or more transactions in which any Person or Group, to the Investor’s knowledge, purchases 2.5% or more of the outstanding shares of Company Common Stock, or (B) to any Person or Group who, to the Investor’s knowledge, after giving effect to such Transfer, would Beneficially Own 5% or more of the outstanding shares of Company Common Stock; provided, that the restriction set forth in this clause (i) shall not apply to Transfers (x) to underwriters, brokers or dealers who acquire Shares with the intent to resell or distribute such Shares through bona fide block trades; provided that the transferring Investor does not have knowledge of facts that could cause it to conclude that (I) the counterparty in such trade was not acquiring the Shares subject to such trade in the ordinary course of business without the purpose of changing or influencing the control of the Company or in connection with or as a participant in any transaction having such purpose or (II) such trade would result in any Person or Group Beneficially Owning in excess of 15% of the then outstanding shares of Company Common Stock, or (y) effected through a Public Offering pursuant to an exercise of the registration rights provided in this Agreement; or

                    (ii) on any given day in an amount greater than 20% of the average daily trading volume of Company Common Stock for the 20-day period immediately

-5-

preceding the date of such Transfer; provided that this restriction shall not apply to Public Offerings of Shares or to block trades permitted under clause (i) above.

          (d) The foregoing restrictions on Transfer may be waived with respect to any specific Transfer by the prior approval of a majority of the members of the Board who are not Investor Directors.

          (e) Any Transfer or attempted Transfer of Shares in violation of this Section 2.1 shall, to the fullest extent permitted by law, be null and void ab initio, and the Company shall not, and shall instruct its transfer agent and other third parties not to, record or recognize any such purported transaction on the share register of the Company.

          (f) Any certificates for Shares issued pursuant to the Merger or issued to the Investors subsequent to the Closing as a result of any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization shall bear a legend or legends (and appropriate comparable notations or other arrangements will be made with respect to any uncertificated shares) referencing restrictions on transfer of such Shares under the Securities Act and under this Agreement which legend shall state in substance:

“The securities evidenced by this certificate have been issued and sold without registration under the United States Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States (a “State Act”) in reliance upon certain exemptions from registration under said acts. The securities evidenced by this certificate cannot be sold, assigned or otherwise transferred within the United States unless such sale, assignment or other transfer is (i) made pursuant to an effective registration statement under the Securities Act and in accordance with each applicable State Act or (ii) exempt from, or not subject to, the Securities Act and each applicable State Act.

The securities evidenced by this certificate are subject to restrictions on transfer set forth in a Stockholders Agreement dated March 23, 2010, among the Company and certain other parties thereto (a copy of which is on file with the Secretary of the Company).”

          (g) Notwithstanding the foregoing, the holder of any certificate(s) for Shares shall be entitled to receive from the Company new certificates for a like number of Shares not bearing such legend (or the elimination or termination of such notations or arrangements) upon the request of such holder at (i) such time as such restrictions are no longer applicable, and (ii) if required by the Company’s transfer agent, with respect to the restriction on transfer of such shares other than pursuant to a registration statement under the Securities Act, delivery of an opinion of counsel to such holder, which opinion is reasonably satisfactory in form and

-6-

substance to such transfer agent, that the restriction referenced in such legend (or such notations or arrangements) is no longer required in order to ensure compliance with the Securities Act.

          2.2 Standstill Provisions.

          (a) During the Standstill Period, the Investors and Carlyle shall not, and shall not permit any Investment Fund, directly or indirectly, to, without the Company’s prior written consent, (i) acquire, agree to acquire, propose or offer to acquire, or facilitate the acquisition or ownership of, Company Common Stock, or securities of the Company that are convertible into Company Common Stock, in each case, that represents more than 1% of the outstanding shares of Company Common Stock other than (A) pursuant to the terms of the Merger Agreement, (B) as a result of any stock split, stock dividend, subdivision of the Company Common Stock, or other transaction or change effecting the Company Common Stock, and (C) an acquisition of Shares from an Investor, (ii) deposit any shares of Company Common Stock in a voting trust or similar arrangement or subject any shares of Company Common Stock to any voting agreement, pooling arrangement or similar arrangement, or grant any proxy with respect to any shares of Company Common Stock (other than (A) to the Company or a Person specified by the Company in a proxy card provided to stockholders on or behalf of the Company or (B) to or with any other Investor), (iii) enter, agree to enter, propose or offer to enter into or facilitate any merger, business combination, recapitalization, restructuring, change in control transaction or other similar extraordinary transaction involving the Company or any of its subsidiaries, (iv) make, or in any way participate or engage in, any “solicitation” of “proxies” (as such terms are used in the proxy rules of the Commission) to vote, or advise or knowingly influence any person with respect to the voting of, any voting securities of the Company or its subsidiaries, (v) call, or seek to call, a meeting of the stockholders of the Company or initiate any stockholder proposal for action by stockholders of the Company, (vi) form, join or in any way participate in a Group (other than with an Affiliate of Carlyle that is bound by the restrictions of this Section 2.2(a)), with respect to any voting securities of the Company, (vii) otherwise act, alone or in concert with others, to seek to Control or influence the management or the policies of the Company, (viii) publicly disclose any intention, plan or arrangement prohibited by, or inconsistent with, the foregoing or (ix) advise or knowingly assist or encourage or enter into any discussions, negotiations, agreements or arrangements with any other persons in connection with the foregoing (provided that this Section 2.2(a) shall in no way limit the activities of any Investor Director taken in good faith solely in his or her capacity as a director of the Company or limit or restrict the right or ability of any Investor to exercise its rights under this Agreement (including, without limitation, the right to Transfer shares of Company Common Stock as permitted under Section 2.1) or the exercise by any Investor of its right to vote shares of Company Common Stock with respect to any matter (other than as set forth in clauses (i) (iv) or (vi) above)); provided that no public announcement is made by such Investor with respect to the manner in which such Investor intends to vote such shares with respect to any matter). The Investors and Carlyle further agree, during the Standstill Period, that the Investors and Carlyle shall not, and shall not permit any Investment Fund (nor any Person acting on behalf of or in concert with any such persons) to, without the written consent of the Company, (x) request the Company, directly or indirectly, to amend or waive any provision of this Section 2.2 (including this sentence) or (y) take any action that such person reasonably believes will require the Company to make a public announcement regarding the possibility of a business combination, merger or other type or transaction described in this Section 2.2; provided that this sentence shall in no way limit the 

-7-

activities of any Investor Director taken in good faith solely in his or her capacity as a director of the Company. Notwithstanding any provision hereof to the contrary, the restrictions set forth in this Section 2.2(a) shall not apply to any Investment Fund to the extent neither Carlyle nor Carlyle Investment Management, L.L.C., directly or indirectly, possesses the legal power and authority to prevent such Investment Fund from taking the actions prohibited by this Section 2.2(a).

          (b) “Standstill Period” shall mean the period from the Closing Date until the later of (i) the date on which there are no Investor Directors on the Board and (ii) the first date on which the Investors and their Affiliates no longer Beneficially Own shares of Company Common Stock representing 10% or more of the outstanding shares of Company Common Stock; provided that, if (A) the Standstill Period expires prior to an Investor Rights Termination Event, and (B) prior to the occurrence of an Investor Rights Termination Event, an Investor Director is subsequently elected or appointed to the Board, the Standstill Period shall resume and the restrictions of Section 2.2(a) shall apply, from and after the date that such Investor Director is elected or appointed to the Board until the next date on which there are no Investor Directors on the Board. In addition, the Standstill Period shall be suspended, and the restrictions of Section 2.2(a) shall not apply, during any period (each such period, a “Suspension Period”) in which the Company is in material breach of its obligations under Article I of this Agreement; provided, further, that the Standstill Period shall resume and the restrictions of Section 2.2(a) shall apply, from and after termination of any Suspension Period by reason of a cure of the material breach giving rise to such Suspension Period (and any subsequent material breach occurring during the Suspension Period) if the Board did not hold any meeting or take any material action during such Suspension Period, other than actions necessary to cure any such material breach.

          (c) The restrictions contained in Section 2.2(a) shall not apply to any hedge fund managed by the Investors or Carlyle if no Person participating in the investment or voting decisions with respect to Company Common Stock or securities convertible into Company Common Stock held or acquired by such hedge fund has been provided access to any confidential information with respect to the Company by employees of Carlyle or the Investors; provided that the purpose of any such action taken by any such hedge fund is not to avoid the provisions of Section 2.2(a) and that such hedge fund is not acting in concert with other funds subject to the restrictions of Section 2.2(a).

ARTICLE III

NON-COMPETITION; NON-SOLICIT

          3.1 Non-Competition; Non-Solicit.

          (a) In order to induce the Company to enter into the transactions contemplated by this Agreement and the Merger Agreement, except as provided in Section 3.1(b), from the Closing Date until the date that is two (2) years following the Closing Date (the “Non-Compete Period”), neither Carlyle nor any of its Investment Funds shall acquire beneficial ownership of 15% or more of the outstanding voting securities of any entity that is primarily engaged in a Competing Business (any such acquisition, a “Covered Acquisition”).

-8-

          (b) In the event that Carlyle or any Investment Fund desires to pursue any Covered Acquisition during the Non-Compete Period, Carlyle may notify the Chief Executive Officer (“CEO”) of the Company, which notification will include the name of the target business or entity in question (the “Target Business”) and the type of investment Carlyle or any Investment Fund is considering in the Target Business. Following such notification, if requested by the CEO of the Company, representatives of Carlyle will meet with the CEO of the Company to discuss the Target Business and work with the Company in good faith to evaluate the acquisition of the Target Business as an opportunity for the Company. If (i) the CEO of the Company informs Carlyle that the Company does not intend to pursue the Covered Acquisition, (ii) the CEO of the Company does not inform Carlyle that the Company intends to pursue the Covered Acquisition within thirty days of Carlyle’s notification of the CEO of the Company of its desire to effect the Covered Acquisition in question or (iii) the CEO of the Company notifies Carlyle that the Company intends to pursue the Covered Acquisition within thirty days of Carlyle’s notification of the CEO of the Company of its desire to effect the Covered Acquisition in question but the Company subsequently ceases to pursue the Covered Acquisition in good faith, Carlyle and/or one or more of its Investment Funds will be permitted to effect the Covered Acquisition, notwithstanding the restrictions set forth in Section 3.1(a); provided, that if Carlyle and/or one or more of its Investment Funds effect a Covered Acquisition of a Target Business with annual revenues in excess of $500,000,000, simultaneously with the consummation of the Covered Acquisition, Carlyle’s rights under Article I hereof will automatically terminate and if so requested by the CEO of the Company, (A) Carlyle will cause each Investor Designee to resign from the Board and (B) Carlyle will work with the Company in good faith to reach a mutually acceptable arrangement providing for implementation of an orderly sale of the shares of Company Common Stock held by Carlyle and/or its Investment Funds.

          (c) During the Non-Compete Period, (i) neither Carlyle nor any Investment Fund will compete with Target or any Subsidiary of Target with respect to the scope of work currently performed by Target or any of its Subsidiaries on any aircraft program which scope of work is, on the date hereof, under contract to, or being performed pursuant to a purchase order in effect by, the Target or any of its Subsidiaries and (ii) Carlyle will cause its Controlled Affiliates not to compete with Target or any Subsidiary of Target with respect to the scope of work currently performed by Target or any of its Subsidiaries on any aircraft program which scope of work is, on the date hereof, under contract to, or being performed pursuant to a purchase order in effect by, the Target or any of its Subsidiaries, except to the extent compliance with this clause (ii) would be inconsistent with the exercise of the fiduciary duties of Carlyle or any Investment Fund or the exercise of the fiduciary duties of any person serving as a representative or designee of Carlyle or any Investment Fund on the board of directors or similar governing body of any Controlled Affiliate of Carlyle.

          (d) From the Closing Date until December 31, 2011 (the “Non-Solicit Period”), Carlyle will not, and it shall cause its Controlled Affiliates not to, directly or indirectly solicit for employment or employ any person set forth on Annex B; provided that, media advertising not targeted at employees of the Company or the use of an independent search firm that contacts employees of the Target (other than at the direction of Carlyle or its Controlled Affiliates) shall not be deemed to be direct or indirect solicitations; provided further that, during the Non-Solicit Period, notwithstanding the foregoing proviso, in no event shall Carlyle or its Controlled Affiliates hire any person set forth on Annex B unless such person’s employment has

-9-

been terminated by the Company following the Closing. The restrictions contained in this Section 3.1(c) shall not apply to the activities of any direct or indirect portfolio companies of Investment Funds who have not received from Carlyle any confidential information relating to the Target, the Company or their respective Affiliates, so long as neither Carlyle nor its Investment Funds encourage or induce such portfolio companies to take any of the actions prohibited by this Section 3.1(c) (it being understood that no portfolio company will be deemed to have received any such confidential information from Carlyle solely due to the fact that an employee of Carlyle who has received access to such confidential information serves on the board of directors or similar governing body of such portfolio company; provided that such employee does not provide such confidential information to the officers or employees or other non-Carlyle directors of such portfolio company. Notwithstanding the foregoing, neither (x) service by the individuals listed on Annex C (the “Covered Individuals”) as a designee of Carlyle or one of its Controlled Affiliates on the board of directors of any portfolio company (or solicitation by Carlyle or its Controlled Affiliates of such Covered Individuals to provide such service) or (y) the rendering of consulting services to Carlyle or one of its Controlled Affiliates by a Covered Individual from time to time in a manner that does not interfere with such Covered Individual’s fulfillment of duties to the Company or any of its Subsidiaries (or solicitation by Carlyle or its Controlled Affiliates of such Covered Individuals to provide such service) shall be a violation of this Section 3.1(d).

          (e) It is the intent of the parties to this Agreement that the provisions of this Section 3.1 shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. If any particular provision or portion of this Section 3.1 shall be adjudicated to be invalid or unenforceable, such provision or portion thereof shall be deemed amended to the minimum extent necessary to render such provision or portion valid and enforceable, such amendment to apply only with respect to the operation of such provision or portion in the particular jurisdiction in which such adjudication is made.

          (f) The parties acknowledge that damages and remedies at law for any breach of this Section 3.1 would be inadequate and that the Company shall be entitled to specific performance and other equitable remedies (including an injunction) and such other relief as a court or tribunal may deem appropriate in addition to any other remedies the Company may have in the event of a breach of this Section 3.1. Notwithstanding any provision hereof to the contrary, the restrictions set forth in this Section 3.1 shall not apply to any Investment Fund or Controlled Affiliate of Carlyle to the extent neither Carlyle nor Carlyle Investment Management, L.L.C. possesses the legal power and authority to prevent such Investment Fund or Controlled Affiliate from taking the actions prohibited by this Section 3.1.

-10-

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

          4.1 Representations and Warranties of the Investors. Each of the Investors, on behalf of itself and not any other Investor, hereby represents and warrants to the Company as follows:

          (a) Such Investor is the sole record and Beneficial Owner of the number of shares of Target Common Stock listed on Annex A opposite such Investor’s name and such shares constitute all of the shares of capital stock of the Company owned of record or Beneficially Owned by such Investor.

          (b) Such Investor has been duly formed, is validly existing and is in good standing under the laws of its state of organization. Such Investor has all requisite power and authority to execute and deliver this Agreement, to perform its obligations under this Agreement and to consummate the transactions contemplated hereby.

          (c) The execution and delivery by such Investor of this Agreement, the performance by such Investor of its obligations under this Agreement and the consummation of the transactions contemplated hereby (assuming that the consents, approvals and filings referred to in Section 3.4 of the Merger Agreement are duly obtained and/or made) do not and will not conflict with, violate any provision of, or require the consent or approval of any Person under, Applicable Law, the organizational documents of such Investor or any contract or agreement to which such Investor is a party.

          (d) The execution, delivery and performance of this Agreement by such Investor has been duly authorized by all necessary corporate action on the part of such Investor. This Agreement has been duly executed and delivered by such Investor and, assuming the due authorization, execution and delivery by each of the other parties hereto, constitutes a legal, valid and binding obligation of such Investor, enforceable against such Investor in accordance with its terms, subject to bankruptcy, insolvency and other laws of general applicability relating to or affecting creditors’ rights and to general principles of equity.

          (e) Such Investor: (i) is acquiring the Shares for its own account, solely for investment and not with a view toward, or for sale in connection with, any distribution thereof in violation of any federal or state securities or “blue sky” laws, or with any present intention of distributing or selling such Shares in violation of any such laws, (ii) has such knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating the merits and risks of its investment in the Shares and of making an informed investment decision and (iii) is an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act. Such Investor has requested, received, reviewed and considered all information that such Investor deems relevant in making an informed decision to invest in the Shares and has had an opportunity to discuss the Company’s business, management and financial affairs with its management and also had an opportunity to ask questions of officers of the Company that were answered to such Investor’s satisfaction. Such Investor understands that the Company is relying on the statements contained herein to establish

-11-

an exemption from registration under the Securities Act and under state securities laws and acknowledges that the Shares are not registered under the Securities Act or any other applicable law and that such shares may not be Transferred except pursuant to the registration provisions of the Securities Act or pursuant to an applicable exemption therefrom.

          4.2 Representations and Warranties of Carlyle. Carlyle hereby represents and warrants to the Company as follows:

          (a) Carlyle is a limited liability company duly organized, validly existing and in good standing under the laws of its state of organization. Carlyle has all requisite limited liability company power and authority to execute and deliver this Agreement, to perform its obligations under this Agreement and to consummate the transactions contemplated hereby.

          (b) The execution and delivery by Carlyle of this Agreement, the performance of the obligations of Carlyle under this Agreement and the consummation of the transactions contemplated hereby (assuming that the consents, approvals and filings referred to in Section 3.4 of the Merger Agreement are duly obtained and/or made) do not and will not conflict with, violate any provision of, or require any consent or approval of any Person under, Applicable Law, the organizational documents of Carlyle or any contract or agreement to which Carlyle is a party.

          (c) The execution, delivery and performance of this Agreement by Carlyle has been duly authorized by all necessary corporate action on the part of Carlyle. This Agreement has been duly executed and delivered by Carlyle and, assuming the due authorization, execution and delivery by each of the other parties hereto, constitutes a legal, valid and binding obligation of Carlyle, enforceable against Carlyle in accordance with its terms, subject to bankruptcy, insolvency and other laws of general applicability relating to or affecting creditors’ rights and to general principles of equity.

          4.3 Representations and Warranties of the Company. The Company hereby represents and warrants to the Investors and the Holder Representative as follows:

          (a) The Company is a corporation, duly incorporated, validly existing and in good standing under the laws of the State of Delaware. The Company has all requisite power and authority to execute and deliver this Agreement, to perform its obligations under this Agreement and to consummate the transactions contemplated hereby.

          (b) The execution and delivery by the Company of this Agreement, the performance of the obligations of the Company under this Agreement and the consummation of the transactions contemplated hereby (assuming that the consents, approvals and filings referred to in Section 4.4 of the Merger Agreement are duly obtained and/or made) do not and will not conflict with, violate any provision of, or require any consent or approval of any Person under, Applicable Law, the organizational documents of the Company or any contract or agreement to which the Company is a party.

          (c) The execution, delivery and performance of this Agreement by the Company has been duly authorized by all necessary corporate action on the part of the Company. This Agreement has been duly executed and delivered by the Company and, assuming the due

-12-

authorization, execution and delivery by each of the other parties hereto, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency and other laws of general applicability relating to or affecting creditors’ rights and to general principles of equity.

ARTICLE V

REGISTRATION

          5.1 Demand Registrations.

          (a) Requests for Registration. Subject to Section 5.1(b), at any time following the first anniversary of the date hereof, an Investor or Investors may request in writing, that the Company effect the registration (which, for avoidance of doubt, may be a Shelf Registration) of all or any part of the Registrable Securities held by such Investor or Investors (a “Registration Request”) (which Registration Request shall specify the number of Registrable Securities intended to be registered and the intended method of distribution). Promptly after its receipt of any Registration Request, the Company will give written notice of such request to all other holders of Registrable Securities (which notice shall be given in any event within five (5) Business Days of the date on which the Company received the applicable Registration Request) and will use its reasonable best efforts to register, as soon as practicable (and in any event within sixty (60) days of the date of such Registration Request) in accordance with the provisions of this Agreement, all Registrable Securities that have been requested to be registered in the Registration Request or by any other holders of Registrable Securities by written notice to the Company given within ten (10) Business Days after the date the Company has given such holders of Registrable Securities notice of the Registration Request. Any registration requested by an Investor or Investors pursuant to this Section 5.1(a) is referred to in this Agreement as a “Demand Registration.”

          (b) Limitation on Demand Registrations.

                    (i) The Company shall not be required to (A) effect more than five (5) Demand Registrations or underwritten takedown under the Shelf Registration Statement, (B) effect more than one (1) Demand Registration or underwritten takedown under the Shelf Registration Statement within any six (6) month period, (C) effect a Demand Registration or underwritten takedown under the Shelf  Registration Statement unless the expected gross proceeds of the offering of Registrable Securities to be included in such Demand Registration or underwritten takedown are at least $50 million or (D) cause any Demand Registration to become effective prior to the first (1st) anniversary of the Closing Date. No Demand Registration or underwritten takedown will count for the purposes of the limitations in this Section 5.1(b) unless the registration has been declared or ordered effective by the Commission and remains continuously effective until (A) in the case of a Shelf Registration, the earlier of (i) three years after its effective date, (ii) the date on which all Registrable Securities covered thereby have been sold pursuant to such registration and (iii) the first date on which no Registrable Securities remain outstanding and (B) in the case of a registration statement that does not relate to a Shelf Registration, the earlier of (x) date on which all Registrable Securities covered thereby have been sold pursuant to such registration (or if earlier, the first date on which no Registrable Securities

-13-

remain outstanding) and (y) the close of business on the 180th day after such registration has been declared or ordered effective by the Commission.

                    (ii) The Company also shall not be required to effect any Demand Registration if the Company has notified the Investor or Investors making the Registration Request that, in the good faith judgment of the Company, it would be materially detrimental to the Company for such registration to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than forty-five (45) days after receipt of the request of the Investor or Investors; provided that such right to delay a request pursuant to this Section 5.1(b)(ii) or Section 5.3(b) shall be exercised by the Company not more than three periods in any twelve (12) month period and not more than ninety days in the aggregate in such twelve (12) month period. If the Company postpones the filing of a prospectus or the effectiveness of a Registration Statement pursuant to this Section 5.1(b)(ii), an Investor or Investors will be entitled to withdraw its or their Registration Request and, if such request is withdrawn, such registration request will not count for the purposes of the limitation set forth in this Section 5.1(b).

          (c) Selection of Underwriters.

                    (i) The lead underwriter to administer the offering in connection with any Demand Registration will be chosen by the Investors subject to the prior written consent, not to be unreasonably denied, withheld, conditioned or delayed, of the Company.

                    (ii) The right of any holders of Registrable Securities to registration pursuant to this Section 5.1 will be conditioned upon such holders of Registrable Securities agreeing to the method of distribution being proposed by the Investor requesting such Demand Registration and, in the case of an underwritten offering, agreeing to such underwriting and the inclusion of such holder’s Registrable Securities in the underwriting, and, in the case of an underwritten offering, each such holder of Registrable Securities will (together with the Company and the other holders of Registrable Securities distributing their securities through such underwriting) enter into an underwriting agreement in the form approved by the Investors with the underwriter or underwriters selected for such underwriting.

          (d) Priority on Demand Registrations. The Company will not include in any Demand Registration pursuant to this Section 5.1 any shares of Company Common Stock that are not Registrable Securities, without the prior written consent of the Investor who delivered the Registration Request. If the managing underwriter advises the Company that in its reasonable opinion the number of Registrable Securities (and, if permitted hereunder, other shares of Company Common Stock requested to be included in such offering) exceeds the number of securities that can be sold in such offering without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), the Company will include in such offering only such number of securities that in the reasonable opinion of such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), which securities will be so included in the following order of priority: (i) first, Registrable Securities of the Investors, pro rata on the basis of the aggregate number of Registrable Securities owned by all holders of

-14-

Registrable Securities who have delivered written requests for registration pursuant to Section 5.1(a), (ii) any shares of Company Common Stock to be sold by the Company and (iii) any shares of Company Common Stock requested to be included pursuant to the exercise of other contractual registration rights granted by the Company pro rata among such holders (if applicable) on the basis of the aggregate number of securities requested to be included by such holders.

          5.2 Piggyback Registrations.

          (a) Right to Piggyback. Whenever the Company proposes to register any shares of Company Common Stock (or securities convertible into or exercisable for shares of Company Common Stock) in connection with a Public Offering solely for cash, other than pursuant to a Demand Registration or a Special Registration, and the registration form to be filed may be used for the registration or qualification for distribution of Registrable Securities, the Company will give prompt written notice to all holders of Registrable Securities of its intention to effect such a registration and, subject to Section 5.2(c), will include in such registration all Registrable Securities which are permitted to be Transferred pursuant to Section 2.1 with respect to which the Company has received written requests for inclusion therein within fifteen Business Days after the date of the Company’s notice (a “Piggyback Registration”). Any holder of Registrable Securities that has made such a written request may withdraw its Registrable Securities from such Piggyback Registration by giving written notice to the Company and the managing underwriter, if any, on or before the fifteenth (15th) Business Day prior to the planned effective date of such Piggyback Registration. The Company may terminate or withdraw any registration under this Section 5.2 prior to the effectiveness of such registration, whether or not any holder of Registrable Securities has elected to include Registrable Securities in such registration, and except for the obligation to pay Registration Expenses pursuant to Section 5.5 the Company will have no liability to any holder of Registrable Securities in connection with such termination or withdrawal.

          (b) Underwritten Registration. If the registration referred to in Section 5.2(a) is proposed to be underwritten, the Company will so advise the holders of Registrable Securities. In such event, the right of any holder of Registrable Securities to registration pursuant to this Section 5.2 will be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities in the underwriting, and each such holder of Registrable Securities will (together with the Company and the other holders of Registrable Securities and other holders of securities distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company.

          (c) Priority on Primary Registrations. If a Piggyback Registration relates to an underwritten primary offering on behalf of the Company, and the managing underwriters advise the Company that in their reasonable opinion the number of securities requested to be included in such registration exceeds the number that can be sold without adversely affecting the marketability of such offering (including an adverse effect on the per share offering price), the Company will include in such registration or prospectus only such number of securities that in the reasonable opinion of such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share

-15-

offering price), which securities will be so included in the following order of priority: (i) first, the shares of Company Common Stock the Company proposes to sell, (ii) second, Registrable Securities of any holders of Registrable Securities who have requested registration of Registrable Securities pursuant to Section 5.2(a), pro rata on the basis of the aggregate number of such securities or shares owned by each such holder of Registrable Securities and (iii) third, any shares of Company Common Stock requested to be included pursuant to the exercise of other contractual registration rights granted by the Company pro rata among such holders (if applicable) on the basis of the aggregate number of securities requested to be included by such holders.

          5.3 Shelf Registration Statement.

          (a) Subject to Section 5.3(b), not later than the first anniversary of the Closing Date, the Company shall file with the Commission either (i) a Shelf Registration Statement or (ii) pursuant to Rule 424(b) under the Securities Act, a prospectus supplement that shall be deemed to be part of an existing Shelf Registration Statement in accordance with Rule 430B under the Securities Act, in each case relating to the offer and sale of all of the Registrable Securities (the “Shelf Registration”). The Company shall, if such Shelf Registration Statement is not automatically effective, use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective under the Securities Act as soon as possible after filing. The Company shall amend or supplement such Shelf Registration Statement to include additional Registrable Securities at such time as the Transfer of such Registrable Securities is permitted pursuant to Section 2.1(a). The Company shall use its reasonable best efforts to cause the Shelf Registration Statement to remain effective, including by filing a replacement Shelf Registration Statement upon the expiration of the original Shelf Registration Statement until such time as there are no remaining Registrable Securities, and subject to the limitation on underwritten takedowns set forth in Section 5.1(b)(i), amend the Shelf Registration Statement from time to time as requested by the holders of Registrable Securities to permit disposition of Registrable Securities pursuant thereto in accordance with the preferred method of distribution of Shares under the Shelf Registration Statement of such holders.

          (b) The Company shall not be required to file the Shelf Registration Statement if the Company has notified the holders of Registrable Securities that, in the good faith judgment of the Company, it would be materially detrimental to the Company for such registration to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than forty-five (45) days.

          5.4 Registration Procedures. Subject to Section 5.1(b), whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to Sections 5.1 or 5.2 of this Agreement and with respect to a Shelf Registration, the Company will use its commercially reasonable efforts to effect the registration and sale of such Registrable Securities as soon as reasonably practicable in accordance with the intended method of disposition thereof, and pursuant thereto the Company shall use its reasonable best efforts to as expeditiously as reasonably practicable:

          (a) With respect to a Demand Registration or a Piggyback Registration, prepare and file with the Commission a registration statement with respect to such

-16-

Registrable Securities (which, for the avoidance of doubt, may be a Shelf Registration) and use its reasonable best efforts to cause such registration statement to become effective, or prepare and file with the Commission a prospectus supplement with respect to such Registrable Securities pursuant to an effective registration statement and, upon the request of the holders of a majority of the Registrable Securities registered hereunder, keep such registration statement effective or such prospectus supplement current, until (i) in the case of a Shelf Registration (other than the Shelf Registration Statement described in Section 5.3), the earlier of (A) three years after the effective date, (B) the date on which all Registrable Securities covered thereby have been sold pursuant to such registration and (C) the first date on which no Registrable Securities remain outstanding) and (ii) in the case of any registration statement not related to a Shelf Registration, the earlier of (A) the date on which all Registrable Securities covered thereby have been sold pursuant to such registration, (B) the first date on which no Registrable Securities remain outstanding and (C) the close of business on the 180th day after such registration has been declared or ordered effective by the Commission;

          (b) Prepare and file with the Commission such amendments and supplements to the applicable registration statement and the prospectus or prospectus supplement used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in paragraph (a);

          (c) Furnish to the holders of Registrable Securities such number of copies of the applicable registration statement and each such amendment and supplement thereto (including in each case all exhibits) and of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them;

          (d) Use its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities, blue sky or other laws of such jurisdictions as shall be reasonably requested by the holders of Registrable Securities, to keep such registration or qualification in effect for so long as such registration statement remains in effect, and to take any other action which may be reasonably necessary to enable such seller to consummate the disposition in such jurisdictions of the securities owned by such holder of Registrable Securities; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;

          (e) Enter into customary agreements (including, if permitted hereunder, if the method of distribution is by means of an underwriting, an underwriting agreement in customary form with the managing underwriter(s) of such offering) and take such other actions (including participating in and making documents available for the due diligence review of underwriters if the method of distribution is by means of an underwriting) as are reasonably required in order to facilitate the disposition of such Registrable Securities. Each holder of Registrable Securities participating in such underwriting shall also enter into and perform its obligations under such underwriting agreement;

-17-

          (f) With respect to a Demand Registration, at the reasonable request of the Investor who delivered the Registration Request, cause its senior executives to participate, at the Company’s expense, in customary investor presentations and “road shows” (to be scheduled in a collaborative manner so as not to unreasonably interfere with the conduct of the business of the Company);

          (g) Notify each holder of Registrable Securities at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the applicable prospectus, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;

          (h) Make such representations and warranties to the underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in an underwritten Public Offering and deliver such documents and certificates as may be reasonably requested by the managing underwriter, if any, to evidence compliance with the foregoing and with any customary conditions contained in the applicable underwriting agreement entered into by the Company;

          (i) Use its commercially reasonable efforts to furnish to the managing underwriter, if any, (i) an opinion of outside legal counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten Public Offering, addressed to the underwriters, and (ii) a “comfort letter” from the independent registered public accountants of the Company addressed to underwriters, if any, in form and substance as is customarily given by independent registered public accountants to underwriters in an underwritten Public Offering;

          (j) Give written notice to the holders of Registrable Securities:

                    (i) when any Registration Statement relating to such registrations or any amendment thereto has been filed with the Commission and when such registration statement or any post-effective amendment thereto has become effective;

                    (ii) of any request by the Commission for amendments or supplements to any registration statement filed in connection therewith or the prospectus included therein or for additional information;

                    (iii) of the issuance by the Commission of any stop order suspending the effectiveness of any registration statement filed in connection therewith or the initiation of any proceedings for that purpose;

                    (iv) of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the Company Common Stock for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

-18-

                    (v) of the happening of any event that requires the Company to make changes in any effective registration statement filed in connection therewith or the prospectus related to the registration statement in order to make the statements therein not misleading (which notice shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made).

          (k) Use its reasonable best efforts to prevent the issuance or obtain the withdrawal of any order suspending the effectiveness of any registration statement referred to in Section 5.4(j)(iii) at the earliest practicable time;

          (l) Upon the occurrence of any event contemplated by Section 5.4(j)(v) above, promptly prepare a post-effective amendment to such registration statement or a supplement to the related prospectus or file any other required document so that, as thereafter delivered to the holders of Registrable Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the holders of Registrable Securities in accordance with Section 5.4(j)(v) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the holders of Registrable Securities shall suspend use of such prospectus and use their commercially reasonable efforts to return to the Company all hard copies of such prospectus (at the Company’s expense) other than permanent file copies then in such holder’s possession, and the period of effectiveness of such registration statement provided for above shall be extended by the number of days from and including the date of the giving of such notice to the date holders of Registrable Securities shall have received such amended or supplemented prospectus pursuant to this Section 5.4(l);

          (m) Use its reasonable best efforts to procure the cooperation of the Company’s transfer agent in settling any offering or sale of Registrable Securities, including with respect to the transfer of physical stock certificates into book-entry form in accordance with any procedures reasonably requested by the holders of Registrable Securities or the underwriters;

          (n) If requested by the managing underwriter or a holder of Registrable Securities being sold in connection with an underwritten offering, promptly incorporate in a supplement or post-effective amendment such information as the managing underwriter and the holders of a majority of Registrable Securities being sold agree should be included therein relating to the sale of the Registrable Securities, including, without limitation, information with respect to the number of shares of Registrable Securities being sold to underwriters, the purchase price being paid therefor by such underwriters and with respect to any other terms of the underwritten offering of the Registrable Securities to be sold in such underwritten offering, and make all required filings of such supplement or post-effective amendment as soon as notified of the matters to be incorporated in such supplement or post-effective amendment;

          (o) Cooperate with the selling holders of Registrable Securities and the managing underwriter, if any, to facilitate the timely preparation and delivery of certificates not bearing any restrictive legends representing the Registrable Securities to be sold and cause such Registrable Securities to be in such denominations and registered in such names as the managing

-19-

underwriter may reasonably request at least three (3) Business Days prior to any sale of Registrable Securities to the underwriters;

          (p) Use its reasonable best efforts to cause all Registrable Securities covered by the applicable registration statement to be listed on the New York Stock Exchange;

          (q) Use its reasonable best efforts to provide a CUSIP number for all Registrable Securities not later than the effective date of the applicable registration statement;

          (r) Following reasonable advance notice, make available for inspection by representatives of the holders of a majority of the Registrable Securities being sold, any underwriter participating in any disposition pursuant to the applicable registration statement, and any attorney or accountant retained by such holders (but not more than one firm of counsel and one firm of accountants to such holders) or any such underwriter, all relevant financial and other records and pertinent corporate documents and information of the Company, as shall be reasonably requested in connection with the applicable registration and customary for similar due diligence examinations by underwriters, and cause the Company’s officers, directors and employees to supply such information during normal business hours at the offices where such information is normally kept; and

          (s) Otherwise use its reasonable best efforts to comply with all rules and regulations of the Commission applicable to the Company in connection with such registration, and make generally available to the Company’s securityholders an earnings statement satisfying the provisions of Section 11(a) of the Securities Act, (A) covering the 12-month period commencing at the end of the fiscal quarter in which the applicable registration statement becomes effective, within ninety (90) days of the end of such 12-month period, and (B) beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the applicable registration statement, which statements shall cover such 12-month period.

          5.5 Registration Expenses. Except as specifically provided herein, all Registration Expenses incurred in connection with any registration, qualification or compliance hereunder shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder shall be borne by the holders of the Shares so registered pro rata on the basis of the aggregate offering or sale price of the Shares so registered. The Company shall not, however, be required to pay for expenses of any registration proceeding begun pursuant to Section 5.1, the request of which has been subsequently withdrawn by the requesting Investor, unless the withdrawal was of the type described in the last sentence of Section 5.1(b)(ii). If the Investors and/or the holders of Registrable Securities are required to pay Registration Expenses pursuant to the immediately preceding sentence, such expenses shall be borne by the Investors or the holders of Registrable Securities requesting such registration in proportion to the number of Registrable Securities for which registration was requested.

          5.6 Participation in Underwritten Registrations. No holder of Registrable Securities may participate in any registration hereunder that is underwritten unless such holder (i) agrees to sell its Registrable Securities on the basis provided in any underwriting arrangements approved by the Investor who delivered the Registration Request, in the case of a

-20-

registration effected pursuant to Section 5.1 or Section 5.3, or the Company, in the case of a registration effected pursuant to Section 5.2 (including, pursuant to the terms of any over-allotment or “green shoe” option requested by the managing underwriter(s); provided that no holder of Registrable Securities will be required to sell more than the number of Registrable Securities that such holder has requested the Company to include in any registration), (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, and (iii) cooperates with the Company’s reasonable requests in connection with such registration or qualification (it being understood that the Company’s failure to perform its obligations hereunder, which failure is caused by such holder’s failure to so cooperate, will not constitute a breach by the Company of this Agreement).

          5.7 Suspension of Sales. Upon receipt of written notice from the Company that a registration statement, prospectus or prospectus supplement contains or may contain an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading, each holder of Registrable Securities shall forthwith discontinue disposition of Registrable Securities until the holder of Registrable Securities has received copies of a supplemented or amended prospectus or prospectus supplement, or until such holder is advised in writing by the Company that the use of the prospectus and, if applicable, prospectus supplement may be resumed, and, if so directed by the Company, such holder shall deliver to the Company (at the Company’s expense) all hard copies, other than permanent file copies then in such holder’s possession, of the prospectus and, if applicable, prospectus supplement covering such Registrable Securities current at the time of receipt of such notice. The total number of days that any such suspension may be in effect in any twelve-month period shall not exceed the excess of ninety (90) days less the number of days in such twelve-month period that the Company has delayed effecting a registration in reliance on the last sentence of Section 5.1.

          5.8 Rule 144; Legended Securities. The Company will use its reasonable best efforts to file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder, with a view to enabling such holder of Registrable Securities to sell shares of Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act. Upon the request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as to whether it has complied with such information requirements.

          5.9 Holdback. In consideration for the Company agreeing to its obligations under this Agreement, each holder of Registrable Securities agrees that if requested by the underwriters managing any underwritten offering by the Company of shares of Company Common Stock or any securities convertible into or exchangeable or exercisable for shares of Company Common Stock, such holder shall (whether or not such holder is participating in such offering) agree not to (other than pursuant to such underwritten offering) Transfer any Company Common Stock, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities of the Company without the prior written consent of the Company or such underwriters during the period specified by the managing underwriters which period shall not exceed ten (10) days prior or ninety (90) days following any

-21-

registered offering of such securities by the Company; provided that, the Company and all of its executive officers and directors shall have likewise agreed with such underwriters and the holders of Registrable Securities not to issue or Transfer any shares of Company Common Stock or any securities convertible into or exchangeable or exercisable for shares of Company Common Stock during such period pursuant to an agreement that is substantially identical to the lock-up agreement to be signed by the holders of Registrable Securities, which agreement may not be waived or amended without the consent of the holders of Registrable Securities, except any waiver applicable to any executive officer of the Company that is applied equally to the holders of Registrable Securities. This Section 5.9 shall not apply to any offering by the Company effected during the period following receipt by the Company of any Registration Request for a Demand Registration until the earlier of (A) thirty (30) days after the date on which the registration statement filed pursuant to such Registration Request is declared effective and (B) the date on which all securities covered by such registration statement have been sold pursuant thereto.

          5.10 Delay of Registration; Furnishing Information.

          (a) No holder of Registrable Securities shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration as the result of any controversy that might arise with respect to the interpretation or implementation of Section 5.2.

          (b) No holder of Registrable Securities shall use any free writing prospectus (as defined in Rule 405 under the Securities Act) in connection with the sale of Registrable Securities without the prior written consent of the Company.

          (c) It shall be a condition precedent to the obligations of the Company to file any registration statement pursuant to Section 5.1 that the selling holders of Registrable Securities shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities reasonably requested by the Company to the extent such information is necessary to effect the registration of their Registrable Securities.

ARTICLE VI

INDEMNIFICATION

          6.1 Indemnification.

          (a) The Company agrees to indemnify and hold harmless each holder of Registrable Securities, its officers, directors and managers and each Person who is a controlling Person of such holder of Registrable Securities within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each such person being referred to herein as a “Covered Person”) against, and pay and reimburse such Covered Persons for, any losses, claims, damages, liabilities, joint or several, to which such Covered Person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained or incorporated

-22-

by reference in any Registration Statement, prospectus or preliminary prospectus used to register Registrable Securities pursuant to this Agreement or any amendment thereof or supplement thereto, or any document incorporated by reference therein, or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will pay and reimburse such Covered Persons for any legal or any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding; provided that the Company shall not be liable to a Covered Person in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made or incorporated by reference in such Registration Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or any document incorporated by reference therein, in reliance upon, and in conformity with, written information prepared and furnished to the Company by such Covered Person expressly for use therein, or arises out of or is based on such holder’s failure to deliver a copy of the Registration Statement or prospectus or any amendments or supplements thereto after the Company has furnished such holder with copies thereof.

          (b) In connection with any Registration Statement in which a holder of Registrable Securities is participating, each such holder will furnish to the Company in writing such information as the Company reasonably requests for use in connection with any such Registration Statement or prospectus and will indemnify and hold harmless the Company, its directors and officers, each underwriter and any Person who is or might be deemed to be a controlling person of the Company, any of its subsidiaries or any underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, damages, liabilities, joint or several, to which the Company or any such director, officer, underwriter or controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained in the Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is made in such Registration Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto in reliance upon and in conformity with written information prepared and furnished to the Company by such holder expressly for use therein, and such holder will reimburse the Company and each such director, officer, underwriter and controlling Person for any legal or any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding; provided that the obligation to indemnify and hold harmless will be individual and several to each holder of Registrable Securities and will be limited to the net proceeds received by such holder from the sale of Registrable Securities pursuant to such Registration Statement.

          (c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission to so

-23-

notify the indemnifying party shall not relieve it from any liability that it may have to any indemnified party other than under such subsection. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any other legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. Notwithstanding the foregoing, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified person unless the indemnifying party and the indemnified party shall have mutually agreed to the contrary or the named parties in any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interest between them. It is understood and agreed that the indemnifying party shall not, in connection with any proceeding or related proceeding, be liable for the fees and expenses of more than one separate firm (in addition to any one firm of local counsel for each jurisdiction) retained by the indemnified persons for all indemnified persons and that all such fees and expenses of such separate counsel shall be reimbursed as they are incurred. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably denied, withheld, conditioned or delayed, but if settled with such consent or if there be a judgment for the plaintiff, the indemnifying party agrees to indemnify each indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

          (d) The indemnification provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the registration and sale of any securities by any Person entitled to any indemnification hereunder and the expiration or termination of this Agreement.

          (e) If the indemnification provided for in Section 6.1(a) or Section 6.1(b) is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party thereunder, will contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements

-24-

or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations. The relevant fault of the indemnifying party and the indemnified party will be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Notwithstanding the foregoing, the amount any holder of Registrable Securities will be obligated to contribute pursuant to this Section 6.1(e) will be limited to an amount equal to the net proceeds to such holder of Registrable Securities sold pursuant to the Registration Statement that gives rise to such obligation to contribute (less the aggregate amount of any damages that the holder of Registrable Securities has otherwise been required to pay in respect of such loss, claim, damage, liability or action or any substantially similar loss, claim, damage, liability or action arising from the sale of such Registrable Securities). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

ARTICLE VII

DEFINITIONS

          7.1 Defined Terms. Capitalized terms when used in this Agreement have the following meanings:

“Affiliate” means, with respect to any Person, any Person who directly or indirectly Controls, is Controlled by, or is under common Control with the specified Person.

“Agreement” has the meaning set forth in the preamble.

“Applicable Law” means all applicable provisions of (i) constitutions, statutes, laws, rules, regulations, ordinances, codes or orders of any Governmental Entity, and (ii) any orders, decisions, injunctions, judgments, awards, decrees of or agreements with any Governmental Entity. 

“Beneficially Own” with respect to any securities shall mean having “beneficial ownership” of such securities (as determined pursuant to Rule 13d-3 under the Exchange Act without giving effect to the 60-day limitation on determining beneficial ownership contained in Rule 13d-3(d)), including pursuant to any agreement, arrangement or understanding, whether or not in writing.

“Board” has the meaning set forth in Section 1.1.

“Business Day” means any day on which banks are not required or authorized to close in the City of New York.

“Closing” has the meaning set forth in the Merger Agreement.

“Closing Date” has the meaning set forth in the Merger Agreement.

-25-

“Commission” means the Securities and Exchange Commission or any other federal agency administering the Securities Act. 

“Company” has the meaning set forth in the preamble.

“Company Common Stock” has the meaning set forth in the recitals.

“Competing Business” shall mean the business of designing, manufacturing and assembling large, complex aerostructures for commercial or military aircraft, which, for avoidance of doubt, does not include engaging in such activities as part of a business of designing, assembling, manufacturing or selling complete or finished aircraft.

“Control” means the possession directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

“Controlled Affiliate” means any Affiliate of the specified Person that is, directly or indirectly, Controlled by the specified Person.

“Covered Person” has the meaning set forth in Section 6.1(a).

“Demand Registration” has the meaning set forth in Section 5.1(a).

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

“First Threshold” has the meaning set forth in Section 1.2(a).

“Governmental Entity” means any foreign, federal or state government, or regulatory or enforcement authority of any such government or any court, administrative agency or commission or other authority or instrumentality of any such government or any SRO.

“Group” has the meaning assigned to such term in Section 13(d)(3) of the Exchange Act.

“Holder Representative” has the meaning set forth in the Merger Agreement.

“Initial Investor” and “Initial Investors” have the meaning set forth in the preamble.

“Initial VCOC Investor” has the meaning set forth in Section 1.2(g).

“Investment Fund” means any investment fund or separate investment account that is managed by the Investors, Carlyle or Carlyle Investment Management, L.L.C.

“Investor” and “Investors” means (i) the Initial Investors and (ii) any Permitted Transferee that is Transferred Shares after the Closing Date in compliance with the terms of this Agreement.

“Investor Designees” means individuals designated in writing by the Investors for election or appointment to the Board. The term “Investor Designee” shall refer to any of the Investor Designees.

-26- 

“Investor Director” means an Investor Designee who has been elected or appointed to the Board.

“Investor Percentage Interest” means the percentage calculated by dividing (x) the number of Shares that are as of the date of such calculation Beneficially Owned by the Investors and their Permitted Transferees, in the aggregate, by (y) the number of Shares received by the Investors pursuant to the Merger.

“Investor Rights Termination Event” shall be deemed to occur if, as of the end of any Business Day following the Closing Date, the Investors Beneficially Own less than 5% of the then issued and outstanding shares of Company Common Stock.

“Merger” has the meaning set forth in the recitals.

“Merger Agreement” has the meaning set forth in the recitals.

“Merger Sub” has the meaning set forth in the recitals.

“Nominating and Corporate Governance Committee” means the Nominating and Corporate Governance Committee of the Company or any such successor or replacement committee.

“Non-Solicit Period” has the meaning set forth in Section 3.1(c).

“Permitted Transferee” has the meaning set forth in Section 2.1(a).

“Person” means an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated organization or a government or department or agency thereof.

“Piggyback Registration” has the meaning set forth in Section 5.2(a).

“Public Offering” means a public offering of equity securities of the Company pursuant to an effective Registration Statement under the Securities Act (other than a Special Registration).

“Register,” “registered” and “registration” shall refer to a registration effected by preparing and (i) filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of effectiveness of such registration statement or (ii) filing a prospectus and/or prospectus supplement in respect of an appropriate effective registration statement on Form S-3.

“Registrable Securities” means the Shares held by the Investors; provided that the Shares shall cease to be Registrable Securities when (i) they are sold pursuant to an effective registration statement under the Securities Act, (ii) they are sold pursuant to Rule 144 under the Securities Act or (iii) they shall have ceased to be outstanding.

-27-

“Registration Expenses” means all expenses incurred by the Company in effecting any registration pursuant to this Agreement, including, all registration and filing fees, Financial Industry Regulatory Authority, Inc. fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses and expenses of the Company’s independent accountants in connection with any regular or special reviews or audits incident to or required by any such registration, but shall not include Selling Expenses.

“Registration Request” has the meaning set forth in Section 5.1(a).

“Registration Statement” means the prospectus and other documents filed with the Commission to effect a registration under the Securities Act.

“Second Threshold” has the meaning set forth in Section 1.2(a).

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

“Selling Expenses” means all underwriting discounts, selling commissions and transfer taxes applicable to the sale of Registrable Securities hereunder, fees and disbursements of counsel for any holder of Registrable Securities and any Registration Expenses required by Applicable Law to be paid by a selling stockholder.

“Shares” shall have the meaning set forth in the recitals and shall also be deemed to refer to any securities issued in respect of the shares of Company Common Stock received by the Investors in the Merger, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization.

“Shelf Registration” has the meaning set forth in Section 5.3.

“Shelf Registration Statement” means a Registration Statement on Form S-3 (or any successor or similar provision) or any similar short-form or other appropriate Registration Statement that may be available at such time, in each case for an offering to be made on a continuous or delayed basis pursuant to Rule 415 (or any successor or similar provision) under the Securities Act covering Registrable Securities. To the extent that the Company is a “well-known seasoned issuer” (as such term is defined in Rule 405 (or any successor or similar rule) of the Securities Act), a “Shelf Registration Statement” shall be deemed to refer to an “automatic shelf registration statement,” as such term is defined in Rule 405 (or any successor or similar rule) of the Securities Act.

“Special Registration” means the registration of (i) equity securities and/or options or other rights in respect thereof solely registered on Form S-4 or Form S-8 (or any successor or similar forms) or (ii) shares of equity securities and/or options or other rights in respect thereof to be offered to directors, members of management, employees, consultants or sales agents, distributors or similar representatives of the Company or its direct or indirect subsidiaries or in connection with dividend reinvestment plans.

-28-

“SRO” means (i) any “self regulatory organization” as defined in Section 3(a)(26) of the Exchange Act, or (ii) any other United States or foreign securities exchange, futures exchange, commodities exchange or contract market and (iii) any other securities exchange.

“Standstill Period” has the meaning set forth in Section 2.2(b). 

“Suspension Period” has the meaning set forth in Section 2.2(b).

 “Target” has the meaning set forth in the recitals.

“Target Common Stock” has the meaning set forth in Section 2.1(a).

“Transfer” means (i) any direct or indirect sale, assignment, disposition or other transfer, either voluntary or involuntary, of any capital stock or interest in any capital stock or (ii) in respect of any capital stock or interest in any capital stock, to enter into any swap or any other agreement, transaction or series of transactions that hedges or transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of such capital stock or interest in capital stock, whether any such transaction, swap or series of transactions is to be settled by delivery of securities, in cash or otherwise.

“VCOC” has the meaning set forth in Section 1.5.

“VCOC Investors” means the Initial VCOC Investor and each Permitted Transferee which acquires Shares and notifies the Company in writing that it is subject to contractual obligations requiring Shares to qualify as a venture capital investment within the meaning of Department of Labor “plan asset” regulations or requiring such Permitted Transferee to use efforts to cause ownership of the Shares to qualify as a venture capital investment within the meaning of Department of Labor “plan asset” regulations.

“Voting Securities” of any Person means securities of such Person entitling the holder thereof to vote with respect to the election of the board of directors or similar governing body of such Person.

          7.2 Terms Generally. The words “hereby,” “herein,” “hereof,” “hereunder” and words of similar import refer to this Agreement as a whole and not merely to the specific section, paragraph or clause in which such word appears. All references herein to Articles and Sections shall be deemed references to Articles and Sections of this Agreement unless the context shall otherwise require. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” References to “$” or “dollars” means United States dollars. The definitions given for terms in this Article VII and elsewhere in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. References herein to any agreement or letter (including the Merger Agreement) shall be deemed references to such agreement or letter as it may be amended, restated or otherwise revised from time to time.

-29-

	ARTICLE VIII

MISCELLANEOUS

          8.1 Term. This Agreement will be effective as of the date hereof and, except as otherwise set forth herein will continue in effect thereafter until the earlier of (a) the termination of the Merger Agreement and (b) its termination by the consent of all parties hereto or their respective successors in interest.

          8.2 No Inconsistent Agreements. The Company will not hereafter enter into any agreement with respect to its securities that violates the rights granted to the holders of Registrable Securities in this Agreement.

          8.3 Investor Actions. Any action taken by the Investors pursuant to this Agreement shall be by the act of the holders of a majority of the Shares held by all Investors.

          8.4 Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended or waived only upon the prior written consent of the Company and Investors. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law.

          8.5 Successors and Assigns. Except (i) as and to the extent set forth in Section 2.1(b) and (ii) for any assignment by any Investor to any Permitted Transferee, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto, in whole or in part (whether by operation of law or otherwise), without the prior written consent of the Company and the Investors. This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective permitted successors and assigns. Any attempted assignment in violation of this Section 8.5 shall be void.

          8.6 Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under Applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any Applicable Law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

          8.7 Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that each party need not sign the same counterpart.

          8.8 Entire Agreement. This Agreement (including the documents and the instruments referred to in this Agreement), together with the Merger Agreement, constitutes the

-30-

entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of this Agreement.

          8.9 Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and wholly performed within such state, without regard to any applicable conflicts of law principles. The parties hereto agree that any suit, action or proceeding brought by any party to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought exclusively in any federal or state court located in the State of Delaware. Each of the parties hereto submits to the exclusively jurisdiction of any such court in any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of, or in connection with, this Agreement or the transactions contemplated hereby and hereby irrevocably waives the benefit of jurisdiction derived from present or future domicile or otherwise in such action or proceeding. Each party hereto irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

          8.10 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

          8.11 Specific Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that, except as otherwise provided in Section 5.10, the parties shall be entitled to an injunction or injunctions or other equitable relief to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any court set forth in Section 8.9, in addition to any other remedy to which they are entitled at law or in equity.

          8.12 No Third Party Beneficiaries. Nothing in this Agreement shall confer any rights upon any Person other than the parties hereto and each such party’s respective heirs, successors and permitted assigns, all of whom shall be third party beneficiaries of this Agreement, provided that (i) any Person (other than the Initial Investors) that becomes an Investor shall be an intended third party beneficiary hereof and (ii) the Persons indemnified under Article VI are intended third party beneficiaries of Article VI.

          8.13 Notices. All notices and other communications in connection with this Agreement shall be in writing and shall be deemed given if delivered personally, sent via facsimile (with confirmation), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

If to the Company, to:

John B. Wright, II

-31-

Vice President, General counsel & Secretary 

1550 Liberty Ridge Drive 

Suite 100 

Wayne, PA 19087 

Facsimile: (610) 251-1555

with a copy to (which shall not constitute notice):

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 

New York, New York 10019 

Attention: Edward D. Herlihy 

                David E. Shapiro 

Facsimile: (212) 403-2000

If to an Investor, to:

TC Group, L.L.C. 

c/o The Carlyle Group

1001 Pennsylvania Avenue, N.W. 

Washington, D.C. 20004 

Attention: Adam Palmer 

Facsimile: (202) 347-9250

with a copy to (which shall not constitute notice):

Latham & Watkins LLP 

555 Eleventh Street, NW 

Suite 1000 

Washington, DC 20004 

Attention: Daniel T. Lennon 

                Paul F. Sheridan, Jr. 

Facsimile: (202) 637-2201

If to an Carlyle, to:

TC Group, L.L.C. 

c/o The Carlyle Group

1001 Pennsylvania Avenue, N.W. 

Washington, D.C. 20004 

Attention: Adam Palmer 

Facsimile: (202) 347-9250

with a copy to (which shall not constitute notice):

Latham & Watkins LLP 

555 Eleventh Street, NW

-32-

Suite 1000 

Washington, DC 20004 

Attention: Daniel T. Lennon 

                Paul F. Sheridan, Jr. 

Facsimile: (202) 637-2201

 

 

 

The remainder of this page left intentionally blank.

 

-33-

     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement by their authorized representatives as of the date first above written.

TRIUMPH GROUP, INC.

 

By: /s/ Richard C. Ill                                          

Name: Richard C. Ill 

Title: Chairman and Chief Executive Officer

 

	CARLYLE PARTNERS III, L.P.

By: TC GROUP III, L.P., its general partner

By: TC GROUP III, L.L.C., its general partner

By: TC GROUP INVESTMENT HOLDINGS,

L.P., its sole member

By: TCG HOLDINGS II, L.P., its general partner

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer

Title: Managing Director

CARLYLE PARTNERS II, L.P.

By: TC GROUP II, L.L.C., its general partner

By: TC GROUP, L.L.C., its sole member

By: TCG HOLDINGS, L.L.C., its managing

member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer

Title: Managing Director

CARLYLE INTERNATIONAL PARTNERS II,

L.P.

By: TC GROUP II, L.L.C., its general partner

By: TC GROUP, L.L.C., its sole member

By: TCG HOLDINGS, L.L.C., its managing

member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer

Title: Managing Director

	Signature Page to Stockholders Agreement

CARLYLE-AEROSTRUCTURES PARTNERS, L.P.

By: TC GROUP, L.L.C., its general partner 

By: TCG HOLDINGS, L.L.C., its managing member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer 

Title: Managing Director

CHYP HOLDINGS, L.L.C.

By: CARLYLE HIGH YIELD PARTNERS, L.P., its sole member 

By: TCG HIGH YIELD, L.L.C., its general partner 

By: TCG HIGH YIELD HOLDINGS, L.L.C., its sole member 

By: TC GROUP, L.L.C., its sole member 

By: TCG Holdings, L.L.C., its managing member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer 

Title: Managing Director

CARLYLE-AEROSTRUCTURES PARTNERS II, L.P.

By: TC GROUP, L.L.C., its general partner 

By: TCG HOLDINGS, L.L.C., its managing member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer 

Title: Managing Director

	Signature Page to Stockholders Agreement

CP III COINVESTMENT, L.P.

By: TC GROUP III, L.P., its general partner 

By: TC GROUP III, L.L.C., its general partner 

By: TC GROUP Investment Holdings, L.P., its sole member 

By: TCG HOLDINGS II, L.P., its general partner

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer 

Title: Managing Director

C/S INTERNATIONAL PARTNERS

By: TC GROUP II, L.L.C., its general partner 

By: TC GROUP, L.L.C., its sole member 

By: TCG HOLDINGS, L.L.C., its managing member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer 

Title: Managing Director

CARLYLE-AEROSTRUCTURES INTERNATIONAL PARTNERS, L.P.

By: TC GROUP, L.L.C., its general partner 

By: TCG HOLDINGS, L.L.C., its managing member

By: /s/ Adam J. Palmer                                  

Name: Adam J. Palmer 

Title: Managing Director

Signature Page to Stockholders Agreement

CARLYLE-CONTOUR PARTNERS, L.P.

By: TC GROUP, L.L.C., its general partner 

By: TCG HOLDINGS, L.L.C., its managing member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer 

Title: Managing Director

CARLYLE SBC PARTNERS II, L.P.

By: TC GROUP II, L.L.C., its general partner 

By: TC GROUP, L.L.C., its sole member 

By: TCG HOLDINGS, L.L.C., its managing member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer

Title: Managing Director

CARLYLE INTERNATIONAL PARTNERS III, L.P.

By: TC GROUP II, L.L.C., its general partner 

By: TC GROUP, L.L.C., its sole member 

By: TCG HOLDINGS, L.L.C., its managing member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer 

Title: Managing Director

Signature Page to Stockholders Agreement

CARLYLE-AEROSTRUCTURES MANAGEMENT, L.P.

By: TC GROUP, L.L.C., its general partner 

By: TCG HOLDINGS, L.L.C., its managing member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer 

Title: Managing Director

CARLYLE-CONTOUR INTERNATIONAL PARTNERS, L.P.

By: TC GROUP, L.L.C., its general partner 

By: TCG HOLDINGS, L.L.C., its managing member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer 

Title: Managing Director

CARLYLE INVESTMENT GROUP, L.P.

By: TC GROUP, L.L.C., its general partner 

By: TCG HOLDINGS, L.L.C., its managing member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer 

Title: Managing Director

Signature Page to Stockholders Agreement

TC GROUP, L.L.C.

By: TCG HOLDINGS, L.L.C., its managing member

By: /s/ Adam J. Palmer                                   

Name: Adam J. Palmer 

Title: Managing Director

Signature Page to Stockholders Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]