Document:

Exhibit 10.3

                              D.L. PETERSON TRUST

                         SOLD SUBI SUPPLEMENT 1999-1B
                        TO ORIGINATION TRUST AGREEMENT

                                     among

                              RAVEN FUNDING LLC,
                      as Settlor and Initial Beneficiary

                     PHH VEHICLE MANAGEMENT SERVICES LLC,
                          as UTI Trustee and Servicer

                                      and

                           WILMINGTON TRUST COMPANY,
                     as Delaware Trustee and SUBI Trustee

                           Dated as of June 30, 1999

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                               TABLE OF CONTENTS

                                                                          Page

RECITALS  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1

PART X DEFINITIONS; THIRD-PARTY BENEFICIARIES  . . . . . . . . . . . . . . . 3
     Section 10.1.  Definitions   . . . . . . . . . . . . . . . . . . . . .  3
     Section 10.2.  Rights in Respect of 1999-1B Sold SUBI    . . . . . . .  3

PART XI CREATION OF THE 1999-1B SOLD SUBI  . . . . . . . . . . . . . . . . . 3
     Section 11.1.  Initial Creation of the 1999-1B Sold SUBI Portfolio and
                       the 1999-1B Sold SUBI   . . . . . . . . . . . . . . . 3
     Section 11.2.  [Reserved.]   . . . . . . . . . . . . . . . . . . . . .  4
     Section 11.3.  Issuance and Form of the 1999-1B Sold SUBI Certificates  4
     Section 11.4.  Filings; Termination of 1999-1B Sold SUBI; Related
                      Matters   . . . . . . . . . . . . . . . . . . . . . .  5
     Section 11.5.  Acceptance by SUBI Trustee  . . . . . . . . . . . . . .  5
     Section 11.6.  Representations and Warranties of SUBI Trustee  . . . .  6
     Section 11.7.  Merger and Consolidation of Origination Trustees  . . .  7

PART XII ORIGINATION TRUST FEES AND EXPENSES . . . . . . . . . . . . . . . . 7
     Section 12.1.  Origination Trust Fees and Expenses   . . . . . . . . .  7

PART XIII ASSIGNMENT OF THE CLASS X 1999-1B SOLD SUBI  . . . . . . . . . . . 7
     Section 13.1.  Assignment  . . . . . . . . . . . . . . . . . . . . . .  7

PART XIV MISCELLANEOUS PROVISIONS  . . . . . . . . . . . . . . . . . . . .   8
     Section 14.1.  Amendment, Etc  . . . . . . . . . . . . . . . . . . . .  8
     Section 14.2.  Control   . . . . . . . . . . . . . . . . . . . . . . .  8
     Section 14.3.  Governing Law   . . . . . . . . . . . . . . . . . . . .  9
     Section 14.4.  Notices   . . . . . . . . . . . . . . . . . . . . . . .  9
     Section 14.5.  Severability of Provisions  . . . . . . . . . . . . . . 10
     Section 14.6.  Effect of 1999-1B Sold SUBI Supplement on Origination
                      Trust Agreement and Transaction Documents   . . . . . 10
     Section 14.7.  Series Liability  . . . . . . . . . . . . . . . . . . . 11
     Section 14.8.  No Petition: Release of Claims  . . . . . . . . . . . . 11

Schedule I     -    Description of SUBI 1991B Assets and Obligors

Exhibit A-1    -    Form of Class X 1999-1B Sold SUBI Certificate
Exhibit 2      -    Form of Class Y 1999-1B Sold SUBI Certificate
Exhibit B      -    Form of Reallocation Notice

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                         SOLD SUBI SUPPLEMENT 1999-1B
                        TO ORIGINATION TRUST AGREEMENT

          THIS SOLD SUBI SUPPLEMENT 1999-1B TO ORIGINATION TRUST AGREEMENT
(the "Sold SUBI Supplement") is dated and effective as of June 30, 1999,
among RAVEN FUNDING LLC ("SPV" or, in its capacity as settlor, the "Settlor",
or in its capacity as initial beneficiary, the "Initial Beneficiary"), PHH
VEHICLE MANAGEMENT SERVICES LLC, a Delaware limited liability company,
("VMS"), as UTI Trustee (in such capacity, together with any successor or
permitted assign, the "UTI Trustee") and as Servicer (in such capacity,
together with any successor or permitted assign, the "Servicer") and
WILMINGTON TRUST COMPANY, as Delaware Trustee (in such capacity, together
with any successor or permitted assign, the "Delaware Trustee"), and as
trustee with respect to the Sold SUBI (in such capacity, together with any
successor or permitted assign, the "SUBI Trustee"; together with the UTI
Trustee and the Delaware Trustee, the "Origination Trustees").

                                   RECITALS

          A.   The Settlor, the UTI Trustee and the Delaware Trustee have
entered into that certain Amended and Restated Origination Trust Agreement
dated as of June 30, 1999 (as modified, supplemented or amended from time to
time, the "Origination Trust Agreement") pursuant to which the Settlor
continued D.L. Peterson Trust, formerly a Maryland common law trust, as a
Delaware business trust (the "Origination Trust"), for the purpose of acting
as agent and nominee owner of various Trust Assets in accordance with the
Origination Trust Agreement.

          B.   The Origination Trust, the Settlor and VMS, as Servicer, also
have entered into that certain Servicing Agreement dated as of June 30, 1999
(as modified, supplemented or amended from time to time, the "Servicing
Agreement"), which provides, among other things, for the servicing of the
Trust Assets by the Servicer.

          C.   The Origination Trust Agreement contemplates that, from time
to time, the UTI Trustee, on behalf of the Origination Trust and at the
direction of the Initial Beneficiary, will identify and allocate on the
Origination Trust's books and records certain Trust Assets from the Undivided
Trust Interest to separate SUBI Portfolios (as defined in the Origination
Trust Agreement) and create and issue Certificates to the Initial Beneficiary
representing separate special units of beneficial interest in the Origination
Trust or "SUBIs" (as defined in the Origination Trust Agreement), the
beneficiary or beneficiaries of which generally will hold undivided
beneficial interests in the related SUBI Portfolios (as defined in the
Origination Trust Agreement), all as set forth in the Origination Trust
Agreement.

<PAGE>

          D.   The parties hereto desire to supplement the terms of the
Origination Trust Agreement (i) to cause the UTI Trustee to identify and
allocate Trust Assets to a SUBI Portfolio (the "1999-1B Sold SUBI
Portfolio"), and (ii) to create and issue to the Initial Beneficiary a SUBI
Certificate (as defined in the Origination Trust Agreement) (such SUBI
Certificate, together with any replacements thereof, the "Class X 1999-1B
Sold SUBI Certificate"), and a SUBI Certificate (such SUBI Certificate,
together with any replacements thereof, the "Class Y 1999-1B Sold SUBI
Certificate", and together with the Class X 1999-1B Sold SUBI Certificate,
the "1999-1B Sold SUBI Certificates"), that will evidence the entire and
exclusive beneficial interest in the related SUBI (the "1999-1B Sold SUBI"),
and (iii) to set forth the terms and conditions thereof.

          E.   Concurrently herewith, the Initial Beneficiary, the UTI
Trustee, the Servicer, the Delaware Trustee and the SUBI Trustee are entering
into a separate SUBI supplement (the "1999-1A SUBI Supplement") to create and
issue to SPV a separate SUBI Certificate (the "1999-1A SUBI Certificate").
The 1999-1A SUBI Certificate evidences the entire and exclusive ownership
interest in a separate SUBI consisting of Trust Vehicles, Leases and related
Trust Assets.  The 1999-1B Sold SUBI represents the entire and exclusive
ownership interest in the Fleet Receivables and related Trust Assets.

          F.   Concurrently herewith, SPV is transferring all of its right,
title and interest in and to the portion of the 1999-1B Sold SUBI,
represented by the Class X 1999-1B Sold SUBI Certificate, the Class X 1999-1B
Sold SUBI Certificate, the 1999-1A SUBI and the 1999-1A SUBI Certificate to
the Issuer pursuant to the Transfer Agreement.

          G.   Issuer will issue (i) debt securities pursuant to an Indenture
dated as of June 30, 1999 (the "Indenture") between the Issuer and The Chase
Manhattan Bank, as indenture trustee (the "Indenture Trustee"), and (ii)
preferred membership interests in the Issuer pursuant to the LLC Agreement
and will use the proceeds thereof on the date hereof to satisfy certain
claims on the Trust Assets allocated to the 1999-1A Sold SUBI and to make a
distribution to the Initial Beneficiary and thereafter will use the proceeds
thereof to fund the acquisition of subsequent additions to the Trust Assets
allocated to the 1999-1A Sold SUBI.

          H.   Also concurrently herewith, the Origination Trust, the Settlor
and the Servicer are entering into that certain 1999-1 Sold SUBI Supplement
to Servicing Agreement (the "1999-1 Sold SUBI Servicing Supplement") pursuant
to which, among other things, the terms of the Servicing Agreement will be
supplemented insofar as they apply to the Trust Assets allocated to the
1999-1A Sold SUBI and the 1999-1B Sold SUBI, providing for specific servicing
obligations that will benefit the Issuer, as the holder of the Class X
1999-1B Sold SUBI Certificate and the 1999-1A SUBI Certificate and SPV, as
the holder of the Class Y 1999-1B Sold SUBI Certificate and related matters.

                                      -2-

<PAGE>

                                    PART X

                    DEFINITIONS; THIRD-PARTY BENEFICIARIES

          Section 10.1.   Definitions.  For all purposes of this 1999-1B Sold
SUBI Supplement, except as otherwise provided or unless the context otherwise
requires, (a) all capitalized terms used herein which are not defined herein
and which are defined in the Origination Trust Agreement shall have the
meanings attributed to them by the Origination Trust Agreement, (b) all
capitalized terms used herein which are not defined herein or in the
Origination Trust Agreement and which are defined in the Indenture shall have
the meanings attributed to them by the Indenture, (c) all references to words
such as "herein," "hereof" and the like shall refer to this 1999-1B Sold SUBI
Supplement as a whole and not to any particular article or section within
this 1999-1B Sold SUBI Supplement, (d) the term "include" and all variations
thereon shall mean "include without limitation", and (e) the term "or" shall
include "and/or".

          Section 10.2.   Rights in Respect of 1999-1B Sold SUBI.  The holder
and pledgees of the Sold SUBI Certificates (including the SPV, the Issuer and
the Indenture Trustee, on behalf of the Investor Noteholders) and their
respective successors and permitted assigns are third-party beneficiaries of
the Origination Trust Agreement and this 1999-1B Sold SUBI Supplement,
insofar as they apply to the 1999-1B Sold SUBI and said holders or pledgees.
Therefore, to that extent, references in the Origination Trust Agreement and
herein to the ability of any "holder of a SUBI Certificate", "pledgee or
assignee of a SUBI Certificate" or the like to take any action shall be
deemed to refer to, in the case of the Class X 1999-1B Sold SUBI Certificate,
the Issuer acting with the consent or upon the instruction of the Indenture
Trustee during such time as any Investor Note shall remain outstanding and,
if no Investor Notes remain outstanding, shall be deemed to refer to the
Issuer acting in accordance with the LLC Agreement or, in the case of the
Class Y 1999-1B Sold SUBI Certificate, SPV.

                                    PART XI

                       CREATION OF THE 1999-1B SOLD SUBI

          Section 11.1.   Initial Creation of the 1999-1B Sold SUBI Portfolio
and the 1999-1B Sold SUBI.  (a)  Pursuant to Section 4.2(a) of the
Origination Trust Agreement, the Initial Beneficiary hereby directs the UTI
Trustee to identify and allocate or cause to be identified and allocated on
the books and records of the Origination Trust a separate portfolio of SUBI
Assets (the "1999-1B Sold SUBI Portfolio") consisting of an ownership
interest in all Trust Assets consisting of Fleet Receivables, the Trust's
rights under the Receivables Purchase Agreement and all Trust Assets to the
extent related thereto, including, without limitation, the Initial

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Beneficiary's rights under the Contribution Agreement and the Asset Sale
Agreement related thereto (the "1999-1B Sold SUBI Assets").

          (b)  Also pursuant to Section 4.2(a) of the Origination Trust
Agreement, the UTI Trustee hereby creates a SUBI which shall be known as the
"1999-1B Sold SUBI" and which shall represent an exclusive and specific
beneficial interest solely in the 1999-1B Sold SUBI Portfolio.

          (c)  As required by Section 4.2(d) of the Origination Trust
Agreement, the SPV has appointed Wilmington Trust Company as the SUBI Trustee
for the 1999-1B Sold SUBI and the 1999-1B Sold SUBI Portfolio.

          Section 11.2.   [Reserved.]

          Section 11.3.  Issuance and Form of the 1999-1B Sold SUBI
Certificates.  (a)  The 1999-1B Sold SUBI shall be represented by a Class X
1999-1B Sold SUBI Certificate and a Class Y 1999-1B Sold SUBI Certificate
which, collectively shall represent the entire and exclusive beneficial
interest in the 1999-1B Sold SUBI and the 1999-1B Sold SUBI Portfolio, as
further set forth herein.  The 1999-1B Sold SUBI Certificates shall be
substantially in the form of Exhibit A attached hereto, with such appropriate
insertions, omissions, substitutions and other variations as are required by
this Sold SUBI Supplement and may have such letters, numbers or other marks
of identification and such legends and endorsements placed thereon as may,
consistently herewith and with the Origination Trust Agreement, be directed
by the Initial Beneficiary.  Any portion of the 1999-1B Sold SUBI
Certificates may be set forth on the reverse thereof.  The 1999-1B Sold SUBI
Certificates shall be printed, lithographed, typewritten, photocopied or
otherwise produced or may be produced in any other manner as may,
consistently herewith and with the Origination Trust Agreement, be determined
by the Initial Beneficiary.

          (b)  As required by Section 4.2(b) of the Origination Trust
Agreement, the 1999-1B Sold SUBI Certificates shall contain an express
written release and subordination of any claim by any holder thereof to any
proceeds or assets of the Origination Trust other than those from time to
time included within the 1999-1B Sold SUBI Portfolio.

          (c)  The Class X 1999-1B Sold SUBI Certificate represents the right
to the Class X 1999-1B Invested Amount and the Class Y 1999-1B Sold SUBI
Certificate represents the right to the Class Y 1999-1B Invested Amount,
after the holder of the Class X 1999-1B Sold SUBI Certificate shall have
received the Class X 1999-1B Invested Amount.  For the purposes of this
1999-1B Sold SUBI Supplement, (i) "Class X 1999-1B Invested Amount" means for
each Monthly Period, an amount equal to the lesser of (x) $80,000,000 and (y)
the Aggregate Receivables Amount as of the close of business on the first day
of such Monthly Period, (ii) "Class Y 1999-1B Invested Amount" means, for any

                                      -4-

<PAGE>

Monthly Period, an amount equal to the excess, if any, of (x) the Aggregate
Receivables Amount as of the close of business on the first day of such
Monthly Period over (y) $80,000,000, and (iii) the "Aggregate Receivables
Amount" as of any date is equal to the sum for all Eligible Receivables held
by the Trust on such date of the amounts owing by the Obligors thereunder as
of such date.  A list identifying the Obligors with respect to the Fleet
Receivables as of June, 24, 1999 is attached hereto as Schedule I.  The UTI
Trustee hereby identifies and allocates as 1999-1B Sold SUBI Assets such
portfolio of SUBI Assets, such SUBI Assets to be identified on the books and
accounts of the Origination Trust as belonging exclusively to the 1999-1B
Sold SUBI Portfolio.

          Section 11.4.   Filings; Termination of 1999-1B Sold SUBI; Related
Matters.  (a)  The Settlor, the UTI Trustee and the SUBI Trustee will
undertake all other and future actions and activities as may be required by
the Servicer to perfect (or evidence) and confirm the foregoing allocations
of 1999-1B SUBI Assets to the 1999-1B Sold SUBI Portfolio, including filing
or causing to be filed UCC financing statements and executing and delivering
all related filings, documents or writings as may be deemed reasonably
necessary by the Servicer hereunder or under any of the Transaction Documents
and as are presented to them in final execution form.  The Settlor hereby
irrevocably makes and appoints each of the SUBI Trustee and the Servicer, and
any of their respective officers, employees or agents, as the true and lawful
attorney-in-fact of the Settlor (which appointment is coupled with an
interest and is irrevocable) with power to sign on behalf of the Settlor any
financing statements, continuation statements, security agreements,
mortgages, assignments, affidavits, letters of authority, notices or similar
documents necessary or appropriate to be executed or filed pursuant to this
Section.

          (b)  If all of the 1999-1B Sold SUBI Assets have been liquidated
into cash and all of such cash shall have been distributed in accordance with
the 1999-1 Sold SUBI Servicing Supplement, then at the direction of the
Initial Beneficiary the 1999-1B Sold SUBI shall be terminated and the 1999-1B
Sold SUBI Certificates shall be returned to the SUBI Trustee and canceled
thereby and all 1999-1B Sold SUBI Assets shall be allocated to the UTI.

          Section 11.5.   Acceptance by SUBI Trustee.  The SUBI Trustee shall
have the rights, powers and duties set forth herein and in the Origination
Trust Agreement with respect to the 1999-1B Sold SUBI.  Pursuant to Section
3.1(c) of the Origination Trust Agreement, the SUBI Trustee hereby accepts
its appointment as SUBI Trustee with respect to the 1999-1B Sold SUBI
hereunder and agrees to act as a trustee of the Origination Trust for the
benefit of the holder or holders of each 1999-1B Sold SUBI Certificates in
accordance with the terms of this 1999-1B Sold SUBI Supplement and the
Origination Trust Agreement.  The Class X 1999-1B Sold SUBI Certificate shall
be initially registered in the name of the Issuer and the Class Y 1999-1B

                                      -5-

<PAGE>

Sold SUBI Certificate shall be initially registered in the name of the
Initial Beneficiary.

          Section 11.6.   Representations and Warranties of SUBI Trustee.  The
SUBI Trustee hereby makes the following representations and warranties on
which the Settlor and Initial Beneficiary, each of their permitted assignees
and pledgees, and each pledgee or holder of the 1999-1B Sold SUBI
Certificates may rely:

          (a)  Organization and Good Standing.  The SUBI Trustee is a banking
     corporation, duly organized, validly existing and in good standing under
     the laws of the State of Delaware.

          (b)  Power and Authority.  The SUBI Trustee has full power,
     authority and right to execute, deliver and perform this 1999-1B Sold
     SUBI Supplement and has taken all necessary action to authorize the
     execution, delivery and performance by it of this 1999-1B Sold SUBI
     Supplement.

          (c)  Due Execution.  This 1999-1B Sold SUBI Supplement has been
     duly executed and delivered by the SUBI Trustee, and this 1999-1B Sold
     SUBI Supplement and the Origination Trust Agreement are legal, valid and
     binding instruments enforceable against the SUBI Trustee in accordance
     with their respective terms, except as such enforceability may be
     limited by bankruptcy, insolvency and other similar laws relating to the
     enforcement of creditors' rights generally and to general principles of
     equity.

          (d)  No Conflict.  Neither the execution and delivery of this
     1999-1B Sold SUBI Supplement nor the consummation of the transactions
     herein contemplated, nor compliance with the provisions hereof, will
     conflict with or result in a breach of, or constitute a default (with
     notice or passage of time or both) under any provision of any law,
     governmental rule, regulation, judgment, decree or order of any
     Governmental Authority in the State of Delaware binding on the SUBI
     Trustee or the charter or bylaws of the SUBI Trustee or any provision of
     any mortgage, indenture, contract, agreement or other instrument to
     which the SUBI Trustee is a party or by which it is bound.  No consent,
     approval or authorization of, or filing, registration or qualification
     with, or the giving of notice or the taking of any other action with
     respect to, any Governmental Authority of the State of Delaware is
     required on the part of the SUBI Trustee in connection with the
     execution, delivery and performance by the SUBI Trustee of the
     Origination Trust Agreement, the Servicing Agreement, the 1999-1 Sold
     SUBI Servicing Supplement and this 1999-1B Sold SUBI Supplement.

                                      -6-

<PAGE>

          (e)  Location of Records.  The office where the SUBI Trustee keeps
     its records concerning the transactions contemplated hereby is located
     at 1100 North Market Street, Wilmington, Delaware 19890-0001.

          Section 11.7.   Merger and Consolidation of Origination Trustees.
Each Origination Trustee shall give notice to the Initial Beneficiary, the
Servicer, SPV, the Issuer, and the Indenture Trustee within 30 days after
effecting any merger, consolidation, or other transaction set forth in
Section 6.5 of the Origination Trust Agreement.

                                   PART XII

                      ORIGINATION TRUST FEES AND EXPENSES

          Section 12.1.   Origination Trust Fees and Expenses.
Notwithstanding Sections 5.5, 6.8 or 7.1 or any other provision of the
Origination Trust Agreement, the rights of the Origination Trustees to
receive fees or be indemnified or reimbursed for expenses incurred in
connection with or allocated to the 1999-1B Sold SUBI out of the 1999-1B Sold
SUBI Assets shall be paid by the Servicer pursuant to Section 7.5 of the
1999-1 Sold SUBI Servicing Supplement.

                                   PART XIII

                  ASSIGNMENT OF THE CLASS X 1999-1B SOLD SUBI

          Section 13.1.  Assignment.  The parties to this 1999-1B Sold SUBI
Supplement hereby acknowledge and consent to (i) the transfer, pledge,
assignment by SPV to the Issuer pursuant to the Transfer Agreement of all of
the SPV's right, title and interest in and to the portion of 1999-1B Sold
SUBI, represented by the Class X 1999-1B Sold SUBI Certificate, and the Class
X 1999-1B Sold SUBI Certificate and (ii) the pledge, assignment and grant of
a security interest by the Issuer to the Indenture Trustee for the benefit of
the Investor Noteholders pursuant to the Indenture of all of the Issuer's
right, title and interest in and to the portion of 1999-1B Sold SUBI,
represented by the Class X 1999-1B Sold SUBI Certificate, and the Class X
1999-1B Sold SUBI Certificate.  The parties to this 1999-1B Sold SUBI
Supplement hereby acknowledge and agree that the SPV shall be prohibited from
transferring any of its right, title and interest in and to the portion of
1999-1B Sold SUBI, represented by the Class Y 1999-1B Sold SUBI Certificate,
to any Person.

                                      -7-

<PAGE>

                                   PART XIV

                           MISCELLANEOUS PROVISIONS

          Section 14.1.   Amendment, Etc.  (a)  Notwithstanding Section 9.1 of
the Origination Trust Agreement, the Origination Trust Agreement, as
supplemented by this 1999-1B Sold SUBI Supplement, to the extent that it
deals solely with the 1999-1B Sold SUBI and the 1999-1B Sold SUBI Portfolio,
may be amended only in accordance with this Section 14.1.

          (b)  The Origination Trust Agreement or this 1999-1B Sold SUBI
Supplement may be amended by SPV with the consent of the Origination
Trustees, but without the consent of any other Person, to correct any
inconsistency or cure any ambiguity or errors in the Origination Trust
Agreement or this 1999-1B Sold SUBI Supplement only in a manner which would
have no adverse effect on any holder of 1999-1B Sold SUBI Certificate or any
pledgee or assignee thereof.

          (c)  The Origination Trust Agreement or this 1999-1B Sold SUBI
Supplement may be amended in any respect from time to time by SPV, with the
consent of the Origination Trustees (to the extent adversely affected
thereby), each holder of the 1999-1B Sold SUBI Certificates and each pledgee
or assignee thereof.

          (d)  Prior to the execution of any such amendment or consent, the
Servicer shall furnish at least five (5) Business Days prior written
notification of the substance of such amendment or consent (together with a
copy of the related Opinion of Counsel) to each Rating Agency with respect to
each Series of Investor Notes and each series of Preferred Membership
Interests; provided that the Servicer shall have no obligation to furnish any
such Rating Agency with prior written notice of the substance of any
amendment or consent to the Origination Trust Agreement.  No later than ten
(10) Business Days after the execution of any such amendment or consent, the
Servicer shall furnish a copy of such amendment or consent to each Rating
Agency with respect to each Series of Investor Notes and each series of
Preferred Membership Interests, the Issuer and the Indenture Trustee.

          (e)  Prior to the execution of any amendment to the Origination
Trust Agreement or this 1999-1B Sold SUBI Supplement, the Issuer and the
Indenture Trustee shall be entitled to receive and conclusively rely upon an
Opinion of Counsel stating that the execution of such amendment is authorized
or permitted by the Origination Trust Agreement or this 1999-1B Sold SUBI
Supplement and that all conditions precedent to the execution and delivery of
such amendment have been satisfied.

          Section 14.2.   Control.  The Initial Beneficiary hereby agrees
that, so long as Class X 1999-1B Invested Amount is greater than zero, the
holder of the Class Y 1999-1B Certificate, or its pledgee, shall have no

                                     -8-

<PAGE>

right to control the exercise of all rights, remedies, powers, interests and
privileges in respect of the 1999-1B Sold SUBI Portfolio.

          Section 14.3.   Governing Law.  THIS 1999-1B SOLD SUBI SUPPLEMENT
SHALL BE CREATED UNDER AND GOVERNED BY AND CONSTRUED UNDER THE INTERNAL LAWS
OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE
PRINCIPLES OF CONFLICTS OF LAWS.

          Section 14.4.   Notices.  The notice provisions of Section 9.3 of
the Origination Trust Agreement shall apply equally to this 1999-1B Sold SUBI
Supplement.  All demands, notices and communications under this 1999-1B Sold
SUBI Supplement or the Origination Trust Agreement shall be in writing and
shall be delivered or mailed by registered or certified first class United
States mail, postage prepaid, return receipt requested; hand delivery;
prepaid courier service; or telecopier, and;

          (i)  if to the SUBI Trustee, addressed to:

          Wilmington Trust Company
          1100 North Market Street
          Wilmington, Delaware 19890-0001
          Attention:      Corporate Trust Administration
                          (at Telecopier No. 302-651-8882)

     or at such other address as shall be designated by such Person to the
     other parties hereto;

          (ii) if to the Initial Beneficiary, addressed to:

          RAVEN FUNDING LLC
          900 Old Country Road
          Garden City, New York 11530
          Attention:      General Counsel
                          (at Telecopier No. (516) 222-3751)

     or at such other address as shall be designed by the holders of the
     1999-1B Sold SUBI Certificates to the other parties hereto; and

          (iii)  if to the Indenture Trustee, addressed to:

          The Chase Manhattan Bank
          450 West 33rd Street, 14th Floor
          New York, New York 10001-2597
          Attention:      Capital Markets Fiduciary Services

                                     -9-

<PAGE>

          (iv) if to the Issuer, addressed to:

          Greyhound Funding, LLC
          900 Old Country Road
          Garden City, New York  11530
          Attention:      General Counsel
                          (at Telecopier No. (516) 222-3751)

     or at such other address as shall be designated by such Person to the
     parties hereto.

          Section 14.5.   Severability of Provisions.  If any one or more of
the covenants, agreements, provisions or terms of this 1999-1B Sold SUBI
Supplement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this 1999-1B Sold
SUBI Supplement and shall in no way affect the validity or enforceability of
the other provisions of this 1999-1B Sold SUBI Supplement or of the 1999-1B
Sold SUBI Certificates or the rights of the holders thereof.  To the extent
permitted by law, the parties hereto waive any provision of law that renders
any provision of this 1999-1B Sold SUBI Supplement invalid or unenforceable
in any respect.

          Section 14.6.   Effect of 1999-1B Sold SUBI Supplement on
Origination Trust Agreement and Transaction Documents.  (a)  Except as
otherwise specifically provided herein: (i) the parties shall continue to be
bound by all provisions of the Origination Trust Agreement; and (ii) the
provisions set forth herein shall operate either as additions to or
modifications of the obligations of the parties under the Origination Trust
Agreement, as the context may require.  In the event of any conflict between
the provisions of this 1999-1B Sold SUBI Supplement and the Origination Trust
Agreement with respect to the 1999-1B Sold SUBI, the provisions of this
1999-1B Sold SUBI Supplement shall prevail.

          (b)  For purposes of determining the parties' obligations under
this Sold SUBI Supplement with respect to the 1999-1B Sold SUBI, general
references in the Origination Trust Agreement to: (i) the SUBI Portfolio
shall be deemed to refer more specifically to the 1999-1B Sold SUBI
Portfolio; (ii) the SUBI Supplement shall be deemed to refer more
specifically to this 1999-1B Sold SUBI Supplement; and (iii) the SUBI
Servicing Agreement Supplement shall be deemed to refer more specifically to
the 1999-1 Sold SUBI Servicing Supplement.

          (c)  Anything contained in the Origination Trust Agreement to the
contrary notwithstanding (including, without limitation, Section 5.5
thereof), no Origination Trustee that is an Affiliate of VMS shall be
entitled to any indemnification out of any 1999-1B Sold SUBI Assets for any

                                     -10-

<PAGE>

matter for which VMS or any Affiliate of VMS shall have indemnified SPV or
shall otherwise be responsible under the Transaction Documents.

          Section 14.7.   Series Liability.  Each party hereto represents,
warrants and covenants (and each holder or pledgee of the 1999-1B Sold SUBI,
by virtue of its acceptance of such Sold SUBI or pledge thereof represents,
warrants and covenants) that (a) the 1999-1B Sold SUBI is a separate series
of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of
Title 12 of the Delaware Code, 12 Del. C. Section 3801, et seq., (b)(i) the
debts, liabilities, obligations and expenses incurred, contracted for or
otherwise existing with respect to the 1999-1B Sold SUBI or the 1999-1B Sold
SUBI Portfolio shall be enforceable against the 1999-1B Sold SUBI Portfolio
only, and not against any other SUBI Assets or the UTI Portfolio and (ii) the
debts, liabilities, obligations and expenses incurred, contracted for or
otherwise existing with respect to any other SUBI, any other SUBI Portfolio,
the UTI or the UTI Portfolio shall be enforceable against such other SUBI
Portfolio or the UTI Portfolio only, as applicable, and not against any other
SUBI Assets, (c) except to the extent required by law or specified in the
Origination Trust Agreement or in this 19991-1B Sold SUBI Supplement, UTI
Assets or SUBI Assets with respect to any SUBI (other than the 1999-1B Sold
SUBI) shall not be subject to the claims, debts, liabilities, expenses or
obligations arising from or with respect to the 1999-1B Sold SUBI in respect
of such claim, (d)(i) no creditor or holder of a claim relating to assets
allocated to the 1999-1B Sold SUBI or the 1999-1B Sold SUBI Portfolio shall
be entitled to maintain any action against or recover any assets allocated to
the UTI or the UTI Portfolio or any other SUBI or the assets allocated
thereto, and (ii) no creditor or holder of a claim relating to the UTI, the
UTI Portfolio or any SUBI other than the 1999-1B Sold SUBI or any SUBI Assets
other than the 1999-1B Sold SUBI Portfolio shall be entitled to maintain any
action against or recover any assets allocated to the 1999-1B Sold SUBI, and
(e) any purchaser, assignee or pledgee of an interest in the 1999-1B Sold
SUBI, the 1999-1B Sold SUBI Certificate, any other SUBI, any other SUBI
Certificate, the UTI or the UTI Certificate must, prior to or
contemporaneously with the grant of any such assignment, pledge or security
interest, (i) give to the Origination Trust a non-petition covenant
substantially similar to that set forth in Section 6.9 of the Origination
Trust Agreement, and (ii) execute an agreement for the benefit of each
holder, assignee or pledgee from time to time of the UTI or UTI Certificate
and any other SUBI or SUBI Certificate to release all claims to the assets of
the Origination Trust allocated to the UTI and each other SUBI Portfolio and
in the event that such release is not given effect, to fully subordinate all
claims it may be deemed to have against the assets of the Origination Trust
allocated to the UTI Portfolio and each other SUBI Portfolio.

          Section 14.8.   No Petition; Release of Claims.  With respect to
each Special Purpose Entity, each party hereto (and each holder and pledgee
of the 1999-1B Sold SUBI, by virtue of its acceptance of such SUBI or pledge

                                     -11-

<PAGE>

thereof) agrees that, prior to the date which is one year and one day after
payment in full of all obligations under each Securitization (i) no party
hereto shall authorize such Special Purpose Entity to commence a voluntary
winding-up or other voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to such Special Purpose Entity or
its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect in any jurisdiction or seeking the appointment of an
administrator, a trustee, receiver, liquidator, custodian or other similar
official with respect to such Special Purpose Entity or any substantial part
of its property or to consent to any such relief or to the appointment of or
taking possession by any such official in an involuntary case or other
proceeding commenced against such Special Purpose Entity, or to make a
general assignment for the benefit of any party hereto or any other creditor
of such Special Purpose Entity, and (ii) none of the parties hereto shall
commence or join with any other Person in commencing any proceeding against
such Special Purpose Entity under any bankruptcy, reorganization, liquidation
or insolvency law or statute now or hereafter in effect in any jurisdiction.
Each of the parties hereto agrees that, prior to the date which is one year
and one day after the payment in full of all obligations under each
Securitization, it will not institute against, or join any other Person in
instituting against, any Special Purpose Entity an action in bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or similar
proceeding under the laws of the United States or any State of the United
States.

                           [SIGNATURES ON NEXT PAGE]

                                     -12-

<PAGE>

               IN WITNESS WHEREOF, the Settlor and the Trustees have caused
this 1999-1B Sold SUBI Supplement to be duly executed by their respective
officers as of the day and year first above written.

                                      RAVEN FUNDING LLC, as Settlor and
                                      Initial Beneficiary

                                      By   /s/ Kevin Sheehan
                                           ---------------------------------
                                           Name:   Kevin Sheehan
                                           Title:  Manager

                                      PHH VEHICLE MANAGEMENT SERVICES LLC,
                                      as UTI Trustee and Servicer

                                      By   /s/ Gerard Kennell
                                           ---------------------------------
                                           Name:   Gerard Kennell
                                           Title:  Senior Vice President

                                      WILMINGTON TRUST COMPANY, not in its
                                      individual capacity but solely as
                                      Delaware Trustee and SUBI Trustee

                                      By   /s/  James P. Lawler
                                           ---------------------------------
                                           Name:   James P. Lawler
                                           Title:  Vice President

                                     -13-

<PAGE>

                                                                EXHIBIT A-1 TO
                                                  1999-1B SOLD SUBI SUPPLEMENT

                 FORM OF CLASS X 1999-1B SOLD SUBI CERTIFICATE

                              D.L. PETERSON TRUST

    CLASS X 1999-1B SOLD SPECIAL UNIT OF BENEFICIAL INTEREST CERTIFICATE

     (This Certificate does not represent an obligation of, or an interest
     in, PHH Vehicle Management Services LLC or any of its affiliates (other
     than the Origination Trust (as defined below))).

Number-1

          THIS CERTIFIES THAT GREYHOUND FUNDING LLC is the registered owner
of a 100% nonassessable, fully-paid, exclusive beneficial interest in the
Class X 1999-1B Invested of Amount of the 1999-1B Sold SUBI Portfolio (such
interest, a "1999-1B Sold SUBI Interest"), of D.L. Peterson Trust, a Delaware
business trust (the "Origination Trust"), formed by Raven Funding LLC, as
settlor ("SPV" or, in its capacity as settlor thereunder, and, together with
any successor or assign, the "Settlor"), PHH Vehicle Management Services LLC,
as UTI Trustee (the "UTI Trustee") and Servicer, and Wilmington Trust
Company, as Delaware trustee (the "Delaware Trustee").  The Origination Trust
was created pursuant to the Amended and Restated Origination Trust Agreement
dated as of June 30, 1999 (as modified, supplemented, or amended from time to
time, the "Origination Trust Agreement"), among SPV as the Settlor and as the
sole initial beneficiary (in such capacity, and, together with any successor
or permitted assign, the "Initial Beneficiary"), the UTI Trustee and the
Delaware Trustee, as supplemented for purposes hereof by that certain 1999-1B
Sold SUBI Supplement to the Origination Trust Agreement dated as of June 30,
1999 (the "1999-1B Sold SUBI Supplement") among the Settlor, the Initial
Beneficiary, the UTI Trustee, the Delaware Trustee and Wilmington Trust
Company, as the SUBI Trustee.  To the extent not otherwise defined herein,
the capitalized terms herein have the meanings set forth in the Agreement.

          This Certificate is the duly authorized certificate issued under
the Agreement and the 1999-1B Sold SUBI Supplement dated even date herewith,
and designated as "D.L. Peterson Trust Class X 1999-1B Sold Special Unit of
Beneficial Interest Certificate" (the "Class X 1999-1B Sold SUBI
Certificate").  This Class X 1999-1B Sold SUBI Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the holder of this Class X 1999-1B Sold SUBI Certificate by
virtue of the acceptance hereof assents and by which such holder is bound.
Also to be issued under the Agreement are various other series of
Certificates, the first designated as "D.L. Peterson Trust Undivided Trust
Interest Certificates" (the "Undivided Trust Interest Certificates"), and the

<PAGE>

others each designated as "D.L. Peterson Trust Special Unit of Beneficial
Interest Certificates" (the "SUBI Certificates" and, together with the
Undivided Trust Interest Certificates, the "Certificates").  The Undivided
Trust Interest Certificates, taken together, evidence an exclusive, undivided
interest in the assets of the Origination Trust, other than SUBI Assets (each
as defined in the Agreement); each other series of SUBI Certificates, taken
together, will evidence an exclusive undivided interest in a separate SUBI
Portfolio other than the 1999-1B Sold SUBI Portfolio.  This Certificate
constitutes a "Security" as such term is defined in the New York Uniform
Commercial Code and the Delaware Uniform Commercial Code.

          The Certificates do not represent an obligation of, or an interest
in, the Settlor, any Trustee or any of their respective affiliates (other
than the Origination Trust).  A copy of the Agreement may be examined during
normal business hours at the principal office of the Settlor or any Trustee,
and at such other places, if any, designated by the Settlor or any Trustee,
by the holder hereof upon request.

          By accepting this Certificate, the holder hereof releases (or fully
subordinates, but only to the extent such release is not given effect) any
claim in respect of this Certificate to any proceeds or assets of the
Origination Trust and to all of the assets of the Origination Trust other
than those from time to time included within the 1999-1B Sold SUBI Portfolio
(the "1999-1B Sold SUBI Assets") and those proceeds or assets derived from or
earned by the 1999-1B Sold SUBI Assets.

          Prior to due presentation of this Certificate for registration of a
permitted transfer, the Origination Trustee, the certificate registrar and
any of their respective agents may treat the person or entity in whose name
this Certificate is registered as the owner hereof for the purpose of
receiving distributions and for all other purposes, and, except as provided
for in the Agreement, neither the Origination Trustee, the certificate
registrar nor any such agent shall be affected by any notice to the contrary.

          The holder of this Certificate covenants and agrees that prior to
the date which is one year and one day after the date upon which all
obligations under each Securitization have been paid in full, it will not
institute against, or join any other Person in instituting against, the
Origination Trust, the Initial Beneficiary, any Special Purpose Entity, or
any general partner of any Special Purpose Entity that is a partnership, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding
or other proceedings under any federal or state bankruptcy or similar law.

          No bankruptcy, reorganization arrangement, insolvency or
liquidation proceeding or other proceedings under any federal or state
bankruptcy, insolvency or similar law shall be instituted by the Origination
Trust without the unanimous consent of all Trustees and Certificateholders

                                     -2-

<PAGE>

hereunder.  A SUBI Trustee shall not so consent unless directed to do so by
the holder of the applicable SUBI and any assignee or pledgee thereof, and
the Delaware Trustee shall not so consent unless directed to do so by all of
the Certificateholders.

          Unless this Certificate shall have been authenticated by an
authorized officer of the Delaware Trustee, by manual signature, this
Certificate shall not entitle the holder hereof to any benefit under the
Agreement or be valid for any purpose.

                                     -3-

<PAGE>

               IN WITNESS WHEREOF, the Delaware Trustee and the SUBI Trustee
on behalf of the Origination Trust and not in their individual capacities
have caused this Class X 1999-1B Sold SUBI Certificate to be duly executed.

Dated:  June 30, 1999

                                      D.L. PETERSON TRUST

                                      By:  WILMINGTON TRUST COMPANY, not
                                           in its individual capacity but
                                           solely as Delaware Trustee

                                      By:
                                         ---------------------------------
                                                 Authorized Officer

                                     -4-

<PAGE>

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is the Class X 1999-1B Sold SUBI Certificate referred to in the

within-mentioned 1999-1B Sold SUBI Supplement.

Dated:  June 30, 1999

                                      WILMINGTON TRUST COMPANY, not in its
                                      individual capacity but solely as
                                      Delaware Trustee

                                      By:
                                         ---------------------------------
                                                Authorized Officer

                                     -5-

<PAGE>

                                                                EXHIBIT A-2 TO
                                                  1999-1B SOLD SUBI SUPPLEMENT

                 FORM OF CLASS Y 1999-1B SOLD SUBI CERTIFICATE

                              D.L. PETERSON TRUST

     CLASS Y 1999-1B SOLD SPECIAL UNIT OF BENEFICIAL INTEREST CERTIFICATE

     (This Certificate does not represent an obligation of, or an interest
     in, PHH Vehicle Management Services LLC or any of its affiliates (other
     than the Origination Trust (as defined below))).

Number-1

          THIS CERTIFIES THAT RAVEN FUNDING LLC is the registered owner of a
100% non-assessable, fully-paid, exclusive undivided beneficial interest in
the Class Y 1999-1B Invested Amount of the 1999-1B Sold SUBI Portfolio (such
interest, a "1999-1B Sold SUBI Interest"), of D.L. Peterson Trust, a Delaware
business trust (the "Origination Trust"), formed by RAVEN FUNDING LLC, as
settlor ("SPV" or, in its capacity as settlor thereunder, and, together with
any successor or assign, the "Settlor"), PHH Vehicle Management Services, as
UTI Trustee (the "UTI Trustee") and Servicer, and Wilmington Trust Company,
as Delaware trustee (the "Delaware Trustee").  The Origination Trust was
created pursuant to an Amended and Restated Origination Trust Agreement dated
as of June 30, 1999 (as modified, supplemented, or amended from time to time,
the "Origination Trust Agreement"), among SPV as the Settlor and as the sole
initial beneficiary (in such capacity, and, together with any successor or
permitted assign, the "Initial Beneficiary"), the UTI Trustee and the
Delaware Trustee, as supplemented for purposes hereof by that certain 1999-1B
Sold SUBI Supplement to the Origination Trust Agreement dated as of
June 30, 1999 (the "1999-1B Sold SUBI Supplement") among the Settlor, the
Initial Beneficiary, the UTI Trustee, the Delaware Trustee and Wilmington
Trust Company, as the SUBI Trustee.  To the extent not otherwise defined
herein, the capitalized terms herein have the meanings set forth in the
Agreement.

          This Certificate is the duly authorized certificate issued under
the Agreement and the 1999-1B Sold SUBI Supplement dated even date herewith,
and designated as "D.L. Peterson Trust Class Y 1999-1B Sold Special Unit of
Beneficial Interest Certificate" (the "Class Y 1999-1B Sold SUBI
Certificate").  This Class Y 1999-1B Sold SUBI Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the holder of this Class Y 1999-1B Sold SUBI Certificate by
virtue of the acceptance hereof assents and by which such holder is bound.

<PAGE>

Also to be issued under the Agreement are various other series of
Certificates, the first designated as "D.L. Peterson Trust Undivided Trust
Interest Certificates" (the "Undivided Trust Interest Certificates"), and the
others each designated as "D.L. Peterson Trust Special Unit of Beneficial
Interest Certificates" (the "SUBI Certificates" and, together with the
Undivided Trust Interest Certificates, the "Certificates").  The Undivided
Trust Interest Certificates, taken together, evidence an exclusive, undivided
interest in the assets of the Origination Trust, other than SUBI Assets (each
as defined in the Agreement); each other series of SUBI Certificates, taken
together, will evidence an exclusive undivided interest in a separate SUBI
Portfolio other than the Sold SUBI Portfolio.  This Certificate constitutes a
"Security" as such term is defined in the New York Uniform Commercial Code
and the Delaware Commercial Code.

          The Certificates do not represent an obligation of, or an interest
in, the Settlor, any Trustee or any of their respective affiliates (other
than the Origination Trust).  A copy of the Agreement may be examined during
normal business hours at the principal office of the Settlor or any Trustee,
and at such other places, if any, designated by the Settlor or any Trustee,
by the holder hereof upon request.

          By accepting this Certificate, the holder hereof releases (or fully
subordinates, but only to the extent such release is not given effect) any
claim in respect of this Certificate to any proceeds or assets of the
Origination Trust and to all of the assets of the Origination Trust other
than those from time to time included within the 1999-1B Sold SUBI Portfolio
(the "1999-1B Sold SUBI Assets") and those proceeds or assets derived from or
earned by the 1999-1B Sold SUBI Assets.

          The holder of this Certificate covenants and agrees that prior to
the date which is one year and one day after the date upon which all
obligations under each Securitization have been paid in full, it will not
institute against, or join any other Person in instituting against, the
Origination Trust, the Initial Beneficiary, any Special Purpose Entity, or
any general partner of any Special Purpose Entity that is a partnership, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding
or other proceedings under any federal or state bankruptcy or similar law.

          No bankruptcy, reorganization arrangement, insolvency or
liquidation proceeding or other proceedings under any federal or state
bankruptcy, insolvency or similar law shall be instituted by the Origination
Trust without the unanimous consent of all Trustees and Certificateholders
hereunder.  A SUBI Trustee shall not so consent unless directed to do so by
the holder of the applicable SUBI and any assignee or pledge thereof and the
Delaware Trustee shall not so consent unless directed to do so by all of the
Certificateholders.

                                     -2-

<PAGE>

          Unless this Certificate shall have been authenticated by an
authorized officer of the Delaware Trustee, by manual signature, this
Certificate shall not entitle the holder hereof to any benefit under the
Agreement or be valid for any purpose.

                                     -3-

<PAGE>

          IN WITNESS WHEREOF, the Delaware Trustee on behalf of the
Origination Trust and not in its individual capacity has caused this Class Y
1999-1B Sold SUBI Certificate to be duly executed.

Dated:  June 30, 1999

                                      D.L. PETERSON TRUST

                                      By:  WILMINGTON TRUST COMPANY, not in
                                           its individual capacity but solely
                                           as Delaware Trustee

                                           By
                                              ------------------------------
                                                    Authorized Officer

                                     -4-

<PAGE>

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is the Class Y 1999-1B Sold SUBI Certificate referred to in the

within-mentioned 1999-1B Sold SUBI Supplement.

Dated:  June 30, 1999

                                      WILMINGTON TRUST COMPANY, not in its
                                      individual capacity but solely as
                                      Delaware Trustee

                                      By
                                         ---------------------------------
                                                Authorized Officer

                                     -5-

<PAGE>

                                                                    SCHEDULE I

Description of 1999-1B Sold SUBI Assets and Obligors.

See the computer tape delivered to the UTI Trustee and the Indenture Trustee.

List of Obligors is attached.Exhibit 10.4

                             D.L. PETERSON TRUST,

                               RAVEN FUNDING LLC

                                      AND

                      PHH VEHICLE MANAGEMENT SERVICES LLC

                              SERVICING AGREEMENT

                           DATED AS OF JUNE 30, 1999

<PAGE>

                               TABLE OF CONTENTS

                                                                          Page

                             ARTICLE I  DEFINITIONS   . . . . . . . . . . .  2

     Section 1.1    Definitions   . . . . . . . . . . . . . . . . . . . . .  2

            ARTICLE II  ADMINISTRATION AND SERVICING OF TRUST ASSETS  . . .  8

     Section 2.1    Servicer to Act as Servicer   . . . . . . . . . . . . .  8
     Section 2.2    Origination of Leases; Acquisition and Titling of
                      Trust Vehicles  . . . . . . . . . . . . . . . . . . . 10
     Section 2.3    Collections; Extensions and Adjustments;
                      Applications of Collections . . . . . . . . . . . . . 10
     Section 2.4    Collection and Application of Security Deposits   . . . 11
     Section 2.5    Servicing Compensation; Fees, Costs and Expenses  . . . 12
     Section 2.6    Records   . . . . . . . . . . . . . . . . . . . . . . . 12
     Section 2.7    Custody of Lease Files; Custodial Duties  . . . . . . . 13
     Section 2.8    Maintenance of Record Ownership Interests in Trust
                      Vehicles  . . . . . . . . . . . . . . . . . . . . . . 13
     Section 2.9    Covenant of Servicer  . . . . . . . . . . . . . . . . . 14
     Section 2.10   Third Party Claims  . . . . . . . . . . . . . . . . . . 14
     Section 2.11   Insurance Policies  . . . . . . . . . . . . . . . . . . 14
     Section 2.12   Obligor Insurance Coverage in Respect of Leased
                      Vehicles  . . . . . . . . . . . . . . . . . . . . . . 14
     Section 2.13   Sale of Trust Vehicles; Realization on Charged-Off
                      Leases  . . . . . . . . . . . . . . . . . . . . . . . 14
     Section 2.14   Limitation on Liability of Servicer and Others  . . . . 15
     Section 2.15   Servicer Not to Resign; Assignment  . . . . . . . . . . 16
     Section 2.16   Corporate Existence; Status; Merger   . . . . . . . . . 17
     Section 2.17   Power of Attorney   . . . . . . . . . . . . . . . . . . 17

                    ARTICLE III  SERVICER TERMINATION EVENTS  . . . . . . . 17

     Section 3.1    Servicer Termination Events; Termination of Servicer  . 17

                            ARTICLE IV  MISCELLANEOUS . . . . . . . . . . . 20

     Section 4.1    Termination of Agreement  . . . . . . . . . . . . . . . 20
     Section 4.2    Amendment   . . . . . . . . . . . . . . . . . . . . . . 20
     Section 4.3    Governing Law   . . . . . . . . . . . . . . . . . . . . 20
     Section 4.4    Notices   . . . . . . . . . . . . . . . . . . . . . . . 20
     Section 4.5    Severability  . . . . . . . . . . . . . . . . . . . . . 21
     Section 4.6    Inspection Rights   . . . . . . . . . . . . . . . . . . 21
     Section 4.7    Binding Effect  . . . . . . . . . . . . . . . . . . . . 21
     Section 4.8    Article and Section Headings  . . . . . . . . . . . . . 21
     Section 4.9    Execution in Counterparts   . . . . . . . . . . . . . . 21
     Section 4.10   Rights Cumulative   . . . . . . . . . . . . . . . . . . 21

                                       i

<PAGE>

     Section 4.11   Further Assurances  . . . . . . . . . . . . . . . . . . 22
     Section 4.12   Third-Party Beneficiaries   . . . . . . . . . . . . . . 22
     Section 4.13   No Waiver   . . . . . . . . . . . . . . . . . . . . . . 22
     Section 4.14   Non-Petition Covenant   . . . . . . . . . . . . . . . . 22
     Section 4.15   Limitation of Liability   . . . . . . . . . . . . . . . 22
     Section 4.16   Series Liabilities  . . . . . . . . . . . . . . . . . . 23

                                      ii

<PAGE>

                              SERVICING AGREEMENT

          SERVICING AGREEMENT, dated as of June 30, 1999 (as it may be
further amended, supplemented or modified, the "Agreement") , between D.L.
PETERSON TRUST, a Delaware business trust (the "Trust"), RAVEN FUNDING LLC, a
Delaware limited liability company ("SPV") and PHH VEHICLE MANAGEMENT
SERVICES LLC, a Delaware limited liability company (hereinafter, together
with its successors and assigns, "VMS" or, in its capacity as servicer
hereunder, the "Servicer").

                                R E C I T A L S

          A.   RAVEN FUNDING LLC ("SPV"), as Settlor and Initial Beneficiary,
VMS, as UTI Trustee, and Wilmington Trust Company, as Delaware Trustee, have
entered into that certain Amended and Restated Origination Trust Agreement
dated as of June 30,1999 (the same, as amended, supplemented or modified and
in effect from time to time, the "Trust Agreement"), pursuant to which SPV
and the Trustees continued the Trust for the purpose of taking assignments
and conveyances of and holding and dealing in various Trust Assets in
accordance with the Trust Agreement.

          B.   The Trustees, on behalf of the Trust and at the direction of
SPV, which also is the sole Initial Beneficiary of the Trust, intend to
create and issue from time to time to or upon the order of SPV various
special units of beneficial interest in the Trust ("SUBIs"), whose
beneficiaries generally will be entitled to the cash flow arising from
designated portfolios of Trust Assets owned by the Trust, and which SUBIs may
be used in connection with various Securitizations (as defined in the Trust
Agreement).

          C.   The parties desire to enter into this Agreement to provide
for, among other things, the servicing of the Trust Assets (including those
evidenced by the SUBIs) by the Servicer.

          D.   The parties acknowledge that, in connection with one or more
Securitizations, it may be necessary or desirable to enter into supplemental
agreements hereto, including one or more SUBI Servicing Agreement
Supplements, providing for further specific servicing obligations with
respect to each Securitization.

          NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows:

                                       1

<PAGE>

                                   ARTICLE I
                                  DEFINITIONS

          Section 1.1     Definitions.  For all purposes of this Agreement,
except as otherwise expressly provided or unless the context otherwise
requires, (a) unless otherwise defined herein, all capitalized terms shall
have the meanings attributed to them in the Trust Agreement, (b) the
capitalized terms defined in this Article have the meanings assigned to them
in this Article and include (i) all genders and (ii) the plural as well as
the singular, (c) all references to words such as "herein", "hereof" and the
like shall refer to this Agreement as a whole and not to any particular
article or section within this Agreement, (d) the term "include" and all
variations thereon shall mean "include without limitation", (e) the term "or"
shall include "and/or", and (f) any reference herein to a "Trustee, acting on
behalf of the Trust", or words of similar import, shall be deemed to mean the
applicable Trustee, acting on behalf of the Trust and all applicable
beneficiaries of the Trust.

          "Affiliate" means, with respect to any Person, any other Person
directly or indirectly controlling, controlled by, or under direct or
indirect common control with such Person.  For the purposes of this
definition, "control" when used with respect to any specified Person means
the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract
or otherwise; and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.

          "Agreement" has the meaning set forth in the preamble.

          "Certificate" or "Certificates" shall mean the UTI Certificate and
each SUBI Certificate issued and outstanding.

          "Certificate of Title" shall have the meaning set forth in the
Trust Agreement.

          "Charged-Off Lease" means a Lease which has been or should have
been written off by the Servicer in accordance with the Policies.

          "Collections" means all payments on the Trust Assets, including,
without limitation, (i) all monthly lease payments and other lease payments
on the Leases, (ii) all proceeds from the sale or other disposition of the
Trust Vehicles, including Recoveries, (iii) all insurance proceeds and
warranty payments with respect to the Trust Vehicles, (iv) all termination
payments received in respect of the Leases, (v) all other payments in respect
of the Leases and (vi) all payments in respect of the Fleet Receivables,
whether such payments are in the form of cash, checks, wire transfers or
other forms of payment.

                                       2

<PAGE>

          "Consumer Lease" means each Lease relating to a single vehicle (i)
between an Obligor and PHH and sold by PHH to the Initial Beneficiary
pursuant to the Asset Sale Agreement and contributed by the Initial
Beneficiary to the Trust pursuant to the Contribution Agreement or (ii)
between an Obligor and the Trust.

          "Cost" means the total of all amounts paid to manufacturers,
dealers and vendors in connection with the purchase and delivery of a Trust
Vehicle plus delivery charges, taxes and any registration or titling fees.

          "Custodian Agreement" means the Custodian Agreement dated as of
June 30, 1999 among Allfirst Financial Center, National Association, as
Custodian, the Trust and the Servicer.

          "Delaware Trustee" has the meaning set forth in the Recitals.

          "Fleet Service Contract" means a fleet maintenance contract, fleet
management contract, fuel card contract or any other service contract the
fees for which are billed together with the Leases.

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

          "Holder" means the holder of a Certificate as indicated in the
Trust Register.

          "Initial Beneficiary" has the meaning set forth in the Recitals.

          "Insurance Policy" shall have the meaning set forth in the Trust
Agreement.

          "Insurance Proceeds" means, with respect to any Lease or Trust
Vehicle or Obligor, proceeds paid to the Servicer, the Trust or a Trustee, on
behalf of the Trust, pursuant to an Insurance Policy.

          "Lease" shall have the meaning set forth in the Trust Agreement.

          "Lease Agreement" means a Consumer Lease or a Master Lease
Agreement.

          "Lease Documents" means, with respect to each Lease, the fully
executed Master Lease Agreement or Consumer Lease, as the case may be, and
any agreements modifying such Lease Agreement (including, without limitation,
any extension agreements relating to extended Leases).

                                       3

<PAGE>

          "Lease Files" has the meaning provided in Section 2.2(a) of the
Custodian Agreement.

          "Lease Termination Date" means, with respect to any Lease, the date
such Lease actually terminates.

          "Leased Vehicles" shall have the meaning set forth in the Trust
Agreement.

          "Lessee" means the lessee of a Leased Vehicle or any Person who is
obligated to make payments on the related Lease.

          "Liquidation Expenses" means, to the extent not reimbursed to the
Servicer through disposition or other fees pursuant to the relevant Lease,
reasonable out-of-pocket expenses incurred by the Servicer in connection with
the attempted realization of the full amounts due or to become due under any
Lease, including, without limitation, expenses incurred in connection with
the repossession of any related Leased Vehicle, the sale of such Leased
Vehicle, whether upon its repossession or upon return of a Leased Vehicle,
any collection effort (whether or not resulting in a lawsuit against the
Obligor under such Lease) or any application for Insurance Proceeds, costs
for repairs, painting and repossession, auction fees, sale or consignment
fees, and expenses incurred in the course of pursuing available remedies.
Liquidation Expenses shall not include "overhead" expenses of the Servicer or
any Affiliate or any expenses paid or incurred by the Servicer or any
Affiliate in connection with the routine administration of Leases that are
not in default.

          "Liquidation Proceeds" means (1) gross amounts received by the
Servicer, the Trust or a Trustee, on behalf of the Trust in connection with
the realization of the full amounts due or to become due under any
Charged-Off Lease, (before reimbursement for Liquidation Expenses relating to
such Lease), whether from the sale or other disposition of the related Leased
Vehicle, the proceeds of any collection effort (whether or not resulting in a
lawsuit against the Obligor under such Lease), receipt of Insurance Proceeds
relating to loss or damage to the related Leased Vehicle, or collection of
amounts due hereunder in respect of that Lease or otherwise minus (2) any
amounts remitted to the related Lessee as required by the Lease or applicable
law.

          "Lockbox Agreement" means the Lockbox Services Agreement dated as
of June 30, 1999 between Bank of America National Trust and Savings
Association and the Trust.

          "Master Lease Agreement" means (i) each master lease agreement
between an Obligor and VMS and sold by VMS to the Initial Beneficiary
pursuant to the Asset Sale Agreement and contributed by the Initial

                                       4

<PAGE>

Beneficiary to the Trust pursuant to the Contribution Agreement and (ii) each
master lease agreement between an Obligor and the Trust.

          "Obligee" means each Person who is the lessor under a Lease or the
assignee thereof, including the Trust.

          "Obligor" has the meaning set forth in the Trust Agreement.

          "Officer's Certificate" means a certificate signed by the chairman
of the board, the president, any executive vice president, any senior vice
president, any assistant vice-president, the treasurer, any assistant
treasurer, or the controller of the Servicer.

          "Opinion of Counsel" means a written opinion of counsel who may be
counsel for the Servicer (including in-house counsel employed by the Servicer
or any Affiliate thereof) and who, in the case of opinions delivered to the
Trust or the Trustees, shall be reasonably satisfactory to the Trustees.

          "Original Trust" has the meaning set forth in the recitals to the
Trust Agreement.

          "Origination Trust Account" means an account maintained in the name
of the Trust for the benefit of the Certificateholders, their pledgees and
their assigns which account shall be subject to a Lockbox Agreement.

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

          "PHH" means PHH Personal Lease Corporation, a Maryland corporation.

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

          "Portfolio" has the meaning set forth in the Trust Agreement.

          "Proceeding" means any suit in equity, action at law or other
judicial or administrative proceeding.

          "Rating Agency" means any nationally recognized statistical rating
organization then rating any securities issued in connection with a
Securitization.

                                       5

<PAGE>

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

          "Registrar of Titles" shall have the meaning set forth in the Trust
Agreement.

          "Responsible Officer" means, (a) when used with respect to a
Trustee other than the UTI Trustee, any officer in the corporate trust office
of the Trustee with direct responsibility for the administration of the Trust
Agreement or any other officer of the Trustee to whom any corporate trust
matter is referred because of his or her knowledge of or any familiarity with
the particular subject, and (b) when used with respect to the UTI Trustee,
the President, Chief Financial Officer, the General Counsel or any other
officer of the UTI Trustee to whom any matter concerning the administration
of the Trust is referred because of his or her knowledge of or any
familiarity with the particular subject.

          "Sale Proceeds" means the net proceeds actually received by the
Servicer or the applicable Trustee, on behalf of the Trust, with respect to
the disposition of a Trust Vehicle.

          "Schedule of Trust Assets" means the list of Leases, Trust Vehicles
and Fleet Receivables, on microfiche, microfilm or hard paper copy, that are
included as Trust Assets in the Trust, as such list may be revised and
supplemented from time to time.

          "Securitization" shall have the meaning set forth in the Trust
Agreement.

          "Security Deposit" means, with respect to any Obligor, an amount
paid by such Obligor in respect of its Master Lease Agreement and held by the
Servicer on behalf of the Trust to be applied, if necessary, by the Servicer
to offset any amounts owed by such Obligor.

          "Servicer" has the meaning set forth in the preamble.

          "Servicer Termination Event" means any of the acts, events or
occurrences set forth in Section 3.1(a).

          "Servicing Fee" shall have the meaning specified in Section 2.5(a).

                                       6

<PAGE>

          "Servicing Records" shall have the meaning specified in Section
2.6(a).

          "Settlor" has the meaning set forth in the Recitals.

          "SUBI" has the meaning set forth in the Recitals.

          "SUBI Asset" has the meaning set forth in the Trust Agreement.

          "SUBI Portfolio" has the meaning set forth in the Trust Agreement.

          "SUBI Servicing Agreement Supplement" means any supplement or
amendment to this Agreement entered into from time to time to accommodate the
creation and issuance of a particular SUBI and to specify any special
responsibilities or obligations that the Servicer may be required to
undertake in connection therewith.

          "SUBI Supplement" means any supplement or amendment to the Trust
Agreement executed from time to time in connection with the creation and
issuance of a particular SUBI.

          "SUBI Trustee" means, as to each SUBI, the separate trustee
appointed by the Initial Beneficiary for each SUBI.

          "Trust" has the meaning set forth in the preamble.

          "Trust Agent" means any Person with whom a Trustee contracts to act
as its agent with respect to carrying out certain of its duties as Trustee
hereunder, as provided for in the Trust Agreement.

          "Trust Agreement" has the meaning set forth in the Recitals.

          "Trust Asset" has the meaning set forth in the Trust Agreement.

          "Trust Documents" means and includes this Agreement, the Trust
Agreement, and all amendments or supplements or modifications hereto or
thereto.

          "Trust Vehicle" has the meaning set forth in the Trust Agreement.

          "Trustees" means the Delaware Trustee, the UTI Trustee and any SUBI
Trustee.

          "Uniform Commercial Code" and "UCC" mean the Uniform Commercial
Code as in effect in any applicable jurisdiction.

                                       7

<PAGE>

          "United States" means the United States of America, its territories
and possessions and areas subject to its jurisdiction.

          "UTI" means the undivided trust interest in the Trust created
pursuant to Section 4.1 of the Trust Agreement.

          "UTI Certificate" has the meaning set forth in the Trust Agreement.

          "UTI Holder" means, initially, SPV and any other registered holder
of the UTI Certificate.

          "UTI Portfolio" has the meaning set forth in the Trust Agreement.

          "UTI Servicing Agreement Supplement" means any supplement or
amendment to this Agreement entered into from time to time to specify any
special responsibilities or obligations that the Servicer may be required to
undertake in connection with the UTI.

          "UTI Trustee" has the meaning set forth in the Recitals.

          "Vehicle" has the meaning set forth in the Trust Agreement.

          "VMS" has the meaning set forth in the preamble.

                                  ARTICLE II
                 ADMINISTRATION AND SERVICING OF TRUST ASSETS

          Section 2.1     Servicer to Act as Servicer.  (a)  As agent for and
subject to the supervision, direction and control of the Trust as set forth
in the Trust Agreement, the Servicer shall originate new Lease Agreements in
accordance with the Policies, originate Leases under the Master Lease
Agreements in accordance with the Policies and service, administer and make
collections on the Leases, the Fleet Receivables and the other Trust Assets
in accordance with the terms of this Agreement, and shall have full power and
authority, acting alone and subject only to the specific requirements and
prohibitions of this Agreement, to do any and all things in connection with
such servicing, administering and collecting that it may reasonably deem
necessary or desirable.  The duties of the Servicer shall include, without
limitation, contracting potential lessees, evaluating the creditworthiness of
potential lessees, negotiating Lease Agreements, collecting and posting
payments, responding to inquiries of Obligors, investigating delinquencies,
sending invoices or billing statements to Obligors, disposing of Trust
Vehicles, paying costs of disposition of Leased Vehicles related to
Charged-Off Leases and of Paid-In-Advance Vehicles that have been rejected by
the applicable Obligors, administering the Leases, Trust Vehicles and Fleet
Receivables, amending payment due dates and making other modifications to the

                                       8

<PAGE>

Leases and Fleet Receivables in accordance with the Policies, approving
repairs to Trust Vehicles, accounting for Collections, monitoring the Leases
in cases of Obligor defaults and filing all tax returns (if any) of the
Trust.

          (b)  Without limiting the generality of the foregoing, the Servicer
hereby expressly agrees to perform and carry out on behalf of the Trust, all
of the obligations on the part of the Obligee under the Lease Agreements and
is hereby authorized and empowered by the Trust to execute and deliver, in
its own name or on behalf of the Trust, or both of them, as the case may be,
any and all instruments of satisfaction, extension or cancellation, or of
partial or full release or discharge, and all other comparable instruments,
with respect to the Lease Agreements or the Trust Vehicles in accordance with
the Policies.

          (c)  The Servicer shall cause the Trust to (i) apply for and
maintain (or cause to be applied for and maintained) all licenses, permits
and authorizations necessary and appropriate to acquire, hold and manage
Trust Assets as contemplated by the Trust Agreement in each jurisdiction
where the ownership of its assets or the nature of its operations would
require it to maintain such licenses, permits or authorizations, (ii) file
(or cause to be filed) all notices, reports and other required filings in
each jurisdiction where the location of its assets or the nature of its
operations would require it to make such filing, and (iii) pay or cause to be
paid all applicable taxes and fees properly due and owing in connection with
its activities.

          (d)  If the Servicer shall commence a legal proceeding to enforce a
Lease Agreement or Fleet Receivable, the Trust shall thereupon be deemed to
have automatically assigned, solely for the purpose of collection on behalf
of the Trust, its interest in such Lease Agreement (and the related Leased
Vehicles) or Fleet Receivable to the Servicer to the extent necessary for the
purposes of participating in such proceeding.  If in any enforcement suit or
legal proceeding it is held that the Servicer may not enforce a Lease
Agreement or Fleet Receivable on the grounds that it is not the real party in
interest or a holder entitled to enforce such Lease Agreement or Fleet
Receivable, the Trust shall, at the expense and direction of the Servicer,
take steps to enforce the Lease Agreement or Fleet Receivable, including
bringing suit in its name.  The Trust shall furnish the Servicer with any
powers of attorney and other documents necessary or appropriate to enable the
Servicer to carry out its servicing and administrative duties hereunder.

          (e)  In performing its duties hereunder, the Servicer shall use
reasonable care, following the Policies and using that degree of skill and
attention that the Servicer exercises with respect to all comparable fleet
vehicle leases and receivables that it services for itself.

                                       9

<PAGE>

          Section 2.2     Origination of Leases; Acquisition and Titling of
Trust Vehicles.  (a)  As agent for the SPV, the Servicer shall acquire
Vehicles at the request of Obligors party to the Lease Agreements for
contribution to the Trust in accordance with the terms of this Agreement, and
shall have the power and authority, acting alone and subject only to the
specific requirements and prohibitions of this Agreement, to do any and all
things in connection with such acquisition of Vehicles that it may deem
reasonably necessary or desirable.  The Servicer shall cause the
Manufacturer's Certificate of Ownership with respect to each Vehicle acquired
by the Servicer on behalf of the SPV to be assigned to the Trust at the time
that such Vehicle is contributed to the Trust by the SPV.

          (b)  The Servicer shall maintain, during the term of this
Agreement, a staff and a system reasonably sufficient to originate Lease
Agreements, assess the credit worthiness of potential Obligors, open and
service customer accounts, bill and collect payments on Leases and Fleet
Receivables, obtain Vehicles for lease under the Lease Agreements and dispose
of Trust Vehicles and otherwise perform its obligations hereunder.

          (c)  The Servicer shall cause the Certificate of Title for each
Trust Vehicle to be issued in the name of the Trust or its nominee under a
Nominee Agreement in accordance with the Trust Agreement, with the address of
the Servicer (or such other address as the Servicer and the Trustees shall
agree) as the address of the recorded owner of such Trust Vehicle.  The
Servicer shall cause the Certificate of Title for each Trust Vehicle to name
the SPV as first lienholder; provided that with respect to Trust Vehicles
acquired prior to July 15, 1999, the related Certificates of Title may name
VMS or PHH Personal Lease Corporation as first lienholder.  The Servicer
shall cause to be made all filings necessary to evidence the security
interest of SPV (or VMS, in the case of Vehicles acquired by the Trust on or
prior to the date hereof) in all Vehicles not subject to a certificate of
title, act or statue.

          (d)  The Servicer shall deliver or cause to be delivered to the
Custodian the original copy of each Lease Agreement prior to the date of the
first acquisition of Vehicles to be leased by the Trust thereunder.

          (e)  To the extent not already paid, the Servicer shall pay to the
respective tax authorities on behalf of the Trust or the SPV all sales, use,
gross receipts, general corporation, tangible personal property, intangible,
franchise, privilege or license taxes required to be paid by the Trust or the
SPV, as such amounts become due.

          Section 2.3     Collections; Extensions and Adjustments;
Applications of Collections.  (a)  In accordance with the Policies, the
Servicer shall use commercially reasonable efforts to collect all payments
called for under the terms and provisions of the Leases and Fleet Receivables

                                      10

<PAGE>

as and when the same shall become due.  Subject to any provisions of a SUBI
Servicing Agreement Supplement, the Servicer may grant extensions, rebates,
credits or adjustments in respect of a Lease or Fleet Receivable provided
that any such extension, rebate, credit or adjustment is in accordance with
the Policies.  The Servicer may in its discretion waive any late payment
charge that may be collected in the ordinary course of servicing a Lease or a
Fleet Receivable in accordance with the Policies.

          (b)  The Servicer shall direct the Obligors to make all payments in
respect of the Leases and the Fleet Receivables to an Origination Trust
Account.  The Servicer shall direct any other Person making a payment
constituting a Collection to make such payment directly to an Origination
Trust Account.  Any Collections received by the Servicer at any time
otherwise than in an Origination Trust Account shall be held in trust by the
Servicer for the benefit of the Trust and deposited in an Origination Trust
Account or applied in accordance with the next sentence as promptly as
practicable and, in any event, within two (2) Business Days following
receipt.  All Collections shall be applied as follows: (i) if such
Collections relate to a SUBI Asset, the Servicer shall deposit such funds as
set forth in the related SUBI Servicing Agreement Supplement and (ii) if such
Collections relate to a Trust Asset other than a SUBI Asset, the Servicer
shall pay such funds as directed by the UTI Certificateholder.

          (c)  The Servicer shall, on behalf of the UTI Trustee and at the
direction of the Initial Beneficiary, from time to time, in accordance with
the Trust Agreement or the applicable SUBI Supplement thereto, identify and
allocate on the books and records of the Trust certain Leases, Trust Vehicles
and/or Fleet Receivables into one or more SUBI Portfolios, either upon the
initial creation of such SUBI or periodically following its creation.  The
Servicer shall account to the applicable Trustee for each Portfolio of Trust
Assets separately and in accordance with any supplement or amendment to this
Agreement entered into with respect to such Portfolio.

          Section 2.4     Collection and Application of Security Deposits.
The Servicer shall retain any Security Deposit remitted to it as agent and
bailee for the Trust and as proceeds of the Leases and the Fleet Receivables,
and shall apply the proceeds of such Security Deposits in accordance with
applicable law, the Policies and any contract or agreement pursuant to which
such Security Deposit is being provided to the Trust, including but not
limited to using the Security Deposit in respect of any payment that the
related Obligor failed to pay.   Upon the termination of a Master Lease
Agreement, the related Security Deposit, after deduction for amounts applied
towards the payment of any amount resulting from the related Obligor's
default or failure to pay any amounts required to be paid under such Master
Lease Agreement or in respect of Fleet Receivables, shall be returned to the
related Obligor by the Servicer; provided, however, that the Servicer may

                                      11

<PAGE>

retain a Security Deposit until the Obligor has repaid all other charges owed
to the Trust under such Lease or otherwise.

          Section 2.5     Servicing Compensation; Fees, Costs and Expenses.
(a)  As compensation for the performance of its obligations under this
Agreement and subject to the terms of this Section and the terms of any
applicable SUBI Servicing Agreement Supplement, the Servicer shall be
entitled to receive from the Trust, a fee (the "Servicing Fee") equal to:

          (i)  With respect to each SUBI Portfolio, the amount set forth in
     the related SUBI Servicing Agreement Supplement; and

          (ii) With respect to each UTI Portfolio, such amount as shall be
     agreed from time to time between the holder of the UTI and the Servicer.

          The Servicer shall pay all expenses of the Trust and all expenses
incurred by it in connection with its servicing activities hereunder,
including the costs of any separate trustee or co-trustee appointed by a
Trustee pursuant to Section 5.7 of the Trust Agreement, and shall not be
entitled to reimbursement of such expense.  Notwithstanding anything
contained in the foregoing sentence to the contrary, the Servicer shall not
be liable to pay the expenses of the Trust or expenses incurred by the
Servicer which constitute Liquidation Expenses, losses with respect to Trust
Assets or expenses recoverable under an applicable Insurance Policy.

          (b)  As additional servicing compensation, the Servicer also shall
be entitled to the earnings from the investment of Security Deposits retained
as provided in Section 2.4 and as permitted by applicable law.

          Section 2.6  Records.  (a)  The Servicer shall maintain or cause
to be maintained such computer and manual records with respect to the Leases,
Trust Vehicles, Fleet Receivables and other Trust Assets, and the Collections
thereon, as are sufficient to permit (i) it to perform its servicing duties
hereunder and (ii) the UTI Trustee to identify and allocate Trust Assets on a
segregated basis in accordance with the terms and provisions of the Trust
Agreement and any SUBI Supplements thereto.  The Servicer shall retain or
cause to be retained all data (including, without limitation, computerized
records), together with all operating software and appropriate documentation,
relating directly to or maintained in connection with the servicing of the
Trust Assets (the "Servicing Records"). The Servicer shall provide or cause
to be provided to the Trustees, on behalf of the Trust, upon its request,
access to such Servicing Records at the respective offices of the Servicer,
upon reasonable prior notice and during normal business hours.  Nothing in
this Section 2.6 shall affect the obligation of the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Leases or
Fleet Receivables, and the failure of the Servicer to provide access to

                                      12

<PAGE>

information as a result of such obligation shall not constitute a breach of
this Section 2.6.

          (b)  Upon the occurrence and during the continuance of a Servicer
Termination Event with respect to a Portfolio, if the duties of the Servicer
in respect of such Portfolio are to be terminated, the Servicer shall deliver
to any successor Servicer appointed pursuant to the terms hereof, or, if
otherwise directed by the applicable Trustee, to such Trustee, all such data,
operating software and appropriate documentation necessary for the servicing
of the Trust Assets included in such Portfolio, including but not limited to
the related Lease Documents (other than any Lease Files held by the
Custodian), Certificate of Titles and Fleet Service Contracts, all monies
collected by it and required to be deposited in any account on behalf of the
Trust relating to that Portfolio and all related Security Deposits.  In
addition to delivering such data, operating software and appropriate
documentation and moneys, the Servicer shall use all commercially reasonable
efforts to effect the orderly and efficient transfer of the servicing of the
Trust Assets included in that Portfolio with respect to which such
termination shall have occurred to the party that will be assuming
responsibility for such servicing, including, without limitation, (i)
directing Obligors to remit payments in respect of those Trust Assets to an
account or address designated by the applicable Trustee or such new Servicer
and (ii) at the expense of the Servicer, cooperating as may be requested by
such Trustee or such new Servicer to achieve a transfer of data held in
electronic or other form to the new Servicer's or such Trustee's computer
systems.

          Section 2.7  Custody of Lease Files; Custodial Duties.  (a)  In
accordance with the Custodian Agreement, the Custodian shall maintain custody
of the Lease Files.  The Custodian shall act for the UTI Holder with respect
to the UTI Portfolio and for the Holders of each SUBI, and any pledgee or
assignee thereof, with respect to the related SUBI Portfolio.  The Custodian
shall follow the direction, if any, of such Certificateholders and their
assignees and pledgees with respect to the related Portfolio.

          (b)  With respect to the documents constituting each Lease File
which are delivered to the Custodian (or at any time come into the possession
of the Custodian), the Custodian is exclusively the bailee of the Trustees.
The Trustees, the Certificateholders and all other persons with an interest
in the Trust hereby acknowledge and consent on behalf of themselves and their
successors and assigns that the duty of care applicable to the Custodian
shall be that applicable to a bailee.

          Section 2.8  Maintenance of Record Ownership Interests in Trust
Vehicles.  In accordance with the Policies, the Servicer shall take all
necessary steps to maintain evidence of the ownership interest of the Trust
in each Trust Vehicle on its Certificate of Title.  The Trustees hereby

                                      13

<PAGE>

authorize the Servicer to take such steps as are reasonably necessary to
record such ownership interest on behalf of the Trust in the event of the
relocation of a Trust Vehicle or for any other reason.

          Section 2.9  Covenant of Servicer.  The Servicer shall not impair
the rights of the Trust in the Leases, the Trust Vehicles, the Fleet
Receivables or any other Trust Assets; provided that the Servicer shall be
entitled to undertake the actions permitted by 2.3(a) hereof, and shall also
be entitled to permit, in accordance with the Policies, the assignment by a
Lessee of its obligations under its Master Lease Agreement to a new lessee.

          Section 2.10  Third Party Claims.  The Servicer shall promptly
notify VMS (in the event that VMS is not acting as the Servicer hereunder)
and the Trustees, on behalf of the Trust, upon its learning that a claim of
whatever kind is being made that could have a material adverse effect on the
UTI Holder, any Trustee, any SUBI Certificateholder, the Trust or the Trust
Assets.

          Section 2.11  Insurance Policies.  The Servicer shall at all times
maintain or cause to be maintained by an Affiliate of the Servicer, on behalf
of the Trust, Insurance Policies (which may be blanket policies covering the
Servicer, the Trust and some or all Affiliates of the Servicer) with respect
to the Leases, the Trust Vehicles and the Lessees (and shall cause each such
Insurance Policy maintained by it or any of its Affiliates to name the Trust
as an additional insured or loss payee, as appropriate) of at least the types
and in at least the same amounts as are customarily maintained by the
Servicer and its Affiliates for its own portfolio of fleet vehicle leases and
related leased vehicles.

          Section 2.12  Obligor Insurance Coverage in Respect of Leased
Vehicles.  Unless otherwise required by the Policies, the Servicer shall use
reasonable efforts to ensure that the Obligor under each Lease Agreement
shall have, and maintain in full force and effect during the term of such
Lease Agreement, a comprehensive, collision and property damage insurance
policy covering the actual cash value of the Leased Vehicles to which such
Lease Agreement relates and naming the Trust as a loss payee and additional
insured, as well as public liability, bodily injury and property damage
coverage equal to the greater of the amounts required by applicable state law
or industry standards as set forth in the Lease Agreement, and naming the
Trust as an additional insured.

          Section 2.13  Sale of Trust Vehicles; Realization on Charged-Off
Leases.

     (a)  Sale upon Expiration or Termination of a Lease or Return of a Trust
Vehicle.  Upon the termination or expiration of a Lease, or in the event that
any Trust Vehicle is otherwise returned to the Trust, the Servicer shall
arrange for the sale of such Trust Vehicle in accordance with the terms of

                                      14

<PAGE>

the related Lease Agreement and the Policies and will collect from the
related Lessee any amounts payable by the Lessee pursuant to the Lease
Agreement in connection with such expiration, termination, return and/or
disposal.

          (b)  Sale of Paid-In-Advance Vehicles If Lessee does not Accept the
Paid-In Advance Vehicle.  If the Lessee does not accept delivery of a
Paid-In-Advance Vehicle, the Servicer shall arrange for the sale or other
disposition of such Paid-In-Advance Vehicle and collect from the related
Lessee any fee, penalty or other amount payable in connection therewith.

          (c)  Realization on Repossessed Vehicles.  On behalf of the Trust
and in accordance with the Policies, the Servicer shall use reasonable
efforts to repossess or otherwise convert the possession of any Leased
Vehicle  subject to a delinquent Lease.  In accordance with the Policies, the
Servicer shall take such actions as it shall deem necessary or advisable to
realize against the Lessee which executed such Lease, and to sell such Leased
Vehicle at public or private sale, subject to and in accordance with the
provisions of the applicable Lease.  The Servicer shall be entitled to
reimbursement out of Sales Proceeds for all reasonable Liquidation Expenses
incurred by it in the course of converting the Leased Vehicle into cash
proceeds.  The foregoing shall be subject to the provisions that, in any case
in which the related Leased Vehicle shall have suffered damage, the Servicer
shall not incur Liquidation Expenses in connection with the repair or the
repossession of such Leased Vehicle unless it shall determine in its sole
discretion that such repair and/or repossession will increase the Liquidation
Proceeds by an amount greater than the amount of such Liquidation Expenses.

          Section 2.14  Limitation on Liability of Servicer and Others.  (a)
Neither the Servicer nor any of the directors or officers or employees or
agents of the Servicer shall be under any liability to the Trust or the
Certificateholders (except as explicitly provided under this Agreement or
explicitly provided in any SUBI Servicing Agreement Supplement) or to the
Trustees (except as provided under this Agreement) for the taking of any
action or for refraining from the taking of any action pursuant to this
Agreement or for errors in judgment; provided, however, that this Section
2.14 shall not protect the Servicer or any such person against any liability
that would otherwise be imposed by reason of willful misfeasance or bad faith
in the performance of duties or by reason of reckless disregard of
obligations and duties under this Agreement or any SUBI Servicing Agreement
Supplement, or by reason of negligence in the performance of its duties under
this Agreement or any SUBI Servicing Agreement Supplement (except for errors
in judgment).  The Servicer and any director, officer or employee or agent of
the Servicer may rely in good faith on any Opinion of Counsel or on any
Officer's Certificate or certificate of auditors or accountants believed to
be genuine and to have been signed by the proper party in respect of any
matters arising under this Agreement.

                                      15

<PAGE>

          (b)  Except as provided in this Agreement or in any SUBI Servicing
Agreement Supplement, the Servicer shall not be under any obligation to
appear in, prosecute, or defend any legal action that shall not be incidental
to its duties to service the Trust Assets in accordance with this Agreement
or the related SUBI Servicing Agreement Supplement, and that in its opinion
may involve it in any expense or liability; provided, however, that the
Servicer may undertake any reasonable action that it may, in good faith, deem
necessary or desirable in respect of this Agreement or any SUBI Servicing
Agreement Supplement, the rights and duties of the parties to this Agreement
or any SUBI Servicing Agreement Supplement, and the interests of the
Certificateholders under this Agreement or any SUBI Servicing Agreement
Supplement.  The Servicer shall be entitled to reimbursement for the legal
expenses and costs of any such action with respect to the UTI Portfolio from
the UTI Holder and with respect to SUBI Assets from the holders of the
related SUBI Certificates.  Any liability resulting from any such action
shall be expenses, costs, and liabilities of the UTI Holder or the holders of
the related SUBI Certificates, as the case may be.

          Section 2.15  Servicer Not to Resign; Assignment.  (a)  The
Servicer shall not resign from the duties and obligations hereby imposed on
it as Servicer except upon a determination that the continued performance by
the Servicer of its duties as Servicer under this Agreement is no longer
permissible under applicable law, said determination to be evidenced by an
Opinion of Counsel reasonably satisfactory to the Trustees, to such effect.
No such resignation shall become effective unless and until a new servicer is
willing to service the Trust Assets and enters into a servicing agreement
with the Trust.  The Trust shall not unreasonably fail to consent to such a
servicing agreement.

          (b)  Subject to paragraph (c) of this Section, the Servicer may not
assign this Agreement or any of its rights, powers, duties or obligations
hereunder; provided, however, that the Servicer may assign this Agreement in
connection with a consolidation, merger, conveyance, transfer or lease made
in compliance with Section 2.16.

          (c)  The Servicer may, at any time without notice or consent,
delegate (i) any or all duties under this Agreement to any Person more than
50% of the voting securities of which are owned, directly or indirectly, by
Avis Rent A Car, Inc., or (ii) specific duties to sub-contractors who are in
the business of performing such duties; provided, however, that no such
delegation shall relieve the Servicer of its responsibility with respect to
such duties and the Servicer shall remain obligated and liable to the
Trustees and the holders of the UTI and the SUBIs for servicing and
administering the Trust Assets in accordance with this Agreement as if the
Servicer alone were performing such duties.  The Servicer may delegate its
duty to originate Consumer Leases in accordance with the Policies to PHH
Personal Lease Corporation, a wholly-owned subsidiary of VMS.

                                      16

<PAGE>

          (d)  Except as provided in paragraphs (a), (b) and (c) above, the
duties and obligations of the Servicer under this Agreement shall continue
until this Agreement shall have been terminated as provided herein and shall
survive the exercise by any Trustee, on behalf of the Trust, of any right or
remedy under this Agreement or the enforcement by any Trustee, on behalf of
the Trust, of any provision of the Trust Documents.

          Section 2.16  Corporate Existence; Status; Merger.  (a)  The
Servicer shall keep in full effect its existence, rights and franchises as a
limited liability company and shall continue to be duly organized, validly
existing and in good standing under the laws of its jurisdiction of
organization and shall take such actions under the laws of each state as
shall be necessary to protect the validity and enforceability of, or to
permit the Servicer to perform its obligations (including but not limited to
its origination and servicing obligations) under, the Trust Documents.

          (b)  Any corporation or other entity (i) into which the Servicer is
merged or consolidated, (ii) that may result from any merger, conversion, or
consolidation to which the Servicer is a party, or (iii) that may succeed by
purchase and assumption of all or substantially all of the business of the
Servicer, where the Servicer in any of the foregoing cases is not the
surviving entity, which corporation or other entity in any of the foregoing
cases shall execute an agreement of assumption to perform every obligation of
the Servicer under this Agreement, shall be the successor to the Servicer
under this Agreement without any further act on the part of any of the
parties to this Agreement; provided, however, that the Servicer shall have
delivered to the Trustees a certificate and an Opinion of Counsel each
stating that such merger, conversion, consolidation or succession and such
agreement of assumption comply with this Section.  The Servicer shall
promptly inform the Trustees and each Rating Agency of any such merger,
conversion, consolidation or purchase and assumption where the Servicer is
not the surviving entity.

          Section 2.17   Power of Attorney.  In connection with this
Agreement, the Trust grants to the Servicer the authority to and will execute
and deliver to the Servicer any necessary Power of Attorney as the Servicer
may require in order to effect its responsibilities hereunder and under any
Supplement to this Agreement.

                                  ARTICLE III
                          SERVICER TERMINATION EVENTS

          Section 3.1   Servicer Termination Events; Termination of
Servicer.  (a)  Any of the following acts or occurrences shall constitute a
Servicer Termination Event with respect to a SUBI Portfolio:

                                      17

<PAGE>

          (i)  The Servicer shall have failed to deposit or transfer any
     amounts in excess of $100,000 in the aggregate at any time outstanding
     that are required to be deposited or transferred with respect to such
     SUBI Portfolio pursuant to Section 2.2 hereof, which failure continues
     for five (5) Business Days after receipt by the Servicer of written
     notice thereof from the SUBI Trustee with respect to such SUBI Portfolio
     or any Holder of the SUBI Certificate with respect to such SUBI
     Portfolio;

          (ii) The Servicer shall default in the due performance and
     observance of any other provision of this Agreement with respect to such
     SUBI Portfolio, which default materially and adversely affects the
     rights of any Holder of a SUBI Certificate with respect to such SUBI
     Portfolio, and such default shall have continued for a period of 30 days
     after written notice thereof shall have been given to the Servicer by
     the SUBI Trustee with respect to such SUBI Portfolio;

          (iii) The entry of a decree or order for relief by a court or
     regulatory authority having jurisdiction over the Servicer in an
     involuntary case under the federal bankruptcy laws, as now or hereafter
     in effect, or another present or future federal or state bankruptcy,
     insolvency or similar law, or appointing a receiver, liquidator,
     assignee, trustee, custodian, sequestrator or other similar official of
     the Servicer or of any substantial part of its property, or ordering the
     winding up or liquidation of the affairs of the Servicer and the
     continuance of any such decree or order unstayed and in effect for a
     period of 60 consecutive days; or

          (iv) The commencement by the Servicer of a voluntary case under the
     federal bankruptcy laws, as now or hereafter in effect, or any other
     present or future federal or state bankruptcy, insolvency or similar
     law, or the consent by the Servicer to the appointment of or taking
     possession by a receiver, liquidator, assignee, trustee, custodian,
     sequestrator or other similar official of the Servicer or of any
     substantial part of its property or the making by the Servicer of an
     assignment for the benefit of creditors or the failure by the Servicer
     generally to pay its debts as such debts become due or the taking of
     corporate action by the Servicer in furtherance of any of the foregoing.

          (b)  If a Servicer Termination Event shall have occurred and be
continuing with respect to a SUBI Portfolio, the SUBI Trustee of that
particular SUBI Portfolio may, by notice given to the Servicer, terminate all
or a portion of the rights and powers of the Servicer under this Agreement
with respect to such SUBI Portfolio, including all or a portion of the rights
of the Servicer to receive the servicing compensation with respect to such
SUBI Portfolio provided for in Section 2.5 hereof for all periods following
such termination; provided, however, that in no event shall the rights and

                                      18

<PAGE>

powers of the Servicer be terminated until such time as the SUBI Trustee for
such SUBI Portfolio shall have appointed a successor Servicer in the manner
set forth below.  Upon any such termination, all rights, powers, duties and
responsibilities of the Servicer under this Agreement with respect to such
SUBI Portfolio, whether with respect to the related Lease Documents, the
related Certificates of Title or Servicing Records, the Servicing Fee or
otherwise, so terminated shall vest in and be assumed by any successor
Servicer appointed by the Trustee for such SUBI Portfolio pursuant to a
servicing agreement containing substantially the same provisions as this
Agreement (including with respect to the compensation of such successor
servicer), and the successor Servicer is hereby irrevocably authorized and
empowered to execute and deliver, on behalf of the Servicer, as
attorney-in-fact or otherwise, all documents and other instruments (including
any notices to Obligors deemed necessary or advisable by the SUBI Trustee for
such SUBI Portfolio), and to do or accomplish all other acts or things
necessary or appropriate to effect such vesting and assumption, including,
without limitation, directing some or all of the Obligors with respect to
such SUBI Portfolio to remit payments on or in respect of the Leases, the
Leased Vehicles, the Fleet Receivables and the other Trust Assets to an
account or address designated by such new Servicer.  Further, in such event,
the Servicer shall use its commercially reasonable efforts to effect the
orderly and efficient transfer of the servicing of the affected Trust Assets
with respect to such SUBI Portfolio to the new Servicer (including transfer
of any Security Deposits being held by the Servicer with respect to such SUBI
Portfolio pursuant to Section 2.4), and as promptly as practicable, the
Servicer shall provide to the new Servicer a current computer tape containing
all information from the Servicing Records with respect to such SUBI
Portfolio required for the servicing of the affected Trust Assets, together
with documentation containing any and all information necessary for use of
the tape. In no event shall the Wilmington Trust Company be responsible for
any duties of the Servicer hereunder.

          (c)  The SUBI Trustee of a SUBI Portfolio, acting at the direction
of the related Certificateholders, may waive in writing any Servicer
Termination Event by the Servicer in the performance of its obligations
hereunder and its consequences with respect to such SUBI Portfolio.  Upon any
such waiver of a past Servicer Termination Event, such Servicer Termination
Event shall cease to exist, and any Servicer Termination Event arising
therefrom shall be deemed to have been remedied for every purpose of this
Agreement.  No such waiver shall extend to any subsequent or other Servicer
Termination Event or impair any right consequent thereon.

          (d)  The UTI Holder may, upon written notice to the Servicer,
terminate all or a portion of the rights and powers of the Servicer with
respect to the UTI under this Agreement, unless otherwise provided in a UTI
Servicing Agreement Supplement.

                                      19

<PAGE>

                                  ARTICLE IV
                                 MISCELLANEOUS

          Section 4.1  Termination of Agreement.  This Agreement shall,
except as otherwise provided herein, terminate upon the earliest of (a) the
termination of the Trust; (b) the discharge of the Servicer in accordance
with the terms hereof; or (c) the mutual written determination of the parties
hereto.  Upon termination of this Agreement, the Servicer shall pay over to
the Trust, or any other Person entitled thereto, all monies held by the
Servicer on behalf of the Trust pursuant to this Agreement.

          Section 4.2  Amendment.  (a)  Subject to any restriction set
forth in a SUBI Servicing Agreement Supplement, this Agreement may be amended
from time to time in a writing signed by the Trustees, on behalf of the
Trust, and the Servicer.  Any amendment affecting particular Trust Assets
need not be signed by any Trustee which does not administer such particular
Trust Assets.

          (b)  In particular, but without limiting the foregoing, this
Agreement may be amended by means of one or more SUBI Servicing Agreement
Supplements in connection with any Securitizations.  Such supplemental
agreements may provide, among other things, for further specific servicing
obligations relating to SUBI Assets for the particular benefit of holders of
related SUBIs.  Such supplemental agreements may permit the termination of
this Agreement insofar as it applies to such SUBI Assets upon the terms and
conditions set forth therein; however, no such supplemental agreement shall
permit the termination of this Agreement insofar as it applies to other Trust
Assets except as provided herein.

          (c)  Any amendment or modification effected contrary to the
provision of this Section shall be void.

          Section 4.3  Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS.

          Section 4.4  Notices.  All demands, notices and communications
hereunder shall be in writing and shall be delivered or mailed by registered
or certified first-class United States mail, postage prepaid, hand delivery,
any prepaid courier service, or by telecopier, and addressed in each case as
follows:  (a) if to the Servicer or SPV at 900 Old Country Road, Garden City,
NY  11530, Attention: General Counsel (telecopier no. 516-222-3751); and (b)
if to the Trust, at Wilmington Trust Company, 1100 N. Market Street,
Wilmington, Delaware 19890, Attention: Corporate Trust Administration
(telecopier no. 302-651-8882).  The Servicer or any Trustee may change its
address for notices hereunder by giving notice of such change to the other
such Persons.  All notices and demands shall be deemed to have been given

                                      20

<PAGE>

upon delivery or tender of delivery thereof to any officer of the Person
entitled to receive such notices and demands at the address of such Person
for notices hereunder.

          Section 4.5  Severability.  If one or more of the provisions of
this Agreement shall be for any reason whatever held invalid or
unenforceable, such provisions shall be deemed severable from the remaining
covenants, agreements and provisions of this Agreement, and such invalidity
or unenforceability shall in no way affect the validity or enforceability of
such remaining covenants, agreements and provisions, or the rights of any
parties hereto.  To the extent permitted by law, the parties hereto waive any
provision of law that renders any provision of this Agreement invalid or
unenforceable in any respect.

          Section 4.6  Inspection Rights.  The Servicer agrees that, on
reasonable prior notice, it will permit any representative, agent or designee
of the Trust, during the normal business hours of the Servicer, to examine
all books of account, records, reports and other papers of the Servicer
relating to the Trust Assets, to make copies and extracts therefrom, to cause
such books to be audited by independent accountants selected by any Trustee,
and to discuss the affairs, finances and accounts relating to the Trust
Assets with its officers and employees in such manner as will not
unreasonably interfere with the Servicer's normal operations.  Such rights
shall include, but shall not be limited to, any off-site storage facilities
at which any data (including, without limitation, computerized records),
together with all operating software and appropriate documentation, may be
held.  The Trust and the Trustees agree to keep confidential all the
confidential information of the Servicer acquired during any such examination
as if such information were its own confidential information, except to the
extent necessary for the purposes of this Agreement.

          Section 4.7  Binding Effect.  The provisions of this Agreement
shall be binding upon and inure to the benefit of the respective successors
and permitted assigns of the parties hereto, and all such provisions shall
inure to the benefit of the Trust.

          Section 4.8  Article and Section Headings.  The article and
section headings herein are for convenience of reference only, and shall not
limit or otherwise affect the meaning hereof.

          Section 4.9  Execution in Counterparts.  This Agreement may be
executed in any number of counterparts, each of which so executed and
delivered shall be deemed to be an original, but all of which counterparts
shall together constitute but one and the same instrument.

          Section 4.10  Rights Cumulative.  All rights and remedies from
time to time conferred upon or reserved to the Trust, the Trustees (or any of

                                      21

<PAGE>

them), on behalf of the Trust, or the Servicer or to any or all of the
foregoing are cumulative, and none is intended to be exclusive of another.
No delay or omission in insisting upon the strict observance or performance
of any provision of this Agreement, or in exercising any right or remedy,
shall be construed as a waiver or relinquishment of such provision, nor shall
it impair such right or remedy.  Every right and remedy may be exercised from
time to time and as often as deemed expedient.

          Section 4.11  Further Assurances.  Each party will do such acts,
and execute and deliver to any other party, such additional documents or
instruments as may be reasonably requested in order to effect the purposes of
this Agreement and to better assure and confirm unto the requesting party its
rights, powers and remedies thereunder.

          Section 4.12  Third-Party Beneficiaries.  This Agreement will
inure to the benefit of and be binding upon the parties hereto and each of
the beneficiaries of the Trust (and each pledgee of a Certificate) who shall
be considered to be third-party beneficiaries hereof.  Except as otherwise
provided in this Agreement, no other Person will have any right or obligation
hereunder.

          Section 4.13  No Waiver.  No waiver by any party hereto of any one
or more defaults by any other party or parties in the performance of any of
the provisions of this Agreement shall operate or be construed as a waiver of
any future default or defaults, whether of a like or different nature.  No
failure or delay on the part of any party in exercising any right, power or
remedy hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right, power or remedy preclude any other or
further exercise thereof or the exercise of any other right, power or remedy.
The remedies provided for herein are cumulative and are not exclusive of any
remedies that may be available to any party hereto at law, in equity or
otherwise.

          Section 4.14  Non-Petition Covenant.  The Servicer covenants and
agrees that prior to the date which is one year and one day after the date
upon which all obligations under each Securitization has been paid in full,
the Servicer will not institute against, or join any other person in
instituting against the Trust, any Special Purpose Entity, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding or other
proceedings under any federal or state bankruptcy or similar law.  This
Section shall survive the termination of this Agreement or the resignation or
removal of the Servicer under this Agreement.

          Section 4.15  Limitation of Liability.  It is expressly understood
and agreed by the parties hereto that (a) this Agreement is executed and
delivered by Wilmington Trust Company, not individually or personally but
solely as trustee of the Trust in the exercise of the powers and authority

                                      22

<PAGE>

conferred and vested in it under the Trust Agreement, (b) each of the
representations, undertakings and agreements herein made on the part of the
Trust is made and intended not as a personal representation, undertaking and
agreement by Wilmington Trust Company but is made and intended for the
purpose for binding only the Trust and (c) under no circumstances shall
Wilmington Trust Company be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure
of any obligation, representation, warranty or covenant made or undertaken by
the Trust under this Agreement or the other Trust Documents except in
accordance with the provisions of the Trust Agreement.

          Section 4.16  Series Liabilities.  It is expressly understood and
agreed by the Servicer, and all persons claiming through the Servicer, the
Trust is a series trust pursuant to Sections 3804 and 3806(b) (2) of the
Delaware Business Trust Act.  As such, separate and distinct records shall be
maintained for the UTI Portfolio and each SUBI Portfolio and the Trust Assets
associated with the UTI Portfolio and each SUBI Portfolio shall be held and
accounted for separately from the other assets of the Trust.  The debts,
liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to the UTI and each SUBI shall be enforceable against
the UTI Portfolio or the related SUBI Portfolio only, and not against the
Trust Assets generally or the assets of any other SUBI Portfolio.

                                      23

<PAGE>

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

                                      PHH VEHICLE MANAGEMENT SERVICES LLC, as
                                        UTI Trustee and Servicer

                                      By:  /s/ Gerard Kennell
                                           ----------------------------------
                                           Name:  Gerard Kennell
                                           Title: Senior Vice President

                                      RAVEN FUNDING LLC

                                      By:  /s/ Kevin Sheehan
                                           ----------------------------------
                                           Name:  Kevin Sheehan
                                           Title: Manager

                                      D.L. PETERSON TRUST

                                      By:  WILMINGTON TRUST COMPANY,
                                           not in its individual capacity
                                           but solely as Delaware Trustee

                                      By:  /s/ James P. Lawler
                                           ----------------------------------
                                           Name:  James P. Lawler
                                           Title: Vice President

                                      24

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