Document:

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                                                                   EXHIBIT 10.11

                            AESOP FUNDING II L.L.C.,
                                    as Issuer

                                       and

                              THE BANK OF NEW YORK,
                       as Trustee and Series 2003-2 Agent

                                   ----------

                            SERIES 2003-2 SUPPLEMENT
                            dated as of March 6, 2003

                                       to

                       AMENDED AND RESTATED BASE INDENTURE
                            dated as of July 30, 1997

                                   ----------

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                                TABLE OF CONTENTS

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

ARTICLE II SERIES 2003-2 ALLOCATIONS.............................................................................21

         Section 2.1  Establishment of Series 2003-2 Collection Account, Series 2003-2 Excess Collection
                      Account and Series 2003-2 Accrued Interest Account.........................................21
         Section 2.2  Allocations with Respect to the Series 2003-2 Notes........................................21
         Section 2.3  Payments to Noteholders....................................................................25
         Section 2.4  Payment of Note Interest...................................................................28
         Section 2.5  Payment of Note Principal..................................................................28
         Section 2.6  Administrator's Failure to Instruct the Trustee to Make a Deposit or Payment...............33
         Section 2.7  Series-2003-2 Reserve Account..............................................................33
         Section 2.8  Series 2003-2 Letters of Credit and Series 2003-2 Cash Collateral Account..................35
         Section 2.9  Series 2003-2 Distribution Account   (a)  Establishment of Series 2003-2
                      Distribution Account.......................................................................39
         Section 2.10  Series 2003-2 Interest Rate Caps..........................................................41
         Section 2.11  Series 2003-2 Accounts Permitted Investments..............................................42
         Section 2.12  Series 2003-2 Demand Notes Constitute Additional Collateral for Series 2003-2 Notes.......42

ARTICLE III AMORTIZATION EVENTS..................................................................................43

ARTICLE IV RIGHT TO WAIVE PURCHASE RESTRICTIONS..................................................................44

ARTICLE V FORM OF SERIES 2003-2 NOTES............................................................................46

         Section 5.1  Restricted Global Series 2003-2 Notes......................................................46
         Section 5.2  Temporary Global Series 2003-2 Notes; Permanent Global Series 2003-2 Notes.................46

ARTICLE VI GENERAL...............................................................................................47

         Section 6.1  Optional Repurchase........................................................................47
         Section 6.2  Information................................................................................47
         Section 6.3  Exhibits...................................................................................47
         Section 6.4  Ratification of Base Indenture.............................................................48
         Section 6.5  Counterparts...............................................................................48
         Section 6.6  Governing Law..............................................................................48
         Section 6.7  Amendments.................................................................................48
         Section 6.8  Discharge of Indenture.....................................................................48
         Section 6.9  Notice to Surety Provider and Rating Agencies..............................................48
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                                       (i)
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                                TABLE OF CONTENTS
                                   (continued)

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         Section 6.10  Certain Rights of Surety Provider.........................................................49
         Section 6.11  Surety Provider Deemed Noteholder and Secured Party.......................................49
         Section 6.12  Capitalization of AFC-II..................................................................49
         Section 6.13  Series 2003-2 Required Non-Program Enhancement Percentage.................................49
         Section 6.14  Third Party Beneficiary...................................................................50
         Section 6.15  Prior Notice by Trustee to Surety Provider................................................50
         Section 6.16  Effect of Payments by the Surety Provider.................................................50
         Section 6.17  Series 2003-2 Demand Notes................................................................50
         Section 6.18  Subrogation...............................................................................50
         Section 6.19  Termination of Supplement.................................................................51
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                                      (ii)
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          SERIES 2003-2 SUPPLEMENT, dated as of March 6, 2003 (this
"SUPPLEMENT"), among AESOP FUNDING II L.L.C., a special purpose limited
liability company established under the laws of Delaware ("AFC-II"), THE BANK OF
NEW YORK, a New York banking corporation, as successor in interest to the
corporate trust administration of Harris Trust and Savings Bank, as trustee
(together with its successors in trust thereunder as provided in the Base
Indenture referred to below, the "TRUSTEE"), and THE BANK OF NEW YORK, a New
York banking corporation, as agent for the benefit of the Series 2003-2
Noteholders and the Surety Provider (the "SERIES 2003-2 AGENT"), to the Amended
and Restated Base Indenture, dated as of July 30, 1997, between AFC-II and the
Trustee (as amended, modified or supplemented from time to time, exclusive of
Supplements creating a new Series of Notes, the "BASE INDENTURE").

                              PRELIMINARY STATEMENT

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

          NOW, THEREFORE, the parties hereto agree as follows:

                                   DESIGNATION

          There is hereby created a Series of Notes of three classes to be
issued pursuant to the Base Indenture and this Supplement and such Series of
Notes shall be designated generally as Series 2003-2 Rental Car Asset Backed
Notes.

          The Series 2003-2 Notes will be issued in three classes: one of which
shall be designated as the Series 2003-2 2.74% Rental Car Asset Backed Notes,
Class A-1, one of which shall be designated as the Series 2003-2 Floating Rate
Rental Car Asset Backed Notes, Class A-2, and one of which shall be designated
as the Series 2003-2 3.61% Rental Car Asset Backed Notes, Class A-3.

          The proceeds from the sale of the Series 2003-2 Notes shall be
deposited in the Collection Account and shall be paid to AFC-II and used to make
Loans under the Loan Agreements to the extent that the Borrowers have requested
Loans thereunder and Eligible Vehicles are available for acquisition or
refinancing thereunder on the date hereof. Any such portion of proceeds not so
used to make Loans shall be deemed to be Principal Collections.

          The Series 2003-2 Notes are a non-Segregated Series of Notes (as more
fully described in the Base Indenture). Accordingly, all references in this
Supplement to "all" Series of Notes (and all references in this Supplement to
terms defined in the Base Indenture that contain references to "all" Series of
Notes) shall refer to all Series of Notes other than Segregated Series of Notes.

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                                    ARTICLE I

                                   DEFINITIONS

          (a)     All capitalized terms not otherwise defined herein are defined
in the Definitions List attached to the Base Indenture as Schedule I thereto.
All Article, Section or Subsection references herein shall refer to Articles,
Sections or Subsections of this Supplement, except as otherwise provided herein.
Unless otherwise stated herein, as the context otherwise requires or if such
term is otherwise defined in the Base Indenture, each capitalized term used or
defined herein shall relate only to the Series 2003-2 Notes and not to any other
Series of Notes issued by AFC-II.

          (b)     The following words and phrases shall have the following
meanings with respect to the Series 2003-2 Notes and the definitions of such
terms are applicable to the singular as well as the plural form of such terms
and to the masculine as well as the feminine and neuter genders of such terms:

          "AGH" means Avis Group Holdings, Inc., a Delaware corporation.

          "AUTHORIZED NEWSPAPER" means the LUXEMBURGER WORT or other daily
newspaper of general circulation in Luxembourg (or if publication is not
practical in Luxembourg, in Europe).

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

          "CERTIFICATE OF LEASE DEFICIT DEMAND" means a certificate in the form
of ANNEX A to the Series 2003-2 Letters of Credit.

          "CERTIFICATE OF TERMINATION DATE DEMAND" means a certificate in the
form of ANNEX D to the Series 2003-2 Letters of Credit.

          "CERTIFICATE OF TERMINATION DEMAND" means a certificate in the form of
ANNEX C to the Series 2003-2 Letters of Credit.

          "CERTIFICATE OF UNPAID DEMAND NOTE DEMAND" means a certificate in the
form of ANNEX B to the Series 2003-2 Letters of Credit.

          "CLASS" means a class of the Series 2003-2 Notes, which may be the
Class A-1 Notes, the Class A-2 Notes or the Class A-3 Notes.

          "CLASS A-1 CARRYOVER CONTROLLED AMORTIZATION AMOUNT" means, with
respect to any Related Month during the Three-Year Notes Controlled Amortization
Period, the amount, if any, by which the portion of the Monthly Total Principal
Allocation paid to the Class A-1 Noteholders pursuant to Section 2.5(e) for the
previous Related Month was less than the Class A-1 Controlled Distribution
Amount for the previous Related Month; PROVIDED, HOWEVER, that for

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the first Related Month in the Three-Year Notes Controlled Amortization Period,
the Class A-1 Carryover Controlled Amortization Amount shall be zero.

          "CLASS A-1 CONTROLLED AMORTIZATION AMOUNT" means with respect to any
Related Month during the Three-Year Notes Controlled Amortization Period,
$50,000,000.

          "CLASS A-1 CONTROLLED DISTRIBUTION AMOUNT" means, with respect to any
Related Month during the Three-Year Notes Controlled Amortization Period, an
amount equal to the sum of the Class A-1 Controlled Amortization Amount and any
Class A-1 Carryover Controlled Amortization Amount for such Related Month.

          "CLASS A-1 INITIAL INVESTED AMOUNT" means the aggregate initial
principal amount of the Class A-1 Notes, which is $300,000,000.

          "CLASS A-1 INVESTED AMOUNT" means, when used with respect to any date,
an amount equal to the Class A-1 Outstanding Principal Amount PLUS the sum of
(a) the amount of any principal payments made to the Class A-1 Noteholders on or
prior to such date with the proceeds of a demand on the Surety Bond and (b) the
amount of any principal payments made to Class A-1 Noteholders that have been
rescinded or otherwise returned by the Class A-1 Noteholders for any reason.

          "CLASS A-1 MONTHLY INTEREST" means, with respect to (i) the initial
Series 2003-2 Interest Period, an amount equal to $1,004,666.67 and (ii) any
other Series 2003-2 Interest Period, an amount equal to the product of (A)
one-twelfth of the Class A-1 Note Rate and (B) the Class A-1 Invested Amount on
the first day of such Series 2003-2 Interest Period, after giving effect to any
principal payments made on such date.

          "CLASS A-1 NOTEHOLDER" means the Person in whose name a Class A-1 Note
is registered in the Note Register.

          "CLASS A-1 NOTE RATE" means 2.74% per annum.

          "CLASS A-1 NOTES" means any one of the Series 2003-2 2.74% Rental Car
Asset Backed Notes, Class A-1, executed by AFC-II and authenticated by or on
behalf of the Trustee, substantially in the form of EXHIBIT A-1-1, EXHIBIT A-1-2
or EXHIBIT A-1-3. Definitive Class A-1 Notes shall have such insertions and
deletions as are necessary to give effect to the provisions of Section 2.18 of
the Base Indenture.

          "CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT" means, when used with respect
to any date, an amount equal to (a) the Class A-1 Initial Invested Amount minus
(b) the amount of principal payments made to Class A-1 Noteholders on or prior
to such date.

          "CLASS A-2 CARRYOVER CONTROLLED AMORTIZATION AMOUNT" means, with
respect to any Related Month during the Three-Year Notes Controlled Amortization
Period, the amount, if any, by which the portion of the Monthly Total Principal
Allocation paid to the Class A-2 Noteholders pursuant to Section 2.5(e) for the
previous Related Month was less than the Class A-2 Controlled Distribution
Amount for the previous Related Month; PROVIDED, HOWEVER, that for

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the first Related Month in the Three-Year Notes Controlled Amortization Period,
the Class A-2 Carryover Controlled Amortization Amount shall be zero.

          "CLASS A-2 CONTROLLED AMORTIZATION AMOUNT" means (i) with respect to
any Related Month other than the last Related Month during the Three-Year Notes
Controlled Amortization Period, $41,666,666.66 and (ii) with respect to the last
Related Month during the Three-Year Notes Controlled Amortization Period,
$41,666,666.70.

          "CLASS A-2 CONTROLLED DISTRIBUTION AMOUNT" means, with respect to any
Related Month during the Three-Year Notes Controlled Amortization Period, an
amount equal to the sum of the Class A-2 Controlled Amortization Amount and any
Class A-2 Carryover Controlled Amortization Amount for such Related Month.

          "CLASS A-2 INITIAL INVESTED AMOUNT" means the aggregate initial
principal amount of the Class A-2 Notes, which is $250,000,000.

          "CLASS A-2 INVESTED AMOUNT" means, when used with respect to any date,
an amount equal to the Class A-2 Outstanding Principal Amount PLUS the sum of
(a) the amount of any principal payments made to the Class A-2 Noteholders on or
prior to such date with the proceeds of a demand on the Surety Bond and (b) the
amount of any principal payments made to Class A-2 Noteholders that have been
rescinded or otherwise returned by the Class A-2 Noteholders for any reason.

          "CLASS A-2 MONTHLY INTEREST" means, with respect to any Series 2003-2
Interest Period, an amount equal to the product of (A) the Class A-2 Invested
Amount on the first day of such Series 2003-2 Interest Period, after giving
effect to any principal payments made on such date, (B) the Class A-2 Note Rate
for such Series 2003-2 Interest Period and (C) the number of days in such Series
2003-2 Interest Period divided by 360.

          "CLASS A-2 NOTEHOLDER" means the Person in whose name a Class A-2 Note
is registered in the Note Register.

          "CLASS A-2 NOTE RATE" means, for (i) the initial Series 2003-2
Interest Period, 1.58188% per annum and (ii) any other Series 2003-2 Interest
Period, the sum of 0.25% PLUS LIBOR for such Series 2003-2 Interest Period.

          "CLASS A-2 NOTES" means any one of the Series 2003-2 Floating Rate
Rental Car Asset Backed Notes, Class A-2, executed by AFC-II and authenticated
by or on behalf of the Trustee, substantially in the form of EXHIBIT A-2-1,
EXHIBIT A-2-2 or EXHIBIT A-2-3. Definitive Class A-2 Notes shall have such
insertions and deletions as are necessary to give effect to the provisions of
Section 2.18 of the Base Indenture.

          "CLASS A-2 OUTSTANDING PRINCIPAL AMOUNT" means, when used with respect
to any date, an amount equal to (a) the Class A-2 Initial Invested Amount minus
(b) the amount of principal payments made to Class A-2 Noteholders on or prior
to such date.

          "CLASS A-3 CARRYOVER CONTROLLED AMORTIZATION AMOUNT" means, with
respect to any Related Month during the Class A-3 Controlled Amortization
Period, the amount, if any, by

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which the Monthly Total Principal Allocation for the previous Related Month was
less than the Class A-3 Controlled Distribution Amount for the previous Related
Month; PROVIDED, HOWEVER, that for the first Related Month in the Class A-3
Controlled Amortization Period, the Class A-3 Carryover Controlled Amortization
Amount shall be zero.

          "CLASS A-3 CONTROLLED AMORTIZATION AMOUNT" means (i) with respect to
any Related Month other than the last Related Month during the Class A-3
Controlled Amortization Period, $16,666,666.66 and (ii) with respect to the last
Related Month during the Class A-3 Controlled Amortization Period,
$16,666,666.70.

          "CLASS A-3 CONTROLLED AMORTIZATION PERIOD" means the period commencing
at the opening of business on December 1, 2007 (or, if such day is not a
Business Day, the Business Day immediately preceding such day) and continuing to
the earliest of (i) the commencement of the Series 2003-2 Rapid Amortization
Period, (ii) the date on which the Class A-3 Notes are fully paid and the Surety
Provider has been paid all Surety Provider Fees and all other Surety Provider
Reimbursement Amounts then due, (iii) the Series 2003-2 Termination Date and
(iv) the termination of the Indenture.

          "CLASS A-3 CONTROLLED DISTRIBUTION AMOUNT" means, with respect to any
Related Month during the Class A-3 Controlled Amortization Period, an amount
equal to the sum of the Class A-3 Controlled Amortization Amount and any Class
A-3 Carryover Controlled Amortization Amount for such Related Month.

          "CLASS A-3 EXPECTED FINAL DISTRIBUTION DATE" means the June 2008
Distribution Date.

          "CLASS A-3 FINAL DISTRIBUTION DATE" means the June 2009 Distribution
Date.

          "CLASS A-3 INITIAL INVESTED AMOUNT" means the aggregate initial
principal amount of the Class A-3 Notes, which is $100,000,000.

          "CLASS A-3 INVESTED AMOUNT" means, when used with respect to any date,
an amount equal to the Class A-3 Outstanding Principal Amount PLUS the sum of
(a) the amount of any principal payments made to the Class A-3 Noteholders on or
prior to such date with the proceeds of a demand on the Surety Bond and (b) the
amount of any principal payments made to Class A-3 Noteholders that have been
rescinded or otherwise returned by the Class A-3 Noteholders for any reason.

          "CLASS A-3 MONTHLY INTEREST" means, with respect to (i) the initial
Series 2003-2 Interest Period, an amount equal to $441,222.22 and (ii) any other
Series 2003-2 Interest Period, an amount equal to the product of (A) one-twelfth
of the Class A-3 Note Rate and (B) the Class A-3 Invested Amount on the first
day of such Series 2003-2 Interest Period, after giving effect to any principal
payments made on such date.

          "CLASS A-3 NOTEHOLDER" means the Person in whose name a Class A-3 Note
is registered in the Note Register.

          "CLASS A-3 NOTE RATE" means 3.61% per annum.

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          "CLASS A-3 NOTES" means any one of the Series 2003-2 3.61% Rental Car
Asset Backed Notes, Class A-3, executed by AFC-II and authenticated by or on
behalf of the Trustee, substantially in the form of EXHIBIT A-3-1, EXHIBIT A-3-2
or EXHIBIT A-3-3. Definitive Class A-3 Notes shall have such insertions and
deletions as are necessary to give effect to the provisions of Section 2.18 of
the Base Indenture.

          "CLASS A-3 OUTSTANDING PRINCIPAL AMOUNT" means, when used with respect
to any date, an amount equal to (a) the Class A-3 Initial Invested Amount minus
(b) the amount of principal payments made to Class A-3 Noteholders on or prior
to such date.

          "CLEARSTREAM" is defined in Section 5.2.

          "CONSENT" is defined in Article IV.

          "CONSENT PERIOD EXPIRATION DATE" is defined in Article IV.

          "DEMAND NOTE ISSUER" means each issuer of a Series 2003-2 Demand Note.

          "DESIGNATED AMOUNTS" is defined in Article IV.

          "DISBURSEMENT" means any Lease Deficit Disbursement, any Unpaid Demand
Note Disbursement, any Termination Date Disbursement or any Termination
Disbursement under a Series 2003-2 Letter of Credit, or any combination thereof,
as the context may require.

          "EXCESS COLLECTIONS" is defined in Section 2.3(f)(i).

          "INSURANCE AGREEMENT" means the Insurance Agreement, dated as of March
6, 2003, among the Surety Provider, the Trustee and AFC-II, which shall
constitute an "Enhancement Agreement" with respect to the Series 2003-2 Notes
for all purposes under the Indenture.

          "INSURED PRINCIPAL DEFICIT AMOUNT" means, with respect to any
Distribution Date, the excess, if any, of (a) the Series 2003-2 Outstanding
Principal Amount on such Distribution Date (after giving effect to the
distribution of the Monthly Total Principal Allocation for the Related Month)
over (b) the sum of the Series 2003-2 Available Reserve Account Amount on such
Distribution Date, the Series 2003-2 Letter of Credit Amount on such
Distribution Date and the Series 2003-2 AESOP I Operating Lease Loan Agreement
Borrowing Base on such Distribution Date.

          "INTEREST RATE CAP COUNTERPARTY" means AFC-II's counterparty under a
Series 2003-2 Interest Rate Cap.

          "LEASE DEFICIT DISBURSEMENT" means an amount drawn under a Series
2003-2 Letter of Credit pursuant to a Certificate of Lease Deficit Demand.

          "LIBOR" means, with respect to each Series 2003-2 Interest Period, a
rate per annum to be determined by the Trustee as follows:

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          (i)     On each LIBOR Determination Date, the Trustee will determine
     the London interbank offered rate for U.S. dollar deposits for one month
     that appears on Telerate Page 3750 as it relates to U.S. dollars as of
     11:00 a.m., London time, on such LIBOR Determination Date:

          (ii)    If, on any LIBOR Determination Date, such rate does not appear
     on Telerate Page 3750, the Trustee will request that the principal London
     offices of each of four major banks in the London interbank market selected
     by the Trustee provide the Trustee with offered quotations for deposits in
     U.S. dollars for a period of one month, commencing on the first day of such
     Series 2003-2 Interest Period, to prime banks in the London interbank
     market at approximately 11:00 a.m., London time, on such LIBOR
     Determination Date and in a principal amount equal to an amount of not less
     than $250,000 that is representative of a single transaction in such market
     at such time. If at least two such quotations are provided, "LIBOR" for
     such Series 2003-2 Interest Period will be the arithmetic mean of such
     quotations; or

          (iii)   If fewer than two such quotations are provided, "LIBOR" for
     such Series 2003-2 Interest Period will be the arithmetic mean of rates
     quoted by three major banks in the City of New York selected by the Trustee
     at approximately 11:00 a.m., New York City time, on such LIBOR
     Determination Date for loans in U.S. dollars to leading European banks, for
     a period of one month, commencing on the first day of such Series 2003-2
     Interest Period, and in a principal amount equal to an amount of not less
     than $250,000 that is representative of a single transaction in such market
     at such time; PROVIDED, HOWEVER, that if the banks selected as aforesaid by
     such Trustee are not quoting rates as mentioned in this sentence, "LIBOR"
     for such Series 2003-2 Interest Period will be the same as "LIBOR" for the
     immediately preceding Series 2003-2 Interest Period.

          "LIBOR DETERMINATION DATE" means, with respect to any Series 2003-2
Interest Period, the second London Banking Day preceding the first day of such
Series 2003-2 Interest Period.

          "LONDON BANKING DAY" means any business day on which dealings in
deposits in United States dollars are transacted in the London interbank market.

          "MONTHLY TOTAL PRINCIPAL ALLOCATION" means for any Related Month the
sum of all Series 2003-2 Principal Allocations with respect to such Related
Month.

          "MOODY'S" means Moody's Investors Service.

          "PAST DUE RENT PAYMENT" is defined in Section 2.2(g).

          "PERMANENT GLOBAL CLASS A-1 NOTE" is defined in Section 5.2.

          "PERMANENT GLOBAL CLASS A-2 NOTE" is defined in Section 5.2.

          "PERMANENT GLOBAL CLASS A-3 NOTE" is defined in Section 5.2.

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          "PRE-PREFERENCE PERIOD DEMAND NOTE PAYMENTS" means, as of any date of
determination, the aggregate amount of all proceeds of demands made on the
Series 2003-2 Demand Notes included in the Series 2003-2 Demand Note Payment
Amount as of the Series 2003-2 Letter of Credit Termination Date that were paid
by the Demand Note Issuers more than one year before such date of determination;
PROVIDED, HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event
described in clause (a) of the definition thereof, without the lapse of a period
of 60 consecutive days) with respect to a Demand Note Issuer occurs during such
one year period, (x) the Pre-Preference Period Demand Note Payments as of any
date during the period from and including the date of the occurrence of such
Event of Bankruptcy to and including the conclusion or dismissal of the
proceedings giving rise to such Event of Bankruptcy without continuing
jurisdiction by the court in such proceedings shall equal the Pre-Preference
Period Demand Note Payments as of the date of such occurrence for all Demand
Note Issuers and (y) the Pre-Preference Period Demand Note Payments as of any
date after the conclusion or dismissal of such proceedings shall equal the
Series 2003-2 Demand Note Payment Amount as of the date of the conclusion or
dismissal of such proceedings.

          "PRINCIPAL DEFICIT AMOUNT" means, as of any date of determination, the
excess, if any, of (i) the Series 2003-2 Invested Amount on such date (after
giving effect to the distribution of the Monthly Total Principal Allocation for
the Related Month if such date is a Distribution Date) over (ii) the Series
2003-2 AESOP I Operating Lease Loan Agreement Borrowing Base on such date;
PROVIDED, HOWEVER the Principal Deficit Amount on any date occurring during the
period commencing on and including the date of the filing by any of the Lessees
of a petition for relief under Chapter 11 of the Bankruptcy Code to but
excluding the date on which each of the Lessees shall have resumed making all
payments of the portion of Monthly Base Rent relating to Loan Interest required
to be made under the AESOP I Operating Lease, shall mean the excess, if any, of
(x) the Series 2003-2 Invested Amount on such date (after giving effect to the
distribution of Monthly Total Principal Allocation for the Related Month if such
date is a Distribution Date) over (y) the sum of (1) the Series 2003-2 AESOP I
Operating Lease Loan Agreement Borrowing Base on such date and (2) the lesser of
(a) the Series 2003-2 Liquidity Amount on such date and (b) the Series 2003-2
Required Liquidity Amount on such date.

          "PRO RATA SHARE" means, with respect to any Series 2003-2 Letter of
Credit Provider as of any date, the fraction (expressed as a percentage)
obtained by dividing (A) the available amount under such Series 2003-2 Letter of
Credit Provider's Series 2003-2 Letter of Credit as of such date by (B) an
amount equal to the aggregate available amount under all Series 2003-2 Letters
of Credit as of such date; PROVIDED, that only for purposes of calculating the
Pro Rata Share with respect to any Series 2003-2 Letter of Credit Provider as of
any date, if such Series 2003-2 Letter of Credit Provider has not complied with
its obligation to pay the Trustee the amount of any draw under its Series 2003-2
Letter of Credit made prior to such date, the available amount under such Series
2003-2 Letter of Credit Provider's Series 2003-2 Letter of Credit as of such
date shall be treated as reduced (for calculation purposes only) by the amount
of such unpaid demand and shall not be reinstated for purposes of such
calculation unless and until the date as of which such Series 2003-2 Letter of
Credit Provider has paid such amount to the Trustee and been reimbursed by the
Lessee or the applicable Demand Note Issuer, as the case may be, for such amount
(PROVIDED that the foregoing calculation shall not in any manner reduce the
undersigned's actual liability in respect of any failure to pay any demand under
its Series 2003-2 Letter of Credit).

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          "QUALIFIED INTEREST RATE CAP COUNTERPARTY" means a counterparty to a
Series 2003-2 Interest Rate Cap who is acceptable to the Surety Provider and who
is a bank or other financial institution, which has (i) a short-term senior and
unsecured debt rating of at least "A-1" from Standard & Poor's and of "P-1" from
Moody's and (ii) (a) on the date the Series 2003-2 Interest Rate Cap is
executed, a long-term senior and unsecured debt rating of at least "AA-" from
Standard & Poor's and "Aa3" from Moody's and (b) on any other date, a long-term
senior and unsecured debt rating of at least "A+" from Standard & Poor's and
"A1" from Moody's.

          "REQUISITE NOTEHOLDERS" means Series 2003-2 Noteholders holding more
than 50% of the Series 2003-2 Invested Amount.

          "RESTRICTED GLOBAL CLASS A-1 NOTE" is defined in Section 5.1.

          "RESTRICTED GLOBAL CLASS A-2 NOTE" is defined in Section 5.1.

          "RESTRICTED GLOBAL CLASS A-3 NOTE" is defined in Section 5.1.

          "SERIES 1998-1 NOTES" means the Series of Notes designated as the
Series 1998-1 Notes.

          "SERIES 2000-1 NOTES" means the Series of Notes designated as the
Series 2000-1 Notes.

          "SERIES 2000-2 NOTES" means the Series of Notes designated as the
Series 2000-2 Notes.

          "SERIES 2000-3 NOTES" means the Series of Notes designated as the
Series 2000-3 Notes.

          "SERIES 2000-4 NOTES" means the Series of Notes designated as the
Series 2000-4 Notes.

          "SERIES 2001-1 NOTES" means the Series of Notes designated as the
Series 2001-1 Notes.

          "SERIES 2001-2 NOTES" means the Series of Notes designated as the
Series 2001-2 Notes.

          "SERIES 2002-1 NOTES" means the Series of Notes designated as the
Series 2002-1 Notes.

          "SERIES 2002-2 NOTES" means the Series of Notes designated as the
Series 2002-2 Notes.

          "SERIES 2002-3 NOTES" means the Series of Notes designated as the
Series 2002-3 Notes.

                                       -9-
<Page>

          "SERIES 2002-4 NOTES" means the Series of Notes designated as the
Series 2002-4 Notes.

          "SERIES 2003-1 NOTES" means the Series of Notes designated as the
Series 2003-1 Notes.

          "SERIES 2003-2 ACCOUNTS" means each of the Series 2003-2 Distribution
Account, the Series 2003-2 Reserve Account, the Series 2003-2 Collection
Account, the Series 2003-2 Excess Collection Account and the Series 2003-2
Accrued Interest Account.

          "SERIES 2003-2 ACCRUED INTEREST ACCOUNT" is defined in Section 2.1(b).

          "SERIES 2003-2 ADJUSTED MONTHLY INTEREST" means (a) for the initial
Distribution Date, an amount equal to $1,951,212.67 and (b) for any other
Distribution Date, the sum of (i) the sum of (A) for the Series 2003-2 Interest
Period ending on the day preceding such Distribution Date, an amount equal to
the product of (1) the Class A-1 Note Rate and (2) the Class A-1 Outstanding
Principal Amount on the first day of such Series 2003-2 Interest Period, divided
by twelve, (B) an amount equal to the product of (1) the Class A-2 Note Rate for
such Series 2003-2 Interest Period, (2) the Class A-2 Outstanding Principal
Amount on the first day of such Series 2003-2 Interest Period, and (3) a
fraction, the numerator of which is the number of days in such Series 2003-2
Interest Period and the denominator of which is 360 and (C) an amount equal to
the product of (1) the Class A-3 Note Rate and (2) the Class A-3 Outstanding
Principal Amount on the first day of such Series 2003-2 Interest Period, divided
by twelve and (ii) any amount described in clause (b)(i) with respect to a prior
Distribution Date that remains unpaid as of such Distribution Date (together
with any accrued interest on such amount).

          "SERIES 2003-2 AGENT" is defined in the recitals hereto.

          "SERIES 2003-2 AESOP I OPERATING LEASE LOAN AGREEMENT BORROWING BASE"
means, as of any date of determination, the product of (a) the Series 2003-2
AESOP I Operating Lease Vehicle Percentage as of such date and (b) the AESOP I
Operating Lease Loan Agreement Borrowing Base as of such date.

          "SERIES 2003-2 AESOP I OPERATING LEASE VEHICLE PERCENTAGE" means, as
of any date of determination, a fraction, expressed as a percentage (which
percentage shall never exceed 100%), the numerator of which is the Series 2003-2
Required AESOP I Operating Lease Vehicle Amount as of such date and the
denominator of which is the sum of the Required AESOP I Operating Lease Vehicle
Amounts for all Series of Notes as of such date.

          "SERIES 2003-2 AVAILABLE CASH COLLATERAL ACCOUNT AMOUNT" means, as of
any date of determination, the amount on deposit in the Series 2003-2 Cash
Collateral Account (after giving effect to any deposits thereto and withdrawals
and releases therefrom on such date).

          "SERIES-2003-2 AVAILABLE RESERVE ACCOUNT AMOUNT" means, as of any date
of determination, the amount on deposit in the Series 2003-2 Reserve Account
(after giving effect to any deposits thereto and withdrawals and releases
therefrom on such date).

          "SERIES 2003-2 CASH COLLATERAL ACCOUNT" is defined in Section 2.8(f).

                                      -10-
<Page>

          "SERIES 2003-2 CASH COLLATERAL ACCOUNT COLLATERAL" is defined in
Section 2.8(a).

          "SERIES 2003-2 CASH COLLATERAL ACCOUNT SURPLUS" means, with respect to
any Distribution Date, the lesser of (a) the Series 2003-2 Available Cash
Collateral Account Amount and (b) the lesser of (A) the excess, if any, of the
Series 2003-2 Liquidity Amount (after giving effect to any withdrawal from the
Series 2003-2 Reserve Account on such Distribution Date) over the Series 2003-2
Required Liquidity Amount on such Distribution Date and (B) the excess, if any,
of the Series 2003-2 Enhancement Amount (after giving effect to any withdrawal
from the Series 2003-2 Reserve Account on such Distribution Date) over the
Series 2003-2 Required Enhancement Amount on such Distribution Date; PROVIDED,
HOWEVER that, on any date after the Series 2003-2 Letter of Credit Termination
Date, the Series 2003-2 Cash Collateral Account Surplus shall mean the excess,
if any, of (x) the Series 2003-2 Available Cash Collateral Account Amount over
(y) the Series 2003-2 Demand Note Payment Amount MINUS the Pre-Preference Period
Demand Note Payments as of such date.

          "SERIES 2003-2 CASH COLLATERAL PERCENTAGE" means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Series 2003-2 Available Cash Collateral Amount as of such date and the
denominator of which is the Series 2003-2 Letter of Credit Liquidity Amount as
of such date.

          "SERIES 2003-2 CLOSING DATE" means March 6, 2003.

          "SERIES 2003-2 COLLATERAL" means the Collateral, each Series 2003-2
Letter of Credit, each Series 2003-2 Demand Note, the Series 2003-2 Distribution
Account Collateral, the Series 2003-2 Interest Rate Cap Collateral, the Series
2003-2 Cash Collateral Account Collateral and the Series 2003-2 Reserve Account
Collateral.

          "SERIES 2003-2 COLLECTION ACCOUNT" is defined in Section 2.1(b).

          "SERIES 2003-2 CONTROLLED AMORTIZATION PERIOD" means the Three-Year
Notes Controlled Amortization Period and/or the Class A-3 Controlled
Amortization Period, as the case may be.

          "SERIES 2003-2 DEMAND NOTE" means each demand note made by a Demand
Note Issuer, substantially in the form of EXHIBIT C to this Supplement, as
amended, modified or restated from time to time.

          "SERIES 2003-2 DEMAND NOTE PAYMENT AMOUNT" means, as of the Series
2003-2 Letter of Credit Termination Date, the aggregate amount of all proceeds
of demands made on the Series 2003-2 Demand Notes pursuant to Section 2.5(b) or
(c) that were deposited into the Series 2003-2 Distribution Account and paid to
the Series 2003-2 Noteholders during the one year period ending on the Series
2003-2 Letter of Credit Termination Date; PROVIDED, HOWEVER, that if an Event of
Bankruptcy (or the occurrence of an event described in clause (a) of the
definition thereof, without the lapse of a period of 60 consecutive days) with
respect to a Demand Note Issuer shall have occurred during such one year period,
the Series 2003-2 Demand Note Payment Amount as of the Series 2003-2 Letter of
Credit Termination Date shall equal the Series 2003-2 Demand Note Payment Amount
as if it were calculated as of the date of such occurrence.

                                      -11-
<Page>

          "SERIES 2003-2 DEPOSIT DATE" is defined in Section 2.2.

          "SERIES 2003-2 DISTRIBUTION ACCOUNT" is defined in Section 2.9(a).

          "SERIES 2003-2 DISTRIBUTION ACCOUNT COLLATERAL" is defined in Section
2.9(d).

          "SERIES 2003-2 ELIGIBLE LETTER OF CREDIT PROVIDER" means a person
satisfactory to ARAC, the Demand Note Issuers and the Surety Provider and
having, at the time of the issuance of the related Series 2003-2 Letter of
Credit, a long-term senior unsecured debt rating (or the equivalent thereof in
the case of Moody's or Standard & Poor's, as applicable) of at least "A+" from
Standard & Poor's and at least "Al" from Moody's and a short-term senior
unsecured debt rating of at least "A-1" from Standard & Poor's and "P-1" from
Moody's that is (a) a commercial bank having total assets in excess of
$500,000,000, (b) a finance company, insurance company or other financial
institution that in the ordinary course of business issues letters of credit and
has total assets in excess of $200,000,000 or (c) any other financial
institution; PROVIDED, HOWEVER, that if a person is not a Series 2003-2 Letter
of Credit Provider (or a letter of credit provider under the Supplement for any
other Series of Notes), then such person shall not be a Series 2003-2 Eligible
Letter of Credit Provider until AFC-II has provided 10 days' prior notice to the
Rating Agencies that such person has been proposed as a Series 2003-2 Letter of
Credit Provider.

          "SERIES 2003-2 ENHANCEMENT" means the Series 2003-2 Cash Collateral
Account Collateral, the Series 2003-2 Letters of Credit, the Series 2003-2
Demand Notes, the Series 2003-2 Overcollateralization Amount and the Series
2003-2 Reserve Account Amount.

          "SERIES 2003-2 ENHANCEMENT AMOUNT" means, as of any date of
determination, the sum of (i) the Series 2003-2 Overcollateralization Amount as
of such date, (ii) the Series 2003-2 Letter of Credit Amount as of such date,
(iii) the Series 2003-2 Available Reserve Account Amount as of such date and
(iv) the amount of cash and Permitted Investments on deposit in the Series
2003-2 Collection Account (not including amounts allocable to the Series 2003-2
Accrued Interest Account) and the Series 2003-2 Excess Collection Account as of
such date.

          "SERIES 2003-2 ENHANCEMENT DEFICIENCY" means, on any date of
determination, the amount by which the Series 2003-2 Enhancement Amount is less
than the Series 2003-2 Required Enhancement Amount as of such date.

          "SERIES 2003-2 EXCESS COLLECTION ACCOUNT" is defined in Section
2.1(b).

          "SERIES 2003-2 FINAL DISTRIBUTION DATE" means the Three-Year Notes
Final Distribution Date or the Class A-3 Final Distribution Date.

          "SERIES 2003-2 INITIAL INVESTED AMOUNT" means the sum of the Class A-1
Initial Invested Amount, the Class A-2 Initial Invested Amount and the Class A-3
Initial Invested Amount.

          "SERIES 2003-2 INTEREST PERIOD" means a period commencing on and
including a Distribution Date and ending on and including the day preceding the
next succeeding

                                      -12-
<Page>

Distribution Date; PROVIDED, HOWEVER that the initial Series 2003-2 Interest
Period shall commence on and include the Series 2003-2 Closing Date and end on
and include April 20, 2003.

          "SERIES 2003-2 INTEREST RATE CAP" is defined in Section 2.10(a).

          "SERIES 2003-2 INTEREST RATE CAP COLLATERAL" is defined in Section
2.10(d).

          "SERIES 2003-2 INTEREST RATE CAP PROCEEDS" means the amounts received
by the Trustee from an Interest Rate Cap Counterparty from time to time in
respect of a Series 2003-2 Interest Rate Cap (including amounts received from a
guarantor or from collateral).

          "SERIES 2003-2 INVESTED AMOUNT" means, as of any date of
determination, the sum of the Class A-1 Invested Amount as of such date, the
Class A-2 Invested Amount as of such date and the Class A-3 Invested Amount as
of such date.

          "SERIES 2003-2 INVESTED PERCENTAGE" means as of any date of
determination:

          (a)     when used with respect to Principal Collections, the
     percentage equivalent (which percentage shall never exceed 100%) of a
     fraction the numerator of which shall be equal to the sum of the Series
     2003-2 Invested Amount and the Series 2003-2 Overcollateralization Amount,
     determined during the Series 2003-2 Revolving Period as of the end of the
     Related Month (or, until the end of the initial Related Month, on the
     Series 2003-2 Closing Date), or, during the Series 2003-2 Controlled
     Amortization Period and the Series 2003-2 Rapid Amortization Period, as of
     the end of the Series 2003-2 Revolving Period, and the denominator of which
     shall be the greater of (I) the Aggregate Asset Amount as of the end of the
     Related Month or, until the end of the initial Related Month, as of the
     Series 2003-2 Closing Date, and (II) as of the same date as in clause (I),
     the sum of the numerators used to determine (i) invested percentages for
     allocations with respect to Principal Collections (for all Series of Notes
     and all classes of such Series of Notes) and (ii) overcollateralization
     percentages for allocations with respect to Principal Collections (for all
     Series of Notes that provide for credit enhancement in the form of
     overcollateralization); and

          (b)     when used with respect to Interest Collections, the percentage
     equivalent (which percentage shall never exceed 100%) of a fraction the
     numerator of which shall be the Accrued Amounts with respect to the Series
     2003-2 Notes on such date of determination, and the denominator of which
     shall be the aggregate Accrued Amounts with respect to all Series of Notes
     on such date of determination.

          "SERIES 2003-2 LEASE INTEREST PAYMENT DEFICIT" means on any
Distribution Date an amount equal to the excess, if any, of (a) the aggregate
amount of Interest Collections which pursuant to Section 2.2(a), (b), (c) or (d)
would have been allocated to the Series 2003-2 Accrued Interest Account if all
payments of Monthly Base Rent required to have been made under the Leases from
and excluding the preceding Distribution Date to and including such Distribution
Date were made in full over (b) the aggregate amount of Interest Collections
which pursuant to Section 2.2(a), (b), (c) or (d) have been allocated to the
Series 2003-2 Accrued Interest Account (excluding any amounts paid into the
Series 2003-2 Accrued Interest Account pursuant to the

                                      -13-
<Page>

proviso in Sections 2.2(c)(ii) and/or 2.2(d)(ii)) from and excluding the
preceding Distribution Date to and including such Distribution Date.

          "SERIES 2003-2 LEASE PAYMENT DEFICIT" means either a Series 2003-2
Lease Interest Payment Deficit or a Series 2003-2 Lease Principal Payment
Deficit.

          "SERIES 2003-2 LEASE PRINCIPAL PAYMENT CARRYOVER DEFICIT" means (a)
for the initial Distribution Date, zero and (b) for any other Distribution Date,
the excess of (x) the Series 2003-2 Lease Principal Payment Deficit, if any, on
the preceding Distribution Date OVER (y) the amount deposited in the
Distribution Account on such preceding Distribution Date pursuant to Section
2.5(b) on account of such Series 2003-2 Lease Principal Payment Deficit.

          "SERIES 2003-2 LEASE PRINCIPAL PAYMENT DEFICIT" means on any
Distribution Date the sum of (a) the Series 2003-2 Monthly Lease Principal
Payment Deficit for such Distribution Date and (b) the Series 2003-2 Lease
Principal Payment Carryover Deficit for such Distribution Date.

          "SERIES 2003-2 LETTER OF CREDIT" means an irrevocable letter of
credit, if any, substantially in the form of EXHIBIT D to this Supplement issued
by a Series 2003-2 Eligible Letter of Credit Provider in favor of the Trustee
for the benefit of the Series 2003-2 Noteholders and the Surety Provider in form
and substance satisfactory to the Surety Provider.

          "SERIES 2003-2 LETTER OF CREDIT AMOUNT" means, as of any date of
determination, the lesser of (a) the sum of (i) the aggregate amount available
to be drawn on such date under each Series 2003-2 Letter of Credit, as specified
therein, and (ii) if the Series 2003-2 Cash Collateral Account has been
established and funded pursuant to Section 2.8, the Series 2003-2 Available Cash
Collateral Account Amount on such date and (b) the aggregate outstanding
principal amount of the Series 2003-2 Demand Notes on such date.

          "SERIES 2003-2 LETTER OF CREDIT EXPIRATION DATE" means, with respect
to any Series 2003-2 Letter of Credit, the expiration date set forth in such
Series 2003-2 Letter of Credit, as such date may be extended in accordance with
the terms of such Series 2003-2 Letter of Credit.

          "SERIES 2003-2 LETTER OF CREDIT LIQUIDITY AMOUNT" means, as of any
date of determination, the sum of (a) the aggregate amount available to be drawn
on such date under each Series 2003-2 Letter of Credit, as specified therein,
and (b) if the Series 2003-2 Cash Collateral Account has been established and
funded pursuant to Section 2.8, the Series 2003-2 Available Cash Collateral
Account Amount on such date.

          "SERIES 2003-2 LETTER OF CREDIT PROVIDER" means the issuer of a Series
2003-2 Letter of Credit.

          "SERIES 2003-2 LETTER OF CREDIT TERMINATION DATE" means the first to
occur of (a) the date on which the Series 2003-2 Notes are fully paid and the
Surety Provider has been paid all Surety Provider Fees and all other Surety
Provider Reimbursement Amounts then due, (b) the Series 2003-2 Termination Date
and (c) such earlier date consented to by the Surety Provider and the Rating
Agencies which consent by the Surety Provider shall be in writing.

                                      -14-
<Page>

          "SERIES 2003-2 LIMITED LIQUIDATION EVENT OF DEFAULT" means, so long as
such event or condition continues, any event or condition of the type specified
in clauses (a) through (j) of Article III; PROVIDED, HOWEVER, that any event or
condition of the type specified in clauses (a) through (e) and (h) through (j)
of Article III shall not constitute a Series 2003-2 Limited Liquidation Event of
Default if (i) within such thirty (30) day period, such Amortization Event shall
have been cured and, after such cure of such Amortization Event is provided for,
the Trustee shall have received the written consent of the Surety Provider
waiving the occurrence of such Series 2003-2 Limited Liquidation Event of
Default or (ii) the Trustee shall have received the written consent of the
Surety Provider waiving the occurrence of such Series 2003-2 Limited Liquidation
Event of Default.

          "SERIES 2003-2 LIQUIDITY AMOUNT" means, as of any date of
determination, the sum of (a) the Series 2003-2 Letter of Credit Liquidity
Amount on such date and (b) the Series 2003-2 Available Reserve Account Amount
on such date.

          "SERIES 2003-2 MAXIMUM AGGREGATE KIA/ISUZU/SUBARU/HYUNDAI/SUZUKI
AMOUNT" means, as of any day, with respect to Kia, Isuzu, Subaru, Hyundai and
Suzuki, in the aggregate, an amount equal to 15% of the aggregate Net Book Value
of all Vehicles leased under the Leases on such day or such lesser percentage as
may be agreed to in writing by AFC-II and the Surety Provider (initially 10%) of
the aggregate Net Book Value of all Vehicles leased under the Leases on such
day.

          "SERIES 2003-2 MAXIMUM AMOUNT" means any of the Series 2003-2 Maximum
Manufacturer Amounts, the Series 2003-2 Maximum Non-Eligible Manufacturer
Amount, the Series 2003-2 Maximum Non-Program Vehicle Amount or the Series
2003-2 Maximum Specified States Amount.

          "SERIES 2003-2 MAXIMUM INDIVIDUAL KIA/ISUZU/SUBARU/HYUNDAI/SUZUKI
AMOUNT" means, as of any day, with respect to Kia, Isuzu, Subaru, Hyundai or
Suzuki, individually, an amount equal to 5% of the aggregate Net Book Value of
all Vehicles leased under the Leases on such day.

          "SERIES 2003-2 MAXIMUM MANUFACTURER AMOUNT" means, as of any day, any
of the Series 2003-2 Maximum Mitsubishi Amount, the Series 2003-2 Maximum
Individual Kia/Isuzu/Subaru/Hyundai/Suzuki Amount or the Series 2003-2 Maximum
Aggregate Kia/Isuzu/Subaru/Hyundai/Suzuki Amount.

          "SERIES 2003-2 MAXIMUM MITSUBISHI AMOUNT" means, as of any day, an
amount equal to 10% of the aggregate Net Book Value of all Vehicles leased under
the Leases on such day.

          "SERIES 2003-2 MAXIMUM NON-ELIGIBLE MANUFACTURER AMOUNT" means, as of
any day, an amount equal to 3% of the aggregate Net Book Value of all Vehicles
leased under the Leases on such day.

          "SERIES 2003-2 MAXIMUM NON-PROGRAM VEHICLE AMOUNT" means, as of any
day, an amount equal to the Series 2003-2 Maximum Non-Program Vehicle Percentage
of the aggregate Net Book Value of all Vehicles leased under the Leases on such
day.

                                      -15-
<Page>

          "SERIES 2003-2 MAXIMUM NON-PROGRAM VEHICLE PERCENTAGE" means 25% or
such lesser percentage as may be agreed to in writing by AFC-II and the Surety
Provider on or after the Series 2003-2 Closing Date, with prompt written notice
thereof delivered by AFC-II to the Trustee.

          "SERIES 2003-2 MAXIMUM SPECIFIED STATES AMOUNT" means, as of any day,
an amount equal to 7.5% of the aggregate Net Book Value of all Vehicles leased
under the Leases on such day.

          "SERIES 2003-2 MONTHLY INTEREST" means, with respect to any Series
2003-2 Interest Period, the sum of the Class A-1 Monthly Interest, the Class A-2
Monthly Interest and the Class A-3 Monthly Interest with respect to such Series
2003-2 Interest Period.

          "SERIES 2003-2 MONTHLY LEASE PRINCIPAL PAYMENT DEFICIT" means, on any
Distribution Date, an amount equal to the excess, if any, of (a) the aggregate
amount of Principal Collections which pursuant to Section 2.2(a), (b), (c) or
(d) would have been allocated to the Series 2003-2 Collection Account if all
payments required to have been made under the Leases from and excluding the
preceding Distribution Date to and including such Distribution Date were made in
full over (b) the aggregate amount of Principal Collections which pursuant to
Section 2.2(a), (b), (c) or (d) have been allocated to the Series 2003-2
Collection Account (without giving effect to any amounts paid into the Series
2003-2 Accrued Interest Account pursuant to the proviso in Sections 2.2(c)(ii)
and/or 2.2(d)(ii)) from and excluding the preceding Distribution Date to and
including such Distribution Date.

          "SERIES 2003-2 NON-PROGRAM VEHICLE PERCENTAGE" means, as of any date
of determination, a fraction, expressed as a percentage, the numerator of which
is the aggregate Net Book Value of all Non-Program Vehicles leased under the
AESOP I Operating Lease as of such date and the denominator of which is the
aggregate Net Book Value of all Vehicles leased under the AESOP I Operating
Lease as of such date.

          "SERIES 2003-2 NOTE RATE" means, the Class A-1 Note Rate, the Class
A-2 Note Rate or the Class A-3 Note Rate, as the context may require.

          "SERIES 2003-2 NOTEHOLDER" means any Class A-1 Noteholder, any Class
A-2 Noteholder or any Class A-3 Noteholder.

          "SERIES 2003-2 NOTES" means, collectively, the Class A-1 Notes, the
Class A-2 Notes and the Class A-3 Notes.

          "SERIES 2003-2 OUTSTANDING PRINCIPAL AMOUNT" means, as of any date of
determination, the sum of the Class A-1 Outstanding Principal Amount, the Class
A-2 Outstanding Principal Amount and the Class A-3 Outstanding Principal Amount.

          "SERIES 2003-2 OVERCOLLATERALIZATION AMOUNT" means (i) as of any date
on which no AESOP I Operating Lease Vehicle Deficiency exists, the Series 2003-2
Required Overcollateralization Amount as of such date and (ii) as of any date on
which an AESOP I Operating Lease Vehicle Deficiency exists, the excess, if any,
of (x) the Series 2003-2 AESOP I

                                      -16-
<Page>

Operating Lease Loan Agreement Borrowing Base as of such date over (y) the
Series 2003-2 Invested Amount as of such date.

          "SERIES 2003-2 PAST DUE RENT PAYMENT" is defined in Section 2.2(g).

          "SERIES 2003-2 PERCENTAGE" means, as of any date of determination, a
fraction, expressed as a percentage, the numerator of which is the Series 2003-2
Invested Amount as of such date and the denominator of which is the Aggregate
Invested Amount as of such date.

          "SERIES 2003-2 PRINCIPAL ALLOCATION" is defined in Section 2.2(a)(ii).

          "SERIES 2003-2 PROGRAM VEHICLE PERCENTAGE" means, as of any date of
determination, 100% minus the Series 2003-2 Non-Program Vehicle Percentage.

          "SERIES 2003-2 RAPID AMORTIZATION PERIOD" means the period beginning
at the close of business on the Business Day immediately preceding the day on
which an Amortization Event is deemed to have occurred with respect to the
Series 2003-2 Notes and ending upon the earliest to occur of (i) the date on
which the Series 2003-2 Notes are fully paid and the Surety Provider has been
paid all Surety Provider Fees and all other Surety Provider Reimbursement
Amounts then due, (ii) the Series 2003-2 Termination Date and (iii) the
termination of the Indenture.

          "SERIES 2003-2 REIMBURSEMENT AGREEMENT" means any and each agreement
providing for the reimbursement of a Series 2003-2 Letter of Credit Provider for
draws under its Series 2003-2 Letter of Credit as the same may be amended,
supplemented, restated or otherwise modified from time to time.

          "SERIES 2003-2 REPURCHASE AMOUNT" is defined in Section 6.1.

          "SERIES 2003-2 REQUIRED AESOP I OPERATING LEASE VEHICLE AMOUNT" means,
as of any date of determination, the sum of the Series 2003-2 Invested Amount
and the Series 2003-2 Required Overcollateralization Amount as of such date.

          "SERIES 2003-2 REQUIRED ENHANCEMENT AMOUNT" means, as of any date of
determination, the sum of (i) the product of the Series 2003-2 Required
Enhancement Percentage as of such date and the Series 2003-2 Invested Amount as
of such date, (ii) the Series 2003-2 AESOP I Operating Lease Vehicle Percentage
as of the immediately preceding Business Day of the excess, if any, of the
Non-Program Vehicle Amount as of such date over the Series 2003-2 Maximum
Non-Program Vehicle Amount as of such date, (iii) the Series 2003-2 AESOP I
Operating Lease Vehicle Percentage as of the immediately preceding Business Day
of the excess, if any, of the aggregate Net Book Value of all Vehicles
manufactured by Mitsubishi and leased under the Leases as of such date over the
Series 2003-2 Maximum Mitsubishi Amount as of such date, (iv) the Series 2003-2
AESOP I Operating Lease Vehicle Percentage as of the immediately preceding
Business Day of the excess, if any, of the aggregate Net Book Value of all
Vehicles manufactured by Kia, Isuzu, Subaru, Hyundai or Suzuki, individually,
and leased under the Leases as of such date over the Series 2003-2 Maximum
Individual Kia/Isuzu/Subaru/ Hyundai/Suzuki Amount as of such date, (v) the
Series 2003-2 AESOP I Operating Lease Vehicle Percentage as of the immediately
preceding Business Day of the excess, if any, of the

                                      -17-
<Page>

aggregate Net Book Value of all Vehicles manufactured by Kia, Isuzu, Subaru,
Hyundai or Suzuki, in the aggregate, and leased under the Leases as of such date
over the Series 2003-2 Maximum Aggregate Kia/Isuzu/Subaru/Hyundai/Suzuki Amount
as of such date, (vi) the Series 2003-2 AESOP I Operating Lease Vehicle
Percentage as of the immediately preceding Business Day of the excess, if any,
of the Specified States Amount as of such date over the Series 2003-2 Maximum
Specified States Amount as of such date and (vii) the Series 2003-2 AESOP I
Operating Lease Vehicle Percentage as of the immediately preceding Business Day
of the excess, if any, of the Non-Eligible Manufacturer Amount as of such date
over the Series 2003-2 Maximum Non-Eligible Manufacturer Amount as of such date.

          "SERIES 2003-2 REQUIRED ENHANCEMENT PERCENTAGE" means, as of any date
of determination, the sum of (i) the product of (A) 15.0% times (B) the Series
2003-2 Program Vehicle Percentage as of such date and (ii) the product of (A)
the Series 2003-2 Required Non-Program Enhancement Percentage as of such date
times (B) the Series 2003-2 Non-Program Vehicle Percentage as of such date.

          "SERIES 2003-2 REQUIRED LIQUIDITY AMOUNT" means, with respect to any
Distribution Date, an amount equal to 3.5% of the Series 2003-2 Invested Amount
on such Distribution Date (after giving effect to any payments of principal to
be made on the Series 2003-2 Notes on such Distribution Date).

          "SERIES 2003-2 REQUIRED NON-PROGRAM ENHANCEMENT PERCENTAGE" means, as
of any date of determination, the greater of (a) 19.5% and (b) the sum of (i)
19.5% and (ii) the highest, for any calendar month within the preceding twelve
calendar months, of the greater of (x) an amount (not less than zero) equal to
100% minus the Measurement Month Average for the immediately preceding
Measurement Month and (y) an amount (not less than zero) equal to 100% minus the
Market Value Average as of the Determination Date within such calendar month
(excluding the Market Value Average for any Determination Date which has not yet
occurred).

          "SERIES 2003-2 REQUIRED OVERCOLLATERALIZATION AMOUNT" means, as of any
date of determination, the excess, if any, of the Series 2003-2 Required
Enhancement Amount over the sum of (i) the Series 2003-2 Letter of Credit Amount
as of such date, (ii) the Series 2003-2 Available Reserve Account Amount on such
date and (iii) the amount of cash and Permitted Investments on deposit in the
Series 2003-2 Collection Account (not including amounts allocable to the Series
2003-2 Accrued Interest Account) and the Series 2003-2 Excess Collection Account
on such date.

          "SERIES 2003-2 REQUIRED RESERVE ACCOUNT AMOUNT" means, with respect to
any Distribution Date, an amount equal to the greater of (a) the excess, if any,
of the Series 2003-2 Required Liquidity Amount on such Distribution Date over
the Series 2003-2 Letter of Credit Liquidity Amount on such Distribution Date
(after giving effect to any payments of principal to be made on the Series
2003-2 Notes on such Distribution Date) and (b) the excess, if any, of the
Series 2003-2 Required Enhancement Amount over the Series 2003-2 Enhancement
Amount (excluding therefrom the Series 2003-2 Available Reserve Account Amount
and calculated after giving effect to any payments of principal to be made on
the Series 2003-2 Notes) on such Distribution Date.

                                      -18-
<Page>

          "SERIES 2003-2 RESERVE ACCOUNT" is defined in Section 2.7(a).

          "SERIES 2003-2 RESERVE ACCOUNT COLLATERAL" is defined in Section
2.7(d).

          "SERIES 2003-2 RESERVE ACCOUNT SURPLUS" means, with respect to any
Distribution Date, the excess, if any, of the Series 2003-2 Available Reserve
Account Amount over the Series 2003-2 Required Reserve Account Amount on such
Distribution Date.

          "SERIES 2003-2 REVOLVING PERIOD" means, the period from and including
the Series 2003-2 Closing Date to the earlier of (i) the commencement of the
Three-Year Notes Controlled Amortization Period and (ii) the commencement of the
Series 2003-2 Rapid Amortization Period; provided that if the Class A-1 Notes
and the Class A-2 Notes are paid in full on or prior to the June 2006
Distribution Date, then the Series 2003-2 Revolving Period shall also include
the period from and including the first day of the calendar month during which
the Distribution Date on which the Class A-1 Notes and Class A-2 Notes are paid
in full occurs to the earlier of (i) the commencement of the Class A-3
Controlled Amortization Period and (ii) the commencement of the Series 2003-2
Rapid Amortization Period.

          "SERIES 2003-2 SHORTFALL" is defined in Section 2.3(g).

          "SERIES 2003-2 TERMINATION DATE" means the June 2009 Distribution
Date.

          "SERIES 2003-2 UNPAID DEMAND AMOUNT" means, with respect to any single
draw pursuant to Section 2.5(c) or (d) on the Series 2003-2 Letters of Credit,
the aggregate amount drawn by the Trustee on all Series 2003-2 Letters of
Credit.

          "SHADOW RATING" means the rating of the Series 2003-2 Notes by
Standard & Poor's or Moody's, as applicable, without giving effect to the Surety
Bond.

          "STANDARD & POOR'S" means Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc.

          "SUPPLEMENT" is defined in the preamble hereto.

          "SURETY BOND" means the Note Guaranty Insurance Policy No. 40546,
dated March 6, 2003, issued by the Surety Provider.

          "SURETY DEFAULT" means (i) the occurrence and continuance of any
failure by the Surety Provider to pay upon a demand for payment in accordance
with the requirements of the Surety Bond or (ii) the occurrence of an Event of
Bankruptcy with respect to the Surety Provider.

          "SURETY PROVIDER" means MBIA Insurance Corporation, a New
York-domiciled stock insurance corporation. The Surety Provider shall constitute
an "Enhancement Provider" with respect to the Series 2003-2 Notes for all
purposes under the Indenture and the other Related Documents.

          "SURETY PROVIDER FEE" is defined in the Insurance Agreement.

                                      -19-
<Page>

          "SURETY PROVIDER REIMBURSEMENT AMOUNTS" means, as of any date of
determination, (i) an amount equal to the aggregate of any amounts due as of
such date to the Surety Provider pursuant to the Insurance Agreement in respect
of unreimbursed draws under the Surety Bond, including interest thereon
determined in accordance with the Insurance Agreement, and (ii) an amount equal
to the aggregate of any other amounts due as of such date to the Surety Provider
pursuant to the Insurance Agreement.

          "TELERATE PAGE 3750" means the display page currently so designated on
the Moneyline Telerate Service (or such other page as may replace that page on
that service for the purpose of displaying comparable rates or prices).

          "TEMPORARY GLOBAL CLASS A-1 NOTE" is defined in Section 5.2.

          "TEMPORARY GLOBAL CLASS A-2 NOTE" is defined in Section 5.2.

          "TEMPORARY GLOBAL CLASS A-3 NOTE" is defined in Section 5.2.

          "TERMINATION DATE DISBURSEMENT" means an amount drawn under a Series
2003-2 Letter of Credit pursuant to a Certificate of Termination Date Demand.

          "TERMINATION DISBURSEMENT" means an amount drawn under a Series 2003-2
Letter of Credit pursuant to a Certificate of Termination Demand.

          "THREE-YEAR NOTES CONTROLLED AMORTIZATION PERIOD" means the period
commencing at the opening of business on December 1, 2005 (or, if such day is
not a Business Day, the Business Day immediately preceding such day) and
continuing to the earliest of (i) the commencement of the Series 2003-2 Rapid
Amortization Period, (ii) the date on which the Class A-1 Notes and the Class
A-2 Notes are fully paid and (iii) the termination of the Indenture.

          "THREE-YEAR NOTES EXPECTED FINAL DISTRIBUTION DATE" means the June
2006 Distribution Date.

          "THREE-YEAR NOTES FINAL DISTRIBUTION DATE" means the June 2007
Distribution Date.

          "TRUSTEE" is defined in the recitals hereto.

          "UNPAID DEMAND NOTE DISBURSEMENT" means an amount drawn under a Series
2003-2 Letter of Credit pursuant to a Certificate of Unpaid Demand Note Demand.

          "WAIVABLE AMOUNT" is defined in Article IV.

          "WAIVER EVENT" means the occurrence of the delivery of a Waiver
Request and the subsequent waiver of any Series 2003-2 Maximum Amount.

          "WAIVER REQUEST" is defined in Article IV.

                                      -20-
<Page>

                                   ARTICLE II

                            SERIES 2003-2 ALLOCATIONS

          With respect to the Series 2003-2 Notes, the following shall apply:

          Section 2.1 ESTABLISHMENT OF SERIES 2003-2 COLLECTION ACCOUNT, SERIES
2003-2 EXCESS COLLECTION ACCOUNT AND SERIES 2003-2 ACCRUED INTEREST ACCOUNT. (a)
All Collections allocable to the Series 2003-2 Notes shall be allocated to the
Collection Account.

          (b)     The Trustee will create three administrative subaccounts
within the Collection Account for the benefit of the Series 2003-2 Noteholders
and the Surety Provider: the Series 2003-2 Collection Account (such sub-account,
the "SERIES 2003-2 COLLECTION ACCOUNT"), the Series 2003-2 Excess Collection
Account (such sub-account, the "SERIES 2003-2 EXCESS COLLECTION ACCOUNT") and
the Series 2003-2 Accrued Interest Account (such sub-account, the "SERIES 2003-2
ACCRUED INTEREST ACCOUNT").

          Section 2.2 ALLOCATIONS WITH RESPECT TO THE SERIES 2003-2 NOTES. The
net proceeds from the initial sale of the Series 2003-2 Notes will be deposited
into the Collection Account. On each Business Day on which Collections are
deposited into the Collection Account (each such date, a "SERIES 2003-2 DEPOSIT
DATE"), the Administrator will direct the Trustee in writing pursuant to the
Administration Agreement to allocate all amounts deposited into the Collection
Account in accordance with the provisions of this Section 2.2:

          (a)     ALLOCATIONS OF COLLECTIONS DURING THE SERIES 2003-2 REVOLVING
     PERIOD. During the Series 2003-2 Revolving Period, the Administrator will
     direct the Trustee in writing pursuant to the Administration Agreement to
     allocate on each day, prior to 11:00 a.m. (New York City time) on each
     Series 2003-2 Deposit Date, all amounts deposited into the Collection
     Account as set forth below:

                  (i)     allocate to the Series 2003-2 Collection Account an
          amount equal to the sum of (A) the Series 2003-2 Invested Percentage
          (as of such day) of the aggregate amount of Interest Collections on
          such day and (B) any amounts received by the Trustee on such day in
          respect of the Series 2003-2 Interest Rate Caps. All such amounts
          allocated to the Series 2003-2 Collection Account shall be further
          allocated to the Series 2003-2 Accrued Interest Account; and

                  (ii)    allocate to the Series 2003-2 Excess Collection
          Account an amount equal to the Series 2003-2 Invested Percentage (as
          of such day) of the aggregate amount of Principal Collections on such
          day (for any such day, the "SERIES 2003-2 PRINCIPAL ALLOCATION");
          PROVIDED, HOWEVER, if a Waiver Event shall have occurred, then such
          allocation shall be modified as provided in Article IV.

          (b)     ALLOCATIONS OF COLLECTIONS DURING ANY SERIES 2003-2 CONTROLLED
     AMORTIZATION PERIOD. With respect to any Series 2003-2 Controlled
     Amortization Period, the Administrator will direct the Trustee in writing
     pursuant to the Administration Agreement to allocate, prior to 11:00 a.m.
     (New York City time) on any Series 2003-2 Deposit Date, all amounts
     deposited into the Collection Account as set forth below:

                                      -21-
<Page>

                  (i)     allocate to the Series 2003-2 Collection Account an
          amount determined as set forth in Section 2.2(a)(i) above for such
          day, which amount shall be further allocated to the Series 2003-2
          Accrued Interest Account; and

                  (ii)    (A) with respect to the Three-Year Notes Controlled
          Amortization Period, allocate to the Series 2003-2 Collection Account
          an amount equal to the Series 2003-2 Principal Allocation for such
          day, which amount shall be used to make principal payments in respect
          of the Class A-1 Notes and the Class A-2 Notes; PROVIDED, HOWEVER,
          that if the Monthly Total Principal Allocation exceeds the sum of the
          Class A-1 Controlled Distribution Amount and the Class A-2 Controlled
          Distribution Amount, then the amount of such excess shall be allocated
          to the Series 2003-2 Excess Collection Account; and PROVIDED, FURTHER,
          that if a Waiver Event shall have occurred, then such allocation shall
          be modified as provided in Article IV and (B) with respect to the
          Class A-3 Controlled Amortization Period, allocate to the Series
          2003-2 Collection Account an amount equal to the Series 2003-2
          Principal Allocation for such day, which amount shall be used to make
          principal payments in respect of the Class A-3 Notes; PROVIDED,
          HOWEVER, that if the Monthly Total Principal Allocation exceeds the
          Class A-3 Controlled Distribution Amount, then the amount of such
          excess shall be allocated to the Series 2003-2 Excess Collection
          Account; and PROVIDED, FURTHER, that if a Waiver Event shall have
          occurred, then such allocation shall be modified as provided in
          Article IV.

          (c)     ALLOCATIONS OF COLLECTIONS DURING THE SERIES 2003-2 RAPID
     AMORTIZATION PERIOD. With respect to the Series 2003-2 Rapid Amortization
     Period, other than after the occurrence of an Event of Bankruptcy with
     respect to ARAC, any other Lessee or AGH, the Administrator will direct the
     Trustee in writing pursuant to the Administration Agreement to allocate,
     prior to 11:00 a.m. (New York City time) on any Series 2003-2 Deposit Date,
     all amounts deposited into the Collection Account as set forth below:

                  (i)     allocate to the Series 2003-2 Collection Account an
          amount determined as set forth in Section 2.2(a)(i) above for such
          day, which amount shall be further allocated to the Series 2003-2
          Accrued Interest Account; and

                  (ii)    allocate to the Series 2003-2 Collection Account an
          amount equal to the Series 2003-2 Principal Allocation for such day,
          which amount shall be used to make principal payments in respect of
          the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes,
          ratably, without preference or priority of any kind, until the Series
          2003-2 Invested Amount is paid in full; PROVIDED that if on any
          Determination Date (A) the Administrator determines that the amount
          anticipated to be available from Interest Collections allocable to the
          Series 2003-2 Notes, any amounts payable to the Trustee in respect of
          Series 2003-2 Interest Rate Caps and other amounts available pursuant
          to Section 2.3 to pay Series 2003-2 Adjusted Monthly Interest on the
          next succeeding Distribution Date will be less than the Series 2003-2
          Adjusted Monthly Interest for such Distribution Date and (B) the
          Series 2003-2 Enhancement Amount is greater than zero, then the
          Administrator shall direct the Trustee in writing to reallocate a
          portion of the Principal

                                      -22-
<Page>

          Collections allocated to the Series 2003-2 Notes during the Related
          Month equal to the lesser of such insufficiency and the Series 2003-2
          Enhancement Amount to the Series 2003-2 Accrued Interest Account to be
          treated as Interest Collections on such Distribution Date.

          (d)     ALLOCATIONS OF COLLECTIONS AFTER THE OCCURRENCE OF AN EVENT OF
     BANKRUPTCY. After the occurrence of an Event of Bankruptcy with respect to
     ARAC, any other Lessee or AGH, the Administrator will direct the Trustee in
     writing pursuant to the Administration Agreement to allocate, prior to
     11:00 a.m. (New York City time) on any Series 2003-2 Deposit Date, all
     amounts attributable to the AESOP I Operating Lease Loan Agreement
     deposited into the Collection Account as set forth below:

                  (i)     allocate to the Series 2003-2 Collection Account an
          amount equal to the sum of (A) the Series 2003-2 AESOP I Operating
          Lease Vehicle Percentage as of the date of the occurrence of such
          Event of Bankruptcy of the aggregate amount of Interest Collections
          made under the AESOP I Operating Lease Loan Agreement for such day and
          (B) any amounts received by the Trustee in respect of the Series
          2003-2 Interest Rate Caps on such day. All such amounts allocated to
          the Series 2003-2 Collection Account shall be further allocated to the
          Series 2003-2 Accrued Interest Account;

                  (ii)    allocate to the Series 2003-2 Collection Account an
          amount equal to the Series 2003-2 AESOP I Operating Lease Vehicle
          Percentage as of the date of the occurrence of such Event of
          Bankruptcy of the aggregate amount of Principal Collections made under
          the AESOP I Operating Lease Loan Agreement, which amount shall be used
          to make principal payments in respect of the Series Class A-1 Notes,
          the Class A-2 Notes and the Class A-3 Notes, ratably, without
          preference or priority of any kind, until the Series 2003-2 Invested
          Amount is paid in full; PROVIDED that if on any Determination Date (A)
          the Administrator determines that the amount anticipated to be
          available from Interest Collections allocable to the Series 2003-2
          Notes, any amounts payable to the Trustee in respect of Series 2003-2
          Interest Rate Caps and other amounts available pursuant to Section 2.3
          to pay Series 2003-2 Adjusted Monthly Interest on the next succeeding
          Distribution Date will be less than the Series 2003-2 Adjusted Monthly
          Interest for such Distribution Date and (B) the Series 2003-2
          Enhancement Amount is greater than zero, then the Administrator shall
          direct the Trustee in writing to reallocate a portion of the Principal
          Collections allocated to the Series 2003-2 Notes during the Related
          Month equal to the lesser of such insufficiency and the Series 2003-2
          Enhancement Amount to the Series 2003-2 Accrued Interest Account to be
          treated as Interest Collections on such Distribution Date.

          (e)     SERIES 2003-2 EXCESS COLLECTION ACCOUNT. Amounts allocated to
     the Series 2003-2 Excess Collection Account on any Series 2003-2 Deposit
     Date will be (w) first, deposited in the Series 2003-2 Reserve Account in
     an amount up to the excess, if any, of the Series 2003-2 Required Reserve
     Account Amount for such date over the Series 2003-2 Available Reserve
     Account Amount for such date, (x) second, used to pay

                                      -23-
<Page>

     the principal amount of other Series of Notes that are then in
     amortization, (y) third, released to AESOP Leasing in an amount equal to
     the product of (A) the Loan Agreement's Share with respect to the AESOP I
     Operating Lease Loan Agreement as of such date times (B) 100% minus the
     Loan Payment Allocation Percentage with respect to the AESOP I Operating
     Lease Loan Agreement as of such date times (C) the amount of any remaining
     funds and (z) fourth, paid to AFC-II for any use permitted by the Related
     Documents including to make Loans under the Loan Agreements to the extent
     the Borrowers have requested Loans thereunder and Eligible Vehicles are
     available for financing thereunder; PROVIDED, HOWEVER, that in the case of
     clauses (x), (y) and (z), that no Amortization Event, Series 2003-2
     Enhancement Deficiency or AESOP I Operating Lease Vehicle Deficiency would
     result therefrom or exist immediately thereafter. Upon the occurrence of an
     Amortization Event, funds on deposit in the Series 2003-2 Excess Collection
     Account will be withdrawn by the Trustee, deposited in the Series 2003-2
     Collection Account and allocated as Principal Collections to reduce the
     Series 2003-2 Invested Amount on the immediately succeeding Distribution
     Date.

          (f)     ALLOCATIONS FROM OTHER SERIES. Amounts allocated to other
     Series of Notes that have been reallocated by AFC-II to the Series 2003-2
     Notes (i) during the Series 2003-2 Revolving Period shall be allocated to
     the Series 2003-2 Excess Collection Account and applied in accordance with
     Section 2.2(e) and (ii) during the Series 2003-2 Amortization Period shall
     be allocated to the Series 2003-2 Collection Account and applied in
     accordance with Section 2.2(b) or 2.2(c), as applicable, to make principal
     payments in respect of the Series 2003-2 Notes.

          (g)     PAST DUE RENTAL PAYMENTS. Notwithstanding the foregoing, if in
     the case of Section 2.2(a) or (b), after the occurrence of a Series 2003-2
     Lease Payment Deficit, the Lessees shall make payments of Monthly Base Rent
     or other amounts payable by the Lessees under the Leases on or prior to the
     fifth Business Day after the occurrence of such Series 2003-2 Lease Payment
     Deficit (a "PAST DUE RENT PAYMENT"), the Administrator shall direct the
     Trustee in writing pursuant to the Administration Agreement to allocate to
     the Series 2003-2 Collection Account an amount equal to the Series 2003-2
     Invested Percentage as of the date of the occurrence of such Series 2003-2
     Lease Payment Deficit of the Collections attributable to such Past Due Rent
     Payment (the "SERIES 2003-2 PAST DUE RENT PAYMENT"). The Administrator
     shall instruct the Trustee in writing pursuant to the Administration
     Agreement to withdraw from the Series 2003-2 Collection Account and apply
     the Series 2003-2 Past Due Rent Payment in the following order:

                  (i)     if the occurrence of such Series 2003-2 Lease Payment
          Deficit resulted in one or more Lease Deficit Disbursements being made
          under the Series 2003-2 Letters of Credit, pay to each Series 2003-2
          Letter of Credit Provider who made such a Lease Deficit Disbursement
          for application in accordance with the provisions of the applicable
          Series 2003-2 Reimbursement Agreement an amount equal to the lesser of
          (x) the unreimbursed amount of such Series 2003-2 Letter of Credit
          Provider's Lease Deficit Disbursement and (y) such Series 2003-2
          Letter of Credit Provider's Pro Rata Share of the Series 2003-2 Past
          Due Rent Payment;

                                      -24-
<Page>

                  (ii)    if the occurrence of such Series 2003-2 Lease Payment
          Deficit resulted in a withdrawal being made from the Series 2003-2
          Cash Collateral Account, deposit in the Series 2003-2 Cash Collateral
          Account an amount equal to the lesser of (x) the amount of the Series
          2003-2 Past Due Rent Payment remaining after any payment pursuant to
          clause (i) above and (y) the amount withdrawn from the Series 2003-2
          Cash Collateral Account on account of such Series 2003-2 Lease Payment
          Deficit;

                  (iii)   if the occurrence of such Series 2003-2 Lease Payment
          Deficit resulted in a withdrawal being made from the Series 2003-2
          Reserve Account pursuant to Section 2.3(d), deposit in the Series
          2003-2 Reserve Account an amount equal to the lesser of (x) the amount
          of the Series 2003-2 Past Due Rent Payment remaining after any
          payments pursuant to clauses (i) and (ii) above and (y) the excess, if
          any, of the Series 2003-2 Required Reserve Account Amount over the
          Series 2003-2 Available Reserve Account Amount on such day;

                  (iv)    allocate to the Series 2003-2 Accrued Interest Account
          the amount, if any, by which the Series 2003-2 Lease Interest Payment
          Deficit, if any, relating to such Series 2003-2 Lease Payment Deficit
          exceeds the amount of the Series 2003-2 Past Due Rent Payment applied
          pursuant to clauses (i), (ii) and (iii) above; and

                  (v)     treat the remaining amount of the Series 2003-2 Past
          Due Rent Payment as Principal Collections allocated to the Series
          2003-2 Notes in accordance with Section 2.2(a)(ii) or 2.2(b)(ii), as
          the case may be.

          Section 2.3 PAYMENTS TO NOTEHOLDERS. On each Determination Date, as
provided below, the Administrator shall instruct the Paying Agent in writing
pursuant to the Administration Agreement to withdraw, and on the following
Distribution Date the Paying Agent, acting in accordance with such instructions,
shall withdraw the amounts required to be withdrawn from the Collection Account
pursuant to Section 2.3(a) below in respect of all funds available from Series
2003-2 Interest Rate Cap Proceeds and Interest Collections processed since the
preceding Distribution Date and allocated to the holders of the Series 2003-2
Notes.

          (a)     NOTE INTEREST WITH RESPECT TO THE SERIES 2003-2 NOTES. On each
     Determination Date, the Administrator shall instruct the Trustee and the
     Paying Agent in writing pursuant to the Administration Agreement as to the
     amount to be withdrawn and paid pursuant to Section 2.4 from the Series
     2003-2 Accrued Interest Account to the extent funds are anticipated to be
     available from Interest Collections allocable to the Series 2003-2 Notes
     and the Series 2003-2 Interest Rate Cap Proceeds processed from but not
     including the preceding Distribution Date through the succeeding
     Distribution Date in respect of (x) first, an amount equal to the Series
     2003-2 Monthly Interest for the Series 2003-2 Interest Period ending on the
     day preceding the related Distribution Date, (y) second, an amount equal to
     the amount of any unpaid Series 2003-2 Shortfall as of the preceding
     Distribution Date (together with any accrued interest on such Series 2003-2
     Shortfall) and (z) third, an amount equal to the Surety Provider Fee for
     such Series 2003-2 Interest Period plus any Surety Provider Reimbursement
     Amounts then due and owing.

                                      -25-
<Page>

     On the following Distribution Date, the Trustee shall withdraw the amounts
     described in the first sentence of this Section 2.3(a) from the Series
     2003-2 Accrued Interest Account and deposit such amounts in the Series
     2003-2 Distribution Account.

          (b)     LEASE PAYMENT DEFICIT NOTICE. On or before 10:00 a.m. (New
     York City time) on each Distribution Date, the Administrator shall notify
     the Trustee and the Surety Provider of the amount of any Series 2003-2
     Lease Payment Deficit, such notification to be in the form of EXHIBIT E to
     this Supplement (each a "LEASE PAYMENT DEFICIT NOTICE").

          (c)     DRAWS ON SERIES 2003-2 LETTERS OF CREDIT FOR SERIES 2003-2
     LEASE INTEREST PAYMENT DEFICITS. If the Administrator determines on any
     Distribution Date that there exists a Series 2003-2 Lease Interest Payment
     Deficit, the Administrator shall instruct the Trustee in writing to draw on
     the Series 2003-2 Letters of Credit, if any, and, the Trustee shall, by
     12:00 noon (New York City time) on such Distribution Date draw an amount as
     set forth in such notice equal to the least of (i) such Series 2003-2 Lease
     Interest Payment Deficit, (ii) the excess, if any, of the sum of the
     amounts described in clauses (x), (y) and (z) of Section 2.3(a) above on
     such Distribution Date over the amounts available from the Series 2003-2
     Accrued Interest Account and (iii) the Series 2003-2 Letter of Credit
     Liquidity Amount on the Series 2003-2 Letters of Credit by presenting to
     each Series 2003-2 Letter of Credit Provider (with a copy to the Surety
     Provider) a draft accompanied by a Certificate of Lease Deficit Demand and
     shall cause the Lease Deficit Disbursements to be deposited in the Series
     2003-2 Distribution Account on such Distribution Date; PROVIDED, HOWEVER,
     that if the Series 2003-2 Cash Collateral Account has been established and
     funded, the Trustee shall withdraw from the Series 2003-2 Cash Collateral
     Account and deposit in the Series 2003-2 Distribution Account an amount
     equal to the lesser of (x) the Series 2003-2 Cash Collateral Percentage on
     such Distribution Date of the least of the amounts described in clauses
     (i), (ii) and (iii) above and (y) the Series 2003-2 Available Cash
     Collateral Account Amount on such Distribution Date and draw an amount
     equal to the remainder of such amount on the Series 2003-2 Letters of
     Credit. During the continuance of a Surety Default, no amounts in respect
     of the Surety Provider Fee shall be drawn on the Series 2003-2 Letters of
     Credit.

          (d)     WITHDRAWALS FROM SERIES 2003-2 RESERVE ACCOUNT. If the
     Administrator determines on any Distribution Date that the amounts
     available from the Series 2003-2 Accrued Interest Account plus the amount,
     if any, to be drawn under the Series 2003-2 Letters of Credit and /or
     withdrawn from the Series 2003-2 Cash Collateral Account pursuant to
     Section 2.3(c) are insufficient to pay the sum of the amounts described in
     clauses (x), (y) and (z) of Section 2.3(a) above on such Distribution Date,
     the Administrator shall instruct the Trustee in writing to withdraw from
     the Series 2003-2 Reserve Account and deposit in the Series 2003-2
     Distribution Account on such Distribution Date an amount equal to the
     lesser of the Series 2003-2 Available Reserve Account Amount and such
     insufficiency. During the continuance of a Surety Default, no amounts in
     respect of the Surety Provider Fee shall be withdrawn from the Series
     2003-2 Reserve Account. The Trustee shall withdraw such amount from the
     Series 2003-2 Reserve Account and deposit such amount in the Series 2003-2
     Distribution Account.

                                      -26-
<Page>

          (e)     SURETY BOND. If the Administrator determines on any
     Distribution Date that the sum of the amounts available from the Series
     2003-2 Accrued Interest Account PLUS the amount, if any, to be drawn under
     the Series 2003-2 Letters of Credit and/or withdrawn from the Series 2003-2
     Cash Collateral Account pursuant to Section 2.3(c) above PLUS the amount,
     if any, to be withdrawn from the Series 2003-2 Reserve Account pursuant to
     Section 2.3(d) above is insufficient to pay the Series 2003-2 Adjusted
     Monthly Interest for such Distribution Date, the Administrator shall
     instruct the Trustee in writing to make a demand on the Surety Bond and,
     upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New
     York City time) on such Distribution Date, the Trustee shall, by 12:00 noon
     (New York City time) on such Distribution Date, make a demand on the Surety
     Bond in an amount equal to such insufficiency in accordance with the terms
     thereof and shall cause the proceeds thereof to be deposited in the Series
     2003-2 Distribution Account.

          (f)     BALANCE. On or prior to the second Business Day preceding each
     Distribution Date, the Administrator shall instruct the Trustee and the
     Paying Agent in writing pursuant to the Administration Agreement to pay the
     balance (after making the payments required in Section 2.3(a), if any, of
     the amounts available from the Series 2003-2 Accrued Interest Account plus
     the amount, if any, drawn under the Series 2003-2 Letters of Credit and/or
     withdrawn from the Series 2003-2 Cash Collateral Account pursuant to
     Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-2
     Reserve Account pursuant to Section 2.3(d) as follows:

                  (i)     on each Distribution Date during the Series 2003-2
          Revolving Period or a Series 2003-2 Controlled Amortization Period,
          (1) first, to the Surety Provider, in an amount equal to (x) the
          Surety Provider Fee for the related Series 2003-2 Interest Period and,
          without duplication, (y) any Surety Provider Reimbursement Amounts
          then due and owing, (2) second, to the Administrator, an amount equal
          to the Series 2003-2 Percentage as of the beginning of such Series
          2003-2 Interest Period of the portion of the Monthly Administration
          Fee payable by AFC-II (as specified in clause (iii) of the definition
          thereof) for such Series 2003-2 Interest Period, (3) third, to the
          Trustee, an amount equal to the Series 2003-2 Percentage as of the
          beginning of such Series 2003-2 Interest Period of the Trustee's fees
          for such Series 2003-2 Interest Period, (4) fourth, to pay any
          Carrying Charges (other than Carrying Charges provided for above) to
          the Persons to whom such amounts are owed, an amount equal to the
          Series 2003-2 Percentage as of the beginning of such Series 2003-2
          Interest Period of such Carrying Charges (other than Carrying Charges
          provided for above) for such Series 2003-2 Interest Period and (5)
          fifth, the balance, if any ("EXCESS COLLECTIONS"), shall be withdrawn
          by the Paying Agent from the Series 2003-2 Collection Account and
          deposited in the Series 2003-2 Excess Collection Account; and

                  (ii)    on each Distribution Date during the Series 2003-2
          Rapid Amortization Period, (1) first, to the Surety Provider, in an
          amount equal to (x) the Surety Provider Fee for the related Series
          2003-2 Interest Period and, without duplication, (y) any Surety
          Provider Reimbursement Amounts then due and

                                      -27-
<Page>

          owing, (2) second, to the Trustee, an amount equal to the Series
          2003-2 Percentage as of the beginning of such Series 2003-2 Interest
          Period of the Trustee's fees for such Series 2003-2 Interest Period,
          (3) third, to the Administrator, an amount equal to the Series 2003-2
          Percentage as of the beginning of such Series 2003-2 Interest Period
          of the portion of the Monthly Administration Fee (as specified in
          clause (iii) of the definition thereof) payable by AFC-II for such
          Series 2003-2 Interest Period, (4) fourth, to pay any Carrying Charges
          (other than Carrying Charges provided for above) to the Persons to
          whom such amounts are owed, an amount equal to the Series 2003-2
          Percentage as of the beginning of such Series 2003-2 Interest Period
          of such Carrying Charges (other than Carrying Charges provided for
          above) for such Series 2003-2 Interest Period and (5) fifth, the
          balance, if any, shall be treated as Principal Collections.

          (g)     SHORTFALLS. If the amounts described in Section 2.3 are
     insufficient to pay the Series 2003-2 Monthly Interest on any Distribution
     Date, payments of interest to the Series 2003-2 Noteholders will be reduced
     on a PRO RATA basis by the amount of such deficiency. The aggregate amount,
     if any, of such deficiency on any Distribution Date shall be referred to as
     the "SERIES 2003-2 SHORTFALL." Interest shall accrue on the portion of the
     Series 2003-2 Shortfall allocable to the Class A-1 Notes at the Class A-1
     Note Rate, on the portion of the Series 2003-2 Shortfall allocable to the
     Class A-2 Notes at the Class A-2 Note Rate and on the portion of the Series
     2003-2 Shortfall allocable to the Class A-3 Notes at the Class A-3 Note
     Rate.

          (h)     LISTING INFORMATION REQUIREMENT. Until the Administrator shall
     give the Trustee written notice that the Class A-2 Notes are not listed on
     the Luxembourg Stock Exchange, the Trustee shall, or shall instruct the
     Paying Agent to, cause the Class A-2 Note Rate for the next succeeding
     Series 2003-2 Interest Period, the number of days in such Series 2003-2
     Interest Period, the Distribution Date for such Series 2003-2 Interest
     Period and the amount of interest payable on the Class A-2 Notes on such
     Distribution Date to be (A) communicated to DTC, Euroclear, Clearstream,
     the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later
     than 11:00 a.m. (London time) on the Business Day immediately following
     each LIBOR Determination Date and (B) published in the Authorized Newspaper
     as soon as possible after its determination.

          Section 2.4 PAYMENT OF NOTE INTEREST. On each Distribution Date,
subject to Section 9.8 of the Base Indenture, the Paying Agent shall, in
accordance with Section 6.1 of the Base Indenture, pay to the Series 2003-2
Noteholders from the Series 2003-2 Distribution Account the amount deposited in
the Series 2003-2 Distribution Account pursuant to Section 2.3.

          Section 2.5 PAYMENT OF NOTE PRINCIPAL. (a) MONTHLY PAYMENTS DURING
CONTROLLED AMORTIZATION PERIOD OR RAPID AMORTIZATION PERIOD. Commencing on the
second Determination Date during the Three-Year Notes Controlled Amortization
Period or the Class A-3 Controlled Amortization Period, as the case may be, or
the first Determination Date after the commencement of the Series 2003-2 Rapid
Amortization Period, the Administrator shall instruct the Trustee and the Paying
Agent in writing pursuant to the Administration Agreement and in accordance with
this Section 2.5 as to (i) the amount allocated to the Series 2003-2 Notes
during the Related Month pursuant to Section 2.2(b)(ii), (c)(ii) or (d)(ii), as
the case may be, (ii) any

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amounts to be drawn on the Series 2003-2 Demand Notes and/or on the Series
2003-2 Letters of Credit (or withdrawn from the Series 2003-2 Cash Collateral
Account), (iii) any amounts to be withdrawn from the Series 2003-2 Reserve
Account and deposited into the Series 2003-2 Distribution Account and (iv) the
amount of any demand on the Surety Bond in accordance with the terms thereof. On
the Distribution Date following each such Determination Date, the Trustee shall
withdraw the amount allocated to the Series 2003-2 Notes during the Related
Month pursuant to Section 2.2(b)(ii), (c)(ii) or (d)(ii), as the case may be,
from the Series 2003-2 Collection Account and deposit such amount in the Series
2003-2 Distribution Account, to be paid to the holders of the Series 2003-2
Notes.

          (b)     PRINCIPAL DRAWS ON SERIES 2003-2 LETTERS OF CREDIT. If the
Administrator determines on any Distribution Date during the Series 2003-2 Rapid
Amortization Period that there exists a Series 2003-2 Lease Principal Payment
Deficit, the Administrator shall instruct the Trustee in writing to draw on the
Series 2003-2 Letters of Credit, if any, as provided below; PROVIDED, HOWEVER,
that the Administrator shall not instruct the Trustee to draw on the Series
2003-2 Letters of Credit in respect of a Series 2003-2 Lease Principal Payment
Deficit on or after the date of the filing by any of the Lessees of a petition
for relief under Chapter 11 of the Bankruptcy Code unless and until the date on
which each of the Lessees shall have resumed making all payments of the portion
of Monthly Base Rent relating to Loan Interest required to be made under the
AESOP I Operating Lease. Upon receipt of a notice by the Trustee from the
Administrator in respect of a Series 2003-2 Lease Principal Payment Deficit on
or prior to 11:00 a.m. (New York City time) on a Distribution Date, the Trustee
shall, by 12:00 noon (New York City time) on such Distribution Date draw an
amount as set forth in such notice equal to the lesser of (i) such Series 2003-2
Lease Principal Payment Deficit and (ii) the Series 2003-2 Letter of Credit
Liquidity Amount on the Series 2003-2 Letters of Credit by presenting to each
Series 2003-2 Letter of Credit Provider a draft accompanied by a Certificate of
Lease Deficit Demand and shall cause the Lease Deficit Disbursements to be
deposited in the Series 2003-2 Distribution Account on such Distribution Date;
PROVIDED, HOWEVER, that if the Series 2003-2 Cash Collateral Account has been
established and funded, the Trustee shall withdraw from the Series 2003-2 Cash
Collateral Account and deposit in the Series 2003-2 Distribution Account an
amount equal to the lesser of (x) the Series 2003-2 Cash Collateral Percentage
on such Distribution Date of the Series 2003-2 Lease Principal Payment Deficit
and (y) the Series 2003-2 Available Cash Collateral Account Amount on such
Distribution Date and draw an amount equal to the remainder of such amount on
the Series 2003-2 Letters of Credit.

          (c)     FINAL DISTRIBUTION DATE. The entire Class A-1 Invested Amount
and the entire Class A-2 Invested Amount shall be due and payable on the
Three-Year Notes Final Distribution Date, and the entire Class A-3 Invested
Amount shall be due and payable on the Class A-3 Final Distribution Date. In
connection therewith:

                  (i)     DEMAND NOTE DRAW. If the amount to be deposited in the
          Series 2003-2 Distribution Account in accordance with Section 2.5(a)
          together with any amounts to be deposited therein in accordance with
          Section 2.5(b) allocable to the Class A-1 Notes or the Class A-2 Notes
          on the Three-Year Notes Final Distribution Date or the Class A-3 Notes
          on the Class A-3 Final Distribution Date, as the case may be, is less
          than the sum of the Class A-1 Invested Amount and the Class A-2
          Invested Amount or the Class A-3 Invested Amount, as the

                                      -29-
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          case may be, and there are any Series 2003-2 Letters of Credit on such
          date, then, prior to 10:00 a.m. (New York City time) on the second
          Business Day prior to such Series 2003-2 Final Distribution Date, the
          Administrator shall instruct the Trustee in writing (with a copy to
          the Surety Provider) to make a demand (a "DEMAND NOTICE")
          substantially in the form attached hereto as EXHIBIT F on the Demand
          Note Issuers for payment under the Series 2003-2 Demand Notes in an
          amount equal to the lesser of (i) such insufficiency and (ii) the
          Series 2003-2 Letter of Credit Amount. The Trustee shall, prior to
          12:00 noon (New York City time) on the second Business Day preceding
          such Series 2003-2 Final Distribution Date, deliver such Demand Notice
          to the Demand Note Issuers; PROVIDED, HOWEVER, that if an Event of
          Bankruptcy (or the occurrence of an event described in clause (a) of
          the definition thereof, without the lapse of a period of 60
          consecutive days) with respect to a Demand Note Issuer shall have
          occurred and be continuing, the Trustee shall not be required to
          deliver such Demand Notice to such Demand Note Issuer. The Trustee
          shall cause the proceeds of any demand on the Series 2003-2 Demand
          Notes to be deposited into the Series 2003-2 Distribution Account.

                  (ii)    LETTER OF CREDIT DRAW. In the event that either (x) on
          or prior to 10:00 a.m. (New York City time) on the Business Day
          immediately preceding any Distribution Date next succeeding any date
          on which a Demand Notice has been transmitted by the Trustee to the
          Demand Note Issuers pursuant to clause (i) of this Section 2.5(c), any
          Demand Note Issuer shall have failed to pay to the Trustee or deposit
          into the Series 2003-2 Distribution Account the amount specified in
          such Demand Notice in whole or in part or (y) due to the occurrence of
          an Event of Bankruptcy (or the occurrence of an event described in
          clause (a) of the definition thereof, without the lapse of a period of
          60 consecutive days) with respect to one or more of the Demand Note
          Issuers, the Trustee shall not have delivered such Demand Notice to
          any Demand Note Issuer on the second Business Day preceding such
          Series 2003-2 Final Distribution Date, then, in the case of (x) or (y)
          the Trustee shall draw on the Series 2003-2 Letters of Credit by 12:00
          noon (New York City time) on such Business Day an amount equal to the
          lesser of (a) the amount that the Demand Note Issuers failed to pay
          under the Series 2003-2 Demand Notes (or, the amount that the Trustee
          failed to demand for payment thereunder) and (b) the Series 2003-2
          Letter of Credit Amount on such Business Day by presenting to each
          Series 2003-2 Letter of Credit Provider (with a copy to the Surety
          Provider) a draft accompanied by a Certificate of Unpaid Demand Note
          Demand; PROVIDED, HOWEVER, that if the Series 2003-2 Cash Collateral
          Account has been established and funded, the Trustee shall withdraw
          from the Series 2003-2 Cash Collateral Account and deposit in the
          Series 2003-2 Distribution Account an amount equal to the lesser of
          (x) the Series 2003-2 Cash Collateral Percentage on such Business Day
          of the amount that the Demand Note Issuers failed to pay under the
          Series 2003-2 Demand Notes (or, the amount that the Trustee failed to
          demand for payment thereunder) and (y) the Series 2003-2 Available
          Cash Collateral Account Amount on such Business Day and draw an amount
          equal to the remainder of the amount that the Demand Note Issuers
          failed to pay under the Series 2003-2 Demand Notes (or, the amount
          that the Trustee failed to demand for

                                      -30-
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          payment thereunder) on the Series 2003-2 Letters of Credit. The
          Trustee shall deposit, or cause the deposit of, the proceeds of any
          draw on the Series 2003-2 Letters of Credit and the proceeds of any
          withdrawal from the Series 2003-2 Cash Collateral Account to be
          deposited in the Series 2003-2 Distribution Account.

                  (iii)   RESERVE ACCOUNT WITHDRAWAL. If, after giving effect to
          the deposit into the Series 2003-2 Distribution Account of the amount
          to be deposited in accordance with Section 2.5(a) and the amounts
          described in clauses (i) and (ii) of this Section 2.5(c), the amount
          to be deposited in the Series 2003-2 Distribution Account with respect
          to a Series 2003-2 Final Distribution Date is or will be less than the
          Class A-1 Invested Amount, the Class A-2 Invested Amount or the Class
          A-3 Invested Amount, as the case may be, then, prior to 12:00 noon
          (New York City time) on the second Business Day prior to such Series
          2003-2 Final Distribution Date, the Administrator shall instruct the
          Trustee in writing to withdraw from the Series 2003-2 Reserve Account,
          an amount equal to the lesser of the Series 2003-2 Available Reserve
          Account Amount and such remaining insufficiency and deposit it in the
          Series 2003-2 Distribution Account on such Series 2003-2 Final
          Distribution Date.

                  (iv)    DEMAND ON SURETY BOND. If after giving effect to the
          deposit into the Series 2003-2 Distribution Account of the amount to
          be deposited in accordance with Section 2.5(a) and all other amounts
          described in clauses (i), (ii) and (iii) of this Section 2.5(c), the
          amount to be deposited in the Series 2003-2 Distribution Account with
          respect to such Series 2003-2 Final Distribution Date is or will be
          less than the Class A-1 Outstanding Principal Amount, the Class A-2
          Outstanding Principal Amount or the Class A-3 Outstanding Principal
          Amount, as the case may be, then the Trustee shall make a demand on
          the Surety Bond by 12:00 p.m. (New York City time) on the second
          Business Day preceding such Distribution Date in an amount equal to
          such insufficiency in accordance with the terms thereof and shall
          cause the proceeds thereof to be deposited in the Series 2003-2
          Distribution Account.

          (d)     PRINCIPAL DEFICIT AMOUNT. On each Distribution Date, other
than the Three-Year Notes Final Distribution Date and the Class A-3 Final
Distribution Date, on which the Principal Deficit Amount is greater than zero,
amounts shall be transferred to the Series 2003-2 Distribution Account as
follows:

                  (i)     DEMAND NOTE DRAW. If on any Determination Date, the
     Administrator determines that the Principal Deficit Amount with respect to
     the next succeeding Distribution Date will be greater than zero and there
     are any Series 2003-2 Letters of Credit on such date, prior to 10:00 a.m.
     (New York City time) on the second Business Day prior to such Distribution
     Date, the Administrator shall instruct the Trustee in writing (with a copy
     to the Surety Provider) to deliver a Demand Notice to the Demand Note
     Issuers demanding payment of an amount equal to the lesser of (A) the
     Principal Deficit Amount and (B) the Series 2003-2 Letter of Credit Amount.
     The Trustee shall, prior to 12:00 noon (New York City time) on the second
     Business Day preceding such Distribution Date, deliver such Demand Notice
     to the Demand Note Issuers; PROVIDED,

                                      -31-
<Page>

     HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event
     described in clause (a) of the definition thereof, without the lapse of a
     period of 60 consecutive days) with respect to a Demand Note Issuer shall
     have occurred and be continuing, the Trustee shall not be required to
     deliver such Demand Notice to such Demand Note Issuer. The Trustee shall
     cause the proceeds of any demand on the Series 2003-2 Demand Note to be
     deposited into the Series 2003-2 Distribution Account.

                  (ii)    LETTER OF CREDIT DRAW. In the event that either (x) on
     or prior to 10:00 a.m. (New York City time) on the Business Day prior to
     such Distribution Date, any Demand Note Issuer shall have failed to pay to
     the Trustee or deposit into the Series 2003-2 Distribution Account the
     amount specified in such Demand Notice in whole or in part or (y) due to
     the occurrence of an Event of Bankruptcy (or the occurrence of an event
     described in clause (a) of the definition thereof, without the lapse of a
     period of 60 consecutive days) with respect to any Demand Note Issuer, the
     Trustee shall not have delivered such Demand Notice to any Demand Note
     Issuer on the second Business Day preceding such Distribution Date, then,
     in the case of (x) or (y) the Trustee shall on such Business Day draw on
     the Series 2003-2 Letters of Credit an amount equal to the lesser of (i)
     Series 2003-2 Letter of Credit Amount and (ii) the aggregate amount that
     the Demand Note Issuers failed to pay under the Series 2003-2 Demand Notes
     (or, the amount that the Trustee failed to demand for payment thereunder)
     by presenting to each Series 2003-2 Letter of Credit Provider (with a copy
     to the Surety Provider) a draft accompanied by a Certificate of Unpaid
     Demand Note Demand; PROVIDED, HOWEVER, that if the Series 2003-2 Cash
     Collateral Account has been established and funded, the Trustee shall
     withdraw from the Series 2003-2 Cash Collateral Account and deposit in the
     Series 2003-2 Distribution Account an amount equal to the lesser of (x) the
     Series 2003-2 Cash Collateral Percentage on such Business Day of the
     aggregate amount that the Demand Note Issuers failed to pay under the
     Series 2003-2 Demand Notes (or, the amount that the Trustee failed to
     demand for payment thereunder) and (y) the Series 2003-2 Available Cash
     Collateral Account Amount on such Business Day and draw an amount equal to
     the remainder of the aggregate amount that the Demand Note Issuers failed
     to pay under the Series 2003-2 Demand Notes (or, the amount that the
     Trustee failed to demand for payment thereunder) on the Series 2003-2
     Letters of Credit. The Trustee shall deposit into, or cause the deposit of,
     the proceeds of any draw on the Series 2003-2 Letters of Credit and the
     proceeds of any withdrawal from the Series 2003-2 Cash Collateral Account
     to be deposited in the Series 2003-2 Distribution Account.

                  (iii)   RESERVE ACCOUNT WITHDRAWAL. If the Series 2003-2
     Letter of Credit Amount will be less than the Principal Deficit Amount on
     any Distribution Date, then, prior to 12:00 noon (New York City time) on
     the second Business Day prior to such Distribution Date, the Administrator
     shall instruct the Trustee in writing to withdraw from the Series 2003-2
     Reserve Account, an amount equal to the lesser of (x) the Series 2003-2
     Available Reserve Account Amount and (y) the amount by which the Principal
     Deficit Amount exceeds the amounts to be deposited in the Series 2003-2
     Distribution Account in accordance with clauses (i) and (ii) of this
     Section 2.5(d) and deposit it in the Series 2003-2 Distribution Account on
     such Distribution Date.

                                      -32-
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                  (iv)    DEMAND ON SURETY BOND. If the sum of the Series 2003-2
     Letter of Credit Amount and the Series 2003-2 Available Reserve Account
     Amount will be less than the Principal Deficit Amount on any Distribution
     Date, then the Trustee shall make a demand on the Surety Bond by 12:00 noon
     (New York City time) on the second Business Day preceding such Distribution
     Date in an amount equal to the Insured Principal Deficit Amount and shall
     cause the proceeds thereof to be deposited in the Series 2003-2
     Distribution Account.

          (e)     DISTRIBUTION. On each Distribution Date occurring on or after
the date a withdrawal is made from the Series 2003-2 Collection Account pursuant
to Section 2.5(a) or amounts are deposited in the Series 2003-2 Distribution
Account pursuant to Section 2.5(b), (c) or (d) the Paying Agent shall, in
accordance with Section 6.1 of the Base Indenture, pay PRO RATA to each Class
A-1 Noteholder, Class A-2 Noteholder or Class A-3 Noteholder, as applicable,
from the Series 2003-2 Distribution Account the amount deposited therein
pursuant to Section 2.5(a), (b), (c) or (d), to the extent necessary to pay the
Class A-1 Controlled Amortization Amount and the Class A-2 Controlled
Amortization Amount or the Class A-3 Controlled Amortization Amount during the
Three-Year Notes Controlled Amortization Period or the Class A-3 Controlled
Amortization Period, as the case may be, or to the extent necessary to pay the
Class A-1 Invested Amount, the Class A-2 Invested Amount and the Class A-3
Invested Amount during the Series 2003-2 Rapid Amortization Period.

          Section 2.6 ADMINISTRATOR'S FAILURE TO INSTRUCT THE TRUSTEE TO MAKE A
DEPOSIT OR PAYMENT. If the Administrator fails to give notice or instructions to
make any payment from or deposit into the Collection Account required to be
given by the Administrator, at the time specified in the Administration
Agreement or any other Related Document (including applicable grace periods),
the Trustee shall make such payment or deposit into or from the Collection
Account without such notice or instruction from the Administrator, PROVIDED that
the Administrator, upon request of the Trustee, promptly provides the Trustee
with all information necessary to allow the Trustee to make such a payment or
deposit. When any payment or deposit hereunder or under any other Related
Document is required to be made by the Trustee or the Paying Agent at or prior
to a specified time, the Administrator shall deliver any applicable written
instructions with respect thereto reasonably in advance of such specified time.

          Section 2.7 SERIES-2003-2 RESERVE ACCOUNT. (a) ESTABLISHMENT OF SERIES
2003-2 RESERVE ACCOUNT. AFC-II shall establish and maintain in the name of the
Series 2003-2 Agent for the benefit of the Series 2003-2 Noteholders and the
Surety Provider, or cause to be established and maintained, an account (the
"SERIES 2003-2 RESERVE ACCOUNT"), bearing a designation clearly indicating that
the funds deposited therein are held for the benefit of the Series 2003-2
Noteholders and the Surety Provider. The Series 2003-2 Reserve Account shall be
maintained (i) with a Qualified Institution, or (ii) as a segregated trust
account with the corporate trust department of a depository institution or trust
company having corporate trust powers and acting as trustee for funds deposited
in the Series 2003-2 Reserve Account; PROVIDED that, if at any time such
Qualified Institution is no longer a Qualified Institution or the credit rating
of any securities issued by such depositary institution or trust company shall
be reduced to below "BBB-" by Standard & Poor's or "Baa2" by Moody's, then
AFC-II shall, within 30 days of such reduction, establish a new Series 2003-2
Reserve Account with a new Qualified Institution. If the Series 2003-2 Reserve
Account is not maintained in accordance with the previous sentence, AFC-II

                                      -33-
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shall establish a new Series 2003-2 Reserve Account, within ten (10) Business
Days after obtaining knowledge of such fact, which complies with such sentence,
and shall instruct the Series 2003-2 Agent in writing to transfer all cash and
investments from the non-qualifying Series 2003-2 Reserve Account into the new
Series 2003-2 Reserve Account. Initially, the Series 2003-2 Reserve Account will
be established with The Bank of New York.

          (b)     ADMINISTRATION OF THE SERIES 2003-2 RESERVE ACCOUNT. The
Administrator may instruct the institution maintaining the Series 2003-2 Reserve
Account to invest funds on deposit in the Series 2003-2 Reserve Account from
time to time in Permitted Investments; PROVIDED, HOWEVER, that any such
investment shall mature not later than the Business Day prior to the
Distribution Date following the date on which such funds were received, unless
any Permitted Investment held in the Series 2003-2 Reserve Account is held with
the Paying Agent, then such investment may mature on such Distribution Date and
such funds shall be available for withdrawal on or prior to such Distribution
Date. All such Permitted Investments will be credited to the Series 2003-2
Reserve Account and any such Permitted Investments that constitute (i) physical
property (and that is not either a United States security entitlement or a
security entitlement) shall be physically delivered to the Trustee; (ii) United
States security entitlements or security entitlements shall be controlled (as
defined in Section 8-106 of the New York UCC) by the Trustee pending maturity or
disposition, and (iii) uncertificated securities (and not United States security
entitlements) shall be delivered to the Trustee by causing the Trustee to become
the registered holder of such securities.

          (c)     EARNINGS FROM SERIES 2003-2 RESERVE ACCOUNT. All interest and
earnings (net of losses and investment expenses) paid on funds on deposit in the
Series 2003-2 Reserve Account shall be deemed to be on deposit therein and
available for distribution.

          (d)     SERIES 2003-2 RESERVE ACCOUNT CONSTITUTES ADDITIONAL
COLLATERAL FOR SERIES 2003-2 NOTES. In order to secure and provide for the
repayment and payment of the AFC-II Obligations with respect to the Series
2003-2 Notes, AFC-II hereby grants a security interest in and assigns, pledges,
grants, transfers and sets over to the Series 2003-2 Agent, for the benefit of
the Series 2003-2 Noteholders and the Surety Provider, all of AFC-II's right,
title and interest in and to the following (whether now or hereafter existing or
acquired): (i) the Series 2003-2 Reserve Account, including any security
entitlement thereto; (ii) all funds on deposit therein from time to time; (iii)
all certificates and instruments, if any, representing or evidencing any or all
of the Series 2003-2 Reserve Account or the funds on deposit therein from time
to time; (iv) all investments made at any time and from time to time with monies
in the Series 2003-2 Reserve Account, whether constituting securities,
instruments, general intangibles, investment property, financial assets or other
property; (v) all interest, dividends, cash, instruments and other property from
time to time received, receivable or otherwise distributed in respect of or in
exchange for the Series 2003-2 Reserve Account, the funds on deposit therein
from time to time or the investments made with such funds; and (vi) all proceeds
of any and all of the foregoing, including, without limitation, cash (the items
in the foregoing clauses (i) through (vi) are referred to, collectively, as the
"SERIES 2003-2 RESERVE ACCOUNT COLLATERAL"). The Series 2003-2 Agent shall
possess all right, title and interest in and to all funds on deposit from time
to time in the Series 2003-2 Reserve Account and in all proceeds thereof, and
shall be the only person authorized to originate entitlement orders in respect
of the Series 2003-2 Reserve Account. The Series 2003-2 Reserve Account
Collateral shall be under the sole dominion and control of the

                                      -34-
<Page>

Series 2003-2 Agent for the benefit of the Series 2003-2 Noteholders and the
Surety Provider. The Series 2002-4 Agent hereby agrees (i) to act as the
securities intermediary (as defined in Section 8-102(a)(14) of the New York UCC)
with respect to the Series 2002-4 Reserve Account; (ii) that each item of
property (whether investment property, financial asset, security, instrument or
cash) credited to the Series 2002-4 Reserve Account shall be treated as a
financial asset (as defined in Section 8-102(a)(9) of the New York UCC) and
(iii) to comply with any entitlement order (as defined in Section 8-102(a)(8) of
the New York UCC) issued by the Trustee.

          (e)     SERIES 2003-2 RESERVE ACCOUNT SURPLUS. In the event that the
Series 2003-2 Reserve Account Surplus on any Distribution Date, after giving
effect to all withdrawals from the Series 2003-2 Reserve Account, is greater
than zero, if no Series 2003-2 Enhancement Deficiency or AESOP I Operating Lease
Vehicle Deficiency would result therefrom or exist thereafter, the Trustee,
acting in accordance with the written instructions of the Administrator (with a
copy of such written instructions to be provided by the Administrator to the
Surety Provider) pursuant to the Administration Agreement, shall withdraw from
the Series 2003-2 Reserve Account an amount equal to the Series 2003-2 Reserve
Account Surplus and shall pay such amount to AFC-II.

          (f)     TERMINATION OF SERIES 2003-2 RESERVE ACCOUNT. Upon the
termination of the Indenture pursuant to Section 11.1 of the Base Indenture, the
Trustee, acting in accordance with the written instructions of the
Administrator, after the prior payment of all amounts owing to the Series 2003-2
Noteholders and to the Surety Provider and payable from the Series 2003-2
Reserve Account as provided herein, shall withdraw from the Series 2003-2
Reserve Account all amounts on deposit therein for payment to AFC-II.

          Section 2.8 SERIES 2003-2 LETTERS OF CREDIT AND SERIES 2003-2 CASH
COLLATERAL ACCOUNT. (a) Series 2003-2 Letters of Credit and Series 2003-2 Cash
Collateral Account Constitute Additional Collateral for Series 2003-2 Notes. In
order to secure and provide for the repayment and payment of the AFC-II
Obligations with respect to the Series 2003-2 Notes, AFC-II hereby grants a
security interest in and assigns, pledges, grants, transfers and sets over to
the Trustee, for the benefit of the Series 2003-2 Noteholders and the Surety
Provider, all of AFC-II's right, title and interest in and to the following
(whether now or hereafter existing or acquired): (i) each Series 2003-2 Letter
of Credit; (ii) the Series 2003-2 Cash Collateral Account, including any
security entitlement thereto; (iii) all funds on deposit in the Series 2003-2
Cash Collateral Account from time to time; (iv) all certificates and
instruments, if any, representing or evidencing any or all of the Series 2003-2
Cash Collateral Account or the funds on deposit therein from time to time; (v)
all investments made at any time and from time to time with monies in the Series
2003-2 Cash Collateral Account, whether constituting securities, instruments,
general intangibles, investment property, financial assets or other property;
(vi) all interest, dividends, cash, instruments and other property from time to
time received, receivable or otherwise distributed in respect of or in exchange
for the Series 2003-2 Cash Collateral Account, the funds on deposit therein from
time to time or the investments made with such funds; and (vii) all proceeds of
any and all of the foregoing, including, without limitation, cash (the items in
the foregoing clauses (ii) through (vii) are referred to, collectively, as the
"SERIES 2003-2 CASH COLLATERAL ACCOUNT COLLATERAL"). The Trustee shall, for the
benefit of the Series 2003-2 Noteholders and the Surety Provider, possess all
right, title and interest in all funds on deposit from time to time in the
Series 2003-2 Cash Collateral Account and in all proceeds

                                      -35-
<Page>

thereof, and shall be the only person authorized to originate entitlement orders
in respect of the Series 2003-2 Cash Collateral Account. The Series 2003-2 Cash
Collateral Account shall be under the sole dominion and control of the Trustee
for the benefit of the Series 2003-2 Noteholders and the Surety Provider. The
Series 2002-4 Agent hereby agrees (i) to act as the securities intermediary (as
defined in Section 8-102(a)(14) of the New York UCC) with respect to the Series
2002-4 Cash Collateral Account; (ii) that each item of property (whether
investment property, financial asset, security, instrument or cash) credited to
the Series 2002-4 Cash Collateral Account shall be treated as a financial asset
(as defined in Section 8-102(a)(9) of the New York UCC) and (iii) to comply with
any entitlement order (as defined in Section 8-102(a)(8) of the New York UCC)
issued by the Trustee.

          (b)     SERIES 2003-2 LETTER OF CREDIT EXPIRATION DATE. If prior to
the date which is ten (10) days prior to the then scheduled Series 2003-2 Letter
of Credit Expiration Date with respect to any Series 2003-2 Letter of Credit,
excluding the amount available to be drawn under such Series 2003-2 Letter of
Credit but taking into account each substitute Series 2003-2 Letter of Credit
which has been obtained from a Series 2003-2 Eligible Letter of Credit Provider
and is in full force and effect on such date, the Series 2003-2 Enhancement
Amount would be equal to or more than the Series 2003-2 Required Enhancement
Amount and the Series 2003-2 Liquidity Amount would be equal to or greater than
the Series 2003-2 Required Liquidity Amount, then the Administrator shall notify
the Trustee and the Surety Provider (with the Surety Provider to be provided
supporting calculations in reasonable detail) in writing no later than two
Business Days prior to such Series 2003-2 Letter of Credit Expiration Date of
such determination. If prior to the date which is ten (10) days prior to the
then scheduled Series 2003-2 Letter of Credit Expiration Date with respect to
any Series 2003-2 Letter of Credit, excluding the amount available to be drawn
under such Series 2003-2 Letter of Credit but taking into account a substitute
Series 2003-2 Letter of Credit which has been obtained from a Series 2003-2
Eligible Letter of Credit Provider and is in full force and effect on such date,
the Series 2003-2 Enhancement Amount would be less than the Series 2003-2
Required Enhancement Amount or the Series 2003-2 Liquidity Amount would be less
than the Series 2003-2 Required Liquidity Amount, then the Administrator shall
notify the Trustee and the Surety Provider (with the Surety Provider to be
provided supporting calculations in reasonable detail) in writing no later than
two Business Days prior to such Series 2003-2 Letter of Credit Expiration Date
of (x) the greater of (A) the excess, if any, of the Series 2003-2 Required
Enhancement Amount over the Series 2003-2 Enhancement Amount, excluding the
available amount under such expiring Series 2003-2 Letter of Credit but taking
into account any substitute Series 2003-2 Letter of Credit which has been
obtained from a Series 2003-2 Eligible Letter of Credit Provider and is in full
force and effect, on such date, and (B) the excess, if any, of the Series 2003-2
Required Liquidity Amount over the Series 2003-2 Liquidity Amount, excluding the
available amount under such expiring Series 2003-2 Letter of Credit but taking
into account any substitute Series 2003-2 Letter of Credit which has been
obtained from a Series 2003-2 Eligible Letter of Credit Provider and is in full
force and effect, on such date, and (y) the amount available to be drawn on such
expiring Series 2003-2 Letter of Credit on such date. Upon receipt of such
notice by the Trustee on or prior to 10:00 a.m. (New York City time) on any
Business Day, the Trustee shall, by 12:00 p.m. (New York City time) on such
Business Day (or, in the case of any notice given to the Trustee after 10:00
a.m. (New York City time), by 12:00 p.m. (New York City time) on the next
following Business Day), draw the lesser of the amounts set forth in clauses (x)
and (y) above on such expiring Series 2003-2 Letter of Credit by presenting a
draft (with a copy to the Surety Provider) accompanied by a Certificate

                                      -36-
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of Termination Demand and shall cause the Termination Disbursement to be
deposited in the Series 2003-2 Cash Collateral Account.

          If the Trustee does not receive the notice from the Administrator
described in the first paragraph of this Section 2.8(b) on or prior to the date
that is two Business Days prior to each Series 2003-2 Letter of Credit
Expiration Date, the Trustee shall, by 12:00 p.m. (New York City time) on such
Business Day draw the full amount of such Series 2003-2 Letter of Credit by
presenting a draft accompanied by a Certificate of Termination Demand and shall
cause the Termination Disbursement to be deposited in the Series 2003-2 Cash
Collateral Account.

          (c)     SERIES 2003-2 LETTER OF CREDIT PROVIDERS. The Administrator
shall notify the Trustee and the Surety Provider in writing within one Business
Day of becoming aware that (i) the long-term senior unsecured debt credit rating
of any Series 2003-2 Letter of Credit Provider has fallen below "A+" as
determined by Standard & Poor's or "Al" as determined by Moody's or (ii) the
short-term senior unsecured debt credit rating of any Series 2003-2 Letter of
Credit Provider has fallen below "A-1" as determined by Standard & Poor's or
"P-1" as determined by Moody's. At such time the Administrator shall also notify
the Trustee of (i) the greater of (A) the excess, if any, of the Series 2003-2
Required Enhancement Amount over the Series 2003-2 Enhancement Amount, excluding
the available amount under the Series 2003-2 Letter of Credit issued by such
Series 2003-2 Letter of Credit Provider, on such date, and (B) the excess, if
any, of the Series 2003-2 Required Liquidity Amount over the Series 2003-2
Liquidity Amount, excluding the available amount under such Series 2003-2 Letter
of Credit, on such date, and (ii) the amount available to be drawn on such
Series 2003-2 Letter of Credit on such date. Upon receipt of such notice by the
Trustee on or prior to 10:00 a.m. (New York City time) on any Business Day, the
Trustee shall, by 12:00 p.m. (New York City time) on such Business Day (or, in
the case of any notice given to the Trustee after 10:00 a.m. (New York City
time), by 12:00 p.m. (New York City time) on the next following Business Day),
draw on such Series 2003-2 Letter of Credit in an amount equal to the lesser of
the amounts in clause (i) and clause (ii) of the immediately preceding sentence
on such Business Day by presenting a draft accompanied by a Certificate of
Termination Demand and shall cause the Termination Disbursement to be deposited
in the Series 2003-2 Cash Collateral Account.

          (d)     TERMINATION DATE DEMANDS ON THE SERIES 2003-2 LETTERS OF
CREDIT. Prior to 10:00 a.m. (New York City time) on the Business Day immediately
succeeding the Series 2003-2 Letter of Credit Termination Date, the
Administrator shall determine the Series 2003-2 Demand Note Payment Amount, if
any, as of the Series 2003-2 Letter of Credit Termination Date and, if the
Series 2003-2 Demand Note Payment Amount is greater than zero, instruct the
Trustee in writing to draw on the Series 2003-2 Letters of Credit. Upon receipt
of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time)
on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such
Business Day draw an amount equal to the lesser of (i) the Series 2003-2 Demand
Note Payment Amount and (ii) the Series 2003-2 Letter of Credit Liquidity Amount
on the Series 2003-2 Letters of Credit by presenting to each Series 2003-2
Letter of Credit Provider (with a copy to the Surety Provider) a draft
accompanied by a Certificate of Termination Date Demand and shall cause the
Termination Date Disbursement to be deposited in the Series 2003-2 Cash
Collateral Account; PROVIDED, HOWEVER, that if the Series 2003-2 Cash Collateral
Account has been established and funded, the Trustee shall draw an amount equal
to the product of (a) 100% minus the Series 2003-2 Cash Collateral

                                      -37-
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Percentage and (b) the lesser of the amounts referred to in clause (i) and (ii)
on such Business Day on the Series 2003-2 Letters of Credit as calculated by the
Administrator and provided in writing to the Trustee and the Surety Provider.

          (e)     DRAWS ON THE SERIES 2003-2 LETTERS OF CREDIT. If there is more
than one Series 2003-2 Letter of Credit on the date of any draw on the Series
2003-2 Letters of Credit pursuant to the terms of this Supplement, the
Administrator shall instruct the Trustee, in writing, to draw on each Series
2003-2 Letter of Credit in an amount equal to the Pro Rata Share of the Series
2003-2 Letter of Credit Provider issuing such Series 2003-2 Letter of Credit of
the amount of such draw on the Series 2003-2 Letters of Credit.

          (f)     ESTABLISHMENT OF SERIES 2003-2 CASH COLLATERAL ACCOUNT. On or
prior to the date of any drawing under a Series 2003-2 Letter of Credit pursuant
to Section 2.8(b), (c) or (d) above, AFC-II shall establish and maintain in the
name of the Trustee for the benefit of the Series 2003-2 Noteholders and the
Surety Provider, or cause to be established and maintained, an account (the
"SERIES 2003-2 CASH COLLATERAL ACCOUNT"), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Series 2003-2 Noteholders and the Surety Provider. The Series 2003-2 Cash
Collateral Account shall be maintained (i) with a Qualified Institution, or (ii)
as a segregated trust account with the corporate trust department of a
depository institution or trust company having corporate trust powers and acting
as trustee for funds deposited in the Series 2003-2 Cash Collateral Account;
PROVIDED, HOWEVER, that if at any time such Qualified Institution is no longer a
Qualified Institution or the credit rating of any securities issued by such
depository institution or trust company shall be reduced to below "BBB-" by
Standard & Poor's or "Baa3" by Moody's, then AFC-II shall, within 30 days of
such reduction, establish a new Series 2003-2 Cash Collateral Account with a new
Qualified Institution or a new segregated trust account with the corporate trust
department of a depository institution or trust company having corporate trust
powers and acting as trustee for funds deposited in the Series 2003-2 Cash
Collateral Account. If a new Series 2003-2 Cash Collateral Account is
established, AFC-II shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Series 2003-2 Cash Collateral Account
into the new Series 2003-2 Cash Collateral Account.

          (g)     ADMINISTRATION OF THE SERIES 2003-2 CASH COLLATERAL ACCOUNT.
AFC-II may instruct (by standing instructions or otherwise) the institution
maintaining the Series 2003-2 Cash Collateral Account to invest funds on deposit
in the Series 2003-2 Cash Collateral Account from time to time in Permitted
Investments; PROVIDED, HOWEVER, that any such investment shall mature not later
than the Business Day prior to the Distribution Date following the date on which
such funds were received, unless any Permitted Investment held in the Series
2003-2 Cash Collateral Account is held with the Paying Agent, in which case such
investment may mature on such Distribution Date so long as such funds shall be
available for withdrawal on or prior to such Distribution Date. All such
Permitted Investments will be credited to the Series 2003-2 Cash Collateral
Account and any such Permitted Investments that constitute (i) physical property
(and that is not either a United States security entitlement or a security
entitlement) shall be physically delivered to the Trustee; (ii) United States
security entitlements or security entitlements shall be controlled (as defined
in Section 8-106 of the New York UCC) by the Trustee pending maturity or
disposition, and (iii) uncertificated securities (and not United States security
entitlements) shall be delivered to the Trustee by causing the Trustee to become
the registered holder of such

                                      -38-
<Page>

securities. The Trustee shall, at the expense of AFC-II, take such action as is
required to maintain the Trustee's security interest in the Permitted
Investments credited to the Series 2003-2 Cash Collateral Account. AFC-II shall
not direct the Trustee to dispose of (or permit the disposal of) any Permitted
Investments prior to the maturity thereof to the extent such disposal would
result in a loss of principal of such Permitted Investment. In the absence of
written investment instructions hereunder, funds on deposit in the Series 2003-2
Cash Collateral Account shall remain uninvested.

          (h)     EARNINGS FROM SERIES 2003-2 CASH COLLATERAL ACCOUNT. All
interest and earnings (net of losses and investment expenses) paid on funds on
deposit in the Series 2003-2 Cash Collateral Account shall be deemed to be on
deposit therein and available for distribution.

          (i)     SERIES 2003-2 CASH COLLATERAL ACCOUNT SURPLUS. In the event
that the Series 2003-2 Cash Collateral Account Surplus on any Distribution Date
(or, after the Series 2003-2 Letter of Credit Termination Date, on any date) is
greater than zero, the Trustee, acting in accordance with the written
instructions (a copy of which shall be provided by the Administrator to the
Surety Provider) of the Administrator, shall withdraw from the Series 2003-2
Cash Collateral Account an amount equal to the Series 2003-2 Cash Collateral
Account Surplus and shall pay such amount: FIRST, to the Series 2003-2 Letter of
Credit Providers to the extent of any unreimbursed drawings under the related
Series 2003-2 Reimbursement Agreement, for application in accordance with the
provisions of the related Series 2003-2 Reimbursement Agreement, and, SECOND, to
AFC-II any remaining amount.

          (j)     POST-SERIES 2003-2 LETTER OF CREDIT TERMINATION DATE
WITHDRAWALS FROM THE SERIES 2003-2 CASH COLLATERAL ACCOUNT. If the Surety
Provider notifies the Trustee in writing that the Surety Provider shall have
paid a Preference Amount (as defined in the Surety Bond) under the Surety Bond,
subject to the satisfaction of the conditions set forth in the next succeeding
sentence, the Trustee shall withdraw from the Series 2003-2 Cash Collateral
Account and pay to the Surety Provider an amount equal to the lesser of (i) the
Series 2003-2 Available Cash Collateral Account Amount on such date and (ii)
such Preference Amount. Prior to any withdrawal from the Series 2003-2 Cash
Collateral Account pursuant to this Section 2.8(j), the Trustee shall have
received a certified copy of the order requiring the return of such Preference
Amount.

          (k)     TERMINATION OF SERIES 2003-2 CASH COLLATERAL ACCOUNT. Upon the
termination of this Supplement in accordance with its terms, the Trustee, acting
in accordance with the written instructions of the Administrator, after the
prior payment of all amounts owing to the Series 2003-2 Noteholders and to the
Surety Provider and payable from the Series 2003-2 Cash Collateral Account as
provided herein, shall withdraw from the Series 2003-2 Cash Collateral Account
all amounts on deposit therein (to the extent not withdrawn pursuant to
Section 2.8(i) above) and shall pay such amounts: FIRST, to the Series 2003-2
Letter of Credit Providers to the extent of any unreimbursed drawings under the
related Series 2003-2 Reimbursement Agreement, for application in accordance
with the provisions of the related Series 2003-2 Reimbursement Agreement, and,
SECOND, to AFC-II any remaining amount.

          Section 2.9 SERIES 2003-2 DISTRIBUTION ACCOUNT (a) ESTABLISHMENT OF
SERIES 2003-2 DISTRIBUTION ACCOUNT. The Trustee shall establish and maintain in
the name of the Series

                                      -39-
<Page>

2003-2 Agent for the benefit of the Series 2003-2 Noteholders and the Surety
Provider, or cause to be established and maintained, an account (the "SERIES
2003-2 DISTRIBUTION ACCOUNT"), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Series 2003-2
Noteholders and the Surety Provider. The Series 2003-2 Distribution Account
shall be maintained (i) with a Qualified Institution, or (ii) as a segregated
trust account with the corporate trust department of a depository institution or
trust company having corporate trust powers and acting as trustee for funds
deposited in the Series 2003-2 Distribution Account; PROVIDED, HOWEVER, that if
at any time such Qualified Institution is no longer a Qualified Institution or
the credit rating of any securities issued by such depositary institution or
trust company shall be reduced to below "BBB-" by Standard & Poor's or "Baa3" by
Moody's, then AFC-II shall, within 30 days of such reduction, establish a new
Series 2003-2 Distribution Account with a new Qualified Institution. If the
Series 2003-2 Distribution Account is not maintained in accordance with the
previous sentence, AFC-II shall establish a new Series 2003-2 Distribution
Account, within ten (10) Business Days after obtaining knowledge of such fact,
which complies with such sentence, and shall instruct the Series 2003-2 Agent in
writing to transfer all cash and investments from the non-qualifying Series
2003-2 Distribution Account into the new Series 2003-2 Distribution Account.
Initially, the Series 2003-2 Distribution Account will be established with The
Bank of New York.

          (b)     ADMINISTRATION OF THE SERIES 2003-2 DISTRIBUTION ACCOUNT. The
Administrator may instruct the institution maintaining the Series 2003-2
Distribution Account to invest funds on deposit in the Series 2003-2
Distribution Account from time to time in Permitted Investments; PROVIDED,
HOWEVER, that any such investment shall mature not later than the Business Day
prior to the Distribution Date following the date on which such funds were
received, unless any Permitted Investment held in the Series 2003-2 Distribution
Account is held with the Paying Agent, then such investment may mature on such
Distribution Date and such funds shall be available for withdrawal on or prior
to such Distribution Date. All such Permitted Investments will be credited to
the Series 2003-2 Distribution Account and any such Permitted Investments that
constitute (i) physical property (and that is not either a United States
security entitlement or a security entitlement) shall be physically delivered to
the Trustee; (ii) United States security entitlements or security entitlements
shall be controlled (as defined in Section 8-106 of the New York UCC) by the
Trustee pending maturity or disposition, and (iii) uncertificated securities
(and not United States security entitlements) shall be delivered to the Trustee
by causing the Trustee to become the registered holder of such securities.

          (c)     EARNINGS FROM SERIES 2003-2 DISTRIBUTION ACCOUNT. All interest
and earnings (net of losses and investment expenses) paid on funds on deposit in
the Series 2003-2 Distribution Account shall be deemed to be on deposit and
available for distribution.

          (d)     SERIES 2003-2 DISTRIBUTION ACCOUNT CONSTITUTES ADDITIONAL
COLLATERAL FOR SERIES 2003-2 NOTES. In order to secure and provide for the
repayment and payment of the AFC-II Obligations with respect to the Series
2003-2 Notes, AFC-II hereby grants a security interest in and assigns, pledges,
grants, transfers and sets over to the Series 2003-2 Agent, for the benefit of
the Series 2003-2 Noteholders and the Surety Provider, all of AFC-II's right,
title and interest in and to the following (whether now or hereafter existing or
acquired): (i) the Series 2003-2 Distribution Account, including any security
entitlement thereto; (ii) all funds on deposit therein from time to time; (iii)
all certificates and instruments, if any, representing or evidencing any or

                                      -40-
<Page>

all of the Series 2003-2 Distribution Account or the funds on deposit therein
from time to time; (iv) all investments made at any time and from time to time
with monies in the Series 2003-2 Distribution Account, whether constituting
securities, instruments, general intangibles, investment property, financial
assets or other property; (v) all interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for the Series 2003-2 Distribution Account, the
funds on deposit therein from time to time or the investments made with such
funds; and (vi) all proceeds of any and all of the foregoing, including, without
limitation, cash (the items in the foregoing clauses (i) through (vi) are
referred to, collectively, as the "SERIES 2003-2 DISTRIBUTION ACCOUNT
COLLATERAL"). The Series 2003-2 Agent shall possess all right, title and
interest in all funds on deposit from time to time in the Series 2003-2
Distribution Account and in and to all proceeds thereof, and shall be the only
person authorized to originate entitlement orders in respect of the Series
2003-2 Distribution Account. The Series 2003-2 Distribution Account Collateral
shall be under the sole dominion and control of the Series 2003-2 Agent for the
benefit of the Series 2003-2 Noteholders and the Surety Provider. The Series
2003-2 Agent hereby agrees (i) to act as the securities intermediary (as defined
in Section 8-102(a)(14) of the New York UCC) with respect to the Series 2003-2
Distribution Account; (ii) that each item of property (whether investment
property, financial asset, security, instrument or cash) credited to the Series
2003-2 Distribution Account shall be treated as a financial asset (as defined in
Section 8-102(a)(9) of the New York UCC) and (iii) to comply with any
entitlement order (as defined in Section 8-102(a)(8) of the New York UCC) issued
by the Trustee.

          Section 2.10 SERIES 2003-2 INTEREST RATE CAPS. (a) On the Series
2003-2 Closing Date, AFC-II shall acquire one or more interest rate caps
acceptable to the Surety Provider (each a "SERIES 2003-2 INTEREST RATE Cap")
from a Qualified Interest Rate Cap Counterparty. The aggregate initial notional
amount of all Series 2003-2 Interest Rate Caps shall equal the Class A-2 Initial
Invested Amount, and the aggregate notional amount of all Series 2003-2 Interest
Rate Caps may be reduced pursuant to the related Series 2003-2 Interest Rate Cap
but shall not at any time be less than the Class A-2 Invested Amount. The strike
rate of each Series 2003-2 Interest Rate Cap shall not be greater than 6.0%.

          (b)     If, at any time, an Interest Rate Cap Counterparty is not a
Qualified Interest Rate Cap Counterparty, then AFC-II will cause the Interest
Rate Cap Counterparty within 30 days following such occurrence, at the Interest
Rate Cap Counterparty's expense, to do either of the following (i) obtain a
replacement interest rate cap on the same terms as the Series 2003-2 Interest
Rate Cap from a Qualified Interest Rate Cap Counterparty and simultaneously with
such replacement AFC-II shall terminate the Series 2003-2 Interest Rate Cap
being replaced or (ii) enter into any arrangement satisfactory to Standard &
Poor's, Moody's and the Surety Provider, which is sufficient to maintain or
restore the immediately prior Shadow Rating; PROVIDED, HOWEVER, that no
termination of the Series 2003-2 Interest Rate Cap shall occur until AFC-II has
entered into a replacement Series 2003-2 Interest Rate Cap.

          (c)     Each Series 2003-2 Interest Rate Cap must provide that if the
Interest Rate Cap Counterparty is required to take any of the actions described
in clauses (i) or (ii) of the preceding sentence and such action is not taken
within 30 days, then the Interest Rate Cap Counterparty must, until a
replacement Series 2003-2 Interest Rate Cap is executed and in effect,
collateralize its obligations under such Series 2003-2 Interest Rate Cap in an
amount equal to the

                                      -41-
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greatest of (i) the marked to market value of such Series 2003-2 Interest Rate
Cap, (ii) the next payment due from the Interest Rate Cap Counterparty and (iii)
1% of the notional amount of such Series 2003-2 Interest Rate Cap.

          (d)     To secure payment of all AFC-II Obligations with respect to
the Series 2003-2 Notes, AFC-II grants a security interest in, and assigns,
pledges, grants, transfers and sets over to the Series 2003-2 Agent, for the
benefit of the Series 2003-2 Noteholders and the Surety Provider, all of
AFC-II's right, title and interest in the Series 2003-2 Interest Rate Caps and
all proceeds thereof (the "SERIES 2003-2 INTEREST RATE CAP Collateral"). AFC-II
shall require all Series 2003-2 Interest Rate Cap Proceeds to be paid to, and
the Trustee shall allocate all Series 2003-2 Interest Rate Cap Proceeds to, the
Series 2003-2 Accrued Interest Account of the Series 2003-2 Collection Account.

          Section 2.11 SERIES 2003-2 ACCOUNTS PERMITTED INVESTMENTS. AFC-II
shall not, and shall not permit, funds on deposit in the Series 2003-2 Accounts
to be invested in:

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

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

          (iii)   commercial paper which is not rated "P-1" by Moody's;

          (iv)    money market funds or eurodollar time deposits which are not
     rated at least "AAA" by Standard & Poor's;

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

          (vi)    any investment, instrument or security not otherwise listed in
     clause (i) through (vi) of the definition of "Permitted Investments" in the
     Base Indenture that is not approved in writing by the Surety Provider.

          Section 2.12 SERIES 2003-2 DEMAND NOTES CONSTITUTE ADDITIONAL
COLLATERAL FOR SERIES 2003-2 NOTES.

          In order to secure and provide for the repayment and payment of the
AFC-II Obligations with respect to the Series 2003-2 Notes, AFC-II hereby grants
a security interest in and assigns, pledges, grants, transfers and sets over to
the Trustee, for the benefit of the Series 2003-2 Noteholders and the Surety
Provider, all of AFC-II's right, title and interest in and to the following
(whether now or hereafter existing or acquired): (i) the Series 2003-2 Demand
Notes; (ii) all certificates and instruments, if any, representing or evidencing
the Series 2003-2 Demand Notes; and (iii) all proceeds of any and all of the
foregoing, including, without limitation, cash. On the date hereof, AFC-II shall
deliver to the Trustee, for the benefit of the Series 2003-2 Noteholders and the
Surety Provider, each Series 2003-2 Demand Note, endorsed in blank. The Trustee,
for the benefit of the Series 2003-2 Noteholders and the Surety Provider, shall
be the only Person authorized to make a demand for payments on the Series 2003-2
Demand Notes.

                                      -42-
<Page>

                                   ARTICLE III

                               AMORTIZATION EVENTS

          In addition to the Amortization Events set forth in Section 9.1 of the
Base Indenture, any of the following shall be an Amortization Event with respect
to the Series 2003-2 Notes and collectively shall constitute the Amortization
Events set forth in Section 9.1(n) of the Base Indenture with respect to the
Series 2003-2 Notes (without notice or other action on the part of the Trustee
or any holders of the Series 2003-2 Notes):

          (a)     a Series 2003-2 Enhancement Deficiency shall occur and
     continue for at least two (2) Business Days; PROVIDED, HOWEVER, that such
     event or condition shall not be an Amortization Event if during such two
     (2) Business Day period such Series 2003-2 Enhancement Deficiency shall
     have been cured in accordance with the terms and conditions of the
     Indenture and the Related Documents;

          (b)     the Series 2003-2 Liquidity Amount shall be less than the
     Series 2003-2 Required Liquidity Amount for at least two (2) Business Days;
     PROVIDED, HOWEVER, that such event or condition shall not be an
     Amortization Event if during such two (2) Business Day period such
     insufficiency shall have been cured in accordance with the terms and
     conditions of the Indenture and the Related Documents;

          (c)     the Collection Account, the Series 2003-2 Collection Account,
     the Series 2003-2 Excess Collection Account or the Series 2003-2 Reserve
     Account shall be subject to an injunction, estoppel or other stay or a Lien
     (other than Liens permitted under the Related Documents);

          (d)     all principal of and interest on the Class A-1 Notes and the
     Class A-2 Notes is not paid in full on or before the Three-Year Notes
     Expected Final Distribution Date or all principal of and interest on the
     Class A-3 Notes is not paid in full on or before the Class A-3 Expected
     Final Distribution Date;

          (e)     the Trustee shall make a demand for payment under the Surety
     Bond;

          (f)     the occurrence of an Event of Bankruptcy with respect to the
     Surety Provider;

          (g)     the Surety Provider fails to pay a demand for payment in
     accordance with the requirements of the Surety Bond;

          (h) any Series 2003-2 Letter of Credit shall not be in full force and
     effect for at least two (2) Business Days and (x) either a Series 2003-2
     Enhancement Deficiency would result from excluding such Series 2003-2
     Letter of Credit from the Series 2003-2 Enhancement Amount or (y) the
     Series 2003-2 Liquidity Amount, excluding therefrom the available amount
     under such Series 2003-2 Letter of Credit, would be less than the Series
     2003-2 Required Liquidity Amount;

                                      -43-
<Page>

          (i)     from and after the funding of the Series 2003-2 Cash
     Collateral Account, the Series 2003-2 Cash Collateral Account shall be
     subject to an injunction, estoppel or other stay or a Lien (other than
     Liens permitted under the Related Documents) for at least two (2) Business
     Days and either (x) a Series 2003-2 Enhancement Deficiency would result
     from excluding the Series 2003-2 Available Cash Collateral Account Amount
     from the Series 2003-2 Enhancement Amount or (y) the Series 2003-2
     Liquidity Amount, excluding therefrom the Series 2003-2 Available Cash
     Collateral Amount, would be less than the Series 2003-2 Required Liquidity
     Amount; and

          (j)     an Event of Bankruptcy shall have occurred with respect to any
     Series 2003-2 Letter of Credit Provider or any Series 2003-2 Letter of
     Credit Provider repudiates its Series 2003-2 Letter of Credit or refuses to
     honor a proper draw thereon and either (x) a Series 2003-2 Enhancement
     Deficiency would result from excluding such Series 2003-2 Letter of Credit
     from the Series 2003-2 Enhancement Amount or (y) the Series 2003-2
     Liquidity Amount, excluding therefrom the available amount under such
     Series 2003-2 Letter of Credit, would be less than the Series 2003-2
     Required Liquidity Amount.

                                   ARTICLE IV

                      RIGHT TO WAIVE PURCHASE RESTRICTIONS

          Notwithstanding any provision to the contrary in the Indenture or the
Related Documents, upon the Trustee's receipt of notice from any Lessee, any
Borrower or AFC-II (i) to the effect that a Manufacturer Program is no longer an
Eligible Manufacturer Program and that, as a result, the Series 2003-2 Maximum
Non-Program Vehicle Amount is or will be exceeded or (ii) that the Lessees, the
Borrowers and AFC-II have determined to increase any Series 2003-2 Maximum
Amount, (such notice, a "WAIVER REQUEST"), each Series 2003-2 Noteholder may, at
its option, waive the Series 2003-2 Maximum Non-Program Vehicle Amount or any
other Series 2003-2 Maximum Amount (collectively, a "WAIVABLE AMOUNT") if (i) no
Amortization Event exists, (ii) the Requisite Noteholders and the Surety
Provider consent to such waiver and (iii) 60 days' prior written notice of such
proposed waiver is provided to the Rating Agencies by the Trustee.

          Upon receipt by the Trustee of a Waiver Request (a copy of which the
Trustee shall promptly provide to the Rating Agencies), all amounts which would
otherwise be allocated to the Series 2003-2 Excess Collection Account
(collectively, the "DESIGNATED AMOUNTS") from the date the Trustee receives a
Waiver Request through the Consent Period Expiration Date will be held by the
Trustee in the Series 2003-2 Collection Account for ratable distribution as
described below.

          Within ten (10) Business Days after the Trustee receives a Waiver
Request, the Trustee shall furnish notice thereof to the Series 2003-2
Noteholders and the Surety Provider, which notice shall be accompanied by a form
of consent (each a "CONSENT") in the form of EXHIBIT B hereto by which the
Series 2003-2 Noteholders may, on or before the Consent Period Expiration Date,
consent to waiver of the applicable Waivable Amount. If the Trustee receives the
consent of the Surety Provider and Consents from the Requisite Noteholders
agreeing to

                                      -44-
<Page>

waiver of the applicable Waivable Amount within forty-five (45) days after the
Trustee notifies the Series 2003-2 Noteholders of a Waiver Request (the day on
which such forty-five (45) day period expires, the "CONSENT PERIOD EXPIRATION
DATE"), (i) the applicable Waivable Amount shall be deemed waived by the
consenting Series 2003-2 Noteholders, (ii) the Trustee will distribute the
Designated Amounts as set forth below and (iii) the Trustee shall promptly (but
in any event within two days) provide the Rating Agency with notice of such
waiver. Any Series 2003-2 Noteholder from whom the Trustee has not received a
Consent on or before the Consent Period Expiration Date will be deemed not to
have consented to such waiver.

          If the Trustee receives Consents from the Requisite Noteholders on or
before the Consent Period Expiration Date, then on the immediately following
Distribution Date, the Trustee will pay the Designated Amounts as follows:

          (i)     to the non-consenting Series 2003-2 Noteholders, if any, PRO
     RATA up to the amount required to pay all Series 2003-2 Notes held by such
     non-consenting Series 2003-2 Noteholders in full; and

          (ii)    any remaining Designated Amounts to the Series 2003-2 Excess
     Collection Account.

          If the amount paid pursuant to clause (i) of the preceding paragraph
is not paid in full on the date specified therein, then on each day following
such Distribution Date, the Administrator will allocate to the Series 2003-2
Collection Account on a daily basis all Designated Amounts collected on such
day. On each following Distribution Date, the Trustee will withdraw a portion of
such Designated Amounts from the Series 2003-2 Collection Account and deposit
the same in the Series 2003-2 Distribution Account for distribution as follows:

          (a)     to the non-consenting Series 2003-2 Noteholders, if any, PRO
     RATA an amount equal to the Designated Amounts in the Series 2003-2
     Collection Account as of the applicable Determination Date up to the
     aggregate outstanding principal balance of the Series 2003-2 Notes held by
     the non-consenting Series 2003-2 Noteholders; and

          (b)     any remaining Designated Amounts to the Series 2003-2 Excess
     Collection Account.

          If the Requisite Noteholders or the Surety Provider do not timely
consent to such waiver, the Designated Amounts will be re-allocated to the
Series 2003-2 Excess Collection Account for allocation and distribution in
accordance with the terms of the Indenture and the Related Documents.

          In the event that the Series 2003-2 Rapid Amortization Period shall
commence after receipt by the Trustee of a Waiver Request, all such Designated
Amounts will thereafter be considered Principal Collections allocated to the
Series 2003-2 Noteholders.

                                      -45-
<Page>

                                    ARTICLE V

                           FORM OF SERIES 2003-2 NOTES

          Section 5.1 RESTRICTED GLOBAL SERIES 2003-2 NOTES. The Series 2003-2
Notes to be issued in the United States will be issued in book-entry form and
represented by one or more permanent global Notes in fully registered form
without interest coupons (each, a "RESTRICTED GLOBAL CLASS A-1 NOTE", a
"RESTRICTED GLOBAL CLASS A-2 NOTE" or a "RESTRICTED GLOBAL CLASS A-3 NOTE", as
the case may be), substantially in the forms set forth in EXHIBIT A-1-1, A-2-1
AND A-3-1 hereto, with such legends as may be applicable thereto as set forth in
the Base Indenture, and will be sold only in the United States (1) initially to
institutional accredited investors within the meaning of Regulation D under the
Securities Act in reliance on an exemption from the registration requirements of
the Securities Act and (2) thereafter to qualified institutional buyers within
the meaning of, and in reliance on, Rule 144A under the Securities Act and shall
be deposited on behalf of the purchasers of the Series 2003-2 Notes represented
thereby, with the Trustee as custodian for DTC, and registered in the name of
Cede as DTC's nominee, duly executed by AFC-II and authenticated by the Trustee
in the manner set forth in Section 2.4 of the Base Indenture.

          Section 5.2 TEMPORARY GLOBAL SERIES 2003-2 NOTES; PERMANENT GLOBAL
SERIES 2003-2 NOTES. The Series 2003-2 Notes to be issued outside the United
States will be issued and sold in transactions outside the United States in
reliance on Regulation S under the Securities Act, as provided in the applicable
note purchase agreement, and shall initially be issued in the form of one or
more temporary notes in registered form without interest coupons (each, a
"TEMPORARY GLOBAL CLASS A-1 NOTE", a "TEMPORARY GLOBAL CLASS A-2 NOTE" or a
"TEMPORARY GLOBAL CLASS A-3 NOTE", as the case may be), substantially in the
forms set forth in EXHIBITS A-1-2, A-2-2 AND A-3-2 hereto, which shall be
deposited on behalf of the purchasers of the Series 2003-2 Notes represented
thereby with a custodian for, and registered in the name of a nominee of DTC,
for the account of Euroclear Bank S.A./N.V., as operator of the Euroclear System
or for Clearstream Banking, societe anonyme ("CLEARSTREAM"), duly executed by
AFC-II and authenticated by the Trustee in the manner set forth in Section 2.4
of the Base Indenture. Interests in a Temporary Global Class A-1 Note, a
Temporary Global Class A-2 Note or a Temporary Global Class A-3 Note will be
exchangeable, in whole or in part, for interests in one or more permanent global
notes in registered form without interest coupons (each, a "PERMANENT GLOBAL
CLASS A-1 NOTE", a "PERMANENT GLOBAL CLASS A-2 NOTE" or a "PERMANENT GLOBAL
CLASS A-3 NOTE", as the case may be), substantially in the form of EXHIBITS
A-1-3, A-2-3 AND A-3-3 hereto, in accordance with the provisions of such
Temporary Global Class A-1 Note, Temporary Global Class A-2 Note or Temporary
Global Class A-3 Note and the Base Indenture (as modified by this Supplement).
Interests in a Permanent Global Class A-1 Note, a Permanent Global Class A-2
Note or a Permanent Global Class A-3 Note will be exchangeable for definitive
Class A-1 Notes, definitive Class A-2 Notes or definitive Class A-3 Notes, as
the case may be, in accordance with the provisions of such Permanent Global
Class A-1 Note, Permanent Global Class A-2 Note or Permanent Global Class A-3
Note and the Base Indenture (as modified by this Supplement).

                                      -46-
<Page>

                                   ARTICLE VI

                                     GENERAL

          Section 6.1 OPTIONAL REPURCHASE. Each Class of the Series 2003-2 Notes
shall be subject to repurchase by AFC-II at its option in accordance with
Section 6.3 of the Base Indenture on any Distribution Date after the Class A-1
Invested Amount, the Class A-2 Invested Amount or the Class A-3 Invested Amount,
as the case may be, is reduced to an amount less than or equal to 10% of the
Class A-1 Initial Invested Amount, the Class A-2 Initial Invested Amount or the
Class A-3 Initial Invested Amount, as the case may be (the "SERIES 2003-2
REPURCHASE Amount"); PROVIDED, HOWEVER, that as a condition precedent to any
such optional repurchase, on or prior to the Distribution Date on which any
Series 2003-2 Note is repurchased by AFC-II pursuant to this Section 6.1, AFC-II
shall have paid the Surety Provider all Surety Provider Fees and all other
Surety Provider Reimbursement Amounts due and unpaid as of such Distribution
Date. The repurchase price for any Series 2003-2 Note shall equal the aggregate
outstanding principal balance of such Series 2003-2 Note (determined after
giving effect to any payments of principal and interest on such Distribution
Date), plus accrued and unpaid interest on such outstanding principal balance.

          Section 6.2 INFORMATION. The Trustee shall provide to the Series
2003-2 Noteholders, or their designated agent, and the Surety Provider copies of
all information furnished to the Trustee or AFC-II pursuant to the Related
Documents, as such information relates to the Series 2003-2 Notes or the Series
2003-2 Collateral. In connection with any Preference Amount payable under the
Surety Bond, the Trustee shall furnish to the Surety Provider its records
evidencing the distributions of principal of and interest on the Series 2003-2
Notes that have been made and subsequently recovered from Series 2003-2
Noteholders and the dates on which such payments were made.

          Section 6.3 EXHIBITS. The following exhibits attached hereto
supplement the exhibits included in the Indenture.

          EXHIBIT A-1-1:        Form of Restricted Global Class A-1 Note
          EXHIBIT A-1-2:        Form of Temporary Global Class A-1 Note
          EXHIBIT A-1-3:        Form of Permanent Global Class-1 Note
          EXHIBIT A-2-1         Form of Restricted Global Class A-2 Note
          EXHIBIT A-2-2         Form of Temporary Global Class A-2 Note
          EXHIBIT A-2-3         Form of Permanent Global Class A-2 Note
          EXHIBIT A-3-1         Form of Restricted Global Class A-3 Note
          EXHIBIT A-3-2         Form of Temporary Global Class A-3 Note
          EXHIBIT A-3-3         Form of Permanent Global Class A-3 Note
          EXHIBIT B:            Form of Consent
          EXHIBIT C:            Form of Series 2003-2 Demand Note
          EXHIBIT D:            Form of Letter of Credit
          EXHIBIT E:            Form of Lease Payment Deficit Notice
          EXHIBIT F:            Form of Demand Notice

                                      -47-
<Page>

          Section 6.4 RATIFICATION OF BASE INDENTURE. As supplemented by this
Supplement, the Base Indenture is in all respects ratified and confirmed and the
Base Indenture as so supplemented by this Supplement shall be read, taken, and
construed as one and the same instrument.

          Section 6.5 COUNTERPARTS. This Supplement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all of such counterparts shall together constitute but one and the
same instrument.

          Section 6.6 GOVERNING LAW. This Supplement shall be construed in
accordance with the law of the State of New York, and the obligations, rights
and remedies of the parties hereto shall be determined in accordance with such
law.

          Section 6.7 AMENDMENTS. This Supplement may be modified or amended
from time to time with the consent of the Surety Provider and in accordance with
the terms of the Base Indenture; PROVIDED, HOWEVER, that if, pursuant to the
terms of the Base Indenture or this Supplement, the consent of the Required
Noteholders is required for an amendment or modification of this Supplement,
such requirement shall be satisfied if such amendment or modification is
consented to by the Series 2003-2 Noteholders representing more than 50% of the
aggregate outstanding principal amount of the Series 2003-2 Notes affected
thereby; PROVIDED, FURTHER, that if that consent of the Required Noteholders is
required for a proposed amendment or modification of this Supplement that (i)
affects only the Class A-1 Notes (and does not affect in any material respect
the Class A-2 Notes or Class A-3 Notes, as evidenced by an opinion of counsel to
such effect), then such requirement shall be satisfied if such amendment or
modification is consented to by the Class A-1 Noteholders representing more than
50% of the aggregate outstanding principal amount of the Class A-1 Notes
(without the necessity of obtaining the consent of the Required Noteholders in
respect of the Class A-2 Notes or Class A-3 Notes), (ii) affects only the Class
A-2 Notes (and does not affect in material respect the Class A-1 Notes or Class
A-3 Notes, as evidenced by an opinion of counsel to such effect), then such
requirement shall be satisfied if such amendment or modification is consented to
by the Class A-2 Noteholders representing more than 50% of the aggregate
outstanding principal amount of the Class A-2 Notes (without the necessity of
obtaining the consent of the Required Noteholders in respect of the Class A-1
Notes or Class A-3 Notes) or (iii) affects only the Class A-3 Notes (and does
not affect in any material respect the Class A-1 Notes or Class A-2 Notes, as
evidenced by an opinion of counsel to such effect), then such requirement shall
be satisfied if such amendment or modification is consented to by the Class A-3
Noteholders representing more than 50% of the aggregate outstanding principal
amount of the Class A-3 Notes (without the necessity of obtaining the consent of
the Required Noteholders in respect of the Class A-1 Notes or Class A-2 Notes).

          Section 6.8 DISCHARGE OF INDENTURE. Notwithstanding anything to the
contrary contained in the Base Indenture, no discharge of the Indenture pursuant
to Section 11.1(b) of the Base Indenture will be effective as to the Series
2003-2 Notes without the consent of the Required Noteholders.

          Section 6.9 NOTICE TO SURETY PROVIDER AND RATING AGENCIES. The Trustee
shall provide to the Surety Provider and each Rating Agency a copy of each
notice, opinion of

                                      -48-
<Page>

counsel, certificate or other item delivered to, or required to be provided by,
the Trustee pursuant to this Supplement or any other Related Document. Each such
opinion of counsel shall be addressed to the Surety Provider, shall be from
counsel reasonably acceptable to the Surety Provider and shall be in form and
substance reasonably acceptable to the Surety Provider. All such notices,
opinions, certificates or other items delivered to the Surety Provider shall be
forwarded to MBIA Insurance Corporation, 113 King Street, Armonk, New York
10504, Attention: General Counsel, telephone: (914) 273-4545.

          Section 6.10 CERTAIN RIGHTS OF SURETY PROVIDER. The Surety Provider
shall be deemed to be an Enhancement Provider entitled to receive confirmation
of the rating on the Series 2003-2 Notes (without regard to the Surety Bond)
pursuant to the definition of "Rating Agency Confirmation Condition." In
addition, the Surety Provider shall be deemed to be an Enhancement Provider
entitled to exercise the consent rights described in clause (ii) of the
definition of "Rating Agency Consent Condition."

          Section 6.11 SURETY PROVIDER DEEMED NOTEHOLDER AND SECURED PARTY.
Except for any period during which a Surety Default is continuing, the Surety
Provider shall be deemed to be the holder of 100% of the Series 2003-2 Notes for
the purposes of giving any consents, waivers, approvals, instructions,
directions, requests, declarations and/or notices pursuant to the Base Indenture
and this Supplement. Any reference in the Base Indenture or the Related
Documents (including, without limitation, in Sections 2.3, 8.14, 9.1, 9.2 or
12.1 of the Base Indenture) to materially, adversely, or detrimentally affecting
the rights or interests of the Noteholders, or words of similar meaning, shall
be deemed, for purposes of the Series 2003-2 Notes, to refer to the rights or
interests of the Surety Provider. The Surety Provider shall constitute an
"Enhancement Provider" with respect to the Series 2003-2 Notes for all purposes
under the Indenture and the other Related Documents. Furthermore, the Surety
Provider shall be deemed to be a "Secured Party" under the Base Indenture and
the Related Documents to the extent of amounts payable to the Surety Provider
pursuant to this Supplement and the Insurance Agreement shall constitute an
"Enhancement Agreement" with respect to the Series 2003-2 Notes for all purposes
under the Indenture and the Related Documents. Moreover, wherever in the Related
Documents money or other property is assigned, conveyed, granted or held for, a
filing is made for, action is taken for or agreed to be taken for, or a
representation or warranty is made for the benefit of the Noteholders, the
Surety Provider shall be deemed to be the Noteholder with respect to 100% of the
Series 2003-2 Notes for such purposes.

          Section 6.12 CAPITALIZATION OF AFC-II. AFC-II agrees that on the
Series 2003-2 Closing Date it will have capitalization in an amount equal to or
greater than 3% of the sum of (x) the Series 2003-2 Invested Amount and (y) the
invested amount of the Series 1998-1 Notes, Series 2000-1 Notes, Series 2000-2
Notes, Series 2000-3 Notes, the Series 2000-4 Notes, the Series 2001-1 Notes,
the Series 2001-2 Notes, the Series 2002-1 Notes, the Series 2002-2 Notes, the
Series 2002-3 Notes, the Series 2002-4 Notes and the Series 2003-1 Notes.

          Section 6.13 SERIES 2003-2 REQUIRED NON-PROGRAM ENHANCEMENT
PERCENTAGE. AFC-II agrees that it will not make any Loan under any Loan
Agreement to finance the acquisition of any Vehicle by AESOP Leasing, AESOP
Leasing II or ARAC, as the case may be, if, after giving effect to the making of
such Loan, the acquisition of such Vehicle and the inclusion

                                      -49-
<Page>

of such Vehicle under the relevant Lease, the Series 2003-2 Required Non-Program
Enhancement Percentage would exceed 25.0%.

          Section 6.14 THIRD PARTY BENEFICIARY. The Surety Provider is an
express third party beneficiary of (i) the Base Indenture to the extent of
provisions relating to any Enhancement Provider and (ii) this Supplement.

          Section 6.15 PRIOR NOTICE BY TRUSTEE TO SURETY PROVIDER. Subject to
Section 10.1 of the Base Indenture, the Trustee agrees that, so long as no
Amortization Event shall have occurred and be continuing with respect to any
Series of Notes other than the Series 2003-2 Notes, it shall not exercise any
rights or remedies available to it as a result of the occurrence of an
Amortization Event with respect to the Series 2003-2 Notes (except those set
forth in clauses (f) and (g) of Article III) or a Series 2003-2 Limited
Liquidation Event of Default until after the Trustee has given prior written
notice thereof to the Surety Provider and obtained the direction of the Required
Noteholders with respect to the Series 2003-2 Notes. The Trustee agrees to
notify the Surety Provider promptly following any exercise of rights or remedies
available to it as a result of the occurrence of any Amortization Event or a
Series 2003-2 Limited Liquidation Event of Default.

          Section 6.16 EFFECT OF PAYMENTS BY THE SURETY PROVIDER. Anything
herein to the contrary notwithstanding, any distribution of principal of or
interest on the Series 2003-2 Notes that is made with moneys received pursuant
to the terms of the Surety Bond shall not (except for the purpose of calculating
the Principal Deficit Amount) be considered payment of the Series 2003-2 Notes
by AFC-II. The Trustee acknowledges that, without the need for any further
action on the part of the Surety Provider, (i) to the extent the Surety Provider
makes payments, directly or indirectly, on account of principal of or interest
on the Series 2003-2 Notes to the Trustee for the benefit of the Series 2003-2
Noteholders or to the Series 2003-2 Noteholders (including any Preference
Amounts as defined in the Surety Bond), the Surety Provider will be fully
subrogated to the rights of such Series 2003-2 Noteholders to receive such
principal and interest and will be deemed to the extent of the payments so made
to be a Series 2003-2 Noteholder and (ii) the Surety Provider shall be paid
principal and interest in its capacity as a Series 2003-2 Noteholder until all
such payments by the Surety Provider have been fully reimbursed, but only from
the sources and in the manner provided herein for the distribution of such
principal and interest and in each case only after the Series 2003-2 Noteholders
have received all payments of principal and interest due to them hereunder on
the related Distribution Date.

          Section 6.17 SERIES 2003-2 DEMAND NOTES. Other than pursuant to a
demand thereon pursuant to Section 2.5, AFC-II shall not reduce the amount of
the Series 2003-2 Demand Notes or forgive amounts payable thereunder so that the
outstanding principal amount of the Series 2003-2 Demand Notes after such
reduction or forgiveness is less than the Series 2003-2 Letter of Credit
Liquidity Amount. AFC-II shall not agree to any amendment of the Series 2003-2
Demand Notes without first satisfying the Rating Agency Confirmation Condition
and the Rating Agency Consent Condition.

          Section 6.18 SUBROGATION. In furtherance of and not in limitation of
the Surety Provider's equitable right of subrogation, each of the Trustee and
AFC-II acknowledge that, to

                                      -50-
<Page>

the extent of any payment made by the Surety Provider under the Surety Bond with
respect to interest on or principal of the Series 2003-2 Notes, including any
Preference Amount, as defined in the Surety Bond, the Surety Provider is to be
fully subrogated to the extent of such payment and any additional interest due
on any late payment, to the rights of the Series 2003-2 Noteholders under the
Indenture. Each of AFC-II and the Trustee agree to such subrogation and,
further, agree to take such actions as the Surety Provider may reasonably
request in writing to evidence such subrogation.

          Section 6.19 TERMINATION OF SUPPLEMENT. This Supplement shall cease to
be of further effect when all outstanding Series 2003-2 Notes theretofore
authenticated and issued have been delivered (other than destroyed, lost, or
stolen Series 2003-2 Notes which have been replaced or paid) to the Trustee for
cancellation, AFC-II has paid all sums payable hereunder, the Surety Provider
has been paid all Surety Provider Fees and all other Surety Provider
Reimbursement Amounts due under the Insurance Agreement and, if the Series
2003-2 Demand Note Payment Amount on the Series 2003-2 Letter of Credit
Termination Date was greater than zero, all amounts have been withdrawn from the
Series 2003-2 Cash Collateral Account in accordance with Section 2.8(i).

                                      -51-
<Page>

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

                                        AESOP FUNDING II L.L.C.

                                        By:  /s/ Jill A. Gordon
                                           -------------------------------------
                                             Title:  Vice President

                                        THE BANK OF NEW YORK (as successor in
                                          interest to the corporate trust
                                          administration of Harris Trust and
                                          Savings Bank), as Trustee

                                        By:  /s/  Eric A. Lindahl
                                           -------------------------------------
                                             Title:  Agent

                                        THE BANK OF NEW YORK, as Series 2003-2
                                             Agent

                                        By:  /s/  Eric A. Lindahl
                                           -------------------------------------
                                             Title:  Agent<Page>

                                                                   EXHIBIT 10.12

                            AESOP FUNDING II L.L.C.,
                                    as Issuer

                          AVIS RENT A CAR SYSTEM, INC.,
                                as Administrator

                              CENDANT CORPORATION,
                                  as Purchaser

                                       and

                              THE BANK OF NEW YORK,
                       as Trustee and Series 2003-1 Agent

                                   ----------

                            SERIES 2003-1 SUPPLEMENT
                          dated as of January 28, 2003

                                       to

                       AMENDED AND RESTATED BASE INDENTURE
                            dated as of July 30, 1997

                                   ----------

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                       Page
                                                                                                       ----
<S>                                                                                                      <C>
ARTICLE I       DEFINITIONS...............................................................................1

ARTICLE II      PURCHASE AND SALE OF SERIES 2003-1 NOTES;  INCREASES AND DECREASES OF SERIES 2003-1
                INVESTED AMOUNT..........................................................................15

     Section 2.1.   Purchase of the Series 2003-1 Notes..................................................15
     Section 2.2.   Delivery.............................................................................16
     Section 2.3.   Procedure for Initial Issuance and for Increasing the Series 2003-1 Invested
                    Amount...............................................................................16
     Section 2.4.   Procedure for Decreasing the Series 2003-1 Invested Amount; Optional
                    Termination..........................................................................17
     Section 2.5.   Increases and Reductions of the Series 2003-1 Maximum Invested Amount;
                    Extensions of the Scheduled Expiry Date..............................................18
     Section 2.6.   Interest.............................................................................18
     Section 2.7.   Indemnification by AFC-II............................................................18

ARTICLE III     SERIES 2003-1 ALLOCATIONS................................................................19

     Section 3.1.   Establishment of Series 2003-1 Collection Account, Series 2003-1 Excess
                    Collection Account and Series 2003-1 Accrued Interest Account........................19
     Section 3.2.   Allocations with Respect to the Series 2003-1 Notes..................................19
     Section 3.3.   Note Interest with respect to the Series 2003-1 Notes................................23
     Section 3.4.   Payment of Note Interest.............................................................25
     Section 3.5.   Payment of Note Principal............................................................25
     Section 3.6.   Administrator's Failure to Instruct the Trustee to Make a Deposit or Payment.........29
     Section 3.7.   Series 2003-1 Reserve Account........................................................29
     Section 3.8.   Series 2003-1 Letters of Credit and Series 2003-1 Cash Collateral Account............31
     Section 3.9.   Series 2003-1 Distribution Account...................................................36
     Section 3.10.  Series 2003-1 Demand Notes Constitute Additional Collateral for Series 2003-1
                    Notes................................................................................37
     Section 3.11.  Payments to Purchaser................................................................37

ARTICLE IV      AMORTIZATION EVENTS......................................................................37

ARTICLE V       CONDITIONS PRECEDENT.....................................................................39

     Section 5.1.   Conditions Precedent to Effectiveness of Supplement..................................39

ARTICLE VI      REPRESENTATIONS AND WARRANTIES, COVENANTS................................................41

     Section 6.1.   Representations and Warranties of AFC-II and the Administrator.......................41
     Section 6.2.   Covenants of AFC-II and the Administrator............................................42
</Table>

                                       (i)
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                       Page
                                                                                                       ----
<S>                                                                                                      <C>
ARTICLE VII     GENERAL..................................................................................42

     Section 7.1.   Successors and Assigns...............................................................42
     Section 7.2.   Securities Law.......................................................................42
     Section 7.3.   Adjustments; Set-off.................................................................43
     Section 7.4.   No Bankruptcy Petition...............................................................43
     Section 7.5.   Limited Recourse.....................................................................43
     Section 7.6.   Costs and Expenses...................................................................44
     Section 7.7.   Exhibits.............................................................................44
     Section 7.8.   Ratification of Base Indenture.......................................................44
     Section 7.9.   Counterparts.........................................................................44
     Section 7.10.  Governing Law........................................................................44
     Section 7.11.  Amendments...........................................................................44
     Section 7.12.  Discharge of Indenture...............................................................45
     Section 7.13.  Capitalization of AFC-II.............................................................45
     Section 7.14.  Series 2003-1 Demand Notes...........................................................45
     Section 7.15.  Termination of Supplement............................................................45
     Section 7.16.  No Waiver; Cumulative Remedies.......................................................45
     Section 7.17.  Waiver of Setoff.....................................................................45
     Section 7.18.  Notices..............................................................................45
</Table>

                                      (ii)
<Page>

          SERIES 2003-1 SUPPLEMENT, dated as of January 28, 2003 (this
"SUPPLEMENT"), among AESOP FUNDING II L.L.C., a special purpose limited
liability company established under the laws of Delaware ("AFC-II"), AVIS RENT A
CAR SYSTEM, INC., a Delaware corporation, as administrator (the
"ADMINISTRATOR"), CENDANT CORPORATION, as Purchaser (the "PURCHASER" or
"CENDANT"), THE BANK OF NEW YORK, a New York banking corporation, as successor
in interest to the corporate trust administration of Harris Trust and Savings
Bank, as trustee (together with its successors in trust thereunder as provided
in the Base Indenture referred to below, the "TRUSTEE") and THE BANK OF NEW
YORK, a New York banking corporation, as agent for the benefit of the Series
2003-1 Noteholders (the "SERIES 2003-1 AGENT"), to the Amended and Restated Base
Indenture, dated as of July 30, 1997, between AFC-II and the Trustee (as
amended, modified or supplemented from time to time, exclusive of Supplements
creating a new Series of Notes, the "BASE INDENTURE").

                              PRELIMINARY STATEMENT

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

          NOW, THEREFORE, the parties hereto agree as follows:

                                   DESIGNATION

          There is hereby created a Series of Notes to be issued pursuant to the
Base Indenture and this Supplement and such Series of Notes shall be designated
generally as Variable Funding Rental Car Asset Backed Notes, Series 2003-1.

          The proceeds from the sale of the Series 2003-1 Notes shall be
deposited in the Collection Account and shall be paid to AFC-II and used to make
Loans under the Loan Agreements to the extent that the Borrowers have requested
Loans thereunder and Eligible Vehicles are available for acquisition or
refinancing thereunder on the date hereof. Any such portion of proceeds not so
used to make Loans shall be deemed to be Principal Collections.

          The Series 2003-1 Notes are a non-Segregated Series of Notes (as more
fully described in the Base Indenture). Accordingly, all references in this
Supplement to "all" Series of Notes (and all references in this Supplement to
terms defined in the Base Indenture that contain references to "all" Series of
Notes) shall refer to all Series of Notes other than Segregated Series of Notes.

                                    ARTICLE I

                                   DEFINITIONS

          (a)   All capitalized terms not otherwise defined herein are defined
in the Definitions List attached to the Base Indenture as Schedule I thereto.
All Article, Section or Subsection references herein shall refer to Articles,
Sections or Subsections of this Supplement, except as otherwise provided herein.
Unless otherwise stated herein, as the context otherwise

<Page>

requires or if such term is otherwise defined in the Base Indenture, each
capitalized term used or defined herein shall relate only to the Series 2003-1
Notes and not to any other Series of Notes issued by AFC-II.

          (b)   The following words and phrases shall have the following
meanings with respect to the Series 2003-1 Notes and the definitions of such
terms are applicable to the singular as well as the plural form of such terms
and to the masculine as well as the feminine and neuter genders of such terms:

          "ADMINISTRATOR" is defined in the recitals hereto.

          "AGH" means Avis Group Holdings, Inc., a Delaware corporation.

          "BOARD" means the Board of Governors of the Federal Reserve System or
any successor thereto.

          "BUSINESS DAY" means any day other than (a) a Saturday or a Sunday or
(b) a day on which banking institutions in New York, New York, Chicago, Illinois
or the city in which the corporate trust office of the Trustee is located are
authorized or obligated by law or executive order to close.

          "CERTIFICATE OF LEASE DEFICIT DEMAND" means a certificate in the form
of ANNEX A to the Series 2003-1 Letters of Credit.

          "CERTIFICATE OF TERMINATION DATE DEMAND" means a certificate in the
form of ANNEX D to the Series 2003-1 Letters of Credit.

          "CERTIFICATE OF TERMINATION DEMAND" means a certificate in the form of
ANNEX C to the Series 2003-1 Letters of Credit.

          "CERTIFICATE OF UNPAID DEMAND NOTE DEMAND" means a certificate in the
form of ANNEX B to the Series 2003-1 Letters of Credit.

          "CHANGE IN CONTROL" means (a) Cendant shall at any time cease to own
or control, directly or indirectly, greater than 50% of the Voting Stock of AGH
or ARAC, any Lessee, the Sublessee or the Administrator or (b) either AFC-II or
AESOP Leasing is no longer indirectly wholly-owned by AGH.

          "CLAIM" is defined in Section 2.7.

          "COMPANY INDEMNIFIED PERSON" is defined in Section 2.7.

          "DECREASE" is defined in Section 2.4(a).

          "DEMAND NOTE ISSUER" means each issuer of a Series 2003-1 Demand Note.

                                       -2-
<Page>

          "DISBURSEMENT" means any Lease Deficit Disbursement, any Unpaid Demand
Note Disbursement, any Termination Date Disbursement or any Termination
Disbursement under a Series 2003-1 Letter of Credit, or any combination thereof,
as the context may require.

          "EFFECTIVE DATE" is defined in Section 5.1.

          "EXCESS COLLECTIONS" is defined in Section 3.3(e)(i).

          "EXCLUDED TAXES" means, with respect to the Purchaser or any other
recipient of any payment to be made by or on account of any obligation of AFC-II
hereunder, (a) income or franchise taxes imposed on (or measured by) its net
income by the United States of America or by any other Governmental Authority,
in each case, as a result of a present or former connection between the United
States of America or the jurisdiction of such Governmental Authority imposing
such tax, as the case may be, and the Purchaser or any other such recipient
(except a connection arising solely from the Purchaser's or such recipient's
having executed, delivered or performed its obligations hereunder, receiving a
payment hereunder or enforcing the Series 2003-1 Notes) and (b) any branch
profits tax imposed by the United States of America or any similar tax imposed
by any other jurisdiction in which AFC-II is located (except any such branch
profits or similar tax imposed as a result of a connection with the United
States of America or other jurisdiction as a result of a connection arising
solely from the Purchaser's or such recipient's having executed, delivered or
performed its obligations hereunder, receiving a payment hereunder or enforcing
the Series 2003-1 Notes).

          "EXPIRY DATE" means the earlier of (a) the Scheduled Expiry Date with
respect to the Purchaser and (b) the date on which an Amortization Event with
respect to the Series 2003-1 Notes shall have been declared or automatically
occurred.

          "INCREASE" is defined in Section 2.3(a).

          "INCREASE AMOUNT" is defined in Section 2.3(a).

          "INCREASE DATE" is defined in Section 2.3(a).

          "LEASE DEFICIT DISBURSEMENT" means an amount drawn under a Series
2003-1 Letter of Credit pursuant to a Certificate of Lease Deficit Demand.

          "LIBOR" means, with respect to each Series 2003-1 Interest Period, a
rate per annum to be determined by the Trustee as follows:

          (i)   On each LIBOR Determination Date, the Trustee will determine the
     London interbank offered rate for U.S. dollar deposits for one month that
     appears on Telerate Page 3750 as it relates to U.S. dollars as of 11:00
     a.m., London time, on such LIBOR Determination Date:

          (ii)  If, on any LIBOR Determination Date, such rate does not appear
     on Telerate Page 3750, the Trustee will request that the principal London
     offices of each of four major banks in the London interbank market selected
     by the Trustee provide the Trustee with offered quotations for deposits in
     U.S. dollars for a period of one month,

                                       -3-
<Page>

     commencing on the first day of such Series 2003-1 Interest Period, to prime
     banks in the London interbank market at approximately 11:00 a.m., London
     time, on such LIBOR Determination Date and in a principal amount equal to
     an amount of not less than $250,000 that is representative of a single
     transaction in such market at such time. If at least two such quotations
     are provided, "LIBOR" for such Series 2003-1 Interest Period will be the
     arithmetic mean of such quotations; or

          (iii) If fewer than two such quotations are provided, "LIBOR" for such
     Series 2003-1 Interest Period will be the arithmetic mean of rates quoted
     by three major banks in the City of New York selected by the Trustee at
     approximately 11:00 a.m., New York City time, on such LIBOR Determination
     Date for loans in U.S. dollars to leading European banks, for a period of
     one month, commencing on the first day of such Series 2003-1 Interest
     Period, and in a principal amount equal to an amount of not less than
     $250,000 that is representative of a single transaction in such market at
     such time; PROVIDED, HOWEVER, that if the banks selected as aforesaid by
     such Trustee are not quoting rates as mentioned in this sentence, "LIBOR"
     for such Series 2003-1 Interest Period will be the same as "LIBOR" for the
     immediately preceding Series 2003-1 Interest Period.

          "LOC PRO RATA SHARE" means, with respect to any Series 2003-1 Letter
of Credit Provider as of any date, the fraction (expressed as a percentage)
obtained by dividing (A) the available amount under such Series 2003-1 Letter of
Credit Provider's Series 2003-1 Letter of Credit as of such date by (B) an
amount equal to the aggregate available amount under all Series 2003-1 Letters
of Credit as of such date; PROVIDED that only for purposes of calculating the
LOC Pro Rata Share with respect to any Series 2003-1 Letter of Credit Provider
as of any date, if such Series 2003-1 Letter of Credit Provider has not complied
with its obligation to pay the Trustee the amount of any draw under its Series
2003-1 Letter of Credit made prior to such date, the available amount under such
Series 2003-1 Letter of Credit Provider's Series 2003-1 Letter of Credit as of
such date shall be treated as reduced (for calculation purposes only) by the
amount of such unpaid demand and shall not be reinstated for purposes of such
calculation unless and until the date as of which such Series 2003-1 Letter of
Credit Provider has paid such amount to the Trustee and been reimbursed by the
Lessee or the applicable Demand Note Issuer, as the case may be, for such amount
(PROVIDED that the foregoing calculation shall not in any manner reduce the
undersigned's actual liability in respect of any failure to pay any demand under
its Series 2003-1 Letter of Credit).

          "LIBOR DETERMINATION DATE" means, with respect to any Series 2003-1
Interest Period, the second London Banking Day preceding the first day of such
Series 2003-1 Interest Period.

          "LONDON BANKING DAY" means any business day on which dealings in
deposits in United States dollars are transacted in the London interbank market.

          "MONTHLY TOTAL PRINCIPAL ALLOCATION" means for any Related Month the
sum of all Series 2003-1 Principal Allocations with respect to such Related
Month.

          "MOODY'S" means Moody's Investors Service.

                                       -4-
<Page>

          "OPTIONAL TERMINATION DATE" is defined in Section 2.4(b).

          "OPTIONAL TERMINATION NOTICE" is defined in Section 2.4(b).

          "OUTSTANDING" means, with respect to the Series 2003-1 Notes, the
Series 2003-1 Invested Amount shall not have been reduced to zero and all
accrued interest and other amounts owing on the Series 2003-1 Notes and to the
Purchaser hereunder shall not have been paid in full.

          "PAST DUE RENT PAYMENT" is defined in Section 3.2(f).

          "PREFERENCE AMOUNT" means any amount previously distributed to the
Purchaser on or relating to a Series 2003-1 Note that is recoverable or that has
been recovered as a voidable preference by the trustee in a bankruptcy
proceeding of a Demand Note Issuer pursuant to the United State Bankruptcy Code
(11 U.S.C.), as amended from time to time, in accordance with a final
nonappealable order of a court having competent jurisdiction.

          "PRE-PREFERENCE PERIOD DEMAND NOTE PAYMENTS" means, as of any date of
determination, the aggregate amount of all proceeds of demands made on the
Series 2003-1 Demand Notes included in the Series 2003-1 Demand Note Payment
Amount as of the Series 2003-1 Letter of Credit Termination Date that were paid
by the Demand Note Issuers more than one year before such date of determination;
PROVIDED, HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event
described in clause (a) of the definition thereof, without the lapse of a period
of 60 consecutive days) with respect to a Demand Note Issuer occurs during such
one-year period, (x) the Pre-Preference Period Demand Note Payments as of any
date during the period from and including the date of the occurrence of such
Event of Bankruptcy to and including the conclusion or dismissal of the
proceedings giving rise to such Event of Bankruptcy without continuing
jurisdiction by the court in such proceedings shall equal the Pre-Preference
Period Demand Note Payments as of the date of such occurrence and (y) the
Pre-Preference Period Demand Note Payments as of any date after the conclusion
or dismissal of such proceedings shall equal the Series 2003-1 Demand Note
Payment Amount as of the date of the conclusion or dismissal of such
proceedings.

          "PRINCIPAL DEFICIT AMOUNT" means, on any date of determination, the
excess, if any, of (i) the Series 2003-1 Invested Amount on such date (after
giving effect to the distribution of the Monthly Total Principal Allocation for
the Related Month if such date is a Distribution Date) over (ii) the Series
2003-1 AESOP I Operating Lease Loan Agreement Borrowing Base on such date.

          "PURCHASER" is defined in the recitals hereto.

          "RECORD DATE" means, with respect to each Distribution Date, the
immediately preceding Business Day.

          "SCHEDULED EXPIRY DATE" shall mean the later of (a) January 28, 2006
and (b) the last day of any extension thereof made in accordance with Section
2.5(b).

                                       -5-
<Page>

          "SERIES 1998-1 NOTES" means the Series of Notes designated as the
Series 1998-1 Notes.

          "SERIES 2000-1 NOTES" means the Series of Notes designated as the
Series 2000-1 Notes.

          "SERIES 2000-2 NOTES" means the Series of Notes designated as the
Series 2000-2 Notes.

          "SERIES 2000-3 NOTES" means the Series of Notes designated as the
Series 2000-3 Notes.

          "SERIES 2000-4 NOTES" means the Series of Notes designated as the
Series 2000-4 Notes.

          "SERIES 2001-1 NOTES" means the Series of Notes designated as the
Series 2001-1 Notes.

          "SERIES 2001-2 NOTES" means the Series of Notes designated as the
Series 2001-2 Notes.

          "SERIES 2002-1 NOTES" means the Series of Notes designated as the
Series 2002-1 Notes.

          "SERIES 2002-2 NOTES" means the Series of Notes designated as the
Series 2002-2 Notes.

          "SERIES 2002-3 NOTES" means the Series of Notes designated as the
Series 2002-3 Notes.

          "SERIES 2002-4 NOTES" means the Series of Notes designated as the
Series 2002-4 Notes.

          "SERIES 2003-1 ACCRUED INTEREST ACCOUNT" is defined in Section 3.1(b).

          "SERIES 2003-1 AESOP I OPERATING LEASE LOAN AGREEMENT BORROWING BASE"
means, as of any date of determination, the product of (a) the Series 2003-1
AESOP I Operating Lease Vehicle Percentage as of such date and (b) the AESOP I
Operating Lease Loan Agreement Borrowing Base as of such date.

          "SERIES 2003-1 AESOP I OPERATING LEASE VEHICLE PERCENTAGE" means, as
of any date of determination, a fraction, expressed as a percentage (which
percentage shall never exceed 100%), the numerator of which is the Series 2003-1
Required AESOP I Operating Lease Vehicle Amount as of such date and the
denominator of which is the sum of the Required AESOP I Operating Lease Vehicle
Amounts for all Series of Notes as of such date.

          "SERIES 2003-1 AGENT" is defined in the recitals hereto.

                                       -6-
<Page>

          "SERIES 2003-1 AMORTIZATION PERIOD" means the period beginning at the
earliest to occur of (a) the close of business on the Business Day immediately
preceding the date on which the Expiry Date shall have occurred, (b) the close
of business on the Optional Termination Date and (c) the close of business on
the Business Day immediately preceding the day on which an Amortization Event is
deemed to have occurred or been declared with respect to the Series 2003-1 Notes
and ending upon the earlier to occur of (i) the date on which the Series 2003-1
Notes are fully paid and (ii) the termination of the Indenture.

          "SERIES 2003-1 AVAILABLE CASH COLLATERAL ACCOUNT AMOUNT" means, as of
any date of determination, the amount on deposit in the Series 2003-1 Cash
Collateral Account (after giving effect to any deposits thereto and withdrawals
and releases therefrom on such date).

          "SERIES-2003-1 AVAILABLE RESERVE ACCOUNT AMOUNT" means, as of any date
of determination, the amount on deposit in the Series 2003-1 Reserve Account
(after giving effect to any deposits thereto and withdrawals and releases
therefrom on such date).

          "SERIES 2003-1 CASH COLLATERAL ACCOUNT" is defined in Section 3.8(e).

          "SERIES 2003-1 CASH COLLATERAL ACCOUNT COLLATERAL" is defined in
Section 3.8(a).

          "SERIES 2003-1 CASH COLLATERAL ACCOUNT SURPLUS" means, with respect to
any Distribution Date, the lesser of (a) the Series 2003-1 Available Cash
Collateral Account Amount and (b) the lesser of (A) the excess, if any, of the
Series 2003-1 Liquidity Amount (after giving effect to any withdrawal from the
Series 2003-1 Reserve Account on such Distribution Date) over the Series 2003-1
Required Liquidity Amount on such Distribution Date and (B) the excess, if any,
of the Series 2003-1 Enhancement Amount (after giving effect to any withdrawal
from the Series 2003-1 Reserve Account on such Distribution Date) over the
Series 2003-1 Required Enhancement Amount on such Distribution Date; PROVIDED,
HOWEVER, that, on any date after the Series 2003-1 Letter of Credit Termination
Date, the Series 2003-1 Cash Collateral Account Surplus shall mean the excess,
if any, of (x) the Series 2003-1 Available Cash Collateral Account Amount over
(y) the Series 2003-1 Demand Note Payment Amount MINUS the Pre-Preference Period
Demand Note Payments as of such date.

          "SERIES 2003-1 CASH COLLATERAL PERCENTAGE" means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Series 2003-1 Available Cash Collateral Amount as of such date and the
denominator of which is the Series 2003-1 Letter of Credit Liquidity Amount as
of such date.

          "SERIES 2003-1 CLOSING DATE" is defined in Section 2.1(a).

          "SERIES 2003-1 COLLATERAL" means the Collateral, each Series 2003-1
Letter of Credit, each Series 2003-1 Demand Note, the Series 2003-1 Distribution
Account Collateral, the Series 2003-1 Cash Collateral Account Collateral and the
Series 2003-1 Reserve Account Collateral.

          "SERIES 2003-1 COLLECTION ACCOUNT" is defined in Section 3.1(b).

                                       -7-
<Page>

          "SERIES 2003-1 DEMAND NOTE" means each demand note made by a Demand
Note Issuer, substantially in the form of EXHIBIT C to this Supplement, as
amended, modified or restated from time to time.

          "SERIES 2003-1 DEMAND NOTE PAYMENT AMOUNT" means, as of the Series
2003-1 Letter of Credit Termination Date, the aggregate amount of all proceeds
of demands made on the Series 2003-1 Demand Notes pursuant to Section
3.5(c)(iii) or 3.5(d)(ii) that were deposited into the Series 2003-1
Distribution Account and paid to the Series 2003-1 Noteholders during the
one-year period ending on the Series 2003-1 Letter of Credit Termination Date;
PROVIDED, HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event
described in clause (a) of the definition thereof, without the lapse of a period
of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred
during such one-year period, the Series 2003-1 Demand Note Payment Amount as of
the Series 2003-1 Letter of Credit Termination Date shall equal the Series
2003-1 Demand Note Payment Amount as if it were calculated as of the date of
such occurrence.

          "SERIES 2003-1 DEPOSIT DATE" is defined in Section 3.2.

          "SERIES 2003-1 DISTRIBUTION ACCOUNT" is defined in Section 3.9(a).

          "SERIES 2003-1 DISTRIBUTION ACCOUNT COLLATERAL" is defined in Section
3.9(d).

          "SERIES 2003-1 ELIGIBLE LETTER OF CREDIT PROVIDER" means a person
satisfactory to ARAC and the Demand Note Issuers and having, at the time of the
issuance of the related Series 2003-1 Letter of Credit, a long-term senior
unsecured debt rating of at least "A" from S&P and a short-term senior unsecured
debt rating of at least "A-1" from S&P and a long-term senior unsecured debt
rating of at least "A2" from Moody's and a short-term senior unsecured debt
rating of "P-1" from Moody's that is a commercial bank having total assets in
excess of $500,000,000.

          "SERIES 2003-1 ENHANCEMENT" means the Series 2003-1 Cash Collateral
Account Collateral, the Series 2003-1 Letters of Credit, the Series 2003-1
Demand Notes, the Series 2003-1 Overcollateralization Amount and the Series
2003-1 Reserve Account Amount.

          "SERIES 2003-1 ENHANCEMENT AMOUNT" means, as of any date of
determination, the sum of (i) the Series 2003-1 Overcollateralization Amount as
of such date, (ii) the Series 2003-1 Letter of Credit Amount as of such date,
(iii) the Series 2003-1 Available Reserve Account Amount as of such date and
(iv) the amount of cash and Permitted Investments on deposit in the Series
2003-1 Collection Account (not including amounts allocable to the Series 2003-1
Accrued Interest Account) and the Series 2003-1 Excess Collection Account as of
such date.

          "SERIES 2003-1 ENHANCEMENT DEFICIENCY" means, on any date of
determination, the amount by which the Series 2003-1 Enhancement Amount is less
than the Series 2003-1 Required Enhancement Amount as of such date.

          "SERIES 2003-1 EXCESS COLLECTION ACCOUNT" is defined in Section
3.1(b).

                                       -8-
<Page>

          "SERIES 2003-1 EXPECTED FINAL DISTRIBUTION DATE" means the
Distribution Date falling in the seventh calendar month after the calendar month
in which the Series 2003-1 Revolving Period ends.

          "SERIES 2003-1 INITIAL INVESTED AMOUNT" is defined in Section 2.3(a).

          "SERIES 2003-1 INTEREST PERIOD" means a period commencing on and
including a Distribution Date and ending on and including the day preceding the
next succeeding Distribution Date; PROVIDED, HOWEVER, that the initial Series
2003-1 Interest Period shall commence on and include the Series 2003-1 Closing
Date and end on and include February 20, 2003.

          "SERIES 2003-1 INVESTED AMOUNT" means, on any date of determination,
(a) when used with respect to the Series 2003-1 Closing Date, the Series 2003-1
Initial Invested Amount and (b) when used with respect to any other date, an
amount equal to (i) the Series 2003-1 Invested Amount on the immediately
preceding Business Day PLUS (ii) the Increase Amount on such date MINUS (iii)
the amount of principal payments made to the Purchaser pursuant to Section
3.5(e) on such date PLUS (iv) the amount of principal payments recovered from
the Purchaser by a trustee as a preference payment in a bankruptcy proceeding of
a Demand Note Issuer or otherwise.

          "SERIES 2003-1 INVESTED PERCENTAGE" means as of any date of
determination:

          (a)   when used with respect to Principal Collections, the percentage
     equivalent (which percentage shall never exceed 100%) of a fraction the
     numerator of which shall be equal to the sum of the Series 2003-1 Invested
     Amount and the Series 2003-1 Overcollateralization Amount, determined
     during the Series 2003-1 Revolving Period as of the end of the immediately
     preceding Business Day, or, during the Series 2003-1 Amortization Period,
     as of the end of the Series 2003-1 Revolving Period, and the denominator of
     which shall be the greater as of the end of the immediately preceding
     Business Day of (I) the Aggregate Asset Amount and (II) the sum of the
     numerators used to determine (i) invested percentages for allocations with
     respect to Principal Collections (for all Series of Notes and all classes
     of such Series of Notes) and (ii) overcollateralization percentages for
     allocations with respect to Principal Collections (for all Series of Notes
     that provide for credit enhancement in the form of overcollateralization);
     and

          (b)   when used with respect to Interest Collections, the percentage
     equivalent (which percentage shall never exceed 100%) of a fraction the
     numerator of which shall be the Accrued Amounts with respect to the Series
     2003-1 Notes on such date of determination, and the denominator of which
     shall be the aggregate Accrued Amounts with respect to all Series of Notes
     on such date of determination.

          "SERIES 2003-1 LEASE INTEREST PAYMENT DEFICIT" means on any
Distribution Date an amount equal to the excess, if any, of (a) the aggregate
amount of Interest Collections which pursuant to Section 3.2(a), (b) or (c)
would have been allocated to the Series 2003-1 Accrued Interest Account if all
payments of Monthly Base Rent required to have been made under the Leases from
and excluding the preceding Distribution Date to and including such Distribution
Date were made in full over (b) the aggregate amount of Interest Collections
which pursuant to

                                       -9-
<Page>

Section 3.2(a), (b) or (c) have been allocated to the Series 2003-1 Accrued
Interest Account (excluding any amounts paid into the Series 2003-1 Accrued
Interest Account pursuant to the proviso in Sections 3.2(b)(ii) and 3.2(c)(ii))
from and excluding the preceding Distribution Date to and including such
Distribution Date.

          "SERIES 2003-1 LEASE PAYMENT DEFICIT" means either a Series 2003-1
Lease Interest Payment Deficit or a Series 2003-1 Lease Principal Payment
Deficit.

          "SERIES 2003-1 LEASE PRINCIPAL PAYMENT CARRYOVER DEFICIT" means (a)
for the initial Distribution Date, zero and (b) for any other Distribution Date,
the excess of (x) the Series 2003-1 Lease Principal Payment Deficit, if any, on
the preceding Distribution Date OVER (y) the amount deposited in the
Distribution Account on such preceding Distribution Date pursuant to Section
3.5(c) of this Supplement on account of such Series 2003-1 Lease Principal
Payment Deficit.

          "SERIES 2003-1 LEASE PRINCIPAL PAYMENT DEFICIT" means on any
Distribution Date the sum of (a) the Series 2003-1 Monthly Lease Principal
Payment Deficit for such Distribution Date and (b) the Series 2003-1 Lease
Principal Payment Carryover Deficit for such Distribution Date.

          "SERIES 2003-1 LETTER OF CREDIT" means an irrevocable letter of
credit, if any, substantially in the form of EXHIBIT D to this Supplement issued
by a Series 2003-1 Eligible Letter of Credit Provider in favor of the Trustee
for the benefit of the Series 2003-1 Noteholders.

          "SERIES 2003-1 LETTER OF CREDIT AMOUNT" means, as of any date of
determination, the aggregate outstanding principal amount of the Series 2003-1
Demand Notes on such date.

          "SERIES 2003-1 LETTER OF CREDIT EXPIRATION DATE" means, with respect
to any Series 2003-1 Letter of Credit, the expiration date set forth in such
Series 2003-1 Letter of Credit, as such date may be extended in accordance with
the terms of such Series 2003-1 Letter of Credit.

          "SERIES 2003-1 LETTER OF CREDIT LIQUIDITY AMOUNT" means, as of any
date of determination, the sum of (a) the aggregate amount available to be drawn
on such date under each Series 2003-1 Letter of Credit, as specified therein,
and (b) if the Series 2003-1 Cash Collateral Account has been established and
funded pursuant to Section 3.8 of this Supplement, the Series 2003-1 Available
Cash Collateral Account Amount on such date.

          "SERIES 2003-1 LETTER OF CREDIT PROVIDER" means the issuer of a Series
2003-1 Letter of Credit.

          "SERIES 2003-1 LETTER OF CREDIT TERMINATION DATE" means the first to
occur of (a) the date on which the Series 2003-1 Notes are fully paid and (b)
the Series 2003-1 Termination Date.

          "SERIES 2003-1 LIMITED LIQUIDATION EVENT OF DEFAULT" means, so long as
such event or condition continues, any event or condition of the type specified
in clauses (a) through (h) of Article IV; PROVIDED, HOWEVER, that any event or
condition of the type specified in clauses

                                      -10-
<Page>

(a) through (h) of Article IV shall not constitute a Series 2003-1 Limited
Liquidation Event of Default if (i) within such thirty (30) day period, such
Amortization Event shall have been cured or (ii) the Trustee shall have received
the written consent of each of the Series 2003-1 Noteholders waiving the
occurrence of such Series 2003-1 Limited Liquidation Event of Default.

          "SERIES 2003-1 LIQUIDITY AMOUNT" means, as of any date of
determination, the sum of (a) the Series 2003-1 Letter of Credit Liquidity
Amount on such date and (b) the Series 2003-1 Available Reserve Account Amount
on such date.

          "SERIES 2003-1 MAXIMUM AGGREGATE KIA/ISUZU/SUBARU/HYUNDAI/SUZUKI
AMOUNT" means, as of any day, with respect to Kia, Isuzu, Subaru, Hyundai and
Suzuki, in the aggregate, an amount equal to 15% of the aggregate Net Book Value
of all Vehicles leased under the Leases on such day.

          "SERIES 2003-1 MAXIMUM AMOUNT" means any of the Series 2003-1 Maximum
Manufacturer Amounts, the Series 2003-1 Maximum Non-Eligible Manufacturer
Amount, the Series 2003-1 Maximum Non-Program Vehicle Amount or the Series
2003-1 Maximum Specified States Amount.

          "SERIES 2003-1 MAXIMUM INDIVIDUAL KIA/ISUZU/SUBARU/HYUNDAI/SUZUKI
AMOUNT" means, as of any day, with respect to Kia, Isuzu, Subaru, Hyundai or
Suzuki, individually, an amount equal to 5% of the aggregate Net Book Value of
all Vehicles leased under the Leases on such day.

          "SERIES 2003-1 MAXIMUM INVESTED AMOUNT" means, on any date of
determination, $500,000,000, as such amount may be increased or reduced from
time to time as provided in Section 2.5.

          "SERIES 2003-1 MAXIMUM MANUFACTURER AMOUNT" means, as of any day, any
of the Series 2003-1 Maximum Mitsubishi Amount, the Series 2003-1 Maximum Nissan
Amount, the Series 2003-1 Maximum Individual Kia/Isuzu/Subaru/Hyundai/Suzuki
Amount or the Series 2003-1 Maximum Aggregate Kia/Isuzu/Subaru/Hyundai/Suzuki
Amount.

          "SERIES 2003-1 MAXIMUM MITSUBISHI AMOUNT" means, as of any day, an
amount equal to 5% of the aggregate Net Book Value of all Vehicles leased under
the Leases on such day.

          "SERIES 2003-1 MAXIMUM NISSAN AMOUNT" means, as of any day, an amount
equal to 5% of the aggregate Net Book Value of all Vehicles leased under the
Leases on such day.

          "SERIES 2003-1 MAXIMUM NON-ELIGIBLE MANUFACTURER AMOUNT" means, as of
any day, an amount equal to 3% of the aggregate Net Book Value of all Vehicles
leased under the Leases on such day.

          "SERIES 2003-1 MAXIMUM NON-PROGRAM VEHICLE AMOUNT" means, as of any
day, an amount equal to 25% of the aggregate Net Book Value of all Vehicles
leased under the Leases on such day.

                                      -11-
<Page>

          "SERIES 2003-1 MAXIMUM SPECIFIED STATES AMOUNT" means, as of any day,
an amount equal to 7.5% of the aggregate Net Book Value of all Vehicles leased
under the Leases on such day.

          "SERIES 2003-1 MONTHLY INTEREST" means, with respect to any Series
2003-1 Interest Period, an amount equal to the sum for each day in such Series
2003-1 Interest Period of (1) the product of (a) the Series 2003-1 Invested
Amount on such day and (b) the Series 2003-1 Note Rate for such Series 2003-1
Interest Period, divided by (2) 360.

          "SERIES 2003-1 MONTHLY LEASE PRINCIPAL PAYMENT DEFICIT" means on any
Distribution Date an amount equal to the excess, if any, of (a) the aggregate
amount of Principal Collections which pursuant to Section 3.2(a), (b) or (c)
would have been allocated to the Series 2003-1 Collection Account if all
payments required to have been made under the Leases from and excluding the
preceding Distribution Date to and including such Distribution Date were made in
full over (b) the aggregate amount of Principal Collections which pursuant to
Section 3.2(a), (b) or (c) have been allocated to the Series 2003-1 Collection
Account (without giving effect to any amounts paid into the Series 2003-1
Accrued Interest Account pursuant to the proviso in Sections 3.2(b)(ii) and/or
3.2(c)(ii)) from and excluding the preceding Distribution Date to and including
such Distribution Date.

          "SERIES 2003-1 NON-PROGRAM VEHICLE PERCENTAGE" means, as of any date
of determination, a fraction, expressed as a percentage, the numerator of which
is the aggregate Net Book Value of all Non-Program Vehicles leased under the
AESOP I Operating Lease on such date and the denominator of which is the
aggregate Net Book Value of all Vehicles leased under the AESOP I Operating
Lease.

          "SERIES 2003-1 NOTE" means any one of the Series 2003-1 Variable
Funding Rental Car Asset Backed Notes, executed by AFC-II authenticated and
delivered by or on behalf of the Trustee, substantially in the form of EXHIBIT
A.

          "SERIES 2003-1 NOTE RATE" means, for (i) the initial Series 2003-1
Interest Period, 2.84875% per annum and (ii) any other Series 2003-1 Interest
Period, the sum of LIBOR for such Series 2003-1 Interest Period PLUS 1.50%.

          "SERIES 2003-1 NOTEHOLDER" means a Person in whose name a Series
2003-1 Note is registered in the Note Register.

          "SERIES 2003-1 OVERCOLLATERALIZATION AMOUNT" means (i) as of any date
on which no AESOP I Operating Lease Vehicle Deficiency exists, the Series 2003-1
Required Overcollateralization Amount as of such date and (ii) as of any date on
which an AESOP I Operating Lease Vehicle Deficiency exists, the excess, if any,
of (x) the Series 2003-1 AESOP I Operating Lease Loan Agreement Borrowing Base
as of such date over (y) the Series 2003-1 Invested Amount as of such date.

          "SERIES 2003-1 PAST DUE RENT PAYMENT" is defined in Section 3.2(f).

                                      -12-
<Page>

          "SERIES 2003-1 PERCENTAGE" means, as of any date of determination, a
fraction, expressed as a percentage, the numerator of which is the Series 2003-1
Invested Amount as of such date and the denominator of which is the Aggregate
Invested Amount as of such date.

          "SERIES 2003-1 PRINCIPAL ALLOCATION" is defined in Section 3.2(a)(ii).

          "SERIES 2003-1 PROGRAM VEHICLE PERCENTAGE" means, as of any date of
determination, 100% minus the Series 2003-1 Non-Program Vehicle Percentage.

          "SERIES 2003-1 REIMBURSEMENT AGREEMENT" means any and each agreement
providing for the reimbursement of a Series 2003-1 Letter of Credit Provider for
draws under its Series 2003-1 Letter of Credit as the same may be amended,
supplemented, restated or otherwise modified from time to time.

          "SERIES 2003-1 REQUIRED AESOP I OPERATING LEASE VEHICLE AMOUNT" means,
as of any date of determination, the sum of the Series 2003-1 Required
Overcollateralization Amount and the Series 2003-1 Invested Amount as of such
date.

          "SERIES 2003-1 REQUIRED ENHANCEMENT AMOUNT" means, as of any date of
determination, the sum of (i) the product of the Series 2003-1 Required
Enhancement Percentage as of such date and the Series 2003-1 Invested Amount as
of such date, (ii) the Series 2003-1 Percentage of the excess, if any, of the
Non-Program Vehicle Amount as of such date over the Series 2003-1 Maximum
Non-Program Vehicle Amount as of such date, (iii) the Series 2003-1 Percentage
of the excess, if any, of the aggregate Net Book Value of all Vehicles
manufactured by Mitsubishi and leased under the Leases as of such date over the
Series 2003-1 Maximum Mitsubishi Amount as of such date, (iv) the Series 2003-1
Percentage of the excess, if any, of the aggregate Net Book Value of all
Vehicles manufactured by Kia, Isuzu, Subaru, Hyundai or Suzuki, individually,
and leased under the Leases as of such date over the Series 2003-1 Maximum
Individual Kia/Isuzu/Subaru/ Hyundai/Suzuki Amount as of such date, (v) the
Series 2003-1 Percentage of the excess, if any, of the aggregate Net Book Value
of all Vehicles manufactured by Kia, Isuzu, Subaru, Hyundai or Suzuki, in the
aggregate, and leased under the Leases as of such date over the Series 2003-1
Maximum Aggregate Kia/Isuzu/Subaru/Hyundai/Suzuki Amount as of such date, (vi)
the Series 2003-1 Percentage of the excess, if any, of the Specified States
Amount as of such date over the Series 2003-1 Maximum Specified States Amount as
of such date and (vii) the Series 2003-1 Percentage of the excess, if any, of
the Non-Eligible Manufacturer Amount as of such date over the Series 2003-1
Maximum Non-Eligible Manufacturer Amount as of such date.

          "SERIES 2003-1 REQUIRED ENHANCEMENT PERCENTAGE" means, as of any date
of determination, the sum of (i) the product of (A) 15.0% times (B) the Series
2003-1 Program Vehicle Percentage as of the immediately preceding Business Day
and (ii) the product of (A) the Series 2003-1 Required Non-Program Enhancement
Percentage as of such date times (B) the Series 2003-1 Non-Program Vehicle
Percentage as of the immediately preceding Business Day.

          "SERIES 2003-1 REQUIRED LIQUIDITY AMOUNT" means, with respect to any
Distribution Date, an amount equal to 0.50% of the Series 2003-1 Invested Amount
on such

                                      -13-
<Page>

Distribution Date (after giving effect to any payments of principal to be made
on the Series 2003-1 Notes on such Distribution Date).

          "SERIES 2003-1 REQUIRED NON-PROGRAM ENHANCEMENT PERCENTAGE" means, as
of any date of determination, the greater of (a) 19.5% and (b) the sum of (i)
19.5% and (ii) the highest, for any calendar month within the preceding twelve
calendar months, of the greater of (x) an amount (not less than zero) equal to
100% minus the Measurement Month Average for the immediately preceding
Measurement Month and (y) an amount (not less than zero) equal to 100% minus the
Market Value Average as of the Determination Date within such calendar month
(excluding the Market Value Average for any Determination Date which has not yet
occurred).

          "SERIES 2003-1 REQUIRED OVERCOLLATERALIZATION AMOUNT" means, as of any
date of determination, the excess, if any, of the Series 2003-1 Required
Enhancement Amount over the sum of (i) the Series 2003-1 Letter of Credit Amount
as of such date, (ii) the Series 2003-1 Available Reserve Account Amount on such
date and (iii) the amount of cash and Permitted Investments on deposit in the
Series 2003-1 Collection Account (not including amounts allocable to the Series
2003-1 Accrued Interest Account) and the Series 2003-1 Excess Collection Account
on such date.

          "SERIES 2003-1 REQUIRED RESERVE ACCOUNT AMOUNT" means, with respect to
any Distribution Date, an amount equal to the sum of (A) the excess, if any, of
the Series 2003-1 Required Liquidity Amount on such Distribution Date over the
Series 2003-1 Letter of Credit Liquidity Amount on such Distribution Date (after
giving effect to any payments of principal to be made on the Series 2003-1 Notes
on such Distribution Date) and (B) the excess, if any, of the Series 2003-1
Required Enhancement Amount over the Series 2003-1 Enhancement Amount (excluding
therefrom the Series 2003-1 Available Reserve Account Amount and calculated
after giving effect to any payments of principal to be made on the Series 2003-1
Notes) on such Distribution Date

          "SERIES 2003-1 RESERVE ACCOUNT" is defined in Section 3.7(a).

          "SERIES 2003-1 RESERVE ACCOUNT COLLATERAL" is defined in Section
3.7(d).

          "SERIES 2003-1 RESERVE ACCOUNT SURPLUS" means, with respect to any
Distribution Date, the excess, if any, of the Series 2003-1 Available Reserve
Account Amount over the Series 2003-1 Required Reserve Account Amount on such
Distribution Date.

          "SERIES 2003-1 REVOLVING PERIOD" means the period from and including,
the Series 2003-1 Closing Date to the commencement of the Series 2003-1
Amortization Period.

          "SERIES 2003-1 SHORTFALL" is defined in Section 3.3(f).

          "SERIES 2003-1 TERMINATION DATE" means the Distribution Date falling
in the nineteenth calendar month after the calendar month in which the Series
2003-1 Revolving Period ends.

                                      -14-
<Page>

          "SERIES 2003-1 UNPAID DEMAND AMOUNT" means, with respect to any single
draw pursuant to Section 3.5(c) or (d) on the Series 2003-1 Letters of Credit,
the aggregate amount drawn by the Trustee on all Series 2003-1 Letters of
Credit.

          "STANDARD & POOR'S" means Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc.

          "SUPPLEMENT" is defined in the recitals hereto.

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

          "TERMINATION DATE DISBURSEMENT" means an amount drawn under a Series
2003-1 Letter of Credit pursuant to a Certificate of Termination Date Demand.

          "TERMINATION DISBURSEMENT" means an amount drawn under a Series 2003-1
Letter of Credit pursuant to a Certificate of Termination Demand.

          "TRUSTEE" is defined in the recitals hereto.

          "UNPAID DEMAND NOTE DISBURSEMENT" means an amount drawn under a Series
2003-1 Letter of Credit pursuant to a Certificate of Unpaid Demand Note Demand.

          "VOTING STOCK" of any Person means the common stock or membership
interests of such Person and any other security of, or ownership interest in,
such Person having ordinary voting power to elect a majority of the board of
directors or a majority of the managers (or other Persons serving similar
functions) of such Person.

                                   ARTICLE II

                    PURCHASE AND SALE OF SERIES 2003-1 NOTES;
            INCREASES AND DECREASES OF SERIES 2003-1 INVESTED AMOUNT

          Section 2.1. PURCHASE OF THE SERIES 2003-1 NOTES. (a) INITIAL
PURCHASE. Subject to the terms and conditions of this Supplement, including
delivery of notice in accordance with Section 2.3, (i) the Purchaser may, in its
sole discretion, purchase a Series 2003-1 Note in an amount equal to all or a
portion of the Series 2003-1 Initial Invested Amount on any Business Day during
the period from the Effective Date (the "SERIES 2003-1 CLOSING DATE") to and
including the Expiry Date and the Purchaser may maintain its Series 2003-1 Note,
subject to increase or decrease during the period from the Series 2003-1 Closing
Date to and including the Expiry Date in accordance with the provisions of this
Supplement. Payments by the Purchaser shall be made in immediately available
funds on the Series 2003-1 Closing Date to the Trustee for deposit into the
Series 2003-1 Collection Account.

          (b)   SERIES 2003-1 MAXIMUM INVESTED AMOUNT. Notwithstanding anything
to the contrary contained in this Supplement, at no time shall the Series 2003-1
Invested Amount exceed the Series 2003-1 Maximum Invested Amount at such time.

                                      -15-
<Page>

          (c)   FORM OF SERIES 2003-1 NOTES. The Series 2003-1 Notes shall be
issued in fully registered form without interest coupons, substantially in the
form set forth in EXHIBIT A hereto.

          Section 2.2. DELIVERY. (a) On the Series 2003-1 Closing Date, AFC-II
shall sign and shall direct the Trustee in writing pursuant to Section 2.2 of
the Base Indenture to duly authenticate, and the Trustee, upon receiving such
direction, shall so authenticate a Series 2003-1 Note in the name of the
Purchaser in an amount equal to the Series 2003-1 Maximum Invested Amount and
deliver such Series 2003-1 Note to the Purchaser in accordance with such written
directions.

          (b)   The Purchaser shall maintain a record of the Series 2003-1
Invested Amount outstanding on any date of determination, which, absent manifest
error, shall constitute PRIMA FACIE evidence of the outstanding Series 2003-1
Invested Amount from time to time.

          Section 2.3. PROCEDURE FOR INITIAL ISSUANCE AND FOR INCREASING THE
SERIES 2003-1 INVESTED AMOUNT. (a) Subject to Section 2.3(c), (i) on the Series
2003-1 Closing Date, the Purchaser may agree to purchase and (ii) on any
Business Day during the period from the Effective Date to and including the
Expiry Date the Purchaser may agree, in its sole discretion, that the Series
2003-1 Invested Amount may be increased by an amount equal to the Increase
Amount (an "INCREASE"), upon the request of AFC-II (each date on which an
increase in the Series 2003-1 Invested Amount occurs hereunder being herein
referred to as the "INCREASE DATE" applicable to such Increase); PROVIDED,
HOWEVER, that AFC-II shall have given the Purchaser (with a copy to the Trustee)
irrevocable written notice (effective upon receipt), by telecopy (receipt
confirmed), substantially in the form of EXHIBIT B hereto, of such request no
later than 3:00 p.m. (New York City time) on the Business Day prior to the
Series 2003-1 Closing Date or such Increase Date, as the case may be. Such
notice shall state (x) the Series 2003-1 Closing Date or the Increase Date, as
the case may be, and (y) the initial invested amount (the "SERIES 2003-1 INITIAL
INVESTED AMOUNT") or the proposed amount of the increase in the Series 2003-1
Invested Amount (an "INCREASE AMOUNT"), as the case may be.

          (b)   The Purchaser shall in no event be required to make the initial
purchase of a Series 2003-1 Note on the Series 2003-1 Closing Date or to
increase the Series 2003-1 Invested Amount on any Increase Date hereunder
unless:

          (i)   such Increase Amount is equal to (A) $1,000,000 or an integral
     multiple of $100,000 in excess thereof or (B) if less, the excess of the
     Series 2003-1 Maximum Invested Amount over the Series 2003-1 Invested
     Amount;

          (ii)  after giving effect to the Series 2003-1 Initial Invested Amount
     or such Increase Amount, the Series 2003-1 Invested Amount would not exceed
     the Series 2003-1 Maximum Invested Amount;

          (iii) after giving effect to the Series 2003-1 Initial Invested Amount
     or such Increase Amount, no AESOP I Operating Lease Vehicle Deficiency
     would occur and be continuing;

                                      -16-
<Page>

          (iv)  no Amortization Event with respect to the Series 2003-1 Notes or
     Potential Amortization Event with respect to the Series 2003-1 Notes would
     occur and be continuing prior to or after giving effect to such Series
     2003-1 Initial Invested Amount or such Increase;

          (v)   all of the representations and warranties made by each of
     AFC-II, the Lessees, the Lessors and the Administrator in the Base
     Indenture, this Supplement and the Related Documents to which each is a
     party are true and correct in all material respects on and as of the Series
     2003-1 Closing Date or such Increase Date, as the case may be, as if made
     on and as of such date (except to the extent such representations and
     warranties are expressly made as of another date); and

          (vi)  all conditions precedent to the making of any Loan under the
     applicable Loan Agreements would be satisfied.

AFC-II's acceptance of funds in connection with (x) the initial purchase of
Series 2003-1 Notes on the Series 2003-1 Closing Date and (y) each Increase
occurring on any Increase Date shall constitute a representation and warranty by
AFC-II to the Purchaser as of the Series 2003-1 Closing Date or such Increase
Date (except to the extent such representations and warranties are expressly
made as of another date), as the case may be, that all of the conditions
contained in this Section 2.3(b) have been satisfied.

          (c)   The Purchaser shall pay in immediately available funds such
Increase on the related Increase Date to the Trustee for deposit into the Series
2003-1 Collection Account.

          Section 2.4. PROCEDURE FOR DECREASING THE SERIES 2003-1 INVESTED
AMOUNT; OPTIONAL TERMINATION. (a) On any Business Day prior to the occurrence of
an Amortization Event with respect to the Series 2003-1 Notes, upon the written
request of AFC-II or the Administrator on behalf of AFC-II, the Series 2003-1
Invested Amount may be reduced (a "DECREASE") by the Trustee's withdrawing from
the Series 2003-1 Excess Collection Account, depositing into the Series 2003-1
Distribution Account and distributing to the Purchaser funds on deposit in the
Series 2003-1 Excess Collection Account on such day in accordance with Section
3.5(b) in an amount not to exceed the amount of such funds on deposit on such
day; PROVIDED that AFC-II shall have given the Purchaser (with a copy to the
Trustee) irrevocable written notice (effective upon receipt) of the amount of
such Decrease prior to 9:30 a.m. (New York City time) on the Business Day prior
to such Decrease; PROVIDED, FURTHER, that any such Decrease shall be in an
amount equal to $1,000,000 and integral multiples of $100,000 in excess thereof.
Upon each Decrease, the Purchaser shall indicate in its records such Decrease
and the Series 2003-1 Invested Amount outstanding after giving effect to such
Decrease.

          (b)   On any Business Day, AFC-II shall have the right to deliver an
irrevocable written notice (an "OPTIONAL TERMINATION NOTICE") to the Trustee and
the Purchaser in which AFC-II declares that the commitment of the Purchaser to
consider making an Increase shall terminate on the date (the "OPTIONAL
TERMINATION DATE") set forth in such notice (which date, in any event, shall be
a Distribution Date not less than three Business Days from the date on which
such notice is delivered).

                                      -17-
<Page>

          (c)   From and after the Optional Termination Date, the Series 2003-1
Amortization Period shall commence for all purposes under this Supplement, the
Base Indenture and the Related Documents.

          Section 2.5. INCREASES AND REDUCTIONS OF THE SERIES 2003-1 MAXIMUM
INVESTED AMOUNT; EXTENSIONS OF THE SCHEDULED EXPIRY DATE. (a) AFC-II may from
time to time request that the Purchaser agree to increase the Series 2003-1
Maximum Invested Amount. An increase in such amount shall be effective hereunder
if the Purchaser shall have agreed in its sole discretion in writing to such
increase.

          (b)   If AFC-II desires to extend the Scheduled Expiry Date, AFC-II
shall notify the Purchaser at least 5 days prior to such Scheduled Expiry Date
of its desire to extend the Scheduled Expiry Date. The Purchaser shall notify
the Administrator, the Trustee and AFC-II in writing of whether the Purchaser
agrees to an extension of the Scheduled Expiry Date; PROVIDED that failure by
the Purchaser to respond to such request shall not be construed as a consent by
the Purchaser to such extension. The decision to extend or not extend shall be
made by the Purchaser in its sole discretion. In the event that the Purchaser
desires to extend its Scheduled Expiry Date for an amount that is less than the
Series 2003-1 Maximum Invested Amount prior to AFC-II's request for an
extension, AFC-II, in its sole discretion, may accept such extension.

          (c)   On any Business Day during the Series 2003-1 Revolving Period,
AFC-II may, upon two (2) Business Days' prior written notice to the Purchaser
(effective upon receipt) (with copies to the Trustee) reduce the Series 2003-1
Maximum Invested Amount in an amount equal to $10,000,000 or a whole multiple of
$1,000,000 in excess thereof; PROVIDED that no such termination or reduction
shall be permitted if, after giving effect thereto and to any reduction in the
Series 2003-1 Invested Amount on such date, the Series 2003-1 Invested Amount
would exceed the Series 2003-1 Maximum Invested Amount. Once reduced, the Series
2003-1 Maximum Invested Amount may not be subsequently reinstated without the
Purchaser's prior written consent, which consent shall be granted or not in the
sole discretion of the Purchaser.

          Section 2.6. INTEREST. Interest shall be payable on the Series 2003-1
Notes on each Distribution Date pursuant to Section 3.3. Calculations of per
annum rates under this Supplement shall be made on the basis of a 360 day year.

          Section 2.7. INDEMNIFICATION BY AFC-II. AFC-II agrees to indemnify and
hold harmless the Trustee, the Administrator, the Purchaser, and each of their
respective officers, directors, agents and employees (each, a "COMPANY
INDEMNIFIED PERSON") from and against any loss, liability, expense, damage or
injury suffered or sustained by (a "CLAIM") such Company indemnified person by
reason of (i) any acts, omissions or alleged acts or omissions arising out of,
or relating to, activities of AFC-II pursuant to the Indenture or the other
Related Documents to which it is a party, (ii) a breach of any representation or
warranty made or deemed made by AFC-II (or any of its officers) in the Indenture
or other Related Document or (iii) a failure by AFC-II to comply with any
applicable law or regulation or to perform its covenants, agreements, duties or
obligations required to be performed or observed by it in accordance with the
provisions of the Indenture or the other Related Documents, including, but not
limited to, any judgment, award, settlement, reasonable attorneys' fees and
other reasonable costs or expenses

                                      -18-
<Page>

incurred in connection with the defense of any actual or threatened action,
proceeding or claim, except to the extent such loss, liability, expense, damage
or injury resulted from the gross negligence, bad faith or willful misconduct of
such Company indemnified person or its officers, directors, agents, principals,
employees or employers or includes any Excluded Taxes; PROVIDED that any
payments made by AFC-II pursuant to this Section 2.7 shall be made solely from
funds available pursuant to Section 3.3(e), shall be non-recourse other than
with respect to such funds, and shall not constitute a claim against AFC-II to
the extent that such funds are insufficient to make such payment.

                                   ARTICLE III

                            SERIES 2003-1 ALLOCATIONS

          With respect to the Series 2003-1 Notes, the following shall apply:

          Section 3.1. ESTABLISHMENT OF SERIES 2003-1 COLLECTION ACCOUNT,
SERIES 2003-1 EXCESS COLLECTION ACCOUNT AND SERIES 2003-1 ACCRUED INTEREST
ACCOUNT. (a) All Collections allocable to the Series 2003-1 Notes shall be
allocated to the Collection Account.

          (b)   The Trustee will create three administrative subaccounts within
the Collection Account for the benefit of the Series 2003-1 Noteholders: the
Series 2003-1 Collection Account (such sub-account, the "SERIES 2003-1
COLLECTION ACCOUNT"), the Series 2003-1 Excess Collection Account (such
sub-account, the "SERIES 2003-1 EXCESS COLLECTION ACCOUNT") and the Series
2003-1 Accrued Interest Account (such sub-account, the "SERIES 2003-1 ACCRUED
INTEREST ACCOUNT").

          Section 3.2. ALLOCATIONS WITH RESPECT TO THE SERIES 2003-1 NOTES. The
net proceeds from the initial sale of the Series 2003-1 Notes and any Increase
will be deposited into the Collection Account. On each Business Day on which
Collections are deposited into the Collection Account (each such date, a "SERIES
2003-1 DEPOSIT DATE"), the Administrator will direct the Trustee in writing
pursuant to the Administration Agreement to allocate all amounts deposited into
the Collection Account in accordance with the provisions of this Section 3.2:

          (a)   ALLOCATIONS OF COLLECTIONS DURING THE SERIES 2003-1 REVOLVING
PERIOD. During the Series 2003-1 Revolving Period, the Administrator will direct
the Trustee in writing pursuant to the Administration Agreement to allocate on
each day, prior to 11:00 a.m. (New York City time) on each Series 2003-1 Deposit
Date, all amounts deposited into the Collection Account as set forth below:

                (i)    allocate to the Series 2003-1 Collection Account an
          amount equal to the Series 2003-1 Invested Percentage (as of such day)
          of the aggregate amount of Interest Collections on such day. All such
          amounts allocated to the Series 2003-1 Collection Account shall be
          further allocated to the Series 2003-1 Accrued Interest Account; and

                (ii)   allocate to the Series 2003-1 Excess Collection Account
          the sum of (A) the Series 2003-1 Invested Percentage (as of such day)
          of the aggregate amount of Principal Collections on such day (for any
          such day, the "SERIES 2003-1

                                      -19-
<Page>

          PRINCIPAL ALLOCATION") and (B) the proceeds from the initial issuance
          of the Series 2003-1 Notes and from any Increase;

          (b)   ALLOCATIONS OF COLLECTIONS DURING THE SERIES 2003-1 AMORTIZATION
PERIOD. With respect to the Series 2003-1 Amortization Period, other than after
the occurrence of an Event of Bankruptcy with respect to ARAC, any other Lessee
or AGH, the Administrator will direct the Trustee in writing pursuant to the
Administration Agreement to allocate, prior to 11:00 a.m. (New York City time)
on any Series 2003-1 Deposit Date, all amounts deposited into the Collection
Account as set forth below:

                (i)    allocate to the Series 2003-1 Collection Account an
          amount determined as set forth in Section 3.2(a)(i) above for such
          day, which amount shall be further allocated to the Series 2003-1
          Accrued Interest Account; and

                (ii)   allocate to the Series 2003-1 Collection Account an
          amount equal to the Series 2003-1 Principal Allocation for such day,
          which amount shall be used to make principal payments in respect of
          the Series 2003-1 Notes, ratably, without preference or priority of
          any kind, until the Series 2003-1 Invested Amount is paid in full;
          PROVIDED that if on any Determination Date (A) the Administrator
          determines that the amount anticipated to be available from Interest
          Collections allocable to the Series 2003-1 Notes and other amounts
          available pursuant to Section 3.3 to pay Series 2003-1 Monthly
          Interest on the next succeeding Distribution Date will be less than
          the Series 2003-1 Monthly Interest for the Series 2003-1 Interest
          Period ending on the day preceding such Distribution Date and (B) the
          Series 2003-1 Enhancement Amount is greater than zero, then the
          Administrator shall direct the Trustee in writing to reallocate a
          portion of the Principal Collections allocated to the Series 2003-1
          Notes during the Related Month equal to the lesser of such
          insufficiency and the Series 2003-1 Enhancement Amount to the Series
          2003-1 Accrued Interest Account to be treated as Interest Collections
          on such Distribution Date.

          (c)   ALLOCATIONS OF COLLECTIONS AFTER THE OCCURRENCE OF AN EVENT OF
BANKRUPTCY. After the occurrence of an Event of Bankruptcy with respect to ARAC,
any other Lessee or AGH, the Administrator will direct the Trustee in writing
pursuant to the Administration Agreement to allocate, prior to 11:00 a.m. (New
York City time) on any Series 2003-1 Deposit Date, all amounts deposited into
the Collection Account as set forth below:

                (i)    allocate to the Series 2003-1 Collection Account an
          amount equal to the Series 2003-1 AESOP I Operating Lease Vehicle
          Percentage as of the date of the occurrence of such Event of
          Bankruptcy of the aggregate amount of Interest Collections made under
          the AESOP I Operating Lease Loan Agreement. All such amounts allocated
          to the Series 2003-1 Collection Account shall be further allocated to
          the Series 2003-1 Accrued Interest Account; and

                (ii)   allocate to the Series 2003-1 Collection Account an
          amount equal to the Series 2003-1 AESOP I Operating Lease Vehicle
          Percentage as of the date of the occurrence of such Event of
          Bankruptcy of the aggregate amount of

                                      -20-
<Page>

          Principal Collections made under the AESOP I Operating Lease Loan
          Agreement, which amount shall be used to make principal payments in
          respect of the Series 2003-1 Notes until the Series 2003-1 Notes have
          been paid in full; PROVIDED that if on any Determination Date (A) the
          Administrator determines that the amount anticipated to be available
          from Interest Collections allocable to the Series 2003-1 Notes and
          other amounts available pursuant to Section 3.3 to pay Series 2003-1
          Monthly Interest on the next succeeding Distribution Date will be less
          than the Series 2003-1 Monthly Interest for the Series 2003-1 Interest
          Period ending on the day preceding such Distribution Date and (B) the
          Series 2003-1 Enhancement Amount is greater than zero, then the
          Administrator shall direct the Trustee in writing to reallocate a
          portion of the Principal Collections allocated to the Series 2003-1
          Notes during the Related Month equal to the lesser of such
          insufficiency and the Series 2003-1 Enhancement Amount to the Series
          2003-1 Accrued Interest Account to be treated as Interest Collections
          on such Distribution Date.

          (d)   ALLOCATIONS FROM OTHER SERIES. Amounts allocated to other Series
of Notes that have been reallocated by AFC-II to the Series 2003-1 Notes (i)
during the Series 2003-1 Revolving Period shall be allocated to the Series
2003-1 Excess Collection Account and applied in accordance with Section 3.2(e)
and (ii) during the Series 2003-1 Amortization Period shall be allocated to the
Series 2003-1 Collection Account and applied in accordance with Section 3.2(b)
to make principal payments in respect of the Series 2003-1 Notes.

          (e)   SERIES 2003-1 EXCESS COLLECTION ACCOUNT. Amounts allocated to
the Series 2003-1 Excess Collection Account on any Series 2003-1 Deposit Date
will be (i) first, deposited in the Series 2003-1 Reserve Account in an amount
up to the excess, if any, of the Series 2003-1 Required Reserve Account Amount
for such date, after giving effect to any Increase or Decrease on such date,
over the Series 2003-1 Available Reserve Account Amount for such date, (ii)
second, to the extent directed by AFC-II used to pay the principal amount of
other Series of Notes that are then required to be paid, (iii) third, to the
extent directed in writing by the Administrator, used to make a voluntary
Decrease in the Series 2003-1 Invested Amount, (iv) fourth, to the extent
directed in writing by the Administrator used to make a voluntary decrease in
the Invested Amount of any other Series of Notes that may be reduced in
accordance with the Indenture, (v) fifth, released to AESOP Leasing in an amount
equal to the product of (A) the Loan Agreement's Share with respect to the AESOP
I Operating Lease Loan Agreement as of such date times (B) 100% minus the Loan
Payment Allocation Percentage with respect to the AESOP I Operating Lease Loan
Agreement as of such date times (C) the amount of any remaining funds and (vi)
sixth, paid to AFC-II, which may be used to make Loans under the Loan Agreements
to the extent the Borrowers have requested Loans thereunder and Eligible
Vehicles are available for financing thereunder or as otherwise permitted under
the Related Documents; PROVIDED, in the case of clauses (iv), (v) and (vi), that
no AESOP I Operating Lease Vehicle Deficiency would result therefrom or exist
immediately thereafter. Upon the occurrence of an Amortization Event, funds on
deposit in the Series 2003-1 Excess Collection Account will be withdrawn by the
Trustee, deposited in the Series 2003-1 Collection Account and allocated as
Principal Collections to reduce the Series 2003-1 Invested Amount on the
immediately succeeding Distribution Date.

                                      -21-
<Page>

          (f)   PAST DUE RENTAL PAYMENTS. Notwithstanding Section 3.2(a), if
after the occurrence of a Series 2003-1 Lease Payment Deficit, the Lessees shall
make payments of Monthly Base Rent or other amounts payable by the Lessees under
the Leases on or prior to the fifth Business Day after the occurrence of such
Series 2003-1 Lease Payment Deficit (a "PAST DUE RENT PAYMENT"), the
Administrator shall direct the Trustee in writing pursuant to the Administration
Agreement to allocate to the Series 2003-1 Collection Account an amount equal to
the Series 2003-1 Invested Percentage as of the date of the occurrence of such
Series 2003-1 Lease Payment Deficit of the Collections attributable to such Past
Due Rent Payment (the "SERIES 2003-1 PAST DUE RENT PAYMENT"). The Administrator
shall instruct the Trustee in writing pursuant to the Administration Agreement
to withdraw from the Series 2003-1 Collection Account and apply the Series
2003-1 Past Due Rent Payment in the following order:

                (i)    if the occurrence of such Series 2003-1 Lease Payment
          Deficit resulted in a withdrawal being made from the Series 2003-1
          Reserve Account pursuant to Section 3.3(d), deposit in the Series
          2003-1 Reserve Account an amount equal to the lesser of (x) the Series
          2003-1 Past Due Rent Payment and (y) the excess, if any, of the Series
          2003-1 Required Reserve Account Amount over the Series 2003-1
          Available Reserve Account Amount on such day;

                (ii)   if the occurrence of the related Series 2003-1 Lease
          Payment Deficit resulted in one or more Lease Deficit Disbursements
          being made under the Series 2003-1 Letters of Credit, pay to each
          Series 2003-1 Letter of Credit Provider who made such a Lease Deficit
          Disbursement for application in accordance with the provisions of the
          applicable Series 2003-1 Reimbursement Agreement an amount equal to
          the lesser of (x) the unreimbursed amount of such Series 2003-1 Letter
          of Credit Provider's Lease Deficit Disbursement and (y) such Series
          2003-1 Letter of Credit Provider's pro rata share, calculated on the
          basis of the unreimbursed amount of each Series 2003-1 Letter of
          Credit Provider's Lease Deficit Disbursement, of the amount of the
          Series 2003-1 Past Due Rent Payment remaining after payment pursuant
          to clause (i) above;

                (iii)  if the occurrence of such Series 2003-1 Lease Payment
          Deficit resulted in a withdrawal being made from the Series 2003-1
          Cash Collateral Account, deposit in the Series 2003-1 Cash Collateral
          Account an amount equal to the lesser of (x) the amount of the Series
          2003-1 Past Due Rent Payment remaining after any payment pursuant to
          clauses (i) and (ii) above and (y) the amount withdrawn from the
          Series 2003-1 Cash Collateral Account on account of such Series 2003-1
          Lease Payment Deficit;

                (iv)   allocate to the Series 2003-1 Accrued Interest Account
          the amount, if any, by which the Series 2003-1 Lease Interest Payment
          Deficit, if any, relating to such Series 2003-1 Lease Payment Deficit
          exceeds the amount of the Series 2003-1 Past Due Rent Payment applied
          pursuant to clauses (i), (ii) and (iii) above; and

                                      -22-
<Page>

                (v)    treat the remaining amount of the Series 2003-1 Past Due
          Rent Payment as Principal Collections allocated to the Series 2003-1
          Notes in accordance with Section 3.2(a)(ii) or 3.2(b)(ii), as the case
          may be.

          Section 3.3. NOTE INTEREST WITH RESPECT TO THE SERIES 2003-1 NOTES.
(a) Prior to the Determination Date for any Series 2003-1 Interest Period, the
Purchaser shall provide to the Administrator its calculation of the Series
2003-1 Monthly Interest, which shall include a reasonable estimate of interest
accruing for the remainder of the Series 2003-1 Interest Period. On each
Determination Date, the Administrator shall instruct the Trustee and the Paying
Agent in writing pursuant to the Administration Agreement as to the amount to be
withdrawn and paid pursuant to Section 3.4 from the Series 2003-1 Accrued
Interest Account to the extent funds are anticipated to be available from
Interest Collections allocable to the Series 2003-1 Notes processed from, but
not including, the preceding Distribution Date through the succeeding
Distribution Date in respect of (x) first, an amount equal to the Series 2003-1
Monthly Interest for the Series 2003-1 Interest Period ending on the day
preceding the related Distribution Date and (y) second, an amount equal to the
amount of any unpaid Series 2003-1 Shortfall as of the preceding Distribution
Date (together with any accrued interest on such Series 2003-1 Shortfall). On
the following Distribution Date, the Trustee shall withdraw the amounts
described in the first sentence of this Section 3.3(a) from the Series 2003-1
Accrued Interest Account and deposit such amounts in the Series 2003-1
Distribution Account. If the actual amount of Series 2003-1 Monthly Interest for
any Series 2003-1 Interest Period is less than or greater than the amount
calculated pursuant to the first sentence of this paragraph, the Purchaser shall
notify the Administrator prior to the next Determination Date and the
Administrator will reduce or increase the Series 2003-1 Monthly Interest for the
next Series 2003-1 Interest Period accordingly.

          (b)   WITHDRAWALS FROM SERIES 2003-1 RESERVE ACCOUNT. If the
Administrator determines on any Distribution Date that the amounts available
from the Series 2003-1 Accrued Interest Account are insufficient to pay the sum
of the amounts described in clauses (x) and (y) of Section 3.3(a) above on such
Distribution Date, the Administrator shall instruct the Trustee in writing to
withdraw from the Series 2003-1 Reserve Account and deposit in the Series 2003-1
Distribution Account on such Distribution Date an amount equal to the lesser of
the Series 2003-1 Available Reserve Account Amount and such insufficiency. The
Trustee shall withdraw such amount from the Series 2003-1 Reserve Account and
deposit such amount in the Series 2003-1 Distribution Account.

          (c)   LEASE PAYMENT DEFICIT NOTICE. On or before 10:00 a.m. (New York
City time) on each Distribution Date, the Administrator shall notify the Trustee
of the amount of any Series 2003-1 Lease Payment Deficit, such notification to
be in the form of EXHIBIT E to this Supplement (each a "LEASE PAYMENT DEFICIT
Notice").

          (d)   DRAWS ON SERIES 2003-1 LETTERS OF CREDIT FOR SERIES 2003-1 LEASE
INTEREST PAYMENT DEFICITS. If the Administrator determines on any Distribution
Date that there exists a Series 2003-1 Lease Interest Payment Deficit, the
Administrator shall instruct the Trustee in writing to draw on the Series 2003-1
Letters of Credit, if any, and, the Trustee shall, by 12:00 noon (New York City
time) on such Distribution Date draw an amount (identified by the Administrator)
equal to the least of (i) such Series 2003-1 Lease Interest Payment Deficit,
(ii) the excess, if any, of the sum of the amounts described in clauses (x) and
(y) of Section 3.3(a) above

                                      -23-
<Page>

on such Distribution Date over the amounts available from the Series 2003-1
Accrued Interest Account on such Distribution Date plus the amount withdrawn
from the Series 2003-1 Reserve Account pursuant to Section 3.3(b) and (iii) the
Series 2003-1 Letter of Credit Liquidity Amount on the Series 2003-1 Letters of
Credit by presenting to each Series 2003-1 Letter of Credit Provider a draft
accompanied by a Certificate of Lease Deficit Demand and shall cause the Lease
Deficit Disbursements to be deposited in the Series 2003-1 Distribution Account
on such Distribution Date for distribution in accordance with Section 3.4;
PROVIDED, HOWEVER, that if the Series 2003-1 Cash Collateral Account has been
established and funded, the Trustee shall withdraw from the Series 2003-1 Cash
Collateral Account and deposit in the Series 2003-1 Distribution Account an
amount equal to the lesser of (x) the Series 2003-1 Cash Collateral Percentage
on such Distribution Date of the least of the amounts described in clauses (i),
(ii) and (iii) above and (y) the Series 2003-1 Available Cash Collateral Account
Amount on such Distribution Date and draw an amount equal to the remainder of
such amount on the Series 2003-1 Letters of Credit.

          (e)   BALANCE. On or prior to the second Business Day preceding each
Distribution Date, the Administrator shall instruct the Trustee and the Paying
Agent in writing pursuant to the Administration Agreement to pay the balance
(after making the payments required in Section 3.3(a)), if any, of the amounts
available from the Series 2003-1 Accrued Interest Account as follows:

                (i)    on each Distribution Date during the Series 2003-1
          Revolving Period, (1) first, to the Administrator, an amount equal to
          the Series 2003-1 Percentage as of the beginning of such Series 2003-1
          Interest Period of the portion of the Monthly Administration Fee
          payable by AFC-II (as specified in clause (iii) of the definition
          thereof) for such Series 2003-1 Interest Period, (2) second, to the
          Trustee, an amount equal to the Series 2003-1 Percentage as of the
          beginning of such Series 2003-1 Interest Period of the Trustee's fees
          for such Series 2003-1 Interest Period, (3) third, to pay any Carrying
          Charges (other than Carrying Charges provided for above) to the
          Persons to whom such amounts are owed, an amount equal to the Series
          2003-1 Percentage as of the beginning of such Series 2003-1 Interest
          Period of such Carrying Charges (other than Carrying Charges provided
          for above) for such Series 2003-1 Interest Period and (4) fourth, the
          balance, if any ("EXCESS COLLECTIONS"), shall be withdrawn by the
          Paying Agent from the Series 2003-1 Collection Account and deposited
          in the Series 2003-1 Excess Collection Account; and

                (ii)   on each Distribution Date during the Series 2003-1
          Amortization Period, (1) first, to the Trustee, an amount equal to the
          Series 2003-1 Percentage as of the beginning of such Series 2003-1
          Interest Period of the Trustee's fees for such Series 2003-1 Interest
          Period, (2) second, to the Administrator, an amount equal to the
          Series 2003-1 Percentage as of the beginning of such Series 2003-1
          Interest Period of the portion of the Monthly Administration Fee (as
          specified in clause (iii) of the definition thereof) payable by AFC-II
          for such Series 2003-1 Interest Period, (3) third, to pay any Carrying
          Charges (other than Carrying Charges provided for above) to the
          Persons to whom such amounts are owed, an amount equal to the Series
          2003-1 Percentage as of the beginning of such Series

                                      -24-
<Page>

          2003-1 Interest Period of such Carrying Charges (other than Carrying
          Charges provided for above) for such Series 2003-1 Interest Period and
          (4) fourth, the balance, if any, shall be treated as Principal
          Collections.

          (f)   SHORTFALLS. If the amounts described in Section 3.3 are
insufficient to pay the Series 2003-1 Monthly Interest of the Purchaser on any
Distribution Date, payments of interest to the Purchaser will be reduced by the
amount of such deficiency. The aggregate amount, if any, of such deficiency on
any Distribution Date shall be referred to as the "SERIES 2003-1 SHORTFALL."
Interest shall accrue on the Series 2003-1 Shortfall at the Series 2003-1 Note
Rate plus 2% per annum.

          Section 3.4.  PAYMENT OF NOTE INTEREST. On each Distribution Date,
subject to Section 9.8 of the Base Indenture, the Paying Agent shall, in
accordance with Section 6.1 of the Base Indenture, pay to the Purchaser from the
Series 2003-1 Distribution Account the amounts deposited in the Series 2003-1
Distribution Account pursuant to Section 3.3 PLUS the amount of any unpaid
Series 2003-1 Shortfalls relating to unpaid Series 2003-1 Monthly Interest
payable to the Purchaser as of the preceding Distribution Date, together with
any interest thereon at the Series 2003-1 Note Rate plus 2% per annum.

          Section 3.5. PAYMENT OF NOTE PRINCIPAL. (a) MONTHLY PAYMENTS DURING
SERIES 2003-1 AMORTIZATION PERIOD. Commencing on the first Determination Date
after the commencement of the Series 2003-1 Amortization Period, the
Administrator shall instruct the Trustee and the Paying Agent in writing
pursuant to the Administration Agreement and in accordance with this Section 3.5
as to (i) the amount allocated to the Series 2003-1 Notes during the Related
Month pursuant to Section 3.2(b)(ii) or (c)(ii), as the case may be, (ii) any
amounts to be withdrawn from the Series 2003-1 Reserve Account and deposited
into the Series 2003-1 Distribution Account or (iii) any amounts to be drawn on
the Series 2003-1 Demand Notes and/or on the Series 2003-1 Letters of Credit (or
withdrawn from the Series 2003-1 Cash Collateral Account). On the Distribution
Date following each such Determination Date, the Trustee shall withdraw the
amount allocated to the Series 2003-1 Notes during the Related Month pursuant to
Section 3.2(b)(ii) or (c)(ii), as the case may be, from the Series 2003-1
Collection Account and deposit such amount in the Series 2003-1 Distribution
Account, to be paid to the holders of the Series 2003-1 Notes.

          (b)   DECREASES. On any Business Day during the Series 2003-1
Revolving Period on which a Decrease is to be made pursuant to Section 2.4, the
Trustee shall withdraw from the Series 2003-1 Excess Collection Account in
accordance with the written instructions of the Administrator an amount equal to
the lesser of (i) the funds then allocated to the Series 2003-1 Excess
Collection Account and (ii) the amount of such Decrease, and deposit such amount
in the Series 2003-1 Distribution Account, to be paid to the Purchaser.

          (c)   PRINCIPAL DEFICIT AMOUNT. On each Distribution Date on which the
Principal Deficit Amount is greater than zero, amounts shall be transferred to
the Series 2003-1 Distribution Account as follows:

                (i)    RESERVE ACCOUNT WITHDRAWAL. The Administrator shall
          instruct the Trustee in writing prior to 12:00 noon (New York City
          time) on such Distribution

                                      -25-
<Page>

          Date, in the case of a Principal Deficit Amount resulting from a
          Series 2003-1 Lease Payment Deficit, or prior to 12:00 noon (New York
          City time) on the second Business Day prior to such Distribution Date,
          in the case of any other Principal Deficit Amount, to withdraw from
          the Series 2003-1 Reserve Account, an amount equal to the lesser of
          (x) the Series 2003-1 Available Reserve Account Amount and (y) such
          Principal Deficit Amount and deposit it in the Series 2003-1
          Distribution Account on such Distribution Date.

                (ii)   PRINCIPAL DRAWS ON SERIES 2003-1 LETTERS OF CREDIT. If
          the Administrator determines on any Distribution Date during the
          Series 2003-1 Amortization Period that there exists a Series 2003-1
          Lease Principal Payment Deficit, the Administrator shall instruct the
          Trustee in writing to draw on the Series 2003-1 Letters of Credit, if
          any, as provided below. Upon receipt of a notice by the Trustee from
          the Administrator in respect of a Series 2003-1 Lease Principal
          Payment Deficit on or prior to 11:00 a.m. (New York City time) on a
          Distribution Date, the Trustee shall, by 12:00 noon (New York City
          time) on such Distribution Date draw an amount as set forth in such
          notice equal to the least of (i) such Series 2003-1 Lease Principal
          Payment Deficit, (ii) the amount by which the Principal Deficit Amount
          on such Distribution Date exceeds the amount to be deposited in the
          Series 2003-1 Distribution Account in accordance with clause (i) of
          this Section 3.5(c) and (iii) the Series 2003-1 Letter of Credit
          Amount, on the Series 2003-1 Letters of Credit by presenting to each
          Series 2003-1 Letter of Credit Provider a draft accompanied by a
          Certificate of Lease Deficit Demand and shall cause the Lease Deficit
          Disbursements to be deposited in the Series 2003-1 Distribution
          Account on such Distribution Date; PROVIDED, HOWEVER, that if the
          Series 2003-1 Cash Collateral Account has been established and funded,
          the Trustee shall withdraw from the Series 2003-1 Cash Collateral
          Account and deposit in the Series 2003-1 Distribution Account an
          amount equal to the lesser of (x) the Series 2003-1 Cash Collateral
          Percentage on such Distribution Date of the least of the amounts
          described in clauses (i), (ii) and (iii) above and (y) the Series
          2003-1 Available Cash Collateral Account Amount on such Distribution
          Date and draw an amount equal to the remainder of such amount on the
          Series 2003-1 Letters of Credit.

                (iii)  DEMAND NOTE DRAW. If on any Determination Date, the
          Administrator determines that the Principal Deficit Amount on the next
          succeeding Distribution Date (after giving effect to any withdrawal
          from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i)
          on such Distribution Date) will be greater than zero, prior to 10:00
          a.m. (New York City time) on the second Business Day prior to such
          Distribution Date, the Administrator shall instruct the Trustee in
          writing to deliver a Demand Notice to the Demand Note Issuers
          demanding payment of an amount equal to the lesser of (A) the
          Principal Deficit Amount and (B) the Series 2003-1 Letter of Credit
          Amount. The Trustee shall, prior to 12:00 noon (New York City time) on
          the second Business Day preceding such Distribution Date, deliver such
          Demand Notice to the Demand Note Issuers; PROVIDED, HOWEVER, that if
          an Event of Bankruptcy (or the occurrence of an event described in
          clause (a) of the definition thereof, without the lapse of a period of
          60

                                      -26-
<Page>

          consecutive days) with respect to a Demand Note Issuer shall have
          occurred and be continuing, the Trustee shall not be required to
          deliver such Demand Notice to such Demand Note Issuer. The Trustee
          shall cause the proceeds of any demand on the Series 2003-1 Demand
          Notes to be deposited into the Series 2003-1 Distribution Account.

                (iv)   LETTER OF CREDIT DRAW. In the event that either (x) on or
          prior to 10:00 a.m. (New York City time) on the Business Day
          immediately preceding any Distribution Date next succeeding any date
          on which a Demand Notice has been transmitted by the Trustee to the
          Demand Note Issuers pursuant to clause (ii) of this Section 3.5(c) any
          Demand Note Issuer shall have failed to pay to the Trustee or deposit
          into the Series 2003-1 Distribution Account the amount specified in
          such Demand Notice in whole or in part or (y) due to the occurrence of
          an Event of Bankruptcy (or the occurrence of an event described in
          clause (a) of the definition thereof, without the lapse of a period of
          60 consecutive days) with respect to one or more of the Demand Note
          Issuers, the Trustee shall not have delivered such Demand Notice to
          any Demand Note Issuer on the second Business Day preceding the Series
          2003-1 Termination Date, then, in the case of (x) or (y) the Trustee
          shall draw on the Series 2003-1 Letters of Credit, if any, by 12:00
          noon (New York City time) on such Business Day an amount equal to the
          lesser of (a) the amount that the Demand Note Issuers failed to pay
          under the Series 2003-1 Demand Notes (or, the amount that the Trustee
          failed to demand for payment thereunder) and (b) the Series 2003-1
          Letter of Credit Amount on such Business Day by presenting to each
          Series 2003-1 Letter of Credit Provider a draft accompanied by a
          Certificate of Unpaid Demand Note Demand; PROVIDED, HOWEVER, that if
          the Series 2003-1 Cash Collateral Account has been established and
          funded, the Trustee shall withdraw from the Series 2003-1 Cash
          Collateral Account and deposit in the Series 2003-1 Distribution
          Account an amount equal to the lesser of (x) the Series 2003-1 Cash
          Collateral Percentage on such Business Day of the amount that the
          Demand Note Issuers failed to pay under the Series 2003-1 Demand Notes
          (or, the amount that the Trustee failed to demand for payment
          thereunder) and (y) the Series 2003-1 Available Cash Collateral
          Account Amount on such Business Day and draw an amount equal to the
          remainder of the amount that the Demand Note Issuers failed to pay
          under the Series 2003-1 Demand Notes (or, the amount that the Trustee
          failed to demand for payment thereunder) on the Series 2003-1 Letters
          of Credit. The Trustee shall deposit, or cause the deposit of, the
          proceeds of any draw on the Series 2003-1 Letters of Credit and the
          proceeds of any withdrawal from the Series 2003-1 Cash Collateral
          Account to be deposited in the Series 2003-1 Distribution Account.

          (d)   SERIES 2003-1 TERMINATION DATE. The entire Series 2003-1
Invested Amount shall be due and payable on the Series 2003-1 Termination Date.
In connection therewith:

                (i)    RESERVE ACCOUNT WITHDRAWAL. If, after giving effect to
          the deposit into the Series 2003-1 Distribution Account of the amount
          to be deposited in accordance with Section 3.5(a), together with any
          amounts to be deposited therein

                                      -27-
<Page>

          in accordance with Section 3.5(c) on the Series 2003-1 Termination
          Date, the amount to be deposited in the Series 2003-1 Distribution
          Account with respect to the Series 2003-1 Termination Date is or will
          be less than the Series 2003-1 Invested Amount, then, prior to 12:00
          noon (New York City time) on the second Business Day prior to the
          Series 2003-1 Termination Date, the Administrator shall instruct the
          Trustee in writing to withdraw from the Series 2003-1 Reserve Account,
          an amount equal to the lesser of the Series 2003-1 Available Reserve
          Account Amount and such insufficiency and deposit it in the Series
          2003-1 Distribution Account on the Series 2003-1 Termination Date.

                (ii)   DEMAND NOTE DRAW. If the amount to be deposited in the
          Series 2003-1 Distribution Account in accordance with Section 3.5(a)
          together with any amounts to be deposited therein in accordance with
          Section 3.5(c) and Section 3.5(d)(i) on the Series 2003-1 Termination
          Date is less than the Series 2003-1 Invested Amount, then, prior to
          10:00 a.m. (New York City time) on the second Business Day prior to
          the Series 2003-1 Termination Date, the Administrator shall instruct
          the Trustee in writing to make a demand (a "DEMAND NOTICE")
          substantially in the form attached hereto as EXHIBIT F on the Demand
          Note Issuers for payment under the Series 2003-1 Demand Notes in an
          amount equal to the lesser of (i) such insufficiency and (ii) the
          Series 2003-1 Letter of Credit Amount. The Trustee shall, prior to
          12:00 noon (New York City time) on the second Business Day preceding
          the Series 2003-1 Termination Date, deliver such Demand Notice to the
          Demand Note Issuers; PROVIDED, HOWEVER, that if an Event of Bankruptcy
          (or the occurrence of an event described in clause (a) of the
          definition thereof, without the lapse of a period of 60 consecutive
          days) with respect to a Demand Note Issuer shall have occurred and be
          continuing, the Trustee shall not be required to deliver such Demand
          Notice to such Demand Note Issuer. The Trustee shall cause the
          proceeds of any demand on the Series 2003-1 Demand Notes to be
          deposited into the Series 2003-1 Distribution Account.

                (iii)  LETTER OF CREDIT DRAW. In the event that either (x) on or
          prior to 10:00 a.m. (New York City time) on the Business Day prior to
          such Distribution Date, any Demand Note Issuer shall have failed to
          pay to the Trustee or deposit in the Series 2003-1 Distribution
          Account the amount specified in such Demand Notice in whole or in part
          or (y) due to the occurrence of an Event of Bankruptcy (or the
          occurrence of an event described in clause (a) of the definition
          thereof, without the lapse of a period of 60 consecutive days) with
          respect to any Demand Note Issuer, the Trustee shall not have
          delivered such Demand Notice to any Demand Note Issuer on the second
          Business Day preceding such Distribution Date, then, in the case of
          (x) or (y) the Trustee shall on such Business Day draw on the Series
          2003-1 Letters of Credit, if any, an amount equal to the lesser of (i)
          Series 2003-1 Letter of Credit Amount and (ii) the aggregate amount
          that the Demand Note Issuers failed to pay under the Series 2003-1
          Demand Notes (or, the amount that the Trustee failed to demand for
          payment thereunder) by presenting to each Series 2003-1 Letter of
          Credit Provider a draft accompanied by a Certificate of Unpaid Demand
          Note Demand; PROVIDED, HOWEVER, that if the

                                      -28-
<Page>

          Series 2003-1 Cash Collateral Account has been established and funded,
          the Trustee shall withdraw from the Series 2003-1 Cash Collateral
          Account and deposit in the Series 2003-1 Distribution Account an
          amount equal to the lesser of (x) the Series 2003-1 Cash Collateral
          Percentage on such Business Day of the aggregate amount that the
          Demand Note Issuers failed to pay under the Series 2003-1 Demand Notes
          (or, the amount that the Trustee failed to demand for payment
          thereunder) and (y) the Series 2003-1 Available Cash Collateral
          Account Amount on such Business Day and draw an amount equal to the
          remainder of the aggregate amount that the Demand Note Issuers failed
          to pay under the Series 2003-1 Demand Notes (or, the amount that the
          Trustee failed to demand for payment thereunder) on the Series 2003-1
          Letters of Credit. The Trustee shall deposit into, or cause the
          deposit of, the proceeds of any draw on the Series 2003-1 Letters of
          Credit and the proceeds of any withdrawal from the Series 2003-1 Cash
          Collateral Account to be deposited in the Series 2003-1 Distribution
          Account.

          (e)   DISTRIBUTION. On each Distribution Date occurring on or after
the date a withdrawal is made from the Series 2003-1 Collection Account pursuant
to Section 3.5(a) or amounts are deposited in the Series 2003-1 Distribution
Account pursuant to Section 3.5(c) and/or (d), the Paying Agent shall, in
accordance with Section 6.1 of the Base Indenture, pay to the Purchaser from the
Series 2003-1 Distribution Account the amount deposited therein pursuant to
Section 3.5(a), (c), and/or (d).

          Section 3.6. ADMINISTRATOR'S FAILURE TO INSTRUCT THE TRUSTEE TO MAKE
A DEPOSIT OR PAYMENT. If the Administrator fails to give notice or instructions
to make any payment from or deposit into the Collection Account required to be
given by the Administrator, at the time specified in the Administration
Agreement or any other Related Document (including applicable grace periods),
the Trustee shall make such payment or deposit into or from the Collection
Account without such notice or instruction from the Administrator, PROVIDED that
the Administrator, upon request of the Trustee, promptly provides the Trustee
with all information necessary to allow the Trustee to make such a payment or
deposit. When any payment or deposit hereunder or under any other Related
Document is required to be made by the Trustee or the Paying Agent at or prior
to a specified time, the Administrator shall deliver any applicable written
instructions with respect thereto reasonably in advance of such specified time.

          Section 3.7. SERIES 2003-1 RESERVE ACCOUNT. (a) ESTABLISHMENT OF
SERIES 2003-1 RESERVE ACCOUNT. AFC-II shall establish and maintain in the name
of the Series 2003-1 Agent for the benefit of the Series 2003-1 Noteholders, or
cause to be established and maintained, an account (the "SERIES 2003-1 RESERVE
ACCOUNT"), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Series 2003-1 Noteholders. The Series
2003-1 Reserve Account shall be maintained (i) with a Qualified Institution, or
(ii) as a segregated trust account with the corporate trust department of a
depository institution or trust company having corporate trust powers and acting
as trustee for funds deposited in the Series 2003-1 Reserve Account; PROVIDED
that, if at any time such Qualified Institution is no longer a Qualified
Institution or the credit rating of any securities issued by such depositary
institution or trust company shall be reduced to below "BBB-" by S&P or "Baa2"
by Moody's, then AFC-II shall, within 30 days of such reduction, establish a new
Series 2003-1 Reserve Account with a new

                                      -29-
<Page>

Qualified Institution. If the Series 2003-1 Reserve Account is not maintained in
accordance with the previous sentence, AFC-II shall establish a new Series
2003-1 Reserve Account, within ten (10) Business Days after obtaining knowledge
of such fact, which complies with such sentence, and shall instruct the Series
2003-1 Agent in writing to transfer all cash and investments from the
non-qualifying Series 2003-1 Reserve Account into the new Series 2003-1 Reserve
Account. Initially, the Series 2003-1 Reserve Account will be established with
The Bank of New York.

          (b)   ADMINISTRATION OF THE SERIES 2003-1 RESERVE ACCOUNT. The
Administrator may instruct the institution maintaining the Series 2003-1 Reserve
Account to invest funds on deposit in the Series 2003-1 Reserve Account from
time to time in Permitted Investments; PROVIDED, HOWEVER, that any such
investment shall mature not later than the Business Day prior to the
Distribution Date following the date on which such funds were received, unless
any Permitted Investment held in the Series 2003-1 Reserve Account is held with
the Paying Agent, then such investment may mature on such Distribution Date and
such funds shall be available for withdrawal on or prior to such Distribution
Date. All such Permitted Investments will be credited to the Series 2003-1
Reserve Account and any such Permitted Investments that constitute (i) physical
property (and that is not either a United States security entitlement or a
security entitlement) shall be physically delivered to the Trustee; (ii) United
States security entitlements or security entitlements shall be controlled (as
defined in Section 8-106 of the New York UCC) by the Trustee pending maturity or
disposition, and (iii) uncertificated securities (and not United States security
entitlements) shall be delivered to the Trustee by causing the Trustee to become
the registered holder of such securities.

          (c)   EARNINGS FROM SERIES 2003-1 RESERVE ACCOUNT. All interest and
earnings (net of losses and investment expenses) paid on funds on deposit in the
Series 2003-1 Reserve Account shall be deemed to be on deposit therein and
available for distribution.

          (d)   SERIES 2003-1 RESERVE ACCOUNT CONSTITUTES ADDITIONAL COLLATERAL
FOR SERIES 2003-1 NOTES. In order to secure and provide for the repayment and
payment of the AFC-II Obligations with respect to the Series 2003-1 Notes,
AFC-II hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Series 2003-1 Agent, for the benefit of the
Series 2003-1 Noteholders, all of AFC-II's right, title and interest in and to
the following (whether now or hereafter existing or acquired): (i) the Series
2003-1 Reserve Account, including any security entitlement thereto; (ii) all
funds on deposit therein from time to time; (iii) all certificates and
instruments, if any, representing or evidencing any or all of the Series 2003-1
Reserve Account or the funds on deposit therein from time to time; (iv) all
investments made at any time and from time to time with monies in the Series
2003-1 Reserve Account, whether constituting securities, instruments, general
intangibles, investment property, financial assets or other property; (v) all
interest, dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for
the Series 2003-1 Reserve Account, the funds on deposit therein from time to
time or the investments made with such funds; and (vi) all proceeds of any and
all of the foregoing, including, without limitation, cash (the items in the
foregoing clauses (i) through (vi) are referred to, collectively, as the "SERIES
2003-1 RESERVE ACCOUNT COLLATERAL"). The Series 2003-1 Agent shall possess all
right, title and interest in and to all funds on deposit from time to time in
the Series 2003-1 Reserve Account and in all proceeds thereof, and shall be the
only person authorized to originate entitlement orders in respect of the Series
2003-1 Reserve Account. The Series 2003-1 Reserve

                                      -30-
<Page>

Account Collateral shall be under the sole dominion and control of the Series
2003-1 Agent for the benefit of the Series 2003-1 Noteholders. The Series 2003-1
Agent hereby agrees (i) to act as the securities intermediary (as defined in
Section 8-102(a)(14) of the New York UCC) with respect to the Series 2003-1
Reserve Account; (ii) that each item of property (whether investment property,
financial asset, security, instrument or cash) credited to the Series 2003-1
Reserve Account shall be treated as a financial asset (as defined in Section
8-102(a)(9) of the New York UCC) and (iii) to comply with any entitlement order
(as defined in Section 8-102(a)(8) of the New York UCC) issued by the Trustee.

          (e)   PREFERENCE AMOUNT WITHDRAWALS FROM THE SERIES 2003-1 RESERVE
ACCOUNT OR THE SERIES 2003-1 CASH COLLATERAL ACCOUNT. If the Purchaser notifies
the Trustee in writing of the existence of a Preference Amount, then, subject to
the satisfaction of the conditions set forth in the next succeeding sentence, on
the Business Day on which those conditions are first satisfied, the Trustee
shall withdraw from either (x) prior to the Series 2003-1 Letter of Credit
Termination Date, the Series 2003-1 Reserve Account or (y) on or after the
Series 2003-1 Letter of Credit Termination Date, the Series 2003-1 Cash
Collateral Account and pay to the Purchaser an amount equal to such Preference
Amount. Prior to any withdrawal from the Series 2003-1 Reserve Account or the
Series 2003-1 Cash Collateral Account pursuant to this Section 3.7(e), the
Trustee shall have received (i) a certified copy of the order requiring the
return of such Preference Amount; (ii) an opinion of counsel satisfactory to the
Trustee that such order is final and not subject to appeal; and (iii) a release
as to any claim against AFC-II by the Purchaser for any amount paid in respect
of such Preference Amount. On the Business Day after the Series 2003-1 Letter of
Credit Termination Date, the Trustee shall transfer the amount on deposit in the
Series 2003-1 Reserve Account to the Series 2003-1 Cash Collateral Account.

          (f)   SERIES 2003-1 RESERVE ACCOUNT SURPLUS. In the event that the
Series 2003-1 Reserve Account Surplus on any Distribution Date, after giving
effect to all withdrawals from the Series 2003-1 Reserve Account, is greater
than zero, the Trustee, acting in accordance with the written instructions of
the Administrator pursuant to the Administration Agreement, shall withdraw from
the Series 2003-1 Reserve Account an amount equal to the Series 2003-1 Reserve
Account Surplus and shall pay such amount to AFC-II.

          (g)   TERMINATION OF SERIES 2003-1 RESERVE ACCOUNT. Upon the
termination of the Indenture pursuant to Section 11.1 of the Base Indenture, the
Trustee, acting in accordance with the written instructions of the
Administrator, after the prior payment of all amounts owing to the Series 2003-1
Noteholders and payable from the Series 2003-1 Reserve Account as provided
herein, shall withdraw from the Series 2003-1 Reserve Account all amounts on
deposit therein for payment to AFC-II.

          Section 3.8. SERIES 2003-1 LETTERS OF CREDIT AND SERIES 2003-1 CASH
COLLATERAL ACCOUNT. (a) SERIES 2003-1 LETTERS OF CREDIT AND SERIES 2003-1 CASH
COLLATERAL ACCOUNT CONSTITUTE ADDITIONAL COLLATERAL FOR SERIES 2003-1 NOTES. In
order to secure and provide for the repayment and payment of the AFC-II
Obligations with respect to the Series 2003-1 Notes, AFC-II hereby grants a
security interest in and assigns, pledges, grants, transfers and sets over to
the Trustee, for the benefit of the Series 2003-1 Noteholders, all of AFC-II's
right, title and interest in and to the following (whether now or hereafter
existing or acquired): (i) each Series 2003-1 Letter of Credit; (ii) the Series
2003-1 Cash Collateral Account, including any security

                                      -31-
<Page>

entitlement thereto; (iii) all funds on deposit in the Series 2003-1 Cash
Collateral Account from time to time; (iv) all certificates and instruments, if
any, representing or evidencing any or all of the Series 2003-1 Cash Collateral
Account or the funds on deposit therein from time to time; (v) all investments
made at any time and from time to time with monies in the Series 2003-1 Cash
Collateral Account, whether constituting securities, instruments, general
intangibles, investment property, financial assets or other property; (vi) all
interest, dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for
the Series 2003-1 Cash Collateral Account, the funds on deposit therein from
time to time or the investments made with such funds; and (vii) all proceeds of
any and all of the foregoing, including, without limitation, cash (the items in
the foregoing clauses (ii) through (vii) are referred to, collectively, as the
"SERIES 2003-1 CASH COLLATERAL ACCOUNT COLLATERAL"). The Trustee shall, for the
benefit of the Series 2003-1 Noteholders, possess all right, title and interest
in all funds on deposit from time to time in the Series 2003-1 Cash Collateral
Account and in all proceeds thereof, and shall be the only person authorized to
originate entitlement orders in respect of the Series 2003-1 Cash Collateral
Account. The Series 2003-1 Cash Collateral Account shall be under the sole
dominion and control of the Trustee for the benefit of the Series 2003-1
Noteholders. The Series 2003-1 Agent hereby agrees (i) to act as the securities
intermediary (as defined in Section 8-102(a)(14) of the New York UCC) with
respect to the Series 2003-1 Cash Collateral Account; (ii) that each item of
property (whether investment property, financial asset, security, instrument or
cash) credited to the Series 2003-1 Cash Collateral Account shall be treated as
a financial asset (as defined in Section 8-102(a)(9) of the New York UCC) and
(iii) to comply with any entitlement order (as defined in Section 8-102(a)(8) of
the New York UCC) issued by the Trustee.

          (b)   SERIES 2003-1 LETTER OF CREDIT EXPIRATION DATE. If prior to the
date which is ten (10) days prior to the then scheduled Series 2003-1 Letter of
Credit Expiration Date with respect to any Series 2003-1 Letter of Credit,
excluding the amount available to be drawn under such Series 2003-1 Letter of
Credit but taking into account each substitute Series 2003-1 Letter of Credit
which has been obtained from a Series 2003-1 Eligible Letter of Credit Provider
and is in full force and effect on such date, the Series 2003-1 Enhancement
Amount would be equal to or more than the Series 2003-1 Required Enhancement
Amount and the Series 2003-1 Liquidity Amount would be equal to or greater than
the Series 2003-1 Required Liquidity Amount, then the Administrator shall notify
the Trustee in writing no later than two Business Days prior to such Series
2003-1 Letter of Credit Expiration Date of such determination. If prior to the
date which is ten (10) days prior to the then scheduled Series 2003-1 Letter of
Credit Expiration Date with respect to any Series 2003-1 Letter of Credit,
excluding the amount available to be drawn under such Series 2003-1 Letter of
Credit but taking into account a substitute Series 2003-1 Letter of Credit which
has been obtained from a Series 2003-1 Eligible Letter of Credit Provider and is
in full force and effect on such date, the Series 2003-1 Enhancement Amount
would be less than the Series 2003-1 Required Enhancement Amount or the Series
2003-1 Liquidity Amount would be less than the Series 2003-1 Required Liquidity
Amount, then the Administrator shall notify the Trustee in writing no later than
two Business Days prior to such Series 2003-1 Letter of Credit Expiration Date
of (x) the greater of (A) the excess, if any, of the Series 2003-1 Required
Enhancement Amount over the Series 2003-1 Enhancement Amount, excluding the
available amount under such expiring Series 2003-1 Letter of Credit but taking
into account any substitute Series 2003-1 Letter of Credit which has been
obtained from a Series 2003-1 Eligible Letter of Credit Provider and is in full
force and effect, on such date, and (B) the

                                      -32-
<Page>

excess, if any, of the Series 2003-1 Required Liquidity Amount over the Series
2003-1 Liquidity Amount, excluding the available amount under such expiring
Series 2003-1 Letter of Credit but taking into account any substitute Series
2003-1 Letter of Credit which has been obtained from a Series 2003-1 Eligible
Letter of Credit Provider and is in full force and effect, on such date, and (y)
the amount available to be drawn on such expiring Series 2003-1 Letter of Credit
on such date. Upon receipt of such notice by the Trustee on or prior to 10:00
a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 p.m.
(New York City time) on such Business Day (or, in the case of any notice given
to the Trustee after 10:00 a.m. (New York City time), by 12:00 p.m. (New York
City time) on the next following Business Day), draw the lesser of the amounts
set forth in clauses (x) and (y) above on such expiring Series 2003-1 Letter of
Credit by presenting a draft accompanied by a Certificate of Termination Demand
and shall cause the Termination Disbursement to be deposited in the Series
2003-1 Cash Collateral Account.

          If the Trustee does not receive the notice from the Administrator
described in the first paragraph of this Section 3.8(b) on or prior to the date
that is two Business Days prior to each Series 2003-1 Letter of Credit
Expiration Date, the Trustee shall, by 12:00 p.m. (New York City time) on such
Business Day draw the full amount of such Series 2003-1 Letter of Credit by
presenting a draft accompanied by a Certificate of Termination Demand and shall
cause the Termination Disbursement to be deposited in the Series 2003-1 Cash
Collateral Account.

          (c)   SERIES 2003-1 LETTER OF CREDIT PROVIDERS. The Administrator
shall notify the Trustee in writing within one Business Day of becoming aware
that (i) the long-term senior unsecured debt credit rating of any Series 2003-1
Letter of Credit Provider has fallen below "A" as determined by Standard &
Poor's or "A2" as determined by Moody's or (ii) the short-term senior unsecured
debt credit rating of any Series 2003-1 Letter of Credit Provider has fallen
below "A-1" as determined by Standard & Poor's or "P-1" as determined by
Moody's. At such time the Administrator shall also notify the Trustee of (i) the
greater of (A) the excess, if any, of the Series 2003-1 Required Enhancement
Amount over the Series 2003-1 Enhancement Amount, excluding the available amount
under the Series 2003-1 Letter of Credit issued by such Series 2003-1 Letter of
Credit Provider, on such date, and (B) the excess, if any, of the Series 2003-1
Required Liquidity Amount over the Series 2003-1 Liquidity Amount, excluding the
available amount under such Series 2003-1 Letter of Credit, on such date, and
(ii) the amount available to be drawn on such Series 2003-1 Letter of Credit on
such date. Upon receipt of such notice by the Trustee on or prior to 10:00 a.m.
(New York City time) on any Business Day, the Trustee shall, by 12:00 p.m. (New
York City time) on such Business Day (or, in the case of any notice given to the
Trustee after 10:00 a.m. (New York City time), by 12:00 p.m. (New York City
time) on the next following Business Day), draw on such Series 2003-1 Letter of
Credit in an amount equal to the lesser of the amounts in clause (i) and clause
(ii) of the immediately preceding sentence on such Business Day by presenting a
draft accompanied by a Certificate of Termination Demand and shall cause the
Termination Disbursement to be deposited in the Series 2003-1 Cash Collateral
Account.

          (d)   DRAWS ON THE SERIES 2003-1 LETTERS OF CREDIT. If there is more
than one Series 2003-1 Letter of Credit on the date of any draw on the Series
2003-1 Letters of Credit pursuant to the terms of this Supplement, the
Administrator shall instruct the Trustee, in writing, to draw on each Series
2003-1 Letter of Credit in an amount equal to the LOC Pro Rata Share of

                                      -33-
<Page>

the Series 2003-1 Letter of Credit Provider issuing such Series 2003-1 Letter of
Credit of the amount of such draw on the Series 2003-1 Letters of Credit.

          (e)   ESTABLISHMENT OF SERIES 2003-1 CASH COLLATERAL ACCOUNT. On or
prior to the date of any drawing under a Series 2003-1 Letter of Credit pursuant
to Section 3.8(b) or (c) above, AFC-II shall establish and maintain in the name
of the Trustee for the benefit of the Series 2003-1 Noteholders, or cause to be
established and maintained, an account (the "SERIES 2003-1 CASH COLLATERAL
ACCOUNT"), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Series 2003-1 Noteholders. The Series
2003-1 Cash Collateral Account shall be maintained (i) with a Qualified
Institution, or (ii) as a segregated trust account with the corporate trust
department of a depository institution or trust company having corporate trust
powers and acting as trustee for funds deposited in the Series 2003-1 Cash
Collateral Account; PROVIDED that, if at any time such Qualified Institution is
no longer a Qualified Institution or the credit rating of any securities issued
by such depository institution or trust company shall be reduced to below "BBB-"
by S&P or "Baa3" by Moody's, then AFC-II shall, within 30 days of such
reduction, establish a new Series 2003-1 Cash Collateral Account with a new
Qualified Institution or a new segregated trust account with the corporate trust
department of a depository institution or trust company having corporate trust
powers and acting as trustee for funds deposited in the Series 2003-1 Cash
Collateral Account. If a new Series 2003-1 Cash Collateral Account is
established, AFC-II shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Series 2003-1 Cash Collateral Account
into the new Series 2003-1 Cash Collateral Account.

          (f)   ADMINISTRATION OF THE SERIES 2003-1 CASH COLLATERAL ACCOUNT.
AFC-II may instruct (by standing instructions or otherwise) the institution
maintaining the Series 2003-1 Cash Collateral Account to invest funds on deposit
in the Series 2003-1 Cash Collateral Account from time to time in Permitted
Investments; PROVIDED, HOWEVER, that any such investment shall mature not later
than the Business Day prior to the Distribution Date following the date on which
such funds were received, unless any Permitted Investment held in the Series
2003-1 Cash Collateral Account is held with the Paying Agent, in which case such
investment may mature on such Distribution Date so long as such funds shall be
available for withdrawal on or prior to such Distribution Date. All such
Permitted Investments will be credited to the Series 2003-1 Cash Collateral
Account and any such Permitted Investments that constitute (i) physical property
(and that is not either a United States security entitlement or a security
entitlement) shall be physically delivered to the Trustee; (ii) United States
security entitlements or security entitlements shall be controlled (as defined
in Section 8-106 of the New York UCC) by the Trustee pending maturity or
disposition, and (iii) uncertificated securities (and not United States security
entitlements) shall be delivered to the Trustee by causing the Trustee to become
the registered holder of such securities. The Trustee shall, at the expense of
AFC-II, take such action as is required to maintain the Trustee's security
interest in the Permitted Investments credited to the Series 2003-1 Cash
Collateral Account. AFC-II shall not direct the Trustee to dispose of (or permit
the disposal of) any Permitted Investments prior to the maturity thereof to the
extent such disposal would result in a loss of principal of such Permitted
Investment. In the absence of written investment instructions hereunder, funds
on deposit in the Series 2003-1 Cash Collateral Account shall remain uninvested.

                                      -34-
<Page>

          (g)   EARNINGS FROM SERIES 2003-1 CASH COLLATERAL ACCOUNT. All
interest and earnings (net of losses and investment expenses) paid on funds on
deposit in the Series 2003-1 Cash Collateral Account shall be deemed to be on
deposit therein and available for distribution.

          (h)   SERIES 2003-1 CASH COLLATERAL ACCOUNT SURPLUS. In the event that
the Series 2003-1 Cash Collateral Account Surplus on any Distribution Date (or,
after the Series 2003-1 Letter of Credit Termination Date, on any date) is
greater than zero, the Trustee, acting in accordance with the written
instructions of the Administrator, shall withdraw from the Series 2003-1 Cash
Collateral Account an amount equal to the Series 2003-1 Cash Collateral Account
Surplus and shall pay such amount: FIRST, to the Series 2003-1 Letter of Credit
Providers to the extent of any unreimbursed drawings under the related Series
2003-1 Reimbursement Agreement, for application in accordance with the
provisions of the related Series 2003-1 Reimbursement Agreement, and, SECOND, to
AFC-II any remaining amount.

          (i)   TERMINATION OF SERIES 2003-1 CASH COLLATERAL ACCOUNT. Upon the
termination of this Supplement in accordance with its terms, the Trustee, acting
in accordance with the written instructions of the Administrator, after the
prior payment of all amounts owing to the Series 2003-1 Noteholders and payable
from the Series 2003-1 Cash Collateral Account as provided herein, shall
withdraw from the Series 2003-1 Cash Collateral Account all amounts on deposit
therein (to the extent not withdrawn pursuant to Section 3.8(h) above) and shall
pay such amounts: FIRST, to the Series 2003-1 Letter of Credit Providers to the
extent of any unreimbursed drawings under the related Series 2003-1
Reimbursement Agreement, for application in accordance with the provisions of
the related Series 2003-1 Reimbursement Agreement, and, SECOND, to AFC-II any
remaining amount.

          (j)   TERMINATION DATE DEMANDS ON THE SERIES 2003-1 LETTERS OF CREDIT.
Prior to 10:00 a.m. (New York City time) on the Business Day immediately
succeeding the Series 2003-1 Letter of Credit Termination Date, the
Administrator shall determine the Series 2003-1 Demand Note Payment Amount as of
the Series 2003-1 Letter of Credit Termination Date. If the Series 2003-1 Demand
Note Payment Amount is greater than zero, then the Administrator shall instruct
the Trustee in writing to draw on the Series 2003-1 Letters of Credit. Upon
receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York
City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City
time) on such Business Day draw an amount equal to the lesser of (i) the excess
of the Series 2003-1 Demand Note Payment Amount over the Series 2003-1 Available
Reserve Account Amount (prior to giving effect to any transfer to the Series
2003-1 Cash Collateral Account pursuant to Section 3.7(e) on such date) and (ii)
the Series 2003-1 Letter of Credit Liquidity Amount on the Series 2003-1 Letters
of Credit by presenting to each Series 2003-1 Letter of Credit Provider a draft
accompanied by a Certificate of Termination Date Demand; PROVIDED, HOWEVER, that
if the Series 2003-1 Cash Collateral Account has been established and funded,
the Trustee shall draw an amount equal to the product of (a) 100% minus the
Series 2003-1 Cash Collateral Percentage and (b) the lesser of the amounts
referred to in clause (i) or (ii) on such Business Day on the Series 2003-1
Letters of Credit as calculated by the Administrator and provided in writing to
the Trustee. The Trustee shall cause the Termination Date Disbursement to be
deposited in the Series 2003-1 Cash Collateral Account.

                                      -35-
<Page>

          Section 3.9. SERIES 2003-1 DISTRIBUTION ACCOUNT. (a) ESTABLISHMENT OF
SERIES 2003-1 DISTRIBUTION ACCOUNT. The Trustee shall establish and maintain in
the name of the Series 2003-1 Agent for the benefit of the Series 2003-1
Noteholders, or cause to be established and maintained, an account (the "SERIES
2003-1 DISTRIBUTION ACCOUNT"), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Series 2003-1
Noteholders. The Series 2003-1 Distribution Account shall be maintained (i) with
a Qualified Institution, or (ii) as a segregated trust account with the
corporate trust department of a depository institution or trust company having
corporate trust powers and acting as trustee for funds deposited in the Series
2003-1 Distribution Account; PROVIDED that, if at any time such Qualified
Institution is no longer a Qualified Institution or the credit rating of any
securities issued by such depositary institution or trust company shall be
reduced to below "BBB-" by S&P or "Baa3" by Moody's, then AFC-II shall, within
30 days of such reduction, establish a new Series 2003-1 Distribution Account
with a new Qualified Institution. If the Series 2003-1 Distribution Account is
not maintained in accordance with the previous sentence, AFC-II shall establish
a new Series 2003-1 Distribution Account, within ten (10) Business Days after
obtaining knowledge of such fact, which complies with such sentence, and shall
instruct the Series 2003-1 Agent in writing to transfer all cash and investments
from the non-qualifying Series 2003-1 Distribution Account into the new Series
2003-1 Distribution Account. Initially, the Series 2003-1 Distribution Account
will be established with The Bank of New York.

          (b)   ADMINISTRATION OF THE SERIES 2003-1 DISTRIBUTION ACCOUNT. The
Administrator may instruct the institution maintaining the Series 2003-1
Distribution Account to invest funds on deposit in the Series 2003-1
Distribution Account from time to time in Permitted Investments; PROVIDED,
HOWEVER, that any such investment shall mature not later than the Business Day
prior to the Distribution Date following the date on which such funds were
received, unless any Permitted Investment held in the Series 2003-1 Distribution
Account is held with the Paying Agent, then such investment may mature on such
Distribution Date and such funds shall be available for withdrawal on or prior
to such Distribution Date. All such Permitted Investments will be credited to
the Series 2003-1 Distribution Account and any such Permitted Investments that
constitute (i) physical property (and that is not either a United States
security entitlement or a security entitlement) shall be physically delivered to
the Trustee; (ii) United States security entitlements or security entitlements
shall be controlled (as defined in Section 8-106 of the New York UCC) by the
Trustee pending maturity or disposition, and (iii) uncertificated securities
(and not United States security entitlements) shall be delivered to the Trustee
by causing the Trustee to become the registered holder of such securities.

          (c)   EARNINGS FROM SERIES 2003-1 DISTRIBUTION ACCOUNT. All interest
and earnings (net of losses and investment expenses) paid on funds on deposit in
the Series 2003-1 Distribution Account shall be deemed to be on deposit and
available for distribution.

          (d)   SERIES 2003-1 DISTRIBUTION ACCOUNT CONSTITUTES ADDITIONAL
COLLATERAL FOR SERIES 2003-1 NOTES. In order to secure and provide for the
repayment and payment of the AFC-II Obligations with respect to the Series
2003-1 Notes, AFC-II hereby grants a security interest in and assigns, pledges,
grants, transfers and sets over to the Series 2003-1 Agent, for the benefit of
the Series 2003-1 Noteholders, all of AFC-II's right, title and interest in and
to the following (whether now or hereafter existing or acquired): (i) the Series
2003-1 Distribution Account, including any security entitlement thereto; (ii)
all funds on deposit therein from time to time;

                                      -36-
<Page>

(iii) all certificates and instruments, if any, representing or evidencing any
or all of the Series 2003-1 Distribution Account or the funds on deposit therein
from time to time; (iv) all investments made at any time and from time to time
with monies in the Series 2003-1 Distribution Account, whether constituting
securities, instruments, general intangibles, investment property, financial
assets or other property; (v) all interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for the Series 2003-1 Distribution Account, the
funds on deposit therein from time to time or the investments made with such
funds; and (vi) all proceeds of any and all of the foregoing, including, without
limitation, cash (the items in the foregoing clauses (i) through (vi) are
referred to, collectively, as the "SERIES 2003-1 DISTRIBUTION ACCOUNT
COLLATERAL"). The Series 2003-1 Agent shall possess all right, title and
interest in all funds on deposit from time to time in the Series 2003-1
Distribution Account and in and to all proceeds thereof, and shall be the only
person authorized to originate entitlement orders in respect of the Series
2003-1 Distribution Account. The Series 2003-1 Distribution Account Collateral
shall be under the sole dominion and control of the Series 2003-1 Agent for the
benefit of the Series 2003-1 Noteholders. The Series 2003-1 Agent hereby agrees
(i) to act as the securities intermediary (as defined in Section 8-102(a)(14) of
the New York UCC) with respect to the Series 2003-1 Distribution Account; (ii)
that each item of property (whether investment property, financial asset,
security, instrument or cash) credited to the Series 2003-1 Distribution Account
shall be treated as a financial asset (as defined in Section 8-102(a)(9) of the
New York UCC) and (iii) to comply with any entitlement order (as defined in
Section 8-102(a)(8) of the New York UCC) issued by the Trustee.

          Section 3.10. SERIES 2003-1 DEMAND NOTES CONSTITUTE ADDITIONAL
COLLATERAL FOR SERIES 2003-1 NOTES. In order to secure and provide for the
repayment and payment of the obligations with respect to the Series 2003-1
Notes, AFC-II hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Series 2003-1
Noteholders, all of AFC-II's right, title and interest in and to the following
(whether now or hereafter existing or acquired): (i) the Series 2003-1 Demand
Notes; (ii) all certificates and instruments, if any, representing or evidencing
the Series 2003-1 Demand Notes; and (iii) all proceeds of any and all of the
foregoing, including, without limitation, cash. On the date hereof, AFC-II shall
deliver to the Trustee, for the benefit of the Series 2003-1 Noteholders, each
Series 2003-1 Demand Note, endorsed in blank. The Trustee, for the benefit of
the Series 2003-1 Noteholders, shall be the only Person authorized to make a
demand for payments on the Series 2003-1 Demand Notes.

          Section 3.11. PAYMENTS TO PURCHASER. Notwithstanding anything to the
contrary herein or in the Base Indenture, amounts distributable by AFC-II, the
Trustee, the Paying Agent or the Administrator to the Purchaser shall be paid by
wire transfer of immediately available funds no later than 3:00 p.m. (New York
time) for credit to the account or accounts designated by the Purchaser.

                                   ARTICLE IV

                               AMORTIZATION EVENTS

          In addition to the Amortization Events set forth in Section 9.1 of the
Base Indenture, any of the following shall be an Amortization Event with respect
to the Series 2003-1

                                      -37-
<Page>

Notes and collectively shall constitute the Amortization Events set forth in
Section 9.1(n) of the Base Indenture with respect to the Series 2003-1 Notes
(without notice or other action on the part of the Trustee or any holders of the
Series 2003-1 Notes):

          (a)   a Series 2003-1 Enhancement Deficiency shall occur and continue
     for at least two (2) Business Days; PROVIDED, HOWEVER, that such event or
     condition shall not be an Amortization Event if during such two (2)
     Business Day period such Series 2003-1 Enhancement Deficiency shall have
     been cured in accordance with the terms and conditions of the Indenture and
     the Related Documents;

          (b)   either the Series 2003-1 Liquidity Amount shall be less than the
     Series 2003-1 Required Liquidity Amount or the Series 2003-1 Available
     Reserve Account Amount shall be less than the Series 2003-1 Required
     Reserve Account Amount for at least two (2) Business Days; PROVIDED,
     HOWEVER, that such event or condition shall not be an Amortization Event if
     during such two (2) Business Day period such insufficiency shall have been
     cured in accordance with the terms and conditions of the Indenture and the
     Related Documents;

          (c)   an AESOP I Operating Lease Vehicle Deficiency shall occur and
     continue for at least two (2) Business Days;

          (d)   the Collection Account, the Series 2003-1 Collection Account,
     the Series 2003-1 Excess Collection Account or the Series 2003-1 Reserve
     Account shall be subject to an injunction, estoppel or other stay or a Lien
     (other than Liens permitted under the Related Documents);

          (e)   all principal of and interest on the Series 2003-1 Notes is not
     paid on the Series 2003-1 Expected Final Distribution Date;

          (f)   any Series 2003-1 Letter of Credit shall not be in full force
     and effect for at least two (2) Business Days and (x) either a Series
     2003-1 Enhancement Deficiency would result from excluding such Series
     2003-1 Letter of Credit from the Series 2003-1 Enhancement Amount or (y)
     the Series 2003-1 Liquidity Amount, excluding therefrom the available
     amount under such Series 2003-1 Letter of Credit, would be less than the
     Series 2003-1 Required Liquidity Amount;

          (g)   from and after the funding of the Series 2003-1 Cash Collateral
     Account, the Series 2003-1 Cash Collateral Account shall be subject to an
     injunction, estoppel or other stay or a Lien (other than Liens permitted
     under the Related Documents) for at least two (2) Business Days and either
     (x) a Series 2003-1 Enhancement Deficiency would result from excluding the
     Series 2003-1 Available Cash Collateral Account Amount from the Series
     2003-1 Enhancement Amount or (y) the Series 2003-1 Liquidity Amount,
     excluding therefrom the Series 2003-1 Available Cash Collateral Amount,
     would be less than the Series 2003-1 Required Liquidity Amount;

          (h)   an Event of Bankruptcy shall have occurred with respect to any
     Series 2003-1 Letter of Credit Provider or any Series 2003-1 Letter of
     Credit Provider repudiates its Series 2003-1 Letter of Credit or refuses to
     honor a proper draw thereon and

                                      -38-
<Page>

     either (x) a Series 2003-1 Enhancement Deficiency would result from
     excluding such Series 2003-1 Letter of Credit from the Series 2003-1
     Enhancement Amount or (y) the Series 2003-1 Liquidity Amount, excluding
     therefrom the available amount under such Series 2003-1 Letter of Credit,
     would be less than the Series 2003-1 Required Liquidity Amount;

          (i)   the occurrence of an Event of Bankruptcy with respect to any
     Permitted Sublessee; and

          (j)   a Change in Control shall have occurred.

          In the case of an event described above, an Amortization Event with
respect to the Series 2003-1 Notes shall have occurred without any notice or
other action on the part of the Trustee or any Series 2003-1 Noteholders,
immediately upon the occurrence of such event. Amortization Events with respect
to the Series 2003-1 Notes described above may be waived with the written
consent of the Series 2003-1 Noteholders.

                                    ARTICLE V

                              CONDITIONS PRECEDENT

          Section 5.1. CONDITIONS PRECEDENT TO EFFECTIVENESS OF SUPPLEMENT.
This Supplement shall become effective on the date (the "EFFECTIVE DATE") on
which the following conditions precedent have been satisfied or waived:

          (a)   DOCUMENTS. The Purchaser shall have received a copy, each
     executed and delivered in form and substance satisfactory to it of (i) the
     Base Indenture, executed by a duly authorized officer of each of AFC-II and
     the Trustee, (ii) this Supplement, executed by a duly authorized officer of
     each of AFC-II, the Administrator, the Trustee and the Purchaser, (iii)
     each Lease, executed by a duly authorized officer of each of AGH, ARAC, as
     Lessee and Administrator and the Lessor party thereto, (iv) each Loan
     Agreement, executed by a duly authorized officer of each of AFC-II, the
     Lessor party thereto and the Permitted Nominees party thereto, (v) each
     Vehicle Title and Lienholder Nominee Agreement, executed by the duly
     authorized officer of each of the Permitted Nominee party thereto, ARAC,
     AGH, the Lessor party thereto and the Trustee and (vi) the Administration
     Agreement, executed by a duly authorized officer of each of AFC-II and the
     Administrator.

          (b)   CORPORATE DOCUMENTS; PROCEEDINGS OF AFC-II, THE ADMINISTRATOR,
     AESOP LEASING, AESOP LEASING II, ORIGINAL AESOP, ARAC AND AGH. The
     Purchaser shall have received from AFC-II, AESOP Leasing, AESOP Leasing II,
     Original AESOP, Cherokee, ARAC and AGH true and complete copies of:

                (i)    to the extent applicable, the certificate of
          incorporation or certificate of formation, including all amendments
          thereto, of such Person, certified as of a recent date by the
          Secretary of State or other appropriate authority of the state of
          incorporation or organization, as the case may be, and a certificate
          of compliance, of status or of good standing, as and to the extent
          applicable, of

                                      -39-
<Page>

          each such Person as of a recent date, from the Secretary of State or
          other appropriate authority of such jurisdiction;

                (ii)   a certificate of the Secretary or an Assistant Secretary
          of such Person, dated on or prior to the Effective Date and certifying
          (A) that attached thereto is a true and complete copy of the bylaws,
          limited liability company agreement or partnership agreement of such
          Person, as the case may be, as in effect on the Series 2003-1 Closing
          Date and at all times since a date prior to the date of the
          resolutions described in clause (B) below, (B) that attached thereto
          is a true and complete copy of the resolutions, in form and substance
          reasonably satisfactory to the Purchaser, of the Board of Directors or
          Managers of such Person or committees thereof authorizing the
          execution, delivery and performance of this Supplement and the Related
          Documents to which it is a party and the transactions contemplated
          thereby, and that such resolutions have not been amended, modified,
          revoked or rescinded and are in full force and effect, (C) that the
          certificate of incorporation or certificate of formation of such
          Person has not been amended since the date of the last amendment
          thereto shown on the certificate of good standing (or its equivalent)
          furnished pursuant to clause (i) above and (D) as to the incumbency
          and specimen signature of each officer or authorized signatory
          executing this Supplement and the Related Documents or any other
          document delivered in connection herewith or therewith on behalf of
          such Person; and

                (iii)  a certificate of another officer as to the incumbency and
          specimen signature of the Secretary or Assistant Secretary executing
          the certificate pursuant to clause (ii) above.

          (c)   REPRESENTATIONS AND WARRANTIES. All representations and
     warranties of each of AFC-II, the Administrator, AESOP Leasing, AESOP
     Leasing II, Original AESOP, each of the Permitted Nominees, Cherokee, ARAC
     and AGH contained in each of the Related Documents shall be true and
     correct as of the Series 2003-1 Closing Date.

          (d)   NO AMORTIZATION EVENT, POTENTIAL AMORTIZATION EVENT OR AESOP I
     OPERATING LEASE VEHICLE DEFICIENCY. No Amortization Event or Potential
     Amortization Event in respect of the Series 2003-1 Notes or any other
     Series of Notes shall exist and no AESOP I Operating Lease Vehicle
     Deficiency shall exist.

          (e)   LIEN SEARCHES. The Purchaser shall have received a written
     search report listing all effective financing statements that name each of
     AFC-II, AESOP Leasing, AESOP Leasing II, Original AESOP the Permitted
     Nominees or ARAC as debtor or assignor and that are filed in the State of
     New York, the State of Delaware and in any other jurisdictions that the
     Purchaser determines are necessary or appropriate, together with copies of
     such financing statements, and tax and judgment lien searches showing no
     such liens that are not permitted by the Base Indenture, this Supplement or
     the Related Documents.

                                      -40-
<Page>

          (f)   LEGAL OPINIONS. The Purchaser shall have received, with a
     counterpart addressed to the Trustee, opinions of counsel required by
     Section 2.2(f) of the Base Indenture and opinions of counsel with respect
     to such other matters as may be reasonably requested by the Purchaser, in
     form and substance reasonably acceptable to the addressees thereof.

          (g)   FEES AND EXPENSES. The Purchaser shall have received payment of
     all fees, out-of-pocket expenses and other amounts due and payable to the
     Purchaser on or before the Effective Date.

          (h)   ESTABLISHMENT OF ACCOUNTS. The Purchaser shall have received
     evidence reasonably satisfactory to it that the Series 2003-1 Collection
     Account, the Series 2003-1 Reserve Account and the Series 2003-1
     Distribution Account shall have been established in accordance with the
     terms and provisions of the Indenture.

          (i)   OPINION. The Purchaser shall have received an opinion of counsel
     to the Trustee as to the due authorization, execution and delivery by the
     Trustee of this Supplement and the due execution, authentication and
     delivery by the Trustee of the Series 2003-1 Notes.

          (j)   PROCEEDINGS. All corporate and other proceedings and all other
     documents and legal matters in connection with the transactions
     contemplated by the Related Documents shall be satisfactory in form and
     substance to the Purchaser and its counsel.

                                   ARTICLE VI

                    REPRESENTATIONS AND WARRANTIES, COVENANTS

          Section 6.1. REPRESENTATIONS AND WARRANTIES OF AFC-II AND THE
ADMINISTRATOR. (a) AFC-II and the Administrator each hereby represents and
warrants to the Trustee and the Purchaser that:

          (i)   each and every of their respective representations and
     warranties contained in the Related Documents is true and correct as of the
     Series 2003-1 Closing Date and true and correct in all material respects as
     of the Series 2003-1 Initial Funding Date and as of the date of each
     Increase; and

          (ii)  as of the Series 2003-1 Closing Date, they have not engaged, in
     connection with the offering of the Series 2003-1 Notes, in any form of
     general solicitation or general advertising within the meaning of Rule
     502(c) under the Securities Act.

          (b)   AFC-II hereby represents and warrants to the Trustee and the
Purchaser that each of the Series 2003-1 Notes has been duly authorized and
executed by AFC-II and when duly authenticated by the Trustee and delivered to
the Purchaser in accordance with the terms of this Supplement will constitute
legal, valid and binding obligations of AFC-II enforceable in accordance with
their terms, except as enforceability thereof may be limited by bankruptcy,

                                      -41-
<Page>

insolvency, or other similar laws relating to or affecting generally the
enforcement of creditors' rights or by general equitable principles.

          Section 6.2. COVENANTS OF AFC-II AND THE ADMINISTRATOR. AFC-II and the
Administrator hereby agree, in addition to their obligations hereunder, that:

          (a)   they shall observe in all material respects each and every of
     their respective covenants (both affirmative and negative) contained in the
     Base Indenture and all other Related Documents to which each is a party;

          (b)   they shall afford the Purchaser and the Trustee or any
     representatives of the Purchaser or the Trustee access to all records
     relating to the Leases, the Vehicles, the Manufacturer Programs and the
     Loan Agreements at any reasonable time during regular business hours, upon
     reasonable prior notice (and with one Business Day's prior notice if an
     Amortization Event with respect to the Series 2003-1 Notes shall have been
     deemed to have occurred or shall have been declared to have occurred), for
     purposes of inspection and shall permit the Purchaser, the Trustee or any
     representative of the Purchaser or the Trustee to visit any of AFC-II's or
     the Administrator's, as the case may be, offices or properties during
     regular business hours and as often as may reasonably be desired to discuss
     the business, operations, properties, financial and other conditions of
     AFC-II or the Administrator with their respective officers and employees
     and with their independent certified public accountants;

          (c)   they shall promptly provide such additional financial and other
     information with respect to the Related Documents, AFC-II, the Lessors, the
     Permitted Nominees, the Lessees, the Guarantor, the Related Documents or
     the Manufacturer Programs as the Purchaser may from time to time reasonably
     request; and

          (d)   they shall provide to the Purchaser simultaneously with delivery
     to the Trustee copies of information furnished to the Trustee or AFC-II
     pursuant to the Related Documents as such information relates to all Series
     of Notes generally or specifically to the Series 2003-1 Notes or the Series
     2003-1 Collateral;

                                   ARTICLE VII

                                     GENERAL

          Section 7.1. SUCCESSORS AND ASSIGNS (a). (b) This Supplement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns, except that AFC-II and the Purchaser may not assign or
transfer any of its rights under this Supplement without the prior written
consent of the other party.

          Section 7.2. SECURITIES LAW. The Purchaser hereby represents and
warrants to AFC-II that it is an "accredited investor" as such term is defined
in Rule 501(a) of Regulation D under the Securities Act and has sufficient
assets to bear the economic risk of, and sufficient knowledge and experience in
financial and business matters to evaluate the merits and risks of, its
investment in a Series 2003-1 Note. The Purchaser agrees that its Series 2003-1
Note will be acquired for investment only and not with a view to any public
distribution thereof, and that the

                                      -42-
<Page>

Purchaser will not offer to sell or otherwise dispose of its Series 2003-1 Note
(or any interest therein) in violation of any of the registration requirements
of the Securities Act, or any applicable state or other securities laws. The
Purchaser acknowledges that it has no right to require AFC-II to register its
Series 2003-1 Note under the Securities Act or any other securities law. The
Purchaser hereby confirms and agrees that in connection with any transfer by it
of an interest in the Series 2003-1 Note, the Purchaser has not engaged and will
not engage in a general solicitation or general advertising including
advertisements, articles, notices or other communications published in any
newspaper, magazine or similar media or broadcast over radio or television, or
any seminar or meeting whose attendees have been invited by any general
solicitation or general advertising.

          Section 7.3. ADJUSTMENTS; SET-OFF. In addition to any rights and
remedies of the Purchaser provided by law, the Purchaser shall have the right,
without prior notice to AFC-II, any such notice being expressly waived by AFC-II
to the extent permitted by applicable law, upon any amount becoming due and
payable by AFC-II hereunder or under the Series 2003-1 Notes to set-off and
appropriate and apply against any and all deposits (general or special, time or
demand, provisional or final), in any currency, and any other credits,
indebtedness or claims, in any currency, in each case whether direct or
indirect, absolute or contingent, matured or unmatured, at any time held or
owing by the Purchaser to or for the credit or the account of AFC-II. The
Purchaser agrees promptly to notify AFC-II and the Administrator after any such
set-off and application made by the Purchaser; PROVIDED that the failure to give
such notice shall not affect the validity of such set-off and application.

          Section 7.4. NO BANKRUPTCY PETITION. (a) The Purchaser hereby
covenants and agrees that, prior to the date which is one year and one day after
the later of payment in full of all Series of Notes, it will not institute
against, or join any other Person in instituting against, AFC-II any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
similar proceedings under any federal or state bankruptcy or similar law.

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

          Section 7.5. LIMITED RECOURSE. No recourse under any obligation,
covenant or agreement of the Purchaser contained herein shall be had against any
incorporator, stockholder, officer, director, employee or agent of the Purchaser
or any of its Affiliates by the enforcement of any assessment or by any legal or
equitable proceeding, by virtue of any statute or otherwise; it being expressly
agreed and understood that this Supplement is solely a corporate obligation of
the Purchaser individually, and that no personal liability whatever shall attach
to or be incurred by any incorporator, stockholder, officer, director, employee
or agent of the Purchaser or any of its Affiliates (solely by virtue of such
capacity) or any of them under or by reason of any of the obligations, covenants
or agreements of the Purchaser contained in this Agreement, or implied
therefrom, and that any and all personal liability for breaches by the Purchaser
of any of such obligations, covenants or agreements, either at common law or at
equity, or by statute, rule or regulation, of every such incorporator,
stockholder, officer, director, employee or agent is hereby expressly waived as
a condition of and in consideration for the execution of this Supplement;
PROVIDED that the foregoing shall not relieve any such Person from any liability
it might

                                      -43-
<Page>

otherwise have as a result of fraudulent actions taken or omissions made by
them. The provisions of this Section 7.5 shall survive termination of this
Supplement.

          Section 7.6. COSTS AND EXPENSES. AFC-II agrees to pay on demand (x)
all reasonable out-of-pocket costs and expenses of the Purchaser (including,
without limitation, reasonable fees and disbursements of counsel to the
Purchaser) in connection with (i) the preparation, execution and delivery of
this Supplement and the other Related Documents and any amendments or waivers
of, or consents under, any such documents and (ii) the enforcement by the
Purchaser of the obligations and liabilities of AFC-II, the Lessors, the
Lessees, the Guarantor and the Administrator under the Indenture, this
Supplement, the other Related Documents or any related document and all costs
and expenses, if any (including reasonable counsel fees and expenses), in
connection with the enforcement of this Agreement and the other Related
Documents and (y) all reasonable out of pocket costs and expenses of the
Purchaser (including, without limitation, reasonable fees and disbursements of
counsel to the Purchaser) in connection with the administration of this
Supplement and the other Related Documents. Any payments made by AFC-II pursuant
to this Section 7.6 shall be made solely from funds available in the Series
2003-1 Distribution Account, shall be non-recourse other than with respect to
such funds, and shall not constitute a claim against AFC-II to the extent that
insufficient funds exist to make such payment. The agreements in this Section
shall survive the termination of this Supplement and the Base Indenture and the
payment of all amounts payable hereunder and thereunder.

          Section 7.7. EXHIBITS. The following exhibits attached hereto
supplement the exhibits included in the Indenture.

          EXHIBIT A:              Form of Variable Funding Note
          EXHIBIT B:              Form of Increase Notice
          EXHIBIT C:              Form of Series 2003-1 Demand Note
          EXHIBIT D:              Form of Series 2003-1 Letter of Credit
          EXHIBIT E:              Form of Lease Payment Deficit Notice
          EXHIBIT F:              Form of Demand Notice

          Section 7.8. RATIFICATION OF BASE INDENTURE. As supplemented by this
Supplement, the Base Indenture is in all respects ratified and confirmed and the
Base Indenture as so supplemented by this Supplement shall be read, taken, and
construed as one and the same instrument.

          Section 7.9. COUNTERPARTS. This Supplement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all of such counterparts shall together constitute but one and the
same instrument.

          Section 7.10. GOVERNING LAW. This Supplement shall be construed in
accordance with the law of the State of New York, and the obligations, rights
and remedies of the parties hereto shall be determined in accordance with such
law.

          Section 7.11. AMENDMENTS. This Supplement may be modified or amended
from time to time in accordance with the terms of the Base Indenture.

                                      -44-
<Page>

          Section 7.12. DISCHARGE OF INDENTURE. Notwithstanding anything to the
contrary contained in the Base Indenture, no discharge of the Indenture pursuant
to Section 11.1(b) of the Base Indenture will be effective as to the Series
2003-1 Notes without the consent of the Series 2003-1 Noteholder.

          Section 7.13. CAPITALIZATION OF AFC-II. AFC-II agrees that on the
Series 2003-1 Closing Date and on the date of any increase in the Series 2003-1
Maximum Invested Amount it will have capitalization in an amount equal to or
greater than 3% of the sum of (x) the Series 2003-1 Maximum Invested Amount and
(y) the invested amount of the Series 1998-1 Notes, Series 2000-1 Notes, Series
2000-2 Notes, Series 2000-3 Notes, the Series 2000-4 Notes, the Series 2001-1
Notes, the Series 2001-2 Notes, the Series 2002-1 Notes, the Series 2002-2
Notes, the Series 2002-3 Notes and the Series 2002-4 Notes.

          Section 7.14. SERIES 2003-1 DEMAND NOTES. Other than pursuant to a
demand thereon pursuant to Section 3.5 of this Supplement, AFC-II shall not
reduce the amount of the Series 2003-1 Demand Notes or forgive amounts payable
thereunder so that the outstanding principal amount of the Series 2003-1 Demand
Notes after such reduction or forgiveness is less than the Series 2003-1 Letter
of Credit Liquidity Amount. AFC-II shall not agree to any amendment of the
Series 2003-1 Demand Notes without first satisfying the Rating Agency
Confirmation Condition and the Rating Agency Consent Condition.

          Section 7.15. TERMINATION OF SUPPLEMENT. This Supplement shall cease
to be of further effect when all outstanding Series 2003-1 Notes theretofore
authenticated and issued have been delivered (other than destroyed, lost, or
stolen Series 2003-1 Notes which have been replaced or paid) to the Trustee for
cancellation and AFC-II has paid all sums payable hereunder and, if the Series
2003-1 Demand Note Payment Amount on the Series 2003-1 Letter of Credit
Termination Date was greater than zero, the Series 2003-1 Cash Collateral
Account Surplus shall equal zero and all amounts have been withdrawn from the
Series 2003-1 Cash Collateral Account in accordance with Section 3.8(h) of this
Supplement.

          Section 7.16. NO WAIVER; CUMULATIVE REMEDIES. No failure to exercise
and no delay in exercising, on the part of the Trustee or the Purchaser, any
right, remedy, power or privilege hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exhaustive of any
rights, remedies, powers and privileges provided by law.

          Section 7.17. WAIVER OF SETOFF. Notwithstanding any other provision of
this Supplement or any other agreement to the contrary, all payments to the
Purchaser hereunder shall be made without set-off or counterclaim.

          Section 7.18. NOTICES. All notices, requests, instructions and demands
to or upon any party hereto to be effective shall be given (i) in the case of
AFC-II, the Administrator and the Trustee in the manner set forth in Section
13.1 of the Base Indenture and addressed as follows:

          If to AFC-II:

                                      -45-
<Page>

          AESOP Funding II L.L.C.
          c/o Lord Securities Corporation
          48 Wall Street, 27th Floor
          New York, New York 10005
          Attn: Dean A Christiansen
          Phone: (212) 346-9000
          Fax: (212) 346-9012

          If to the Administrator:
          Avis Rent A Car System, Inc.
          6 Sylvan Way
          Parsippany, New Jersey 07054
          Attn: Treasurer
          Phone: (973) 496-5176
          Fax: (973) 496-3950

          If to the Trustee:

          The Bank of New York
          c/o BNY Midwest Trust Company
          2 North LaSalle Street, Suite 1020
          Chicago, Illinois  60602
          Attn: Corporate Trust/Structured Finance
          Phone: (312) 827-8569
          Fax: (312) 827-8562

          and (ii) in the case of the Purchaser, in writing, and, unless
otherwise expressly provided herein, shall be deemed to have been duly given or
made when delivered by hand or three days after being deposited in the mail,
postage prepaid, in the case of facsimile notice, when received, or in the case
of overnight air courier, one Business Day after the date such notice is
delivered to such overnight courier, addressed as follows:

          Cendant Corporation
          1 Campus Drive
          Parsippany, New Jersey  07054
          Attn: Treasurer
          Phone: (973) 496-7312
          Fax: (973) 496-5852

                                      -46-
<Page>

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

                                       AESOP FUNDING II L.L.C.,
                                         as Issuer

                                       By:  /s/ Lori Gebron
                                           -------------------------------------
                                           Name: Lori Gebron
                                           Title: Vice President

                                       AVIS RENT A CAR SYSTEM, INC.,
                                         as Administrator

                                       By:  /s/ Gerard J. Kennell
                                           -------------------------------------
                                           Name: Gerard J. Kennell
                                           Title: Vice President and Assistant
                                                    Treasurer

<Page>

                                       CENDANT CORPORATION,
                                         as Purchaser

                                       By:  /s/ Duncan H. Cocroft
                                           -------------------------------------
                                           Name: Duncan H. Cocroft
                                           Title: Executive Vice President and
                                                    Treasurer

<Page>

                                       THE BANK OF NEW YORK (as successor in
                                           interest to the corporate trust
                                           administration of Harris Trust and
                                           Savings Bank), as Trustee

                                       By:  /s/ Eric A. Lindahl
                                           -------------------------------------
                                           Name: Eric A. Lindahl
                                           Title: Agent

                                       THE BANK OF NEW YORK, as Series 2003-1
                                         Agent

                                       By:  /s/ Eric A. Lindahl
                                           -------------------------------------
                                           Name: Eric A. Lindahl
                                           Title: Agent

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