Document:

Exhibit 10.3

     

    Exhibit
      10.3

    
 

    

    CHESAPEAKE
      FUNDING LLC,

    as
      Issuer

     

    PHH
      VEHICLE MANAGEMENT SERVICES, LLC,

    as
      Administrator

     

    JPMORGAN
      CHASE BANK, NATIONAL ASSOCIATION,

    as
      Administrative Agent,

     

    CERTAIN
      CP CONDUIT PURCHASERS,

     

    CERTAIN
      APA BANKS,

     

    CERTAIN
      FUNDING AGENTS

     

    and

     

    JPMORGAN
      CHASE BANK, NATIONAL ASSOCIATION,

    as
      Indenture Trustee

     

     

    SERIES
      2006-2 INDENTURE SUPPLEMENT

     

    dated
      as
      of March 7, 2006

     

    to

     

    BASE
      INDENTURE

     

    dated
      as
      of March 7, 2006

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    
      
        	 	
                 Page

              
	 	 
	
                ARTICLE
                  1 DEFINITIONS

              	
                2

              
	
                ARTICLE
                  2 PURCHASE AND SALE OF SERIES 2006-2 INVESTOR NOTES; INCREASES
                  AND
                  DECREASES OF SERIES 2006-2 INVESTED AMOUNT

              	
                22

              
	
                SECTION
                  2.1. Purchases of the Series 2006-2 Investor Notes

              	
                22

              
	
                SECTION
                  2.2. Delivery.

              	
                22

              
	
                SECTION
                  2.3. Procedure for Initial Issuance and for Increasing the Series
                  2006-2
                  Invested Amount.

              	
                23

              
	
                SECTION
                  2.4. Sales by CP Conduit Purchasers of Series 2006-2 Investor Notes
                  to APA
                  Banks

              	
                25

              
	
                SECTION
                  2.5. Procedure for Decreasing the Series 2006-2 Invested Amount;
                  Optional
                  Termination.

              	
                25

              
	
                SECTION
                  2.6. Increases and Reductions of the Commitments; Extensions of
                  the
                  Commitments

              	
                26

              
	
                SECTION
                  2.7. Interest; Fees.

              	
                27

              
	
                SECTION
                  2.8. Indemnification by the Issuer and the Administrator

              	
                29

              
	
                SECTION
                  2.9. Funding Agents

              	
                30

              
	
                ARTICLE
                  3 ARTICLE 5 OF THE BASE INDENTURE

              	
                30

              
	
                Section
                  5A.1 Establishment of Series 2006-2 Subaccounts

              	
                30

              
	
                Section
                  5A.2 Allocations with Respect to the Series 2006-2 Investor
                  Notes

              	
                32

              
	
                Section
                  5A.3. Determination of Interest

              	
                34

              
	
                Section
                  5A.4. Monthly Application of Collections

              	
                35

              
	
                Section
                  5A.5 Payment of Monthly Interest Payment, Fees and
                  Expenses

              	
                37

              
	
                Section
                  5A.6. Determination of Monthly Principal Payment

              	
                39

              
	
                Section
                  5A.7 Payment of Principal

              	
                39

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  5A.8 The Administrator’s Failure to Instruct the Indenture Trustee to Make
                  a Deposit or Payment

              	
                40

              
	
                Section
                  5A.9 Series 2006-2 Reserve Account

              	
                41

              
	
                Section
                  5A.10 Series 2006-2 Yield Supplement Account

              	
                42

              
	
                Section
                  5A.11 Series 2006-2 Distribution Account

              	
                44

              
	
                Section
                  5A.12 Lease Rate Caps

              	
                44

              
	
                Section
                  5A.13 Indenture Trustee As Securities Intermediary

              	
                46

              
	
                ARTICLE
                  4 AMORTIZATION EVENTS

              	
                47

              
	
                ARTICLE
                  5 OPTIONAL PREPAYMENT

              	
                49

              
	
                ARTICLE
                  6 SERVICING AND ADMINISTRATOR FEES

              	
                50

              
	
                SECTION
                  6.1. Servicing Fee

              	
                50

              
	
                SECTION
                  6.2. Administrator Fee

              	
                50

              
	
                ARTICLE
                  7 CHANGE IN CIRCUMSTANCES

              	
                50

              
	
                SECTION
                  7.1. Illegality

              	
                50

              
	
                SECTION
                  7.2. Increased Costs.

              	
                51

              
	
                SECTION
                  7.3. Taxes.

              	
                52

              
	
                SECTION
                  7.4. Break Funding Payments

              	
                54

              
	
                SECTION
                  7.5. Alternate Rate of Interest

              	
                55

              
	
                SECTION
                  7.6. Mitigation Obligations

              	
                55

              
	
                ARTICLE
                  8 REPRESENTATIONS AND WARRANTIES, COVENANTS

              	
                56

              
	
                SECTION
                  8.1. Representations and Warranties of the Issuer and VMS

              	
                56

              
	
                SECTION
                  8.2. Covenants of the Issuer and VMS

              	
                56

              
	
                SECTION
                  8.3. Covenants of the Administrator

              	
                56

              
	
                SECTION
                  8.4. Obligations Unaffected

              	
                57

              
	
                ARTICLE
                  9 CONDITIONS PRECEDENT

              	
                57

              
	
                SECTION
                  9.1. Conditions Precedent to Effectiveness of Indenture
                  Supplement

              	
                57

              

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

      
        	
                ARTICLE
                  10 THE ADMINISTRATIVE AGENT

              	
                61

              
	
                SECTION
                  10.1. Appointment

              	
                61

              
	
                SECTION
                  10.2. Delegation of Duties

              	
                61

              
	
                SECTION
                  10.3. Exculpatory Provisions

              	
                61

              
	
                SECTION
                  10.4. Reliance by Administrative Agent

              	
                62

              
	
                SECTION
                  10.5. Notice of Administrator Default or Amortization Event or
                  Potential
                  Amortization Event

              	
                62

              
	
                SECTION
                  10.6. Non Reliance on the Administrative Agent and Other
                  Purchasers

              	
                63

              
	
                SECTION
                  10.7. Indemnification

              	
                63

              
	
                SECTION
                  10.8. The Administrative Agent in Its Individual Capacity

              	
                64

              
	
                SECTION
                  10.9. Resignation of Administrative Agent; Successor Administrative
                  Agent

              	
                64

              
	
                ARTICLE
                  11 THE FUNDING AGENTS

              	
                65

              
	
                SECTION
                  11.1. Appointment

              	
                65

              
	
                SECTION
                  11.2. Delegation of Duties

              	
                65

              
	
                SECTION
                  11.3. Exculpatory Provisions

              	
                65

              
	
                SECTION
                  11.4. Reliance by Each Funding Agent

              	
                66

              
	
                SECTION
                  11.5. Notice of Administrator Default or Amortization Event or
                  Potential
                  Amortization Event

              	
                66

              
	
                SECTION
                  11.6. Non Reliance on Each Funding Agent and Other Purchaser
                  Groups

              	
                66

              
	
                SECTION
                  11.7. Indemnification

              	
                67

              
	
                ARTICLE
                  12 MISCELLANEOUS

              	
                67

              
	
                SECTION
                  12.1. Ratification of Indenture

              	
                67

              
	
                SECTION
                  12.2. Governing Law

              	
                67

              
	
                SECTION
                  12.3. Further Assurances

              	
                68

              
	
                SECTION
                  12.4. Payments

              	
                68

              

      

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

      
        	
                SECTION
                  12.5. Costs and Expenses

              	
                68

              
	
                SECTION
                  12.6. No Waiver; Cumulative Remedies

              	
                68

              
	
                SECTION
                  12.7. Amendments

              	
                68

              
	
                SECTION
                  12.8. Severability

              	
                69

              
	
                SECTION
                  12.9. Notices

              	
                69

              
	
                SECTION
                  12.10. Successors and Assigns

              	
                70

              
	
                SECTION
                  12.11. Securities Laws

              	
                72

              
	
                SECTION
                  12.12. Adjustments; Set-off

              	
                72

              
	
                SECTION
                  12.13. Counterparts

              	
                73

              
	
                SECTION
                  12.14. No Bankruptcy Petition

              	
                73

              
	
                SECTION
                  12.15. SUBIs

              	
                74

              
	
                SECTION
                  12.16. Discharge of Indenture

              	
                74

              
	
                SECTION
                  12.17. Limited Recourse

              	
                75

              
	
                SECTION
                  12.18. Waiver of Setoff

              	
                75

              
	
                SECTION
                  12.19. Conflict of Instructions

              	
                75

              
	
                SECTION
                  12.20. JPMorgan Chase Conflict Waiver

              	
                75

              
	
                SECTION
                  12.21. Confidential Information.

              	
                76

              

      

       

    

     

    SCHEDULES

     

    Schedule
      I:  List
      of
      Match Funding CP Conduit Purchasers

     

    EXHIBITS

     

    Exhibit
      A:  Form
      of
      Series 2006-2 Variable Funding Investor Note

    Exhibit
      B:  Increase
      Notice

    Exhibit
      C:  Monthly
      Settlement Statement

    Exhibit
      D:  UCC
      Certificate

    Exhibit
      E:  Form
      of
      Transfer Supplement

    Exhibit
      F:  Form
      of
      Purchaser Group Supplement

    

    

      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

    

    SERIES
      2006-2 SUPPLEMENT, dated as of March 7, 2006 (as amended, supplemented, restated
      or otherwise modified from time to time, this “Indenture
      Supplement”)
      among
      CHESAPEAKE FUNDING LLC, a special purpose limited liability company established
      under the laws of Delaware (the “Issuer”),
      PHH
      VEHICLE MANAGEMENT SERVICES, LLC (“VMS”),
      as
      administrator (in such capacity, the “Administrator”),
      the
      several commercial paper conduits listed on Schedule I and their respective
      permitted successors and assigns (the “CP
      Conduit Purchasers”;
      each,
      individually, a “CP
      Conduit Purchaser”),
      the
      several banks set forth opposite the name of each CP Conduit Purchaser on
      Schedule I and the other banks parties hereto pursuant to Section
      12.10(c)
      (each an
“APA
      Bank”
with
      respect to such CP Conduit Purchaser), the agent bank set forth opposite the
      name of each CP Conduit Purchaser on Schedule I and its permitted successor
      and
      assign (the “Funding
      Agent”
with
      respect to such CP Conduit Purchaser), JPMorgan Chase, in its capacity as
      administrative agent for the CP Conduit Purchasers, the APA Banks and the
      Funding Agents (the “Administrative
      Agent”),
      and
      JPMorgan Chase, in its capacity as Indenture Trustee (together with its
      successors in trust thereunder as provided in the Base Indenture referred to
      below, the “Indenture
      Trustee”),
      to
      the Base Indenture, dated as of March 7, 2006, between the Issuer and the
      Indenture Trustee (as amended, modified, restated or supplemented from time
      to
      time, exclusive of Indenture Supplements creating new Series of Investor Notes,
      the “Base
      Indenture”).

     

    

    PRELIMINARY
      STATEMENT

    

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

     

    NOW,
      THEREFORE, the parties hereto agree as follows:

     

    DESIGNATION

    There
      is
      hereby created a Series of Investor Notes to be issued pursuant to the Base
      Indenture and this Indenture Supplement and such Series of Investor Notes shall
      be designated generally as Floating Rate Asset Backed Variable Funding Investor
      Notes, Series 2006-2.

     

    The
      proceeds from the sale of the Series 2006-2 Investor Notes (as defined herein)
      and the proceeds from any Increase (as defined herein) shall be deposited in
      the
      Series 2006-2 Collection Subaccount and shall be used by the Issuer to fund
      the
      Loans to Holdings under the Loan Agreement and the prepayment of the Invested
      Amounts of other Series of Investor Notes.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      1

     

    DEFINITIONS

     

    (a) All
      capitalized terms not otherwise defined herein are defined in the Definitions
      List attached to the Base Indenture as Schedule
      1
      thereto.
      All Article, Section or Subsection references herein shall refer to Articles,
      Sections or Subsections of this Indenture Supplement, except as otherwise
      provided herein. Unless otherwise stated herein, as the context otherwise
      requires or if such term is otherwise defined in the Base Indenture, each
      capitalized term used or defined herein shall relate only to the Series 2006-2
      Investor Notes and not to any other Series of Investor Notes issued by the
      Issuer. 

     

    (b) The
      following words and phrases shall have the following meanings with respect
      to
      the Series 2006-2 Investor Notes and the definitions of such terms are
      applicable to the singular as well as the plural form of such terms and to
      the
      masculine as well as the feminine and neuter genders of such terms:

     

    “Acquiring
      APA Bank”
is
      defined in Section
      12.10(c). 

     

    “Acquiring
      Purchaser Group”
is
      defined in Section
      12.10(e).

     

    “Additional
      Costs Cap”
means,
      for any Payment Date, an amount equal to the quotient of the product of (a)
      0.25% per annum, (b) the weighted average Series 2006-2 Invested Amount during
      the immediately preceding Series 2006-2 Interest Period and (c) the number
      of
      days in such Series 2006-2 Interest Period divided by 360.

     

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

     

    “Adjusted
      LIBO Rate”
means,
      with respect to each day during each Eurodollar Period pertaining to a portion
      of the Purchaser Group Invested Amount with respect to any Purchaser Group
      allocated to a Eurodollar Tranche, an interest rate per annum (rounded upwards,
      if necessary, to the nearest 1/16th of 1%) equal to the LIBO Rate for such
      Eurodollar Period multiplied by the Statutory Reserve Rate.

     

    “Administrative
      Agent”
is
      defined in the recitals hereto.

     

    “Affected
      Party”
means
      any CP Conduit Purchaser and any Program Support Provider with respect to such
      CP Conduit Purchaser.

     

    “Alternate
      Base Rate”
means,
      for any day, a rate per annum equal to the greater of (a) the Prime Rate in
      effect on such day and
      (b) the
      Federal Funds Effective Rate in effect on such day plus1⁄2
of
      1%.
      Any change in the Alternate Base Rate due to a change in the Prime Rate or
      the
      Federal Funds Effective Rate shall be effective from and including the effective
      day of such change in the Prime Rate or the Federal Funds Effective Rate,
      respectively.

     

    “Amortization
      Event”
is
      defined in Article
      4.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “APA
      Bank”
is
      defined in the recitals
      hereto.

     

    “APA
      Bank Funded Amount”
means,
      with respect to any Purchaser Group for any day, the excess, if any, of the
      Purchaser Group Invested Amount with respect to such Purchaser Group over the
      CP
      Conduit Funded Amount for such day.

     

    “APA
      Bank Percentage”
means,
      with respect to any APA Bank, the percentage set forth opposite the name of
      such
      APA Bank on Schedule I.

     

    “Applicable
      Margin”
is
      defined in the Fee Letter.

     

    “Article
      7 Costs”
means
      any amounts due pursuant to Article 7.

     

    “Asset
      Purchase Agreement”
means,
      with respect to any CP Conduit Purchaser, the asset purchase agreement,
      liquidity agreement or other agreement among such CP Conduit Purchaser, the
      Funding Agent with respect to such CP Conduit Purchaser and the APA Bank with
      respect to such CP Conduit Purchaser, as amended, modified or supplemented
      from
      time to time.

     

    “Assumed
      Lease Term”
means,
      with respect to any Series 2006-2 Yield Shortfall Lease, the number of months
      over which the Capitalized Cost of the related Leased Vehicle is being
      depreciated thereunder.

     

    “Available
      APA Bank Funding Amount”
means,
      with respect to any Purchaser Group for any Business Day, the sum of (i) the
      portion of such Purchaser Group’s Commitment Percentage of the Series 2006-2
      Initial Invested Amount not to be funded by such Purchaser Group by issuing
      Commercial Paper if such Business Day is the Series 2006-2 Initial Funding
      Date,
      (ii) the portion of the APA Bank Funded Amount with respect to such Purchaser
      Group not allocated to a Eurodollar Tranche on such Business Day, (iii) the
      portion of the APA Bank Funded Amount with respect to such Purchaser Group
      allocated to any Eurodollar Tranche the Eurodollar Period in respect of which
      expires on such Business Day and (iv) the portion of the Purchaser Group
      Increase Amount with respect to such Purchaser Group for such Business Day
      not
      to be funded by such Purchaser Group by issuing Commercial Paper.

     

    “Available
      CP Funding Amount”
means,
      with respect to any Purchaser Group for any Business Day, the sum of (i) the
      portion of such Purchaser Group’s Commitment Percentage of the Series 2006-2
      Initial Invested Amount to be funded by such Purchaser Group by issuing
      Commercial Paper if such Business Day is the Series 2006-2 Initial Funding
      Date,
      (ii) the portion of the CP Conduit Funded Amount with respect to such Purchaser
      Group allocated to any CP Tranche, the CP Rate Period in respect of which
      expires on such Business Day and (iii) the portion of the Purchaser Group
      Increase Amount with respect to such Purchaser Group for such Business Day
      to be
      funded by such Purchaser Group by issuing Commercial Paper.

     

    “Benefitted
      Purchaser Group”
is
      defined in Section
      12.12(a).

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Board”
means
      the Board of Governors of the Federal Reserve System or any successor
      thereto.

     

    “Change
      in Law”
means
      (a) any law, rule or regulation or any change therein or in the interpretation
      or application thereof (whether or not having the force of law), in each case,
      adopted, issued or occurring after the Series 2006-2 Closing Date, (b) any
      request, guideline or directive (whether or not having the force of law) from
      any government or political subdivision or agency, authority, bureau, central
      bank, commission, department or instrumentality thereof, or any court, tribunal,
      grand jury or arbitrator , in each case, whether foreign or domestic (each
      an
“Official Body”) charged with the administration, interpretation or application
      thereof, or the compliance with any request or directive of any Official Body
      (whether or not having the force of law) made, issued or occurring after the
      Series 2006-2 Closing Date or (c) any request, guideline or directive (whether
      or not having the force of law) from any accounting board or authority (whether
      or not part of government) which is responsible for the establishment or
      interpretation of national or international accounting principles, in each
      case,
      whether foreign or domestic (each an “Accounting Body”) charged with the
      administration, interpretation or application thereof, or the compliance with
      any request or directive of any Accounting Body (whether or not having the
      force
      of law) made, issued or occurring after December 6, 2002.

     

    “Commercial
      Paper”
means,
      with respect to any CP Conduit Purchaser, the promissory notes issued by, or
      for
      the benefit of, such CP Conduit Purchaser in the commercial paper
      market.

     

    “Commitment”
means,
      with respect to the APA Banks included in any Purchaser Group, the obligation
      of
      such APA Banks to purchase a Series 2006-2 Investor Note on the Series 2006-2
      Initial Funding Date and, thereafter, to maintain and, subject to certain
      conditions, increase the Purchaser Group Invested Amount with respect to such
      Purchaser Group, in each case, in an amount up to the Maximum Purchaser Group
      Invested Amount with respect to such Purchaser Group.

     

    “Commitment
      Fee”
is
      defined in Section
      2.7(e).

     

    “Commitment
      Fee Payment”
is
      defined in Section
      5A.4(c)(vi).

     

    “Commitment
      Fee Rate”
is
      defined in the Fee Letter.

     

    “Commitment
      Percentage”
means,
      on any date of determination, with respect to any Purchaser Group, the ratio,
      expressed as a percentage, which such Purchaser Group’s Maximum Purchaser Group
      Invested Amount bears to the Series 2006-2 Maximum Invested Amount on such
      date.

     

    “Conduit
      Assignee”
means,
      with respect to any CP Conduit Purchaser, any commercial paper conduit
      administered by the Funding Agent with respect to such CP Conduit Purchaser
      and
      designated by such Funding Agent to accept an assignment from such CP Conduit
      Purchaser of the Purchaser Group Invested Amount with respect to such CP Conduit
      Purchaser pursuant to Section
      12.10(b).

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    “CP
      Conduit Funded Amount”
means,
      with respect to any Purchaser Group for any day, the portion of the Purchaser
      Group Invested Amount with respect to such Purchaser Group funded by such
      Purchaser Group by issuing Commercial Paper on such day.

     

    “CP
      Conduit Purchaser”
is
      defined in the recitals hereto.

     

    “CP
      Rate Period”
means,
      with respect to any CP Tranche, a period of days not to exceed 270 days
      commencing on a Business Day selected in accordance with Section
      2.7(b);
      provided
      that (x)
      if a CP Rate Period would end on a day that is not a Business Day, such CP
      Rate
      Period shall end on the next succeeding Business Day and (y) during the Series
      2006-2 Amortization Period, each CP Rate Period shall end on or prior to the
      next succeeding Payment Date.

     

    “CP
      Tranche”
means,
      with respect to a Match Funding CP Conduit Purchaser, a portion of the CP
      Conduit Funded Amount with respect to such Match Funding CP Conduit Purchaser
      for which the Monthly Funding Costs with respect to such Match Funding CP
      Conduit Purchaser is calculated by reference to a particular Discount and a
      particular CP Rate Period.

     

    “Daily
      Principal Utilization Amount”
means,
      for any Business Day, the sum of the following amounts to be withdrawn from
      the
      Series 2006-2 Principal Collection Subaccount pursuant to Section 5A.2(g) on
      such Business Day: (i) the amount of any Decrease to be applied to reduce the
      Series 2006-2 Invested Amount pursuant to Section
      2.5,
      (ii)
      the amount that the Issuer has elected to apply to reduce the principal amount
      of any Outstanding Series of Investor Notes (other than the Series 2006-2
      Investor Notes) and (iii) the portion of the Loan to be made to Holdings on
      such
      Business Day pursuant to the Loan Agreement to be financed with the proceeds
      of
      the Series 2006-2 Investor Notes.

     

    “Decrease”
is
      defined in Section
      2.5(a).

     

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

     

    “Discount”
means,
      with respect to any Match Funding CP Conduit Purchaser, the interest or discount
      component of the Commercial Paper issued by such Match Funding CP Conduit
      Purchaser to fund or maintain the CP Conduit Funded Amount with respect to
      such
      Match Funding CP Conduit Purchaser, including an amount equal to the portion
      of
      the face amount of the outstanding Commercial Paper issued to fund or maintain
      the CP Conduit Funded Amount with respect to such CP Conduit Purchaser that
      corresponds to the portion of the proceeds of such Commercial Paper that was
      used to pay the interest or discount component of maturing Commercial Paper
      issued to fund or maintain such CP Conduit Funded Amount, to the extent that
      such CP Conduit Purchaser has not received payments of interest in respect
      of
      such interest component prior to the maturity date of such maturing Commercial
      Paper, and including the portion of such interest or discount component
      constituting dealer or placement agent commissions and (b) with respect to
      any
      Pooled Funding CP Conduit Purchaser, the amount of interest or discount to
      accrue on or in respect of the Commercial Paper issued by such Pooled Funding
      CP
      Conduit Purchaser allocated, in whole or in part, by the Funding Agent with
      respect to such Pooled Funding CP Conduit Purchaser, to fund the purchase or
      maintenance of the CP Conduit Funded Amount with respect to such Pooled Funding
      CP Conduit Purchaser (including, without limitation, any interest attributable
      to the commissions of placement agents and dealers in respect of such Commercial
      Paper and any costs associated with funding small or odd-lot amounts, to the
      extent that such commissions or costs are allocated, in whole or in part, to
      such Commercial Paper by such Funding Agent).

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    “Effective
      Date”
is
      defined in Section
      9.1.

     

    “Eligible
      Assignee”
means
      a
      financial institution having short-term debt ratings of at least A-1 from
      Standard & Poor’s and P-1 from Moody’s.

     

    “Eurodollar
      Period”
means,
      with respect to any Eurodollar Tranche and any Purchaser Group:

     

    (a) initially,
      the period commencing on the Series 2006-2 Initial Funding Date, the Increase
      Date or a conversion date, as the case may be, with respect to such Eurodollar
      Tranche and ending one month thereafter (or such other period which is
      acceptable to the Funding Agent with respect to such Purchaser Group and which
      in no event will be less than 7 days); and

     

    (b) thereafter,
      each period commencing on the last day of the immediately preceding Eurodollar
      Period applicable to such Eurodollar Tranche and ending one month thereafter
      (or
      such other period which is acceptable to the Funding Agent with respect to
      such
      Purchaser Group and which in no event will be less than 7 days);

     

    provided
      that all
      Eurodollar Periods must end on the next Payment Date and all of the foregoing
      provisions relating to Eurodollar Periods are subject to the
      following:

     

    (i) if
      any
      Eurodollar Period would otherwise end on a day that is not a Business Day,
      such
      Eurodollar Period shall be extended to the next succeeding Business Day unless
      the result of such extension would be to carry such Eurodollar Period into
      another calendar month, in which event such Eurodollar Period shall end on
      the
      immediately preceding Business Day; and

     

    (ii) any
      Eurodollar Period that begins on the last Business Day of a calendar month
      (or
      on a day for which there is no numerically corresponding day in the calendar
      month at the end of such Eurodollar Period) shall end on the last Business
      Day
      of the calendar month at the end of such Eurodollar Period.

     

    “Eurodollar
      Tranche”
means,
      with respect to any Purchaser Group, a portion of the APA Bank Funded Amount
      with respect to such Purchaser Group allocated to a particular Eurodollar Period
      and an Adjusted LIBO Rate determined by reference thereto.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    “Excluded
      Taxes”
means,
      with respect to the Administrative Agent, any CP Conduit Purchaser, any APA
      Bank, any Funding Agent, any Program Support Provider or any other recipient
      of
      any payment to be made by or on account of any obligation of the Issuer
      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 Administrative Agent, such CP Conduit
      Purchaser, such APA Bank, such Funding Agent, such Program Support Provider
      or
      any other such recipient (except a connection arising solely from the
      Administrative Agent’s, such CP Conduit Purchaser’s, such APA Bank’s, such
      Program Support Provider’s or such recipient’s having executed, delivered or
      performed its obligations hereunder, receiving a payment hereunder or enforcing
      the Series 2006-2 Investor 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 the Issuer 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 Administrative
      Agent’s, such CP Conduit Purchaser’s, such APA Bank’s, such Program Support
      Provider’s or such recipient’s having executed, delivered or performed its
      obligations hereunder, receiving a payment hereunder or enforcing the Series
      2006-2 Investor Notes).

     

    “Expiry
      Date”
means,
      with respect to any Purchaser Group, the earlier of (a) the Scheduled Expiry
      Date with respect to such Purchaser Group and (b) the date on which an
      Amortization Event shall have been declared or automatically
      occurred.

     

    “Extending
      Purchaser Group”
shall
      mean a Purchaser Group other than a Non-Extending Purchaser Group.

     

    “Federal
      Funds Effective Rate”
means,
      for any day, the weighted average (rounded upwards, if necessary, to the next
      1/100 of 1%) of the rates on overnight Federal funds transactions with members
      of the Federal Reserve System arranged by Federal funds brokers, as published
      on
      the next succeeding Business Day by the Federal Reserve Bank of New York,
      or, if such rate is not so published for any day that is a Business Day, the
      average (rounded upwards, if necessary, to the next 1/100 of 1%) of the
      quotations for such day of such transactions received by the Administrative
      Agent from three Federal funds brokers of recognized standing selected by
      it.

     

    “Fee
      Letter”
means
      the Fee Letter executed by and between the Issuer, the Administrator and the
      Funding Agent with respect to each Purchaser Group, as the same may be amended,
      restated, supplemented or otherwise modified from time to time.

     

    “Final
      Maturity Date”
means
      the Payment Date that occurs in the 125th month after the month in which the
      Series 2006-2 Amortization Period shall have commenced.

     

    “Financial
      Assets”
is
      defined in Section 5A.13(b)(i).

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    “Floating
      Tranche”
means,
      with respect to any Purchaser Group, the portion of the APA Bank Funded Amount
      with respect to such Purchaser Group not allocated to a Eurodollar
      Tranche.

     

    “Funding
      Agent”
is
      defined in the recitals hereto.

     

    “Increase
      Amount”
is
      defined in Section 2.3(a).

     

    “Increase
      Date”
is
      defined in Section 2.3(a).

     

    “Increased
      Costs”
means,
      for each Payment Date, the sum of (1) any Article 7 Costs due and payable on
      such Payment Date, (2) any other unpaid Program Costs due and payable on such
      Payment Date, (3) any amounts due and payable pursuant to Section
      2.8
      on such
      Payment Date and (4) the Increased Costs Carry Forward Amount for the preceding
      Payment Date.

     

    “Increased
      Costs Carry Forward Amount”
means,
      for each Payment Date, the excess, if any, of (a) Increased Costs for such
      Payment Date over (b) the aggregate amount deposited in the Series 2006-2
      Distribution Account on account of the Increased Costs for such Payment Date
      pursuant to Sections
      5A.4(c)(ix)
      and
(xv).

     

    “Increases”
is
      defined in Section
      2.3(a).

     

    “Indemnified
      Taxes”
means
      Taxes other than Excluded Taxes.

     

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

     

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

     

    “Lease
      Rate Cap Costs”
means,
      for each Payment Date, any amounts owed by the Issuer to the Series 2006-2
      Investor Noteholders pursuant to Section
      5A.12(e)
      on such
      Payment Date.

     

    “Lease
      Rate Cap Event”
means
      the failure on the part of the Issuer to have the Lease Rate Caps that it is
      required to have in accordance with Section
      5A.12.
      

     

    “JPMorgan
      Chase”
means
      JPMorgan Chase Bank, National Association, and its successors and
      assigns.

     

    “LIBO
      Rate”
means,
      with respect to each day during each Eurodollar Period pertaining to a
      Eurodollar Tranche, the rate appearing on Telerate Page 3750 at approximately
      11:00 a.m. (London time) on the second Business Day prior to the commencement
      of
      such Eurodollar Period, as the rate for dollar deposits with a maturity
      comparable to the Eurodollar Period applicable to such Eurodollar Tranche.
      

     

    “Match
      Funding CP Conduit Purchaser”
means
      each CP Conduit Purchaser that is identified on Schedule I as a Match Funding
      CP
      Conduit Purchaser and each CP Conduit Purchaser that, after the Series 2006-2
      Closing Date, notifies the Issuer and the Administrative Agent in accordance
      with Section
      2.7(d)
      in
      writing that it is funding its CP Conduit Funded Amount with Commercial Paper
      issued by it, or for its benefit, in specified CP Tranches selected in
      accordance with Sections
      2.7(b)
      and
(c)
      and
      that, in each case, has not subsequently notified the Issuer and the
      Administrative Agent in writing that the Issuer will no longer be permitted
      to
      select CP Tranches in accordance with Sections
      2.7(b)
      and
(c)
      in
      respect of the CP Conduit Funded Amount with respect to such CP Conduit
      Purchaser.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    “Maximum
      Purchaser Group Invested Amount”
means,
      with respect to any Purchaser Group, the amount set forth opposite the name
      of
      the CP Conduit Purchaser included in such Purchaser Group on Schedule I, as
      such amount may be increased or reduced from time to time as provided in
Section
      2.6.
      The
      Maximum Purchaser Group Invested Amount with respect to each Non-Extending
      Purchaser Group shall be reduced to zero on the Scheduled Expiry Date with
      respect to such Purchaser Group.

     

    “Monthly
      Funding Costs”
means,
      with respect to each Series 2006-2 Interest Period and any Purchaser Group,
      the
      sum of: 

     

    (a) for
      each
      day during such Series 2006-2 Interest Period, (i) with respect to a Match
      Funding CP Conduit Purchaser, the aggregate amount of Discount accruing on
      all
      outstanding Commercial Paper issued by, or for the benefit of, such Match
      Funding CP Conduit Purchaser to fund the CP Conduit Funded Amount with respect
      to such Match Funding CP Conduit Purchaser on such day or (ii) with respect
      to a
      Pooled Funding CP Conduit Purchaser, the aggregate amount of Discount accruing
      on or otherwise in respect of the Commercial Paper issued by, or for the benefit
      of, such Pooled Funding CP Conduit Purchaser allocated, in whole or in part,
      by
      the Funding Agent with respect to such Pooled Funding CP Conduit Purchaser,
      to
      fund the purchase or maintenance of the CP Conduit Funded Amount with respect
      to
      such Pooled Funding CP Conduit Purchaser; plus 

     

    (b) for
      each
      day during such Series 2006-2 Interest Period, the sum of:

     

    (i) the
      product of (A) the portion of the APA Bank Funded Amount with respect to such
      Purchaser Group allocated to the Floating Tranche with respect to such Purchaser
      Group on such day times
      (B) the
      Alternate Base Rate, divided
      by (C)
      365 (or 366, as the case may be) plus

     

    (ii) the
      product of (A) the portion of the APA Bank Funded Amount with respect to such
      Purchaser Group allocated to Eurodollar Tranches with respect to such Purchaser
      Group on such day times
      (B) the
      weighted average Adjusted LIBO Rate with respect to such Eurodollar Tranches
      plus
      the
      Applicable Margin on such day in effect with respect thereto divided
      by (C)
      360; plus 

     

    (c) for
      each
      day during such Series 2006-2 Interest Period, the product of (A) the CP Conduit
      Funded Amount with respect to such Purchaser Group on such day times
      (B) the
      Program Fee Rate on such day, divided
      by (C)
      360.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    “Monthly
      Interest Payment”
is
      defined in Section
      5A.4(c)(v).

     

    “Monthly
      Principal Payment”
is
      defined in Section
      5A.6.

     

    “New
      York UCC”
is
      defined in Section 5A.13(b)(i).

     

    “Non-Extending
      Purchaser Group”
means
      any Purchaser Group who shall not have agreed to an extension of its Scheduled
      Expiry Date pursuant to Section
      2.6(b).

     

    “Optional
      Termination Date”
is
      defined in Section
      2.5(b).

     

    “Optional
      Termination Notice”
is
      defined in Section
      2.5(b).

     

    “Other
      Taxes”
means
      any and all current or future stamp or documentary taxes or other excise or
      property taxes, charges or similar levies arising from any payment made under
      the Transaction Documents or from the execution, delivery or enforcement of,
      or
      otherwise with respect to, any Transaction Document.

     

    “Outstanding”
means,
      with respect to the Series 2006-2 Investor Notes, the Series 2006-2 Invested
      Amount shall not have been reduced to zero and all accrued interest and other
      amounts owing on the Series 2006-2 Investor Notes and to the Administrative
      Agent, the Funding Agents, the CP Conduit Purchasers and the APA Banks hereunder
      shall not have been paid in full.

     

    “Participants”
is
      defined in Section
      12.10(d).

     

    “Paydown
      Period”
means
      any period from and including the Expiry Date with respect to any Purchaser
      Group to but excluding the earlier of (a) the date on which the Purchaser Group
      Invested Amount with respect to such Purchaser Group shall have been reduced
      to
      zero and (b) the commencement of the Series 2006-2 Amortization
      Period.

     

    “Payment
      Date”
means
      the 7th day of each month, or if such date is not a Business Day, the next
      succeeding Business Day, commencing April 7, 2006.

     

    “Pooled
      Funding CP Conduit Purchaser”
means
      each CP Conduit Purchaser that is not a Match Funding CP Conduit
      Purchaser.

     

    “Prepayment
      Date”
is
      defined in Article
      5.

     

    “Prime
      Rate”
means
      the rate of interest per annum publicly announced from time to time by JPMorgan
      Chase as its prime rate in effect at its principal office in New York City;
      each
      change in the Prime Rate shall be effective from and including the date such
      change is publicly announced as being effective.

     

    “Principal
      Overpayment Amount”
means,
      for each Settlement Date, the excess, if any, of (a) the aggregate amount
      withdrawn from the Series 2006-2 General Collection Subaccount and deposited
      in
      the Series 2006-2 Principal Collection Subaccount pursuant to Section
      5A.2(f)
      during
      the immediately preceding Monthly Period over (b) the Series 2006-2 Principal
      Payment Amount for such Settlement Date.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    “Program
      Fee Rate”
is
      defined in the Fee Letter.

     

    “Program
      Costs”
shall
      mean the sum of (i) all expenses, indemnities and other amounts due and
      payable to the Administrative Agent, the CP Conduit Purchasers, the Funding
      Agents, the Program Support Providers and the APA Banks under the Indenture
      or
      this Indenture Supplement (including, without limitation, any Article 7 Costs)
      and (ii) the product of (A) all unpaid fees and expenses due and payable to
      counsel to, and independent auditors of, the Issuer (other than fees and
      expenses payable on or in connection with the closing of the issuance of Series
      2006-2 or any other Series) and (B) a fraction, the numerator of which is the
      Series 2006-2 Maximum Invested Amount and the denominator of which is the sum
      of
      (x) the aggregate commitment amounts on such Business Day (in respect of any
      variable funding notes of any other Outstanding Series), (y) the Series 2006-2
      Maximum Invested Amount plus
      (z) the
      aggregate Invested Amounts of all other Outstanding Series (other than variable
      funding notes).

     

    “Program
      Support Provider”
means,
      with respect to any CP Conduit Purchaser, the APA Bank with respect to such
      CP
      Conduit Purchaser and any other or additional Person now or hereafter extending
      credit, or having a commitment to extend credit to or for the account of, or
      to
      make purchases from, such CP Conduit Purchaser or issuing a letter of credit,
      surety bond or other instrument to support any obligations arising under or
      in
      connection with such CP Conduit Purchaser’s securitization program.

     

    “Pro
      Rata Share”
means,
      with respect to any Purchaser Group, on any date, the ratio, expressed as a
      percentage, which the Purchaser Group Invested Amount with respect to such
      Purchaser Group bears to the Series 2006-2 Invested Amount on such
      date.

     

    “Purchaser
      Group”
means,
      collectively, a CP Conduit Purchaser and the APA Banks with respect to such
      CP
      Conduit Purchaser.

     

    “Purchaser
      Group Increase Amount”
means,
      with respect to any Purchaser Group, for any Business Day, such Purchaser
      Group’s Commitment Percentage of the Increase Amount, if any, on such Business
      Day.

     

    “Purchaser
      Group Invested Amount”
means,
      with respect to any Purchaser Group, (a) when used with respect to the Series
      2006-2 Initial Funding Date, such Purchaser Group’s Commitment Percentage of the
      Series 2006-2 Initial Invested Amount and (b) when used with respect to any
      other date, an amount equal to (i) the Purchaser Group Invested Amount with
      respect to such Purchaser Group on the immediately preceding Business Day
plus
      (ii)
      such Purchaser Group’s Commitment Percentage of any Increase Amount made
      pursuant to Section
      2.3
      on such
      day minus
      (iii)
      the amount of principal payments made to such Purchaser Group pursuant to
Section
      5A.7
      on such
      date.

     

    “Purchaser
      Group Supplement”
is
      defined in Section 12.10(e).

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    “Rating
      Agencies”
means,
      with respect to the Series 2006-2 Investor Notes, Standard & Poor’s and
      Moody’s and any other nationally recognized rating agency from which a rating
      for the Commercial Paper with respect to any CP Conduit Purchaser was requested
      by such CP Conduit Purchaser.

     

    “Rating
      Agency Condition”
means,
      with respect to any action specified herein as requiring satisfaction of the
      Rating Agency Condition, that each Rating Agency shall have been given 10 days’
(or such shorter period as shall be acceptable to each Rating Agency) prior
      notice thereof and that each of the Rating Agencies shall have notified the
      Administrative Agent, each CP Conduit Purchaser and the Funding Agent with
      respect to such CP Conduit Purchaser in writing that such action will not result
      in a reduction or withdrawal of the then current rating of the Commercial Paper
      with respect to such CP Conduit Purchaser.

     

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

     

    “Related
      Purchaser Group”
means,
      with respect to any Funding Agent, the CP Conduit Purchaser identified next
      to
      such Funding Agent on Schedule I and each APA Bank identified on Schedule I
      next
      to such CP Conduit Purchaser.

     

    “Required
      Reserve Account Amount Percentage”
means
      on any date, (a) 2.2538% during any period when Overconcentration Option 1
      is in
      effect in accordance with Section 13.18 of the Base Indenture, (b) 2.5293%
      during any period when Overconcentration Option 2 is in effect in accordance
      with Section 13.18 of the Base Indenture or (c) 2.6666% during any period when
      Overconcentration Option 3 is in effect in accordance with Section 13.18 of
      the
      Base Indenture.

     

    “Scheduled
      Expiry Date”
shall
      mean, with respect to any Purchaser Group, the later of (a) December 1, 2006
      and
      (b) the last day of any extension of the Commitment of the APA Banks
      included in such Purchaser Group made in accordance with Section
      2.6(b).

     

    “Securities
      Intermediary”
is
      defined in Section 5A.13(a).

     

    “Series
      2006-2”
means
      Series 2006-2, the Principal Terms of which are set forth in this Indenture
      Supplement.

     

    “Series
      2006-2 Administrator Fee”
is
      defined in Section 6.2.

     

    “Series
      2006-2 Allocated Adjusted Aggregate Unit Balance”
means,
      as of any date of determination, the product of (a) the Adjusted Aggregate
      Unit
      Balance and (b) the percentage equivalent of a fraction the numerator of which
      is the Series 2006-2 Required Asset Amount as of such date and the denominator
      of which is the sum of (x) the Series 2006-2 Required Asset Amount and (y)
      the
      aggregate Required Asset Amounts with respect to each other Series of Investor
      Notes as of such date, including all Series of Investor Notes that have been
      paid in full but as to which the Amortization Period shall have not
      ended.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    “Series
      2006-2 Allocated Asset Amount Deficiency”
means,
      as of any date of determination, the amount, if any, by which the Series 2006-2
      Allocated Adjusted Aggregate Unit Balance is less than the Series 2006-2
      Required Asset Amount as of such date.

     

    “Series
      2006-2 Amortization Period”
means
      the period commencing on the Business Day following the earliest to occur of
      (i)
      the date on which the Expiry Date with respect to each Purchaser shall have
      occurred, (ii) the Optional Termination Date and (iii) the Prepayment Date
      and
      ending on the date when the Series 2006-2 Invested Amount shall have been
      reduced to zero and all accrued interest and other amounts owing on the Series
      2006-2 Investor Notes and to the Administrative Agent, the CP Conduit
      Purchasers, the Funding Agents and the APA Banks shall have been paid in
      full.

     

    “Series
      2006-2 Basic Servicing Fee”
is
      defined in Section
      6.1.

     

    “Series
      2006-2 Closing Date”
means
      March 7, 2006.

     

    “Series
      2006-2 Collateral”
means
      the Collateral, the Series 2006-2 Reserve Account, the Series 2006-2 Yield
      Supplement Account and the Series 2006-2 Distribution Account.

     

    “Series
      2006-2 Collection Subaccount”
      is defined in Section
      5A.1(a).

     

    “Series
      2006-2 Daily Principal Allocation”
is
      defined in Section
      5A.2(b).

     

    “Series
      2006-2 Designated Account” is defined in Section 5A.13(a).

     

    “Series
      2006-2 Distribution Account”
is
      defined in Section
      5A.11(a).

     

    “Series
      2006-2 Eligible Counterparty”
means
      a
      financial institution having on the date of any acquisition of a Lease Rate
      Cap
      short-term debt ratings of “A-1+” by Standard & Poor’s and “P-1” by Moody’s
      and long-term unsecured debt ratings of at least “AA-” by Standard & Poor’s
      and “Aa3” by Moody’s.

     

    “Series
      2006-2 Excess Fleet Receivable Amount”
means,
      for any Settlement Date, an amount equal to the product of (a) the average
      daily
      Series 2006-2 Invested Percentage during the immediately preceding Monthly
      Period and (b) the Excess Fleet Receivable Amount for such Settlement
      Date.

     

    “Series
      2006-2 Gain on Sale Account Percentage”
means
      10%.

     

    “Series
      2006-2 Hypothetical Yield Shortfall Amount”
means,
      for any Settlement Date, an amount equal to the product of (x) the excess,
      if
      any, of the Series 2006-2 Minimum Yield Rate for such Settlement Date over
      the
      CP Rate as of the last day of the immediately preceding Monthly Period, (y)
      the
      Series 2006-2 Invested Percentage on such Settlement Date of the aggregate
      Lease
      Balance of all Floating Rate Leases as of the last day of the immediately
      preceding Monthly Period and (z) 2.75.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    “Series
      2006-2 Initial Funding Date”
is
      defined in Section
      2.1(a).

     

    “Series
      2006-2 Initial Invested Amount”
is
      defined in Section
      2.3(a).

     

    “Series
      2006-2 Interest Period”
means
      a
      period commencing on and including a Payment Date and ending on and including
      the day preceding the next succeeding Payment Date; provided,
      however, that the initial Series 2006-2 Interest Period shall commence on and
      include the Series 2006-2 Initial Funding Date and end on and include April
      6,
      2006.

     

    “Series
      2006-2 Invested Amount”
means,
      on any date of determination, the sum of the Purchaser Group Invested Amounts
      with respect to each of the Purchaser Groups on such date.

     

    “Series
      2006-2 Invested Percentage”
means,
      with respect to any Business Day (i) during the Series 2006-2 Revolving Period,
      the percentage equivalent (which percentage shall never exceed 100%) of a
      fraction the numerator of which shall be equal to the Series 2006-2 Allocated
      Adjusted Aggregate Unit Balance as of the end of the immediately preceding
      Business Day and the denominator of which is the sum of the numerators used
      to
      determine invested percentages for allocations for all Series of Investor Notes
      (and all classes of such Series of Investor Notes), including all Series of
      Investor Notes that have been paid in full but as to which the Amortization
      Period shall have not ended, as of the end of such immediately preceding
      Business Day or (ii) during the Series 2006-2 Amortization Period, the
      percentage equivalent (which percentage shall never exceed 100%) of a fraction
      the numerator of which shall be equal to the Series 2006-2 Allocated Adjusted
      Aggregate Unit Balance as of the end of the Series 2006-2 Revolving Period,
      and
      the denominator of which is the sum of the numerators used to determine invested
      percentages for allocations for all Series of Investor Notes (and all classes
      of
      such Series of Investor Notes), including all Series of Investor Notes that
      have
      been paid in full but as to which the Amortization Period shall have not ended,
      as of the end of the immediately preceding Business Day.

     

    “Series
      2006-2 Investor Noteholder”
means
      the Person in whose name a Series 2006-2 Investor Note is registered in the
      Note
      Register.

     

    “Series
      2006-2 Investor Notes”
means
      any one of the Series 2006-2 Floating Rate Asset Backed Variable Funding
      Investor Notes, executed by the Issuer and authenticated and delivered by the
      Indenture Trustee, substantially in the form of Exhibit
      A.

     

    “Series
      2006-2 Liquid Credit Enhancement Deficiency”
means,
      on any date of determination, the amount by which the Series 2006-2 Reserve
      Account Amount is less than the Series 2006-2 Required Reserve Account
      Amount.

     

    “Series
      2006-2 Maximum Invested Amount”
means,
      on any date of determination, the sum of the Maximum Purchaser Group Invested
      Amounts with respect to each of the Purchaser Groups on such date. The Series
      2006-2 Maximum Invested Amount shall be reduced by the Maximum Purchaser Group
      Invested Amount of each Non-Extending Purchaser Group on the Scheduled Expiry
      Date with respect to such Purchaser Group.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    “Series
      2006-2 Minimum Yield Rate”
means,
      for any Settlement Date, a rate per annum equal to the sum of (i) the Series
      2006-2 Note Rate for the Series 2006-2 Interest Period ending on the day before
      such Settlement Date, (ii) 0.225% and (iii) 0.60%.

     

    “Series
      2006-2 Monthly Interest”
is
      defined in Section
      5A.3(a).

     

    “Series
      2006-2 Monthly Residual Value Gain”
means,
      for any Settlement Date, an amount equal to the product of (a) the average
      daily
      Series 2006-2 Invested Percentage during the immediately preceding Monthly
      Period and (b) the Monthly Residual Value Gain for such Settlement
      Date.

     

    “Series
      2006-2 Monthly Servicer Advance Reimbursement Amount”
means,
      for each Payment Date, an amount equal to the product of (a) the Monthly
      Servicer Advance Reimbursement Amount for such Payment Date and (b) the average
      daily Series 2006-2 Invested Percentage during the immediately preceding Monthly
      Period.

     

    “Series
      2006-2 Note Rate”
means
      for any Series 2006-2 Interest Period, the interest rate equal to the product
      of
      (a) the percentage equivalent of a fraction, the numerator of which is equal
      to
      the sum of the Monthly Funding Costs with respect to each Purchaser Group for
      such Series 2006-2 Interest Period and the denominator of which is equal to
      the
      average daily Series 2006-2 Invested Amount during such Series 2006-2 Interest
      Period and (b) a fraction, the numerator of which is 360 and the denominator
      of
      which is the number of days in such Series 2006-2 Interest Period; provided,
      however,
      that
      the Series 2006-2 Note Rate will in no event be higher than the maximum rate
      permitted by applicable law.

     

    “Series
      2006-2 Note Termination Date”
means
      the date on which the Series 2006-2 Invested Amount shall have been reduced
      to
      zero and all accrued and unpaid interest on the Series 2006-2 Notes shall have
      been paid in full.

     

    “Series
      2006-2 Prepayment Amount”
means,
      the sum of the following amounts with respect to each Purchaser
      Group:

     

    (a) the
      Purchaser Group Invested Amount with respect to such Purchaser Group,
plus

     

    (b) (i)
      if the
      CP Conduit Purchaser in such Purchaser Group is a Match Funding CP Conduit
      Purchaser, the sum of (A) all accrued and unpaid Discount on all outstanding
      Commercial Paper issued by, or for the benefit of, such Match Funding CP Conduit
      Purchaser to fund the CP Funded Amount with respect to such Match Funding CP
      Conduit Purchaser from the issuance date(s) thereof to but excluding the
      Prepayment Date and (B) the aggregate Discount to accrue on all outstanding
      Commercial Paper issued by, or for the benefit of, such Match Funding CP Conduit
      Purchaser to fund the CP Funded Amount with respect to such Match Funding CP
      Conduit Purchaser from and including the Prepayment Date to and excluding the
      maturity date of each CP Tranche with respect to such Match Funding CP Conduit
      Purchaser or (ii) if the CP Conduit Purchaser in such Purchaser Group is a
      Pooled Funding CP Conduit Purchaser, the sum of (A) the aggregate amount of
      Discount on or in respect of the Commercial Paper issued by, or for the benefit
      of, such Pooled Funding CP Conduit Purchaser allocated, in whole or in part,
      by
      the Funding Agent with respect to such Pooled Funding CP Conduit Purchaser,
      to
      fund the purchase or maintenance of the CP Funded Amount with respect to such
      Pooled Funding CP Conduit Purchaser as of the Prepayment Date and (B) the
      aggregate amount of Discount to accrue on or in respect of the Commercial Paper
      issued by, or for the benefit of, such Pooled Funding CP Conduit Purchaser
      allocated, in whole or in part, by the Funding Agent with respect to such Pooled
      Funding CP Conduit Purchaser, to fund the purchase or maintenance of the CP
      Funded Amount with respect to such Pooled Funding CP Conduit Purchaser from
      and
      including the Prepayment Date to and excluding the maturity dates of such
      Commercial Paper; plus

     

    
      
        
        

      

      
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    (c) all
      accrued and unpaid interest on the APA Bank Funded Amount with respect to such
      Purchaser Group, calculated at the Alternate Base Rate or the applicable
      Adjusted LIBO Rate for the period from and including the immediately preceding
      Period End Date to and excluding the Prepayment Date, plus

     

    (d) the
      Commitment Fee payable to such Purchaser Group calculated for the period from
      and including the immediately preceding Payment Date to and excluding the
      Prepayment Date, plus

     

    (e) all
      Article 7 Costs then due and payable to such Purchaser Group, plus

     

    (f) without
      duplication, any other Program Costs then due and payable to such Purchaser
      Group and any amounts then due and payable to such Purchaser Group pursuant
      to
Section
      2.8.

     

    “Series
      2006-2 Principal Collection Subaccount”
is
      defined in Section
      5A.1(a).

     

    “Series
      2006-2 Principal Payment Amount”
means,
      for any Settlement Date, an amount equal to the product of (a) the average
      daily
      Series 2006-2 Invested Percentage during the immediately
      preceding Monthly Period and (b) the Principal Payment Amount for such
      Settlement Date.

     

    “Series
      2006-2 Required Asset Amount”
means,
      as of any date of determination, the sum of the Series 2006-2 Invested Amount
      and the Series 2006-2 Required Overcollateralization Amount as of such
      date.

     

    “Series
      2006-2 Required Enhancement Amount”
means,
      on any date of determination, an amount equal to the sum of (a) (i) during
      the
      Series 2006-2 Revolving Period, the Series 2006-2 Required Percentage of the
      sum
      of (x) the Series 2006-2 Maximum Invested Amount on such date and (y) during
      any
      Paydown Period, the aggregate Purchaser Group Invested Amount of any
      Non-Extending Purchaser Groups on such date or (ii) during the Series 2006-2
      Amortization Period, the Series 2006-2 Required Percentage of the sum of (x)
      the
      Series 2006-2 Maximum Invested Amount on the last day of the Series 2006-2
      Revolving Period and (y) if the last day of the Series 2006-2 Revolving Period
      occurred during a Paydown Period, the aggregate Purchaser Group Invested Amount
      of any Non-Extending Purchaser Groups on the last day of the Series 2006-2
      Revolving Period plus (b) if the Three-Month Average Residual Value Loss Ratio
      with respect to the most recent Settlement Date exceeded 12.50%, an amount
      equal
      to the product of (i) the Series 2006-2 Invested Percentage as of the last
      day
      of the Monthly Period immediately preceding such Settlement Date and (ii) 90%
      of
      the amount by which the Aggregate Residual Value Amount exceeded the Excess
      Residual Value Amount, in each case, as of that date; provided,
      however,
      that,
      after the declaration or occurrence of an Amortization Event, the Series 2006-2
      Required Enhancement Amount shall equal the Series 2006-2 Required Enhancement
      Amount on the date of the declaration or occurrence of such Amortization
      Event.

     

    
      
        
        

      

      
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    “Series
      2006-2 Required Investor Noteholders”
means
      Purchaser Groups having Commitment Percentages aggregating 66 2/3% or
      more.

     

    “Series
      2006-2 Required Overcollateralization Amount”
means,
      on any date of determination during an Accrual Period, the amount, if any,
      by
      which the Series 2006-2 Required Enhancement Amount exceeds the sum of (a)
      the
      Series 2006-2 Reserve Account Amount and (b) the amount on deposit in the Series
      2006-2 Principal Collection Subaccount on such date (excluding any amounts
      deposited therein pursuant to Section 5A.2(f) during the Monthly Period
      commencing after the first day of such Accrual Period).

     

    “Series
      2006-2 Required Percentage”
means,
      on any date of determination, 15.9425% unless:

     

    (a) for
      the
      most recent Settlement Date all of the following were true:

     

    (1) the
      Three
      Month Average Charge-Off Ratio was 0.50 % or less;

     

    (2) the
      Twelve Month Average Charge-Off Ratio was 0.25% or less;

     

    (3) the
      Three
      Month Average Residual Value Loss Ratio was 10.00% or less;

     

    (4) the
      Twelve Month Average Residual Value Loss Ratio was 5.00% or less;

     

    (5) the
      Three
      Month Average Paid-In Advance Loss Ratio was 1.00% or less;

     

    (6) the
      Twelve Month Average Paid-In Advance Loss Ratio was 0.50% or less; and

     

    (7) the
      Three
      Month Average Delinquency Ratio was 4.50% or less; 

     

    in
      which
      case, the Series 2006-2 Required Percentage on such date will equal 14.9425%
      or

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    (b) for
      the
      most recent Settlement Date any one of the following was true:

     

    (1) the
      Three
      Month Average Charge-Off Ratio exceeded 0.75%;

     

    (2) the
      Twelve Month Average Charge-Off Ratio exceeded 0.50%;

     

    (3) the
      Three
      Month Average Residual Value Loss Ratio exceeded 12.50%;

     

    (4) the
      Twelve Month Average Residual Value Loss Ratio exceeded 10.00%;

     

    (5) the
      Twelve Month Average Paid-In Advance Loss Ratio exceeded 0.75%; or 

     

    (6) the
      Three
      Month Average Delinquency Ratio exceeded 6.00%;

     

    in
      which
      case, the Series 2006-2 Required Percentage on such date will equal
      16.9425%.

     

    “Series
      2006-2 Required Reserve Account Amount”
means,
      on any date of determination, an amount equal to (a) during the Series 2006-2
      Revolving Period, the Required Reserve Account Amount Percentage as of such
      date
      of the sum of (i) the Series 2006-2 Maximum Invested Amount on such date and
      (ii) during any Paydown Period, the aggregate Purchaser Group Invested Amount
      of
      any Non-Extending Purchaser Groups on such date or (b) during the Series 2006-2
      Amortization Period, the Required Reserve Account Amount Percentage as of such
      date of the sum of (i) the Series 2006-2 Maximum Invested Amount on the last
      day
      of the Series 2006-2 Revolving Period and (ii) if the last day of the Series
      2006-2 Revolving Period occurred during a Paydown Period, the aggregate
      Purchaser Group Invested Amount of any Non-Extending Purchaser Groups on the
      last day of the Series 2006-2 Revolving Period.

     

    “Series
      2006-2 Required Yield Supplement Amount”
means,
      as of any Settlement Date, the excess, if any, of (a) the Series 2006-2 Yield
      Shortfall Amount for such Settlement Date over (b) 70% of the product of (x)
      the
      Series 2006-2 Invested Percentage on such Settlement Date and (y) the Class
      X
      1999-1B Invested Amount as of such Settlement Date (after giving effect to
      any
      increase thereof on such Settlement Date); provided,
      however
      that
      upon the occurrence of a Receivables Purchase Termination Event, the Series
      2006-2 Required Yield Supplement Amount will equal the Series 2006-2 Yield
      Shortfall Amount.

     

    “Series
      2006-2 Reserve Account”
is
      defined in Section
      5A.9(a).

     

    “Series
      2006-2 Reserve Account Amount”
means,
      on any date of determination, the amount on deposit in the Series 2006-2 Reserve
      Account and available for withdrawal therefrom.

     

    “Series
      2006-2 Reserve Account Surplus”
means,
      on any date of determination, the amount, if any, by which the Series 2006-2
      Reserve Account Amount exceeds the Series 2006-2 Required Reserve Account
      Amount.

     

    
      
        
        

      

      
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    “Series
      2006-2 Revolving Period”
means
      the period from and including the Effective Date to but excluding the
      commencement of the Series 2006-2 Amortization Period.

     

    “Series
      2006-2 Servicing Fee”
is
      defined in Section
      6.1.

     

    “Series
      2006-2 Servicing Fee Percentage”
is
      defined in Section
      6.1.

     

    “Series
      2006-2 Settlement Collection Subaccount”
is
      defined in Section
      5A.1(a).

     

    “Series
      2006-2 Subaccounts”
is
      defined in Section
      5A.1(a).

     

    “Series
      2006-2 Supplemental Servicing Fee”
is
      defined in Section
      6.1.

     

    “Series
      2006-2 Weighted Average Yield Shortfall”
means,
      for any Settlement Date, the excess, if any, of (a) the Series 2006-2 Minimum
      Yield Rate for such Settlement Date over (b) the Series 2006-2 Weighted Average
      Yield Shortfall Lease Yield for such Settlement Date.

     

    “Series
      2006-2 Weighted Average Yield Shortfall Lease Yield”
means,
      for any Settlement Date, the quotient of (a) the sum of the product with respect
      to each Series 2006-2 Yield Shortfall Lease of (i) the actual or implicit
      finance charge rate applicable to such Series 2006-2 Yield Shortfall Lease
      and
      (ii) the Net Book Value of the Leased Vehicle subject to such Series 2006-2
      Yield Shortfall Lease as of the last day of the immediately preceding Monthly
      Period divided
      by (b)
      the aggregate Net Book Value of the Leased Vehicles subject to all of the Series
      2006-2 Yield Shortfall Leases as of the last day of the immediately preceding
      Monthly Period.

     

    “Series
      2006-2 Weighted Average Yield Shortfall Life”
means,
      for any Settlement Date, 50% of the weighted (on the basis of Net Book Value
      of
      the related Leased Vehicle) average Assumed Lease Term of the Series 2006-2
      Yield Shortfall Leases, assuming that all scheduled lease payments are made
      thereon when scheduled and that the Obligors thereunder do not elect to convert
      such Series 2006-2 Yield Shortfall Leases to Fixed Rate Leases, as of the last
      day of the immediately preceding Monthly Period.

     

    “Series
      2006-2 Yield Shortfall Amount”
means,
      for any Settlement Date, (i) if the Series 2006-2 Hypothetical Yield Shortfall
      Amount for such Settlement Date is less than the product of (x) the Series
      2006-2 Invested Percentage as of the last day of the immediately preceding
      Monthly Period and (y) 70% of the Class X 1999-1B Invested Amount as of such
      Settlement Date (after giving effect to any increase thereof on such Settlement
      Date), an amount equal to the Series 2006-2 Hypothetical Yield Shortfall Amount
      and (ii) otherwise, an amount equal to the product of (x) the Series 2006-2
      Weighted Average Yield Shortfall for such Settlement Date, (y) the aggregate
      Lease Balance of all Series 2006-2 Yield Shortfall Leases as of the last day
      of
      the immediately preceding Monthly Period and (z) the Series 2006-2 Weighted
      Average Yield Shortfall Life for such Settlement Date.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    “Series
      2006-2 Yield Shortfall Lease”
means,
      as of any Settlement Date, each Unit Lease that is a Floating Rate Lease with
      an
      actual or implicit finance charge rate of less than the Series 2006-2 Minimum
      Yield Rate as of the last day of the immediately preceding Monthly
      Period.

     

    “Series
      2006-2 Yield Supplement Account”
is
      defined in Section
      5A.10(a).

     

    “Series
      2006-2 Yield Supplement Account Amount”
means,
      on any date of determination, the amount on deposit in the Series 2006-2 Yield
      Supplement Account and available for withdrawal therefrom.

     

    “Series
      2006-2 Yield Supplement Account Surplus”
means,
      on any date of determination, the amount, if any, by which the Series 2006-2
      Yield Supplement Account Amount exceeds the Series 2006-2 Required Yield
      Supplement Amount.

     

    “Series
      2006-2 Yield Supplement Deficiency”
means,
      on any date of determination, the amount by which the Series 2006-2 Required
      Yield Supplement Account Amount is less than the Series 2006-2 Yield Supplement
      Account Amount.

     

    “Statutory
      Reserve Rate”
means
      a
      fraction (expressed as a decimal), the numerator of which is the number one
      and
      the denominator of which is the number one minus
      the
      aggregate of the maximum reserve percentages (including any marginal, special,
      emergency or supplemental reserves) expressed as a decimal (rounded up to the
      nearest 1/100th of 1%) established by the Board with respect to the Adjusted
      LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency
      Liabilities” in Regulation D of the Board). Such reserve percentages shall
      include those imposed pursuant to Regulation D. Eurodollar Tranches shall be
      deemed to constitute eurocurrency funding and to be subject to such reserve
      requirements without benefit of or credit for proration, exemptions or offsets
      that may be available from time to time under such Regulation D or comparable
      regulation. The Statutory Reserve Rate shall be adjusted automatically on and
      as
      of the effective date of any change in the reserve percentage. 

     

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

     

    “Telerate
      Page 3750”
means
      the display page currently so designated on the Moneyline Telerate Service
      (or
      such other as may replace that page on that service for the purpose of
      displaying rate quotations comparable to those currently provided on such page
      of such service, as determined by the Administrative Agent).

     

    “Total
      Cash Available”
means,
      for any Settlement Date, the excess, if any, of (a) the sum of (i) the aggregate
      amount of Collections allocated to the Series 2006-2 General Collection
      Subaccount pursuant to Section
      5A.2(a)
      during
      the immediately preceding Monthly Period, (ii) an amount equal to the product
      of
      the average daily Series 2006-2 Invested Percentage during such Monthly Period
      and the amount of the Unit Repurchase Payments paid by the Servicer on such
      Settlement Date, (iii) an amount equal to the product of the average daily
      Series 2006-2 Invested Percentage during such Monthly Period and the amount
      of
      the Monthly Servicer Advance made by the Servicer on such Settlement Date,
      (iv)
      an amount equal to the product of the average daily Series 2006-2 Invested
      Percentage during such Monthly Period and the amount withdrawn from the Gain
      on
      Sale Account pursuant to Section 5.2(e) of the Base Indenture on the Transfer
      Date immediately preceding such Settlement Date and (v) the investment income
      on
      amounts on deposit in the Series 2006-2 Principal Collection Subaccount and
      the
      Series 2006-2 General Collection Subaccount transferred to the Series 2006-2
      Settlement Collection Subaccount on such Settlement Date pursuant to
Section
      5A.1(b)
      over (b)
      the aggregate amount withdrawn from the Series 2006-2 General Collection
      Subaccount and deposited in the Series 2006-2 Principal Collection Subaccount
      pursuant to Section
      5A.2(f)
      during
      the immediately preceding Monthly Period. 

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    “Transferee”
is
      defined in Section 12.10(f).

     

    “Transfer
      Supplement”
is
      defined in Section 12.10(c).

     

    

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    ARTICLE
      2

    PURCHASE
      AND SALE OF SERIES 2006-2 INVESTOR NOTES; 

    INCREASES
      AND DECREASES OF SERIES 2006-2 INVESTED AMOUNT

     

    SECTION
      2.1. Purchases
      of the Series 2006-2 Investor Notes

     

    (a) Initial
      Purchases.
      Subject
      to the terms and conditions of this Indenture Supplement, including delivery
      of
      notice in accordance with Section
      2.3,
      (i)
      each CP Conduit Purchaser may, in its sole discretion, purchase a Series 2006-2
      Investor Note in an amount equal to all or a portion of its Commitment
      Percentage of the Series 2006-2 Initial Invested Amount on any Business Day
      during the period from the Effective Date to and including the Expiry Date
      with
      respect to the Purchaser Group of which such CP Conduit Purchaser is a member
      (the “Series
      2006-2 Initial Funding Date”),
      and
      if such CP Conduit Purchaser shall have notified the Administrative Agent and
      the Funding Agent with respect to such CP Conduit Purchaser that it has elected
      not to fund a Series 2006-2 Investor Note in an amount equal to its Commitment
      Percentage of the Series 2006-2 Initial Invested Amount on the Series 2006-2
      Initial Funding Date, each APA Bank with respect to such CP Conduit Purchaser
      shall fund on the Series 2006-2 Initial Funding Date its APA Bank Percentage
      of
      that portion of such Series 2006-2 Investor Note not to be funded by such CP
      Conduit Purchaser and (ii) thereafter, (A) if a CP Conduit Purchaser shall
      have
      purchased a Series 2006-2 Investor Note on the Series 2006-2 Initial Funding
      Date, such CP Conduit Purchaser may, in its sole discretion, maintain its Series
      2006-2 Investor Note, subject to increase or decrease during the period from
      the
      Effective Date to and including the Expiry Date with respect to the Purchaser
      Group of which such CP Conduit Purchaser is a member, in accordance with the
      provisions of this Indenture Supplement and (B) each APA Bank with respect
      to
      such CP Conduit Purchaser shall maintain the Series 2006-2 Investor Note with
      respect to the Purchaser Group of which it is a member, subject to increase
      or
      decrease during the period from the Effective Date to and including the Expiry
      Date with respect to such Purchaser Group, in accordance with the provisions
      of
      this Indenture Supplement. Payments by each CP Conduit Purchaser and/or the
      APA
      Banks with respect to such CP Conduit Purchaser shall be made in immediately
      available funds on the Series 2006-2 Initial Funding Date to the Funding Agent
      with respect to such CP Conduit Purchaser for remittance to the Indenture
      Trustee for deposit into the Series 2006-2 Collection Subaccount.

     

    (b) Maximum
      Purchaser Group Invested Amounts.
      Notwithstanding anything to the contrary contained in this Indenture Supplement,
      at no time shall the Purchaser Group Invested Amount with respect to any
      Purchaser Group exceed the Maximum Purchaser Group Invested Amount with respect
      to such Purchaser Group at such time.

     

    (c)  Form
      of Series 2006-2 Investor Notes.
      The
      Series 2006-2 Investor 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. 

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    (a) 
      On the
      Series 2006-2 Initial Funding Date, the Issuer shall sign and shall direct
      the
      Indenture Trustee in writing pursuant to Section
      2.4
      of the
      Base Indenture to duly authenticate, and the Indenture Trustee, upon receiving
      such direction, shall so authenticate a Series 2006-2 Investor Note in the
      name
      of the Funding Agent with respect to each Purchaser Group in an amount equal
      to
      the Maximum Purchaser Group Invested Amount with respect to such Purchaser
      Group
      and deliver such Series 2006-2 Investor Note to such Funding Agent in accordance
      with such written directions.

     

    (b) 
      The
      Indenture Trustee shall indicate in the Note Register the actual Purchaser
      Group
      Invested Amount outstanding with respect to each Purchaser Group and the actual
      Series 2006-2 Invested Amount outstanding on any date of determination, which,
      absent manifest error, shall constitute prima facie
      evidence
      of the outstanding Purchaser Group Invested Amounts and outstanding Series
      2006-2 Invested Amount from time to time.

     

    SECTION
      2.3. Procedure
      for Initial Issuance and for Increasing the Series 2006-2 Invested
      Amount.

     

    (a) 
      Subject
      to Section 2.3(c),
      (i) on the Series 2006-2 Initial Funding Date, each CP Conduit Purchaser
      may agree, in its sole discretion, to purchase, and the APA Banks with respect
      to such CP Conduit Purchaser shall purchase, a Series 2006-2 Investor Note
      in
      accordance with Section
      2.1
      and (ii)
      on any Business Day during the period from the Effective Date to and including
      the Expiry Date with respect to a Purchaser Group, the CP Conduit Purchaser
      in
      such Purchaser Group may agree, in its sole discretion, and the APA Banks in
      such Purchaser Group hereby agree that the Purchaser Group Invested Amount
      with
      respect to such Purchaser Group may be increased by an amount equal to the
      Commitment Percentage of such Purchaser Group of the Increase Amount (an
“Increase”),
      upon
      the request of the Issuer (each date on which an increase in the Series 2006-2
      Invested Amount occurs hereunder being herein referred to as the “Increase
      Date”
      applicable to such Increase); provided,
      however,
      that
      the Issuer shall have given the Administrative Agent (with a copy to the
      Indenture 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 9:30 A.M., New York City time, on the Business Day
      prior to the Series 2006-2 Initial Funding Date or such Increase Date, as the
      case may be; provided,
      further,
      that if
      the proposed amount of any Increase (the “Increase
      Amount”)
      will
      be $200,000,000 or more, the Issuer shall have given the Administrative Agent
      written notice thereof no later than 9:30 A.M., New York City time, on the
      second Business Day prior to the proposed Increase Date. Such notice shall
      state
      (x) the Series 2006-2 Initial Funding Date or the Increase Date, as the case
      may
      be, and (y) the initial invested amount (the “Series
      2006-2 Initial Invested Amount”)
      or the
      proposed Increase Amount, as the case may be.

     

    (b) 
      If a CP
      Conduit Purchaser elects not to fund the full amount of the Commitment
      Percentage of its Purchaser Group of the Series 2006-2 Initial Invested Amount
      or a requested Increase, such CP Conduit Purchaser shall notify the
      Administrative Agent and the Funding Agent with respect to such CP Conduit
      Purchaser, and each APA Bank in such Purchaser Group shall fund its APA Bank
      Percentage of the portion of the Commitment Percentage of such Purchaser Group
      of the Series 2006-2 Initial Invested Amount or such Increase, as the case
      may
      be, not funded by such CP Conduit Purchaser.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    (c) 
      No
      Purchaser Group shall be required to make the initial purchase of a Series
      2006-2 Investor Note on the Series 2006-2 Initial Funding Date or to increase
      its Purchaser Group Invested Amount on any Increase Date hereunder
      unless:

     

    (i) the
      Series 2006-2 Initial Invested Amount or Increase Amount is equal to $10,000,000
      or an integral multiple of $500,000 in excess thereof;

     

    (ii) after
      giving effect to the initial purchase amount or Increase Amount, the Purchaser
      Group Invested Amount with respect to such Purchaser Group would not exceed
      the
      Maximum Purchaser Group Invested Amount with respect to such
      Purchaser;

     

    (iii) after
      giving effect to the initial purchase amount or Increase Amount, no Series
      2006-2 Allocated Asset Amount Deficiency, Series 2006-2 Liquid Credit
      Enhancement Deficiency or Series 2006-2 Yield Supplement Deficiency would have
      occurred and be continuing;

     

    (iv) no
      Amortization Event or Potential Amortization Event shall have occurred and
      be
      continuing; 

     

    (v) all
      of
      the representations and warranties made by each of the Issuer, SPV, Holdings,
      the Origination Trust and the Servicer in each Transaction Document to which
      it
      is a party are true and correct in all material respects on and as of the Series
      2006-2 Initial Funding 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 set forth in Section 11.2 of the Loan Agreement to the
      funding of the Loan, if any, being funded on the Series 2006-2 Initial Funding
      Date or such Increase Date, as the case may be, shall have been
      satisfied.

     

    The
      Issuer’s acceptance of funds in connection with (x) the initial purchase of
      Series 2006-2 Investor Notes on the Series 2006-2 Initial Funding Date and
      (y)
      each Increase occurring on any Increase Date shall constitute a representation
      and warranty by the Issuer to the applicable Purchasers as of the Series 2006-2
      Initial Funding 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(c)
      have
      been satisfied.

     

    (d) 
      If there
      is a Principal Overpayment Amount for any Settlement Date, the Issuer shall
      request an Increase in accordance with Section
      2.3(a)
      in an
      amount equal to such Principal Overpayment Amount effective on such Settlement
      Date. Notwithstanding the provisions of Section
      2.3(c),
      each
      Purchaser Group shall be required to fund its Commitment Percentage of such
      an
      Increase even if the Issuer is unable to satisfy the conditions set forth in
      clause
      (i),
      (iii),
      (iv)
      or
(vi)
      of
Section
      2.3(c).

     

    (e) 
      Upon
      receipt of any notice required by Section 2.3(a)
      from the
      Issuer, the Administrative Agent shall forward (by telecopy or electronic
      messaging system) a copy of such notice to the Funding Agent with respect to
      each Purchaser Group, no later than 1:00 P.M., New York City time, on the day
      received. After receipt by any Funding Agent with respect to a Purchaser of
      such
      notice from the Administrative Agent, such Funding Agent shall, except as
      otherwise provided in Section
      2.3(d),
      so long
      as the conditions set forth in Sections
      2.3(a)
      and
(c)
      are
      satisfied, promptly provide telephonic notice to the related CP Conduit
      Purchaser and the related APA Banks, of the Increase Date and of such Purchaser
      Group’s Commitment Percentage of the Series 2006-2 Initial Invested Amount or
      the Increase Amount. If such CP Conduit Purchaser elects to fund all or a
      portion of the Commitment Percentage of such Purchaser Group of the Series
      2006-2 Initial Invested Amount or the Increase Amount, as the case may be,
      such
      CP Conduit Purchaser shall pay in immediately available funds such Commitment
      Percentage (or any portion thereof) of the Series 2006-2 Initial Invested Amount
      on the Series 2006-2 Initial Funding Date or the amount of such Increase on
      the
      related Increase Date, as the case may be, to the Funding Agent with respect
      to
      such Purchaser Group for deposit into the Series 2006-2 Collection Subaccount.
      If such CP Conduit Purchaser does not fund the full amount of the Commitment
      Percentage of such Purchaser Group of the Series 2006-2 Initial Invested Amount
      or the Increase Amount, as the case may be, and the related APA Banks are
      required to fund the portion thereof not funded by the CP Conduit Purchaser,
      each such APA Bank shall pay in immediately available funds its APA Bank
      Percentage of such portion on the Series 2006-2 Initial Funding Date or the
      related Increase Date, as the case may be, to the Funding Agent with respect
      to
      such Purchaser Group for deposit in the Series 2006-2 Collection Subaccount.
      

     

    
      
        
        

      

      
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    SECTION
      2.4. Sales
      by
      CP Conduit Purchasers of Series 2006-2 Investor Notes to APA
      Banks.
      Notwithstanding any limitation to the contrary contained herein, each CP Conduit
      Purchaser may, in its own discretion, at any time, sell or assign all or any
      portion of its interest in its Series 2006-2 Note to any Conduit Assignee or
      to
      the APA Bank with respect to such CP Conduit Purchaser pursuant to, and subject
      to the terms and conditions of, the Asset Purchase Agreement with respect to
      such CP Conduit Purchaser. 

     

    SECTION
      2.5. Procedure for Decreasing the Series 2006-2 Invested Amount; Optional
      Termination.

     

    (a) 
      On any
      Business Day prior to the occurrence of an Amortization Event, upon the written
      request of the Issuer or the Administrator on behalf of the Issuer, the Series
      2006-2 Invested Amount may be reduced (a “Decrease”)
      by the
      Indenture Trustee’s withdrawing from the Series 2006-2 Principal Collection
      Subaccount, depositing into the Series 2006-2 Distribution Account and
      distributing to the Administrative Agent funds on deposit in the Series 2006-2
      Principal Collection Subaccount on such day in accordance with Section
      5A.7(c)
      in an
      amount not to exceed the amount of such funds on deposit on such day;
provided
      that the
      Administrator shall have given the Administrative Agent (with a copy to the
      Indenture 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 second
      Business Day prior to such Decrease, in the case of any such Decrease in an
      amount less than $200,000,000, and prior to 9:30 A.M., New York City time,
      on a
      Business Day that is at least ten days prior to such Decrease, in the case
      of
      any such Decrease in an amount of $200,000,000 or more; provided,
      further,
      that
      any such Decrease shall be in an amount equal to $10,000,000 and integral
      multiples of $500,000 in excess thereof. Upon each Decrease, the Indenture
      Trustee shall indicate in the Note Register such Decrease. Upon receipt of
      any
      notice required by Section 2.5(a)
      from the
      Issuer, the Administrative Agent shall forward (by telecopy or electronic
      messaging system) a copy of such notice to the Funding Agent with respect to
      each Purchaser Group, no later than 1:00 P.M., New York City time, on the day
      received.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    (i) 
      On any
      Business Day, the Issuer shall have the right to deliver an irrevocable written
      notice (an “Optional
      Termination Notice”)
      to the
      Administrative Agent, the Indenture Trustee, the Administrator and the Rating
      Agencies in which the Issuer declares that the Commitments shall terminate
      on
      the date (the “Optional
      Termination Date”)
      set
      forth in such notice (which date, in any event, shall be a Payment Date not
      less
      than twenty Business Days from the date on which such notice is delivered).
      Upon
      receipt of any Optional Termination Notice from the Issuer, the Administrative
      Agent shall promptly notify the Funding Agent with respect to each Purchaser
      Group thereof.

     

    (ii) 
      From and
      after the Optional Termination Date, the Series 2006-2 Amortization Period
      shall
      commence for all purposes under this Indenture Supplement and the other
      Transaction Documents. 

     

    (b) 
      If there
      are funds on deposit in the Series 2006-2 Principal Collection Subaccount on
      any
      Business Day on which the Purchaser Group Invested Amount with respect to any
      Non-Extending Purchaser Group shall not have been reduced to zero and the Issuer
      would be permitted under the terms of Section
      2.5(a)
      to
      effect a Decrease with such funds, the Issuer shall request such a Decrease
      in
      accordance with Section
      2.5(a)
      on the
      earliest possible date.

     

    SECTION
      2.6. Increases and Reductions of the Commitments; Extensions of the
      Commitments

     

    (a) 
      The
      Issuer may from time to time request that any Purchaser Group agree to increase
      its Maximum Purchaser Group Invested Amount. An increase in any Maximum
      Purchaser Group Invested Amount shall be effective hereunder if such Purchaser
      Group shall have agreed to such increase in its Maximum Purchaser Group Invested
      Amount. 

     

    (b) 
      If the
      Issuer desires to extend the Scheduled Expiry Date with respect to the Purchaser
      Groups, the Issuer shall notify the Administrative Agent at least 60 days prior
      to such Scheduled Expiry Date of its desire to extend the Scheduled Expiry
      Date
      with respect to the Purchaser Groups, whereupon the Administrative Agent shall
      notify the Funding Agent with respect to each Purchaser Group of the Issuer’s
      desire to so extend the Scheduled Expiry Date. Each Funding Agent, on behalf
      of
      its Purchaser Group, shall notify the Administrative Agent and the Issuer in
      writing of whether such Purchaser Group agrees to an extension of the Scheduled
      Expiry Date with respect to such Purchaser Group; provided
      that
      failure by a Funding Agent to respond to such request shall not be construed
      as
      a consent by such Purchaser Group to such extension. The decision to extend
      or
      not extend shall be made by each Purchaser Group in its sole discretion. In
      the
      event that any Purchaser Group desires to extend its Scheduled Expiry Date
      for
      an amount that is less than its Maximum Purchaser Group Invested Amount prior
      to
      the Issuer’s request for an extension, the Issuer, in its sole discretion, may
      accept such extension; provided,
      however,
      that
      such Purchaser Group (x) shall be deemed to be a Non-Extending Purchaser
      Group for purposes of Section
      5A.7(c)
      having a
      Purchaser Group Invested Amount equal to the excess of its Purchaser Group
      Invested Amount over the Maximum Purchaser Group Invested Amount that will
      be
      available after the extension of its Scheduled Expiry Date and (y) shall be
      deemed to be an Extending Purchaser Group with a Maximum Purchaser Group
      Invested Amount equal to the portion of its Maximum Purchaser Group Invested
      Amount that will be available after the extension of its Scheduled Expiry Date.
      

     

    
      
        
        

      

      
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    (c) 
      On any
      Business Day during the Series 2006-2 Revolving Period, the Issuer may, upon
      two
      (2) Business Days’ prior written notice to the Administrative Agent (effective
      upon receipt) (with copies to the Administrator and the Indenture Trustee)
      reduce the Series 2006-2 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 2006-2 Invested Amount on such date, the
      Purchaser Group Invested Amount with respect to any Purchaser Group would exceed
      the Maximum Purchaser Group Invested Amount with respect to such Purchaser
      Group
      then in effect. Any reduction in the Series 2006-2 Maximum Invested Amount
      shall
      be made on a pro
      rata
      basis to
      the Maximum Purchaser Group Invested Amounts with respect to the Purchaser
      Groups, based on the Maximum Purchaser Group Invested Amount with respect to
      each Purchaser Group. 

     

    SECTION
      2.7. Interest; Fees.

     

    (a) 
      Interest
      shall be payable on the Series 2006-2 Investor Notes on each Payment Date
      pursuant to Section 5A.5(a).

     

    (b) 
      On any
      Business Day, the Issuer may, subject to Section
      2.7(c),
      elect
      to allocate all or any portion of the Available CP Funding Amount with respect
      to any Match Funding CP Conduit Purchaser, to one or more CP Tranches with
      CP
      Rate Periods commencing on such Business Day by giving the Administrative Agent
      and the Funding Agent with respect to such Match Funding CP Conduit Purchaser
      irrevocable written or telephonic (confirmed in writing) notice thereof, which
      notice must be received by such Funding Agent prior to 11:00 A.M., New York
      City
      time, one Business Day prior to such Business Day. Such notice shall specify
      (i)
      the applicable Business Day, (ii) the CP Rate Period for each CP Tranche to
      which a portion of the Available CP Funding Amount with respect to the Purchaser
      Group of which such Match Funding CP Conduit Purchaser is a member is to be
      allocated and (iii) the portion of such Available CP Funding Amount being
      allocated to each such CP Tranche. On any Business Day, the Issuer may, subject
      to Section
      2.7(c),
      elect
      to allocate all or any portion of the Available APA Bank Funding Amount with
      respect to any Purchaser Group to one or more Eurodollar Tranches with
      Eurodollar Periods commencing on such Business Day by giving the Administrative
      Agent and the Funding Agent with respect to such Purchaser Group irrevocable
      written or telephonic (confirmed in writing) notice thereof, which notice must
      be received by such Funding Agent prior to 1:00 P.M., New York City time, three
      Business Days prior to such Business Day. Such notice shall specify (i) the
      applicable Business Day, (ii) the Eurodollar Period for each Eurodollar Tranche
      to which a portion of the Available APA Bank Funding Amount with respect to
      such
      Purchaser Group is to be allocated and (iii) the portion of such Available
      APA
      Bank Funding Amount being allocated to each such Eurodollar Tranche. Upon
      receipt of any such notice, the Funding Agent with respect to a Purchaser Group
      shall notify the CP Conduit Purchaser and the APA Banks in such Purchaser Group
      of the contents of such notice promptly upon receipt thereof. 

     

    
      
        
        

      

      
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    (c) 
      Notwithstanding anything to the contrary contained in this Section
      2.7,
      (i) (A)
      each Match Funding CP Conduit Purchaser shall approve the length of each CP
      Rate
      Period and the portion of the Available CP Funding Amount with respect to such
      Match Funding CP Conduit Purchaser allocated to such CP Rate Period, (B) such
      Match Funding CP Conduit Purchaser may select, in its sole discretion, any
      new
      CP Rate Period if (x) the Issuer does not provide notice of a new CP Rate Period
      on a timely basis or (y) the Funding Agent with respect to such Match Funding
      CP
      Conduit Purchaser, on behalf of such Match Funding CP Conduit Purchaser,
      determines, in its sole discretion, that the CP Rate Period requested by the
      Issuer is unavailable or for any reason commercially undesirable and (C) the
      portion of the Available CP Funding Amount with respect to such Match Funding
      CP
      Conduit Purchaser allocable to each CP Tranche must be in an amount equal to
      $1,000,000 or an integral multiple of $100,000 in excess thereof and (ii) (A)
      the portion of the Available APA Bank Funding Amount with respect to any
      Purchaser Group allocable to each Eurodollar Tranche must be in an amount equal
      to $100,000 or an integral multiple of $100,000 in excess thereof, (B) no more
      than 10 Eurodollar Tranches with respect to such Purchaser Group shall be
      outstanding at any one time, (C) after the occurrence and during the continuance
      of any Amortization Event or Potential Amortization Event, the Issuer may not
      elect to allocate any portion of the Available APA Bank Funding Amount with
      respect to any Purchaser Group to a Eurodollar Tranche and (D) during the Series
      2006-2 Amortization Period, the Issuer may not select any Eurodollar Period
      that
      does not end on or prior to the next succeeding Payment Date.

     

    (d) On
      any
      Business Day, a Match Funding CP Conduit Purchaser may elect that the Issuer
      no
      longer be permitted to select CP Tranches in accordance with Sections
      2.7(b)
      and
(c)
      in
      respect of the CP Conduit Funded Amount with respect to such CP Conduit
      Purchaser by giving the Issuer and the Administrative Agent irrevocable written
      notice thereof, which notice must be received by the Issuer and the
      Administrative Agent at least one Business Day prior to such Business Day.
      On
      any Business Day, a Pooled Funding CP Conduit Purchaser may elect thereafter
      to
      allow the Issuer to select CP Tranches in accordance with Sections
      2.7(b)
      and
(c)
      in
      respect of the CP Conduit Funded Amount with respect to such CP Conduit
      Purchaser by giving the Issuer and the Administrative Agent irrevocable written
      notice thereof, which notice must be received by the Issuer and the
      Administrative Agent at least one Business Day prior to such Business Day.
      Any
      CP Conduit Purchaser making an election to change the manner in which its
      funding costs in respect of its Series 2006-2 Investor Note are allocated in
      accordance with this Section
      2.7(d)
      will be
      both a Match Funding CP Conduit Purchaser and a Pooled Funding CP Conduit
      Purchaser during the period that its Series 2006-2 Investor Note is funded
      on
      both a “pooled” and “match funded” basis and its Monthly Funding Costs during
      that period will be calculated accordingly.

     

    (e) The
      Indenture Trustee (acting at the written direction of the Administrator upon
      which the Indenture Trustee may conclusively rely) shall distribute pursuant
      to
Section
      5A.5(b),
      from
      amounts deposited in the Series 2006-2 Distribution Account pursuant to
Section
      5A.4(c),
      to the
      Administrative Agent, for the account of each Purchaser Group, on each Payment
      Date, a commitment fee with respect to the Series 2006-2 Interest Period ending
      on such Payment Date (the “Commitment
      Fee”)
      during
      the period from the Effective Date to and including the Expiry Date with respect
      to such Purchaser Group at the Commitment Fee Rate of 102% of the average daily
      Maximum Purchaser Group Invested Amount with respect to such Purchaser Group
      during such Series 2006-2 Interest Period less the average daily Purchaser
      Group
      Invested Amount with respect to such Purchaser Group during such Series 2006-2
      Interest Period. The Commitment Fee shall be payable monthly in arrears on
      each
      Payment Date. 

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    (f) Calculations
      of per annum rates under this Indenture Supplement shall be made on the basis
      of
      a 360- (or 365-/366-, in the case of interest on the Floating Tranche based
      on
      the Prime Rate) day year. Calculations of Commitment Fees shall be made on
      the
      basis of a 360-day year. Each determination of the Adjusted LIBO Rate by the
      Administrative Agent shall be conclusive and binding upon each of the parties
      hereto in the absence of manifest error.

     

    SECTION
      2.8. Indemnification by the Issuer and the Administrator 

     

    (a) The
      Issuer agrees to indemnify and hold harmless the Indenture Trustee, the
      Administrative Agent, each Funding Agent, each 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 the Issuer pursuant
      to the Indenture or the other Transaction Documents to which it is a party,
      (ii)
      a breach of any representation or warranty made or deemed made by the Issuer
      (or
      any of its officers) in the Indenture or other Transaction Document or (iii)
      a
      failure by the Issuer 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 Transaction Documents, including, but not limited to, any judgment,
      award, settlement, reasonable attorneys’ fees and other reasonable costs or
      expenses 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 (A) resulted from the gross negligence, bad faith or wilful
      misconduct of such Company indemnified person or its officers, directors,
      agents, principals, employees or employers, (B) resulted solely from a
      default by an Obligor with respect to any Sold Unit or Fleet Receivable or
      (C)
      includes any Excluded Taxes; provided
      that any
      payments made by the Issuer pursuant to this Section
      2.8
      shall be
      made solely from funds available therefor pursuant to Section
      5A.5(e),
      shall
      be non-recourse other than with respect to such funds, and shall not constitute
      a claim against the Issuer to the extent that such funds are insufficient to
      make such payment.

     

    (b) The
      Administrator agrees to indemnify and hold harmless the Indenture Trustee,
      the
      Administrative Agent, each Funding Agent, each Purchaser and each of their
      respective officers, directors, agents and employees (each, a “Administrator
      indemnified person”)
      from
      and against any Claim by reason of (i) any acts, omissions or alleged acts
      or
      omissions arising out of, or relating to, activities of the Administrator
      pursuant to the Indenture or the other Transaction Documents to which it is
      a
      party, (ii) a breach of any representation or warranty made or deemed made
      by
      the Administrator (or any of its officers) in the Indenture or other Transaction
      Document or (iii) a failure by the Administrator 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 Transaction Documents, including, but not limited
      to,
      any judgment, award, settlement, reasonable attorneys’ fees and other reasonable
      costs or expenses 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 (A) resulted from the gross negligence,
      bad
      faith or wilful misconduct of such Administrator indemnified person or its
      officers, directors, agents, principals, employees or employers,
      (B) resulted solely from a default by an Obligor with respect to any Sold
      Unit or Fleet Receivable or (C) include any Excluded Taxes.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    SECTION
      2.9. Funding Agents

     

    (a) The
      Funding Agent with respect to each Purchaser Group is hereby authorized to
      record on each Business Day the CP Funded Amount with respect to such Purchaser
      Group and the aggregate amount of Discount accruing with respect thereto on
      such
      Business Day and the APA Bank Funded Amount with respect to such Purchaser
      Group
      and the amount of interest accruing with respect thereto on such Business Day
      and, based on such recordations, to determine the Monthly Funding Costs with
      respect to each Series 2006-2 Interest Period and such Purchaser Group. Any
      such
      recordation by a Funding Agent, absent manifest error, shall constitute
prima facie
      evidence
      of the accuracy of the information so recorded. Furthermore, the Funding Agent
      with respect to each Purchaser Group will maintain records sufficient to
      identify the percentage interest of the related CP Conduit Purchaser and each
      APA Bank with respect to such Purchaser Group holding an interest in the Series
      2006-2 Investor Note registered in the name of such Funding Agent and any
      amounts owing thereunder.

     

    (b) Upon
      receipt of funds from the Administrative Agent on each Payment Date and the
      date
      of any Decrease, each Funding Agent shall pay such funds to the related CP
      Conduit Purchaser and/or the related APA Banks owed such funds in accordance
      with the recordations maintained by it in accordance with Section
      2.9(a)
      and the
      Asset Purchase Agreement with respect to such CP Conduit Purchaser. If a Funding
      Agent shall have paid to any CP Conduit Purchaser or APA Bank any funds that
      (i)
      must be returned for any reason (including bankruptcy) or (ii) exceeds that
      which such CP Conduit Purchaser or APA Bank was entitled to receive, such amount
      shall be promptly repaid to such Funding Agent by such CP Conduit Purchaser
      or
      APA Bank.

     

    ARTICLE
      3

     

    ARTICLE
      5 OF THE BASE INDENTURE

     

    Sections
      5.1
      through
5.4
      of the
      Base Indenture and each other Section of Article 5 of the Indenture relating
      to
      another Series shall read in their entirety as provided in the Base Indenture
      or
      any applicable Indenture Supplement. Article
      5
      of the
      Base Indenture (except for Sections
      5.1
      through
5.4
      thereof
      and any portion thereof relating to another Series) shall read in its entirety
      as follows and shall be exclusively applicable to the Series 2006-2 Investor
      Notes:

     

    Section
      5A.1 Establishment
      of Series 2006-2 Subaccounts.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    (a) The
      Indenture Trustee shall establish and maintain in the name of the Indenture
      Trustee for the benefit of the Series 2006-2 Investor Noteholders (i) a
      subaccount of the Collection Account (the “Series
      2006-2 Collection Subaccount”);
      and
      (ii) three subaccounts of the Series 2006-2 Collection Subaccount: (1) the
      Series 2006-2 General Collection Subaccount, (2) the Series 2006-2 Principal
      Collection Subaccount and (3) the Series 2006-2 Settlement Collection Subaccount
      (respectively, the “Series
      2006-2 General Collection Subaccount,”
the
      “Series
      2006-2 Principal Collection Subaccount”
and
      the
“Series
      2006-2 Settlement Collection Subaccount”);
      the
      accounts established pursuant to this Section 5A.1(a), collectively, the
“Series
      2006-2 Subaccounts”),
      each
      Series 2006-2 Subaccount to bear a designation indicating that the funds
      deposited therein are held for the benefit of the Series 2006-2 Investor
      Noteholders. The Indenture Trustee shall possess all right, title and interest
      in all moneys, instruments, securities and other property on deposit from time
      to time in the Series 2006-2 Subaccounts and the proceeds thereof for the
      benefit of the Series 2006-2 Investor Noteholders. 

     

    (b) So
      long
      as no Amortization Event has occurred, the Issuer shall instruct the institution
      maintaining the Collection Account in writing to invest funds on deposit in
      the
      Series 2006-2 Subaccounts at all times in Permitted Investments selected by
      the
      Issuer (by standing instructions or otherwise); provided,
      however,
      that
      funds on deposit in a Series 2006-2 Subaccounts may be invested together with
      funds held in other subaccounts of the Collection Account. Amounts on deposit
      and available for investment in the Series 2006-2 General Collection Subaccount
      and the Series 2006-2 Principal Collection Subaccount shall be invested by
      the
      Indenture Trustee at the written direction of the Issuer, so long as no
      Amortization Event has occurred, in Permitted Investments that mature, or that
      are payable or redeemable upon demand of the holder thereof, on or prior to
      the
      next Business Day. On each Settlement Date, all interest and other investment
      earnings (net of losses and investment expenses) on funds deposited in the
      Series 2006-2 Principal Collection Subaccount and the Series 2006-2 General
      Collection Subaccount shall be deposited in the Series 2006-2 Settlement
      Collection Subaccount. The Issuer shall not direct the Indenture Trustee to
      dispose of (or permit the disposal of) any Permitted Investments prior to the
      maturity thereof to the extent such disposal would result in a loss of principal
      of such Permitted Investment. In the absence of written direction as provided
      hereunder, all funds on deposit in the Collection Account shall remain
      uninvested.

     

    (c) After
      the
      occurrence of an Amortization Event, the Administrative Agent shall instruct
      the
      institution maintaining the Collection Account in writing to invest funds on
      deposit in the Series 2006-2 Subaccounts from time to time in Permitted
      Investments selected by the Administrative Agent (by standing instructions
      or
      otherwise). Amounts on deposit and available for investment in the Series 2006-2
      Subaccounts shall be invested by the Indenture Trustee at the written direction
      of the Administrative Agent in Permitted Investments that mature, or that are
      payable or redeemable upon demand of the holder thereof on or prior to the
      Business Day immediately preceding the next Payment Date. On each Settlement
      Date, all interest and other investment earnings (net of losses and investment
      expenses) on funds deposited in the Series 2006-2 General Collection Subaccount
      and the Series 2006-2 Principal Collection Subaccount shall be deposited in
      the
      Series 2006-2 Settlement Collection Subaccount. The Administrative Agent shall
      not direct the Indenture Trustee to dispose of (or permit the disposal of)
      any
      Permitted Investments prior to the maturity thereof to the extent such disposal
      would result in a loss of principal of such Permitted Investment. In the absence
      of written direction as provided hereunder, all funds on deposit shall remain
      uninvested.

     

    
      
        
        

      

      
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    Section
      5A.2 Allocations
      with Respect to the Series 2006-2 Investor Notes.

     

    (a) Prior
      to
      1:00 P.M., New York City time, on each Deposit Date, the Administrator shall
      direct the Indenture Trustee in writing to allocate to the Series 2006-2
      Investor Noteholders and deposit in the Series 2006-2 General Collection
      Subaccount an amount equal to the product of the Series 2006-2 Invested
      Percentage on such Deposit Date and the Collections deposited into the
      Collection Account on such Deposit Date.

     

    (b) The
      Administrator shall direct the Indenture Trustee in writing to allocate to
      the
      Series 2006-2 Investor Noteholders and deposit in the Series 2006-2 General
      Collection Subaccount the following amounts on each Business Day (the
“Series
      2006-2 Daily Principal Allocation”):

     

    (i) the
      proceeds from the initial sale of the Series 2006-2 Investor Notes or any
      Increase; and

     

    (ii) any
      amounts allocated to another Series of Investor Notes that the Issuer or the
      Administrator, on behalf of the Issuer, has elected to apply to reduce the
      Series 2006-2 Invested Amount.

     

    (c) On
      each
      Determination Date, the Administrator shall direct the Indenture Trustee in
      writing to allocate to the Series 2006-2 Investor Noteholders and deposit in
      the
      Series 2006-2 Settlement Collection Subaccount on the immediately succeeding
      Transfer Date amounts withdrawn from the Gain on Sale Account, in an amount
      equal to the product of the average daily Series 2006-2 Invested Percentage
      during the immediately preceding Monthly Period and the amount withdrawn from
      the Gain on Sale Account pursuant to Section
      5.2(e)
      of the
      Base Indenture on such Transfer Date.

     

    (d) On
      each
      Determination Date, the Administrator shall direct the Indenture Trustee in
      writing to allocate to the Series 2006-2 Investor Noteholders and deposit in
      the
      Series 2006-2 Settlement Collection Subaccount on the immediately succeeding
      Settlement Date the following amounts:

     

    (i) any
      Unit
      Repurchase Payments made by the Servicer, in an amount equal to the product
      of
      the average daily Series 2006-2 Invested Percentage during the immediately
      preceding Monthly Period and the amount of such Unit Repurchase Payments;

     

    (ii) the
      Monthly Servicer Advance made by the Servicer, in an amount equal to the product
      of the average daily Series 2006-2 Invested Percentage during the immediately
      preceding Monthly Period and the amount of such Monthly Servicer Advance; and
      

     

    (iii) payments
      made under the Lease Rate Caps maintained by the Issuer pursuant to Section
      5A.12,
      in an
      amount equal to the product of the average daily Series 2006-2 Invested
      Percentage during the immediately preceding Monthly Period and the amount of
      such payments.

     

    
      
        
        

      

      
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    (e) On
      each
      Business Day, the Administrator will direct the Indenture Trustee in writing
      to
      allocate, prior to 1:00 P.M., New York City time, the Series 2006-2 Daily
      Principal Allocation deposited in the Series 2006-2 Collection Subaccount in
      the
      following priority:

     

    (i) if
      such
      Business Day is a Settlement Date, allocate to the Series 2006-2 Settlement
      Collection Subaccount, an amount equal to the lesser of (A) the proceeds from
      any Increase on such Settlement Date and (B) the Principal Overpayment Amount
      for such Settlement Date; and

     

    (ii) allocate
      any remaining portion of any Increase and any amounts allocated to another
      Series of Investor Notes that the Issuer or the Administrator, on behalf of
      the
      Issuer, has elected to apply to reduce the Series 2006-2 Invested Amount to
      the
      Series 2006-2 Principal Collection Subaccount.

     

    (f) If,
      on
      any Business Day during the Series 2006-2 Revolving Period, other than during
      any Paydown Period, the sum of (i) the Series 2006-2 Daily Principal Allocation
      and (ii) the amount on deposit in the Series 2006-2 Principal Collection
      Subaccount on such Business Day is less than the Daily Principal Utilization
      Amount for such Business Day, the Administrator will direct the Indenture
      Trustee in writing, prior to 1:00 P.M., New York City time, to withdraw an
      amount equal to such deficit from the Series 2006-2 General Collection
      Subaccount and deposit it into the Series 2006-2 Principal Collection
      Subaccount.

     

    (g) The
      Administrator may direct the Indenture Trustee in writing by 1:00 P.M., New
      York
      City time, on any Business Day during the Series 2006-2 Revolving Period to
      withdraw amounts on deposit in the Series 2006-2 Principal Collection Subaccount
      for any of the following purposes:

     

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

     

    (ii) if
      the
      Administrator shall have given the Administrative Agent written notice of a
      Decrease in accordance with Section
      2.5(a),
      to
      reduce the Series 2006-2 Invested Amount in accordance with Section
      2.5;
      or

     

    (iii) to
      reduce
      the Invested Amount of any other Series of Investor Notes;

     

    provided,
      however
      that
      during any Paydown Period the Administrator may withdraw amounts on deposit
      in
      the Series 2006-2 Principal Collection Subaccount pursuant to this Section
      5A.2(g)
      only to
      reduce the Purchaser Group Invested Amounts of the Non-Extending Purchaser
      Group
      or Non-Extending Purchaser Groups pursuant to Sections
      2.5(a)
      and
5A.7(c).

     

    (h) On
      any
      Business Day during the Series 2006-2 Amortization Period prior to the
      occurrence of an Amortization Event, the Administrator may direct the Indenture
      Trustee in writing to withdraw amounts on deposit in the Series 2006-2 Principal
      Collection Subaccount and apply them to reduce the Series 2006-2 Invested Amount
      in accordance with Section
      2.5; provided,
      that
      the Administrator shall have given the Administrative Agent written notice
      of
      such Decrease in accordance with Section
      2.5(a).

     

    
      
        
        

      

      
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    Section
      5A.3.
      Determination
      of Interest

     

    (a) On
      each
      Determination Date, the Administrator shall determine the Series 2006-2 Note
      Rate for the Series 2006-2 Interest Rate Period ending on the next succeeding
      Payment Date, based on the information provided by the Funding Agents pursuant
      to this Section
      5A.3(a),
      and the
      amount of interest payable on such next succeeding Payment Date on the Series
      2006-2 Investor Notes (“Series
      2006-2 Monthly Interest”).
      Series 2006-2 Monthly Interest for each Series 2006-2 Interest Period will
      equal
      the product of (i) the Series 2006-2 Note Rate for such Series 2006-2 Interest
      Period, (ii) the average daily Series 2006-2 Invested Amount during such Series
      2006-2 Interest Period and (iii) the actual number of days elapsed in such
      Series 2006-2 Interest Period divided
      by 360.
      On each Determination Date, the Funding Agent with respect to each Purchaser
      Group shall provide written notice to the Administrator of the Monthly Funding
      Costs with respect to such Purchaser Group with respect to the portion of the
      current Series 2006-2 Interest Period ending on such Determination Date (or,
      in
      the case of the Series 2006-2 Interest Period immediately preceding the Series
      2006-2 Note Termination Date, an estimate of the Monthly Funding Costs with
      respect to such Purchaser Group for such Series 2006-2 Interest Period). For
      the
      purposes of determining Series 2006-2 Monthly Interest for each Series 2006-2
      Interest Period (other than the Series 2006-2 Interest Period immediately
      preceding the Series 2006-2 Note Termination Date), the Administrator may make
      a
      reasonable estimation of the portion of the Monthly Funding Costs with respect
      to each Purchaser Group to accrue during the portion of such Series 2006-2
      Interest Period succeeding such Determination Date, based on its reasonable
      expectations of the Purchaser Group Invested Amount with respect to such
      Purchaser Group during such period, the Discount on the Commercial Paper issued
      by, or for the benefit of, such Purchaser Group to fund such Purchaser Group
      Invested Amount during such period or the Adjusted LIBO Rates or the Alternate
      Base Rate applicable to such Purchaser Group Invested Amount during such period.
      If the actual amount of the portion of the Monthly Funding Costs with respect
      to
      any Purchaser Group accruing during the portion of any Series 2006-2 Interest
      Period succeeding the Determination Date in such Series 2006-2 Interest Period
      is less than or greater than the amount thereof estimated by the Administrator
      on such Determination Date, the Administrator will reduce or increase the
      Monthly Funding Costs with respect to such Purchaser Group with respect to
      the
      next succeeding Series 2006-2 Interest Period accordingly. The Administrator
      shall determine Series 2006-2 Monthly Interest for the Series 2006-2 Interest
      Period immediately preceding the Series 2006-2 Note Termination Date on the
      Determination Date immediately preceding the last day of such Series 2006-2
      Interest Period based on the information provided by the Funding Agents. If
      a
      Funding Agent with respect to any Purchaser Group determines that the actual
      Monthly Funding Costs with respect to such Purchaser Group for the Series 2006-2
      Interest Period immediately preceding the Series 2006-2 Note Termination Date
      will be more or less than the estimate thereof provided to the Administrator
      and
      informs the Administrator of such variance prior to the Payment Date for such
      Series 2006-2 Interest Period, the Administrator will amend the Monthly
      Settlement Statement relating thereto to reflect that variance and provide
      the
      Indenture Trustee, the Administrative Agent and each Funding Agent with an
      amended Monthly Settlement Statement on or prior to such Payment
      Date.

     

    
      
        
        

      

      
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    (b) On
      each
      Determination Date, the Administrator shall determine the excess, if any (the
      “Interest
      Shortfall”),
      of
      (i) the sum of (x) the Series 2006-2 Monthly Interest for the Series 2006-2
      Interest Period ending on the next succeeding Payment Date and (y) the amount
      of
      any unpaid Interest Shortfall, as of the preceding Payment Date (together with
      any Additional Interest on such Interest Shortfall) over
      (ii) the
      amount which will be available to be distributed to the Series 2006-2 Investor
      Noteholders on such Payment Date in respect thereof pursuant to this Indenture
      Supplement. If the Interest Shortfall with respect to any Payment Date is
      greater than zero, an additional amount (“Additional
      Interest”)
      equal
      to the product of (A) the number of days until such Interest Shortfall shall
      be
      repaid divided by
      365 (or
      366, as the case may be), (B) the Alternate Base Rate plus
      2.0% and
      (C) such Interest Shortfall (or the portion thereof which has not been paid
      to
      the Series 2006-2 Investor Noteholders) shall be payable as provided herein
      on
      each Payment Date following such Payment Date, to but excluding the Payment
      Date
      on which such Interest Shortfall is paid to the Series 2006-2 Investor
      Noteholders.

     

    Section
      5A.4.
      Monthly
      Application of Collections.

     

    (a) On
      each
      Settlement Date, the Administrator shall direct the Indenture Trustee in writing
      to withdraw from the Series 2006-2 General Collection Subaccount and allocate
      to
      the Series 2006-2 Settlement Collection Subaccount an amount equal to Total
      Cash
      Available for such Settlement Date (less an amount equal to the investment
      income from the Series 2006-2 General Collection Subaccount and the Series
      2006-2 Principal Collection Subaccount transferred to the Series 2006-2
      Settlement Collection Subaccount pursuant to Section
      5A.1(b)).

     

    (b) If
      the
      Administrator determines that the aggregate amount distributable from the Series
      2006-2 Settlement Collection Subaccount pursuant to paragraphs
      (i)
      through
(x)
      of
Section
      5A.4(c)
      on any
      Payment Date exceeds the sum of the Total Cash Available for such Payment Date
      and the amount to be deposited in the Series 2006-2 Settlement Collection
      Subaccount pursuant to Section
      5A.2(e)(i)
      on such
      Payment Date (the “Deficiency”),
      the
      Administrator shall notify the Indenture Trustee thereof in writing at or before
      10:00 A.M., New York City time, on the Business Day immediately preceding such
      Payment Date, and the Indenture Trustee shall, by 11:00 A.M., New York City
      time, on such Payment Date, withdraw from the Series 2006-2 Reserve Account
      and
      deposit in the Series 2006-2 Settlement Collection Subaccount an amount equal
      to
      the least of (x) such Deficiency, (y) the product of the average daily Series
      2006-2 Invested Percentage during the immediately preceding Monthly Period
      and
      Aggregate Net Lease Losses for such Monthly Period and (z) the Series 2006-2
      Reserve Account Amount and, to the extent that such amount is less than the
      Deficiency, withdraw from the Series 2006-2 Yield Supplement Account and deposit
      in the Series 2006-2 Settlement Collection Subaccount an amount equal to the
      lesser of the amount of such insufficiency and the Series 2006-2 Yield
      Supplement Account Amount. If the Deficiency with respect to any Payment Date
      exceeds the amounts to be withdrawn from the Series 2006-2 Reserve Account
      and
      the Series 2006-2 Yield Supplement Account pursuant to the immediately preceding
      sentence, the Administrator shall instruct the Indenture Trustee in writing
      at
      or before 10:00 A.M., New York City time, on the Business Day immediately
      preceding such Payment Date, and the Indenture Trustee shall, by 11:00 A.M.,
      New
      York City time, on such Payment Date, withdraw from the Series 2006-2 Reserve
      Account and deposit in the Series 2006-2 Settlement Collection Subaccount an
      amount equal to the lesser of (x) the remaining portion of the Deficiency and
      (y) the Series 2006-2 Reserve Account Amount (after giving effect to the
      withdrawal described in the immediately preceding sentence).

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    (c) On
      each
      Payment Date, based solely on the information contained in the Monthly
      Settlement Statement with respect to Series 2006-2 Investor Notes, the Indenture
      Trustee shall apply the following amounts allocated to, or deposited in, the
      Series 2006-2 Settlement Collection Subaccount on such Payment Date in the
      following order of priority:

     

    (i) to
      Holdings, an amount equal to the Series 2006-2 Excess Fleet Receivable Amount,
      if any, for such Payment Date;

     

    (ii) to
      the
      Gain On Sale Account, an amount equal to the Series 2006-2 Monthly Residual
      Value Gain, if any, for such Payment Date;

     

    (iii) to
      the
      Servicer, an amount equal to the Series 2006-2 Monthly Servicer Advance
      Reimbursement Amount for such Payment Date;

     

    (iv) if
      VMS is
      not the Servicer, to the Servicer, an amount equal to the Series 2006-2 Basic
      Servicing Fee for the Series 2006-2 Interest Period ending on such Payment
      Date
plus,
      on the
      first Payment Date following the transfer of the servicing from VMS to a
      successor Servicer pursuant to Section
      9.1
      of the
      Series 1999-1 SUBI Servicing Supplement, to the extent not reimbursed by VMS,
      the reasonable costs and expenses of the successor Servicer incurred in
      connection with the transfer of the servicing, in an amount up to
      $250,000;

     

    (v) to
      the
      Series 2006-2 Distribution Account, an amount equal to the Series 2006-2 Monthly
      Interest payable on such Payment Date plus
      the
      amount of any unpaid Interest Shortfall, as of the preceding Payment Date,
      together with any Additional Interest on such Interest Shortfall (such amount,
      the “Monthly
      Interest Payment”);

     

    (vi) to
      the
      Series 2006-2 Distribution Account, an amount equal to the Commitment Fee for
      the Series 2006-2 Interest Period ending on such Payment Date plus
      the
      amount of any unpaid Commitment Fee for any prior Series 2006-2 Interest Period
      (such amount, the “Commitment
      Fee Payment”);
      

     

    (vii) if
      VMS is
      the Servicer, to the Servicer, an amount equal to the Series 2006-2 Basic
      Servicing Fee for the Series 2006-2 Interest Period ending on such Payment
      Date;

     

    (viii) to
      the
      Administrator, an amount equal to the Series 2006-2 Administrator Fee for the
      Series 2006-2 Interest Period ending on such Payment Date; 

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    (ix) to
      the
      Series 2006-2 Distribution Account, an amount equal to the lesser of (A)
      Increased Costs for such Payment Date and (B) the Additional Costs Cap for
      such
      Payment Date; 

     

    (x) (A)
      on
      any Payment Date during the Series 2006-2 Revolving Period, other than during
      any Paydown Period, to the Series 2006-2 Principal Collection Subaccount, an
      amount equal to the Series 2006-2 Allocated Asset Amount Deficiency, if any,
      on
      such Payment Date, (B) on any Payment Date during the Series 2006-2 Revolving
      Period and a Paydown Period, to the Series 2006-2 Principal Collection
      Subaccount, an amount equal to the lesser of the Series 2006-2 Principal Payment
      Amount for such Payment Date and the aggregate Purchaser Group Invested Amounts
      with respect to the Non-Extending Purchaser Groups on such Payment Date and
      (C)
      on any Payment Date during the period from and including the first day of the
      Series 2006-2 Amortization Period to and including the Series 2006-2 Note
      Termination Date, to the Series 2006-2 Principal Collection Subaccount, an
      amount equal to the lesser of the Series 2006-2 Principal Payment Amount for
      such Payment Date and the Series 2006-2 Invested Amount on such Payment
      Date;

     

    (xi) to
      the
      Series 2006-2 Reserve Account, to the extent that a Series 2006-2 Liquid Credit
      Enhancement Deficiency exists or, on any Payment Date immediately succeeding
      a
      Monthly Period falling in the Series 2006-2 Amortization Period, to the extent
      that a Series 2006-2 Allocated Asset Amount Deficiency exists, an amount equal
      to the greater of such deficiencies;

     

    (xii) to
      the
      Series 2006-2 Yield Supplement Account, to the extent that a Series 2006-2
      Yield
      Supplement Deficiency exists (or, will exist after giving effect to any
      reduction in the 1999-1B Invested Amount on such Payment Date), an amount equal
      to such deficiency; 

     

    (xiii) to
      the
      Series 2006-2 Distribution Account, an amount equal to the Lease Rate Cap Costs
      for such Payment Date;

     

    (xiv) if
      VMS is
      not the Servicer, to the Servicer, an amount equal to any Series 2006-2
      Supplemental Servicing Fee for the Series 2006-2 Interest Period ending on
      such
      Payment Date; 

     

    (xv) to
      the
      Series 2006-2 Distribution Account, an amount equal to the excess, if any,
      of
      (A) Increased Costs for such Payment Date over (B) the Additional Costs Cap
      for
      such Payment Date; and

     

    (xvi) to
      the
      Issuer, an amount equal to the balance remaining in the Series 2006-2 Settlement
      Collection Subaccount.

     

    Section
      5A.5 Payment
      of Monthly Interest Payment, Fees and Expenses.

     

    (a) On
      each
      Payment Date, based solely on the information contained in the Monthly
      Settlement Statement with respect to the Series 2006-2 Investor Notes, the
      Indenture Trustee shall, in accordance with Section
      6.1
      of the
      Base Indenture, pay to the Administrative Agent, for the account of the Series
      2006-2 Investor Noteholders, from the Series 2006-2 Distribution Account the
      Monthly Interest Payment to the extent of the amount deposited in the Series
      2006-2 Distribution Account for the payment of interest pursuant to Section
      5A.4(c)(v).
      Upon
      the receipt of funds from the Indenture Trustee on each Payment Date on account
      of the Monthly Interest Payment, the Administrative Agent shall pay to each
      Funding Agent with respect to a Purchaser Group an amount equal to the Monthly
      Funding Costs with respect to such Purchaser Group with respect to the
      immediately succeeding Series 2006-2 Interest Period plus
      the
      amount of any unpaid Interest Shortfall payable to such Purchaser Group as
      of
      the preceding Payment Date, together with any Additional Interest thereon.
      If
      the amount deposited in the Series 2006-2 Distribution Account on any Payment
      Date pursuant to Section
      5A.4(c)(v)
      is less
      than the Monthly Interest Payment on such Payment Date, the Administrative
      Agent
      shall pay the amount available to the Funding Agents, on behalf of the Purchaser
      Groups, on a pro
      rata
      basis,
      based on the Monthly Funding Costs with respect to each Purchaser Group with
      respect to the immediately succeeding Series 2006-2 Interest
      Period.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    (b) On
      each
      Payment Date, based solely on the information contained in the Monthly
      Settlement Statement with respect to Series 2006-2 Investor Notes, the Indenture
      Trustee shall pay to the Administrative Agent, for the account of the Series
      2006-2 Investor Noteholders, from the Series 2006-2 Distribution Account the
      Commitment Fee Payment for such Payment Date to the extent of the amount
      deposited in the Series 2006-2 Distribution Account for the payment of such
      Commitment Fee Payment pursuant to Section
      5A.4(c)(vi).
      Upon
      the receipt of funds from the Indenture Trustee on each Payment Date on account
      of the Commitment Fee Payment, the Administrative Agent shall pay to each
      Funding Agent with respect to a Purchaser Group an amount equal to the
      Commitment Fee payable to such Purchaser Group with respect to the immediately
      succeeding Series 2006-2 Interest Period plus
      the
      amount of any unpaid Commitment Fee for any prior Series 2006-2 Interest Period
      payable to such Purchaser Group. If the amount deposited in the Series 2006-2
      Distribution Account on any Payment Date pursuant to Section
      5A.4(c)(vi)
      is less
      than the Commitment Fee Payment on such Payment Date, the Administrative Agent
      shall pay the amount available to the Funding Agents, on behalf of the Purchaser
      Groups, on a pro
      rata
      basis,
      based on the Commitment Fee payable to each Purchaser Group with respect to
      the
      immediately succeeding Series 2006-2 Interest Period.

     

    (c) On
      each
      Payment Date, based solely on the information contained in the Monthly
      Settlement Statement with respect to Series 2006-2 Investor Notes, the Indenture
      Trustee shall pay to the Administrative Agent, for the account of the Series
      2006-2 Investor Noteholders, from the Series 2006-2 Distribution Account any
      Article 7 Costs due and payable on such Payment Date to any CP Conduit Purchaser
      or any APA Bank to the extent of the amounts deposited in the Series 2006-2
      Distribution Account for the payment of such Article 7 Costs pursuant to
Sections
      5A.4(c)(ix)
      and
(xv).
      Upon
      the receipt of funds from the Indenture Trustee on any Payment Date on account
      of Article 7 Costs, the Administrative Agent shall pay such amounts to the
      Funding Agent with respect to the CP Conduit Purchaser or the APA Bank owed
      such
      amounts. If the amounts deposited in the Series 2006-2 Distribution Account
      on
      any Payment Date pursuant to Section
      5A.4(c)(ix)
      and
(xv)
      are less
      than the Article 7 Costs due and payable on such Payment Date, the
      Administrative Agent shall pay the amounts available to the Funding Agents
      with
      respect to the CP Conduit Purchasers and APA Banks owed such amounts, on a
      pro
      rata
      basis,
      based on the amounts owing to such CP Conduit Purchasers and APA
      Banks.

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    (d) On
      each
      Payment Date, based solely on the information contained in the Monthly
      Settlement Statement with respect to Series 2006-2 Investor Notes, the Indenture
      Trustee shall pay to the Persons owed any other unpaid Program Costs due and
      payable on such Payment Date or any amounts due and payable pursuant to
Section
      2.8
      on such
      Payment Date from the Series 2006-2 Distribution Account to the extent of the
      amount deposited in the Series 2006-2 Distribution Account for the payment
      of
      such Program Costs pursuant to Sections
      5A.4(c)(ix)
      and
(xv).
      If the
      excess of the amounts deposited in the Series 2006-2 Distribution Account on
      any
      Payment Date pursuant to Section
      5A.4(c)(ix)
      and
(xv)
      over the
      amount of Article 7 Costs due and payable on such Payment Date is less than
      the
      sum of the unpaid Program Costs due and payable on such Payment Date and the
      amounts due and payable pursuant to Section
      2.8
      on such
      Payment Date, the Indenture Trustee shall pay the amount available to Persons
      owed such amounts on a pro
      rata
      basis,
      based on the amounts owing to such Persons.

     

    (e) On
      each
      Payment Date, based solely on the information contained in the Monthly
      Settlement Statement with respect to Series 2006-2 Investor Notes, the Indenture
      Trustee shall pay to the Administrative Agent, for the account of the Series
      2006-2 Investor Noteholders, from the Series 2006-2 Distribution Account any
      Lease Rate Cap Costs to the extent of the amount deposited in the Series 2006-2
      Distribution Account for the payment of such Lease Rate Cap Costs pursuant
      to
Sections
      5A.4(c)(xiii).
      Upon
      the receipt of funds from the Indenture Trustee on each Payment Date on account
      of Lease Rate Cap Costs, the Administrative Agent shall pay to each Funding
      Agent with respect to a Purchaser an amount equal to the Lease Rate Cap Costs
      payable to such Purchaser. If the amount deposited in the Series 2006-2
      Distribution Account on any Payment Date pursuant to Section
      5A.4(c)(xiii)
      is less
      than the Lease Rate Cap Costs on such Payment Date, the Administrative Agent
      shall pay the amount available to the Funding Agents, on behalf of the
      Purchasers, on a pro
      rata
      basis,
      based on the Lease Rate Cap Costs payable to each Purchaser.

     

    Section
      5A.6.
      Determination
      of Monthly Principal Payment.

     

    The
      amount (the “Monthly
      Principal Payment”)
      distributable from the Series 2006-2 Principal Collection Subaccount on each
      Payment Date during the Series 2006-2 Amortization Period shall be equal to
      the
      amount on deposit in such account on such Payment Date; provided,
      however,
      that
      the Monthly Principal Payment on any Payment Date shall not exceed the Series
      2006-2 Invested Amount on such Payment Date. Further, on any other Business
      Day
      during the Series 2006-2 Amortization Period prior to the occurrence of an
      Amortization Event, funds may be distributed from the Series 2006-2 Distribution
      Account to the Series 2006-2 Investor Noteholders in accordance with
Section
      5A.7(c).
      On each
      Payment Date during the Series 2006-2 Amortization Period, based solely on
      the
      information contained in the Monthly Settlement Statement with respect to the
      Series 2006-2 Investor Notes, the Indenture Trustee shall withdraw from the
      Series 2006-2 Principal Collection Subaccount and deposit in the Series 2006-2
      Distribution Account an amount equal to the Monthly Principal Payment on such
      Payment Date.

     

    Section
      5A.7 Payment
      of Principal.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    (a) The
      principal amount of the Series 2006-2 Investor Notes shall be due and payable
      on
      the Final Maturity Date. 

     

    (b) On
      each
      Payment Date during the Series 2006-2 Amortization Period, based solely on
      the
      information contained in the Monthly Settlement Statement with respect to Series
      2006-2 Investor Notes, the Indenture Trustee shall, in accordance with
Section
      6.1
      of the
      Base Indenture, pay to the Administrative Agent, for the account of the Series
      2006-2 Investor Noteholders, from the Series 2006-2 Distribution Account the
      Monthly Principal Payment. Upon the receipt of funds from the Indenture Trustee
      on any Payment Date on account of the Monthly Principal Payment, the
      Administrative Agent shall pay to each Funding Agent with respect to a Purchaser
      Group, such Purchaser Group’s Pro Rata Share of the Monthly Principal
      Payment.

     

    (c) On
      the
      date of any Decrease, the Indenture Trustee shall pay to the Administrative
      Agent, for the account of the Series 2006-2 Investor Noteholders, from the
      Series 2006-2 Distribution Account the amount of the Decrease indicated in
      the
      request received by the Indenture Trustee pursuant to Section
      2.5(a).
      Upon
      the receipt of funds from the Indenture Trustee (i) on the date of any Decrease
      during the Series 2006-2 Revolving Period, other than during any Paydown Period,
      the Administrative Agent shall pay to each Funding Agent with respect to a
      Purchaser Group, such Purchaser Group’s Pro Rata Share of the amount of such
      Decrease (including, any amount thereof in excess of the amount required on
      such
      date to reduce the aggregate Purchaser Group Invested Amounts of all
      Non-Extending Purchaser Groups to zero pursuant to clause (ii) of this
Section
      5A.7(c)),
      (ii)
      on the date of any Decrease during the Series 2006-2 Revolving Period and a
      Paydown Period, the Administrative Agent shall pay to each Funding Agent with
      respect to a Non-Extending Purchaser Group, a pro
      rata
      amount
      of such Decrease, based on the Purchaser Group Invested Amounts with respect
      to
      such Non-Extending Purchaser Groups and (iii) on the date of any Decrease during
      the Series 2006-2 Amortization Period, the Administrative Agent shall pay to
      each Funding Agent with respect to a Purchaser Group, such Purchaser Group’s Pro
      Rata Share of the amount of such Decrease. Each Purchaser Group’s share of the
      amount of any Decrease on any Business Day shall be allocated by such Purchaser
      Group first to reduce the Available CP Funding Amount with respect to such
      Purchaser Group and the Available APA Bank Funding Amount with respect to such
      Purchaser Group on such Business Day and then to reduce the portion of the
      Purchaser Group Invested Amount with respect to such Purchaser Group allocated
      to CP Tranches and Eurodollar Tranches in such order as such Purchaser Group
      may
      select in order to minimize costs payable pursuant to Section
      7.4.

     

    Section
      5A.8 The
      Administrator’s Failure to Instruct the Indenture Trustee to Make a Deposit or
      Payment.

     

    When
      any
      payment or deposit hereunder or under any other Transaction Document is required
      to be made by the Indenture Trustee at or prior to a specified time, the
      Administrator shall deliver any applicable written instructions with respect
      thereto reasonably in advance of such specified time. If the Administrator
      fails
      to give notice or instructions to make any payment from or deposit into the
      Collection Account or any subaccount thereof required to be given by the
      Administrator, at the time specified herein or in any other Transaction Document
      (after giving effect to applicable grace periods), the Indenture Trustee shall
      make such payment or deposit into or from the Collection Account or such
      subaccount without such notice or instruction from the Administrator;
provided
      that the
      Administrator, upon request of the Indenture Trustee, promptly provides the
      Indenture Trustee with all information necessary to allow the Indenture Trustee
      to make such a payment or deposit. In the event that the Indenture Trustee
      shall
      take or refrain from taking action pursuant to this Section 5A.8.,
      the
      Administrator shall, by 5:00 P.M., New York City time, on any day the Indenture
      Trustee makes a payment or deposit based on information or direction from the
      Administrator, provide (i) written confirmation of any such direction and (ii)
      written confirmation of all information used by the Administrator in giving
      any
      such direction.

     

    
      
        
        

      

      
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    Section
      5A.9 Series
      2006-2 Reserve Account.

     

    (a) The
      Indenture Trustee shall establish and maintain in the name of the Indenture
      Trustee for the benefit of the Series 2006-2 Investor Noteholders an account
      (the “Series
      2006-2 Reserve Account”),
      bearing a designation clearly indicating that the funds deposited therein are
      held for the benefit of the Series 2006-2 Investor Noteholders. The Series
      2006-2 Reserve Account shall be an Eligible Deposit Account; provided
      that, if
      at any time such account is not an Eligible Deposit Account, then the Indenture
      Trustee shall, within 30 days of obtaining knowledge of such ineligibility,
      establish a new Series 2006-2 Reserve Account that is an Eligible Deposit
      Account. If the Indenture Trustee establishes a new Series 2006-2 Reserve
      Account, it shall transfer all cash and investments from the non-qualifying
      Series 2006-2 Reserve Account into the new Series 2006-2 Reserve Account.
      Initially, the Series 2006-2 Reserve Account will be established with JPMorgan
      Chase.

     

    (b) So
      long
      as no Amortization Event has occurred, the Issuer may instruct the institution
      maintaining the Series 2006-2 Reserve Account in writing to invest funds on
      deposit in the Series 2006-2 Reserve Account from time to time in Permitted
      Investments selected by the Issuer (by standing instructions or otherwise);
      provided,
      however,
      that
      any such investment shall mature not later than the Business Day prior to the
      Payment Date following the date on which such funds were received. After the
      occurrence of an Amortization Event, the Administrative Agent shall instruct
      the
      institution maintaining the Series 2006-2 Reserve Account in writing to invest
      funds on deposit in the Series 2006-2 Reserve Account from time to time in
      Permitted Investments selected by the Administrative Agent (by standing
      instructions or otherwise); provided,
      however,
      that
      any such investment shall mature not later than the Business Day prior to the
      Payment Date following the date on which such funds were received. In absence
      of
      written direction as provided hereunder, funds on deposit in the Series 2006-2
      Reserve Account shall remain uninvested. 

     

    (c) All
      interest and earnings (net of losses and investment expenses) paid on funds
      on
      deposit in the Series 2006-2 Reserve Account shall be deemed to be on deposit
      and available for distribution.

     

    (d) If
      there
      is a Series 2006-2 Reserve Account Surplus on any Settlement Date, the
      Administrator may notify the Indenture Trustee thereof in writing and instruct
      the Indenture Trustee to withdraw from the Series 2006-2 Reserve Account and
      pay
      to the Issuer, and the Indenture Trustee shall withdraw from the Series 2006-2
      Reserve Account and pay to the Issuer, so long as no Series 2006-2 Allocated
      Asset Amount Deficiency exists or would result therefrom, an amount up to the
      lesser of (i) such Series 2006-2 Reserve Account Surplus on such Business Day
      and (ii) the Series 2006-2 Reserve Account Amount on such Business
      Day.

     

    
      
        
        

      

      
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    (e) Amounts
      will be withdrawn from the Series 2006-2 Reserve Account in accordance with
      Section
      5A.4(b).

     

    (f) In
      order
      to secure and provide for the repayment and payment of the Issuer Obligations
      with respect to the Series 2006-2 Investor Notes, the Issuer hereby grants
      a
      security interest in and assigns, pledges, grants, transfers and sets over
      to
      the Indenture Trustee, for the benefit of the Series 2006-2 Investor
      Noteholders, all of the Issuer’s right, title and interest in and to the
      following (whether now or hereafter existing or acquired): (i) the Series 2006-2
      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 2006-2 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 2006-2 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 2006-2 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 Indenture Trustee and the Series 2006-2
      Investor Noteholders shall have no interest in any amounts withdrawn from the
      Series 2006-2 Reserve Account and paid to the Issuer.

     

    (g) On
      the
      Series 2006-2 Note Termination Date, the Indenture Trustee, acting in accordance
      with the written instructions of the Administrator, shall withdraw from the
      Series 2006-2 Reserve Account and pay to the Issuer all amounts on deposit
      therein.

     

    Section
      5A.10 Series
      2006-2 Yield Supplement Account.

     

    (a) The
      Indenture Trustee shall establish and maintain in the name of the Indenture
      Trustee for the benefit of the Series 2006-2 Investor Noteholders an account
      (the “Series
      2006-2 Yield Supplement Account”),
      bearing a designation clearly indicating that the funds deposited therein are
      held for the benefit of the Series 2006-2 Investor Noteholders. The Series
      2006-2 Yield Supplement Account shall be an Eligible Deposit Account;
provided
      that, if
      such account is not an Eligible Deposit Account, then the Indenture Trustee
      shall, within 30 days of obtaining knowledge of such ineligibility, establish
      a
      new Series 2006-2 Yield Supplement Account that is an Eligible Deposit Account.
      If the Indenture Trustee establishes a new Series 2006-2 Yield Supplement
      Account, it shall transfer all cash and investments from the non-qualifying
      Series 2006-2 Yield Supplement Account into the new Series 2006-2 Yield
      Supplement Account. Initially, the Series 2006-2 Yield Supplement Account will
      be established with JPMorgan Chase.

     

    (b) So
      long
      as no Amortization Event has occurred, the Issuer may instruct the institution
      maintaining the Series 2006-2 Yield Supplement Account in writing to invest
      funds on deposit in the Series 2006-2 Yield Supplement Account from time to
      time
      in Permitted Investments selected by the Issuer (by standing instructions or
      otherwise); provided,
      however,
      that
      any such investment shall mature not later than the Business Day prior to the
      Payment Date following the date on which such funds were received. After the
      occurrence of an Amortization Event, the Administrative Agent shall instruct
      the
      institution maintaining the Series 2006-2 Yield Supplement Account in writing
      to
      invest funds on deposit in the Series 2006-2 Yield Supplement Account from
      time
      to time in Permitted Investments selected by the Administrative Agent (by
      standing instructions or otherwise); provided,
      however,
      that
      any such investment shall mature not later than the Business Day prior to the
      Payment Date following the date on which such funds were received. In absence
      of
      written direction as provided hereunder, funds on deposit in the Series 2006-2
      Yield Supplement Account shall remain uninvested.

     

    
      
        
        

      

      
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    (c) All
      interest and earnings (net of losses and investment expenses) paid on funds
      on
      deposit in the Series 2006-2 Yield Supplement Account shall be deemed to be
      on
      deposit and available for distribution.

     

    (d) If
      there
      is a Series 2006-2 Yield Supplement Account Surplus on any Settlement Date,
      the
      Administrator may notify the Indenture Trustee thereof in writing and request
      the Indenture Trustee to withdraw from the Series 2006-2 Yield Supplement
      Account and pay to the Issuer, and the Indenture Trustee shall withdraw from
      the
      Series 2006-2 Yield Supplement Account and pay to the Issuer an amount up to
      the
      lesser of (i) such Series 2006-2 Yield Supplement Account Surplus on such
      Business Day and (ii) the Series 2006-2 Yield Supplement Account Amount on
      such
      Business Day.

     

    (e) Amounts
      will be withdrawn from the Series 2006-2 Yield Supplement Account in accordance
      with Section
      5A.4(b).

     

    (f) In
      order
      to secure and provide for the repayment and payment of the Issuer Obligations
      with respect to the Series 2006-2 Investor Notes, the Issuer hereby grants
      a
      security interest in and assigns, pledges, grants, transfers and sets over
      to
      the Indenture Trustee, for the benefit of the Series 2006-2 Investor
      Noteholders, all of the Issuer’s right, title and interest in and to the
      following (whether now or hereafter existing or acquired): (i) the Series 2006-2
      Yield Supplement Account, including any security entitlement thereto; (ii)
      all
      funds on deposit therein from time to time; (iii) all certificates and
      instruments, if any, representing or evidencing any or all of the Series 2006-2
      Yield Supplement Account or the funds on deposit therein from time to time;
      (iv)
      all investments made at any time and from time to time with monies in the Series
      2006-2 Yield Supplement Account, whether constituting securities, instruments,
      general intangibles, investment property, financial assets or other property;
      (v) all interest, dividends, cash, instruments and other property from time
      to
      time received, receivable or otherwise distributed in respect of or in exchange
      for the Series 2006-2 Yield Supplement Account, the funds on deposit therein
      from time to time or the investments made with such funds; and (vi) all proceeds
      of any and all of the foregoing, including, without limitation, cash. The
      Indenture Trustee and the Series 2006-2 Investor Noteholders shall have no
      interest in any amounts withdrawn from the Series 2006-2 Yield Supplement
      Account and paid to the Issuer.

     

    (g) On
      the
      Series 2006-2 Note Termination Date, the Indenture Trustee, acting in accordance
      with the written instructions of the Administrator, shall withdraw from the
      Series 2006-2 Yield Supplement Account and pay to the Issuer all amounts on
      deposit therein.

     

    
      
        
        

      

      
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    Section
      5A.11 Series
      2006-2 Distribution Account

     

    (a) The
      Indenture Trustee shall establish and maintain in the name of the Indenture
      Trustee for the benefit of the Series 2006-2 Investor Noteholders an account
      (the “Series
      2006-2 Distribution Account”),
      bearing a designation clearly indicating that the funds deposited therein are
      held for the benefit of the Series 2006-2 Investor Noteholders. The Series
      2006-2 Distribution Account shall be maintained as an Eligible Deposit Account;
      provided
      that, if
      such account is not an Eligible Deposit Account, then the Indenture Trustee
      shall, within 30 days of obtaining knowledge of such ineligibility, establish
      a
      new Series 2006-2 Distribution Account that is an Eligible Deposit Account.
      If
      the Indenture Trustee establishes a new Series 2006-2 Distribution Account,
      it
      shall transfer all cash and investments from the non-qualifying Series 2006-2
      Distribution Account into the new Series 2006-2 Distribution Account. Initially,
      the Series 2006-2 Distribution Account will be established with JPMorgan
      Chase.

     

    (b) In
      order
      to secure and provide for the repayment and payment of the Issuer Obligations
      with respect to the Series 2006-2 Investor Notes, the Issuer hereby grants
      a
      security interest in and assigns, pledges, grants, transfers and sets over
      to
      the Indenture Trustee, for the benefit of the Series 2006-2 Investor
      Noteholders, all of the Issuer’s right, title and interest in and to the
      following (whether now or hereafter existing or acquired): (i) the Series 2006-2
      Distribution Account, including any security entitlement thereto; (ii) all
      funds
      on deposit therein from time to time; (iii) all certificates and instruments,
      if
      any, representing or evidencing any or all of the Series 2006-2 Distribution
      Account or the funds on deposit therein from time to time; (iv) 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
      2006-2 Distribution Account, the funds on deposit therein from time to time;
      and
      (v) all proceeds of any and all of the foregoing, including, without limitation,
      cash. 

     

    Section
      5A.12 Lease
      Rate Caps.

     

    (a) The
      Issuer shall have obtained on the Series 2006-2 Closing Date and shall
      thereafter maintain one or more interest rate caps, each from a Series 2006-2
      Eligible Counterparty, having, in the aggregate, a notional amount on the Series
      2006-2 Closing Date at least equal to the aggregate Lease Balance of all Fixed
      Rate Leases allocated to the Lease SUBI Portfolio as of the Series 2006-2
      Closing Date, plus, in the case of all such Fixed Rate Leases that are
      Closed-End Leases, the aggregate Stated Residual Values of the related Leased
      Vehicles and on each Payment Date thereafter at least equal to the aggregate
      scheduled Lease Balance of all such Fixed Rate Leases as of the last day of
      the
      Monthly Period immediately preceding such Payment Date, plus, in the case of
      all
      such Fixed Rate Leases that are Closed-End Leases, the aggregate Stated Residual
      Values of the related Leased Vehicles, and an effective strike rate based on
      the
      eurodollar rate set forth therein in effect on the dates set forth therein
      at
      the most equal to the weighted average fixed rate of interest on such Fixed
      Rate
      Leases minus 0.465% per annum. 

     

    (b) On
      or
      prior to the date that any Fixed Rate Lease is allocated to the Lease SUBI
      Portfolio on or after the Series 2006-2 Closing Date, the Issuer shall have
      obtained and shall thereafter maintain an interest rate cap from a Series 2006-2
      Eligible Counterparty having a notional amount equal to the initial Lease
      Balance of such Fixed Rate Lease, plus, in the case of a Closed-End Lease,
      the
      Stated Residual Value of the related Leased Vehicle and on each Payment Date
      thereafter at least equal to the scheduled Lease Balance of such Fixed Rate
      Lease as of the last day of the Monthly Period immediately preceding such
      Payment Date, plus, in the case of a Closed-End Lease, the Stated Residual
      Value
      of the related Leased Vehicle and an effective strike rate based on the
      eurodollar rate set forth therein in effect on the dates set forth therein
      at
      the most equal to the fixed rate of interest on such Fixed Rate Lease minus
      0.465% per annum. 

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    (c) On
      or
      prior to each Settlement Date, the Issuer shall have obtained and shall
      thereafter maintain an interest rate cap from a Series 2006-2 Eligible
      Counterparty having a notional amount equal to the aggregate Lease Balance
      of
      each Floating Rate Lease allocated to the Lease SUBI that shall have been
      converted to a Fixed Rate Lease during the immediately preceding Monthly Period,
      plus, in the case of a Closed-End Lease, the Stated Residual Value of the
      related Leased Vehicle and on each Payment Date thereafter at least equal to
      the
      scheduled Lease Balance of such newly converted Fixed Rate Lease as of the
      last
      day of the Monthly Period immediately preceding such Payment Date, plus, in
      the
      case of a Closed-End Lease, the Stated Residual Value of the related Leased
      Vehicle and an effective strike rate based on the eurodollar rate set forth
      therein in effect on the dates set forth therein at the most equal to the fixed
      rate of interest on such newly converted Fixed Rate Lease minus 0.465% per
      annum.

     

    (d) If
      the
      short-term credit rating of any provider of an interest rate cap required to
      be
      obtained and maintained by the Issuer pursuant to this Section
      5A.12
      falls
      below “A-1+” by Standard & Poor’s or “P-1” by Moody’s or the long-term
      unsecured credit rating of any such provider falls below “AA-” by Standard &
Poor’s or “Aa3” by Moody’s, the Issuer shall obtain an equivalent interest rate
      cap from a Series 2006-2 Eligible Counterparty within 30 days of such decline
      in
      credit rating unless such provider provides some form of collateral for its
      obligations under its interest rate cap that is reasonably acceptable to the
      Administrative Agent. The Issuer will not permit any interest rate cap required
      to be obtained and maintained by the Issuer pursuant to this Section
      5A.12
      to be
      terminated or transferred in whole or in part unless a replacement interest
      rate
      cap therefor has been provided as described in the immediately preceding
      sentence and, after giving effect thereto, the Issuer has the interest rate
      caps
      required to be obtained and maintained by the Issuer pursuant to this
Section
      5A.12.
      

     

    (e) If
      the
      Issuer fails to obtain or maintain any Lease Rate Cap that it is required to
      obtain and maintain in accordance with Sections 5A.12(a),
      (b)
      or
(c)
      or fails
      to replace the Lease Rate Cap of any downgraded provider of an interest rate
      cap
      required to be maintained hereunder in accordance with Section
      5A.12(d)
      or
      otherwise satisfy the provisions of Section
      5A.12(d),
      the
      Administrative Agent, at the expense of the Issuer, acting at the direction
      of
      the Series 2006-2 Required Investor Noteholders, may obtain any such Lease
      Rate
      Cap on commercially reasonable terms. In the alternative, the Administrative
      Agent, at the expense of the Issuer, acting at the direction of the Series
      2006-2 Required Investor Noteholders, may obtain on commercially reasonable
      terms any Hedging Instrument that the Administrative Agent reasonably determines
      will cover the interest rate exposure that would have been covered by the Lease
      Rate Cap that the Issuer shall have failed to obtain or maintain hereunder.
      Each
      Series 2006-2 Investor Noteholder hereby agrees to reimburse the Administrative
      Agent, to the extent not reimbursed by the Issuer, for any costs or expenses
      incurred by the Administrative Agent in connection with obtaining any Hedging
      Instruments in accordance with the terms of this Section
      5A.12(e).
      Any
      amounts owing by the Issuer to the Series 2006-2 Investor Noteholders pursuant
      to this Section 5A.12(e) on any Payment Date shall be payable out of funds
      available pursuant to Section
      5A.4(c)(xiii)
      on such
      Payment Date.

     

    
      
        
        

      

      
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    Section
      5A.13 Indenture
      Trustee As Securities Intermediary.
      (a) The
      Indenture Trustee or other Person holding the Series 2006-2 Reserve Account,
      the
      Series 2006-2 Yield Supplement Account or the Series 2006-2 Distribution Account
      (each a “Series
      2006-2 Designated Account”)
      shall
      be the “Securities Intermediary”. If the Securities Intermediary in respect of
      any Series 2006-2 Designated Account is not the Indenture Trustee, the Issuer
      shall obtain the express agreement of such Person to the obligations of the
      Securities Intermediary set forth in this Section
      5A.13.
      

     

    (b)
      The
      Securities Intermediary agrees that:

     

    (i) The
      Series 2006-2 Designated Accounts are accounts to which “financial assets”
within the meaning of Section 8-102(a)(9) (“Financial
      Assets”)
      of the
      UCC in effect in the State of New York (the “New
      York UCC”)
      will
      be credited;

     

    (ii) All
      securities or other property underlying any Financial Assets credited to any
      Series 2006-2 Designated Account shall be registered in the name of the
      Securities Intermediary, indorsed to the Securities Intermediary or in blank
      or
      credited to another securities account maintained in the name of the Securities
      Intermediary and in no case will any Financial Asset credited to any Series
      2006-2 Designated Account be registered in the name of the Issuer, payable
      to
      the order of the Issuer or specially endorsed to the Issuer;

     

    (iii) All
      property delivered to the Securities Intermediary pursuant to this Indenture
      Supplement will be promptly credited to the appropriate Series 2006-2 Designated
      Account;

     

    (iv) Each
      item
      of property (whether investment property, security, instrument or cash) credited
      to a Series 2006-2 Designated Account shall be treated as a Financial
      Asset;

     

    (v) If
      at any
      time the Securities Intermediary shall receive any order from the Indenture
      Trustee directing transfer or redemption of any Financial Asset relating to
      the
      Series 2006-2 Designated Accounts, the Securities Intermediary shall comply
      with
      such entitlement order without further consent by the Issuer or the
      Administrator;

     

    (vi) The
      Series 2006-2 Designated Accounts shall be governed by the laws of the State
      of
      New York, regardless of any provision of any other agreement. For purposes
      of
      the UCC, New York shall be deemed to the Securities Intermediary’s jurisdiction
      and the Series 2006-2 Designated Accounts (as well as the “securities
      entitlements” (as defined in Section 8-102(a)(17) of the New York UCC) related
      thereto) shall be governed by the laws of the State of New York;

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    (vii) The
      Securities Intermediary has not entered into, and until termination of this
      Indenture Supplement, will not enter into, any agreement with any other Person
      relating to the Series 2006-2 Designated Accounts and/or any Financial Assets
      credited thereto pursuant to which it has agreed to comply with entitlement
      orders (as defined in Section 8-102(a)(8) of the New York UCC) of such other
      Person and the Securities Intermediary has not entered into, and until the
      termination of this Indenture Supplement will not enter into, any agreement
      with
      the Issuer purporting to limit or condition the obligation of the Securities
      Intermediary to comply with entitlement orders as set forth in Section
      5A.13(b)(v)
      of this
      Indenture Supplement; and

     

    (viii) Except
      for the claims and interest of the Indenture Trustee and the Issuer in the
      Series 2006-2 Designated Accounts, the Securities Intermediary knows of no
      claim
      to, or interest, in the Series 2006-2 Designated Accounts or in any Financial
      Asset credited thereto. If the Securities Intermediary has actual knowledge
      of
      the assertion by any other person of any lien, encumbrance, or adverse claim
      (including any writ, garnishment, judgment, warrant of attachment, execution
      or
      similar process) against any Series 2006-2 Designated Account or in any
      Financial Asset carried therein, the Securities Intermediary will promptly
      notify the Indenture Trustee, the Administrator, the Administrative Agent and
      the Issuer thereof.

     

    (c)
      The
      Indenture Trustee shall possess all right, title and interest in all funds
      on
      deposit from time to time in the Series 2006-2 Designated Accounts and in all
      proceeds thereof, and shall be the only person authorized to originate
      entitlement orders in respect of the Series 2006-2 Designated
      Accounts.

     

    

     

    ARTICLE
      4

     

    AMORTIZATION
      EVENTS

     

    If
      any
      one of the following events shall occur with respect to the Series 2006-2
      Investor Notes:

     

    (a) the
      Series 2006-2 Reserve Account shall have become subject to an injunction,
      estoppel or other stay or a Lien (other than a Permitted Lien);

     

    (b) 
      the
      Series 2006-2 Yield Supplement Account shall have become subject to an
      injunction, estoppel or other stay or a Lien (other than a Permitted
      Lien);

     

    (c) 
      a Series
      2006-2 Liquid Credit Enhancement Deficiency shall occur and continue for at
      least two Business Days;

     

    
      
        
        

      

      
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    (d) 
      a Series
      2006-2 Allocated Asset Amount Deficiency shall occur and continue for at least
      two Business Days;

     

    (e) 
      a Series
      2006-2 Yield Supplement Deficiency shall occur and continue for at least two
      Business Days;

     

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

     

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

     

    (h) 
      the
      Three Month Average Delinquency Ratio with respect to any Settlement Date
      exceeds 7.0%;

     

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

     

    (j) 
      any
      Servicer Termination Event shall occur; 

     

    (k) 
      any
      Termination Event shall occur;

     

    (l) 
      an Event
      of Default with respect to the Series 2006-2 Investor Notes shall
      occur;

     

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

     

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

     

    (o) the
      failure on the part of the Issuer to pay any Commitment Fee due and payable
      on
      any Payment Date which failure continues unremedied for two Business
      Days;

     

    (p) 
      failure
      on the part of the Issuer (i) to make any payment or deposit required by the
      terms of the Indenture (or within the applicable grace period which shall not
      exceed two Business Days after the date such payment or deposit is required
      to
      be made) or (ii) duly to observe or perform in any material respect any
      covenants or agreements of the Issuer set forth in the Base Indenture or this
      Indenture Supplement (other than any such failure that constitutes a Lease
      Rate
      Cap Event), which failure continues unremedied for a period of 30 days after
      there shall have been given to the Issuer by the Indenture Trustee or the Issuer
      and the Indenture Trustee by any Series 2006-2 Investor Noteholder, written
      notice specifying such default and requiring it to be remedied; 

     

    (q) 
      any
      representation or warranty made by the Issuer in the Base Indenture or this
      Indenture Supplement, or any information required to be delivered by the Issuer
      to the Indenture Trustee shall prove to have been incorrect in any material
      respect when made or when delivered, which continues to be incorrect in any
      material respect for a period of 30 days after there shall have been given
      to
      the Issuer by the Indenture Trustee or the Issuer and the Indenture Trustee
      by
      any Series 2006-2 Investor Noteholder, written notice thereof;

     

    
      
        
        

      

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

     

    (s) 
      there
      shall have been filed against PHH, PHH Sub 1, PHH Sub2, VMS, the Origination
      Trust, Holdings or the Issuer (i) a notice of federal tax Lien from the Internal
      Revenue Service, (ii) a notice of Lien from the PBGC under Section 412(n) of
      the
      Internal Revenue Code or Section 302(f) of ERISA for a failure to make a
      required installment or other payment to a plan to which either of such sections
      applies or (iii) a notice of any other Lien the existence of which could
      reasonably be expected to have a material adverse effect on the business,
      operations or financial condition of such Person, and, in each case, 40 days
      shall have elapsed without such notice having been effectively withdrawn or
      such
      Lien having been released or discharged; 

     

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

     

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

     

    then,
      in
      the case of any event described in clause (q) through (u) above, an Amortization
      Event will be deemed to have occurred with respect to the Series 2006-2 Investor
      Notes only, if after the applicable grace period, either the Indenture Trustee
      or the Series 2006-2 Required Investor Noteholders, declare that an Amortization
      Event has occurred with respect to the Series 2006-2 Investor Notes.
      In
      the
      case of any event described in clauses (a) through (p) above, an Amortization
      Event with respect to the Series 2006-2 Investor Notes will be deemed to have
      occurred without notice or other action on the part of the Indenture Trustee
      or
      the Series 2006-2 Investor Noteholders.

     

    ARTICLE
      5

     

    OPTIONAL
      PREPAYMENT

     

    The
      Issuer shall have the option to prepay all outstanding Series 2006-2 Investor
      Notes by paying an amount equal to the Series 2006-2 Prepayment Amount. The
      Issuer shall give the Indenture Trustee and the Administrative Agent at least
      ten Business Days’ prior written notice of the date on which the Issuer intends
      to exercise such option to prepay (the “Prepayment
      Date”).
      Upon
      receipt of any notice of a Prepayment Date from the Issuer, the Administrative
      Agent shall promptly notify the Funding Agent with respect to each Purchaser
      Group thereof. Not later than 11:00 A.M., New York City time, on such Prepayment
      Date, the Issuer shall deposit in the Series 2006-2 Distribution Account an
      amount equal to the Series 2006-2 Prepayment Amount in immediately available
      funds. The funds deposited into the Series 2006-2 Distribution Account will
      be
      paid by the Indenture Trustee to the Administrative Agent, for the account
      of
      the Series 2006-2 Investor Noteholders, on such Prepayment Date. Upon the
      receipt of funds from the Indenture Trustee on any Prepayment Date, the
      Administrative Agent shall pay to each Funding Agent with respect to a
      Purchaser, the portion of the Series 2006-2 Prepayment Amount owing to such
      Purchaser.

     

    
      
        
        

      

      
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    ARTICLE
      6

     

    SERVICING
      AND ADMINISTRATOR FEES

     

    SECTION
      6.1. Servicing
      Fee.
      A
      periodic servicing fee (the “Series
      2006-2 Basic Servicing Fee”)
      shall
      be payable to the Servicer on each Payment Date for the preceding Monthly Period
      in an amount equal to the product of (a) 0.215% per annum (the “Series
      Servicing Fee Percentage”)
      times
      (b) the daily average of the Series 2006-2 Allocated Adjusted Aggregate Unit
      Balance for such Monthly Period times (c) the number of days in such Monthly
      Period divided
      by 365
      (or 366, as applicable) days; provided,
      however
      that if
      VMS is not the Servicer, the servicing fee payable to the Servicer on each
      Payment Date hereunder may be increased such that the sum of the Series 2006-2
      Basic Servicing Fee and the additional servicing fee payable to the Servicer
      hereunder (the “Series
      2006-2 Supplemental Servicing Fee”)
      for
      each Monthly Period equals 110% of the costs to the successor Servicer of
      servicing the portion of the Lease SUBI Portfolio allocated to Series 2006-2
      during such Monthly Period. For this purpose, the portion of the Lease SUBI
      Portfolio allocated to Series 2006-2 for each Monthly Period shall equal the
      average Series 2006-2 Invested Percentage during such Monthly Period. The Series
      2006-2 Basic Servicing Fee and any Series 2006-2 Supplemental Servicing Fee
      shall be payable to the Servicer on each Payment Date pursuant to Section
      5A.4(c).

     

    SECTION
      6.2. Administrator
      Fee.
      A
      periodic fee (the “Series
      2006-2 Administrator Fee”)
      shall
      be payable to the Administrator on each Payment Date for the preceding Monthly
      Period in an amount equal to the product of (a) 0.01% per annum times (b) the
      daily average of the Series 2006-2 Allocated Adjusted Aggregate Unit Balance
      for
      such Monthly Period times (c) the number of days in such Monthly Period
divided
      by 365
      (or 366, as applicable) days. The Series 2006-2 Administrator Fee shall be
      payable to the Administrator on each Payment Date pursuant to Section
      5A.4(c)(viii).

     

    ARTICLE
      7

     

    CHANGE
      IN CIRCUMSTANCES

     

    SECTION
      7.1. Illegality.
      Notwithstanding any other provision herein, if any Change in Law shall make
      it
      unlawful for any Purchaser Group to make or maintain any portion of the
      Purchaser Group Invested Amount with respect to such Purchaser Group allocated
      to a Eurodollar Tranche and such Purchaser Group shall notify in writing the
      Administrative Agent, the Funding Agent with respect to such Purchaser Group,
      the Indenture Trustee and the Issuer, then the portion of such Purchaser Group
      Invested Amount allocated to Eurodollar Tranches shall thereafter be calculated
      by reference to the Alternate Base Rate. If any such change in the method of
      calculating interest occurs on a day which is not the last day of the Eurodollar
      Period with respect to any Eurodollar Tranche, the Issuer shall pay to such
      Purchaser Group the amounts, if any, as may be required pursuant to Section
      7.4.

     

    
      
        
        

      

      
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    SECTION
      7.2. Increased Costs.

     

    (a) 
      If any
      Change in Law (except with respect to Taxes which shall be governed by
Section
      7.3)
      shall:

     

    (i) 
      impose,
      modify or deem applicable any reserve, special deposit or similar requirement
      against assets of, deposits with or for the account of, or credit extended
      by,
      any Affected Party (except any such reserve requirement reflected in the
      Adjusted LIBO Rate); or

     

    (ii) 
      impose
      on any Affected Party or the London interbank market any other condition
      affecting the Transaction Documents or the funding of Eurodollar Tranches by
      such Affected Party;

     

    and
      the
      result of any of the foregoing shall be to increase the cost to such Affected
      Party of making, converting into, continuing or maintaining Eurodollar Tranches
      (or maintaining its obligation to do so) or to reduce any amount received or
      receivable by such Affected Party hereunder or in connection herewith (whether
      principal, interest or otherwise), then the Issuer will pay to such Affected
      Party such additional amount or amounts as will compensate such Affected Party
      for such additional costs incurred or reduction suffered.

     

    (b) 
      If any
      Affected Party determines that any Change in Law regarding capital requirements
      has or would have the effect of reducing the rate of return on such Affected
      Party’s capital or the capital of any corporation controlling such Affected
      Party as a consequence of its obligations hereunder to a level below that which
      such Affected Party or such corporation could have achieved but for such Change
      in Law (taking into consideration such Affected Party’s or such corporation’s
      policies with respect to capital adequacy), then from time to time, the Issuer
      shall pay to such Affected Party such additional amount or amounts as will
      compensate such Affected Party for any such reduction suffered.

     

    (c) 
      A
      certificate of an Affected Party setting forth the amount or amounts necessary
      to compensate such Affected Party as specified in subsections (a) and (b) of
      this Section 7.2
      shall be
      delivered to the Issuer (with a copy to the Administrative Agent and the Funding
      Agent with respect to such Affected Party) and shall be conclusive absent
      manifest error. The agreements in this Section shall survive the termination
      of
      this Indenture Supplement and the Base Indenture and the payment of all amounts
      payable hereunder and thereunder.

     

    (d) 
      Failure
      or delay on the part of an Affected Party to demand compensation pursuant to
      this Section 7.2
      shall
      not constitute a waiver of such Affected Party’s right to demand such
      compensation; provided
      that the
      Issuer shall not be required to compensate any Affected Party pursuant to this
      Section 7.2
      for any
      increased costs or reductions incurred more than 270 days prior to the date
      that
      such Affected Party notifies the Issuer of the Change in Law giving rise to
      such
      increased costs or reductions and of such Affected Party’s intention to claim
      compensation therefor; provided further
      that, if
      the Change in Law giving rise to such increased costs or reductions is
      retroactive, then the 270-day period referred to above shall be extended to
      include the period of retroactive effect thereof.

     

    
      
        
        

      

      
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    SECTION
      7.3. Taxes.

     

    (a) 
      Any and
      all payments by or on account of any obligation of the Issuer hereunder shall
      be
      made free and clear of and without deduction for any Indemnified Taxes or Other
      Taxes; provided
      that if
      the Issuer shall be required to deduct any Indemnified Taxes or Other Taxes
      from
      such payments, then (i) subject to Section
      7.3(c)
      below,
      the sum payable shall be increased as necessary so that after making all
      required deductions (including deductions applicable to additional sums payable
      under this Section 7.3)
      the
      recipient receives an amount equal to the sum that it would have received had
      no
      such deductions been made, (ii) the Issuer shall make such deductions and (iii)
      the Issuer shall pay the full amount deducted to the relevant Governmental
      Authority in accordance with applicable law. 

     

    (b) 
      In
      addition, the Issuer shall pay any Other Taxes to the relevant Governmental
      Authority in accordance with applicable law.

     

    (c) 
      The
      Issuer shall indemnify the Administrative Agent, each Funding Agent, each
      Program Support Provider and each member of each Purchaser Group within the
      later of 10 days after written demand therefor and the Payment Date next
      following such demand for the full amount of any Indemnified Taxes or Other
      Taxes paid by the Administrative Agent, such Funding Agent, such Program Support
      Provider or such member of such Purchaser Group on or with respect to any
      payment by or on account of any obligation of the Issuer hereunder or under
      any
      other Transaction Document (including Indemnified Taxes or Other Taxes imposed
      or asserted on or attributable to amounts payable under this Section 7.3)
      and any
      penalties, interest and reasonable expenses arising therefrom or with respect
      thereto, whether or not such Indemnified Taxes or Other Taxes were correctly
      or
      legally imposed or asserted by the relevant Governmental Authority; provided
      that no
      Person shall be indemnified pursuant to this Section
      7.3(c)
      or
      required to pay additional amounts under the proviso of Section
      7.3(a)
      to the
      extent that the reason for such indemnification results from the failure by
      such
      Person to comply with the provisions of Section
      7.3(e)
      or
(g).
      A
      certificate as to the amount of such payment or liability delivered to the
      Issuer by the Administrative Agent, any Funding Agent, any Program Support
      Provider or any member of any Purchaser Group shall be conclusive absent
      manifest error. Any payments made by the Issuer pursuant to this Section
      7.3
      shall be
      made solely from funds available therefor pursuant to Section
      5A.4(c),
      shall
      be non-recourse other than with respect to such funds, and shall not constitute
      a claim against the Issuer to the extent that insufficient funds exist to make
      such payment. The agreements in this Section shall survive the termination
      of
      this Indenture Supplement and the Base Indenture and the payment of all amounts
      payable hereunder and thereunder.

     

    (d) 
      As soon
      as practicable after any payment of Indemnified Taxes or Other Taxes by the
      Issuer to a Governmental Authority, the Issuer shall deliver to the
      Administrative Agent the original or a certified copy of a receipt issued by
      such Governmental Authority evidencing such payment, a copy of the return
      reporting such payment or other evidence of such payment reasonably satisfactory
      to the Administrative Agent. 

     

    
      
        
        

      

      
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    (e) 
      The
      Administrative Agent, each Funding Agent, each member of each Purchaser Group
      and each Program Support Provider, if entitled to an exemption from or reduction
      of an Indemnified Tax or Other Tax with respect to payments made under this
      Indenture Supplement and the Base Indenture shall (to the extent legally able
      to
      do so) deliver to the Issuer (with a copy to the Administrative Agent) such
      properly completed and executed documentation prescribed by applicable law
      and
      reasonably requested by the Issuer on the later of (i) 30 Business Days after
      such request is made and the applicable forms are provided to the Administrative
      Agent, such Funding Agent, such member of such Purchaser Group or such Program
      Support Provider or (ii) 30 Business Days before prescribed by applicable law
      as
      will permit such payments to be made without withholding or with an exemption
      from or reduction of Indemnified Taxes or Other Taxes.

     

    (f) 
      If the
      Administrative Agent, any Funding Agent, any Program Support Provider or any
      member of a Purchaser Group receives a refund solely in respect of Indemnified
      Taxes or Other Taxes, it shall pay over such refund to the Issuer to the extent
      that it has already received indemnity payments or additional amounts pursuant
      to this Section
      7.3
      with
      respect to such Indemnified Taxes or Other Taxes giving rise to the refund,
      net
      of all out-of-pocket expenses and without interest (other than interest paid
      by
      the relevant Governmental Authority with respect to such refund); provided,
      however,
      that
      the Issuer shall, upon request of the Administrative Agent, such Funding Agent,
      such Program Support Provider or such member of a Purchaser Group, repay such
      refund (plus interest or other charges imposed by the relevant Governmental
      Authority) to the Administrative Agent, such Funding Agent, such Program Support
      Provider or such member of a Purchaser Group if the Administrative Agent, such
      Funding Agent, such Program Support Provider or such member of a Purchaser
      Group
      is required to repay such refund to such Governmental Authority. Nothing
      contained herein shall require the Administrative Agent, any Funding Agent,
      any
      Program Support Provider or any member of a Purchaser Group to make its tax
      returns (or any other information relating to its taxes which it deems
      confidential) available to the Issuer or any other Person.

     

    (g) 
      The
      Administrative Agent, each Funding Agent, each Program Support Provider and
      each
      member of each Purchaser Group (other than any such entity which is a domestic
      corporation) shall:

     

    (i) upon
      or
      prior to becoming a party hereto, deliver to the Issuer and the Administrative
      Agent two (2) duly completed copies of IRS Form W-8BEN, W-8ECI or W-9, or
      successor applicable forms, as the case may be, establishing a complete
      exemption from withholding of United States federal income taxes or backup
      withholding taxes with respect to payments under the Series 2006-2 Notes and
      this Indenture Supplement;

     

    (ii) deliver
      to the Issuer and the Administrative Agent two (2) further copies of any such
      form or certification establishing a complete exemption from withholding of
      United States federal income taxes or backup withholding taxes with respect
      to
      payments under the Series 2006-2 Notes and this Indenture Supplement on or
      before the date that any such form or certification expires or becomes obsolete
      and after the occurrence of any event requiring a change in the most recent
      form
      previously delivered by it to the Issuer; and

     

    
      
        
        

      

      
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    (iii) obtain
      such extensions of time for filing and completing such forms or certifications
      as may reasonably be requested by the Issuer and the Administrative
      Agent;

     

    unless,
      in any such case, any change in treaty, law or regulation has occurred after
      the
      Series 2006-2 Closing Date (or, if later, the date the Administrative Agent,
      such Funding Agent, such Program Support Provider or such member of such
      Purchaser Group becomes an indemnified party hereunder) and prior to the date
      on
      which any such delivery would otherwise be required which renders the relevant
      form inapplicable or which would prevent the Administrative Agent, such Funding
      Agent, such Program Support Provider or such member of such Purchaser Group
      from
      duly completing and delivering the relevant form with respect to it, and the
      Administrative Agent, such Funding Agent, such Program Support Provider or
      such
      member of such Purchaser Group so advises the Issuer and the Administrative
      Agent.

     

    (h) If
      a
      beneficial or equity owner of the Administrative Agent, a Funding Agent, a
      Program Support Provider or a member of a Purchaser Group (instead of the
      Administrative Agent, the Funding Agent, the Program Support Provider or the
      member of the Purchaser Group itself) is required under United States federal
      income tax law or the terms of a relevant treaty to provide IRS Form W-8BEN,
      W-8ECI or W-9, or any successor applicable forms, as the case may be, in order
      to claim an exemption from withholding of United States federal income taxes
      or
      backup withholding taxes, then each such beneficial owner or equity owner shall
      be considered to be the Administrative Agent, a Funding Agent, a Program Support
      Provider or a member of a Purchaser Group for purposes of Section
      7.3 (g).

     

    SECTION
      7.4.  Break
      Funding Payments.
      The
      Issuer agrees to indemnify each Purchaser Group and to hold each Purchaser
      Group
      harmless from any loss or expense which such Purchaser Group may sustain or
      incur as a consequence of (a) default by the Issuer in making a borrowing of,
      conversion into or continuation of a CP Tranche or a Eurodollar Tranche after
      the Issuer has given irrevocable notice requesting the same in accordance with
      the provisions of this Indenture Supplement, or (b) default by the Issuer in
      making any prepayment in connection with a Decrease after the Issuer has given
      irrevocable notice thereof in accordance with the provisions of Section
      2.5
      or (c)
      the making of a prepayment of a CP Tranche or a Eurodollar Tranche (including,
      without limitation, any Decrease) prior to the termination of the CP Rate Period
      for such CP Tranche or the Eurodollar Period for such Eurodollar Tranche, as
      the
      case may be. Such indemnification shall include an amount determined by the
      Funding Agent with respect to such Purchaser Group and shall equal (a) in the
      case of losses or expenses associated with a CP Tranche or a Eurodollar Tranche,
      either (x) the excess, if any, of (i) such Purchaser Group’s cost of funding the
      amount so prepaid or not so borrowed, converted or continued, for the period
      from the date of such prepayment or of such failure to borrow, convert or
      continue to the last day of the CP Rate Period or the Eurodollar Period (or
      in
      the case of a failure to borrow, convert or continue, the CP Rate Period or
      the
      Eurodollar Period that would have commenced on the date of such prepayment
      or of
      such failure), as the case may be, over (ii) the amount of interest earned
      by
      such Purchaser Group upon redeployment of an amount of funds equal to the amount
      prepaid or not borrowed, converted or continued for a comparable period or
      (y)
      if such Purchaser Group is able to terminate the funding source before its
      scheduled maturity, any costs associated with such termination and (b) in the
      case of losses or expenses incurred by a Pooled Funding CP Conduit Purchaser,
      the losses and expenses incurred by such Pooled Funding CP Conduit Purchaser
      in
      connection with the liquidation or reemployment of deposits or other funds
      acquired by such Pooled Funding CP Conduit Purchaser as a result of the failure
      to make a borrowing, a default in making a Decrease or the making of a Decrease
      in an amount or on a date not contained in a notice of Decrease; provided that
      any payments made by the Issuer pursuant to this subsection shall be made solely
      from funds available therefor pursuant to Section
      5A.4(c),
      shall
      be non-recourse other than with respect to such funds, and shall not constitute
      a claim against the Issuer to the extent that such funds are insufficient to
      make such payment. This covenant shall survive the termination of this Indenture
      Supplement and the Base Indenture and the payment of all amounts payable
      hereunder and thereunder. A certificate as to any additional amounts payable
      pursuant to the foregoing sentence submitted by any Funding Agent on behalf
      of a
      Purchaser Group to the Issuer shall be conclusive absent manifest
      error.

     

    
      
        
        

      

      
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    SECTION
      7.5.  Alternate
      Rate of Interest.
      If
      prior to the commencement of any Eurodollar Period:

     

    (a) the
      Administrative Agent determines (which determination shall be conclusive absent
      manifest error) that adequate and reasonable means do not exist for ascertaining
      the Adjusted LIBO Rate for such Eurodollar Period, or

     

    (b) the
      Administrative Agent is advised by any Purchaser Group that the Adjusted LIBO
      Rate for such Eurodollar Period will not adequately and fairly reflect the
      cost
      to such Purchaser Group of making or maintaining the Eurodollar Tranches during
      such Eurodollar Period,

     

    then
      the
      Administrative Agent shall promptly give telecopy or telephonic notice thereof
      to the Issuer and the Indenture Trustee, whereupon until the Administrative
      Agent notifies the Issuer and the Indenture Trustee that the circumstances
      giving rise to such notice no longer exist, the Available APA Bank Funding
      Amount with respect to any Purchaser Group (in the case of clause (a) above)
      or
      with respect to such Purchaser Group (in the case of clause (b) above) shall
      not
      be allocated to any Eurodollar Tranche.

     

    SECTION
      7.6.  Mitigation
      Obligations.
      If an
      Affected Party requests compensation under Section
      7.2,
      or if
      the Issuer is required to pay any additional amount to any Purchaser Group
      or
      any Governmental Authority for the account of any Purchaser Group pursuant
      to
Section
      7.3,
      then,
      upon written notice from the Issuer, such Affected Party or Purchaser Group,
      as
      the case may be, shall use commercially reasonable efforts to designate a
      different lending office for funding or booking its obligations hereunder or
      to
      assign its rights and obligations hereunder to another of its offices, branches
      or affiliates, which pays a price for such assignment which is acceptable to
      such Purchaser Group and its assignee, in the judgment of such Affected Party
      or
      Purchaser Group, such designation or assignment (i) would eliminate or reduce
      amounts payable pursuant to Section
      7.2
      or
7.3,
      as the
      case may be, in the future and (ii) would not subject such Affected Party or
      Purchaser Group to any unreimbursed cost or expense and would not otherwise
      be
      disadvantageous to such Affected Party or Purchaser Group. The Issuer hereby
      agrees to pay all reasonable costs and expenses incurred by such Affected Party
      or Purchaser Group in connection with any such designation or
      assignment.

     

    
      
        
        

      

      
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    ARTICLE
      8

     

    REPRESENTATIONS
      AND WARRANTIES, COVENANTS

     

    SECTION
      8.1.  Representations
      and Warranties of the Issuer and VMS.
      The
      Issuer and VMS each hereby represents and warrants to the Indenture Trustee,
      the
      Administrative Agent, each Funding Agent, each CP Conduit Purchaser and each
      APA
      Bank that:

     

    (a) 
      each and
      every of their respective representations and warranties contained in the
      Transaction Documents is true and correct as of the Series 2006-2 Closing Date,
      as of the Series 2006-2 Initial Funding Date and as of the date of each
      Increase; and

     

    (b) 
      as of
      the Series 2006-2 Closing Date, they have not engaged, in connection with the
      offering of the Series 2006-2 Investor Notes, in any form of general
      solicitation or general advertising within the meaning of Rule 502(c) under
      the
      Securities Act.

     

    SECTION
      8.2.  Covenants
      of the Issuer and VMS.
      The
      Issuer and VMS 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 Transaction Documents to which each is a party;

     

    (b) they
      shall afford each Funding Agent with respect to a Purchaser Group, the Indenture
      Trustee or any representatives of any such Funding Agent or the Indenture
      Trustee access to all records relating to the Loans, the SUBI Certificates,
      the
      Sold Units and the Fleet Receivables at any reasonable time during regular
      business hours, upon reasonable prior notice (and without prior notice if an
      Amortization Event has occurred), for purposes of inspection and shall permit
      such Funding Agent, the Indenture Trustee or any representative of such Funding
      Agent or the Indenture Trustee to visit any of the Issuer’s or VMS’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 the Issuer or VMS with their respective
      officers and employees and with their independent certified public accountants;
      and

     

    (c) 
      they
      shall not take any action, nor permit Holdings, to take any action, requiring
      the satisfaction of the Rating Agency Condition pursuant to any Transaction
      Document without the prior written consent of the Series 2006-2 Required
      Investor Noteholders.

     

    SECTION
      8.3.  Covenants
      of the Administrator.
      The
      Administrator hereby agrees that:

     

    (a) 
      it shall
      provide to the Indenture Trustee, the Administrative Agent and each Funding
      Agent, on each Determination Date, a Monthly Settlement Statement, substantially
      in the form of Exhibit C, setting forth as of the last day of the most recent
      Monthly Period and for such Monthly Period the information set forth therein;
      

     

    
      
        
        

      

      
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    (b) 
      it shall
      provide to the Administrative Agent simultaneously with delivery to the
      Indenture Trustee, all reports, notices, certificates, statements and other
      documents required to be delivered to the Indenture Trustee pursuant to the
      Base
      Indenture and the other Transaction Documents, and furnish to the Administrative
      Agent promptly after receipt thereof a copy of each notice, demand or other
      material communication (excluding routine communications) received by or on
      behalf of the Issuer or the Administrator with respect to the Transaction
      Documents. The Administrative Agent shall distribute to the Funding Agents
      copies of all reports, notices, certificates, statements and other documents
      delivered to it pursuant to this Section
      8.3(b);
      

     

    (c) on
      or
      prior to any Series Closing Date, it shall provide to each Funding Agent a
      copy
      of the Indenture Supplement relating to the Series of Investor Notes being
      issued on such Series Closing Date;

     

    (d) it
      shall
      provide each Funding Agent with prompt written notice of (i) the downgrade
      by
      any Rating Agency of the rating assigned by such Rating Agency to any Series
      of
      Outstanding Investor Notes or the determination by any Rating Agency to put
      the
      rating assigned by such Rating Agency to any Series of Outstanding Investor
      Notes on a watch list and (ii) the occurrence of an Amortization Event or
      Potential Amortization Event with respect to any Series of Outstanding Investor
      Notes; and

     

    (e) 
      it shall
      provide to each Funding Agent copies of all reports relating to the Series
      2006-2 Investor Notes delivered to the Rating Agencies.

     

    SECTION
      8.4.  Obligations
      Unaffected.
      The
      obligations of the Issuer and the Administrator to the Funding Agent and the
      Purchaser Groups under this Indenture Supplement shall not be affected by reason
      of any invalidity, illegality or irregularity of any of the Loans, the SUBI
      Certificates, the Sold Units or the Fleet Receivables.

     

    ARTICLE
      9

     

    CONDITIONS
      PRECEDENT

     

    SECTION
      9.1.  Conditions
      Precedent to Effectiveness of Indenture Supplement.
      This
      Indenture Supplement shall become effective on the date (the “Effective Date”)
      on which the following conditions precedent have been satisfied:

     

    (a) Documents.
      The
      Administrative Agent shall have received an original copy for each CP Conduit
      Purchaser and the Funding Agent and the APA Banks with respect to such CP
      Conduit Purchaser, 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 the Issuer and the Indenture Trustee, (ii) the Loan
      Agreement, executed by a duly authorized officer of each of the Issuer and
      Holdings, (iii) this Indenture Supplement, executed by a duly authorized officer
      of each of the Issuer, the Administrator, the Indenture Trustee, the
      Administrative Agent, the Funding Agents, the CP Conduit Purchasers and the
      APA
      Banks, (iv) the Administration Agreement, executed by a duly authorized officer
      of each of the Issuer, Holdings, the Indenture Trustee and the Administrator,
      (v) each of the Origination Trust Documents, executed by duly authorized
      officers of each of the parties thereto and (vi) any other Transaction Documents
      to be executed in connection with Series 2006-2, each duly executed by the
      parties thereto.

     

    
      
        
        

      

      
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    (b) Corporate
      Documents; Proceedings of the Issuer, the Administrator, SPV,
      Holdings, the
      Origination Trust, PHH, the Intermediary and the Servicer.
      The
      Administrative Agent shall have received, with a copy for each CP Conduit
      Purchaser and the Funding Agent and the APA Banks with respect to such CP
      Conduit Purchaser, from the Issuer, the Administrator, SPV, Holdings, PHH,
      PHH
      Sub 1, PHH Sub 2, the Intermediary, the Origination Trust, VMS and the Servicer
      true and complete copies of:

     

    (i) to
      the
      extent applicable, the certificate of incorporation, certificate of trust 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 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 each of the Issuer,
      the Administrator, SPV, Holdings, PHH, PHH Sub 1, PHH Sub 2, the Intermediary,
      the Origination Trust and VMS, dated the Effective Date and certifying (A)
      that
      attached thereto is a true and complete copy of the limited liability company
      agreement or by-laws, as applicable, of such Person, as in effect on the
      Effective 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 Funding Agent, of the managers or directors of such Person
      or committees thereof authorizing the execution, delivery and performance of
      the
      Transaction 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
      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 any Transaction
      Documents or any other document delivered in connection herewith or therewith
      on
      behalf of such Person; 

     

    (iii) a
      certificate of the Secretary or an Assistant Secretary of each of the Common
      Member, PHH Sub 1 and the Delaware Trustee, dated the Effective Date and
      certifying as to the incumbency and specimen signature of each officer or
      authorized signatory executing any Transaction Documents or any other document
      delivered in connection herewith or therewith on behalf of such Person;
      and

     

    
      
        
        

      

      
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    (iv) 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) or (iii) above.

     

    (c) Good
      Standing Certificates.
      The
      Administrative Agent shall have received copies of certificates of compliance,
      of status or of good standing, dated as of a recent date, from the Secretary
      of
      State or other appropriate authority of such jurisdiction, with respect to
      the
      Issuer, the Administrator, SPV, Holdings, and the Origination Trust in each
      State where the ownership, lease or operation of property or the conduct of
      business requires it to qualify as a foreign corporation, except where the
      failure to so qualify would not have a material adverse effect on the business,
      operations, properties or condition (financial or otherwise) of the Issuer,
      the
      Administrator, SPV, Holdings, or the Origination Trust, as the case may
      be.

     

    (d) Consents,
      Licenses, Approvals, Etc.
      The
      Administrative Agent shall have received, with a counterpart for each CP Conduit
      Purchaser and the Funding Agent and the APA Banks with respect to such CP
      Conduit Purchaser, certificates dated the date hereof of an Authorized Officer
      of the Issuer, the Administrator, SPV, Holdings, the Origination Trust and
      the
      Servicer either (i) attaching copies of all material consents, licenses and
      approvals required in connection with the execution, delivery and performance
      by
      the Issuer, the Administrator, SPV, Holdings, the Origination Trust and the
      Servicer of the Transaction Documents to which it is a party and the validity
      and enforceability of the Transaction Documents to which it is a party against
      the Issuer, the Administrator, SPV, Holdings, the Origination Trust and the
      Servicer, respectively, and such consents, licenses and approvals shall be
      in
      full force and effect or (ii) stating that no such consents, licenses or
      approvals are so required.

     

    (e) No
      Litigation.
      The
      Administrative Agent shall have received confirmation that there is no pending
      or, to their knowledge after due inquiry, threatened action or proceeding
      affecting the Issuer, the Administrator, SPV, Holdings, the Origination Trust,
      the Servicer, PHH or any of its Subsidiaries before any Governmental Authority
      that could reasonably be expected to have a Material Adverse
      Effect.

     

    (f) Lien
      Searches.
      The
      Administrative Agent shall have received a written search report listing all
      effective financing statements that name VMS, the Origination Trust, Holdings,
      SPV or the Issuer as debtor or assignor and that are filed in the jurisdictions
      in which filings were made pursuant to paragraph (g) below and in any other
      jurisdictions that the Administrative Agent determines are necessary or
      appropriate, together with copies of such financing statements (none of which,
      except for those described in paragraph (g) below shall cover any portion of
      the
      Series 2006-2 Collateral), and tax and judgment lien searches showing no such
      liens that are not permitted by the Transaction Documents.

     

    (g) UCC
      Certificate.
      The
      Administrative Agent shall have received from each of VMS, the Origination
      Trust, Holdings and the Issuer a certificate, substantially in the form of
      Exhibit D, completed in a manner satisfactory to the Administrative Agent,
      duly
      executed by an Authorized Officer of each of VMS, the Origination Trust,
      Holdings and the Issuer and dated the Series 2006-2 Closing Date.

     

    
      
        
        

      

      
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    (h) Filings,
      Registrations and Recordings.
      The
      SUBI Certificates shall have been registered in the name of the Issuer and
      delivered to the Indenture Trustee, endorsed in blank, and any documents
      (including, without limitation, financing statements) required to be filed
      in
      order (i) to create, in favor of the Indenture Trustee, a perfected security
      interest in the Collateral with respect to which a security interest may be
      perfected by a filing under the UCC or other comparable statute, (ii) to create
      in favor of the Issuer a perfected security interest in the Loan Collateral
      with
      respect to which a security interest may be perfected by filing under the UCC
      or
      other comparable statute, (iii) to create in favor of the Origination Trust
      perfected ownership/security interest in the assets transferred thereto pursuant
      to the Contribution Agreement, (iv) to create in favor of Holdings a perfected
      ownership interest in the Fleet Receivables under the Receivables Purchase
      Agreement and (v) to create in favor of the Indenture Trustee a perfected
      security interest in the Series 2006-2 Collateral with respect to which a
      security interest may be perfected by a filing under the UCC or other comparable
      statute shall, in each case, have been properly prepared and executed for
      immediate filing in each office in each jurisdiction listed in the UCC
      Certificate referred to in paragraph (g) above, and such filings are the only
      filings required in order to perfect the security interest of the Indenture
      Trustee in the Series 2006-2 Collateral, the security interest of the Issuer
      in
      the Loan Collateral, the transfer of the Fleet Receivables, Leases, Vehicles
      and
      other assets to the Origination Trust pursuant to the Contribution Agreement,
      the transfer of the Fleet Receivables to Holdings pursuant to the Receivables
      Purchase Agreement or the transfer of the Series 2006-2 Collateral to the
      Indenture Trustee, as the case may be. The Administrative Agent shall have
      received evidence reasonably satisfactory to it of each such filing,
      registration or recordation and reasonably satisfactory evidence of the payment
      of any necessary fee, tax or expense relating thereto. 

     

    (i) Legal
      Opinions.
      The
      Administrative Agent shall have received, with a counterpart addressed to each
      CP Conduit Purchaser and the Funding Agent, the Program Support Provider and
      the
      APA Banks with respect to such CP Conduit Purchaser and the Indenture Trustee,
      opinions of counsel to the Issuer, Holdings, SPV, the Origination Trust, the
      Intermediary and the Administrator, dated the Series 2006-2 Closing Date, as
      to
      due organization of the Origination Trust, Holdings, SPV, the Administrator,
      the
      Intermediary and the Issuer, bankruptcy (“true sale” and “non-substantive
      consolidation”), perfection and priority of security interests in the Series
      2006-2 Collateral, creation and perfection of the security interests in the
      Loan
      Collateral, including the SUBI Certificates and the Sold Units and the Fleet
      Receivables, the characterization of the Series 2006-2 Investor Notes as debt
      for U.S. federal income tax purposes, the characterization of the Issuer not
      as
      an association or a publicly traded partnership taxable as a corporation for
      U.S. federal income tax purposes and other matters, in each case, in form and
      substance acceptable to the addressees thereof and their respective
      counsel.

     

    (j) Fees
      and Expenses.
      Each
      Funding Agent with respect to a Purchaser Group shall have received payment
      of
      all fees, out-of-pocket expenses and other amounts due and payable to the CP
      Conduit Purchaser or the APA Banks in such Purchaser Group on or before the
      Effective Date. 

     

    (k) Establishment
      of Accounts.
      The
      Administrative Agent shall have received evidence reasonably satisfactory to
      it
      that the Collection Account (including the Series 2006-2 Subaccounts), the
      Series 2006-2 Reserve Account, the Series 2006-2 Yield Supplement Account and
      the Series 2006-2 Distribution Account shall have been established in accordance
      with the terms and provisions of the Indenture.

     

    
      
        
        

      

      
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    (l) Lease
      Rate Caps.
      The
      Indenture Trustee shall have received copies of the Lease Rate Caps duly
      executed by the parties thereto satisfying the requirements of Section
      5A.12
      on the
      Series 2006-2 Closing Date.

     

    (m) Material
      Adverse Change.
      No
      material adverse change shall have occurred with respect to the business,
      operations, property or condition (financial or otherwise) of PHH and its
      Subsidiaries taken as a whole since September 30, 2005.

     

    (n) Opinion.
      The
      Administrative Agent shall have received an opinion of counsel to the Indenture
      Trustee as to the due authorization, execution and delivery by the Indenture
      Trustee of this Indenture Supplement and the due execution, authentication
      and
      delivery by the Indenture Trustee of the Series 2006-2 Investor
      Notes.

     

    ARTICLE
      10

     

    THE
      ADMINISTRATIVE AGENT

     

    SECTION
      10.1.  Appointment.
      Each of
      the CP Conduit Purchasers, the APA Banks and the Funding Agents hereby
      irrevocably designates and appoints the Administrative Agent as the agent of
      such Person under this Indenture Supplement and irrevocably authorizes the
      Administrative Agent, in such capacity, to take such action on its behalf under
      the provisions of this Indenture Supplement and to exercise such powers and
      perform such duties as are expressly delegated to the Administrative Agent
      by
      the terms of this Indenture Supplement, together with such other powers as
      are
      reasonably incidental thereto. Notwithstanding any provision to the contrary
      elsewhere in this Indenture Supplement, the Administrative Agent shall not
      have
      any duties or responsibilities except those expressly set forth herein, or
      any
      fiduciary relationship with any CP Conduit Purchaser, any APA Bank or any
      Funding Agent, and no implied covenants, functions, responsibilities, duties,
      obligations or liabilities shall be read into this Indenture Supplement or
      otherwise exist against the Administrative Agent. 

     

    SECTION
      10.2.  Delegation
      of Duties.
      The
      Administrative Agent may execute any of its duties under this Indenture
      Supplement by or through agents or attorneys-in-fact and shall be entitled
      to
      advice of counsel (who may be counsel for the Issuer or the Administrator),
      independent public accountants and other experts selected by it concerning
      all
      matters pertaining to such duties. The Administrative Agent shall not be
      responsible for the negligence or misconduct of any agents or attorneys in-fact
      selected by it with reasonable care.

     

    SECTION
      10.3.  Exculpatory
      Provisions.
      Neither
      the Administrative Agent nor any of its officers, directors, employees, agents,
      attorneys-in-fact or Affiliates shall be (i) liable for any action lawfully
      taken or omitted to be taken by it or such Person under or in connection with
      the Base Indenture or this Indenture Supplement (except
      to the extent that any of the foregoing are found by a final and nonappealable
      decision of a court of competent jurisdiction to have resulted from its or
      such
      Person’s own gross negligence or willful misconduct)
      or (ii)
      responsible in any manner to any of the CP Conduit Purchasers, the APA Banks
      or
      the Funding Agents for any recitals, statements, representations or warranties
      made by the Issuer, the Administrator or any officer thereof contained in this
      Indenture Supplement or any other Transaction Document or in any certificate,
      report, statement or other document referred to or provided for in, or received
      by the Administrative Agent under or in connection with, this Indenture
      Supplement or any other Transaction Document or for the value, validity,
      effectiveness, genuineness, enforceability or sufficiency of this Indenture
      Supplement, any other Transaction Document, the Loan Note, the SUBI
      Certificates, the Sold Units or the Fleet Receivables or for any failure of
      any
      of the Issuer, the Administrator, SPV, Holdings, the Origination Trust or the
      Servicer to perform its obligations hereunder or thereunder. The Administrative
      Agent shall not be under any obligation to any CP Conduit Purchaser, any APA
      Bank or any Funding Agent to ascertain or to inquire as to the observance or
      performance of any of the agreements contained in, or conditions of, this
      Indenture Supplement, any other Transaction Document, the Loan Note, the SUBI
      Certificates, the Sold Units or the Fleet Receivables or to inspect the
      properties, books or records of the Issuer, the Administrator, SPV, Holdings,
      the Origination Trust or the Servicer.

     

    
      
        
        

      

      
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    SECTION
      10.4.  Reliance
      by Administrative Agent.
      The
      Administrative Agent shall be entitled to rely, and shall be fully protected
      in
      relying, upon any writing, resolution, notice, consent, certificate, affidavit,
      letter, telecopy, telex or teletype message, statement, order or other document
      or conversation believed by it to be genuine and correct and to have been
      signed, sent or made by the proper Person or Persons and upon advice and
      statements of legal counsel (including, without limitation, counsel to the
      Issuer or the Administrator), independent accountants and other experts selected
      by the Administrative Agent and shall not be liable for any action taken or
      omitted to be taken by it in good faith in accordance with the advice of such
      counsel, accountants or experts. The Administrative Agent may deem and treat
      the
      registered holder of any Series 2006-2 Investor Note as the owner thereof for
      all purposes unless a written notice of assignment, negotiation or transfer
      thereof shall have been filed with the Administrative Agent. The Administrative
      Agent shall be fully justified in failing or refusing to take any action under
      this Indenture Supplement or any other Transaction Document unless it shall
      first receive such advice or concurrence of the Funding Agents, on behalf of
      the
      Purchasers, as it deems appropriate or it shall first be indemnified to its
      satisfaction by the Funding Agents against any and all liability and expense
      which may be incurred by it by reason of taking or continuing to take any such
      action. The Administrative Agent shall in all cases be fully protected in
      acting, or in refraining from acting, under this Indenture Supplement and the
      other Transaction Documents in accordance with a request of the Series 2006-2
      Required Investor Noteholders (unless, in the case of any action relating to
      the
      giving of consent hereunder, the giving of such consent requires the consent
      of
      all Series 2006-2 Investor Noteholders), and such request and any action taken
      or failure to act pursuant thereto shall be binding upon all the CP Conduit
      Purchasers, the APA Banks and the Funding Agents.

     

    SECTION
      10.5.  Notice
      of Administrator Default or Amortization Event or Potential Amortization
      Event.
      The
      Administrative Agent shall not be deemed to have knowledge or notice of the
      occurrence of any Amortization Event or Potential Amortization Event, any Event
      of Default or Default, any Termination Event or any Servicer Default unless
      the
      Administrative Agent has received written notice from a CP Conduit Purchaser,
      an
      APA Bank, a Funding Agent, the Issuer, the Administrator, SPV, Holdings, the
      Origination Trust or the Servicer referring to the Agreement or this Indenture
      Supplement, describing such Amortization Event or Potential Amortization Event,
      Event of Default or Default, Termination Event or Servicer Default or and
      stating that such notice is a “notice of an Amortization Event or Potential
      Amortization Event,” “notice of an Event of Default or Default,” “notice of a
      Termination Event” or “notice of a Servicer Default”, as the case may be. In the
      event that the Administrative Agent receives such a notice, the Administrative
      Agent shall give notice thereof to the Funding Agents, the Indenture Trustee,
      the Issuer and the Administrator. The Administrative Agent shall take such
      action with respect to such event as shall be reasonably directed by the Series
      2006-2 Required Investor Noteholders, provided
      that
      unless and until the Administrative Agent shall have received such directions,
      the Administrative Agent may (but shall not be obligated to) take such action,
      or refrain from taking such action, with respect to such event as it shall
      deem
      advisable in the best interests of the Purchasers. 

     

    
      
        
        

      

      
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    SECTION
      10.6.  Non-Reliance
      on the Administrative Agent and Other Purchasers.
      Each of
      the CP Conduit Purchasers, the APA Banks and the Funding Agents expressly
      acknowledges that neither the Administrative Agent nor any of its officers,
      directors, employees, agents, attorneys-in-fact or Affiliates has made any
      representations or warranties to it and that no act by the Administrative Agent
      hereinafter taken, including any review of the affairs of the Issuer, shall
      be
      deemed to constitute any representation or warranty by the Administrative Agent
      to any such Person. Each of the CP Conduit Purchasers, the APA Banks and the
      Funding Agents represents to the Administrative Agent that it has, independently
      and without reliance upon the Administrative Agent or any other CP Conduit
      Purchaser, APA Bank or Funding Agent and based on such documents and information
      as it has deemed appropriate, made its own appraisal of and investigation into
      the business, operations, property, financial and other condition and
      creditworthiness of the Issuer, the Administrator, SPV, Holdings, the
      Origination Trust and the Servicer and made its own decision to enter into
      this
      Indenture Supplement. Each of the CP Conduit Purchasers, the APA Banks and
      the
      Funding Agents also represents that it will, independently and without reliance
      upon the Administrative Agent or any other CP Conduit Purchaser, APA Bank or
      Funding Agent, and based on such documents and information as it shall deem
      appropriate at the time, continue to make its own credit analysis, appraisals
      and decisions in taking or not taking action under this Indenture Supplement
      and
      the other Transaction Documents, and to make such investigation as it deems
      necessary to inform itself as to the business, operations, property, financial
      and other condition and creditworthiness of the Issuer, the Administrator,
      SPV,
      Holdings, the Origination Trust and the Servicer. Except for notices, reports
      and other documents expressly required to be furnished to the Funding Agents
      by
      the Administrative Agent hereunder, the Administrative Agent shall have no
      duty
      or responsibility to provide any CP Conduit Purchaser, any APA Bank or any
      Funding Agent with any credit or other information concerning the business,
      operations, property, condition (financial or otherwise), prospects or
      creditworthiness of the Issuer, the Administrator, SPV, Holdings, the
      Origination Trust or the Servicer which may come into the possession of the
      Administrative Agent or any of its officers, directors, employees, agents,
      attorneys-in-fact or Affiliates.

     

    SECTION
      10.7.  Indemnification.
      Each of
      the APA Banks in a Purchaser Group agrees to indemnify the Administrative Agent
      in its capacity as such (to the extent not reimbursed by the Issuer and the
      Administrator and without limiting the obligation of the Issuer and the
      Administrator to do so), ratably according to their respective Commitment
      Percentages in effect on the date on which indemnification is sought under
      this
Section
      10.7
      (or if
      indemnification is sought after the date upon which the Commitments shall have
      terminated and the Purchaser Group Invested Amounts shall have been reduced
      to
      zero, ratably in accordance with their Commitment Percentages immediately prior
      to such date of payment), from and against any and all liabilities, obligations,
      losses, damages, penalties, actions, judgments, suits, costs, expenses or
      disbursements of any kind whatsoever which may at any time be imposed on,
      incurred by or asserted against the Administrative Agent in any way relating
      to
      or arising out of this Indenture Supplement, any of the other Transaction
      Documents or any documents contemplated by or referred to herein or therein
      or
      the transactions contemplated hereby or thereby or any action taken or omitted
      by the Administrative Agent under or in connection with any of the foregoing;
      provided
      that no
      APA Bank or Funding Agent shall be liable for the payment of any portion of
      such
      liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
      costs, expenses or disbursements that are found by a final and nonappealable
      decision of a court of competent jurisdiction to have resulted from the
      Administrative Agent’s gross negligence or willful misconduct. The agreements in
      this Section shall survive the payment of all amounts payable
      hereunder.

     

    
      
        
        

      

      
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    SECTION
      10.8.  The
      Administrative Agent in Its Individual Capacity.
      The
      Administrative Agent and its Affiliates may make loans to, accept deposits
      from
      and generally engage in any kind of business with the Issuer, the Administrator
      or any of their Affiliates as though the Administrative Agent were not the
      Administrative Agent hereunder. With respect to any Series 2006-2 Investor
      Note
      held by the Administrative Agent, the Administrative Agent shall have the same
      rights and powers under this Indenture Supplement and the other Transaction
      Documents as any APA Bank or Funding Agent and may exercise the same as though
      it were not the Administrative Agent, and the terms “APA Bank,” and “Funding
      Agent” shall include the Administrative Agent in its individual
      capacity.

     

    SECTION
      10.9.  Resignation
      of Administrative Agent; Successor Administrative Agent.
      The
      Administrative Agent may resign as Administrative Agent at any time by giving
      30
      days’ notice to the Funding Agents, the Indenture Trustee, the Issuer and the
      Administrator. The Administrative Agent may be removed at any time by resolution
      of the Series 2006-2 Required Investor Noteholders, removing the Administrative
      Agent and appointing from among the Funding Agents a successor administrative
      agent, which successor administrative agent shall be approved by the Issuer
      and
      the Administrator (which approval shall not be unreasonably withheld), delivered
      to the Administrative Agent, the Indenture Trustee and the Administrator. If
      JPMorgan Chase shall resign as Administrative Agent under this Indenture
      Supplement, then the Series 2006-2 Required Investor Noteholders shall promptly
      appoint a successor administrative agent from among the Funding Agents, which
      successor administrative agent shall be approved by the Issuer and the
      Administrator (which approval shall not be unreasonably withheld). If no
      successor administrative agent is appointed prior to the effective date of
      the
      resignation of the Administrative Agent, the Administrative Agent may appoint,
      after consulting with the Funding Agents, the Issuer and the Administrator,
      a
      successor agent from among the Funding Agents. If no successor administrative
      agent has accepted appointment as Administrative Agent by the date which is
      30
      days following a retiring Administrative Agent’s notice of resignation, the
      retiring Administrative Agent’s resignation shall nevertheless thereupon become
      effective and the Administrator shall assume and perform all of the duties
      of
      the Administrative Agent hereunder until such time, if any, as the Series 2006-2
      Required Investor Noteholders appoint a successor agent as provided for above.
      Effective upon the appointment of a successor administrative agent, such
      successor administrative agent shall succeed to the rights, powers and duties
      of
      the Administrative Agent, and the term “Administrative Agent” shall mean such
      successor administrative agent effective upon such appointment and approval,
      and
      the former Administrative Agent’s rights, powers and duties as Administrative
      Agent shall be terminated, without any other or further act or deed on the
      part
      of such former Administrative Agent or any of the parties to this Indenture
      Supplement. After any retiring Administrative Agent’s resignation as
      Administrative Agent, the provisions of this Article 10 shall inure to its
      benefit as to any actions taken or omitted to be taken by it while it was
      Administrative Agent under this Indenture Supplement.

     

    
      
        
        

      

      
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    ARTICLE
      11

     

    THE
      FUNDING AGENTS

     

    SECTION
      11.1. Appointment.
      Each CP
      Conduit Purchaser and each APA Bank with respect to such CP Conduit Purchaser
      hereby irrevocably designates and appoints the Funding Agent set forth next
      to
      such CP Conduit Purchaser’s name on Schedule I as the agent of such Person under
      this Indenture Supplement and irrevocably authorizes such Funding Agent, in
      such
      capacity, to take such action on its behalf under the provisions of this
      Indenture Supplement and to exercise such powers and perform such duties as
      are
      expressly delegated to such Funding Agent by the terms of this Indenture
      Supplement, together with such other powers as are reasonably incidental
      thereto. Notwithstanding any provision to the contrary elsewhere in this
      Indenture Supplement, each Funding Agent shall not have any duties or
      responsibilities except those expressly set forth herein, or any fiduciary
      relationship with any CP Conduit Purchaser or APA Bank and no implied covenants,
      functions, responsibilities, duties, obliga-tions or liabilities shall be read
      into this Indenture Supplement or otherwise exist against each Funding Agent.
      

     

    SECTION
      11.2. Delegation
      of Duties.
      Each
      Funding Agent may execute any of its duties under this Indenture Supplement
      by
      or through agents or attorneys-in-fact and shall be entitled to advice of
      counsel concerning all matters pertaining to such duties. Each Funding Agent
      shall not be responsible to the CP Conduit Purchaser or any APA Bank in its
      Purchaser Group for the negligence or misconduct of any agents or attorneys
      in-fact selected by it with reasonable care.

     

    SECTION
      11.3. Exculpatory
      Provisions.
      Each
      Funding Agent and any of its officers, directors, employees, agents,
      attorneys-in-fact or Affiliates shall not be (i) liable for any action lawfully
      taken or omitted to be taken by it or such Person under or in connection with
      the Base Indenture or this Indenture Supplement (except
      to the extent that any of the foregoing are found by a final and nonappealable
      decision of a court of competent jurisdiction to have resulted from its or
      such
      Person’s own gross negligence or willful misconduct) or
      (ii)
      responsible in any manner to any of the CP Conduit Purchasers and/or APA Banks
      for any recitals, statements, representations or warranties made by the Issuer,
      the Administrator, the Administrative Agent, or any officer thereof contained
      in
      this Indenture Supplement or any other Transaction Document or in any
      certificate, report, statement or other document referred to or provided for
      in,
      or received by such Funding Agent under or in connection with, this Indenture
      Supplement or any other Transaction Document or for the value, validity,
      effectiveness, genuineness, enforceability or sufficiency of this Indenture
      Supplement, any other Transaction Document, or for any failure of any of the
      Issuer, the Administrator, SPV, Holdings, the Origination Trust, the Servicer
      or
      the Administrative Agent to perform its obligations hereunder or thereunder.
      Each Funding Agent shall not be under any obligation to the CP Conduit Purchaser
      or any APA Bank in its Purchaser Group to ascertain or to inquire as to the
      observance or performance of any of the agreements contained in, or conditions
      of, this Indenture Supplement, any other Transaction Document, the Loan Note,
      the SUBI Certificates, the Sold Units or the Fleet Receivables or to inspect
      the
      properties, books or records of the Issuer, the Administrator, SPV, Holdings,
      the Origination Trust, the Servicer or the Administrative Agent.

     

    
      
        
        

      

      
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    SECTION
      11.4. Reliance
      by Each Funding Agent.
      Each
      Funding Agent shall be entitled to rely, and shall be fully protected in
      relying, upon any writing, resolution, notice, consent, certificate, affidavit,
      letter, telecopy, telex or teletype message, statement, order or other document
      or conversation believed by it to be genuine and correct and to have been
      signed, sent or made by the proper Person or Persons and upon advice and
      statements of legal counsel (includ-ing, without limitation, counsel to the
      Issuer or the Administrator), independent accountants and other experts selected
      by such Funding Agent. Each Funding Agent shall be fully justified in failing
      or
      refusing to take any action under this Indenture Supplement or any other
      Transaction Document unless it shall first receive such advice or concurrence
      of
      the Related Purchaser Group, as it deems appropriate or it shall first be
      indemnified to its satisfaction by the Related Purchaser Group against any
      and
      all liability and expense which may be incurred by it by reason of taking or
      continuing to take any such action.

     

    SECTION
      11.5. Notice
      of
      Administrator Default or Amortization Event or Potential Amortization
      Event.
      Each
      Funding Agent shall not be deemed to have knowledge or notice of the occurrence
      of any Amortization Event or Potential Amortization Event, any Event of Default
      or Default, any Termination Event or any Servicer Default unless such Funding
      Agent has received written notice from a CP Conduit Purchaser, an APA Bank,
      the
      Issuer, the Administrator, the Servicer, SPV, Holdings, or the Origination
      Trust
      referring to the Indenture or this Indenture Supplement, describing such
      Amortization Event or Potential Amortization Event, Event of Default or Default,
      Termination Event or Servicer Default or and stating that such notice is a
      “notice of an Amortization Event or Potential Amortization Event,” “notice of an
      Event of Default or Default,” “notice of a Termination Event” or “notice of a
      Servicer Default”, as the case may. In the event that any Funding Agent receives
      such a notice, such Funding Agent shall give notice thereof to the CP Conduit
      Purchaser and APA Banks in its Purchaser Group. Such Funding Agent shall take
      such action with respect to such event as shall be reasonably directed by the
      CP
      Conduit Purchaser and APA Banks in its Purchaser Group, provided
      that
      unless and until such Funding Agent shall have received such directions, such
      Funding Agent may (but shall not be obligated to) take such action, or refrain
      from taking such action, with respect to such event as it shall deem advisable
      in the best interests of the CP Conduit Purchaser and APA Banks in its Purchaser
      Group. 

     

    SECTION
      11.6. Non-Reliance
      on Each Funding Agent and Other Purchaser Groups.
      Each CP
      Conduit Purchaser and each of the related APA Banks expressly acknowledge that
      neither its Funding Agent nor any of its officers, directors, employees, agents,
      attorneys-in-fact or Affiliates has made any representations or warranties
      to it
      and that no act by such Funding Agent hereinafter taken, including any review
      of
      the affairs of the Issuer shall be deemed to constitute any representation
      or
      warranty by such Funding Agent to any such Person. Each CP Conduit Purchaser
      and
      each of the related APA Banks repre-sents to its Funding Agent that it has,
      independently and without reliance upon such Funding Agent and based on such
      documents and information as it has deemed appropriate, made its own apprai-sal
      of and investi-ga-tion into the business, operations, property, financial and
      other condi-tion and creditworthiness of the Issuer, the Administrator, SPV,
      Holdings, the Origination Trust and the Servicer. Each CP Conduit Purchaser
      and
      each of the related APA Banks also represents that it will, independently and
      without reliance upon its Funding Agent and based on such docu-ments and
      information as it shall deem appropriate at the time, continue to make its
      own
      credit analysis, appraisals and deci-sions in taking or not taking action under
      this Indenture Supplement and the other Transaction Documents, and to make
      such
      investigation as it deems necessary to inform itself as to the business,
      opera-tions, property, financial and other conditions and creditworthiness
      of
      the Issuer, the Administrator, SPV, Holdings, the Origination Trust and the
      Servicer. 

     

    
      
        
        

      

      
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    SECTION
      11.7. Indemnification.
      Each
      APA Bank in a Purchaser Group agrees to indemnify its Funding Agent in its
      capacity as such (to the extent not reim-bursed by the Issuer and the
      Administrator and without limiting the obligation of the Issuer and the
      Administrator to do so), ratably according to its respective APA Bank Percentage
      in effect on the date on which indemnification is sought under this Section
      11.7
      (or if
      indemnification is sought after the date upon which the Commitments shall have
      been terminated, ratably in accordance with its APA Bank Percentage at the
      time
      of termination) from and against any and all liabilities, obligations, losses,
      damages, penalties, actions, judgments, suits, costs, expenses or disbursements
      of any kind whatsoever which may at any time be imposed on, incurred by or
      asserted against such Funding Agent in any way relating to or arising out of
      this Indenture Supplement, any of the other Transaction Documents or any
      documents contemplated by or referred to herein or therein or the transactions
      contemplated hereby or thereby or any action taken or omitted by such Funding
      Agent under or in connec-tion with any of the foregoing; provided
      that no
      APA Bank shall be liable for the payment of any portion of such liabilities,
      obligations, losses, damages, penalties, actions, judgments, suits, costs,
      expenses or disbursements that are found by a final and nonappealable decision
      of a court of competent jurisdiction to have resulted from such related Funding
      Agent’s gross negligence or willful misconduct. The agreements in this Section
      shall survive the payment of all amounts payable hereunder.

     

    

     

    ARTICLE
      12

     

    MISCELLANEOUS

     

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

     

    
      
        
        

      

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

     

    SECTION
      12.3.  Further
      Assurances.
      Each of
      the Issuer, the Administrator and the Indenture Trustee agrees, from time to
      time, to do and perform any and all acts and to execute any and all further
      instruments required or reasonably requested by the Administrative Agent more
      fully to effect the purposes of this Indenture Supplement and the sale of the
      Series 2006-2 Investor Notes hereunder. The Administrative Agent is hereby
      authorized to file any financing or registration statements or similar documents
      or notices or continuation statements in order to perfect the Indenture
      Trustee’s security interest in the Series 2006-2 Collateral.

     

    SECTION
      12.4.  Payments.
      Each
      payment to be made hereunder shall be made on the required payment date in
      lawful money of the United States and in immediately available funds, if to
      a
      Purchaser, at the office of the Funding Agent with respect to such Purchaser
      Group set forth in Section
      12.9.
      

     

    SECTION
      12.5.  Costs
      and Expenses.
      The
      Administrator agrees to pay on demand all reasonable out-of-pocket costs and
      expenses of the Administrative Agent (including, without limitation, reasonable
      fees and disbursements of counsel to the Administrative Agent) and of each
      Purchaser Group (including in connection with the preparation, execution and
      delivery of this Indenture Supplement the reasonable fees and disbursements
      of
      counsel to such Purchaser Group) in connection with (i) the preparation,
      execution, delivery and administration (including periodic auditing and any
      requested amendments, waivers or consents) of this Indenture Supplement, the
      Indenture and the other Transaction Documents and amendments or waivers of
      any
      such documents and (ii) the enforcement by the Administrative Agent or any
      Funding Agent of the obligations and liabilities of the Issuer, the
      Administrator, SPV, Holdings, the Origination Trust, VMS and the Servicer under
      the Indenture, this Indenture Supplement or the other Transaction Documents
      and
      all costs and expenses, if any (including reasonable counsel fees and expenses),
      in connection with the enforcement of this Agreement and the other Transaction
      Documents.

     

    SECTION
      12.6.  No
      Waiver; Cumulative Remedies.
      No
      failure to exercise and no delay in exercising, on the part of the Indenture
      Trustee, the Administrative Agent, any Funding Agent, any CP Conduit Purchaser
      or any APA Bank, 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
      12.7.  Amendments.
      (a) This
      Indenture Supplement may be amended in writing from time to time by the
      Administrator, the Issuer and the Indenture Trustee, with the consent of the
      Series 2006-2 Required Investor Noteholders; provided that, notwithstanding
      the
      foregoing, without the consent of each CP Conduit Purchaser and each APA Bank,
      no such amendment shall:

     

    
      
        
        

      

      
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    (i) 
      reduce
      the percentage of Series 2006-2 Investor Noteholders whose consent is required
      to take any particular action hereunder;

     

    (ii) (A)
      extend the due date for, or reduce the amount of any scheduled repayment or
      prepayment of principal of or interest on any Series 2006-2 Investor Note (or
      reduce the principal amount of or rate of interest on any Series 2006-2 Investor
      Note); (B) extend the due date for, or reduce the amount of any Commitment
      Fee
      payable hereunder; (C) change the calculation of any Article 7 Costs or other
      amounts payable by the Issuer to the CP Conduit Purchasers or APA Banks
      hereunder; (D) modify Section
      5A.4(c);
      (E)
      approve the assignment or transfer by the Issuer of any of its rights or
      obligations hereunder or under any other Transaction Document to which it is
      a
      party except pursuant to the express terms hereof or thereof; (F) release any
      obligor under any Transaction Document to which it is a party except pursuant
      to
      the express terms of such Transaction Document; (G) amend or otherwise modify
      any Amortization Event or any defined term referred to therein; (H) amend or
      otherwise modify the Series 2006-2 Required Asset Amount, the Series 2006-2
      Required Overcollateralization Amount, the Series 2006-2 Required Enhancement
      Amount or any defined term referred to therein or (I) permit the creation of
      any
      Lien ranking prior to or on a parity with the Indenture Trustee’s Lien on the
      Series 2006-2 Collateral, release such Lien except pursuant to the express
      terms
      hereof or deprive any Series 2006-2 Investor Noteholder of the security afforded
      by such Lien;

     

    (iii) modify
      Section
      12.7(a);
      and

     

    (iv) modify
      the allocations and priorities of payments set forth in Article 3 of this
      Indenture Supplement.

     

    (b) Any
      amendment hereof can be effected without the Administrative Agent’s being party
      thereto; provided,
      however,
      that no
      such amendment, modification or waiver of this Indenture Supplement that affects
      rights or duties of the Administrative Agent shall be effective unless the
      Administrative Agent shall have given its prior written consent
      thereto.

     

    (c) Promptly
      after the execution of any amendment hereof, the Administrator shall mail to
      each of the Funding Agents and each Rating Agency a copy thereof.

     

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

     

    SECTION
      12.9.  Notices.
      All
      notices, requests, instructions and demands to or upon any party hereto to
      be
      effective shall be given (i) in the case of the Issuer, the Administrator and
      the Indenture Trustee, in the manner set forth in Section
      13.4
      of the
      Base Indenture and (ii) in the case of the Administrative Agent, the CP Conduit
      Purchasers, the APA Banks and the Funding Agents, 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 in the case of the
      Administrative Agent and to the addresses therefor set forth in Schedule I,
      in
      the case of the CP Conduit Purchasers, the APA Banks and the Funding Agents;
      or
      to such other address as may be hereafter notified by the respective parties
      hereto:

     

    
      
        
        

      

      
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    Administrative
      Agent:  

    JPMorgan
      Chase Bank, National Association

    c/o
      JPMorgan Securities Inc.

    10
      South
      Dearborn - 13th Floor

    Chicago,
      IL 60670

    Attention:
      Asset-Backed Finance

    Fax
      (312)
      732-3600

    

    SECTION
      12.10.  Successors
      and Assigns.
      (a) This
      Indenture Supplement shall be binding upon and inure to the benefit of the
      parties hereto and their respective successors and assigns, except that the
      Issuer may not assign or transfer any of its rights under this Indenture
      Supplement without the prior written consent of all of the Series 2006-2
      Investor Noteholders, no CP Conduit Purchaser may assign or transfer any of
      its
      rights under this Indenture Supplement other than in accordance with the Asset
      Purchase Agreement with respect to such CP Conduit Purchaser or otherwise to
      the
      APA Bank with respect to such CP Conduit Purchaser or a Program Support Provider
      with respect to such CP Conduit Purchaser or pursuant to clause (b) below of
      this Section 12.10
      and no
      APA Bank may assign or transfer any of its rights or obligations under this
      Indenture Supplement except to a Program Support Provider or pursuant to clause
      (c) below of this Section
      12.10.

     

    (b) Without
      limiting the foregoing, each CP Conduit Purchaser may assign all or a portion
      of
      the Purchaser Group Invested Amount with respect to such CP Conduit Purchaser
      and its rights and obli-ga-tions under this Indenture Supplement and any other
      Transaction Documents to which it is a party to a Conduit Assignee with respect
      to such CP Conduit Purchaser. Prior to or concurrently with the effectiveness
      of
      any such assignment (or if impracticable, immediately thereafter), the assigning
      CP Conduit Purchaser shall notify the Administrative Agent, the Issuer, the
      Indenture Trustee and the Administrator thereof. Upon such assignment by a
      CP
      Conduit Purchaser to a Conduit Assignee, (A) such Conduit Assignee shall be
      the
      owner of the Purchaser Group Invested Amount or such portion thereof with
      respect to such CP Conduit Purchaser, (B) the related administrative or managing
      agent for such Conduit Assignee will act as the administrative agent for such
      Conduit Assignee hereunder, with all corresponding rights and powers, express
      or
      implied, granted to the Funding Agent hereunder or under the other Transaction
      Documents, (C) such Conduit Assignee and its liquidity support provider(s)
      and
      credit support provider(s) and other related parties shall have the benefit
      of
      all the rights and protections provided to such CP Conduit Purchaser herein
      and
      in the other Transaction Documents (including, without limitation, any
      limitation on recourse against such Conduit Assignee as provided in this
      paragraph), (D) such Conduit Assignee shall assume all of such CP Conduit
      Purchaser’s obligations, if any, hereunder or under the Base Indenture or under
      any other Transaction Document with respect to such portion of the Purchaser
      Group Invested Amount and such CP Conduit Purchaser shall be released from
      such
      obligations, (E) all distributions in respect of the Purchaser Group Invested
      Amount or such portion thereof with respect to such CP Conduit Purchaser shall
      be made to the applicable agent or administrative agent, as appli-cable, on
      behalf of such Conduit Assignee, (F) the definitions of the terms “Monthly
      Funding Costs” and “Discount” shall be determined in the manner set forth in the
      definition of “Monthly Funding Costs” and “Discount” applicable to such CP
      Conduit Purchaser on the basis of the interest rate or discount applicable
      to
      commercial paper issued by such Conduit Assignee (rather than such CP Conduit
      Purchaser), (G) the defined terms and other terms and provisions of this
      Indenture Supplement, the Base Indenture and the other Transaction Documents
      shall be interpreted in accordance with the foregoing, and (H) if requested
      by
      the Administrative Agent or the agent or administrative agent with respect
      to
      the Conduit Assignee, the parties will execute and deliver such further
      agreements and documents and take such other actions as the Administrative
      Agent
      or such agent or administrative agent may reasonably request to evidence and
      give effect to the foregoing.

     

    
      
        
        

      

      
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    (c) Any
      APA
      Bank may, in the ordinary course of its business and in accordance with
      applicable law, at any time sell all or any part of its rights and obligations
      under this Indenture Supplement and the Series 2006-2 Investor Notes, with
      the
      prior written consent of the Administrative Agent, the Issuer and the
      Administrator (in each case, which consent shall not be unreasonably withheld),
      to one or more banks (an “Acquiring
      APA Bank”)
      pursuant to a transfer supplement, substantially in the form of Exhibit E (the
      “Transfer
      Supplement”),
      executed by such Acquiring APA Bank, such assigning APA Bank, the Funding Agent
      with respect to such APA Bank, the Administrative Agent, the Issuer and the
      Administrator and delivered to the Administrative Agent. Notwithstanding the
      foregoing, no APA Bank shall so sell its rights hereunder if such Acquiring
      APA
      Bank is not an Eligible Assignee. 

     

    (d) Any
      APA
      Bank may, in the ordinary course of its business and in accordance with
      applicable law, at any time sell to one or more financial institutions or other
      entities (“Participants”)
      participations in its APA Bank Percentage of the Commitment of the APA Banks
      in
      its Purchaser Group, its APA Bank Percentage of the Series 2006-2 Investor
      Note
      of its Purchaser Group and its rights hereunder pursuant to documentation in
      form and substance satisfactory to such APA Bank and the Participant;
provided,
      however,
      that
      (i) in the event of any such sale by an APA Bank to a Participant, (A) such
      APA
      Bank’s obligations under this Indenture Supplement shall remain unchanged, (B)
      such APA Bank shall remain solely responsible for the performance thereof and
      (C) the Issuer and the Administrative Agent shall continue to deal solely and
      directly with such APA Bank in connection with its rights and obligations under
      this Indenture Supplement and (ii) no APA Bank shall sell any participating
      interest under which the Participant shall have rights to approve any amendment
      to, or any consent or waiver with respect to, this Indenture Supplement or
      any
      Transaction Document, except to the extent that the approval of such amendment,
      consent or waiver otherwise would require the unanimous consent of all APA
      Banks
      hereunder. A Participant shall have the right to receive Article 7 Costs but
      only to the extent that the related selling APA Bank would have had such right
      absent the sale of the related participation.

     

    (e) Any
      CP
      Conduit Purchaser and the APA Bank with respect to such CP Conduit Purchaser
      may
      at any time sell all or any part of their respective rights and obligations
      under this Indenture Supplement and the Series 2006-2 Investor Notes, with
      the
      prior written consent of the Administrative Agent, the Issuer and the
      Administrator (in each case, which consent shall not be unreasonably withheld),
      to a multi-seller commercial paper conduit and one or more banks providing
      support to such multi-seller commercial paper conduit (an “Acquiring
      Purchaser Group”)
      pursuant to a transfer supplement, substantially in the form of Exhibit F (the
      “Purchaser
      Group Supplement”),
      executed by such Acquiring Purchaser Group, the Funding Agent with respect
      to
      such Acquiring Purchaser Group (including the CP Conduit Purchaser and the
      APA
      Banks with respect to such Purchaser Group), such assigning CP Conduit Purchaser
      and the APA Banks with respect to such CP Conduit Purchaser, the Funding Agent
      with respect to such assigning CP Conduit Purchaser and APA Bank, the
      Administrative Agent, the Issuer and the Administrator and delivered to the
      Administrative Agent.

     

    
      
        
        

      

      
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    (f) The
      Issuer authorizes each APA Bank to disclose to any Participant or Acquiring
      APA
      Bank (each, a “Transferee”)
      and
      any prospective Transferee any and all financial information in such APA Bank’s
      possession concerning the Issuer, the Collateral, the Servicer and the
      Transaction Documents which has been delivered to such APA Bank by the Issuer
      or
      the Administrator in connection with such APA Bank’s credit evaluation of the
      Issuer, the Collateral and the Servicer.

     

    SECTION
      12.11.  Securities
      Laws.
      Each CP
      Conduit Purchaser and APA Bank hereby represents and warrants to the Issuer
      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
      2006-2 Investor Note. Each CP Conduit Purchaser and each APA Bank agrees that
      its Series 2006-2 Investor Note will be acquired for investment only and not
      with a view to any public distribution thereof, and that such CP Conduit
      Purchaser or APA Bank will not offer to sell or otherwise dispose of its Series
      2006-2 Investor 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. Each CP Conduit Purchaser and each APA Bank acknowledges
      that it has no right to require the Issuer to register its Series 2006-2
      Investor Note under the Securities Act or any other securities law. Each CP
      Conduit Purchaser and each APA Bank hereby confirms and agrees that in
      connection with any transfer by it of an interest in the Series 2006-2 Investor
      Note, such CP Conduit Purchaser or APA Bank 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
      12.12.  Adjustments;
      Set-off.
      (a) If
      any CP
      Conduit Purchaser or APA Bank in a Purchaser Group (a “Benefitted
      Purchaser Group”)
      shall
      at any time receive in respect of its Purchaser Group Invested Amount any
      distribution of principal, interest, Commitment Fees or any interest thereon,
      or
      receive any collateral in respect thereof (whether voluntarily or involuntarily,
      by set-off or otherwise) in a greater proportion than any such distribution
      received by any other Purchaser Group, if any, in respect of such other
      Purchaser Group’s Purchaser Group Invested Amount, or interest thereon, such
      Benefitted Group Purchaser shall purchase for cash from the other Purchaser
      Group such portion of such other Purchaser Group’s interest in the Series 2006-2
      Investor Notes, or shall provide such other Purchaser Group with the benefits
      of
      any such collateral, or the proceeds thereof, as shall be necessary to cause
      such Benefitted Purchaser Group to share the excess payment or benefits of
      such
      collateral or proceeds ratably with the other Purchaser Group; provided,
      however,
      that if
      all or any portion of such excess payment or benefits is thereafter recovered
      from such Benefitted Purchaser Group, such purchase shall be rescinded, and
      the
      purchase price and benefits returned, to the extent of such recovery, but
      without interest. The Issuer agrees that any Purchaser Group so purchasing
      a
      portion of another Purchaser Group’s Purchaser Group Invested Amount may
      exercise all rights of payment (including, without limitation, rights of
      set-off) with respect to such portion as fully as if such Purchaser Group were
      the direct holder of such portion.

     

    
      
        
        

      

      
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    (b) 
      In
      addition to any rights and remedies of the Purchaser Groups provided by law,
      each CP Conduit Purchaser and each APA Bank shall have the right, without prior
      notice to the Issuer, any such notice being expressly waived by the Issuer
      to
      the extent permitted by applicable law, upon any amount becoming due and payable
      by the Issuer hereunder or under the Series 2006-2 Investor 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 such CP Conduit Purchaser or such APA Bank to or for the credit or
      the
      account of the Issuer. Each CP Conduit Purchaser and each APA Bank agrees
      promptly to notify the Issuer and the Administrative Agent after any such
      set-off and application made by such Person; provided
      that the
      failure to give such notice shall not affect the validity of such set-off and
      application.

     

    SECTION
      12.13.  Counterparts.
      This
      Indenture Supplement may be executed in any number of counterparts and by the
      different parties hereto in separate counterparts, each of which when so
      executed shall be deemed to be an original, and all of which taken together
      shall constitute one and the same agreement.

     

    SECTION
      12.14.  No
      Bankruptcy Petition.
      (a) Each
      of
      the Administrative Agent, the CP Conduit Purchasers, the APA Banks and the
      Funding Agents hereby covenants and agrees that, prior to the date which is
      one
      year and one day after the later of (i) the last day of the Series 2006-2
      Amortization Period and (ii) the last day of the amortization period of any
      other Outstanding Series, it will not institute against, or join any other
      Person in instituting against, the Issuer any involuntary, bankruptcy,
      reorganization, arrangement, insolvency or liquidation proceedings, or other
      similar proceedings under any federal or state bankruptcy or similar
      law.

     

    (b) 
      The
      Issuer, the Administrator, the Indenture Trustee, the Administrative Agent,
      each
      Funding Agent and each APA Bank hereby covenants and agrees that, prior to
      the
      date which is one year and one day after the payment in full of all outstanding
      Commercial Paper issued by, or for the benefit of, a CP Conduit Purchaser,
      it
      will not institute against, or join any other Person in instituting against,
      such CP Conduit Purchaser (or the Person issuing Commercial Paper for the
      benefit of such CP Conduit Purchaser) any involuntary bankruptcy,
      reorganization, arrangement, insolvency or liquidation proceedings, or other
      similar proceedings under any federal or state bankruptcy or similar
      law.

     

    (c) 
      The
      Issuer, the Administrator, the Indenture Trustee, the Administrative Agent,
      each
      CP Conduit Purchaser, each APA Bank and each Funding Agent hereby covenants
      and
      agrees that, prior to the date which is one year and one day after payment
      in
      full of all obligations under each Securitization, it will not institute
      against, or join any other Person in instituting against, the Origination Trust,
      SPV, Holdings, any other Special Purpose Entity, or any general partner or
      single member of any Special Purpose Entity that is a partnership or limited
      liability company, respectively, any involuntary bankruptcy, reorganization,
      arrangement, insolvency or liquidation proceeding or other proceedings under
      any
      federal or state bankruptcy or similar law.

     

    
      
        
        

      

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

     

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

     

    
      
        
        

      

      
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    SECTION
      12.16.  Discharge
      of Indenture.
      Notwithstanding anything to the contrary contained in the Base Indenture, no
      discharge of the Indenture pursuant to Section
      12.1(b)
      of the
      Base Indenture will be effective as to the Series 2006-2 Investor Notes without
      the consent of the Series 2006-2 Required Investor Noteholders.

     

    SECTION
      12.17.  Limited
      Recourse.
      (a) Notwithstanding
      anything to the contrary contained herein, any obligations of each CP Conduit
      Purchaser hereunder to any party hereto are solely the corporate obligations
      of
      such CP Conduit Purchaser and shall be payable at such time as funds are
      received by or are available to such CP
      Conduit
      Purchaser in excess of funds necessary to pay in full all of its outstanding
      Commercial Paper and, to the extent funds are not available to pay such
      obligations, the claims relating thereto shall not constitute a claim against
      such CP Conduit Purchaser but shall continue to accrue. Each party hereto agrees
      that the payment of any claim (as defined in Section 101 of Title 11 of the
      Bankruptcy Code) of any such party against a CP Conduit Purchaser shall be
      subordinated to the payment in full of all of its Commercial Paper.

     

    (b) 
      No
      recourse under any obligation, covenant or agreement of any CP Conduit Purchaser
      contained herein shall be had against any incorporator, stockholder, officer,
      director, employee or agent of such CP Conduit Purchaser, its administrative
      agent, the Funding Agent with respect to such CP Conduit Purchaser or any of
      their 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 Indenture Supplement is solely a corporate
      obligation of such CP Conduit Purchaser individually, and that no personal
      liability whatever shall attach to or be incurred by any incorporator,
      stockholder, officer, director, employee or agent of such CP Conduit Purchaser,
      its administrative agent, the Funding Agent with respect to such CP Conduit
      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
      such CP Conduit Purchaser contained in this Agreement, or implied therefrom,
      and
      that any and all personal liability for breaches by such CP Conduit 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 Indenture
      Supplement; provided
      that the
      foregoing shall not relieve any such Person from any liability it might
      otherwise have as a result of fraudulent actions taken or omissions made by
      them. The provisions of this Section 12.18 shall survive termination of this
      Indenture Supplement.

     

    SECTION
      12.18.  Waiver
      of Setoff.
      Notwithstanding any other provision of this Indenture Supplement or any other
      agreement to the contrary, all payments to the Purchasers hereunder shall be
      made without set-off or counterclaim.

     

    SECTION
      12.19.  Conflict
      of Instructions.
      In the
      event the Issuer and the Administrator shall have delivered conflicting
      instructions to the Indenture Trustee or the Administrative Agent to take or
      refrain from taking action hereunder, the Indenture Trustee or the
      Administrative Agent, as the case may be, shall follow the instructions of
      the
      Issuer.

     

    SECTION
      12.20.  JPMorgan
      Chase Conflict Waiver.
      JPMorgan Chase acts as Indenture Trustee, the Funding Agent with respect to
      one
      or more of the CP Conduit Purchasers (collectively,“Conduit) and as
      administrative agent for Conduit, as issuing and paying agent for Conduit’s
      Commercial Paper, as provider of other backup facilities for Conduit, and may
      provide other services or facilities from time to time (the “JPMorgan
      Chase Roles”).
      Each
      of the parties hereto hereby acknowledges and consents to any and all JPMorgan
      Chase Roles, waives any objections it may have to any actual or potential
      conflict of interest caused by JPMorgan Chase’s acting as the Indenture Trustee,
      the Funding Agent with respect to Conduit or as the APA Bank with respect to
      Conduit and acting as or maintaining any of the JPMorgan Chase Roles, and agrees
      that in connection with any JPMorgan Chase Role, JPMorgan Chase may take, or
      refrain from taking, any action which it in its discretion deems
      appropriate.

     

    
      
        
        

      

      
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    SECTION
      12.21. Confidential Information.

     

    (a) The
      Indenture Trustee and each Series 2006-2 Investor Noteholder will maintain
      the
      confidentiality of all Confidential Information in accordance with procedures
      adopted by the Indenture Trustee or such Series 2006-2 Investor Noteholder
      in
      good faith to protect Confidential Information of third parties delivered to
      such Person; provided, that such Person may deliver or disclose Confidential
      Information to: (i) such Person’s directors, trustees, officers, employees,
      agents, attorneys, independent or internal auditors and affiliates who agree
      to
      hold confidential the Confidential Information substantially in accordance
      with
      the terms of this Section
      12.21;
      (ii)
      such Person’s financial advisors and other professional advisors who agree to
      hold confidential the Confidential Information substantially in accordance
      with
      the terms of this Section
      12.21;
      (iii)
      any other Series 2006-2 Investor Noteholder; (iv) any Person of the type that
      would, to such Person’s knowledge, be permitted to acquire Series 2006-2
      Investor Notes in accordance with the requirements of the Indenture to which
      such Person sells or offers to sell any such Series 2006-2 Note or any part
      thereof or any participation therein that agrees to hold confidential the
      Confidential Information substantially in accordance with this Section
      12.21
      (or in
      accordance with such other confidentiality procedures as are acceptable to
      the
      Issuer); (v) any federal or state or other regulatory, governmental or judicial
      authority having jurisdiction over such Person; (vi) the National Association
      of
      Insurance Commissioners or any similar organization, or any nationally
      recognized rating agency that requires access to information about the
      investment portfolio of such Person; (vii) such Person’s reinsurers, liquidity
      providers, credit providers, investors or potential investors or the directors,
      trustees, officers, employees, agents, attorneys, independent or internal
      auditors, financial advisors or other professional advisors of such reinsurers,
      liquidity providers, credit providers, investors or potential investors who,
      in
      each case, agree to hold confidential the Confidential Information substantially
      in accordance with this Section
      12.21
      (or in
      accordance with such other confidentiality procedures as are acceptable to
      the
      Issuer); (viii) any Person acting as a placement agent or dealer with respect
      to
      any Commercial Paper (provided that any Confidential Information provided to
      any
      such placement agent or dealer does not reveal the identity of PHH or any of
      its
      Affiliates); (ix) any other Person with the consent of the Issuer; or (x) any
      other Person to which such delivery or disclosure may be necessary or
      appropriate (A) to effect compliance with any law, rule, regulation, statute
      or
      order applicable to such Person, (B) in response to any subpoena or other legal
      process upon prior notice to the Issuer (unless prohibited by applicable law,
      rule, order or decree or other requirement having the force of law), (C) in
      connection with any litigation to which such Person is a party upon prior notice
      to the Issuer (unless prohibited by applicable law, rule, order or decree or
      other requirement having the force of law) or (D) if an Amortization Event
      has
      occurred and is continuing, to the extent such Person may reasonably determine
      such delivery and disclosure to be necessary or appropriate in the enforcement
      or for the protection of the rights and remedies under the Series 2006-2
      Investor Notes, the Indenture or any other Related Document; and provided,
      further, however, that delivery to Series 2006-2 Investor Noteholders of any
      report or information required by the terms of the Indenture to be provided
      to
      Series 2006-2 Investor Noteholders shall not be a violation of this Section
      12.21.
      Each
      Series 2006-2 Investor Noteholder agrees, except as set forth in clauses (v),
      (vi) and (x) above, that it shall use the Confidential Information for the
      sole
      purpose of making an investment in the Series 2006-2 Investor Notes or
      administering its investment in the Series 2006-2 Investor Notes. In the event
      of any required disclosure of the Confidential Information by such Series 2006-2
      Investor Noteholder, such Series 2006-2 Investor Noteholder agrees to use
      reasonable efforts to protect the confidentiality of the Confidential
      Information. Each Series 2006-2 Investor Noteholder, by its acceptance of a
      Series 2006-2 Note, will be deemed to have agreed to be bound by and to be
      entitled to the benefits of this Section
      12.21.

     

    
      
        
        

      

      
        76

        
          

        

      

      
        
        

      

    

    (b) For
      the
      purposes of this Section
      12.21,
      “Confidential Information” means information delivered to the Indenture Trustee
      or any Series 2006-2 Investor Noteholder by or on behalf of the Issuer in
      connection with and relating to the transactions contemplated by or otherwise
      pursuant to the Indenture and the Transaction Documents; provided, that such
      term does not include information that: (i) was publicly known or otherwise
      known to the Indenture Trustee or such Series 2006-2 Investor Noteholder prior
      to the time of such disclosure; (ii) subsequently becomes publicly known through
      no act or omission by the Indenture Trustee, any Series 2006-2 Investor
      Noteholder or any person acting on behalf of the Indenture Trustee or any Series
      2006-2 Investor Noteholder; (iii) otherwise is known or becomes known to the
      Indenture Trustee or any Series 2006-2 Investor Noteholder other than (x)
      through disclosure by the Issuer or (y) as a result of the breach of a fiduciary
      duty to the Issuer or a contractual duty to the Issuer; or (iv) is allowed
      to be
      treated as non-confidential by consent of the Issuer.

     

    
      
        
        

      

      
        77

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuer, the Administrator, the Administrative Agent, the
      CP
      Conduit Purchasers, the APA Banks, the Funding Agents and the Indenture Trustee
      have caused this Indenture Supplement to be duly executed by their respective
      officers hereunto duly authorized as of the day and year first above
      written.

     

    CHESAPEAKE
      FUNDING LLC

     

    
      	 	
              By:

            	
                   /s/:
                Mark E. Johnson
                                      

            

    

    
      	 	
              Name:

            	
              Mark
                E. Johnson

            

    

    Title:
       Vice
      President and Treasurer

     

    
      
         

      

      
        78

        
          

        

      

      
         

      

    

    PHH
      VEHICLE MANAGEMENT SERVICES, LLC

     

    By:    /s/:
      Mark E.
      Johnson                                      

    Name:
      Mark E. Johhson

    Title:
      Vice President and Treasurer

     

    
      
         

      

      
        79

        
          

        

      

      
         

      

    

    JPMORGAN
      CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent 

     

    
      	 	
              By:

            	
                   /s/:
                Daniel J. Clarke, Jr.
                                 

            

    

    
      	 	
              Name:

            	
              Daniel
                J. Clarke, Jr.

            

    

    Title:
       Managing
      Director

     

    JPMORGAN
      CHASE BANK, NATIONAL ASSOCIATION, as Indenture Trustee

     

    
      	 	
              By:

            	
                    /s/:
                James P. Bowden
                                    

            

    

    
      	 	
              Name:

            	
              James
                P. Bowden

            

    

    Title:
      Assistant Treasurer

     

    
      
         

      

      
        80

        
          

        

      

      
         

      

    

    PARK
      AVENUE RECEIVABLES COMPANY, LLC, as a CP Conduit Purchaser

    

    

    By:
      ___/s/:
      Daniel J. Clarke, Jr._____________

    Name:
      Daniel J. Clarke, Jr.

    Title:
      Managing Director

    

    JPMORGAN
      CHASE BANK, NATIONAL ASSOCIATION, as an APA Bank and a Funding
      Agent

    

    

    By:
      ___/s/:
      Daniel J. Clarke, Jr._____________

    Name:
      Daniel J. Clarke, Jr.

    Title:
      Managing Director

    

    

    
      
         

      

      
        81

        
          

        

      

      
         

      

    

    VARIABLE
      FUNDING CAPITAL COMPANY LLC, as a CP Conduit Purchaser

    

    By:
      WACHOVIA CAPITAL MARKETS, LLC, 

    As
      Attorney-in-Fact

    

    

    By:
      __/s/:
      Douglas R. Wilson, Sr._____________

    Name:
      Douglas R. Wilson, Sr.

    Title:
      Vice President

    

    

    WACHOVIA
      BANK, NATIONAL ASSOCIATION, as an APA Bank and a Funding Agent

    

    

    By:
      __/s/:
      Andrew W. Riebe_________________

    Name:
      Andrew W. Riebe

    Title:
      Vice President

    

    

    
      
         

      

      
        82

        
          

        

      

      
         

      

    

    YC
      SUSI
      TRUST, as a CP Conduit Purchaser

    

    

    By:
      Bank
      of America, National Association, as Administrative Trustee

    

    

    By:
      _/s/:
      Willem van Beek__________________

    Name:
      Willem van Beek

    Title:
      Principal

    

    

    BANK
      OF
      AMERICA, NATIONAL ASSOCIATION, as an APA Bank and a Funding Agent

    

    

    By:
      __/s/:
      Willem van Beek_______________

    Name:
      Willem van Beek

    Title:
      Principal

    

    
      
         

      

      
        83

        
          

        

      

      
         

      

    

    SARATOGA
      FUNDING CORP. LLC, as a CP Conduit Purchaser

    

    

    By:
      _/s/:
      Lori Gebron______________________

    Name:
      Lori Gebron

    Title:
      Vice President

    

    

    DEUTSCHE
      BANK AG, NEW YORK BRANCH,

    As
      an APA
      Bank and a Funding Agent

    

    

    By:
      __/s/:
      Michael Cheng___________________

    Name:
      Michael Cheng

    Title:
      Director

    

    

    By:
      __/s/:
      Stanley Chao____________________

    Name:
      Stanley Chao

    Title:
      Director

    

    
      
         

      

      
        84

        
          

        

      

      
         

      

    

    LIBERTY
      STREET FUNDING CORP., as a CP Conduit Purchaser

    

    

    By:
      __/s/:
      Andrew L. Stidd__________________

    Name:
      Andrew L. Stidd

    Title:
      President

    

    

    THE
      BANK
      OF NOVA SCOTIA, NEW YORK AGENCY, as an APA Bank and a Funding Agent

    

    

    By:
      __/s/:
      Norman Last_____________________

    Name:
      Norman Last

    Title:
      Managing Director

    

    

    
      
         

      

      
        85

        
          

        

      

      
         

      

    

    PARADIGM
      FUNDING, LLC, as a CP Conduit Purchaser

    

    

    By:
      __/s/:
      Doris J. Hearn____________________

    Name:
      Doris J. Hearn

    Title:
      Vice President

    

    

    WESTLB
      AG, New York Branch, as an APA Bank and a Funding Agent

    

    

    By:
      __/s/:
      Richard Bianchi__________________

    Name:
      Richard Bianchi

    Title:
      Director

    

    

    By:
      __/s/:
      Yuval Lifshitz____________________

    Name:
      Yuval Lifshitz

    Title:
      Associate Director

    

    

    
      
         

      

      
        86

        
          

        

      

      
         

      

    

    CHARTA,
      LLC, as a CP Conduit Purchaser

    

    

    By:
      CITICORP NORTH AMERICA, INC.,

    As
      Attorney-in-Fact

     

    By: _/s/:
      Lain J. Gutierrez_________________

    Name:
      Lain J. Gutierrez

    Title:
      Vice President

    

    

    CITIBANK,
      N.A., as an APA Bank 

     

    By: _/s/:
      Lain J. Gutierrez_________________

    Name:
      Lain J. Gutierrez

    Title:
      Vice President

    

    

    CITICORP
      NORTH AMERICA, INC., as a Funding Agent

     

    By: _/s/:
      Lain J. Gutierrez_________________

    Name:
      Lain J. Gutierrez

    Title:
      Vice President

    
      
         

      

      
        87

        
          

        

      

      
         

      

    

    SHEFFIELD
      RECEIVABLES CORPORATION, as a CP Conduit Purchaser

    

    

    By:
      ____/s/:
      Janette Lieu___________________

    Name:
      Janette Lieu

    Title:
      Director

    

    

    BARCLAYS
      BANK PLC, as an APA Bank and as a Funding Agent

    

    

    By:
      __/s/:
      Jeffrey Goldberg__________________

    Name:
      Jeffrey Goldberg

    Title:
      Associate Director

    

    

    
      
         

      

      
        88

        
          

        

      

      
         

      

    

    ATLANTIC
      ASSET SECURITIZATION, LLC, as a CP Conduit Purchaser

    

    

    By:
      __/s/:
      Kostantina Kourmpetis____________

    Name:
      Kostantina Kourmpetis

    Title:
      Managing Director

    

    

    By:
      _/s/:
      Sam Pilcer_______________________

    Name:
      Sam
      Pilcer

    Title:
      Managing Director

    

    

    CALYON
      NEW YORK BRANCH, as an APA Bank and as a Funding Agent

    

    

    By:
      __/s/:
      Kostantina Kourmpetis____________

    Name:
      Kostantina Kourmpetis

    Title:
      Managing Director

    

    

    By:
      _/s/:
      Sam Pilcer_______________________

    Name:
      Sam
      Pilcer

    Title:
      Managing Director

     

     

    89Exhibit
      10.4

    

    

    

    

    

    

    

    
       

        
          

        

      

     

    MASTER
      EXCHANGE AGREEMENT

     

    Dated
      as
      of March 7, 2006

     

    by
      and
      among

     

    PHH
      FUNDING, LLC

     

    CHESAPEAKE
      FINANCE HOLDINGS LLC

     

    D.L.
      PETERSON TRUST

    

    
      
        

      

    

    

    

    
      
        
          

          
            	 	 	 

          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

     

    Table
      of
      Contents

     

    Page

    
      	
              ARTICLE
                I DEFINITIONS

            	 	
              2

            
	
              1.1

            	
              Capitalized
                Terms.

            	
              2

            
	
              1.2

            	
              Rules
                of Interpretation

            	
              3

            
	
              ARTICLE
                II GENERAL PROVISIONS FOR EXCHANGES

            	
              3

            
	
              2.1

            	
              Exchange
                of Properties

            	
              3

            
	
              2.2

            	
              Disposition
                and Transfer of Relinquished Property; Transfer of Relinquished Property
                Subject to Liabilities

            	
              3

            
	
              2.3

            	
              Acquisition
                and Transfer of Replacement Property

            	
              4

            
	
              2.4

            	
              Assignment
                of Agreements.

            	
              4

            
	
              2.5

            	
              Notice
                to Buyers and Sellers

            	
              5

            
	
              2.6

            	
              Direct
                Transfers

            	
              5

            
	
              2.7

            	
              Exclusivity

            	
              6

            
	
              2.8

            	
              Records
                - Monitoring and Retention

            	
              6

            
	
              2.9

            	
              Non-Matched
                Properties

            	
              6

            
	
              2.10

            	
              Matching
                of Relinquished and Replacement Property

            	
              7

            
	
              ARTICLE
                III IDENTIFICATION OF REPLACEMENT PROPERTIES

            	
              7

            
	
              3.1

            	
              Manner
                of Deemed Identification

            	
              7

            
	
              3.2

            	
              Manner
                of Written Identification

            	
              7

            
	
              3.3

            	
              Content
                of Written Identification

            	
              7

            
	
              ARTICLE
                IV RECEIPT AND DISBURSEMENT OF FUNDS

            	
              8

            
	
              4.1

            	
              Accounts

            	
              8

            
	
              4.2

            	
              Separation
                and Application of Funds in Joint Collection

            	 
	
               

            	
              Accounts;
                Proceeds from Transfer of Relinquished Property by PHF

            	
              9

            
	
              4.3

            	
              Payment
                for Replacement Property

            	
              10

            
	
              4.4

            	
              Investment
                of Funds in the Reservoir Account

            	
              12

            
	
              4.5

            	
              Disbursements
                from Account

            	
              12

            
	
              4.6

            	
              Security
                Procedures

            	
              12

            
	
              ARTICLE
                V INDEMNITY BY EXCHANGOR

            	 	
              12

            
	
              5.1

            	
              Indemnification

            	
              12

            
	
              5.2

            	
              Notice
                and Defense of Claims

            	
              13

            
	
              5.3

            	
              Survival

            	
              13

            
	
              5.4

            	
              No
                Setoff

            	
              13

            
	
              ARTICLE
                VI REPRESENTATIONS, WARRANTIES AND COVENANTS

            	
              13

            
	
              6.1

            	
              Representations
                and Warranties of PHF

            	
              13

            
	
              6.2

            	
              Representations
                and Warranties of Holdings

            	
              15

            
	
              6.3

            	
              Survival
                of Representations and Warranties

            	
              16

            
	
              6.4

            	
              Covenants
                of PHF

            	
              17

            
	
              6.5

            	
              Treasury
                Regulations Disclosure Requirements

            	
              17

            

    

     

     

    
      
        
        

      

      
        
          ii

        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              6.6

            	
              Maintenance
                of Separate Existence

            	
              17

            
	
              6.7

            	
              Mergers

            	
              18

            
	
              6.8

            	
              Organizational
                Documents

            	
              18

            
	
              6.9

            	
              No
                Other Agreements

            	
              18

            
	
              6.10

            	
              Other
                Business

            	
              18

            
	
              ARTICLE
                VII TERM AND COMPENSATION

            	 	
              18

            
	
              7.1

            	
              Term

            	
              18

            
	
              7.2

            	
              Compensation

            	
              19

            
	
              ARTICLE
                VIII MISCELLANEOUS

            	 	
              19

            
	
              8.1

            	
              Pending
                Litigation

            	
              19

            
	
              8.2

            	
              Communication
                in Writing

            	
              19

            
	
              8.3

            	
              Further
                Assurances

            	
              20

            
	
              8.4

            	
              Amendments

            	
              20

            
	
              8.5

            	
              Assignment

            	
              20

            
	
              8.6

            	
              Successors
                and Assigns; No Third-Party Beneficiaries

            	
              21

            
	
              8.7

            	
              No
                Benefit to Others

            	
              21

            
	
              8.8

            	
              Strict
                Performance

            	
              21

            
	
              8.9

            	
              Time

            	
              21

            
	
              8.10

            	
              Severability

            	
              21

            
	
              8.11

            	
              Jury
                Trial Waiver

            	
              22

            
	
              8.12

            	
              Waiver
                of Automatic Stay

            	
              22

            
	
              8.13

            	
              Counterparts
                and Telecopied Signatures

            	
              22

            
	
              8.14

            	
              Entire
                Agreement

            	
              22

            
	
              8.15

            	
              Electronic
                Signature

            	
              22

            
	
              8.16

            	
              Indebtedness

            	
              23

            
	
              8.17

            	
              Dates,
                Descriptions, Values, and Matching

            	
              23

            
	
              8.18

            	
              Acknowledgment
                of Independent Relationship

            	
              23

            
	
              8.19

            	
              Force
                Majeure

            	
              23

            
	
              8.20

            	
              Consequential
                Damages

            	
              23

            
	
              8.21

            	
              Investment
                Losses

            	
              24

            
	
              8.22

            	
              Governing
                Law, Venue and Jury Trial Waiver

            	
              24

            
	
              8.23

            	
              No
                Petitions; Subordination

            	
              24

            
	
              8.24

            	
              Headings

            	
              26

            

    

    

    

    

    
      
        
          

          
            	 	
                    i

                  	 

          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    MASTER
      EXCHANGE AGREEMENT

    

    This
      MASTER
      EXCHANGE AGREEMENT
      (“Agreement”)
      is
      entered into as of March 7, 2006, by and among PHH FUNDING,
      LLC,
      a
      Delaware limited liability company, (“PHF”),
      CHESAPEAKE FINANCE HOLDINGS LLC,
      a
      Delaware limited liability company (“Holdings”),
      and
D.L. PETERSON
      TRUST,
      a
      Delaware statutory trust (“D.L.
      Peterson”
and
      collectively with Holdings, the “Exchangor”).

    

    RECITALS

     

    WHEREAS, Exchangor
      desires to effect an LKE Program consisting of a series of Exchanges of one
      or
      more Relinquished Properties for one or more Replacement Properties;
      and

     

    WHEREAS,
      the
      Relinquished Properties as they are sold from time to time will be sold to
      various Buyers; and

     

    WHEREAS, the
      Replacement Properties as they are purchased from time to time will be purchased
      from various Sellers; and

     

    WHEREAS, it
      is the
      intention of the parties that each disposition of one or more Relinquished
      Properties and acquisition of one or more Replacement Properties be effectuated
      pursuant to the terms of this Agreement; and

     

    WHEREAS, Exchangor
      desires to effectuate each disposition of one or more Relinquished Properties
      hereunder and each acquisition of one or more Replacement Properties hereunder
      in a manner that will qualify as one or more like-kind exchanges within the
      meaning of Section 1031 of the Code and the Treasury Regulations promulgated
      thereunder (and any applicable corresponding provisions of state tax
      legislation) pursuant to one or more of the “safe harbors” described in Section
      1.1031(k)-1(g) of the Treasury Regulations; and

     

    WHEREAS,
      Exchangor desires to effectuate the Exchanges in a manner that will qualify
      as
      an LKE program as described in Revenue Procedure 2003-39, Section 3.02 and
      qualify under one or more of the “safe harbors” of Revenue Procedure 2003-39,
      Sections 4, 5 and 6; and

     

    WHEREAS,
      PHF
      desires to act as a Qualified Intermediary to facilitate the Exchanges and
      the
      LKE Program; and

     

    WHEREAS,
      it is
      the intention of the parties that, subject to the terms and provisions of this
      Agreement, Exchangor assign to PHF, in its capacity as Exchangor’s Qualified
      Intermediary, Exchangor’s rights (but not its obligations) with respect to each
      Relinquished Property Agreement; and

     

    WHEREAS,
      it is
      the intention of the parties that, as provided in Section 1.1031(k)-1(g)(4)(iv)
      and (v) of the Treasury Regulations, PHF be considered to have acquired the
      Relinquished Property from Exchangor and transferred it to the Buyer
      notwithstanding that Exchangor will transfer legal title to the Relinquished
      Property directly to the Buyer; and

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
      it is
      the intention of the parties that, subject to the terms and provisions of this
      Agreement, Exchangor assign to PHF in its capacity as Exchangor’s Qualified
      Intermediary, Exchangor’s rights (but not its obligations) with respect to each
      Replacement Property Agreement; and 

     

    WHEREAS,
      it is
      the intention of the parties that, as provided in Section
      1.1031(k)-(1)(g)(4)(iv) and (v) of the Treasury Regulations, PHF be considered
      to have acquired the Replacement Property from the Seller and transferred it
      to
      Exchangor notwithstanding that the Seller will transfer legal title to the
      Replacement Property directly to Exchangor; and

     

    WHEREAS,
      it is
      the intention of the parties that Exchangor and PHF will establish certain
      accounts to facilitate the receipt, sorting and disbursement of funds as may
      be
      necessary or helpful in the efficient execution of the LKE Program and that
      such
      accounts shall qualify as “Joint Accounts”; and

     

    WHEREAS,
      it is
      the intention of the parties to maintain a Reservoir Account and one or more
      Joint Collection Accounts and Joint Disbursement Accounts so that for purposes
      of the Treasury Regulations the Exchangor not be determined to be in actual
      or
      constructive receipt of any Relinquished Property Proceeds; and

     

    WHEREAS,
      it is
      the intention of the parties hereto that, as provided in
      Section 1.1031(b)-1(c) of the Treasury Regulations, consideration received
      by the Exchangor, in the form of relief of liabilities (or a transfer subject
      to
      a liability), shall be offset against consideration given by the Exchangor
      in
      the form of cash, an assumption of liabilities, or a receipt of property subject
      to a liability; and

     

    WHEREAS, Exchangor
      and PHF desire and intend this Agreement to satisfy the requirement of a written
      agreement referred to in Section 1.1031(k)-1(g)(4)(iii)(B) of the Treasury
      Regulations and Section 3.02(3) of Revenue Procedure 2003-39;

     

    NOW,
      THEREFORE,
      for and
      in consideration of the promises contained herein and for other good and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto agree as follows:

    ARTICLE
      I

     

    DEFINITIONS

    1.1 Capitalized
      Terms.

     

     Unless
      the context shall otherwise require, capitalized terms used and not defined
      herein shall have the meanings assigned thereto in (x) Appendix
      A
      attached
      hereto or (ii) if not defined in Appendix
      A,
      then in
Schedule
      1
      to the
      Base Indenture.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    1.2 Rules
      of Interpretation.
      The
      rules of interpretation set forth in Appendix
      A
      shall
      apply to this Agreement.

     

    ARTICLE
      II

     

    GENERAL
      PROVISIONS FOR EXCHANGES

     

    2.1 Exchange
      of Properties.
      (a) In
      accordance with the terms of this Agreement, PHF agrees to effect each Exchange
      hereunder for the benefit of the Exchangor by (a) acquiring one or more
      Relinquished Properties from the Exchangor, (b) transferring such Relinquished
      Property(ies) to one or more Buyers pursuant to the method described in Section
      2.2, (c) acquiring one or more Replacement Properties from one or more
      Sellers and (d) transferring such Replacement Property(ies) to the Exchangor
      pursuant to the method described in Section 2.3 in transactions intended to
      qualify as exchanges in accordance with Section 1031 of the Code. Exchangor
      shall be solely responsible for determining the scope of each separate and
      distinct Exchange hereunder by matching one or more Relinquished Properties
      with
      one or more Replacement Properties.

     

    (b) No
      transfer by the Exchangor of Relinquished Property pursuant to this Agreement
      shall be made unless: (i) on the date of such transfer, each of the
      representations and warranties of Holdings in Section 8 of the Loan Agreement
      are true and correct on and as of such date and shall be deemed to have been
      made on such date with the same effect as though made on and as of such date,
      (ii) no Parent Downgrade Event, Loan Event of Default, Potential Loan Event
      of
      Default, Default, Event of Default, Potential Amortization Event or Amortization
      Event shall have occurred and is continuing or would result from the making
      of
      such transfer, (iii) on the date of such transfer, the only debt secured by
      such
      Relinquished Property are the Loans and related liabilities arising under the
      Loan Agreement, (iv) the representations and warranties of PHF in Article VI
      are
      true and correct on and as of such date and shall be deemed to have been made
      on
      such date with the same effect as though made on and as of such date and (v)
      the
      Termination Date under this Agreement has not occurred. In connection with
      any
      such transfer, the Exchangor, by making such transfer, shall be deemed to have
      represented and warranted to the effect set forth in clauses (ii), (iii) and
      (v)
      above, Holdings shall be deemed to have represented and warranted to the effect
      set forth in clause (i) above and PHF shall be deemed to have represented and
      warranted to the effect set forth in clause (iv) above.

     

    2.2 Disposition
      and Transfer of Relinquished Property; Transfer of Relinquished Property Subject
      to Liabilities. (a)
      The
      Exchangor has entered, and/or from time to time may enter, into one or more
      Relinquished Property Agreements with one or more Buyers for the sale of
      Relinquished Property. In connection with each Exchange, the Exchangor shall,
      in
      accordance with Section 1.1031(k)-1(g)(4)(v) of the Treasury Regulations and
      Section 6.02 of Revenue Procedure 2003-39: (a) assign to PHF all of its
      Rights with respect to such Relinquished Property under the applicable
      Relinquished Property Agreements in accordance with Section 2.4, such assignment
      to be made without recourse to PHF (and PHF agrees to accept such assignments);
      (b) notify all parties to the applicable Relinquished Property Agreements in
      writing of the assignment in accordance with Section 2.5 prior to or
      concurrent with the date of transfer of the Relinquished Property to the
      applicable Buyer(s), and (c) transfer its interest in the Relinquished Property
      to the applicable Buyer(s) pursuant to the applicable Relinquished Property
      Agreements.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    (b) The
      parties to this Agreement acknowledge and agree that the Exchangor shall be
      permitted to transfer Relinquished Property Subject to Liabilities. If the
      Exchangor transfers Relinquished Property Subject to Liabilities pursuant to
      Section 2.2(a), then PHF shall, in accordance with the procedures set forth
      in
      Section 4.2, repay the related Liabilities Due on Transfer on the Business
      Day
      on which such sale proceeds are received in a Joint Collection Account;
provided
      that if
      the amount of such related Liabilities Due on Transfer is greater than the
      proceeds received from the sale of such Relinquished Property Subject to
      Liabilities, Holdings shall remain obligated to make payment of such excess
      amount directly to the holder of such liability to the extent set forth in,
      and
      in accordance with the terms of, the documents governing such
      liabilities.

     

    2.3 Acquisition
      and Transfer of Replacement Property.
      The
      Exchangor has entered, and/or from time to time may enter, into one or more
      Replacement Property Agreements with one or more Sellers for the purchase of
      Replacement Property. In connection with each Exchange, the Exchangor shall,
      in
      accordance with Section 1.1031(k)-1(g)(4)(v) of the Treasury Regulations and
      Section 6.02 of Revenue Procedure 2003-39: (i) assign to PHF its Rights with
      respect to the Replacement Property in respect of the Exchange pursuant to
      Section 2.4, any such assignment to be made without recourse to PHF (and PHF
      agrees to accept such assignments); (ii) notify all parties to the applicable
      Replacement Property Agreement in writing of the assignment in accordance with
      Section 2.5 prior to or concurrent with the date of transfer of the
      Replacement Property from the applicable Seller(s), and (iii) receive an
      ownership interest in the Replacement Property from the applicable Seller(s)
      pursuant to the applicable Replacement Property Agreement.

     

    2.4 Assignment
      of Agreements.

     

    (a) Existing
      Agreements.
      The
      Exchangor hereby assigns to PHF, solely in PHF’s capacity as Qualified
      Intermediary, the Exchangor’s Rights, but not its obligations, under each
      Relinquished Property Agreement to which the Exchangor is a party as of the
      date
      hereof, such assignment to be effective only upon the Exchangor’s transfer of
      the related Relinquished Property pursuant to Section 2.2 and only with respect
      to such Relinquished Property, and PHF hereby agrees to accept such assignment,
      solely in its capacity as the Exchangor’s Qualified Intermediary. The Exchangor
      hereby assigns to PHF, solely in PHF’s capacity as Qualified Intermediary, the
      Exchangor’s Rights, but not its obligations, under each Replacement Property
      Agreement to which the Exchangor is a party as of the date hereof with respect
      to the related Replacement Property and PHF hereby accepts such assignment,
      solely in its capacity as the Exchangor’s Qualified Intermediary.

     

    (b) New
      Agreements.
      The
      Exchangor hereby assigns to PHF, solely in PHF’s capacity as Qualified
      Intermediary, the Exchangor’s Rights, but not its obligations, under each
      Relinquished Property Agreement that it enters into after the date of this
      Agreement, such assignment to be effective only upon the Exchangor’s transfer of
      the related Relinquished Property pursuant to Section 2.2 and only with respect
      to such Relinquished Property. The Exchangor hereby assigns to PHF, solely
      in
      PHF’s capacity as Qualified Intermediary, the Exchangor’s Rights, but not its
      obligations, under each Replacement Property Agreement that it enters into
      after
      the date of this Agreement with respect to the Replacement Property. PHF shall
      and hereby does accept each assignment pursuant to this Section 2.4(b) from
      the
      Exchangor, solely in its capacity as the Exchangor’s Qualified
      Intermediary.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (c) Revocation
      of, or Change in, Assignment.
      By
      notice to PHF, the Exchangor may revoke its assignment to PHF of its Rights
      with
      respect to any Replacement Property identified in such notice. Similarly, by
      notice to PHF, the Exchangor may cease assigning to PHF the Exchangor’s Rights
      pursuant to this Section 2.4 with respect to any of its Relinquished Property
      identified in such notice. Not later than the Termination Date, the Exchangor
      shall cease assigning to PHF its Rights with respect to any Relinquished
      Property arising on or after such date. Any such notices shall only be effective
      with respect to property transferred or received after the date on which such
      notice is given.

     

    (d) Safe
      Harbor.
      Each
      assignment to PHF made by the Exchangor pursuant to this Section 2.5 is made
      pursuant to the assignment Safe Harbor set forth in Section 6.02 of Revenue
      Procedure 2003-39 and, except as may be otherwise required by applicable law,
      shall be effective when provided in Section 2.4(a) or 2.4(b), as applicable,
      without the need for any further actions other than those provided in Sections
      2.1, 2.2, 2.3, 2.4(a) and/or 2.4(b) by the Exchangor or PHF with respect to
      the
      transfer of any Relinquished Property or any Replacement Property.

     

    (e) Limitation
      on Rights Transferred to PHF.
      Each of
      the parties hereto agrees and acknowledges that any assignment to PHF hereunder
      shall not give PHF any rights under any Relinquished Property Agreement to
      which
      the Exchangor is a party relating to the disposition of a Vehicle except the
      Rights in respect of a Vehicle that becomes Relinquished Property. PHF hereby
      acknowledges that it shall have no interest in any Relinquished Property
      Agreement with respect to any Vehicle that is not Relinquished
      Property.

     

    2.5 Notice
      to Buyers and Sellers.
      The
      Exchangor represents and agrees that it will provide notice, on or before the
      date of the relevant transfer of property, to the other party(ies) to any
      Relinquished Property Agreement or any Replacement Property Agreement with
      respect to which any of its Rights thereunder have been assigned to PHF that
      the
      Exchangor’s Rights in such Relinquished Property Agreement or such Replacement
      Property Agreement, as the case may be, have been assigned, to the extent set
      forth herein, to PHF, as its Qualified Intermediary.

     

    2.6 Direct
      Transfers.
      (a)
 For purposes of this Agreement, PHF shall be considered to have (i)
      acquired Relinquished Property from the Exchangor and transferred it to the
      Buyer thereof in each case where such Relinquished Property is in fact
      transferred by the Exchangor directly to such Buyer pursuant to the relevant
      Relinquished Property Agreement in accordance with Section 2.2, and (ii)
      acquired Replacement Property from the Seller thereof and transferred it to
      the
      Exchangor in each case where the Replacement Property is in fact transferred
      by
      such Seller directly to the Exchangor pursuant to the relevant Replacement
      Property Agreement in accordance with Section 2.3, in each case as provided
      by
      Sections 1.1031(k)-1(g)(4)(iv) and (v) of the Treasury Regulations.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (b) The
      Exchangor and PHF agree that, as described in the preceding paragraph, all
      Relinquished Property and Replacement Property shall be transferred directly
      from the Exchangor to the applicable Buyer or directly from the applicable
      Seller to the Exchangor, as the case may be. As a result, PHF shall not (i)
      take
      possession of, (ii) hold legal title to, or (iii) be the owner of, any
      Relinquished Property or Replacement Property.

     

    2.7 Exclusivity.
      Except
      as permitted under this Agreement, PHF agrees that it will not enter into any
      agreements or conduct any transactions or other business other than as expressly
      contemplated by this Agreement or incidental to the conduct of PHF’s
      responsibilities hereunder.

     

    2.8 Records
      - Monitoring and Retention.
      PHF
      agrees that it will monitor and keep, in the manner in which they are received,
      detailed and accurate records of the transactions carried out pursuant to this
      Agreement provided, and only to the extent, that such records have actually
      been
      received by PHF. Such records shall, to the extent so received by PHF, include,
      but shall not be limited to, information concerning the date of each transfer
      of
      Relinquished Property(ies) to a Buyer and the date of each receipt of
      Replacement Property(ies) from a Seller. Such records shall be maintained in
      a
      reasonable manner such that they may be audited and/or available for inspection
      by Exchangor, or its designated representatives, upon Exchangor’s request, at
      reasonable, mutually agreeable times, while this Agreement remains in force.
      After expiration, termination or cancellation of this Agreement, at Holdings’
expense (which expenses shall be reasonable and approved by Holdings), PHF
      shall
      continue to maintain such records, and to allow Holdings to audit or inspect
      the
      records, until the end of PHF’s internally established retention period for
      Exchange documentation but in no event for less than four years. PHF shall
      cooperate with Exchangor, or its designated representatives, in the conduct
      of
      any such inspection. Notwithstanding the responsibilities of PHF under this
      Section 2.8, Exchangor, and not PHF, shall be solely responsible for all
      matching of Relinquished Property(ies) with Replacement Property(ies) as
      required to create each separate and distinct Exchange hereunder as provided
      in
      Section 2.1.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    2.9 Non-Matched
      Properties.
      The
      parties hereto acknowledge and agree that, consistent with the safe harbor
      of
      Section 6.01 of Revenue Procedure 2003-39, Exchangor may (a) assign to PHF
      Rights under a Relinquished Property Agreement with respect to one or more
      Relinquished Properties that are not ultimately matched with one or more
      Replacement Properties under the LKE Program and (b) assign to PHF rights under
      a Replacement Property Agreement with respect to one or more Replacement
      Properties that are not ultimately matched with one or more Relinquished
      Properties under the LKE Program. The parties hereto further acknowledge and
      agree that, consistent with the safe harbor of Section 6.01 of Revenue Procedure
      2003-39, PHF may (a) receive proceeds with respect to the transfer of one or
      more Relinquished Properties that ultimately are not matched with one or more
      Replacement Properties under the LKE Program and (b) disburse funds for the
      acquisition of one or more Replacement Properties that ultimately are not
      matched with Relinquished Properties under the LKE Program. Nevertheless,
      pending Exchangor’s completion of the matching procedures under Section 2.1, all
      property transferred pursuant to a Relinquished Property Agreement, or acquired
      pursuant to a Replacement Property Agreement, shall be transferred or acquired,
      as the case may be, pursuant to the terms of this Agreement.

     

    2.10 Matching
      of Relinquished and Replacement Property.
      The
      Exchangor shall match Replacement Property to be used in its trade or business
      with Relinquished Property used in its trade or business for each Exchange
      on
      its books and records in accordance with Section 1.1031(a)-2 of the Treasury
      Regulations and the Safe Harbor set forth in Sections 4.01 and 4.02 of Revenue
      Procedure 2003-39.

     

    ARTICLE
      III

     

    IDENTIFICATION
      OF REPLACEMENT PROPERTIES

     

    3.1 Manner
      of Deemed Identification.
      To meet
      the identification requirement described in Section 1031(a)(3)(A) of the Code
      and Section 1.1031(k)-1(b)(1)(i) of the Treasury Regulations, Exchangor intends,
      with respect to each Exchange, to utilize the Deemed Deferred Exchange
      Identification Procedures pursuant to which Replacement Property acquired within
      the Deferred Exchange Identification Period for an Exchange, and matched with
      one or more Relinquished Properties for such Exchange, is deemed to have been
      identified for such Exchange.

     

    3.2 Manner
      of Written Identification.
      Notwithstanding the foregoing Section 3.1, Exchangor may, with respect to an
      Exchange, at any time during the Deferred Exchange Identification Period for
      such Exchange, (i) provide written identification of potential Replacement
      Property(ies) to PHF pursuant to the Written Deferred Exchange Identification
      Procedures and (ii) thereafter match one or more such Replacement Property(ies)
      that are like-kind (as defined in Section 1.1031(a)-(b), and 1.1031(a)-2 of
      the
      Treasury Regulations) with one or more Relinquished Properties for such
      Exchange. Any such written identification may be revoked pursuant to Section
      1.1031(k)-1(c)(6) of the Treasury Regulations by a written revocation from
      Exchangor to PHF prior to the end of the Deferred Exchange Identification
      Period.

     

    3.3 Content
      of Written Identification.
      In any
      written identification of potential Replacement Properties for an Exchange,
      Exchangor shall identify only properties that are of like kind to the
      Relinquished Property(ies) for such Exchange. For each Exchange in which a
      written identification is transmitted, Exchangor shall identify either (a)
      no
      more than three potential Replacement Properties in the aggregate, or (b) any
      number of potential Replacement Properties provided
      that the
      aggregate fair market value of Identified Replacement Properties does not exceed
      200% of the aggregate fair market value of the Relinquished Property(ies) for
      such Exchange.

     

    ARTICLE
      IV

     

    RECEIPT
      AND DISBURSEMENT OF FUNDS

     

    4.1 Accounts.
      (a) The
      Exchangor and PHF shall enter into the Master Trust Agreement with Wachovia
      Bank, National Association, pursuant to which the Exchangor and PHF shall
      maintain one or more Joint Disbursement Accounts and a Reservoir Account. One
      or
      more Joint Collection Accounts have been established and will be maintained
      by
      the Chesapeake Trustee in accordance with Section
      5.1
      of the
      Base Indenture, in the name of “JPMorgan Chase Bank, National Association, as
      Trustee, and PHH Funding, LLC, as Qualified Intermediary for Chesapeake Finance
      Holdings LLC” and shall be operated in accordance with the terms of this
      Agreement and the Indenture. Initially, the Joint Collection Accounts will
      be
      maintained at JPMorgan Chase Bank, National Association and Bank of America,
      N.A.
      The
      Joint Disbursement Accounts and the Joint Collection Accounts are intended
      to
      qualify within the definition of “Joint Accounts” described in Section 5.02 of
      Revenue Procedure 2003-39. The Reservoir Account will be opened by WBNA as
      a
“qualified trust” (within the meaning of Section 1.1031(k)-1(g)(3)(iii) of the
      Treasury Regulations) under the Master Trust Agreement, for the benefit of
      PHF
      and Exchangor.

     

     

    
      
        
        

      

      
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    (b) The
      Joint
      Collection Accounts are intended to facilitate the orderly and efficient
      collection of proceeds from the disposition of the Relinquished Property,
      including the collection of all Relinquished Property Proceeds, and to allow
      for
      the identification and separation of funds that are Relinquished Property
      Proceeds from funds that are Non-Qualified Funds. All payments made by Buyers
      to
      or on behalf of PHF or the Exchangor in respect of sales of Relinquished
      Property shall be made directly to a Joint Collection Account.

     

    (c) The
      Joint
      Disbursement Accounts are intended to facilitate the orderly and efficient
      disbursement of funds to Sellers, including the disbursement of all funds
      relating to the acquisition of Replacement Property under the LKE
      Program.

     

    (d) The
      Reservoir Account is intended (i) to receive all Relinquished Property
      Proceeds that are not used for other qualified purposes including, but not
      limited to, the payment of Liabilities Due on Transfer and (ii)  to provide
      Relinquished Property Proceeds to the Joint Disbursement Accounts (to the extent
      of the funds deposited in the Reservoir Account and any income earned on the
      investment thereof pursuant to the Master Trust Agreement). Relinquished
      Property Proceeds on deposit in the Joint Collection Accounts shall be deposited
      into the Reservoir Account to the extent, and only to the extent, that any
      portion of such proceeds remain in such Joint Collection Accounts after all
      Liabilities Due on Transfer, including the outstanding Loans and all other
      amounts payable under the Loan Agreement, have been paid in full.

     

    (e) Pursuant
      to the Master Trust Agreement, Relinquished Property Proceeds held in the
      Reservoir Account shall be invested until such funds are distributed to a Joint
      Disbursement Account in order to purchase Replacement Property.

     

    (f) All
      Relinquished Property Proceeds (and any earnings thereon), whether in a Joint
      Collection Account, a Joint Disbursement Account or the Reservoir Account,
      shall
      be held subject to Sections 1.1031(k)-1(g)(4)(ii) and 1.1031(k)-1(g)(6) of
      the
      Treasury Regulations, including the restrictions on the Exchangor’s right to
      receive, pledge, borrow, or otherwise obtain the benefits of Relinquished
      Property Proceeds and earnings thereon held by PHF. Notwithstanding that, prior
      to the occurrence of a Distribution Event with respect to the related
      Relinquished Property, the Exchangor shall have no right to receive, pledge,
      borrow, or otherwise obtain the benefits of Relinquished Property Proceeds
      or
      the earnings thereon held by either PHF or the bank maintaining the account
      where such Relinquished Property Proceeds are on deposit, Relinquished Property
      Proceeds received with respect to Relinquished Property Subject to Liabilities
      shall be applied to the payment of the related Liabilities Due on Transfer,
      including the outstanding Loans and all other amounts payable under the Loan
      Agreement, as provided in Sections 2.2(b) and 4.2(b). Upon any Distribution
      Event with respect to Relinquished Property, PHF shall, at such time and in
      satisfaction of PHF’s remaining obligations under this Agreement as to the
      related Exchange, have the bank maintaining the Account where the related
      Relinquished Property Proceeds are on deposit pay any remaining amount of such
      Relinquished Property Proceeds, including without limitation accumulated
      interest thereon, to, or as directed by, the Exchangor.

     

     

    
      
        
        

      

      
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    4.2 Separation
      and Application of Funds in Joint Collection Accounts; Proceeds from Transfer
      of
      Relinquished Property by PHF.

     

    (a) Reports.
      On each
      Business Day, Exchangor shall make available to PHF a report with respect to
      each Joint Collection Account setting forth for such Business Day (1) the
      aggregate Relinquished Property Proceeds deposited in, or expected to settle
      in,
      such Joint Collection Account, and (2) the amount of Non-Qualified Funds, if
      any, deposited in, or expected to settle in, such Joint Collection
      Account.

     

    (b) Identification
      of Funds.
      On each
      Business Day, Exchangor shall:  (i) identify any funds in the Joint
      Collection Accounts as of such Business Day which constitute Non-Qualified
      Funds
      and direct PHF to immediately transfer such funds to the Collection Account;
      (ii) initiate on such Business Day proposed Electronic Funds Transfers from
      the
      Joint Collection Accounts in order to apply any funds in the Joint Collection
      Accounts as of such Business Day which constitute Relinquished Property Proceeds
      in the following order: first, transfer to the Collection Account an amount
      of
      such funds sufficient to repay in full the Liabilities Due on Transfer,
      including the outstanding Loans and all other amounts payable under the Loan
      Agreement, and second, transfer to the Reservoir Account any remaining amount
      of
      such funds; and (3) notify PHF and the Chesapeake Trustee of such proposed
      transfers.

     

    (c) Approval
      of Certain Transfers.
      If upon
      notification to PHF of the proposed Electronic Funds Transfers of Relinquished
      Property Proceeds pursuant to clause (2) of Section 4.2(b), PHF approves of
      such proposed Electronic Funds Transfers, PHF agrees to take, within one hour
      of
      the receipt of such notification of transfers, all appropriate actions needed
      to
      approve and transmit such transfers. If PHF does not approve of any of such
      proposed Electronic Funds Transfers of Relinquished Property Proceeds, PHF
      shall
      immediately notify the Exchangor, the Chesapeake Trustee and the banking
      institution maintaining the applicable Joint Collection Account via telephone
      or
      fax (any such notice given by telephone to be confirmed in writing), of the
      disapproval and the reasons for such disapproval; provided,
      that no
      such disapproval shall relieve PHF from its obligation under Section 2.2(b)
      to apply Relinquished Property Proceeds to the repayment of the Liabilities
      Due
      on Transfer, including the outstanding Loans and all other amounts payable
      under
      the Loan Agreement pursuant to Section 2.2(b), on the Business Day on which
      such
      Relinquished Property Proceeds are received in a Joint Collection Account.
      In
      the event that PHF disapproves of any such proposed Electronic Funds Transfer
      of
      Relinquished Property Proceeds to the Collection Account that is required to
      be
      applied to repay Liabilities Due on Transfer, including the outstanding Loans
      and all other amounts payable under the Loan Agreement, and the Chesapeake
      Trustee or the Servicer certifies to PHF as to the amount of such Liabilities
      Due on Transfer on such Business Day, PHF shall then be obligated to approve
      such transfer up to the amount so certified to be due and owing. PHF shall
      cause
      the bank maintaining the Joint Collection Accounts to accept each Electronic
      Funds Transfer described in Section 4.2(b) that is subsequently approved by
      PHF
      pursuant to this Section 4.2(c).

     

     

    
      
        
        

      

      
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    (d) Ownership
      of Funds; Restricted Transfers.
      The
      Exchangor and PHF hereby acknowledge and agree that it is the intent of the
      parties hereto that funds deposited into the Reservoir Account shall be used
      solely to enable PHF to perform its obligations hereunder to acquire Replacement
      Property and shall not be considered part of PHF’s general assets nor subject to
      claims by PHF’s creditors. 

     

    (e) Non-Qualified
      Funds. PHF
      shall
      apply any Non-Qualified Funds, or shall cooperate with Exchangor for purposes
      of
      executing any authorization to cause any Non-Qualified Funds to be applied,
      as
      directed by the Exchangor pursuant to clause (1) of Section 4.2(b).

     

    (f) Effectuation
      of Transfer.
      On each
      Business Day, PHF shall cause the bank maintaining each Joint Collection Account
      to cause the amount set forth in the instructions described in Section 4.2(b)
      as
      being required to pay Liabilities Due on Transfer, including the outstanding
      Loans and all other amounts payable under the Loan Agreement, to be transferred
      from such Joint Collection Account to the Collection Account, and, if no such
      Liabilities Due on Transfer remain outstanding, shall cause the remaining
      amount, if any, held in such Joint Collection Account to be transferred to
      the
      Reservoir Account. PHF hereby agrees that it shall not approve any transfer
      of
      Relinquished Property Proceeds from the Joint Collection Accounts to any account
      other than the Collection Account or, if all Liabilities Due on Transfer,
      including the outstanding Loans and all other amounts payable under the Loan
      Agreement, have been paid in full, the Reservoir Account. The Exchangor shall
      provide notice to the Chesapeake Trustee of any transfer from a Joint Collection
      Account to the Reservoir Account.

     

    4.3 Payment
      for Replacement Property.

     

    (a) Reports.
      On each
      Business Day, the Exchangor shall provide PHF and WBNA with a report with
      respect to each Joint Disbursement Account setting forth for such Business
      Day (1) the aggregate Replacement Property Acquisition Costs expected to be
      disbursed from such Joint Disbursement Account, (2) the aggregate amount to
      be
      transferred to such Joint Disbursement Account from the Reservoir Account,
      if
      any, to fund such aggregate Replacement Property Acquisition Costs, (3) the
      amount (if any) of Additional Subsidies to be transferred to such Joint
      Disbursement Account from any other source, including the proceeds of Loans
      to
      be made to Holdings, to fund such aggregate Replacement Property Acquisition
      Costs, (4) the aggregate amount (if any) of Additional Subsidies to be
      transferred to such Joint Disbursement Account from any other account, to fund
      Non-LKE Disbursements, and (5) adjustments, if any, to amounts previously funded
      from the Reservoir Account.

     

    (b) Funding
      by PHF.
      On each
      Business Day, Exchangor shall direct WBNA to initiate a series of proposed
      Electronic Funds Transfers in order to withdraw from the Reservoir Account
      and
      transfer to one or more Joint Disbursement Accounts on such Business Day amounts
      to fund the aggregate Replacement Property Acquisition Costs on such Business
      Day in accordance with the report delivered pursuant to Section 4.3(a) and
      shall
      notify PHF of such proposed Electronic Funds Transfers. If upon such
      notification of the proposed Electronic Funds Transfers PHF approves of the
      proposed Electronic Funds Transfers, PHF agrees to take, within one hour of
      the
      receipt of such notification, all appropriate actions needed to approve and
      transmit such transfers. If PHF does not approve of any of such proposed
      Electronic Funds Transfers, PHF shall immediately notify Exchangor, via
      telephone or fax (any such notice given by telephone to be confirmed in
      writing), of the disapproval and the reasons for such disapproval. PHF shall
      cause the bank maintaining each Joint Disbursement Account to accept each
      Electronic Funds Transfer described above that is subsequently approved by
      PHF.

     

     

    
      
        
        

      

      
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    (c) Shortfalls
      in Funding.
      If, for
      any reason, the sum of the amounts proposed to be transferred from the Reservoir
      Account to the Joint Disbursement Accounts for the purchase of Replacement
      Property on any Business Day exceeds the total amount of collected funds in
      the
      Reservoir Account available for such purpose on such Business Day, including
      any
      funds earned from the investment of funds held in the Reservoir Account pursuant
      to the Master Trust Agreement on such day and actually credited to the Reservoir
      Account, the amounts to be transferred to the Joint Disbursement Accounts from
      the Reservoir Account on such Business Day to fund the aggregate Replacement
      Property Acquisition Costs shall be reduced by the amount of such
      shortfall.

     

    (d) Effectuation
      of Transfers.
      On each
      Business Day, PHF shall cause the amounts, if any, set forth in the instructions
      described in Section 4.3(b), reduced, if necessary, as described in Section
      4.3(c), to be transferred from the Reservoir Account to the applicable Joint
      Disbursement Account.

     

    (e) Funding
      by Exchangor. 
      In the
      event that the aggregate funds transferred from the Reservoir Account to a
      Joint
      Disbursement Account on any Business Day are insufficient to fund all
      Replacement Property Acquisition Costs and Non-LKE Disbursements to be made
      from
      such Joint Disbursement Account on such Business Day, Holdings may transfer
      Additional Subsidies (including funds received pursuant to Loans made to
      Holdings under the Loan Agreement) to such Joint Disbursement Account in an
      amount sufficient for PHF to acquire the related Replacement Property. PHF
      shall
      not be required to pay related Replacement Property Acquisition Costs or make
      Non-LKE Disbursements for which sufficient funds are not available.

     

    4.4 Investment
      of Funds in the Reservoir Account.

     

    (a) Investment
      of Funds.
      On each
      Business Day, all funds in the Reservoir Account shall be invested in accordance
      with the terms of the Master Trust Agreement. Exchangor shall provide WBNA
      instructions from time to time in accordance with the Master Trust Agreement
      setting forth the manner in which such funds shall be invested; provided
      that
      Exchanger shall not provide any instructions to invest such funds in a manner
      that is not in accordance with the requirements of Section 1.1031(k)-1(g)(6)
      of
      the Treasury Regulations.

     

    (b) Interest
      Reporting.
      Exchangor and PHF acknowledge and agree that the income earned on funds invested
      pursuant to the Master Trust Agreement will be attributed to Holdings for income
      tax purposes. Holdings hereby represents and warrants to PHF that (i) Holdings’
federal tax identification number is 51-0391968 and (ii) Holdings is not subject
      to backup withholding under Section 3406 of the Code

     

     

    
      
        
        

      

      
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    4.5 Disbursements
      from Account.
      All
      Relinquished Property Proceeds shall be held subject to the terms of this
      Agreement (including, without limitation, the terms of Section 4.1(f)) and,
      following any transfer of such Relinquished Property Proceeds to the Reservoir
      Account and/or a Joint Disbursement Account in accordance with the terms hereof
      and of the Master Trust Agreement.

     

    4.6 Security
      Procedures.
      PHF is
      authorized to receive funds transfer instructions via: fax; mail; overnight
      delivery; and/or electronic transmission signed or otherwise furnished by any
      one of the persons listed on the attached Schedule
      1
      and/or
      their representative. PHF may rely in good faith on the instructions executed
      by
      any one of the persons listed on Schedule 1
      without
      further inquiry. PHF may
      rely
      solely upon any account numbers or similar identifying numbers provided by
      Exchangor and/or its representative to identify (i) the beneficiary, (ii) the
      beneficiary’s bank, or (iii) an intermediary bank. PHF may rely on the
      instructions furnished by the persons listed on Schedule
      1
      for any
      payment order using any such identifying number, even when its use may result
      in
      a person other than the beneficiary being paid, or the transfer of funds to
      a
      bank other than the beneficiary’s bank or an intermediary bank designated.
      Exchangor acknowledges that these security procedures are commercially
      reasonable.

     

    ARTICLE
      V

     

    INDEMNITY
      BY EXCHANGOR

    5.1 Indemnification.
      If PHF
      or any of its officers, directors, employees, members, successors, and assigns
      (collec-tively, the "Indemnitees") becomes involved in any claim, investigation,
      proceeding, or suit in connection with this Agreement, or any instrument or
      document executed by PHF at Exchangor’s request in connection herewith
      (collectively, “Claims”), Holdings agrees to indemnify, defend (with counsel
      reasonably acceptable to PHF) and hold each of the Indemnitees harmless from
      all
      loss, cost, damages, expenses and all reasonable attorneys' fees suffered or
      incurred by the Indemnitees as a result thereof, except for Claims arising
      out
      of or related to the gross negligence, willful misconduct, or breach of this
      Agreement by PHF and/or any of the Indemnities.

     

    5.2 Notice
      and Defense of Claims.
      PHF
      shall notify Holdings in writing of any Claim or potential Claim which may
      give
      rise to a right of indemnification under Section 5.1 within ten (10) days (or
      such earlier period as may be required to avoid prejudicing Holdings position)
      after PHF is made aware (in writing or orally) of such Claim or potential Claim.
      If the Holdings acknowledges in writing (in form and substance satisfactory
      to
      PHF) that it is indemnifying PHF and any other Indemnitees with respect to
      such
      Claim, Holdings will be entitled to assume the defense of such Claim at its
      sole
      expense. PHF agrees to consult and cooperate to the extent deemed necessary
      by
      Holdings in such defense.

     

     

    
      
        
        

      

      
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    5.3 Survival.
      The
      indemnity set forth in this Article V shall survive the expiration or sooner
      termination of this Agreement and shall not merge into any document executed
      in
      conjunction herewith. It is intended that the provisions of this Article V
      take
      precedence over the provisions of any other agreements between the parties
      entered into pursuant to this Agreement, and the parties agree that the
      provisions of this Article V may not be amended or modified except by a written
      agreement between the parties making express reference to this Article
      V.

     

    5.4 No
      Setoff.
      PHF
      shall not have any right of setoff against any of the funds held by PHF or
      held
      in any of the accounts contemplated hereunder to satisfy any right PHF may
      have
      against Exchangor, Holdings or any other Person under this Agreement or any
      other agreement.

     

    ARTICLE
      VI

     

    REPRESENTATIONS,
      WARRANTIES AND COVENANTS

     

    6.1 Representations
      and Warranties of PHF.
       PHF
      hereby represents and warrants to Exchangor as of the date hereof (and on the
      dates of the transactions described in Article II and IV) and covenants, where
      applicable, with Exchangor as follows:

     

    (a) Organization,
      Power, Standing and Qualification. PHF
      is a
      limited liability company duly organized, validly existing, and in good standing
      under the laws of the State of Delaware, has the requisite organizational power
      and authority to carry on its business as it has been conducted in the past,
      is
      presently being conducted, and is contemplated to be conducted under this
      Agreement, and to own and operate the properties and assets presently owned
      and
      operated by it, and contemplated to be owned and operated by it under this
      Agreement. At Exchangor’s request and expense, PHF will qualify to do business
      in those states requested by Exchangor. PHF shall at all times operate in a
      manner consistent with its certificate of formation and its operating
      agreement.

     

    (b) Power
      and Authority.
      PHF has
      the power and authority to execute, deliver and perform this Agreement, to
      acquire Rights under assignment(s) of Relinquished Property Agreements, to
      acquire Rights under assignment(s) of Replacement Property Agreements and to
      otherwise perform its obligations under this Agreement and the transactions
      contemplated hereby. The execution, delivery, and performance of this Agreement
      and the consummation of the transactions contemplated hereby have been duly
      authorized by all necessary action on the part of PHF. This Agreement is a
      valid
      and binding obligation of PHF, enforceable in accordance with its terms, except
      as such enforcement may be limited by applicable bankruptcy, insolvency,
      moratorium, or similar laws affecting the enforcement of creditors’ rights
      generally.

     

    (c) Validity
      of Contemplated Transactions.

     

    (i) No
      Violation.
      The
      execution, delivery, and performance of this Agreement and the consummation
      of
      the transactions contemplated hereby do not and will not (a) contravene any
      provisions of the articles of organization or operating agreement of PHF; (b)
      violate, conflict with, constitute a default under, cause the acceleration
      of
      any payments pursuant to, or otherwise impair the good standing, validity,
      or
      effectiveness of any agreement, contract, indenture, lease, or mortgage to
      which
      PHF is a party, or subject any of the assets of PHF to any indenture mortgage,
      contract, commitment, lien (including without limitations any tax lien) or
      agreement to which PHF is a party or by which PHF is bound; or (c) violate
      any
      provision of any law, rule, regulation, order, permit or license to which PHF
      is
      subject.

     

     

    
      
        
        

      

      
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    (ii) Required
      Filings; Consents.
      The
      execution, delivery, and performance of this Agreement and the consummation
      of
      the transactions contemplated hereby will not require PHF to file or register
      with, or obtain any permit, authorization, consent or approval of, any
      governmental or regulatory authority or any other third party, except as
      otherwise disclosed herein.

     

    (d) Indebtedness
      and Liens.
      Neither
      PHF, nor any person acting on behalf of or as an agent for PHF, has incurred
      or
      will incur any Indebtedness or will pledge, assign, transfer, or otherwise
      encumber (or permit any of the foregoing encumbrances with respect to) any
      of
      PHF’s rights in the Relinquished Property(ies) or the Replacement Property(ies)
      hereunder.

     

    (e) Litigation
      and Compliance.
      There is
      no suit, action, claim, arbitration, administrative, legal, or other proceeding
      or governmental investigation pending or, to the best knowledge of PHF after
      due
      inquiry threatened against PHF or its members nor has there been any failure
      by
      PHF or its members to comply with nor has there been any violation of, or
      default with respect to any order, writ, injunction, judgment or decree of
      any
      court or federal, state, or local department, official, commission, authority,
      board, bureau, agency, or other instrumentality issued or pending against PHF
      or
      its members.

     

    (f) Agency.
      Other
      than in connection with the type of transactions contemplated by this Agreement
      and the Master Trust Agreement, PHF is not, nor has it been during the last
      two
      years, an attorney, attorney-in-fact, broker, agent (within the meaning of
      Section 1.1031(k)-1(k)(2) of the Treasury Regulations), partner, or trustee
      of
      Exchangor or any of its affiliates.

     

    (g) Tax
      Advice.
      PHF
      represents that at no time has it or its members, employees or agents made
      any
      representation or rendered any advice with respect to the tax aspects of the
      transactions contemplated herein except as may be consistent with its role
      as a
      Qualified Intermediary.

     

    (h) Solvency.
      Before
      and after giving effect to the transactions contemplated by this
      Agreement, PHF is solvent within the meaning of the Bankruptcy Code and PHF
      is
      not the subject of any voluntary or involuntary
      case or
      proceeding seeking liquidation, reorganization or other relief with respect
      to
      itself or its debt under any bankruptcy or insolvency law and no Insolvency
      Event has occurred with respect to PHF.

     

    (i) Ownership.
      All of
      the issued and outstanding membership interests of PHF are owned by Wachovia
      Exchange Services, LLC, a Delaware limited liability company (“Parent”), and
      have been validly issued, are fully paid and non-assessable. PHF has no
      subsidiaries and owns no capital stock or any interest in any other
      Person.

     

     

    
      
        
        

      

      
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    (j) No
      Other Agreements.
      Other
      than as contemplated by this Agreement and the Master Trust Agreement, (i)
      PHF
      is not a party to any contract or any agreement of any kind or nature and (ii)
      PHF is not subject to any obligations or liabilities of any kind or nature
      in
      favor of any third party.

     

    (k) Not
      a Disqualified Person.
      PHF
      hereby represents and warrants to Exchangor
      that at
      all
      times during the period commencing two years prior to the date hereof through
      the date hereof, PHF has not been and PHF
      is
not
      a
      disqualified person
      within
      the meaning of such term as set forth in Section 1.1031(k)-1(k) of the Treasury
      Regulations (a “Disqualified
      Person”),
      taking into account all exceptions and exclusions therefrom.
      PHF
      shall not knowingly cause PHF to become a Disqualified Person during the period
      commencing on the execution date hereof through the Termination
      Date.

     

    6.2 Representations
      and Warranties of Holdings.
      Holdings
      hereby represents and warrants to PHF as of the date hereof and on the date
      of
      the transactions described in Articles II, III, IV and covenants, where
      applicable, with PHF as follows:

     

    (a) Organization,
      Power, Standing and Qualification.
      Holdings
      is a limited liability company duly organized, validly existing, and in good
      standing under the laws of the State of Delaware and has the requisite corporate
      power and authority to carry on its business as it has been conducted in the
      past and is presently being conducted. Holdings is duly qualified to transact
      business and is in good standing as a foreign corporation in each and every
      jurisdiction where the failure to qualify or to be in good standing would have
      a
      material adverse effect upon its ability to perform its obligations under this
      Agreement or the transactions contemplated hereby.

     

    (b) Corporate
      Power and Authority.
      Holdings
      has the power and authority to execute, deliver and perform this Agreement,
      to
      transfer the Relinquished Property(ies) and to acquire the Replacement
      Property(ies). The execution, delivery, and performance of this Agreement and
      the consummation of the transactions contemplated hereby have been duly
      authorized by all necessary action on the part of Holdings. This Agreement
      has
      been duly executed and delivered by Holdings and is a valid and binding
      obligation of Holdings, enforceable in accordance with its terms, except as
      such
      enforcement may be limited by applicable bankruptcy, insolvency, moratorium,
      or
      similar laws affecting the enforcement of creditors’ rights
      generally.

     

    (c) Validity
      of Contemplated Transactions.
      The
      execution, delivery, and performance of this Agreement and the consummation
      of
      the transactions contemplated hereby do not and will not (i) contravene any
      provision of the limited liability company agreement of Holdings (ii) violate,
      conflict with, constitute a default under, cause the acceleration of any
      payments pursuant to, or otherwise impair the good standing, validity, or
      effectiveness of the transfer of any Relinquished Property(ies) or the
      acquisition of Replacement Property(ies), where applicable, or any indenture,
      mortgage, contract, commitment, or agreement to which Holdings is a party or
      by
      which it is bound, or (iii) violate any provision of any law, rule, regulation,
      order, permit or license to which Holdings is subject.

     

     

    
      
        
        

      

      
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    (d) Litigation
      and Compliance.
      There is
      no material suit, action, claim, arbitration, administrative or legal or other
      proceeding, or governmental investigation pending or, to the knowledge of
      Holdings (after due inquiry), threatened against Exchangor that is related
      to
      this Agreement, nor has there been any failure by Exchangor to comply with,
      nor
      has there been any violation of, or default with respect to, any order, writ,
      injunction, judgment, or decree of any court or federal, state, or local
      department, official, commission, authority, board, bureau, agency, or other
      instrumentality issued or pending against Exchangor that is related to this
      Agreement which has not been disclosed to PHF.

     

    (e) Legal
      or Tax Advice.
      Holdings
      acknowledges that neither PHF nor any employee, officer, director, agent,
      principal or affiliate of PHF has given any legal or tax advice nor made
      representations regarding the legal or tax consequences of the LKE Program.
      Holdings further acknowledges that it has been advised to seek independent
      legal
      and tax advice regarding the LKE Program, regarding whether any Relinquished
      Property and Replacement Property are like-kind under Treasury Regulations
      Sections 1.1031(a)-2 and 1.1031(k)-1 and to have this Agreement reviewed and
      approved by independent counsel.

     

    (f) Not
      a Disqualified Person.
      Holdings
      hereby represents and warrants to the PHF that, to the best of Holdings’
knowledge, as of the date hereof, PHF is not a Disqualified Person with respect
      to Exchangor. Holdings shall not knowingly cause PHF to become a Disqualified
      Person with respect to Exchangor during the Term of this Agreement.

     

    6.3 Survival
      of Representations and Warranties.
      All
      representations and warranties made by or on behalf of PHF and Holdings in
      this
      Agreement and all obligations, agreements and covenants undertaken by or on
      behalf of PHF and Holdings in this Agreement, will survive for five (5) years,
      notwithstanding any investigation made by or on behalf of PHF or
      Exchangor.

     

    6.4 Covenants
      of PHF.

     

    (a) PHF
      will
      file its tax returns on a timely basis and pay its tax liability, if any, on
      a
      timely basis.

     

    (b) PHF
      shall
      make all necessary filings and pay all fees required by the State of Delaware
      to
      conduct its business and the transactions contemplated hereby, and Exchangor
      may
      request that PHF make any filings other than those normally required for PHF
      to
      conduct its business in those states in which PHF has operations. In each case,
      Holdings shall reimburse PHF for such fees.

     

    (c) PHF
      agrees that, except as otherwise required by law, it will not disclose
      Confidential Information it receives from or about Exchangor except to its:
      agents or attorneys-in-fact, by and under power of attorney duly executed by
      PHF; employees; or other entities specifically named in this Agreement, in
      each
      case only to the extent necessary to achieve the purposes contemplated by this
      Agreement.

     

    6.5 Treasury
      Regulations Disclosure Requirements.
      Notwithstanding anything herein to the contrary, any party to this Agreement
      (and any employee, representative, or other agent of any party to this
      Agreement) may disclose to any and all persons, without limitation of any kind,
      the U.S. federal income tax treatment and U.S. federal income tax structure
      of
      the transactions contemplated by this Agreement.

     

     

    
      
        
        

      

      
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    6.6 Maintenance
      of Separate Existence.
      PHF
      covenants and agrees that it shall do all things necessary to continue to be
      readily distinguishable from Parent and its affiliates and maintain its limited
      liability company existence separate and apart from that of Parent and its
      affiliates including, without limitation, (i) practicing and adhering to
      organi-zational formalities, such as maintaining appropriate books and records;
      (ii) observing all organizational formalities in connection with all dealings
      between itself and Parent, and the affiliates or any unaffiliated entity with
      respect to Parent; (iii) observing all procedures required by its operating
      agreement and the laws of the State of Delaware; (iv) acting solely in its
      name
      and through its duly authorized officers or agents in the conduct of its
      busi-nesses; (v) managing its business and affairs by or under the direction
      of
      its managers; (vi) ensur-ing that its managers duly authorizes all of its
      actions; (vii) maintaining at least one manager who is an independent manager;
      (viii) owning or leasing (including through shared arrangements with affiliates)
      all office furni-ture and equipment necessary to operate its business; (ix)
      not
      (A) having or incurring any indebt-ed-ness to Parent or its affiliates; (B)
      guaranteeing or otherwise becoming liable for any obligations of Parent or
      its
      affiliates; (C) having obligations guaranteed by Parent or its affiliates;
      (D)
      holding itself out as responsible for debts of Parent or its affiliates or
      for
      decisions or actions with respect to the affairs of Parent or its affiliates;
      (E) operating or purport-ing to operate as an integrated, single economic unit
      with respect to Parent, its affiliates or any unaffiliated entity thereof;
      (F)
      seeking to obtain credit or incur any obligation to any third party based upon
      the assets of Parent, its affiliates or any unaffiliated entity thereof; (G)
      induce any such third party to reasonably rely on the creditworthiness of
      Parent, its affiliates or any unaffili-ated entity thereof; and (H) being
      directly or indirectly named as a direct or contingent beneficiary or loss
      payee
      on any insurance policy of Parent, its affiliates or any unaffiliated entity
      thereof; (x) maintaining its deposit and other bank accounts and all of its
      assets separate from those of any other Person; (xi) maintaining its
      financial records separate and apart from those of any other Person; (xii)
      not
      suggesting in any way, within its financial statements, that its assets are
      avail-able to pay the claims of creditors of Parent, its affiliates or any
      unaffiliated entity thereof; (xiii) compensating all its employees, officers,
      consultants and agents for services provided to it by such Persons out of its
      own funds; (xiv) maintaining office space separate and apart from that of Parent
      and its affiliates and a telephone number separate and apart from that of Parent
      and its affiliates; (xv) conducting all oral and written communications,
      includ-ing, without limitation, letters, invoices, purchase orders, contracts,
      statements, and applications solely in its own name; (xvi) having separate
      stationery from Parent, its affiliates or any unaffili-ated entity thereof;
      (xvii) accounting for and managing all of its liabilities separately from
      those of Parent and its affiliates; (xviii) allocating, on an arm’s-length
      basis, all shared corporate operating services, leases and expenses, including,
      without limitation, those associated with the services of shared consul-tants
      and agents and shared computer and other office equipment and software; and
      otherwise maintaining an arm’s-length relationship with each of Parent, its
      affiliates and any unaffil-iated entity thereof; (xix) refraining from filing
      or
      otherwise initiating or supporting the filing of a motion in any bankruptcy
      or
      other insolvency proceeding involving Parent to substantively consolidate Parent
      with an affiliate or unaffiliated entity thereof; (xx) remaining solvent and
      assuring adequate capital-ization for the business in which it is engaged and
      (xxi) conducting all of its business (whether written or oral) solely in
      its own name so as not to mislead others as to the identity of Parent or its
      affiliates.

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    6.7 Mergers.
      PHF will
      not merge or consolidate with or into any other Person unless PHF complies
      with
      Section 8.5.

     

    6.8 Organizational
      Documents.
      PHF will
      not amend any of its organizational documents, including its certificate of
      formation and limited liability company agreement, unless prior to such
      amendment, the Rating Agency Condition will be met.

     

    6.9 No
      Other Agreements.
      PHF will
      not enter into or be a party to any agreement or instrument other than this
      Agreement, the Master Trust Agreement and any documents and agreements
      incidental thereto or entered into as contemplated herein.

     

    6.10 Other
      Business.
      PHF will
      not engage in any business or enterprise or enter into any transaction other
      than the making of Exchanges pursuant to this Agreement, the related exercise
      of
      its rights as Qualified Intermediary hereunder, the incurrence and payment
      of
      ordinary course operating expenses and other activities related to or incidental
      to either of the foregoing.

     

    ARTICLE
      VII

     

    TERM
      AND COMPENSATION

    7.1 Term.
      The
      term
      of this Agreement shall begin on the date first written above and shall continue
      for thirty-six (36) months thereafter. The term shall be automatically renewed
      for successive twelve (12) month terms, unless either party notifies the other
      in writing at least one hundred twenty (120) days prior to the end of a term
      of
      its desire to terminate this Agreement. In addition, (i) Exchangor or PHF may
      terminate this Agreement, by providing not less than sixty (60) days prior
      written notice to the other party hereto, For Cause, including, in the case
      of a
      termination by Exchangor, Exchangor’s inability to derive further benefit from
      the LKE Program and (ii) Holdings may terminate this Agreement, by providing
      not
      less than ten (10) days prior written notice to PHF in the event a Parent
      Downgrade Event shall occur. Upon any such termination, (i) this Agreement
      shall
      remain in effect with respect to Then-Pending Exchanges, (ii) any indemnities
      and obligations owing to PHF under this Agreement as of the Termination Date
      shall survive until satisfied or otherwise terminated, (iii) termination of
      this
      Agreement shall not affect any rights or obligations of the parties hereto
      under
      any Then-Pending Exchange that has not yet been completed as of the Termination
      Date. In the event that any party hereto terminates this Agreement, such party
      shall not do so in a manner that causes a Then-Pending Exchange not to qualify
      under Code Section 1031 or in a manner that would violate Sections
      1.1031(k)-1(g)(4)(ii) or (g)(6) of the Treasury Regulations or Revenue Procedure
      2003-39. Subject to the restrictions above and the retention of any funds
      related to Then-Pending Exchanges, upon the Termination Date, PHF shall, at
      such
      time, and in satisfaction of PHF’s remaining obligations under this Agreement,
      pay all funds in any Account to Exchangor or Exchangor’s designee. Any funds
      held by PHF with respect to a Then-Pending Exchange shall not be disbursed
      to
      Exchangor until after the occurrence of a Distribution Event for such
      Exchange.

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    7.2 Compensation.
      Holdings
      agrees to timely pay PHF as agreed upon under the terms and conditions of the
      fee schedule attached hereto as Exhibit
      A
      as the
      same may be amended from time to time in writing signed by Holdings and PHF.
      If
      this Agreement is terminated for any reason, PHF will continue to be compensated
      until all Then-Pending Exchanges are completed.

     

    ARTICLE
      VIII

     

    MISCELLANEOUS

     

    8.1 Pending
      Litigation.
      If
      either party receives any written notice that there is a pending litigation
      against either one of the parties in any manner relating to this Agreement,
      then
      the party receiving said written notice shall immediately notify the other
      party
      as stated in Section 8.2 below.

     

    8.2 Communication
      in Writing.
      All
      notices, requests, demands, waivers, consents, approvals, or other
      communications required or permitted hereunder will be in writing, will be
      deemed given when actually received, and will be given by personal delivery,
      by
      telegram, by facsimile transmission with receipt acknowledged (and with a
      confirmation copy sent by registered or certified mail, postage prepaid, return
      receipt requested), by same day or overnight courier services, or by registered
      or certified mail, postage prepaid, return receipt requested, to the following
      addresses:

     

    
      	 	
              If
                to PHF:

            	 
	 	 	 
	 	 	
              301
                S. College Street, NC0174

            
	 	 	
              Charlotte,
                NC 28202

            
	 	 	
              Attn:
                David Yorker

            
	 	 	
              Telephone
                No.: (704) 374-2019

            
	 	 	
              Facsimile
                No.: (704) 715-0065

            

    

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

     

    
      	 	 	 
	 	
              If
                to Holdings:

            	 
	 	 	
              940
                Ridgebrook Road

            
	 	 	
              Sparks,
                MD 21152

            
	 	 	
              Attention:
                Mark Johnson

            
	 	 	
              Telephone:
                (856) 917-0176

            
	 	 	
              Facsimile
                No.: (856) 917-4278

            
	 	
              If
                to D.L. Peterson:

            	 
	 	 	
              c/o
                Wilmington Trust Company, as trustee

            
	 	 	
              1100
                North Market Street 

            
	 	 	
              Rodney
                Square North 

            
	 	 	
              Wilmington,
                DE 19890

            
	 	 	
              Attention:
                Corporate Trust Administration

            
	 	 	
              Facsimile
                No.: (302) 651-8882

            

    

    

     

    Notice
      of
      any change in any such address will also be given in the manner set forth above.
      Whenever the giving of notice is required, the party entitled to receive such
      notice may waive the giving of such notice.

     

    8.3 Further
      Assurances.
      Each
      party hereto will take such reasonable actions, as the other party hereto may
      from time to time request, to effect this Agreement.

     

    8.4 Amendments.
      No
      amendment, modification or waiver of, or consent with respect to, any provision
      of this Agreement shall in any event be effective unless (i) the same shall
      be
      in writing and duly executed by all the parties hereto and, if the consent
      of
      the Holders of a Majority in Interest of each Series of Outstanding Notes for
      such amendment and supplement of this Agreement is required pursuant to the
      terms of Section 3.2(c) of the Indenture, consented to by the Holders of a
      Majority in Interest of each Series of Outstanding Notes and (ii) the Rating
      Agency Condition shall have been satisfied.

     

    8.5 Assignment.
      This
      Agreement shall be binding upon and inure to the benefit of each party and
      its
      successors in interest and permitted assigns. Except as expressly otherwise
      allowed herein, no party may assign or otherwise transfer any of its rights
      or
      delegate any of its duties or obligations under this Agreement without the
      prior
      written consent of each other party, which consent shall not be unreasonably
      withheld; provided,
      however,
      that no
      assignment by PHF shall be effective without satisfaction of the Rating Agency
      Condition; provided
      further,
      however,
      that
      (1) Exchangor may pledge all of its right, title and interest in this Agreement
      to secure its obligations under the Loan Agreement and (2) any party hereto
      may
      assign (subject to the Rating Agency Condition in the case of PHF) this
      Agreement, without such written consent, to a successor or surviving entity
      resulting from a merger or acquisition involving substantially all of a party’s
      stock or assets; provided
      further
      that any
      assignment by PHF or any transfer of any interest in this Agreement by PHF,
      whether by merger or acquisition or otherwise, shall only be effective if the
      successor or surviving entity (x) is a bankruptcy-remote, special purpose entity
      organized under the laws of any state of the United States and is not an
      affiliate of Exchangor and (y) expressly agrees in writing to abide by the
      terms of this Agreement and the Master Trust Agreement. To secure Exchangor’s
      obligations under the Loan Agreement, Exchangor has pledged, assigned, conveyed,
      delivered, transferred and set over to Chesapeake Funding LLC a security
      interest in all of its right, title and interest in, to and under this
      Agreement, including any amendments hereto, all monies due and to become due
      to
      Exchangor hereunder, whether such amounts are payable to Exchangor from a Joint
      Collection Account by PHF or payable as damages for breach of this Agreement
      or
      otherwise, and all other property paid or payable by PHF to Exchangor hereunder
      and all rights to compel performance and otherwise exercise remedies hereunder
      and PHF hereby consents to such assignment; provided,
      however,
      that
      Exchangor shall have no right, title or interest in and shall not obtain the
      benefits of, and no security interest shall attach to, any Qualified Trust
      Funds
      with respect to an Exchange prior to the occurrence of a Distribution Event
      with
      respect to such Exchange. To secure Chesapeake Funding LLC’s obligations under
      the Indenture and all other Issuer Obligations, Chesapeake Funding LLC has
      pledged, assigned, conveyed, delivered, transferred and set over to the
      Chesapeake Trustee, for the benefit of the Investor Noteholders, a security
      interest in all right, title and interest in, to and under this Agreement
      conveyed to Chesapeake Funding LLC by Exchangor and PHF hereby consents to
      such
      assignment. Except as provided in this paragraph, nothing contained in this
      Agreement is intended, or will be construed, to confer upon or give to any
      Person, other than the parties hereto and their respective successors and
      permitted assigns, any rights or remedies under of by reason of this
      Agreement.

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    8.6 Successors
      and Assigns; No Third-Party Beneficiaries.
      This
      Agreement binds, inures to the benefit of, and is enforceable by the successors
      and permitted assigns of the parties hereto and does not confer any rights
      on
      any other persons or entities.

     

    8.7 No
      Benefit to Others.
      The
      representations, warranties, covenants, and agreements contained in this
      Agreement are for the sole benefit of the parties hereto and their successors
      and permitted assigns, and this Agreement will not be construed as conferring
      and is not intended to confer any rights on any other persons or
      entities.

     

    8.8 Strict
      Performance.
      The
      failure of any party to insist upon strict performance of any of the terms
      or
      conditions of this Agreement will not constitute a waiver of any of its rights
      hereunder, provided
      that any
      provision may be waived by the party intended to benefit therefrom by a written
      instrument signed by such party.

     

    8.9 Time.
      Time is
      of the essence in each and every term and provision of this
      Agreement.

     

    8.10 Severability.
      If any
      provision of this Agreement is held illegal, invalid, or unenforceable in a
      jurisdiction, this Agreement will, in such circumstances, be deemed modified
      in
      such jurisdiction to the extent necessary to render enforceable the provisions
      hereof, and such illegality, invalidity, or unenforceability will not affect
      any
      other provision of this Agreement in any other jurisdiction.

     

    8.11 Jury
      Trial Waiver.
      The
      parties to this Agreement hereby unconditionally waive their respective rights
      to a jury trial of any claim or cause of action based upon or arising out of,
      directly or indirectly, this Agreement, any of the related documents, any
      dealings among them relating to the subject matter of the transactions
      contemplated hereby or any related transactions, or the relationship that is
      being established among them. The scope of this waiver is intended to be all
      encompassing of any and all disputes that may be filed in any court (including,
      without limitation, contract claims, tort claims, breach of duty claims, and
      all
      other common law and statutory claims). This waiver is irrevocable meaning
      that
      it may not be modified either orally or in writing, and the waiver shall apply
      to any subsequent amendments, renewals, supplements or modifications to this
      Agreement, and related documents, or to any other documents or agreement, any
      related documents, or to any other documents or agreements to this transaction
      or any related transaction. In the event of litigation, this Agreement may
      be
      filed as a written consent to a trial by the court.

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    8.12 Waiver
      of Automatic Stay.
      In the
      event PHF shall have commenced a bankruptcy proceeding, or an involuntary
      bankruptcy proceeding shall have been commenced against PHF, PHF shall waive
      the
      automatic stay to the extent allowable under Section 362 of the Bankruptcy
      Code,
      and any and all defenses or objections based thereon, subject to the entry
      of an
      order by the bankruptcy court presiding over PHF’s bankruptcy proceedings so
      authorizing, such that Exchangor shall retain the unilateral, absolute and
      unconditional right, exercisable at its sole option, to terminate with or
      without cause this Agreement and any related agreements (subject to the terms
      of
      those agreements).

     

    8.13 Counterparts
      and Telecopied Signatures.
      To
      facilitate execution, this Agreement may be executed in any number of
      counterparts as may be convenient or necessary, and it shall not be necessary
      that the signatures of all parties hereto be contained on any one counterpart
      hereof. Additionally, the parties hereto hereby covenant and agree that, for
      purposes of facilitating the execution of this Agreement, (a) the signature
      pages taken from separate individually executed counterparts of this Agreement
      may be combined to form multiple fully executed counterparts and (b) a facsimile
      signature shall be deemed to be an original signature. All executed counterparts
      of this Agreement shall be deemed to be originals, but all such counterparts
      taken together shall constitute one and the same agreement.

     

    8.14 Entire
      Agreement.
      This
      Agreement constitutes the entire understanding and agreement among the parties
      with respect to the subject matter contained herein and supersedes any prior
      understandings and agreements (whether written or oral) among them respecting
      such subject matter. 

     

    8.15 Electronic
      Signature.
      In the
      satisfaction of their respective obligations, and exercise of their respective
      rights under this Agreement, and any related documents or agreements, to include
      bills of sale, each party is, and hereby agrees to be, bound (as though duly
      authorized, notarized, and sealed original signatures were affixed to a
      document) by any evidence of consent, authorization, or agreement they transmit
      or cause to be transmitted by electronic means, including but not limited to:
      downloading or transmitting of information via e-mail; facsimile; the internet,
      or similar electronic transmission.

     

    8.16 Indebtedness.
      PHF
      shall not be required to assume any secured loan or other obligation on any
      Replacement Property or to execute any promissory note or other evidence of
      indebtedness in connection with the acquisition of any Replacement Property,
      including any of the foregoing that would impose any personal liability upon
      PHF
      for repayment of such obligation. PHF shall not execute any agreement nor
      participate in any transaction which, in the reasonable opinion of PHF or its
      counsel, would require PHF to engage in any unlawful or fraudulent
      action.

     

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    8.17 Dates,
      Descriptions,
      Values, and Matching.
      Exchangor shall be ultimately and solely responsible for the accuracy of any
      transfer dates, Relinquished Property and Replacement Property descriptions,
      Relinquished Property and Replacement Property values, and/or Relinquished
      Property and Replacement Property matching.

     

    8.18 Acknowledgment
      of Independent Relationship.
      Exchangor and PHF mutually acknowledge and agree that, pursuant to this
      Agreement, PHF will solely acquire Rights under assignments of Relinquished
      Property Agreements and the Replacement Property Agreements pursuant to the
      provisions of Section 1031 of the Code and the Treasury Regulations thereunder
      and that legal title to the Relinquished Property will be directly transferred
      to one or more Buyers and legal title to the Replacement Property will be
      directly transferred by one or more Sellers to Exchangor. PHF and Exchangor
      desire to maintain an independent relationship, therefore, PHF and
      Exchangor hereby acknowledge that in engaging in the activities contemplated
      by
      this Agreement, PHF is acting as a Qualified Intermediary. In no event shall
      PHF
      or any of PHF’s employees, agents or members be deemed to be acting as an agent
      of Exchangor (except as expressly provided in this Agreement and the Treasury
      Regulations), nor shall PHF have any fiduciary relationship to
      Exchangor.

     

    8.19 Force
      Majeure.
      No party
      to this Agreement is liable to any other party for losses due to, or if it
      is
      unable to perform its obligations under the terms of this Agreement if such
      inability to perform is caused by circumstances reasonably beyond a party’s
      control, such as natural disasters, fire, floods, third party strikes, failure
      of public utilities or telecommunications infrastructure, or any similar causes
      reasonably beyond its control.

     

    8.20 Consequential
      Damages.
      Notwithstanding anything to the contrary in this Agreement, in no event shall
      PHF or any director, officer, employee, member, shareholder or agent of such
      party be liable for, and Exchangor releases PHF and each director, officer,
      employee, member, shareholder or agent of PHF from, any and all liability for
      special, indirect, incidental or consequential damages of any kind whatsoever
      (including but not limited to lost profits) even if PHF or any director,
      officer, employee, member, shareholder or agent of PHF, is advised of such
      loss
      or damage and regardless of the form of action.
      The
      aforesaid is not intended to and shall in no way diminish or bar Exchangor’s
      obligation to indemnify PHF.

     

    8.21 Investment
      Losses.
      In no
      event shall PHF be liable for, and Exchangor hereby releases PHF from, any
      and
      all liability from any damages resulting from, any loss of principal, interest
      or other earnings which may be incurred as a result of the investment of any
      funds or in redeeming any investment held by PHF in any account.

     

     

    
      
        
        

      

      
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    8.22 Governing
      Law, Venue and Jury Trial Waiver.

     

    (a) GOVERNING
      LAW AND VENUE.
      THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE
      LAWS
      OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
      PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. VENUE SHALL
      BE IN ANY STATE OR FEDERAL COURT WITHIN THE STATE OF NEW
      YORK.

     

    (b) JURY
      TRIAL WAIVER.
      EXCHANGOR AND PHF HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE THEIR RIGHT
      TO
      TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING FROM THE SUBJECT MATTER
      OF THIS AGREEMENT, INCLUDING ANY COUNTERCLAIM THERETO.

     

    8.23 No
      Petitions;
      Subordination.
      (a)  Exchangor
      hereby covenants and agrees that, prior to the date which is one year and one
      day after the payment in full of all of the Investor Notes, it will not
      institute against, or join any other Person in institut-ing against, PHF, any
      involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation
      proceedings or other sim-ilar proceeding under the laws of the United States
      or
      any state of the United States. In the event that Exchangor takes action in
      violation of this Section 8.23(a), PHF agrees, for the benefit of the Investor
      Noteholders, that it shall file an answer with the bank-ruptcy court or
      otherwise properly contest the filing of such a petition by Exchangor against
      PHF or the commencement of such action and raise the defense that Exchangor
      has
      agreed in writing not to take such action and should be estopped and precluded
      therefrom and such other defenses, if any, as its counsel advises that it may
      assert.

     

    (b) PHF
      hereby covenants and agrees that, prior to the date which is one year and one
      day after the payment in full of all of the Investor Notes, it will not
      institute against, or join any other Person in institut-ing against, Holdings,
      Chesapeake or D.L. Peterson, any involuntary bankruptcy, reorganization,
      arrangement, insolvency or liquidation proceedings or other sim-ilar proceeding
      under the laws of the United States or any state of the United States. In the
      event that PHF takes action in violation of this Section 8.23(b), Holdings
      agrees, for the benefit of the Investor Noteholders, that it shall file, or
      cause to be filed, an answer with the bank-ruptcy court or otherwise properly
      contest the filing of such a petition by PHF against Holdings, Chesapeake or
      D.L. Peterson or the commencement of such action and raise the defense that
      PHF
      has agreed in writing not to take such action and should be estopped and
      precluded therefrom and such other defenses, if any, as its counsel advises
      that
      it may assert.

     

    (c) DLPT
      hereby covenants and agrees that, prior to the date which is one year and one
      day after the payment in full of all of the Investor Notes, it will not
      institute against, or join any other Person in institut-ing against, Holdings,
      any involuntary bankruptcy, reorganization, arrangement, insolvency or
      liquidation proceedings or other sim-ilar proceeding under the laws of the
      United States or any state of the United States. In the event that DLPT takes
      action in violation of this Section 8.23(c), Holdings agrees, for the benefit
      of
      the Investor Noteholders, that it shall file, or cause to be filed, an answer
      with the bank-ruptcy court or otherwise properly contest the filing of such
      a
      petition by DLPT against Holdings or the commencement of such action and raise
      the defense that DLPT has agreed in writing not to take such action and should
      be estopped and precluded therefrom and such other defenses, if any, as its
      counsel advises that it may assert.

     

     

    
      
        
        

      

      
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    (d) PHF
      hereby agrees that the obligations of Holdings under this Agreement shall be
      subordinate in all respects to Holdings’ obligations under the Loan Agreement
      and any and all claims against Holdings arising from the obligations of Holdings
      under this Agreement, including, without limitation, all obligations under
      Article V and any obligations in respect of fees and expenses, shall be
      subordinate in all respects to claims arising from Holdings’ obligations under
      the Loan Agreement. The obligations of Holdings hereunder shall be limited
      recourse obligations of Holdings that are limited in right of payment to amounts
      available therefor, after payment of all amounts then owing under the Loan
      Agreement, out of the assets of Holdings and to the extent that the amounts
      available out of the assets of Holdings for the payment thereof are
      insufficient, any such insufficiency shall not constitute a claim against
      Holdings. 

     

    (e) The
      provisions of this Section 8.23 shall survive the termination of this
      Agreement.

     

    8.24 Limitation
      of Liability.

     

    It
      is
      expressly understood and agreed by the parties hereto that (a)
      this Agreement is executed and delivered by Wilmington Trust Company, not
      individually or personally but solely as SUBI Trustee of D.L. Peterson under
      the
      Origination Trust Agreement, in the exercise of the powers and authority
      conferred and vested in it, (b) nothing herein contained shall be construed
      as
      creating any liability on Wilmington Trust Company, individually or personally,
      to perform any covenant either expressed or implied contained herein, all such
      liability, if any, being expressly waived by the parties hereto and by any
      Person claiming by, through or under the parties hereto and (c) under no
      circumstances shall Wilmington Trust Company be personally liable for the
      payment of any indebtedness or expenses of D.L. Peterson or be liable for
      the breach or failure of any obligation, representation, warranty or
      covenant made or undertaken by any party under the Transaction
      Documents.

     

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

     

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    8.26 Headings.
      The
      headings in this Agreement are for convenience of reference only and do not
      affect its interpretation.

     

    [REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK.

    SIGNATURES
      TO APPEAR ON FOLLOWING PAGE.]

    

    

    
      
        
          

          
            	 	 	 

          

          

        

        
        

      

      
        26

        
          

        

      

      
        
        

        
          

        

      

    

    
 

    

      IN
        WITNESS WHEREOF, the
        parties have duly executed and delivered this Agreement as of the day and
        year
        first above written.

       

       

      PHH
        FUNDING, LLC

       

      By:
        WACHOVIA EXCHANGE SERVICES, LLC, its sole member

       

      By:
        Its
        Manager, Wachovia Bank, National Association

      

      

      By:
         /s/:
        David Yorker     

      Name:
        David Yorker

      Title:
        Director

       

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    CHESAPEAKE
      FINANCE HOLDINGS LLC

    

    By:
       /s/:
      Mark E. Johnson   

    Name:
      Mark E. Johnson

    Title:
      Vice President and Treasurer

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    

      D.L.
        PETERSON TRUST

      

      By:
        WILMINGTON TRUST COMPANY,

      not
        in
        its individual capacity but solely as Delaware  Trustee

      

       

      By:
         /s/:
        Jennifer A. Luce   

      Name:
        Jennifer A. Luce

      Title:
        Financial Services Officer

    
      
        
           

          
            	 	
                     

                  	 

          

          

        

        
        

      

      
        29

        
          

        

      

      
        
        

        
          

        

      

    

    

    

    APPENDIX
      A

    

    TO
      MASTER EXCHANGE AGREEMENT

    

    A. Interpretation.
      In each
      Operative Document, unless a clear contrary intention appears:

     

    (i) the
      singular number includes the plural number and vice versa;

     

    (ii) reference
      to any Person includes such Person’s successors and assigns but, if applicable,
      only if such successors and assigns are permitted by the Operative Documents,
      and reference to a Person in a particular capacity excludes such Person in
      any
      other capacity or individually;

     

    (iii) reference
      to any gender includes each other gender;

     

    (iv) reference
      to any agreement, document or instrument (including any Operative Document)
      means such agreement, document or instrument as amended or modified and in
      effect from time to time in accordance with the terms thereof and, if
      applicable, the terms of the other Operative Documents, and reference to any
      promissory note includes any promissory note which is an extension or renewal
      thereof or a substitute or replacement therefor

     

    (v) reference
      to any law, act or regulation means such law, act or regulation as amended,
      modified, codified, replaced or reenacted, in whole or in part, and in effect
      from time to time, including rules and regulations promulgated thereunder,
      and
      reference to any section or other provision of any law, act or regulation means
      that provision of such law, act or regulation from time to time in effect and
      constituting the substantive amendment, modification, codification, replacement
      or reenactment of such section or other provision;

     

    (vi) reference
      in any Operative Document to any Article, Section, Appendix, Schedule or Exhibit
      means such Article or Section thereof or Appendix, Schedule or Exhibit thereto,
      and reference in any Section of any Operative Document to any clause means
      such
      clause of such Section;

     

    (vii) “hereunder,”
      “hereof, “hereto” and words of similar import shall be deemed references to an
      Operative Document as a whole and not to any particular Article, Section or
      other provision thereof;

     

    (viii) “including”
      (and with correlative meaning “include”) means including without limiting the
      generality of any description preceding such term; and

     

    B. Accounting
      Terms and Determinations. Unless
      otherwise specified herein, all accounting terms used therein shall be
      interpreted, all accounting determinations thereunder shall be made, and all
      financial statements required to be delivered thereunder shall be prepared
      in
      accordance with GAAP.

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    C. Conflict
      in Operative Documents. If
      there
      is any conflict between any Operative Documents, such Operative Documents shall
      be interpreted and construed, if possible, so as to avoid or minimize such
      conflict but, to the extent (and only to the extent) of such conflict, the
      Master Exchange Agreement shall prevail and control.

     

    D. Legal
      Representation of the Parties. The
      Operative Documents were negotiated by the parties with the benefit of legal
      representation and any rule of construction or interpretation otherwise
      requiring the Operative Documents to be construed or interpreted against any
      party shall not apply to any construction or interpretation hereof or
      thereof.

     

    E. Defined
      Terms. Unless
      a
      clear contrary intention appears, terms defined herein have the respective
      indicated meanings when used in each Operative Document.

     

    “Accounts”
      shall
      mean the Reservoir Account, any Joint Collection Accounts and/or any Joint
      Disbursement Accounts, as the context requires.

     

    “Additional
      Subsidies”
      mean
      funds other than Relinquished Property Proceeds that Holdings deposits into
      the
      Reservoir Account or a Joint Disbursement Account to pay acquisition of
      Replacement Property Acquisition Costs or for Non-LKE
      Disbursements.

     

    “Appendix
      A” means
      this Appendix A to the Master Exchange Agreement and Master Trust Agreement,
      as
      it may be amended, supplemented, amended and restated or otherwise modified
      from
      time to time.

     

    “Base
      Indenture”
shall
      mean the Base Indenture dated as of March 7, 2006 between Chesapeake and JP
      Morgan Chase Bank, National Association, as trustee, as amended, modified or
      supplemented from time to time.

     

    “Business
      Day”
shall
      mean any day except a Saturday, Sunday or legal holiday on which the offices
      of
      the Chesapeake Trustee, or, with respect to any matter involving the Reservoir
      Account or any Joint Disbursement Account, WBNA are not open for
      business.

     

    “Buyer”
      means
      any
      person or entity that from time to time buys one or more Relinquished Properties
      pursuant to a Relinquished Property Agreement.

     

    “Chesapeake”
      means
      Chesapeake Funding LLC, a Delaware limited liability company.

     

    “Chesapeake
      Trustee”
      means
      JPMorgan Chase Bank, National Association, in its capacity as trustee under
      the
      Indenture.

     

    “Code”
      means
      the Internal Revenue Code of 1986, as amended. Section references shall be
      deemed to refer to the corresponding section of any successor federal income
      tax
      law in effect during the Term of this Agreement.

     

    “Confidential
      Information” shall
      mean any proprietary, confidential or trade secret information of Holdings
      or
      its Affiliates relating to, among other things: the timing, quantity, type,
      or
      price of sales; the timing, quantity, type, or price of purchases; or services,
      processes, technology, designs, methodologies, specifications, operating
      methods, know-how, business or marketing plans, or business relationships of
      Holdings or its Affiliates.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “Deferred
      Exchange Deemed
      Identification Procedures”
means
      the procedures pursuant to the last sentence of Section 1.1031(k)-1(c)(1) of
      the
      Treasury Regulations and Section 4.02 of Revenue Procedure 2003-39 by which
      one
      or more Replacement Properties acquired by an Exchangor during the Deferred
      Exchange Identification Period for an Exchange, and matched by Exchangor with
      one or more Relinquished Properties for such Exchange are deemed to have
      satisfied the requirement of Section 1031(a)(3) of the Code regarding property
      identification.

     

    “Deferred
      Exchange Identification Period”
      means
      with respect to each Exchange, the period beginning on the date Exchangor
      transfers the first Relinquished Property for such Exchange and ending at
      midnight on the 45th calendar day thereafter (irrespective of whether such
      day
      is a Saturday, Sunday or a holiday).

     

    “Deferred
      Exchange Period”
      means,
      with respect to each Exchange, the period beginning on the date Exchangor
      transfers the first Relinquished Property for such Exchange and ending at
      midnight on the earlier of (a) the 180th calendar day thereafter (irrespective
      of whether such day is a Saturday, Sunday or a holiday), or (b) the due date
      for
      Exchangor’s U.S. federal income tax return for the year in which the transfer of
      the first Relinquished Property for such Exchange takes place, determined with
      regard to extensions.

     

    “Disqualified
      Person” is
      defined in Section
      6.1 of the Master Exchange Agreement.

    

    “Distribution
      Event”
      means,
      with respect to Relinquished Property and any related Exchange hereunder, the
      occurrence of one of the following: (a) Exchangor has failed to identify any
      potential Replacement Property with respect to such Relinquished Property
      (including Replacement Property deemed to be identified under the Deferred
      Exchange Deemed Identification Procedures), then a Distribution Event shall
      occur upon the expiration of the Deferred Exchange Identification Period for
      such Exchange, or (b) if Exchangor has identified (or is deemed to have
      identified) any potential Replacement Property with respect such Relinquished
      Property, then a Distribution Event shall occur upon the earlier of (i)
      Exchangor’s receipt of all Identified Replacement Property with respect to such
      Exchange or (ii) the expiration of the Deferred Exchange Period for such
      Exchange.

     

    “Electronic
      Funds Transfer”
shall
      mean any funds transfer initiated by an electronic instruction, including,
      without limitation, any funds transfer via the Automated Clearing House system,
      any wire transfer via the Federal Reserve System and any funds transfer recorded
      on the books and records of the banking institution maintaining the relevant
      accounts.

     

    “Exchange”
      means
      each of a series of transactions pursuant to this Agreement, as determined
      by
      Exchangor, consisting of (i) transfer(s) of one or more Relinquished Properties,
      (ii) the subsequent related acquisition(s) of one or more Identified Replacement
      Properties for such Exchange, and (iii) the matching of such Relinquished
      Properties with such Replacement Properties by the Exchangor in order to create
      a separate and distinct exchange as described in the “safe harbor” of Section
      4.01 of Revenue Procedure 2003-39.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Exchangor”
      means,
      collectively, Chesapeake Holdings LLC, a Delaware limited liability company,
      and
      D.L. Peterson Trust, a Delaware statutory trust.

     

    “For
      Cause”
      means,
      with respect to a party’s termination of one or more Operative Documents, a
      material breach of any representation, covenant or obligation under any
      Operative Document by the non-terminating party; provided, however, that (i)
      if
      the terminating party is Exchangor, then Exchangor’s inability to derive future
      benefit from the LKE Program may give rise to a termination “For Cause” and (ii)
      an Operative Document shall continue in full force and effect if the
      non-terminating party is able to cure such breach prior to the Termination
      Date.

    

    “Holdings”
has
      the
      meaning specified in the preamble to the Master Exchange Agreement.

     

    “Identified
      Replacement Property(ies)”
      means,
      with respect to each Exchange, one or more potential Replacement Properties
      as
      the Relinquished Property(ies) for such Exchange (i) deemed to be identified
      by
      the Exchangor during the Deferred Exchange Identification Period pursuant to
      the
      Deferred Exchange Deemed Identification Procedures or (ii) identified in writing
      by the Exchangor during the Deferred Exchange Identification Period pursuant
      to
      the Written Deferred Exchange Identification Procedures.

     

    “Indebtedness”
      means,
      with respect to a person, any obligation of such person for borrowed money,
      obligations evidenced by bonds, debentures, notes or similar instruments,
      conditional sale or other title retention agreements relating to the purchase
      of
      property or for the deferred price of property or services, obligations under
      take or pay or similar arrangements, obligations of third parties that are
      guaranteed or secured by property of such person, capital lease obligations,
      letters of credit and bankers’ acceptances and any other obligations that would
      appear as a liability on the person’s balance sheet.

    

    “Indemnified
      Parties,” means,
      for purposes of the Master Exchange Agreement, PHF and any of its shareholders,
      officers, directors, employees, agents, affiliates, successors and
      assigns.

    

    “Indenture”
means
      the Base Indenture and all amendments thereof and supplements thereto, including
      any Indenture Supplement (as defined in the Base Indenture).

    

    “Joint
      Collection Account(s)”
shall
      mean the account or accounts maintained by the Chesapeake Trustee, initially
      in
      the joint name of PHF and the Chesapeake Trustee, pursuant to Section 5.1 of
      the
      Base Indenture for (1) the deposit of Vehicle disposition proceeds and (2)
      the
      identification and subsequent separation of the portion of such funds that
      are
      Relinquished Property Proceeds from the portion of such funds that are
      Non-Qualified Funds, which account or accounts are intended to be “joint
      accounts” within the meaning of Section 5.02 of Revenue Procedure
      2003-39.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
 

    “Joint
      Disbursement Account”
      means an
      account (1) qualifying within the definition of “Joint Accounts” described in
      Section 5.02 of Revenue Procedure 2003-39, and (2) maintained at a bank that
      processes funds disbursed on behalf of Exchangor and PHF to
      Sellers.

     

    “Joint
      Accounts” means
      an
      account qualifying within the definition of “Joint Accounts” described in
      Section 5.02 of Revenue Procedure 2003-39. 

     

    “Leasing
      Business”
      means
      Exchangor’s business operations with respect to the leasing of
      vehicles.

     

    “Liabilities
      Due on Transfer”
means,
      with respect to each transfer of Relinquished Property Subject to Liabilities,
      (i) any debt secured by such Relinquished Property that must be repaid as a
      result of such transfer and (ii) any debt that is required to be repaid with
      the
      sale proceeds from the disposition of such Relinquished Property.

     

    “LKE
      Program”
      means a
      series of exchanges of one or more Relinquished Properties for one or more
      Replacement Properties pursuant to a program described in Revenue Procedure
      2003-39 and qualifying under one or more “safe harbors” of Sections 4, 5 and 6
      of Revenue Procedure 2003-39.

     

    “Loan
      Agreement”
means
      the Loan Agreement dated as of March 7, 2006 among Holdings, D.L. Peterson
      and
      Chesapeake, as amended, modified or supplemented from time to time.

     

    “Loan
      Event of Default”
means
      an “event of default” as defined in the Loan Agreement.

     

    “Loans”
means
      the loans made by Chesapeake to Holdings pursuant to the Loan
      Agreement.

     

    “Master
      Exchange Agreement”
      means
      the Master Exchange Agreement dated as of March 7, 2006 (as the same may be
      supplemented, amended, amended and restated or otherwise modified) between
      Holdings and D.L. Peterson, collectively as the Exchangor, and PHF, in its
      capacity as Qualified Intermediary, and pursuant to which PHF, Holdings and
      D.L.
      Peterson are engaging in an LKE Program.

     

    “Master
      Trust Agreement”
      means
      that certain Master Trust Agreement dated March 7, 2006, among PHF, Holdings,
      D.L. Peterson and WBNA, as trustee.

     

    “Non-LKE
      Disbursements”
      means
      disbursements for items relating to the LKE Program other than Replacement
      Property Acquisition Costs that are funded with Additional Subsidies deposited
      into the Joint Disbursement Account(s) by Holdings.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    “Non-Qualified
      Funds”
      means
      all amounts that are (1) not Relinquished Property Proceeds and (2) deposited
      into a Joint Collection Account.

     

    “Operative
      Documents” means
      the
      following documents: 

    

    (a) The
      Master Exchange Agreement, and

    (b) the
      Master Trust Agreement

    

    “Parent
      Downgrade Event”
shall
      mean, on any date of determination, either (i) WBNA (or any entity that is
      a
      successor to WBNA as the ultimate parent of PHF) shall have a short-term credit
      rating of below “A-1” from S&P or (ii) if at any time WBNA (or any entity
      that is a successor to WBNA as the ultimate parent of the PHF) does not have
      a
      short-term credit rating, WBNA (or any entity that is a successor to WBNA as
      the
      ultimate parent of PHF) shall have a long-term credit rating of below “A” from
      S&P.

    

    “PHF”
      means
      PHH
      Funding, LLC, a Delaware limited liability company.

     

    “Qualified
      Intermediary”
      means a
“qualified intermediary” as defined in Section 1.1031(k)-1(g)(4) of the Treasury
      Regulations.

     

    “Qualified
      Trust”
      means a
      trust which meets the requirements of Section 1.1031(k)-1(g)(3)(iii) of the
      Treasury Regulations.

     

    “Qualified
      Trust Funds”
      means
      the funds in the Reservoir Account, including any funds earned from the
      investment of funds held in the Reservoir Account.

     

    “Relinquished
      Property(ies)”
      means
      certain Vehicles used in Exchangor's Leasing Business and qualifying as
“relinquished property” (within the meaning of Section 1.1031(k)-1(a) of the
      Treasury Regulations) for an Exchange hereunder.

     

    “Relinquished
      Property Agreement”
      means
      each agreement for the sale or other disposition of one or more potential
      Relinquished Property(ies) that either (i) relates to a potential Relinquished
      Property currently subject to a lease to a customer or (ii) relates to a
      potential Relinquished Property which becomes subject to a lease to a customer
      during the Term of this Agreement.

     

    “Relinquished
      Property Proceeds”
      means,
      with respect to a Relinquished Property, the amount (excluding Non-Qualified
      Funds) received from, or on behalf of, the relevant Buyer with respect to
      Buyer's acquisition of such Relinquished Property, or otherwise received in
      connection with Exchangor's disposition of such Relinquished
      Property.

     

    “Relinquished
      Property Subject to Liabilities”
shall
      mean any Relinquished Property that is subject to (i) a requirement or
      obligation that debt secured by such Relinquished Property must be repaid as
      a
      result of such Relinquished Property being transferred or (ii) a requirement
      that the sale proceeds from the disposition of such Relinquished Property be
      applied to satisfy the debt secured by such Relinquished Property.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    “Replacement
      Property(ies)”
      means
      Vehicles that are like-kind (within the meaning of Section 1031 of the Code
      and
      Section 1.1031(a)-2 of the Treasury Regulation) to the Relinquished
      Property(ies) and to be held for productive use in connection with Exchangor’s
      Leasing Business and qualifying as “replacement property” (within the meaning of
      Section 1.1031(k)-1(a) of the Treasury Regulations) for an Exchange
      hereunder.

     

    “Replacement
      Property Acquisition Cost”
      means,
      with respect to Replacement Property, the amount of consideration (including
      funds provided by PHF, to the extent of funds in the Reservoir Account and
      the
      earnings upon such funds, and such Additional Subsidies provided by Holdings
      as
      may be necessary) required to be paid to, or for the benefit of, the relevant
      Seller to acquire such Replacement Property, and any other amounts (excluding
      Non-LKE Disbursements) required to be transferred in connection with the
      acquisition of such Replacement Property under the related Replacement Property
      Agreement.

     

    “Replacement
      Property Agreement” means
      each agreement for the acquisition of one or more potential Replacement
      Properties that either (i) is currently in effect between Exchangor and a Seller
      or (ii) is entered into by Exchangor and a Seller during the Term of this
      Agreement.

     

    “Reservoir
      Account”
      means an
      account (1) held in trust by WBNA as Trustee pursuant to the Master Trust
      Agreement, (2) used to receive Relinquished Property Proceeds from the Joint
      Collection Accounts, and (3) used to provide Relinquished Property Proceeds
      to
      the Joint Disbursement Account (to the extent of the funds in the Reservoir
      Account, including any funds earned from the investment of funds held in the
      Reservoir Account).

     

    “Revenue
      Procedure 2003-39”
      means
      the Revenue Procedure promulgated by the Internal Revenue Service as 2003-39
      I.R.B. 2003-22, May 7, 2003, as the same may be amended, supplemented, modified
      or replaced by (i) future public guidance promulgated by the Internal Revenue
      Service with respect to LKE programs generally during the Term of this Agreement
      and/or (ii) any private letter rulings obtained by the Exchangor from the
      Internal Revenue Service with respect to Exchangor’s LKE Program.

     

    “Rights”
shall
      mean (1) with respect to any Relinquished Property, Exchangor’s rights (but not
      obligations) in a Relinquished Property Agreement to sell such Relinquished
      Property and to receive payment of the purchase price for such Relinquished
      Property and (2) with respect to any Replacement Property, Exchangor’s rights
      (but not obligations) to acquire such Replacement Property.

     

    “Safe
      Harbor”
shall
      mean any one or more of the safe harbors described in Section 1.1031(k)-1(g)
      of
      the Treasury Regulations and any one or more of the safe harbor provisions
      of
      Revenue Procedure 2003-39.

     

    “Seller”
      means
      any person or entity from whom the Exchangor from time to time purchases
      Replacement Property(ies).

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    “Term
      of this Agreement” means,
      with respect to each of the Master Exchange, and the Master Trust Agreement,
      as
      the context requires, the period commencing on March __, 2006 and ending on
      the
      Termination Date with respect to such Agreement; provided, however, that with
      respect to Then-Pending Exchanges only, the “Term of this Agreement” shall be
      deemed to continue until the expenditure or distribution of all Relinquished
      Property Proceeds with respect to each such Then-Pending Exchange.

    

    “Termination
      Date”
      means,
      with respect to each of the Master Exchange Agreement and the Master Trust
      Agreement, the date when the relevant Agreement terminates pursuant to Section
      7.1 of the Master Exchange Agreement or Section 11 of the Master Trust
      Agreement, as the case may be.

    

    “Then-Pending
      Exchange”
      means an
      Exchange hereunder as to which PHF holds any Relinquished Property Proceeds
      on
      the Termination Date.

    

    “Treasury
      Regulations”
      means
      all final, proposed and temporary Treasury Department regulations under Title
      26
      of the Code of Federal Regulations as in effect during the Term of this
      Agreement. Section references shall be deemed to refer to the corresponding
      section of any amendment, modification or restatement to such
      regulations.

    

    “Trustee”
      means
      WBNA in its capacity as Trustee under the Master Trust Agreement.

    

    “WBNA”
      means
      Wachovia Bank, National Association.

    

    “Written
      Deferred Exchange Identification Procedures”
      means,
      with respect to each Exchange, the procedures set forth in Section
      1.1031(k)-1(c)(2) of the Treasury Regulations and Section 4.02 of Revenue
      Procedure 2003-39 for Exchangor’s written identification during the Deferred
      Exchange Identification Period of one or more potential Replacement Properties
      for such Exchange to be matched by Exchangor with one or more Relinquished
      Properties for such Exchange.

     

     

     

    8

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