Document:

Exhibit 10.14

                      Confirmation of Rate Cap Transaction

                                                           August __, 2003

PHH Corporation
307 International Circle
Hunt Valley, Maryland  21030
Attn:  Brad Howatt
Facsimile No.:  (410) 771-3362

         cc:    Eric Fishman
                Cendant Corporation
                6 Sylvan Way
                Parsippany, NJ 07054

Ladies and Gentlemen:

          The purpose of this letter agreement is to set forth the terms and
conditions of the rate cap transaction entered into between JPMorgan Chase Bank
("JPMorgan Chase") and PHH Corporation (the "Counterparty") on August __, 2003
(the "Rate Cap Transaction"). It is understood by the parties that the
Counterparty will contribute its rights, but not its obligation to pay the
Premiums, under this Rate Cap Transaction to PHH Vehicle Management Services,
LLC ("VMS"). VMS will in turn contribute its rights under this Rate Cap
Transaction to Raven Funding LLC ("SPV"), and SPV will in turn contribute its
rights under this Rate Cap Transaction to Chesapeake Funding LLC (the "Issuer").
The Issuer will pledge its rights under this Rate Cap Transaction to JPMorgan
Chase, as indenture trustee (the "Indenture Trustee") under the Base Indenture
dated as of June 30, 1999, between the Issuer and the Indenture Trustee, as
amended by that Series 2003-1 Indenture Supplement thereto (the "Indenture
Supplement"), dated as of August __, 2003, between the Issuer and the Indenture
Trustee (the "Indenture").

          In consideration of the promise by the Counterparty to make the
payment of the Premiums and in consideration of the promise by JPMorgan Chase to
make payments to the Counterparty in accordance with Section 3 hereof, the
parties hereto agree as follows:

          1. Definitions. The following terms shall have the following meanings:

          "Business Day" means any day that is a New York Business Day and a
     London Business Day and on which banks are not required or authorized by
     law to close in Maryland or Delaware.

          "Calculation Period" means each period from and including one Payment
     Date (or, in the case of the initial Calculation Period, the Effective
     Date) to but excluding the

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                                                                            2

     next succeeding Payment Date (or, in the case of the final Calculation
     Period, the Termination Date).

          "Cap Payment" has the meaning defined in Section 3 hereof.

          "Cap Rate" means, with respect to each Calculation Period, the
     weighted average fixed rate of interest on the New Fixed Rate Leases as of
     the last day of the Monthly Period immediately preceding the first day of
     such Calculation Period minus 0.65% per annum.

          "Closed-End Lease" has the meaning defined in the Indenture.

          "Counterparty's Account" means, as long as the Counterparty's rights
     under this letter agreement shall remain assigned to the Indenture Trustee,
     the Collection Account as defined in the Indenture, and thereafter such
     account as is designated by the Counterparty from time to time.

          "Designated Maturity" means one month.

          "Effective Date" means August __, 2003.

          "Excess Cap Payment" has the meaning defined in Section 3 hereof.

          "Floating Rate" means, with respect to a Calculation Period, the rate
     determined by JPMorgan Chase to be (i) the per annum rate for deposits in
     U.S. dollars for a period of the Designated Maturity which appears on the
     Telerate Page 3750 Screen as of 11:00 a.m., London time, on the day that is
     two London Business Days prior to the Reset Date in respect of such
     Calculation Period (rounded upwards, if necessary, to the nearest 1/100,000
     of 1%); (ii) if such rate does not appear on the Telerate Page 3750 Screen,
     the Floating Rate with respect to such Calculation Period shall be the
     arithmetic mean (rounded as aforesaid) of the offered quotations obtained
     by JPMorgan Chase from the Reference Banks for deposits in U.S. dollars to
     leading banks in the London interbank market as of approximately 11:00
     a.m., London time, on the day that is two London Business Days prior to
     such Reset Date; or (iii) if fewer than two Reference Banks provide
     JPMorgan Chase with such quotations, the Floating Rate shall be the rate
     per annum which JPMorgan Chase determines to be the arithmetic mean
     (rounded as aforesaid) of the offered quotations which leading banks in New
     York City selected by JPMorgan Chase are quoting in the New York interbank
     market on such Reset Date for deposits in U.S. dollars to the Reference
     Banks or, if fewer than two such quotations are available, to leading
     European and Canadian Banks.

          "JPMorgan Chase's Account" means the account of JPMorgan Chase at JP
     Morgan Chase Bank (ABA: 021-000-021), Account No. 0999-97-341.

          "Lease Balance" has the meaning defined in the Indenture.

          "Leased Vehicle" has the meaning defined in the Indenture.

<PAGE>
                                                                            3

          "London Business Day" means any day on which banks are open for
     business in London, England and on which dealings in deposits in U.S.
     dollars are transacted in the London interbank market.

          "Monthly Period" has the meaning defined in the Indenture.

          "Moody's" has the meaning defined in the Indenture.

          "New Fixed Rate Lease" means on any day each Unit Lease then bearing
     interest or finance charges at a fixed rate per annum (a) that did not bear
     interest or finance charges at a fixed rate per annum when it initially
     became a unit Lease or on the Effective Date and (b) with respect to which
     the Issuer shall not have obtained on or prior to such day an interest rate
     cap satisfying the requirements therefor set forth in Section 5A.11(c) of
     the Indenture Supplement.

          "New York Business Day" means any day on which banks are not required
     or authorized by law to close in New York City.

          "Notional Lease Rate Cap" means, with respect to each New Fixed Rate
     Lease, as of the last day of the Monthly Period immediately preceding the
     first Calculation Period during which such New Fixed Rate Lease is to be
     included in the calculation of the Notional Principal Amount, a lease rate
     cap having a notional amount on the first day of such Calculation Period
     equal to the Lease Balance of such New Fixed Rate Lease as of the last day
     of such Monthly Period, plus, in the case of a Closed-End Lease, the Stated
     Residual Value of the related Leased Vehicle and on the first day of each
     Calculation Period thereafter at least equal to the scheduled Lease Balance
     of such New Fixed Rate Lease as of the last day of the Monthly Period
     immediately preceding such first day of such Calculation Period, 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 New Fixed Rate Lease minus
     0.705% per annum.

          "Notional Principal Amount" means, with respect to a Calculation
     Period, an amount equal to the lesser of (a) the aggregate Unit Balance of
     all New Fixed Rate Leases as of the last day of the Monthly Period
     immediately preceding the first day of such Calculation Period and (b) the
     sum of the Series 2003-1 Invested Amount and the aggregate stated
     liquidation preference of the Series 2003-1 Preferred Membership Interests
     on the first day of such Calculation 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 September
     8, 2003 and ending on the Termination Date.

          "Premiums" means the amounts payable by the Counterparty to JPMorgan
     Chase pursuant to Section 2 hereof.

          "Rating Agency Condition" has the meaning defined in the Indenture
     Supplement.

<PAGE>
                                                                            4

          "Reference Banks" means four major banks in the London interbank
     market selected by JPMorgan Chase.

          "Reset Date" means the first day of each Calculation Period.

          "Series 2003-1 Invested Amount" has the meaning defined in the
     Indenture Supplement.

          "Series 2003-1 Percentage" means, on any Payment Date, the average
     Series 2003-1 Invested Percentage during the Monthly Period immediately
     preceding such Payment Date.

          "Series 2003-1 Preferred Membership Interests" has the meaning defined
     in the Indenture Supplement.

          "Series 2003-1 Required Lease Rate Cap" has the meaning defined in the
     Indenture Supplement.

          "Standard & Poor's" has the meaning defined in the Indenture.

          "Stated Residual Value" has the meaning defined in the Indenture.

          "Telerate Page 3750 Screen" means the display designated as "Page
     3750" on the Telerate Service (or such other page as may replace Page 3750
     on that service or such other service as may be nominated by the British
     Bankers' Association as the information vendor for the purpose of
     displaying British Bankers' Association Interest Settlement Rates for U.S.
     Dollar deposits).

          "Termination Date" means the earlier of August ___, 2015 and the date
     on which the Series 2003-1 Invested Amount has been reduced to zero and the
     Series 2003-1 Preferred Membership Interests shall have been redeemed.

          "Unit Balance" means, with respect to any New Fixed Rate Lease, as of
     any date of determination, the Lease Balance of such New Fixed Rate Lease
     as of such date, plus, in the case of a Closed-End Lease, the Stated
     Residual Value of the related Leased Vehicle.

          "Unit Lease" has the meaning defined in the Indenture.

          2. Premiums. On the first day of the first Calculation Period on which
there are any New Fixed Rate Leases, the Counterparty agrees to pay to JPMorgan
Chase an amount, to be determined by JPMorgan Chase on a reasonably commercial
basis, equal to the premium that would have been payable by the Counterparty to
obtain a Notional Lease Rate Cap with respect to each such New Fixed Rate Lease
on the date that is two Business Days prior to such first day. On the first day
of any Calculation Period during which, after giving effect to the addition of
any additional New Fixed Rate Leases, either (x) the aggregate scheduled
notional amounts during such Calculation Period or any Calculation Period
thereafter of the Notional Lease Rate Caps with respect to all New Fixed Rate
Leases will be less than the Notional

<PAGE>
                                                                            5

Principal Amount with respect to such Calculation Period or any Calculation
Period thereafter (the sum of any such deficiencies, the "Notional Amount
Deficiencies") or (y) the weighted average cap rate during such Calculation
Period or any Calculation Period thereafter under the Notional Lease Rate Caps
with respect to all New Fixed Rate Leases will be higher than the Cap Rate with
respect to such Calculation Period or any Calculation Period thereafter (the
"Cap Rate Deficiencies"), the Counterparty agrees to pay to JPMorgan Chase an
amount, to be determined by JPMorgan Chase on a reasonably commercial basis,
equal to the premium that would have been payable by the Counterparty to obtain
a lease rate cap covering the Notional Amount Deficiencies and/or the Cap Rate
Deficiencies. All payments of Premiums to JPMorgan Chase shall be made by
deposit to JPMorgan Chase's Account. JPMorgan Chase shall determine the amount
of any Premium payable by the Counterparty hereunder, based on the information
contained in the Monthly Settlement Statement delivered to JPMorgan Chase
pursuant to Article 7 of the Indenture Supplement, and notify the Counterparty
thereof on the Business Day prior to the due date thereof.

          3. Payments. JPMorgan Chase agrees to pay to or at the direction of
the Counterparty on each Payment Date, an amount equal to the product of (i) the
amount by which the Floating Rate exceeds the Cap Rate with respect to the
Calculation Period ending on such Payment Date, in each case as determined by
JPMorgan Chase, (ii) the Notional Principal Amount with respect to such
Calculation Period and (iii) the actual number of days in such Calculation
Period divided by 360 (the "Cap Payment"). JPMorgan Chase shall determine the
amount of any Cap Payment for any Payment Date based on the information
contained in the Monthly Settlement Statement delivered to JPMorgan Chase
pursuant to Article 7 of the Indenture Supplement in respect of the immediately
preceding Payment Date. On any Payment Date following a Calculation Period
during which the Notional Principal Amount was calculated based on the amount
set forth in clause (a) of the definition thereof, JPMorgan Chase shall pay a
portion of the Cap Payment, in an amount equal to the Series 2003-1 Percentage
thereof on such Payment Date, to the Counterparty's Account and, subject to
Section 7 hereof, the remaining portion thereof (the "Excess Cap Payment") to or
at the direction of the Issuer. On any Payment Date following a Calculation
Period during which the Notional Principal Amount was calculated based on the
amount set forth in clause (b) of the definition thereof, JPMorgan Chase shall
pay the full amount of the Cap Payment to the Counterparty's Account.

          4. Notices. Any notices hereunder (i) shall be in writing and
hand-delivered or sent by first-class mail, postage prepaid, return receipt
requested, or facsimile transmission and shall be addressed to the intended
recipient at its address set forth on the signature page hereof or at such other
address as such party shall have last specified by notice to the other party and
(ii) shall be effective (a) if delivered by hand or sent by overnight courier,
on the day it is delivered, unless delivery is made after the close of business
or on a day that is not a Business Day, in which case such notice will be
effective on the next Business Day, (b) if sent by certified or registered mail
or the equivalent (return receipt requested), three Business Days after
dispatch, or (c) if sent by facsimile transmission, on the date that
transmission is received by a responsible employee of the recipient in legible
form (it being agreed that the burden of proving receipt will be on the sender
and will not be met by a transmission report generated by the sender's facsimile
machine).

<PAGE>
                                                                            6

          5. Governing Law. This letter agreement shall be governed by and
construed in accordance with the laws of the State of New York.

          6. Assignments. Neither party shall have the right to assign its
rights or delegate its obligations under this letter agreement without the prior
written consent of the other party; provided, however, that, the Counterparty's
rights hereunder may be assigned as described herein and pledged by the Issuer
to the Indenture Trustee.

          7. Set-off; Counterclaim. Notwithstanding any other provision of any
other agreement to the contrary, all payments under this letter agreement will
be made without set-off or counterclaim, except that, if the Counterparty fails
to pay any Premium pursuant to Section 2 hereof in respect of any New Fixed Rate
Lease when due, JPMorgan Chase will not be obligated to pay to or at the
direction of the Issuer pursuant to Section 3 hereof on any Payment Date
following a Calculation Period during which the Notional Principal Amount was
calculated based on the amount set forth in clause (a) of the definition
thereof, an amount equal to the lesser of the Excess Cap Payment and the portion
of the Cap Payment on such Payment Date attributable to the Unit Balance of such
New Fixed Rate Lease.

          8. Each Party's Reliance on its own Judgment. Each party has entered
into this Rate Cap Transaction solely in reliance on its own judgment. Neither
party has any fiduciary obligation to the other party relating to this Rate Cap
Transaction. In addition, neither party has held itself out as advising, or has
held out any of its employees or agents as having the authority to advise, the
other party as to whether or not the other party should enter into this Rate Cap
Transaction, any subsequent actions relating to this Rate Cap Transaction or any
other matters relating to this Rate Cap Transaction. Neither party shall have
any responsibility or liability whatsoever in respect of any advice of this
nature given, or views expressed, by it or any of such persons to the other
party relating to this Rate Cap Transaction, whether or not such advice is given
or such views are expressed at the request of the other party.

          9. Early Termination. If the short-term credit rating of JPMorgan
Chase falls below "A-1" by Standard & Poor's or "P-1" by Moody's or the
long-term unsecured credit rating of JPMorgan Chase falls below "A+" by Standard
& Poor's or "Aa3" by Moody's and within 30 days of such decline in credit
rating, JPMorgan Chase shall not have provided some form of collateral for its
obligations hereunder and satisfied the Rating Agency Condition with respect to
such arrangement, the Counterparty shall have the right, upon five (5) Business
Days written notice to JPMorgan Chase, to terminate this Rate Cap Transaction.
The Counterparty's right to terminate this Rate Cap Transaction pursuant to the
preceding sentence is conditioned upon the Counterparty having obtained, and
there being maintained as of the time of such termination, the Series 2003-1
Required Lease Rate Cap (determined without giving effect to this Rate Cap
Transaction).

          10. WAIVER OF JURY TRIAL. THE PARTIES HERETO HEREBY KNOWINGLY AND
INTENTIONALLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING RELATING TO THIS LETTER AGREEMENT OR FOR ANY COUNTERCLAIM
THEREIN.

<PAGE>
                                                                            7

          Please confirm that the foregoing correctly sets forth the terms and
conditions of our agreement by responding within three (3) Business Days by
returning via facsimile an executed copy of this letter agreement to the
attention of Michaela Ludbrook, facsimile no. (212) 834-6187.

          Duplicate hard copies of this letter agreement will be sent to you
shortly. Upon receipt, please execute both copies and return one to JPMorgan
Chase to the address indicated below.

<PAGE>
                                                                            8

          JPMorgan Chase is pleased to have concluded this transaction with you.

                               Very truly yours,

                               JPMORGAN CHASE BANK

                               By:
                                  -------------------------------------------
                                  Name:
                                  Title:

                               Address for Notices:
                               270 Park Avenue, 8th Floor
                               New York, NY 10017
                               Attention: Michaela Ludbrook
                               Facsimile No.: (212) 834-6187

<PAGE>
                                                                            9

                               ACCEPTED AND AGREED:

                               PHH CORPORATION

                               By:
                                  -------------------------------------------
                                  Name:
                                  Title:

                               Address for Notices:
                               307 International Circle
                               Hunt Valley, Maryland  21030
                               Attn:  Brad Howatt
                               Facsimile No.:  (410) 771-3362Exhibit 10.17

                                    GUARANTY

          THIS GUARANTY (this  "Guaranty") dated as of June 18, 2003, is made by
D.L. Peterson Trust, a Delaware statutory trust (the "Guarantor"), in respect of
the obligations of Chesapeake  Funding LLC (formerly known as Greyhound  Funding
LLC), a Delaware limited liability company ("Chesapeake Funding").  Reference is
hereby made to (i) the Base Indenture (the "Base  Indenture"),  dated as of June
30, 1999, as amended,  between Chesapeake  Funding, as Issuer and JPMorgan Chase
Bank (formerly known as the Chase Manhattan Bank), as Indenture Trustee (in such
capacity,  the "Indenture  Trustee"),  and each  supplement  (each an "Indenture
Supplement")  to the Base Indenture  executed in connection with the issuance of
any  series of  Investor  Notes (the Base  Indenture,  as  supplemented  by each
Indenture Supplement, the "Indenture") and (ii) the Security Agreement, dated as
of June 18, 2003, between D.L. Peterson Trust and the Indenture Trustee.  Except
as otherwise defined herein, terms used herein and defined in the Base Indenture
shall be used herein as defined therein.

                               W I T N E S S E T H

          WHEREAS,  Chesapeake  Funding and the  Indenture  Trustee have entered
into the Base Indenture,  providing for the issuance of Investor Notes from time
to time as contemplated therein; and

          WHEREAS,  the Guarantor has obtained,  and will obtain,  benefits from
the issuance of Investor Notes by Chesapeake Funding from time to time under the
Indenture;

          NOW,  THEREFORE,  in consideration of the foregoing and other benefits
accruing  to the  Guarantor,  the receipt  and  sufficiency  of which are hereby
acknowledged,  the Guarantor  hereby  agrees with the Indenture  Trustee for the
benefit of each  Investor  Noteholder  and each other Person to whom amounts are
payable  from  amounts on deposit in the  Collection  Account or any  subaccount
thereof (all such Investor Noteholders and other such persons, collectively, the
"Secured Parties") as follows:

          1.  Guaranty.   The  Guarantor  hereby  irrevocably,   absolutely  and
unconditionally  guarantees to the Indenture Trustee the payment and performance
of the following obligations and liabilities (hereinafter  collectively referred
to as the "Obligations") on the terms set forth herein:

          (i) payment by Chesapeake Funding of all amounts now or hereafter owed
     by  Chesapeake  Funding to any  Investor  Noteholder  under the  Indenture,
     whether for principal,  interest, fees, penalties, expenses, indemnities or
     otherwise;

          (ii)  payment by  Chesapeake  Funding of  dividends  on each series of
     Preferred  Membership  Interests,  when,  as and if declared by  Chesapeake
     Funding,  and payable by Chesapeake  Funding from amounts on deposit in the
     Collection Account;

<PAGE>

          (iii) payment by Chesapeake  Funding of the  redemption  price of each
     series or portion  thereof of  Preferred  Membership  Interests  subject to
     mandatory redemption with amounts on deposit in the Collection Account;

          (iv)  payment  by  Chesapeake  Funding  of all other  amounts  owed by
     Chesapeake  Funding to any  Secured  Party,  whether  for fees,  penalties,
     expenses, indemnities or otherwise; and

          (v) payment of any and all expenses,  including reasonable  attorneys'
     fees, incurred by the Indenture Trustee or the Secured Parties in enforcing
     their rights under this Guaranty.

          2. Payments  under  Guaranty.  (a) In the event any Secured Party does
not receive the full amount of any  Obligation  payable to or for the benefit of
such Secured  Party on any date (a  "Chesapeake  Default"),  then the  Guarantor
shall pay to the Indenture  Trustee,  for the benefit of such Secured Party, any
such amount that  remains  outstanding  on the later of (x) the date that is one
year  following the latest final  maturity  date of any Class of Investor  Notes
Outstanding  on the date of such  Chesapeake  Default and (y) Five Business Days
following the date of such Chesapeake Default.

          (b) All amounts  paid by the  Guarantor  under this  Guaranty  will be
treated like  Collections and applied in accordance with the priority of payment
provisions of the Indenture.

          3.  Continuance of this  Agreement.  This Guaranty (i) is a continuing
guarantee and shall remain in full force and effect until all of the Obligations
have been  indefeasibly  paid in full and the Indenture  has been  terminated in
accordance  with its terms;  and (ii) shall continue to be effective or shall be
reinstated,  as the  case  may be,  if at any  time  any  payment  of any of the
Obligations is rescinded,  avoided or rendered void as a preferential  transfer,
impermissible  set-off,  fraudulent  conveyance or must otherwise be returned or
disgorged by the  Indenture  Trustee or any Secured  Party upon the  insolvency,
bankruptcy  or  reorganization  of any  Person,  all as though  such  rescinded,
avoided or voided payment had not been made, and  notwithstanding  any action or
failure to act on the part of the  Indenture  Trustee or such  Secured  Party in
reliance on such payment.

          4. Waivers.  The Guarantor hereby waives (a) promptness and diligence;
(b)  notice  of the  incurrence  of any  additional  obligations  by  Chesapeake
Funding; (c) notice of any actions taken by the Indenture Trustee or the Secured
Parties  under the  Indenture;  (d)  acceptance  of this  Guaranty  and reliance
thereon by the Indenture  Trustee or the Secured  Parties;  and (e) presentment,
demand of  payment,  notice of  dishonor  or  nonpayment,  protest and notice of
protest with respect to the Obligations, and all other formalities of every kind
in connection with the enforcement of the Obligations,  the omission of or delay
in which might constitute grounds for relieving the Guarantor of its obligations
under this Guaranty.

          5.  Subrogation and Similar Rights.  The Guarantor waives any right of
subrogation  to the  claims of the  Indenture  Trustee  of the  Secured  Parties
against Chesapeake Funding,  and any right of indemnification by or contribution
from  Chesapeake  Funding arising by reason of any payment made by the Guarantor
under this Guaranty or otherwise.  If,

                                      -2-

<PAGE>

notwithFtanding  such  waiver,  any  amount  shall be paid to the  Guarantor  on
account of such  subrogation,  indemnification  or contribution at any time when
all of the Obligations shall not have been discharged in full, such amount shall
be held in trust  for the  benefit  of the  Indenture  Trustee  and the  Secured
Parties,  shall be segregated from the other funds of the Guarantor and shall be
remitted to the Indenture  Trustee for application  against the Obligations,  in
such order and amount as the Indenture Trustee shall elect.

          6.  Representations  and  Warranties.  The  Guarantor  represents  and
warrants to the Indenture Trustee and the Secured Parties that:

               a. The  Guarantor  has full  capacity  to make and  perform  this
          Guaranty.

               b. This  Guaranty  has been duly  executed  and  delivered by the
          Guarantor and  satisfaction by the Guarantor of the  Obligations  will
          not violate any  applicable  provision  of law or  judgment,  order or
          regulation  of any court or of any  public or  governmental  agency or
          authority  nor  conflict  with or  constitute a breach of or a default
          under any instrument to which the Guarantor is a party or by which the
          Guarantor or any of the Guarantor's  property is bound,  and that this
          Guaranty is a legal,  valid and binding  obligation  of the  Guarantor
          enforceable in accordance with its terms.

               c. There is no litigation,  proceeding or  investigation  pending
          or,  to  the  knowledge  of  the  Guarantor,  threatened  against  the
          Guarantor,  which has  resulted  or could  reasonably  be  expected to
          result in a  material  adverse  effect on the  business,  property  or
          financial  condition  of the  Guarantor or on the  performance  by the
          Guarantor of the Guarantor's obligations hereunder,  and the Guarantor
          is not in violation in any material respect of any applicable statute,
          rule, order or regulation of any governmental body.

          7.  Notices.  All  notices,   requests,   demands,  claims  and  other
communications hereunder will be in writing. Any notice, request, demand, claim,
or other  communication  hereunder  will be deemed  duly  given if (and then two
business days after) it is sent by registered or certified mail,  return receipt
requested, postage prepaid, and addressed to the intended recipient as set forth
below:

           If to the Indenture Trustee:

           JPMorgan Chase Bank
           4 New York Plaza, 6th Floor
           New York, NY 10004
           Facsimile:        (212) 623-5932
           Telephone:        (212) 623-5415

           If to the Guarantor:

           D.L. Peterson Trust
           307 International Circle
           Hunt Valley, MD  21030

                                      -3-

<PAGE>

           Facsimile:        (410) 771-2530
           Telephone:        (410) 771-2336

          8. Recourse.  The obligations of the Guarantor  created  hereunder are
contracted  for and created  solely in respect of the  Origination  Trust Assets
allocated to the Lease SUBI, the Lease SUBI  Portfolio and the Fleet  Receivable
SUBI, and not against any other Origination Trust Assets. The Indenture Trustee,
by  entering  into  and  accepting  this  Guaranty,  and each  Secured  Party by
accepting the benefit of this Guaranty, acknowledges and agrees that (a) each of
the  Lease  SUBI and the  Fleet  Receivable  SUBI is a  separate  series  of the
Guarantor  as  provided in Section  3806(b)(2)  of Chapter 38 of Title 12 of the
Delaware Code, 12 Del.C. Section 3801 et seq., (b)(i) the obligations under this
Guaranty  shall be  enforceable  against the Lease SUBI  Portfolio and the Fleet
Receivable  SUBI only,  and not against any other SUBI  Portfolio  (used in this
Section as defined in the  Origination  Trust  Agreement) or the UTI  Portfolio,
(ii) other debts, liabilities, obligations and expenses incurred, contracted for
or otherwise  existing with respect to the Lease SUBI, the Lease SUBI Portfolio,
the Fleet Receivable SUBI or the Fleet Receivables shall be enforceable  against
the Lease SUBI  Portfolio or the Fleet  Receivable  SUBI, as applicable  and not
against  any other  SUBI  Portfolio  (used in this  Section  as  defined  in the
Origination  Trust  Agreement)  or  the  UTI  Portfolio  and  (iii)  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  shall be  enforceable  against  such other SUBI  Portfolio or the UTI
Portfolio only, 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  hereunder  or
otherwise  arising  from or with  respect to the Lease SUBI or Fleet  Receivable
SUBI,  respectively,  in respect of such claim, and (d)(i) no creditor or holder
of a claim relating to the Lease SUBI, the Fleet Receivable SUBI, the Lease SUBI
Portfolio  or the Fleet  Receivables  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.

          9. Miscellaneous.

               a. This Guaranty  contains the entire  agreement of the Indenture
Trustee, the Secured Parties and the Guarantor. No amendment of any provision of
this  Guaranty  shall be  effective  unless it is in  writing  and signed by the
Guarantor  and the  Indenture  Trustee,  and no waiver of any  provision of this
Guaranty,  and no waiver or consent to any departure by the Guarantor therefrom,
shall be  effective  unless  (i) it is in writing  and  signed by the  Indenture
Trustee and (ii) the Rating Agency  Condition has been satisfied with respect to
such  amendment,  and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

                                      -4-

<PAGE>

               b. No failure on the part of the Indenture  Trustee or any of the
Secured  Parties  or  such  Person's  assigns  to  exercise,  and  no  delay  in
exercising,  any right  hereunder or under the  Indenture  or any right  against
Chesapeake  Funding shall  operate as a waiver hereof or thereof;  nor shall any
single or partial  exercise of any right preclude any other or further  exercise
thereof or the  exercise  of any other  right.  The rights and  remedies  of the
Indenture  Trustee and the Secured Parties under this Guaranty and the Indenture
are  cumulative  and are in  addition  to, and not  exclusive  of, any rights or
remedies provided by law.

               c.  Any  provision  of  this  Guaranty  which  is  prohibited  or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or  unenforceability,  and such prohibition or
unenforceability  shall not  invalidate  such  provision to the extent it is not
prohibited  or  unenforceable  in any other  jurisdiction,  nor  invalidate  the
remaining  provisions  hereof  or  thereof,  all of  which  shall  be  liberally
construed in favor of the  Indenture  Trustee in order to effect the  provisions
hereof.

               d. The obligations of the Guarantor under this Guaranty shall not
be subject to any  counterclaim,  setoff,  deduction  or defense  based upon any
related or unrelated claim which the Guarantor may now or hereafter have against
the Indenture Trustee or the Secured Parties,  except indefeasible  discharge of
the Obligations.

               e. The Indenture Trustee, on behalf of the Secured Parties, shall
be entitled to enforce this Guaranty directly against the Guarantor.

               f.  This  Agreement   shall  be  governed  by  and  construed  in
accordance with the law of the State of New York.

               g. The paragraph  headings used herein are for  convenience  only
and do not affect or modify the terms and conditions hereof.

          10. Judicial  Proceedings.  Any suit,  action, or proceeding,  whether
claim or  counterclaim,  brought or  instituted by the  Indenture  Trustee,  the
Secured Parties or the Guarantor,  or any of their successors or assigns,  on or
with  respect to this  Guaranty,  the  dealings of the  Indenture  Trustee,  the
Secured Parties or the Guarantor with respect  hereto,  shall be tried only by a
court  and  not by a jury.  THE  GUARANTOR  HEREBY  KNOWINGLY,  VOLUNTARILY  AND
INTENTIONALLY  WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH  SUIT,  ACTION OR
PROCEEDING.  Further,  the  Guarantor  waives  any right it may have to claim or
recover,  in any such  suit,  action  or  proceeding,  any  special,  exemplary,
punitive or consequential  damages or any damages other than, or in addition to,
actual damages.  THE GUARANTOR  ACKNOWLEDGES AND AGREES THAT THIS PARAGRAPH IS A
SPECIFIC  AND  MATERIAL  ASPECT OF THIS  GUARANTY  AND THAT  NEITHER THE SECURED
PARTIES NOR THE INDENTURE TRUSTEE WOULD ENTER INTO THE TRANSACTIONS CONTEMPLATED
HEREIN  IF THE  WAIVERS  SET  FORTH  IN THIS  PARAGRAPH  WERE NOT A PART OF THIS
AGREEMENT.

          11.  Consent to  Jurisdiction  and Service of Process.  The  Guarantor
irrevocably  appoints  each and every  officer of the  Indenture  Trustee as its
attorneys  upon whom may be

                                      -5-

<PAGE>

served, by regular or certified mail at the address for notices set forth in the
Base  Indenture,  any notice,  process or  pleading in any action or  proceeding
against  it  arising  out of or in  connection  with  this  Guaranty,  the  Base
Indenture or the Investor  Notes.  The  Guarantor  hereby (a) consents  that any
action or proceeding  against it be commenced and maintained in any court within
the State of New York or in the United  States  District  Court for the Southern
District of New York by service of process on any such officer;  (b) agrees that
the courts of the State of New York and the United States District Court for the
Southern  District  of New York  shall  have  jurisdiction  with  respect to the
subject  matter  hereof  and the  person of the  Guarantor;  and (c)  waives any
objection  that the Guarantor  may now or hereafter  have as to the venue of any
such suit, action or proceeding brought in such a court or that such court is an
inconvenient forum. Notwithstanding the foregoing, the Indenture Trustee, in its
absolute  discretion,  may also initiate  proceedings in the courts of any other
jurisdiction  in  which  the  Guarantor  may be  found  or in  which  any of its
properties may be located.

          12.  Non-petition.   The  Indenture  Trustee,  by  entering  into  and
accepting this Guaranty, and each Secured Party by accepting the benefit of this
Guaranty,  hereby  covenants  and agrees that it will not at any time  institute
against, or join any other Person in instituting against,  the Guarantor,  Raven
Funding LLC, 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 bankruptcy,  reorganization,  arrangement, insolvency
or  liquidation  proceeding  or other  proceedings  under any  federal  or state
bankruptcy or similar law.

          13. Limitation of Liability.  It is expressly understood and agreed by
the  parties  hereto  that  (a) this  Guaranty  is  executed  and  delivered  by
Wilmington  Trust Company,  not individually or personally but solely as trustee
of the  Guarantor  in the  exercise of the powers and  authority  conferred  and
vested  in  it  under  the  Origination   Trust  Agreement,   (b)  each  of  the
representations,  undertakings  and  agreements  herein  made on the part of the
Guarantor is made and intended not as a personal representation, undertaking and
agreement by  Wilmington  Trust Company but is made and intended for the purpose
of binding only the Guarantor and (c) under no  circumstances  shall  Wilmington
Trust  Company be  personally  liable for the  payment  of any  indebtedness  or
expenses  of the  Guarantor  or be  liable  for the  breach  or  failure  of any
obligation,  representation,  warranty or  covenant  made or  undertaken  by the
Guarantor  under this Guaranty  except in accordance  with the provisions of the
Origination Trust Agreement.

                                      -6-

<PAGE>

          IN WITNESS  WHEREOF,  the  undersigned  has caused this Guaranty to be
duly executed as of the date first above written.

                               D.L. Peterson Trust, as Guarantor

                               By: Wilmington Trust Company, not in
                                     its individual capacity but solely as
                                     Delaware Trustee and SUBI Trustee

                               By:  /s/ Jennifer A. Luce
                                   ---------------------------------------------
                                    Title:  Financial Services Officer

<PAGE>

                               JPMORGAN CHASE BANK, as
                                 Indenture Trustee

                               By:  /s/ Connie Cho
                                   ---------------------------------------------
                                    Title:  Trust Officer

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