Document:

EX-10.6 Form of Issuer SUBI Certificate Transfer A

EXHIBIT 10.6

 

RYDER FUNDING II LP,

as Transferor,

and

RYDER VEHICLE LEASE TRUST [___]-[_],

as Transferee

 

ISSUER SUBI CERTIFICATE TRANSFER AGREEMENT

Dated as of [___]

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE ONE

	 	 	 
	 	 	 	 
	DEFINITIONS	 	 	3	 
	 	 	 
	 	 	 	 
	Section 1.01.	 	Definitions
	 	 	3	 
	Section 1.02.	 	Interpretive Provisions
	 	 	3	 
	 	 	 
	 	 	 	 
	ARTICLE TWO

	 	 	 
	 	 	 	 
	TRANSFER OF [___]-[_] SUBI CERTIFICATE	 	 	3	 
	 	 	 
	 	 	 	 
	Section 2.01.	 	Transfer of [___]-[_] SUBI Certificate
	 	 	3	 
	Section 2.02.	 	True Sale
	 	 	4	 
	Section 2.03.	 	Representations and Warranties of the Transferor and the Transferee
	 	 	4	 
	Section 2.04.	 	Financing Statement and Books and Records
	 	 	7	 
	Section 2.05.	 	Acceptance by the Transferee
	 	 	7	 
	 
	ARTICLE THREE

	 	 	 
	 	 	 	 
	MISCELLANEOUS	 	 	7	 
	 	 	 
	 	 	 	 
	Section 3.01.	 	Amendment
	 	 	7	 
	Section 3.02.	 	Governing Law
	 	 	7	 
	Section 3.03.	 	Severability
	 	 	7	 
	Section 3.04.	 	Binding Effect
	 	 	8	 
	Section 3.05.	 	Headings
	 	 	8	 
	Section 3.06.	 	Counterparts
	 	 	8	 
	Section 3.07.	 	Further Assurances
	 	 	8	 
	Section 3.08.	 	Third-Party Beneficiaries
	 	 	8	 
	Section 3.09.	 	No Petition
	 	 	8	 
	Section 3.10.	 	Limitation of Liability of Owner Trustee
	 	 	8	 

i

 

ISSUER SUBI CERTIFICATE TRANSFER AGREEMENT

     This Issuer SUBI Certificate Transfer Agreement, dated as of
[                    ] (the “Agreement”), is
between Ryder Funding II LP, a Delaware limited partnership, as transferor (the “Transferor”), and
Ryder Vehicle Lease Trust [___]-[_], a Delaware statutory trust (the “Issuer”), as transferee (the
“Transferee”).

RECITALS

     WHEREAS, Ryder Truck Rental I LP (“RTR I LP”) and Ryder Truck Rental II LP (“RTR II LP”), as
Grantors and UTI Beneficiaries, Ryder Truck Rental, Inc., as Administrative Agent, U.S. Bank Trust
National Association (as successor in interest to Delaware Trust Capital Management, Inc.), as
Delaware Trustee, RTRT, Inc., as Trustee, and U.S. Bank National Association (“U.S. Bank”), as
Trust Agent, have entered into that certain second amended and restated trust agreement, dated as
of February 1, 1998 (the “Origination Trust Agreement”), pursuant to which Ryder Truck Rental LT, a
Delaware statutory trust (the “Trust”), will take assignments and conveyances of and hold in trust
various assets (the “Trust Assets”);

     WHEREAS, the parties to the Origination Trust Agreement supplemented the Origination Trust
Agreement with a [___]-[_] origination trust supplement, dated as of [                    ]
(together with
the Origination Trust Agreement, the “SUBI Trust Agreement”), to establish one special unit of
beneficial interest (the “[___]-[_] SUBI”);

     WHEREAS, in connection with the SUBI Trust Agreement, a separate portfolio of Leases (the
“Specified Leases”) and certain other related assets of the Origination Trust, and the Vehicles
that are leased under the Specified Leases (the “Specified Vehicles”) and certain other related
assets of the Origination Trust will be allocated to the [___]-[_] SUBI;

     WHEREAS, the Origination Trust has created a certificate evidencing a 100% beneficial interest
in the [___]-[_] SUBI (the “[___]-[_] SUBI Certificate”) and has issued the [___]-[_] SUBI
Certificate to Ryder Truck Rental I LP (“RTR I LP”);

     WHEREAS RTR I LP has transferred and assigned, without recourse, all of RTR I LP’s right,
title and interest in and to the [___]-[_] SUBI Certificates to the Transferor pursuant to that
certain SUBI certificate transfer agreement, dated as of [                    ] (the “SUBI Certificate
Transfer Agreement”), between RTR I LP and the Transferor;

     WHEREAS, the Issuer was formed pursuant to that certain trust agreement, dated as of
[                    ], as amended and restated as of
[                    ] (the “Trust Agreement”), between the
Transferor and [                    ], as trustee;

     WHEREAS, the Transferor and the Transferee desire to enter into this Agreement to provide for
the transfer and assignment by the Transferor to the Transferee, without recourse, of all of the
Transferor’s right, title and interest in and to the [___]-[_] SUBI Certificate and the interest in
the [___]-[_] SUBI represented thereby; and

2

 

     WHEREAS, immediately after the transfer of the [___]-[_] SUBI Certificate to the Issuer, the
Issuer shall pledge the [___]-[_] SUBI Certificate to [___], as Indenture Trustee (the “Indenture
Trustee”), pursuant to that certain indenture, dated as of [                    ] (the “Indenture”), between
the Issuer and the Indenture Trustee.

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

ARTICLE ONE

DEFINITIONS

     Section 1.01. Definitions. Capitalized terms used herein that are not otherwise
defined has the meanings ascribed thereto in the SUBI Trust Agreement, the Indenture or the Trust
Agreement, as the case may be.

     “Agreement” means this Agreement, as amended or supplemented from time to time.

     “Assets” has the meaning set forth in Section 2.01.

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

     “SUBI Trust Agreement” has the meaning set forth in the recitals.

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

     Section 1.02. Interpretive Provisions. For all purposes of this Agreement, except as
otherwise expressly provided or unless the context otherwise requires, (i) terms used in this
Agreement include, as appropriate, all genders and the plural as well as the singular, (ii)
references to words such as “herein,” “hereof” and the like shall refer to this Agreement as a
whole and not to any particular part, Article or Section within this Agreement, (iii) the term
“include” and all variations thereof shall mean “include without limitation,” (iv) references to a
Section such as “Section 11.01” or an Article such as “Article Eleven” shall refer to the
applicable Section or Article of this Agreement, (v) the term “or” shall include “and/or” and (vi)
the term “proceeds” has the meaning ascribed thereto in the UCC.

ARTICLE TWO

TRANSFER OF [___]-[_] SUBI CERTIFICATE

     Section 2.01. Transfer of [___]-[_] SUBI Certificate. In consideration of the
Transferee’s delivery to, or upon the order of, the Transferor of $[                    ] and the Trust
Certificates (the “Transfer Price”), the Transferor hereby absolutely sells, transfers, assigns and
otherwise conveys to the Transferee, without recourse, and the Transferee does hereby purchase and
acquire all of the following (collectively, the “Assets”):

3

 

     (i) all right, title and interest in and to the [___]-[_] SUBI Certificate and the
interest in the [___]-[_] SUBI represented thereby, including all monies due and paid
thereon or in respect thereof;

     (ii) the right to realize upon any property that underlies or may be deemed to secure
the interest in the [___]-[_] SUBI represented by the [___]-[_] SUBI Certificate;

     (iii) all of the Transferor’s rights and benefits as Holder of the [___]-[_] SUBI
Certificate under the Administration Agreement and the SUBI Trust Agreement;

     (iv) all of the Transferor’s rights to and benefits in the [___]-[_] SUBI under the
SUBI Certificate Transfer Agreement; and

     (v) all proceeds of the foregoing.

     Section 2.02. True Sale. The parties hereto intend that the sale, transfer and
assignment of the Assets constitute a true sale and assignment of the Assets such that any interest
in and title to the Assets would not be property of the Transferor’s estate in the event the
Transferor becomes a debtor in a case under any bankruptcy law. To the extent that the conveyance
of the Assets hereunder is characterized by a court or similar governmental authority as a
financing, it is intended by the Transferor and the Transferee that the interest conveyed
constitute a first priority grant of a perfected security interest under the UCC as in effect in
the State of New York by the Transferor to the Transferee to secure the security obligations of the
Transferor under the Basic Documents. The Transferor does hereby grant to the Transferee a
security interest in all of its rights, title and privileges and interest in and to the Assets and
the parties hereto agree that this Agreement constitutes a “security agreement” under all
applicable law.

     Section 2.03. Representations and Warranties of the Transferor and the Transferee.

     (a) The Transferor hereby represents and warrants to the Transferee as of the date of this
Agreement and the Closing Date that:

     (i) Organization and Good Standing. The Transferor is a limited partnership
duly formed, validly existing and in good standing under the laws of the State of Delaware,
and has power and authority to own its properties and to conduct its business as such
properties are currently owned and such business is presently conducted, and had at all
relevant times, and has, power, authority and legal right to acquire, own and sell the
Assets.

     (ii) Due Qualification. The Transferor is duly qualified to do business as a
foreign limited partnership in good standing, and has obtained all necessary licenses and
approvals in all jurisdictions in which the ownership or lease of property or the conduct of
its business shall require such qualifications, except where the failure to have any such
license, approval or qualification would not have a material adverse effect on the
condition, financial or otherwise, of the Transferor or would not have a material adverse
effect on the ability of the Transferor to perform its obligations under this Agreement.

4

 

     (iii) Power and Authority. The Transferor has the power and authority to
execute and deliver this Agreement and to carry out its terms; and the execution, delivery
and performance of this Agreement has been duly authorized by the Transferor by all
necessary corporate action.

     (iv) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of the Transferor, enforceable against it in accordance with its terms, except as
enforceability may be subject to or limited by bankruptcy, insolvency, reorganization,
moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights
in general and by general principles of equity, regardless of whether such enforceability
shall be considered in a proceeding in equity or at law.

     (v) No Violation. The execution, delivery and performance by the Transferor of
this Agreement and the consummation of the transactions contemplated by this Agreement and
the fulfillment of the terms hereof does not conflict with, result in any breach of any of
the terms and provisions of, nor constitute (with or without notice or lapse of time) a
default under, the limited partnership agreement of the Transferor, or conflict with or
breach any of the material terms or provisions of, or constitute (with or without notice or
lapse of time) a default under, any indenture, agreement or other instrument to which the
Transferor is a party or by which it may be bound or any of its properties are subject; nor
result in the creation or imposition of any lien upon any of its properties pursuant to the
terms of any material indenture, agreement or other instrument (other than this Agreement);
nor violate any law or, to the knowledge of the Transferor, any order, rule or regulation
applicable to it or its properties of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the
Transferor or any of its properties.

     (vi) No Proceedings. There are no proceedings or investigations pending or, to
the knowledge of the Transferor, threatened against the Transferor, before any court,
regulatory body, administrative agency or other tribunal or governmental instrumentality (A)
asserting the invalidity of this Agreement, (B) seeking to prevent the consummation of any
of the transactions contemplated by this Agreement or (C) seeking any determination or
ruling that, in the reasonable judgment of the Transferor, would materially and adversely
affect the performance by the Transferor of its obligations under this Agreement.

     (vii) Title to [___]-[_] SUBI Certificate. Immediately prior to the transfer
of the [___]-[_] SUBI Certificate pursuant to this Agreement, the Transferor (A) is the true
and lawful owner of the [___]-[_] SUBI Certificate and it has the legal right to transfer
the [___]-[_] SUBI Certificate; (B) has good and valid title to the [___]-[_] SUBI
Certificate and the [___]-[_] SUBI Certificate is on the date hereof free and clear of all
Liens; and (C) will convey good, valid and indefeasible title to the [___]-[_] SUBI
Certificate to the Transferee under this Agreement.

     (b) The Transferee hereby represents and warrants to the Transferor as of the date of this
Agreement and the Closing Date that:

5

 

     (i) Organization and Good Standing. The Transferee is a statutory trust duly
formed, validly existing and in good standing under the laws of the State of Delaware, and
has power and authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted, and had at all relevant times,
and has, power, authority and legal right to acquire, own and sell the Assets.

     (ii) Due Qualification. The Transferee is duly qualified to do business as a
foreign trust in good standing, and has obtained all necessary licenses and approvals in all
jurisdictions in which the ownership or lease of property or the conduct of its business
shall require such qualifications, except where the failure to have any such license,
approval or qualification would not have a material adverse effect on the condition,
financial or otherwise, of the Transferee or would not have a material adverse effect on the
ability of the Transferee to perform its obligations under this Agreement.

     (iii) Power and Authority. The Transferee has the power and authority to
execute and deliver this Agreement and to carry out its terms; and the execution, delivery
and performance of this Agreement has been duly authorized by the Transferee by all
necessary corporate action.

     (iv) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of the Transferee, enforceable against it in accordance with its terms, except as
enforceability may be subject to or limited by bankruptcy, insolvency, reorganization,
moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights
in general and by general principles of equity, regardless of whether such enforceability
shall be considered in a proceeding in equity or at law.

     (v) No Violation. The execution, delivery and performance of this Agreement by
the Transferee and the consummation of the transactions contemplated by this Agreement and
the fulfillment of the terms hereof does not conflict with, result in any breach of any of
the terms and provisions of, nor constitute (with or without notice or lapse of time) a
default under, the trust agreement of the Transferee, or conflict with or breach any of the
material terms or provisions of, or constitute (with or without notice or lapse of time) a
default under, any indenture, agreement or other instrument to which the Transferee is a
party or by which it may be bound or any of its properties are subject; nor result in the
creation or imposition of any lien upon any of its properties pursuant to the terms of any
material indenture, agreement or other instrument (other than this Agreement); nor violate
any law or, to the knowledge of the Transferee, any order, rule or regulation applicable to
it or its properties of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Transferee or any
of its properties.

     (vi) No Proceedings. There are no proceedings or investigations pending or, to
the knowledge of the Transferee, threatened against the Transferee, before any court,
regulatory body, administrative agency or other tribunal or governmental instrumentality (A)
asserting the invalidity of this Agreement, (B) seeking to prevent the consummation of any
of the transactions contemplated by this Agreement or (C) seeking any

6

 

determination or ruling that, in the reasonable judgment of the Transferee, would
materially and adversely affect the performance by the Transferee of its obligations under
this Agreement.

     (c) The representations and warranties set forth in this Section shall survive the sale of the
Assets by the Transferor to the Transferee. Upon discovery by the Transferor, the Transferee or
the Trustee of a breach of any of the foregoing representations and warranties, the party
discovering such breach shall give prompt written notice to the others.

     Section 2.04. Financing Statement and Books and Records.

     (a) In connection with the conveyance of the Assets hereunder, the Transferor agrees that
prior to the Closing Date, it will file, at its own expense, one or more financing statements with
respect to the Assets meeting the requirements of applicable state law in such manner as necessary
to perfect the sale of the Assets to the Transferor, and the proceeds thereof (and any continuation
statements as are required by applicable state law), and to deliver a file-stamped copy of each
such financing statement (or continuation statement) or other evidence of such filings (which may,
for purposes of this Section, consist of telephone confirmation of such filings with the file
stamped copy of each such filings to be provided to the Transferee in due course), as soon as is
practicable after receipt by the Transferor thereof.

     (b) The Transferor further agrees that it will treat the transfer of the Assets as a sale for
accounting purposes, take no actions inconsistent with the Transferee’s ownership of the Assets and
on or prior to the Closing Date indicate on its books, records and statements that the Assets have
been sold to the Transferee.

     Section 2.05. Acceptance by the Transferee. The Transferee agrees to comply with all
covenants and restrictions applicable to a Holder of the [___]-[_] SUBI Certificate and the
interest in the [___]-[_] SUBI represented thereby, whether set forth in the [___]-[_] SUBI
Certificate, in the SUBI Trust Agreement or otherwise, and assumes all obligations and liabilities,
if any, associated therewith.

ARTICLE THREE

MISCELLANEOUS

     Section 3.01. Amendment. This Agreement may be amended from time to time in a
writing signed by the parties hereto.

     Section 3.02. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without regard to any otherwise applicable
principles of conflicts of laws (other than Section 5-1401 of the New York General Obligations
Law).

     Section 3.03. Severability. If one or more of the covenants, agreements or
provisions of this Agreement shall be for any reason whatever held invalid or unenforceable, such
provisions shall be deemed severable from the remaining covenants, agreements and provisions of
this Agreement, and such invalidity or unenforceability shall in no way affect the validity or

7

 

enforceability of such remaining covenants, agreements and provisions, or the rights of any
parties hereto. To the extent permitted by law, the parties hereto waive any provision of law that
renders any provision of this Agreement invalid or unenforceable in any respect.

     Section 3.04. Binding Effect. The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their successors and permitted assigns.

     Section 3.05. Headings. The Article and Section headings are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof.

     Section 3.06. Counterparts. This Agreement may be executed in any number of
counterparts, each of which so executed and delivered shall be deemed to be an original, but all of
which counterparts shall together constitute but one and the same instrument.

     Section 3.07. Further Assurances. Each party hereto shall do such acts, and execute
and deliver to the other party such additional documents or instruments as may be reasonably
requested in order to effect the purposes of this Agreement and to better assure and confirm unto
the requesting party its rights, powers and remedies hereunder.

     Section 3.08. Third-Party Beneficiaries. This Agreement shall inure to the benefit
of and be binding upon the parties hereto and each Holder of the [___]-[_] SUBI Certificate, who
shall be considered a third-party beneficiary hereof. Except as otherwise provided in this
Agreement, no other Person has any right or obligation hereunder.

     Section 3.09. No Petition. Each of the parties hereto covenants and agrees that
prior to the date which is one year and one day after the date upon which all obligations under
each Securitized Financing have been paid in full, it will not institute against, or join any other
Person in instituting against any Grantor, the Owner Trustee, the Trustee, any Special Purpose
Affiliate, any member of a Special Purpose Affiliate or any Grantor that is a limited liability
company (or any of their respective general partners) or any general partner of a Special Purpose
Affiliate or any Grantor that is a partnership, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding or other proceedings under any federal or state bankruptcy or
similar law.

     Section 3.10. Limitation of Liability of Owner Trustee. Notwithstanding anything
contained herein to the contrary, this instrument has been countersigned by [                    ] not
in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no
event shall [                    ] in its individual capacity or any beneficial owner of the Issuer have
any liability for the representations, warranties, covenants, agreements or other obligations of
the Issuer hereunder, as to all of which recourse shall be had solely to the assets of the Issuer.
For all purposes of this Agreement, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles Six, Seven and Ten of the Trust Agreement. Notwithstanding anything herein
to the contrary, Section 2.07 of the Trust Agreement shall remain in full force and effect.

8

 

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

	 	 	 	 	 	 	 
	 	 	RYDER FUNDING II LP,	 	 
	 

	 	 	 	   as Transferor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RYDER TRUCK RENTAL IV LLC,

   as General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RTR LEASING II, INC.,

   as Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:

Title:
	 	 
	 
	 	 	 	 	 	 
	 	 	RYDER VEHICLE LEASE TRUST [___]-[_],	 	 
	 

	 	 	 	as Transferee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	[                    ], as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:

Title:EX-10.7 Form of Amended and Restated Trust Agreeme

EXHIBIT 10.7

 

RYDER FUNDING II LP,

as Transferor,

and

[                                        ],

as Owner Trustee

 

AMENDED AND RESTATED TRUST

AGREEMENT

Dated as of
[                                       
 ]

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE ONE

	 
	 	 	 	 	 	 
	DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 
	Section 1.01.
	 	Capitalized Terms	 	 	1	 
	Section 1.02.
	 	Interpretive Provisions	 	 	8	 
	 
	 	 	 	 	 	 
	ARTICLE TWO

	 
	 	 	 	 	 	 
	ORGANIZATION	 	 	10	 
	 
	 	 	 	 	 	 
	Section 2.01.
	 	Name and Status	 	 	10	 
	Section 2.02.
	 	Office	 	 	10	 
	Section 2.03.
	 	Purposes and Powers	 	 	10	 
	Section 2.04.
	 	Appointment of Owner Trustee	 	 	11	 
	Section 2.05.
	 	Initial Capital Contribution of Owner Trust Estate	 	 	11	 
	Section 2.06.
	 	Declaration of Trust	 	 	11	 
	Section 2.07.
	 	Liability of the Transferor	 	 	11	 
	Section 2.08.
	 	Title to Trust Property	 	 	12	 
	Section 2.09.
	 	Situs of Issuer	 	 	12	 
	Section 2.10.
	 	Representations and Warranties of the Transferor	 	 	12	 
	 
	 	 	 	 	 	 
	ARTICLE THREE

	 
	 	 	 	 	 	 
	TRUST CERTIFICATES AND TRANSFER OF INTERESTS	 	 	14	 
	 
	 	 	 	 	 	 
	Section 3.01.
	 	Initial Ownership	 	 	14	 
	Section 3.02.
	 	The Trust Certificates	 	 	14	 
	Section 3.03.
	 	Authentication and Delivery of Trust Certificates	 	 	14	 
	Section 3.04.
	 	Registration of Transfer and Exchange	 	 	15	 
	Section 3.05.
	 	Mutilated, Destroyed, Lost or Stolen Trust Certificates	 	 	18	 
	Section 3.06.
	 	Persons Deemed Trust Certificateholders	 	 	18	 
	Section 3.07.
	 	Access to List of Trust Certificateholders’ Names and Addresses	 	 	18	 
	Section 3.08.
	 	Maintenance of Office or Agency	 	 	19	 
	Section 3.09.
	 	Appointment of Paying Agent	 	 	19	 
	Section 3.10.
	 	Ownership of Trust Certificate	 	 	20	 
	Section 3.11.
	 	Trust Certificates held by Issuer, Transferor or their Affiliates	 	 	20	 

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	 	 	 	 	Page	 
	ARTICLE FOUR

	 
	 	 	 	 	 	 
	ACTIONS BY OWNER TRUSTEE	 	 	21	 
	 
	 	 	 	 	 	 
	Section 4.01.
	 	Prior Notice to Trust Certificateholders with Respect to Certain Matters	 	 	21	 
	Section 4.02.
	 	Action by Trust Certificateholders with Respect to Certain Matters	 	 	21	 
	Section 4.03.
	 	Action by Owner Trustee with Respect to Bankruptcy	 	 	22	 
	Section 4.04.
	 	Restrictions on Trust Certificateholders’ Power	 	 	22	 
	Section 4.05.
	 	Majority Control	 	 	22	 
	 
	 	 	 	 	 	 
	ARTICLE FIVE

	 
	 	 	 	 	 	 
	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	 	 	23	 
	 
	 	 	 	 	 	 
	Section 5.01.
	 	Establishment of Certificate Distribution Account and Reserve Fund	 	 	23	 
	Section 5.02.
	 	Application of Trust Funds	 	 	24	 
	Section 5.03.
	 	Method of Payment	 	 	25	 
	Section 5.04.
	 	Accounting and Reports	 	 	25	 
	 
	 	 	 	 	 	 
	ARTICLE SIX

	 
	 	 	 	 	 	 
	AUTHORITY AND DUTIES OF OWNER TRUSTEE	 	 	27	 
	 
	 	 	 	 	 	 
	Section 6.01.
	 	General Authority	 	 	27	 
	Section 6.02.
	 	General Duties	 	 	27	 
	Section 6.03.
	 	Action Upon Instruction	 	 	27	 
	Section 6.04.
	 	No Duties Except as Specified	 	 	28	 
	Section 6.05.
	 	No Action Unless Specifically Authorized	 	 	29	 
	Section 6.06.
	 	Restrictions	 	 	29	 
	 
	 	 	 	 	 	 
	ARTICLE SEVEN

	 
	 	 	 	 	 	 
	CONCERNING THE OWNER TRUSTEE	 	 	30	 
	 
	 	 	 	 	 	 
	Section 7.01.
	 	Acceptance of Trusts and Duties	 	 	30	 
	Section 7.02.
	 	Furnishing of Documents	 	 	31	 
	Section 7.03.
	 	Representations and Warranties	 	 	31	 
	Section 7.04.
	 	Reliance; Advice of Counsel	 	 	32	 
	Section 7.05.
	 	Not Acting in Individual Capacity	 	 	32	 
	Section 7.06.
	 	Owner Trustee Not Liable for Trust Certificates	 	 	32	 
	Section 7.07.
	 	Owner Trustee May Own Trust Certificates and Notes	 	 	33	 

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	 	 	 	 	Page	 
	ARTICLE EIGHT

	 
	 	 	 	 	 	 
	COMPENSATION OF OWNER TRUSTEE	 	 	34	 
	 
	 	 	 	 	 	 
	Section 8.01.
	 	Owner Trustee’s Compensation and Indemnification	 	 	34	 
	 
	 	 	 	 	 	 
	ARTICLE NINE

	 
	 	 	 	 	 	 
	TERMINATION OF TRUST AGREEMENT	 	 	35	 
	 
	 	 	 	 	 	 
	Section 9.01.
	 	Termination of Trust Agreement	 	 	35	 
	Section 9.02.
	 	Dissolution upon Bankruptcy of the Transferor	 	 	36	 
	 
	 	 	 	 	 	 
	ARTICLE TEN

	 
	 	 	 	 	 	 
	SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	 	 	37	 
	 
	 	 	 	 	 	 
	Section 10.01.
	 	Eligibility Requirements for Owner Trustee	 	 	37	 
	Section 10.02.
	 	Resignation or Removal of Owner Trustee	 	 	37	 
	Section 10.03.
	 	Successor Owner Trustee	 	 	38	 
	Section 10.04.
	 	Merger or Consolidation of Owner Trustee	 	 	38	 
	Section 10.05.
	 	Appointment of Co-Trustee or Separate Trustee	 	 	38	 
	 
	 	 	 	 	 	 
	ARTICLE ELEVEN

	 
	 	 	 	 	 	 
	TAX MATTERS	 	 	40	 
	 
	 	 	 	 	 	 
	Section 11.01.
	 	Tax and Accounting Characterization	 	 	40	 
	Section 11.02.
	 	Signature on Returns; Tax Matters Partner	 	 	40	 
	Section 11.03.
	 	Tax Reporting	 	 	40	 
	 
	 	 	 	 	 	 
	ARTICLE TWELVE

	 
	 	 	 	 	 	 
	MISCELLANEOUS	 	 	41	 
	 
	 	 	 	 	 	 
	Section 12.01.
	 	Amendments	 	 	41	 
	Section 12.02.
	 	No Legal Title to Owner Trust Estate	 	 	42	 
	Section 12.03.
	 	Limitations on Rights of Others	 	 	42	 
	Section 12.04.
	 	Notices	 	 	42	 
	Section 12.05.
	 	Severability	 	 	43	 
	Section 12.06.
	 	Counterparts	 	 	43	 
	Section 12.07.
	 	Successors and Assigns	 	 	43	 
	Section 12.08.
	 	No Petition	 	 	43	 
	Section 12.09.
	 	No Recourse	 	 	44	 

iii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 12.10.
	 	Headings	 	 	44	 
	Section 12.11.
	 	Governing Law	 	 	44	 
	Section 12.12.
	 	Trust Certificates Nonassessable and Fully Paid	 	 	44	 
	 
	 	 	 	 	 	 
	ARTICLE THIRTEEN

	 
	 	 	 	 	 	 
	COMPLIANCE WITH REGULATION AB	 	 	44	 
	 
	 	 	 	 	 	 
	EXHIBITS

	 
	 	 	 	 	 	 
	Exhibit A  —  Form of Trust Certificate	 	 	A-1	 
	Exhibit B  —  Form of Rule 144A Certificate	 	 	B-1	 
	Exhibit C  —  Form of Investment Letter	 	 	C-1	 

iv

 

AMENDED AND RESTATED TRUST AGREEMENT

     This Amended and Restated Trust Agreement, dated as of
[                    ], is between Ryder Funding
II LP, a Delaware limited partnership, as transferor (the “Transferor”), and [                    ], a
[national banking association], as trustee (the “Owner Trustee”).

     WHEREAS, the parties hereto entered into that certain initial trust agreement dated as of
[                    ] (the “Initial Trust Agreement”) pursuant to which the Ryder Vehicle Lease Trust
[___]-[_] was created; and

     WHEREAS, the parties hereto are entering into this Agreement pursuant to which, among other
things, the Initial Trust Agreement will be amended and restated and Asset Backed Certificates will
be issued.

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

ARTICLE ONE

DEFINITIONS

     Section 1.01. Capitalized Terms. Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in the SUBI Trust Agreement, the
Administration Agreement or the Indenture, as the case may be. Whenever used herein, unless the
context otherwise requires, the following words and phrases shall have the following meanings:

     “[___]-[_] Lease” has the meaning set forth in the SUBI Trust Agreement.

     “[___]-[_] SUBI” has the meaning set forth in the SUBI Trust Agreement.

     “[___]-[_] SUBI Assets” has the meaning set forth in the SUBI Trust Agreement.

     “[___]-[_] SUBI Certificate” has the meaning set forth in the SUBI Trust Agreement.

     “[___]-[_] Vehicle” has the meaning set forth in the SUBI Trust Agreement.

     “Accrual Period” has the meaning set forth in the Indenture.

     “Adjusted Fair Market Value” means with respect to any item constituting part of the
Owner Trust Estate, the greater of (i) the fair market value of such asset or (ii) the amount of
any non-recourse indebtedness to which such asset is subject within the meaning of Section 7701(g)
of the Code.

     “Administration Agreement” means the Basic Administration Agreement, as supplemented
by the [___]-[_] administration supplement, dated as of [                    ], among the parties to
the Basic
Administration Agreement, as amended or supplemented from time to time.

 

 

     “Administration Fee” has the meaning set forth in the Administration Agreement.

     “Administrative Agent” means Ryder, as Administrative Agent under the Administration
Agreement, and its successors.

     “Administrative Agent Default” has the meaning set forth in the Administration
Agreement.

     “Administrator” means Ryder, as Administrator under the Issuer Administration
Agreement, and its successors in such capacity.

     “Advance” has the meaning set forth in the Administration Agreement.

     “Affiliate” has the meaning set forth in the Origination Trust Agreement

     “Agreement” means this Amended and Restated Trust Agreement, as amended or
supplemented from time to time.

     “Authenticating Agent” means any Person authorized by the Owner Trustee to act on
behalf of the Owner Trustee to authenticate and deliver the Trust Certificates.

     “Available Funds” has the meaning set forth in the Indenture.

     “Back-up Security Agreement” has the meaning set forth in the Indenture.

     “Basic Administration Agreement” means that certain administration agreement, dated as
of February 1, 1998, among Ryder Truck Rental I LP and Ryder Truck Rental II LP, each as UTI
Beneficiaries, the Origination Trust, Ryder, as Administrative Agent, and Ryder, as Maintenance
Provider, as amended from time to time.

     “Basic Documents” has the meaning set forth in the SUBI Trust Agreement.

     “Benefit Plan” means (i) an employee benefit plan, as defined in Section 3(3) of
ERISA, that is subject to Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code
that is subject to Section 4975 of the Code, (iii) a governmental plan (as defined in Section 3(32)
of ERISA) or a church plan (as defined in Section 3(3) of ERISA) that is subject to any federal,
state or local law which is substantially similar to the provisions of Section 406 of ERISA or
Section 4975 of the Code, (iv) an entity whose underlying assets include plan assets by reason of a
plan’s investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R.
Section 2510.3-101) or otherwise (v) a person investing “plan assets” of any such plan (including,
for purposes of this clause, any insurance company general account but excluding any entity
registered under the Investment Company Act).

     “Business Day” has the meaning set forth in the Indenture.

     “Certificate Distribution Account” means the account established pursuant to
Section 5.01(a).

2

 

     “Certificate Percentage Interest” shall mean with respect to any Trust Certificate,
the percentage interest of ownership in the Issuer represented thereby as set forth on the face
thereof.

     “Certificate Register” and “Certificate Registrar” means the register mentioned in and
the registrar appointed pursuant to Section 3.04.

     “Certificate of Trust” means the Certificate of Trust filed for the Issuer pursuant to
Section 3810(a) of the Statutory Trust Statute.

     “Closing Date” has the meaning set forth in the Indenture.

     “Code” has the meaning set forth in the Origination Trust Agreement.

     “Collection Period” has the meaning set forth in the Administration Agreement.

     “Control Agreement” means that certain control agreement, dated as of
[                    ], among
the Transferor, the Issuer, the Indenture Trustee and
[                                       
 ], as securities intermediary, as
amended or supplemented from time to time.

     “Cutoff Date” means
[                                       
 ] as of the opening of business.

     “Depreciation” means, for each fiscal or other period, an amount equal to the
depreciation, amortization or other cost recovery deductions allowable with respect to an asset for
such fiscal or other period under the Code, except that if the Gross Asset Value of an asset
differs from its adjusted basis for federal income tax purposes at the beginning of such fiscal or
other period, Depreciation shall be an amount which bears the same ratio to such beginning Gross
Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction
for such year or other beginning adjusted tax basis; provided, however, that if the federal income
tax depreciation, amortization or other cost recovery deduction for such fiscal or other period is
zero, Depreciation shall be determined with reference to such beginning Gross Asset Value or any
reasonable method selected by the Transferor.

     “Distribution Account” means either the Note Distribution Account or the Certificate
Distribution Account, as the context may require.

     “Distribution Statement” has the meaning set forth in Section 5.02(c).

     “Eligible Account” has the meaning set forth in the Indenture.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

     “Expenses” means all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal
fees and expenses) of any kind and nature whatsoever.

     “Grantor” has the meaning set forth in the Origination Trust Agreement.

3

 

     “Gross Asset Value” means, with respect to any asset, such asset’s adjusted basis for
federal income tax purposes except as follows:

     (i) the initial Gross Asset Value of any asset contributed by a Trust Certificateholder
to the Issuer shall be the gross fair market value of such asset at the time of
contribution, as determined by the contributing Trust Certificateholder and the Transferor;

     (ii) the Gross Asset Values of all Issuer assets shall be adjusted to equal their
respective Adjusted Fair Market Values, as reasonably determined by the Transferor as of the
liquidation of the Issuer within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury
Regulations;

     (iii) if the Gross Asset Value of an asset has been determined or adjusted pursuant to
clause (i), (ii) or (iv) of this definition, such Gross Asset Value shall thereafter be
adjusted by the Depreciation taken into account with respect to such asset for purposes of
computing income, gain, loss and deduction to be allocated to the Capital Accounts of the
Trust Certificateholders and the Transferor; and

     (iv) for purposes of allocating Gross Asset Values with respect to Issuer assets, the
Transferor shall make such allocation in accordance with the respective Adjusted Fair Market
Values of such assets, and such allocations shall be effective for all purposes under this
Agreement.

     “Holder” has the meaning set forth in the Origination Trust Agreement.

     “Indemnified Parties” has the meaning set forth in Section 8.01(a).

     “Indenture” means that certain indenture, dated as of
[                    ], between the Issuer
and [                    ], as Indenture Trustee, as amended or supplemented from time to time.

     “Indenture Trustee” means
[                    ], as Indenture Trustee under the Indenture, and
its successors.

     “Initial Deposit” means the [Issuer’s][Transferor’s] deposit to the Reserve Fund, on
or before the Closing Date, of $[                    ].

     “Interest” means, as of any date, the ownership interest of a Trust Certificateholder
in the Issuer as of such date, including the right of such Trust Certificateholder to any and all
benefits to which such Trust Certificateholder may be entitled as provided in this Agreement,
together with the obligations of such Trust Certificateholder to comply with all the terms and
provisions of this Agreement.

     “Investment Company Act” means the Investment Company Act of 1940, as amended.

     “Issuer” means the Ryder Vehicle Lease Trust [___]-[_], and its successors.

4

 

     “Issuer Administration Agreement” means that certain issuer administration agreement,
dated as of [                    ], among the Issuer, the Indenture Trustee, the Transferor and the
Administrator, as amended or supplemented from time to time.

     “Issuer SUBI Certificate Transfer Agreement” means that certain issuer SUBI
certificate transfer agreement, dated as of [                    ], between the Transferor and the Issuer, as
amended or supplemented from time to time.

     “Lien” has the meaning set forth in the Origination Trust Agreement.

     “Note” has the meaning set forth in the Indenture.

     “Note Distribution Account” has the meaning set forth in the Indenture.

     “Note Factor” has the meaning set forth in the Indenture.

     “Note Outstanding Amount” has the meaning set forth in the Indenture.

     “Noteholder” has the meaning set forth in the Indenture.

     “Opinion of Counsel” means one or more written opinions of counsel who may, except as
otherwise expressly provided in this Agreement, be employees of or counsel to the Transferor, the
Administrator or any of their respective Affiliates, and which opinions shall be addressed to, and
in form and substance satisfactory to, the Owner Trustee.

     “Origination Trust” means Ryder Truck Rental LT.

     “Origination Trust Agreement” means that certain second amended and restated trust
agreement, dated as of February 1, 1998, among Ryder Truck Rental I LP and Ryder Truck Rental II
LP, each as Grantors and UTI Beneficiaries, RTRT, Inc., as trustee, U.S. Bank Trust National
Association (as successor in interest to Delaware Trust Capital Management, Inc.), as Delaware
trustee, and U.S. Bank National Association, as trust agent, as amended from time to time.

     “Origination Trustee” means RTRT, Inc., in its capacity as trustee of the Origination
Trust, or any successor thereto in such capacity.

     “Other SUBI” has the meaning set forth in the Origination Trust Agreement.

     “Owner Corporate Trust Office” means the principal office of the Owner Trustee at
which at any particular time its corporate trust business shall be administered, which office at
the date of the execution of this Agreement is located at [                    ]; or at such other address
as the Owner Trustee may designate from time to time by notice to the Trust Certificateholders and
the Indenture Trustee, or the principal corporate trust office of any successor Owner Trustee (the
address of which the successor Owner Trustee shall notify the Trust Certificateholders and the
Indenture Trustee).

5

 

     “Owner Trust Estate” means the property of the Issuer, consisting of (i) the [___]-[_]
SUBI Certificate (transferred pursuant to the Issuer SUBI Certificate Transfer Agreement),
evidencing a 100% beneficial interest in the assets allocated to the [___]-[_] SUBI, including the
right to payments thereunder from certain Sales Proceeds, Casualty Proceeds, Termination Proceeds,
Termination Value Payments (up to an amount equal to the Securitization Value of the related
[___]-[_] Vehicle) and certain other amounts in respect of the [___]-[_] Leases and the [___]-[_]
Vehicles on deposit in the SUBI Collection Account and investment earnings, net of losses and
investment expenses, on amounts on deposit in the SUBI Collection Account; (ii) the rights of the
Issuer as secured party under the Back-up Security Agreement; (iii) the rights of the Issuer to the
funds on deposit from time to time in the Note Distribution Account and any other account or
accounts established pursuant to the Indenture and all cash, investment property and other property
from time to time deposited or credited thereto; (iv) the rights of the Transferor, as transferee,
under the SUBI Certificate Transfer Agreement; (v) the rights of the Issuer, as transferee, under
the Issuer SUBI Certificate Transfer Agreement; (vi) the rights of the Issuer as a third-party
beneficiary under the Administration Agreement, including rights to certain Advances, and the SUBI
Trust Agreement; (vii) the security interest of the Issuer in the Reserve Fund Property; [(viii)
the rights of the Issuer under the Swap Agreement and the amounts payable to the Issuer thereunder]
and (ix) all proceeds of the foregoing.

     “Owner Trustee” has the meaning set forth in the preamble.

     “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section
3.09, and shall initially be
[                                       
 ], a [                    ].

     “Payment Date” has the meaning set forth in the SUBI Trust Agreement.

     “Payment Date Advance Reimbursement” has the meaning set forth in the Administration
Agreement.

     “Payment Date Certificate” has the meaning set forth in the Indenture.

     “Permitted Investment” has the meaning set forth in the Origination Trust Agreement.

     “Person” has the meaning set forth in the Origination Trust Agreement.

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

     “Qualified Institutional Buyer” has the meaning ascribed thereto in Rule 144A.

     “Rating Agency” has the meaning set forth in the SUBI Trust Agreement.

     “Rating Agency Condition” has the meaning set forth in the Indenture.

     “Rating Event” has the meaning set forth in the Indenture.

     “Record Date” means, with respect to any Payment Date, the close of business on the
Business Day immediately preceding such Payment Date.

6

 

     “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17
C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such
clarification and interpretation as have been provided by the Commission in the adopting release
(Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7,
2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from
time to time.

     “Reserve Fund” means the account established pursuant to Section 5.01(b).

     “Reserve Fund Deposit Amount” has the meaning set forth in the Indenture.

     “Reserve Fund Draw Amount” has the meaning set forth in the Indenture.

     “Reserve Fund Property” means the Reserve Fund and all cash, investment property and
other property from time to time deposited or credited to the Reserve Fund and all proceeds
thereof, including the Initial Deposit.

     “Reserve Fund Requirement” has the meaning set forth in the Indenture.

     “Residual Value Loss” has the meaning set forth in the Administration Agreement.

     “Rule 144A” means Rule 144A under the Securities Act.

     “Rule 144A Information” means information requested of the Transferor, in connection
with the proposed transfer of a Trust Certificate, to satisfy the requirements of paragraph (d)(4)
of Rule 144A.

     “Ryder” means Ryder Truck Rental, Inc., a Florida corporation, and its successors.

     “Secretary of State” means the Secretary of State of the State of Delaware, and its
successors.

     “Secured Obligations” has the meaning set forth in Section 5.02(f).

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

     “Securities” means the Notes and the Trust Certificates.

     “Securitization Value” has the meaning set forth in the Administration Agreement.

     “Security” means either a Note or a Trust Certificate, as the context may require.

     “Securityholder” means each registered holder of a Security.

     “Special Event Purchase” has the meaning set forth in the Administration Agreement.

     “Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
C. §3801 et seq., as the same may be amended from time to time.

7

 

     “SUBI” has the meaning set forth in the Origination Trust Agreement

     “SUBI Certificate Transfer Agreement” means the SUBI certificate transfer agreement,
dated as of [                    ], between Ryder Truck Rental I LP, as transferor, and the Transferor, as
transferee, as amended or supplemented from time to time.

     “SUBI Certificate” has the meaning set forth in the SUBI Trust Agreement.

     “SUBI Collection Account” has the meaning set forth in the Origination Trust
Agreement.

     “SUBI Collections” has the meaning set forth in the Administration Agreement.

     “SUBI Trust Agreement” means the Origination Trust Agreement as supplemented by the
Origination Trust Supplement, dated as of [                    ], among the parties to the Origination Trust
Agreement, as amended from time to time.

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

     “Treasury Regulations” means regulations, including proposed or temporary regulations,
promulgated under the Code. References herein to specific provisions of proposed or temporary
regulations shall include analogous provisions of final Treasury Regulations or other successor
Treasury Regulations.

     “Trust Certificateholder” means the Person in whose name a Trust Certificate is
registered on the Certificate Register.

     “Trust Certificates” means the Asset Backed Certificates issued pursuant to this
Agreement, substantially in the form of Exhibit A.

     “UCC” has the meaning set forth in the Origination Trust Agreement.

     “UTI” has the meaning set forth in the Origination Trust Agreement.

     “UTI Beneficiary” has the meaning set forth in the Origination Trust Agreement.

     Section 1.02. Interpretive Provisions.

     (a) For all purposes of this Agreement, except as otherwise expressly provided or unless the
context otherwise requires, (i) terms used herein include, as appropriate, all genders and the
plural as well as the singular, (ii) references to words such as “herein,” “hereof” and the like
shall refer to this Agreement as a whole and not to any particular part, article or section within
this Agreement, (iii) references to a section such as “Section 1.01” or an Article such as “Article
Eleven” shall refer to the applicable Section or Article of this Agreement, (iv) the term “include”
and all variations thereof shall mean “include without limitation”, (v) the term “or” shall include
“and/or” and (vi) the term “proceeds” shall have the meaning ascribed to such term in the UCC.

8

 

     (b) As used in this Agreement and in any certificate or other document made or delivered
pursuant hereto, accounting terms not defined in this Agreement or in any such certificate or other
document, and accounting terms partly defined in this Agreement or in any such certificate or other
document to the extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles. To the extent that the definitions of accounting terms
in this Agreement or in any such certificate or other document are inconsistent with the meanings
of such terms under generally accepted accounting principles, the definitions contained in this
Agreement or in any such certificate or other document shall control.

9

 

ARTICLE TWO

ORGANIZATION

     Section 2.01. Name and Status. The trust created hereby shall be known as “Ryder
Vehicle Lease Trust [___]-[_],” in which name the Issuer may engage in activities as permitted by
the Basic Documents, make and execute contracts and other instruments and sue and be sued, to the
extent provided herein. It is the intention of the parties hereto that the Issuer shall be a
statutory trust under the Statutory Trust Statute, and that this Agreement shall constitute the
governing instrument of that statutory trust.

     Section 2.02. Office. The chief executive office and principal place of business of
the Issuer shall be in care of the Owner Trustee, initially at the Owner Corporate Trust Office and
thereafter at such other address as the Owner Trustee may designate by written notice to the Trust
Certificateholders and the Transferor.

     Section 2.03. Purposes and Powers.

     (a) The purposes of the Issuer are: (i) at the direction of the Trust Certificateholders, to
take assignments and conveyances of certain assets from time to time, to hold such assets in trust
and to collect and disburse the periodic income therefrom for the benefit of the Trust
Certificateholders, (ii) to engage in any of the other activities described or authorized in this
Agreement, any supplement or any amendment hereto or thereto and (iii) to engage in any and all
activities that are necessary or appropriate to accomplish the foregoing or that are incidental
thereto or connected therewith. The Trust shall not be employed for any purpose except as duly
authorized in accordance with the provisions of this Agreement.

     (b) The initial sole purpose of the Issuer is to conserve the Owner Trust Estate and collect
and disburse the periodic income therefrom for the use and benefit of the Trust Certificateholders,
and in furtherance of such purpose to engage in the following ministerial activities:

     (i) to issue the Notes pursuant to the Indenture and the Trust Certificates pursuant to
this Agreement and to sell the Notes upon the written order of the Transferor;

     (ii) to acquire the [___]-[_] SUBI Certificate from the Transferor and the other
property of the Owner Trust Estate, using the proceeds from the sale of the Notes to third
party investors and from the issuance of the Trust Certificate to the Transferor;

     (iii) to pay interest on and principal of the Notes and make distributions on the Trust
Certificates;

     (iv) to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate
pursuant to the Indenture to the Indenture Trustee as security for the Notes and to hold,
manage and distribute to the Trust Certificateholders pursuant to the terms of this
Agreement any portion of the Owner Trust Estate released from the Lien of, and remitted to
the Issuer pursuant to, the Indenture;

10

 

     (v) to enter into and perform its obligations under the Basic Documents to which the
Issuer is a party;

     (vi) to engage in other transactions, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or that are incidental thereto
or connected therewith; and

     (vii) subject to compliance with the Basic Documents, to engage in such other
activities as may be required in connection with conservation of the Owner Trust Estate and
the making of distributions to the Trust Certificateholders and the Noteholders.

     (c) The Issuer shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by the terms of this Agreement or the other Basic Documents.

     Section 2.04. Appointment of Owner Trustee. The Transferor hereby appoints the Owner
Trustee as trustee of the Issuer effective as of the date hereof, to have all the rights, powers
and duties set forth herein, and the Owner Trustee hereby accepts such appointment.

     Section 2.05. Initial Capital Contribution of Owner Trust Estate. The Transferor
hereby sells, assigns, transfers, conveys and sets over to the Owner Trustee, as of the date
hereof, the sum of $1.00. The Owner Trustee hereby acknowledges receipt in trust from the
Transferor, as of the date hereof, of the foregoing contribution, which shall constitute the
initial Owner Trust Estate and shall be deposited in the Certificate Distribution Account. The
Transferor shall pay organizational expenses of the Issuer as they may arise or shall, upon the
request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by
the Owner Trustee.

     Section 2.06. Declaration of Trust. The Owner Trustee hereby declares that it will
hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the
sole purpose of conserving the Owner Trust Estate and collecting and disbursing the periodic income
therefrom for the use and benefit of the Trust Certificateholders, who are intended to be
“beneficial owners” within the meaning of the Statutory Trust Statute, subject to the Lien of the
Indenture Trustee and the obligations of the Issuer under the Basic Documents. Effective as of the
date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and under
Delaware law for the sole purpose and to the extent necessary to accomplish the purpose of the
Issuer as set forth in Section 2.03(a) and 2.03(b).

     Section 2.07. Liability of the Transferor.

     (a) The Transferor, as holder of the Trust Certificate, shall be liable directly to (other
than payment of principal and interest on the Notes and amounts required hereunder to be
distributed to the Trust Certificates) and shall indemnify any party entitled thereto for all
Expenses of the Issuer incurred in connection with the [___]-[_] SUBI Assets to the extent that the
Transferor, as holder of the Trust Certificate, would be liable if the Issuer were a partnership
under the Delaware Revised Uniform Limited Partnership Act (or the Delaware Uniform Partnership Law) in which the Transferor were a general partner (other than losses incurred by
Noteholders in their capacity as holders of limited recourse debt secured by the Owner Trust

11

 

Estate or incurred by the Trust Certificateholders if such losses would nevertheless have been
incurred if the Trust Certificateholders were holders of limited recourse debt secured by the Owner
Trust Estate). In addition, any third party creditors of the Issuer (other than the Trust
Certificateholders, to the extent they are not indemnified for investment losses, as set forth
above) shall be deemed to be third party beneficiaries of this paragraph. The Transferor, as
holder of the Trust Certificate, shall make no claim upon the Owner Trust Estate for the
reimbursement of amounts paid pursuant to this Section.

     (b) The Transferor, as holder of the Trust Certificate, shall defend, indemnify and hold
harmless the Issuer, the Owner Trustee and each Paying Agent from and against any and all taxes
that may at any time be asserted against the Issuer or the Owner Trustee with respect to the
transactions contemplated herein, including any sales, use, gross receipts, general corporation,
tangible personal property, privilege, license or income taxes, taxes on or measured by income or
any state or local taxes assessed on the Issuer, the Owner Trustee or any Paying Agent resulting
from the location of assets of the Issuer or the presence of the Owner Trustee or any Paying Agent
and costs and Expenses in defending against the same; provided, however, that the foregoing
indemnity shall not include income taxes on any fees payable to, or Expenses reimbursed to, the
Owner Trustee or any Paying Agent.

     (c) No Trust Certificateholder, other than the Transferor, shall have any personal liability
for any liability or obligation of the Issuer.

     Section 2.08. Title to Trust Property. Legal title to the Owner Trust Estate shall
be vested at all times in the Issuer as a separate legal entity, except where applicable law in any
jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee, in
which case title shall be deemed to be vested in the Owner Trustee, a co-trustee or a separate
trustee, as the case may be.

     Section 2.09. Situs of Issuer. The Issuer shall be located and administered in the
State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall
be located in Florida, Delaware or New York. The Issuer shall not have any employees in any state
other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner
Trustee from having employees within or without the State of Delaware. Payments shall be received
by the Issuer only in Delaware, Florida or New York and payments shall be made by the Issuer only
from Delaware, Florida or New York. The only office of the Issuer shall be at the Owner Corporate
Trust Office.

     Section 2.10. Representations and Warranties of the Transferor. The Transferor
hereby represents and warrants to the Owner Trustee that:

     (a) Organization and Good Standing. The Transferor has been duly organized and
validly existing as a limited partnership in good standing under the laws of the State of
Delaware, with the power and authority to own its properties and to conduct its business as
such properties are currently owned and such business is presently conducted.

     (b) Due Qualification. The Transferor has been duly qualified to do business
as a limited partnership in good standing, and has obtained all necessary licenses and

12

 

approvals in all jurisdictions in which the conduct of its business requires such
qualifications except when the failure to have any such license, approval or qualification
would not have a material adverse effect on the condition, financial or otherwise, of the
Transferor or would not have a material adverse effect on the ability of the Transferor to
perform its obligations under this Agreement.

     (c) Power and Authority. The Transferor has (i) the power and authority to
execute and deliver this Agreement and to carry out its terms; (ii) good title to and is the
sole legal and beneficial owner of the [___]-[_] SUBI Certificate, free and clear of Liens
and claims; (iii) full power and authority to transfer the [___]-[_] SUBI Certificate to and
deposit the same with the Issuer pursuant to the Issuer SUBI Certificate Transfer Agreement;
(iv) duly authorized such transfer and deposit to the Issuer by all necessary action; and
(v) duly authorized the execution, delivery and performance of this Agreement by all
necessary action.

     (d) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of the Transferor, enforceable in accordance with its terms, except as such
enforceability may be subject to or limited by bankruptcy, insolvency, reorganization,
moratorium, liquidation, fraudulent conveyance or other similar laws affecting the
enforcement of creditors’ rights in general and by general principles of equity, regardless
of whether such enforceability shall be considered in a proceeding in equity or in law.

     (e) No Violation. The consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms of this Agreement do not conflict with or breach
any of the terms or provisions of, or constitute (with or without notice or lapse of time) a
default under, any material indenture, agreement or other instrument to which the Transferor
is a party or by which it shall be bound; nor result in the creation or imposition of any
material Lien upon any of its properties pursuant to the terms of any such indenture,
agreement or other instrument (other than this Agreement); nor violate any law or, to the
best of the Transferor’s knowledge, any order, rule or regulation applicable to the
Transferor of any court or of any federal or state regulatory body, administrative agency or
other governmental instrumentality having jurisdiction over the Transferor or its
properties.

     (f) No Proceedings. There are no proceedings or investigations pending, or to
the Transferor’s knowledge, threatened, before any court, regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Transferor or its
properties: (i) asserting the invalidity of this Agreement or any of the other Basic
Documents; (ii) seeking to prevent the issuance of the Notes or the Trust Certificates or
the consummation of any of the transactions contemplated by this Agreement or any of the
other Basic Documents; (iii) seeking any determination or ruling that might materially and
adversely affect the performance by the Transferor of its obligations under, or the validity
or enforceability of, this Agreement or any of the other Basic Documents; or (iv) relating
to the Transferor and that might adversely affect the federal income tax or state income or
franchise tax attributes of the Notes or the Trust Certificates.

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ARTICLE THREE

TRUST CERTIFICATES

AND TRANSFER OF INTERESTS

     Section 3.01. Initial Ownership. Upon the formation of the Issuer by the
contribution by the Transferor pursuant to Section 2.05 and until the issuance of the Trust
Certificates, the Transferor shall be the sole beneficiary of the Issuer.

     Section 3.02. The Trust Certificates.

     (a) The Trust Certificates shall be substantially in the form set forth in Exhibit A. Except
for the issuance of the Trust Certificate to the Transferor, no Trust Certificate may be sold,
pledged or otherwise transferred to any Person except in accordance with Sections 3.04 and 3.10 and
any attempted sale, pledge or transfer in violation of such Sections shall be null and void.

     The Trust Certificates may be in printed or in typewritten form, and may be executed on behalf
of the Issuer by manual or facsimile signature of an Authenticating Agent. Trust Certificates
bearing the manual or facsimile signatures of individuals who were, at the time when such
signatures shall have been affixed, authorized to sign on behalf of the Issuer, shall be validly
issued and entitled to the benefits of this Agreement, notwithstanding that such individuals or any
of them shall have ceased to be so authorized prior to the authentication and delivery of such
Trust Certificates or did not hold such offices at the date of authentication and delivery of such
Trust Certificates. If registration of a transfer of a Trust Certificate is permitted pursuant to
Section 3.04, the transferee of such Trust Certificate shall become a Trust Certificateholder, and
shall be entitled to the rights and subject to the obligations of a Trust Certificateholder
hereunder, upon due registration of such Trust Certificate in such transferee’s name pursuant to
Section 3.04.

     (b) For purposes of the Statutory Trust Statute, the Holder of a Trust Certificate issued
pursuant to this Section shall constitute a “beneficial owner” within the meaning of the Statutory
Trust Statute, and solely for the purposes of the Statutory Trust Statute a Trust Certificate will
not constitute indebtedness of the Issuer, subject to the rights of a Holder under Section 3805(e)
of the Statutory Trust Statute.

     Section 3.03. Authentication and Delivery of Trust Certificates. Concurrently with
the transfer of the [___]-[_] SUBI Certificate to the Issuer, the Owner Trustee shall cause to be
executed on behalf of the Issuer the Trust Certificates, representing 100% of the Certificate
Percentage Interest, authenticated and delivered to or upon the written order of the Transferor.
No Trust Certificate shall entitle its holder to any benefit under this Agreement, or shall be
valid for any purpose, unless there shall appear on such Trust Certificate a certificate of
authentication, substantially in the form set forth in Exhibit A, executed by the Owner Trustee or
its Authenticating Agent, by manual signature; such authentication shall constitute conclusive
evidence that such Trust Certificate shall have been duly authenticated and delivered hereunder.
All Trust Certificates shall be dated the date of their authentication. Upon issuance, execution

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and delivery pursuant to the terms hereof, the Trust Certificates shall be entitled to the
benefits of this Agreement.

     Section 3.04. Registration of Transfer and Exchange.

     (a) The Certificate Registrar shall cause to be kept a register (the “Certificate Register”)
in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar
shall provide for the registration of Trust Certificates and, if and to the extent transfers and
exchanges are permitted pursuant to Section 3.04(b) (in the case of the Trust Certificates) or the
Basic Documents, the registration of transfers of Trust Certificates. No transfer of a Trust
Certificate shall be recognized except upon registration of such transfer. [___] is hereby
appointed as the initial “Certificate Registrar.” Upon any resignation of the Certificate
Registrar, the Owner Trustee shall promptly appoint a successor.

     (b) Each Trust Certificate shall bear a legend regarding reoffers, resales, pledges and
transfers to the effect of the legend on the form of Trust Certificate attached as Exhibit A
hereto, unless determined otherwise by the Administrative Agent (as certified to the Certificate
Registrar in an Officer’s Certificate) consistent with applicable law.

     As a condition to the registration of any transfer of a Trust Certificate, the prospective
transferee shall be required to represent in writing to the Owner Trustee, the Transferor and the
Certificate Registrar the following:

     (i) It has neither acquired nor will it transfer any Trust Certificate it purchases (or
any interest therein) or cause any such Trust Certificates (or any interest therein) to be
marketed on or through an “established securities market” within the meaning of Section
7704(b)(1) of the Code, including an over-the-counter-market or an interdealer quotation
system that regularly disseminates firm buy or sell quotations.

     (ii) It either (A) is not, and will not become, a partnership, Subchapter S corporation
or grantor trust for U.S. federal income tax purposes or (B) is such an entity, but none of
the direct or indirect beneficial owners of any of the interests in such transferee have
allowed or caused, or will allow or cause, 50% or more (or such other percentage as the
Transferor may establish prior to the time of such proposed transfer) of the value of such
interests to be attributable to such transferee’s ownership of Trust Certificates.

     (iii) It understands that no subsequent transfer of the Trust Certificates is permitted
unless (A) it causes its proposed transferee to provide to the Issuer, the Certificate
Registrar and the Transferor a letter substantially in the form of Exhibit C hereto, or such
other written statement as the Transferor shall prescribe and (B) the Transferor consents in
writing to the proposed transfer, which consent shall be granted unless the Transferor
determines that such transfer would create a risk that the Issuer or the Origination Trust
would be classified for federal or any applicable state tax purposes as an association (or a
publicly traded partnership) taxable as a corporation; provided, however, that any attempted
transfer that would either cause (1) the number of registered

15

 

holders of Trust Certificates to exceed 100 or (2) the number of holders of direct or
indirect interests in the Origination Trust to exceed 50, shall be a void transfer.

     (iv) It understands that the Opinion of Counsel to the Issuer that the Issuer is not a
publicly traded partnership taxable as a corporation is dependent in part on the accuracy of
the representations in paragraphs (i), (ii) and (iii) above.

     (v) It is not a Benefit Plan nor will it acquire or hold the Trust Certificates being
transferred on behalf of or with “plan assets” of a Benefit Plan.

     (vi) It is a Person who is (1) a citizen or resident of the United States, (2) a
corporation, partnership or other entity organized in or under the laws of the United States
or any political subdivision thereof (3) an estate the income of which is includible in
gross income for federal income tax purposes, regardless of source, or (4) a trust if either
(A) a court within the United States is able to exercise primary supervision over the
administration of the trust and one or more United States persons have the authority to
control all substantial decisions of the trust, or (B) the trust was in existence on August
20, 1996 and properly elected to continue to be treated as a United States person. It
agrees that it will provide a certification of non-foreign status signed under penalty of
perjury (and such other certifications, representations or Opinions of Counsel as may be
requested by the Transferor and the Owner Trustee).

     (vii) It understands that any purported transfer of any Trust Certificate (or any
interest therein) in contravention of any of the restrictions and conditions in this Section
shall be void, and the purported transferee in such transfer shall not be recognized by the
Issuer or any other Person as a Trust Certificateholder for any purpose.

     As a condition to the registration of any transfer of a Trust Certificate, the transferor of
the Trust Certificate (excepting transfers by the initial Holder of the Trust Certificate) shall be
required to deliver to the Owner Trustee, the Transferor, and RTRT, Inc., as Trustee of the
Origination Trust, an Opinion of Counsel stating the circumstances and conditions upon which the
Trust Certificate may be transferred and that such transfer will not cause either the Issuer or the
Origination Trust to be classified as an association (or a publicly traded partnership) taxable as
a corporation for federal income tax purposes.

     (c) By acceptance of any Trust Certificate, the related Trust Certificateholder specifically
agrees with and represents to the Transferor, the Issuer and Certificate Registrar that no transfer
of such Trust Certificate shall be made unless the registration requirements of the Securities Act
and any applicable state securities laws are complied with, or such transfer is exempt from the
registration requirements under the Securities Act because the transfer is in compliance with Rule
144A, to a transferee who the transferor reasonably believes is a Qualified Institutional Buyer
that is purchasing for its own account or for the account of a Qualified Institutional Buyer and to
whom notice is given that such transfer is being made in reliance upon Rule 144A and (A) the
transferor thereof executes and delivers to the Transferor, the Owner Trustee and the Certificate
Registrar, a Rule 144A certificate substantially in the form attached as Exhibit B and (B) the
transferee executes and delivers to the Transferor, the Owner Trustee and the Certificate Registrar
an investment letter substantially in the form attached as Exhibit C.

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     (d) The Transferor shall make the Rule 144A Information available to the prospective
transferor and transferee of a Trust Certificate. The Rule 144A Information shall include any or
all of the following items requested by the prospective transferee:

     (i) each Payment Date Certificate delivered to the Trust Certificateholders on each
Payment Date preceding such request; and

     (ii) such other information as is reasonably available to the Transferor in order to
comply with requests for information pursuant to Rule 144A. None of the Transferor, the
Certificate Registrar or the Owner Trustee is under an obligation to register any Trust
Certificate under the Securities Act or any state securities law.

     (e) Upon surrender for registration of transfer or exchange of any Trust Certificate at the
office of the Certificate Registrar and upon compliance with the provisions of this Agreement
relating to such transfer or exchange, provided that the requirements of Section 8-401(a) of the
UCC are met, the Owner Trustee shall execute and shall, or shall cause the Authenticating Agent to,
authenticate and deliver, in the name of the designated transferee or transferees, one or more new
Trust Certificates dated the date of such authentication or the Trust Certificates that the Trust
Certificateholder making the exchange is entitled to receive, as the case may be.

     The Certificate Registrar shall require that every Trust Certificate presented or surrendered
for registration of transfer or exchange shall be accompanied by a written instrument of transfer
and accompanied by an IRS Form W-9 or such other form as may be reasonably required in form
satisfactory to the Certificate Registrar duly executed by the Trust Certificateholder or such
Person’s attorney duly authorized in writing.

     No service charge shall be made for any registration of transfer or exchange of Trust
Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in connection with any
registration of transfer or exchange of Trust Certificates.

     The Certificate Registrar shall cancel and retain or destroy, in accordance with the
Certificate Registrar’s retention policy then in effect, all Trust Certificates surrendered for
registration of transfer or exchange and shall upon written request certify to the Transferor as to
such retention or destruction.

     (f) The provisions of this Section generally are intended, among other things, to prevent the
Issuer from being characterized as a “publicly traded partnership” within the meaning of Section
7704 of the Code, in reliance on Treasury Regulations Section 1.7704-1(e) and (h), and the
Transferor shall take such intent into account in determining whether or not to consent to any
proposed transfer of any Trust Certificate.

     The preceding provisions of this Section notwithstanding, the Owner Trustee shall not make and
the Certificate Registrar shall not register any transfer or exchange of Trust Certificates for a
period of 15 days preceding the due date for any payment with respect to the Trust Certificates.

17

 

     Section 3.05. Mutilated, Destroyed, Lost or Stolen Trust Certificates. If any
mutilated Trust Certificate is surrendered to the Certificate Registrar, or if the Certificate
Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Trust
Certificate and there is delivered to the Certificate Registrar and the Owner Trustee such security
or indemnity as may be required by them to hold each of them harmless, then (in the absence of
notice to the Certificate Registrar and the Owner Trustee that such Trust Certificate has been
acquired by a “protected purchaser”, as contemplated by Article Eight of the UCC), and provided
that the requirements of Section 8-405 of the UCC are met, the Owner Trustee on behalf of the
Issuer shall execute and the Authenticating Agent shall authenticate and deliver, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust
Certificate of like tenor and denomination; provided, however, that if any such destroyed, lost or
stolen Trust Certificate (but not a mutilated Trust Certificate ) shall have become or within seven
days shall become due and payable, or shall have been called for redemption, instead of issuing a
replacement Trust Certificate, the Issuer may pay such destroyed, lost or stolen Trust Certificate
when so due or payable or upon the Redemption Date without the surrender thereof. If, after the
delivery of such replacement Trust Certificate or payment of a destroyed, lost or stolen Trust
Certificate pursuant to the proviso to the preceding sentence, a “protected purchaser” (as
contemplated by Article Eight of the UCC) of the original Trust Certificate in lieu of which such
replacement Trust Certificate was issued presents for payment such original Trust Certificate, the
Issuer, the Owner Trustee or the Certificate Registrar shall be entitled to recover such
replacement Trust Certificate (or such payment) from the Person to whom it was delivered or any
Person taking such replacement Trust Certificate from such Person to whom such replacement Trust
Certificate was delivered or any assignee of such Person, except a “protected purchaser” (as
contemplated by Article Eight of the UCC), and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the
Issuer, the Owner Trustee or the Certificate Registrar in connection therewith. In connection with
the issuance of any new Trust Certificate under this Section, the Owner Trustee or the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. Any replacement Trust Certificate issued pursuant to
this Section shall constitute conclusive evidence of an ownership interest in the Issuer as if
originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at
any time.

     Section 3.06. Persons Deemed Trust Certificateholders. Prior to due presentation of
a Trust Certificate for registration of transfer, the Owner Trustee or the Certificate Registrar,
any Paying Agent and any of their respective agents may treat the Person in whose name any Trust
Certificate is registered in the Certificate Register as the owner of such Trust Certificate for
the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes
whatsoever, and none of the Owner Trustee, the Certificate Registrar, any Paying Agent or any of
their respective agents shall be affected by any notice to the contrary.

     Section 3.07. Access to List of Trust Certificateholders’ Names and Addresses. The
Owner Trustee shall furnish or cause to be furnished to the Administrative Agent and the
Transferor, or to the Indenture Trustee, as the case may be, within 15 days after receipt by the
Owner Trustee of a request therefor from the Administrative Agent, the Transferor or the Indenture
Trustee in writing, a list, in such form as the requesting party may reasonably request, of the
names and addresses of the Trust Certificateholders as of the most recent Record Date. If

18

 

(i) two or more Trust Certificateholders or (ii) one or more Trust Certificateholders
evidencing not less than 25% of the aggregate Certificate Percentage Interest apply in writing to
the Owner Trustee, and such application states that the applicants desire to communicate with other
Trust Certificateholders with respect to their rights under this Agreement or under the Trust
Certificates and such application is accompanied by a copy of the communication that such
applicants propose to transmit, then the Owner Trustee shall, within five Business Days after the
receipt of such application, afford such applicants access during normal business hours to the
current list of Trust Certificateholders. Each Trust Certificateholder, by receiving and holding a
Trust Certificate, shall be deemed to have agreed not to hold either the Transferor, the Owner
Trustee or the Indenture Trustee, as the case may be, accountable by reason of the disclosure of
its name and address, regardless of the source from which such information was derived.

     Section 3.08. Maintenance of Office or Agency. The Owner Trustee shall maintain in
The Borough of Manhattan, The City of New York, an office or offices or agency or agencies where
Trust Certificates may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Owner Trustee in respect of the Trust Certificates and the other Basic
Documents to which the Issuer is a party may be served. The Owner Trustee initially designates
[                                       
 ], as its office for such purposes. The Owner Trustee shall give prompt written
notice to the Transferor and the other Trust Certificateholders of any change in the location of
the Certificate Register or any such office or agency.

     Section 3.09. Appointment of Paying Agent. The Paying Agent shall make distributions
to Trust Certificateholders pursuant to Section 5.02, and shall report the amounts of such
distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw
funds from the Certificate Distribution Account for the purpose of making the distributions
referred to above. The Paying Agent initially shall be [___]. The Owner Trustee may revoke
such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that
the Paying Agent has failed to perform its obligations under this Agreement in any material
respect. Any co-paying agent chosen by the Transferor and acceptable to the Owner Trustee shall
also be a Paying Agent. Each Paying Agent may resign upon 30 days’ written notice to the Owner
Trustee. In the event that a Paying Agent may no longer act as Paying Agent, the Owner Trustee
shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The
Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by
the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor
Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as Paying Agent,
such successor Paying Agent or additional Paying Agent shall hold all sums, if any, held by it for
payment to the Trust Certificateholders in trust for the benefit of the Trust Certificateholders
entitled thereto until such sums are paid to the Trust Certificateholders. The Paying Agent shall
return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying
Agent shall also return all funds in its possession to the Owner Trustee. The provisions of
Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Owner Trustee also in its role as Paying
Agent, for so long as the Owner Trustee shall act as Paying Agent and, to the extent applicable, to
any other paying agent appointed hereunder.

19

 

     Section 3.10. Ownership of Trust Certificate.

     On the Closing Date, the Transferor shall acquire and retain beneficial and record ownership
of the Trust Certificate. Except as set forth herein, any attempted transfer of the Trust
Certificate by the Transferor shall be null and void. Upon a dissolution or termination of the
Transferor, the Trust Certificates held by it shall be distributed to Ryder without regard to the
provisions of Section 3.02.

     Section 3.11. Trust Certificates held by Issuer, Transferor or their Affiliates. Any
Trust Certificates owned by the Issuer, the Transferor or any of their respective Affiliates shall
be entitled to the benefits under this Agreement equally and proportionately to the benefits
afforded other owners of the Trust Certificates, except that such Trust Certificates shall be
deemed not to be outstanding for the purpose of determining whether the requisite percentage of
Securityholders have given any request, demand, authorization, direction, notice, consent or other
action under the Basic Documents (other than the commencement by the Issuer of a voluntary
proceeding in bankruptcy).

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ARTICLE FOUR

ACTIONS BY OWNER TRUSTEE

     Section 4.01. Prior Notice to Trust Certificateholders with Respect to Certain
Matters. Subject to the provisions and limitations of Section 4.04, with respect to the
following matters, the Owner Trustee shall not take action unless the Owner Trustee has notified
the Trust Certificateholders and the Rating Agencies in writing of the proposed action at least 30
days before the taking of such action and Trust Certificateholders representing at least 25% of the
aggregate Certificate Percentage Interest have not notified the Owner Trustee in writing prior to
the 30th day after such notice is given that such Trust Certificateholders have withheld consent or
provided alternative direction:

     (a) the initiation of any claim or lawsuit by the Issuer and the compromise of any
action, claim or lawsuit brought by or against the Issuer (other than an action brought by
the Administrative Agent on behalf of the Origination Trust and Persons having interests in
the [___]-[_] SUBI Certificate to collect amounts owed under a [___]-[_] Lease or in respect
of a [___]-[_] Vehicle);

     (b) the election by the Issuer to file an amendment to the Certificate of Trust (unless
such amendment is required to be filed under the Statutory Trust Statute);

     (c) the amendment of the Indenture in circumstances where the consent of any Noteholder
is required;

     (d) the amendment of the Indenture in circumstances where the consent of any Noteholder
is not required and such amendment materially and adversely affects the interests of the
Trust Certificateholders;

     (e) the amendment of any other Basic Document unless the Owner Trustee is furnished an
Opinion of Counsel to the effect that such amendment does not materially and adversely
affect the interests of the Trust Certificateholders;

     (f) the amendment, change or modification of the Issuer Administration Agreement,
except to cure any ambiguity or to amend or supplement any provision in a manner or add any
provision that would not materially adversely affect the interests of the Trust
Certificateholders; or

     (g) the appointment of a successor Owner Trustee or Indenture Trustee.

     Section 4.02. Action by Trust Certificateholders with Respect to Certain Matters.
Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the
Issuer is deemed to be the Holder of the [___]-[_] SUBI Certificate pursuant to the SUBI Trust
Agreement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in
writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least
662/3% of the aggregate Certificate Percentage Interest; provided, however,
that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the
consent of the Indenture Trustee. The Owner Trustee may not, except upon the occurrence of an

21

 

Administrative Agent Default or a Maintenance Provider Default subsequent to the payment in
full of the Notes and in accordance with the written directions of Trust Certificateholders holding
662/3% of the aggregate Certificate Percentage Interest, remove the
Administrative Agent or the Maintenance Provider, as the case may be, with respect to the [___]-[_]
SUBI Assets or appoint a successor Administrative Agent or Maintenance Provider, as the case may
be, with respect thereto.

     Section 4.03. Action by Owner Trustee with Respect to Bankruptcy. The Owner Trustee
shall not have the power to commence a voluntary proceeding in bankruptcy with respect to the
Issuer except in accordance with Section 12.08.

     Section 4.04. Restrictions on Trust Certificateholders’ Power. The Trust
Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if
such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee
under this Agreement or any of the other Basic Documents or would be contrary to the purpose of the
Issuer as set forth in Section 2.03, nor shall the Owner Trustee be obligated to follow any such
direction, if given.

     Section 4.05. Majority Control. Except as expressly provided herein, any action that
may be taken by the Trust Certificateholders under this Agreement may be taken by the Trust
Certificateholders holding not less than a majority of the aggregate Certificate Percentage
Interest. Except as expressly provided herein, any written notice of the Trust Certificateholders
delivered pursuant to this Agreement shall be effective if signed by Trust Certificateholders
holding not less than a majority of the aggregate Certificate Percentage Interest at the time of
delivery of such notice.

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ARTICLE FIVE

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     Section 5.01. Establishment of Certificate Distribution Account and Reserve Fund.

     (a) The Owner Trustee, at the direction of the Transferor and for the benefit of the Trust
Certificateholders, shall establish and maintain an Eligible Account with and in the name of the
Owner Trustee which shall be designated the “Certificate Distribution Account.” The Certificate
Distribution Account shall be held in trust for the benefit of the Trust Certificateholders, and
shall bear a designation clearly indicating that the funds deposited therein are held for the
benefit of the Trust Certificateholders.

     The Owner Trustee shall possess all right, title and interest in all funds on deposit from
time to time in the Certificate Distribution Account and in all proceeds thereof. Except as
otherwise provided herein, the Certificate Distribution Account shall be under the sole dominion
and control of the Owner Trustee for the benefit of the Trust Certificateholders. If at any time
the Certificate Distribution Account ceases to be an Eligible Account, the Owner Trustee (or the
Transferor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held
by the Owner Trustee or an Affiliate thereof) shall, within ten Business Days following
notification of such occurrence (or such longer period, not to exceed 30 calendar days, as to which
each Rating Agency may consent), establish a new Certificate Distribution Account as an Eligible
Account and shall transfer any cash or investments to such new Certificate Distribution Account.

     (b) The Transferor shall establish and maintain (or shall cause to be established and
maintained) an Eligible Account (initially at
[                                       
 ]) in the name of the Indenture Trustee
until the Note Outstanding Amount is reduced to zero, and thereafter, in the name of the Owner
Trustee, which is designated as the “Reserve Fund.” The Reserve Fund shall be held for the benefit
of the Securityholders, and shall bear a designation clearly indicating that the funds on deposit
therein are held for the benefit of the Securityholders.

     The Reserve Fund shall be under the sole dominion and control of the Indenture Trustee until
the Note Outstanding Amount has been reduced to zero, and thereafter under the sole dominion and
control of the Owner Trustee. On the Closing Date, the Transferor shall cause the Initial Deposit
to be deposited into the Reserve Fund from the net proceeds of the sale of the Notes. The
Transferor hereby acknowledges that the Initial Deposit and all other Reserve Fund Property,
including investment earnings thereon, are owned directly by it pending application thereof to the
Secured Obligations or release to the Trust Certificateholders pursuant to Section 8.04(c) of the
Indenture or Section 5.02 hereof, as applicable. The Transferor hereby agrees to treat the same as
its assets (and earnings) for federal income tax and other purposes. All deposits to and
withdrawals from the Reserve Fund shall be made only upon the terms and conditions of the Basic
Documents.

     (c) Each of the Transferor and the Issuer shall take or cause to be taken such further
actions, to execute, deliver and file or cause to be executed, delivered and filed such further
documents and instruments (including the Control Agreement or any UCC financing statements)

23

 

as may be determined to be reasonably necessary by the Transferor, in order to perfect the
interests created by Section 5.01(b) and otherwise fully to effectuate the purposes, terms and
conditions of this Section. The Transferor (or the Administrator on behalf of the Transferor)
shall:

     (i) promptly execute, deliver and file any financing statements, amendments,
continuation statements, assignments, certificates and other documents with respect to such
interests and perform all such other acts as may be necessary in order to perfect or to
maintain the perfection of the Issuer’s security interest in the Reserve Fund Property; and

     (ii) make the necessary filings of financing statements or amendments thereto within
five days after the occurrence of any of the following (and promptly notify the Issuer and
the Owner Trustee of each such filing): (A) any change in the Transferor’s corporate name
or any trade name, (B) any change in the location of its chief executive office or principal
place of business or (C) any merger or consolidation or other change in its identity or
corporate structure.

     Section 5.02. Application of Trust Funds.

     (a) On each Payment Date, the Paying Agent (or the Owner Trustee, if there is no Paying Agent)
shall distribute to Trust Certificateholders all amounts deposited in the Certificate Distribution
Account pursuant to Section 8.04 of the Indenture with respect to such Payment Date, pro rata to
the Trust Certificateholders of record at the close of business on the Record Date with respect to
such Payment Date.

     (b) On and after the date on which the Note Outstanding Amount has been reduced to zero,
pursuant to the Indenture and the Control Agreement, dominion and control over the Reserve Fund
shall be transferred to the Owner Trustee. On each Payment Date thereafter, all amounts
distributable to the Trust Certificateholders from the Reserve Fund shall be distributed by the
Owner Trustee in the order and priority set forth in Section 8.04(b) of the Indenture and the Owner
Trustee shall comply with Section 8.04(c) and 8.05(a) of the Indenture.

     (c) On each Payment Date, the Owner Trustee shall send to each Trust Certificateholder a
report (the “Distribution Statement”) provided by the Administrative Agent, which shall be based on
and will include the information in the Payment Date Certificate delivered pursuant to Section 8.03
of the Indenture.

     The information required to be delivered by such Distribution Statement may be included with
such other information or reports furnished by the Administrative Agent to the Owner Trustee in
connection with the making of payments pursuant to the other Basic Documents.

     (d) In the event that any withholding tax is imposed on the Issuer’s payment (or, if the
Issuer is treated as a partnership for federal income tax purposes, allocations of income) to a
Trust Certificateholder, such tax shall reduce the amount otherwise distributable to such Trust
Certificateholder in accordance with this Section. The Owner Trustee is hereby authorized and
directed to retain from amounts otherwise distributable to such Trust Certificateholders,
sufficient funds for the payment of any withholding tax that is legally owed by the Issuer (but
such authorization shall not prevent the Owner Trustee from contesting any such tax in

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appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the
outcome of such proceedings). The amount of any withholding tax imposed with respect to a Trust
Certificateholder shall be treated as cash distributed to such Trust Certificateholders, at the
time it is withheld by the Issuer for remittance to the appropriate taxing authority. If the Owner
Trustee determines that there is a possibility that withholding tax is payable with respect to a
distribution, the Owner Trustee may in its sole discretion withhold such amounts in accordance with
this Section. In the event that a Trust Certificateholder wishes to apply for a refund of any such
withholding tax, the Owner Trustee shall reasonably cooperate with such Trust Certificateholder in
making such claim so long as such Trust Certificateholder agrees to reimburse the Owner Trustee for
any out-of-pocket expenses incurred.

     (e) Subject to Section 6.07 of the Indenture and 6.01 hereof, as the case may be, neither the
Indenture Trustee nor the Owner Trustee, as the case may be, shall in any way be held liable by
reason of any insufficiency in the Reserve Fund resulting from any loss on any Permitted Investment
included therein, except for losses attributable to the Indenture Trustee’s or Owner Trustee’s, as
the case may be, failure to make payments on any such Permitted Investments issued by the Indenture
Trustee or Owner Trustee, as the case may be, in its commercial capacity as principal obligor and
not as trustee, in accordance with their terms.

     (f) In order to assure that sufficient amounts are available to make the payments to
Securityholders pursuant to Section 8.04 of the Indenture and this Section (collectively, the
“Secured Obligations”) the Transferor hereby pledges and assigns and grants a security interest in
all of its right, title and interest in the Reserve Fund Property to the Issuer, to secure the
Secured Obligations.

     Section 5.03. Method of Payment. Subject to Section 9.01(c) respecting the final
payment upon retirement of the Trust Certificates, distributions required to be made to Trust
Certificateholders on any Payment Date shall be made to each Trust Certificateholder of record on
the related Record Date by wire transfer in accordance with instructions of such Trust
Certificateholder or by check mailed to the address of such Certificateholder as it appears on the
Certificate Register. Notwithstanding the foregoing, the final payment on the Trust Certificates
shall be made only upon presentation and surrender of such Trust Certificates at the office or
agency specified in the notice of final payment to the Trust Certificateholders. The Owner Trustee
or a Paying Agent shall, upon receipt of at least 45 days’ notice from the Issuer or the
Administrator as set forth in the Indenture, provide such notice to the Trust Certificateholders of
record not more than 30 days and not less than 15 days prior to the date on which such final
payment is expected to occur.

     Section 5.04. Accounting and Reports. The Owner Trustee shall, based on information
provided by the Transferor, (i) maintain (or cause to be maintained) the books of the Issuer on a
calendar year basis on the accrual method of accounting (except as required by Article Eleven),
(ii) deliver to each Trust Certificateholder not later than the latest date permitted by law (A) a
statement of the amounts provided for in Section 8.04 of the Indenture and (B) such information as
may be required by the Code and applicable Treasury Regulations with respect to instruments such as
the Trust Certificates that is consistent with the position that the Trust Certificates shall be
characterized as equity in the Issuer and (iii) in addition to the Owner Trustee’s rights under
Section 5.02, take such action as instructed by the Transferor to collect or cause to be collected

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and paid over to applicable authorities any withholding tax as described in and in accordance
with Section 5.02 and Article Eleven with respect to income or distributions to Trust
Certificateholders. The Owner Trustee shall make all elections pursuant to Article Eleven as
directed by the Transferor.

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ARTICLE SIX

AUTHORITY AND DUTIES OF OWNER TRUSTEE

     Section 6.01. General Authority. The Owner Trustee shall administer the Issuer in
the interest of the Trust Certificateholders, subject to the Lien of the Indenture Trustee, in
accordance with the Basic Documents. Subject to the provisions and limitations of Sections 2.03
and 2.06, the Owner Trustee is authorized and directed to execute and deliver on behalf of the
Issuer the Basic Documents to which the Issuer is to be a party and each certificate or other
document attached as an exhibit to or contemplated by the Basic Documents to which the Issuer is to
be a party, in each case in such form as the Transferor shall approve as evidenced conclusively by
the Owner Trustee’s execution thereof and the Transferor’s execution of this Agreement, and to
direct the Indenture Trustee to authenticate and deliver Notes in the aggregate principal amount
not to exceed $[___] (except as otherwise contemplated by Section 3.05). In addition to the
foregoing, the Owner Trustee is authorized to take all actions required of the Issuer pursuant to
the Basic Documents. The Owner Trustee is further authorized from time to time to take such action
on behalf of the Issuer as is permitted by the Basic Documents and that the Administrative Agent or
the Administrator recommends with respect to the Basic Documents, except to the extent this
Agreement expressly requires the consent of the Trust Certificateholders for such action.

     Section 6.02. General Duties. Subject to the provisions and limitations of Sections
2.03 and 2.06, it shall be the duty of the Owner Trustee to discharge or cause to be discharged all
of its responsibilities pursuant to the terms of the Basic Documents to which the Issuer is a party
and to administer the Issuer in the interest of the Trust Certificateholders, subject to the Lien
of the Indenture Trustee, and in accordance with provisions of the Basic Documents.
Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the other Basic Documents to the extent the Administrator has
agreed in the Issuer Administration Agreement to perform any act or to discharge any duty of the
Issuer or the Owner Trustee hereunder or under any other Basic Document, and the Owner Trustee
shall not be held liable for the default or failure of the Administrator to carry out its
obligations under the Issuer Administration Agreement.

     Section 6.03. Action Upon Instruction.

     (a) Subject to Article Four, the Transferor, as initial holder of the Trust Certificate, may
by written instruction direct the Owner Trustee in the administration of the Issuer subject to, and
in accordance with, the terms of the Basic Documents; provided that such instruction shall not, as
evidenced by an Opinion of Counsel, materially adversely affect any Securityholder.

     (b) The Owner Trustee shall not be required to take any action hereunder or under any other
Basic Document if the Owner Trustee shall have reasonably determined, or shall have been advised by
counsel, that such action is likely to result in liability on the part of the Owner Trustee, is
contrary to the terms hereof or of any other Basic Document or is otherwise contrary to law or any
obligation of the Owner Trustee or the Issuer.

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     (c) Whenever the Owner Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Agreement or any other Basic Document, the Owner Trustee
shall promptly give notice (in such form as shall be appropriate under the circumstances) to the
Trust Certificateholders requesting instruction as to the course of action to be adopted, and to
the extent the Owner Trustee acts in good faith in accordance with any written instruction of Trust
Certificateholders holding not less than a majority of the aggregate Certificate Percentage
Interest, the Owner Trustee shall not be liable on account of such action to any Person. If the
Owner Trustee shall not have received appropriate instruction within ten days of such notice (or
within such shorter period of time as reasonably may be specified in such notice as may be
necessary under the circumstances), it may, but shall be under no duty to, take or refrain from
taking such action not inconsistent with this Agreement or the other Basic Documents as it shall
deem to be in the best interests of the Trust Certificateholders, and shall have no liability to
any Person for such action or inaction.

     (d) In the event the Owner Trustee is unsure as to the application of any provision of this
Agreement or any other Basic Document or any such provision is ambiguous as to its application, or
is, or appears to be, in conflict with any other applicable provision, or in the event that this
Agreement or any other Basic Document permits any determination by the Owner Trustee or is silent
or is incomplete as to the course of action the Owner Trustee is required to take with respect to a
particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate
under the circumstances) to the Trust Certificateholders requesting instruction and, to the extent
the Owner Trustee acts or refrains from acting in good faith in accordance with any such
instruction received from Trust Certificateholders holding not less than a majority of the
aggregate Certificate Percentage Interest and in accordance with Sections 6.04 and 6.05, the Owner
Trustee shall not be liable, on account of such action or inaction, to any Person. If the Owner
Trustee shall not have received appropriate instruction within ten days of such notice (or within
such shorter period of time as reasonably may be specified in such notice or as may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain from taking such
action, not inconsistent with this Agreement or the other Basic Documents, as it shall deem to be
in the best interests of the Trust Certificateholders, and shall have no liability to any Person
for such action or inaction.

     (e) Notwithstanding the foregoing, the right of the Transferor or the Trust Certificateholders
to take any action affecting the Owner Trust Estate shall be subject to the rights of the Indenture
Trustee under the Indenture.

     Section 6.04. No Duties Except as Specified. The Owner Trustee shall not be required
to perform any of the obligations of the Issuer under this Agreement or the other Basic Documents
that are required to be performed by (i) the Administrative Agent under the Administration
Agreement or the SUBI Trust Agreement, (ii) the Transferor under this Agreement, the SUBI
Certificate Transfer Agreement, the Indenture or the Back-Up Security Agreement, (iii) the
Administrator under this Agreement, the Indenture or the Issuer Administration Agreement or (iv)
the Indenture Trustee under the Indenture. The Owner Trustee shall not have any duty or obligation
to manage, make any payment with respect to, register, record, sell, dispose of or otherwise deal
with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in
connection with, any document contemplated hereby to which the Issuer is a party, except as
expressly provided by the terms of this Agreement or in any document or written

28

 

instruction received by the Owner Trustee pursuant to Section 6.03; and no implied duties or
obligations shall be read into this Agreement or any other Basic Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain the perfection of
any ownership or security interest in the Owner Trust Estate or to record this Agreement or any
other Basic Document. The Owner Trustee nevertheless agrees that it will, at its own cost and
expense, promptly take all action as may be necessary to discharge any Liens (other than the Lien
of the Indenture) on any part of the Owner Trust Estate that result from actions by or claims
against the Owner Trustee in its individual capacity that are not related to the ownership or the
administration of the Owner Trust Estate.

     Section 6.05. No Action Unless Specifically Authorized. The Owner Trustee shall not
manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate
except in accordance with (i) the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Agreement, (ii) the other Basic Documents to which the Issuer or the Owner
Trustee is a party and (iii) any document or instruction delivered to the Owner Trustee pursuant to
Section 6.03. In particular, the Owner Trustee shall not transfer, sell, pledge, assign or convey
the [___]-[_] SUBI Certificate except as specifically required or permitted by the Basic Documents.

     Section 6.06. Restrictions. The Owner Trustee shall not take any action (i) that is
contrary to the purposes of the Issuer set forth in Section 2.03 or (ii) that, to the actual
knowledge of the Owner Trustee, would (a) affect the treatment of the Notes as debt for federal
income tax purposes, (b) be deemed to cause a taxable exchange of the Notes for federal income tax
purposes or (c) cause the Issuer, the Transferor or the Origination Trust or any portion thereof to
be taxable as an association (or a publicly traded partnership) taxable as a corporation for
federal or state income or franchise tax purposes. The Trust Certificateholders and the Transferor
shall not direct the Owner Trustee to take action that would violate the provisions of this
Section. The Owner Trustee may not (i) initiate or settle any claim or lawsuit involving the
Issuer (unless brought by the Administrative Agent to collect amounts owed under a [___]-[_]
Lease), (ii) amend this Agreement where Trust Certificateholder consent is required, (iii) amend
this Agreement where Trust Certificateholder consent is not required if such amendment materially
adversely affects the Trust Certificateholders or (iv) amend any Basic Document other than this
Agreement if such amendment materially adversely affects the Trust Certificateholders, unless (a)
the Owner Trustee provides 30 days’ written notice thereof to the Trust Certificateholders and each
Rating Agency and (b) Trust Certificateholders holding at least 25% of the aggregate Certificate
Percentage Interest do not object in writing to any such proposed amendment within 30 days of such
notice. Notwithstanding anything herein to the contrary, the Transferor, the Administrative Agent
and their respective Affiliates may maintain normal commercial banking relationships with the Owner
Trustee and its Affiliates.

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ARTICLE SEVEN

CONCERNING THE OWNER TRUSTEE

     Section 7.01. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts
hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon
the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually
received by it constituting part of the Owner Trust Estate upon the terms of the Basic Documents to
which the Issuer or the Owner Trustee is a party. The Owner Trustee shall not be answerable or
accountable hereunder or under any other Basic Document under any circumstances, except (i) for its
own willful misconduct, bad faith or negligence or (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 7.03 made by the Owner Trustee. In particular, but
not by way of limitation, and subject to the exceptions set forth in the preceding sentence:

     (a) the Owner Trustee shall not be liable for any error in judgment of a responsible
officer of the Owner Trustee;

     (b) the Owner Trustee shall not be liable with respect to any action taken or omitted
to be taken by it in accordance with the instructions of any Trust Certificateholder, the
Indenture Trustee, the Transferor, the Administrator or the Administrative Agent;

     (c) no provision of this Agreement or any other Basic Document shall require the Owner
Trustee to expend or risk funds or otherwise incur any financial liability in the
performance of any of its rights or powers hereunder or under any other Basic Document if
the Owner Trustee shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured or provided
to it;

     (d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced
by or arising under any of the Basic Documents, including the principal of and interest on
the Notes or the Trust Certificates;

     (e) the Owner Trustee shall not be responsible for or in respect of the validity or
sufficiency of this Agreement or for the due execution hereof by the Transferor or for the
form, character, genuineness, sufficiency, value or validity of any of the Owner Trust
Estate or for or in respect of the validity or sufficiency of the other Basic Documents,
other than the execution of and the certificate of authentication on the Trust Certificates,
and the Owner Trustee shall in no event be deemed to have assumed or incurred any liability,
duty or obligation to any Securityholder or any third party dealing with the Issuer or the
Owner Trust Estate, other than as expressly provided for herein and in the other Basic
Documents;

     (f) the Owner Trustee shall not be liable for the misfeasance, malfeasance or
nonfeasance of the Administrative Agent, the Administrator, the Transferor or the Indenture
Trustee under any of the Basic Documents or otherwise, and the Owner Trustee

30

 

shall have no obligation or liability to perform the obligations of the Issuer or the
Transferor under this Agreement or the Basic Documents that are required to be performed by
the Administrative Agent under the Administration Agreement or the SUBI Trust Agreement, the
Administrator under the Issuer Administration Agreement or the Indenture Trustee under the
Indenture; and

     (g) the Owner Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Agreement, or to institute, conduct or defend any litigation
under this Agreement or otherwise or in relation to this Agreement or any other Basic
Document, at the request, order or direction of any of the Trust Certificateholders unless
such Trust Certificateholders have offered to the Owner Trustee security or indemnity
satisfactory to it against the Expenses that may be incurred by the Owner Trustee therein or
thereby; the right of the Owner Trustee to perform any discretionary act enumerated in this
Agreement or in any other Basic Document shall not be construed as a duty, and the Owner
Trustee shall not be answerable for other than its bad faith, negligence or willful
misconduct in the performance of any such act.

     Section 7.02. Furnishing of Documents. The Owner Trustee shall furnish to any Trust
Certificateholder promptly upon receipt of a written request by such Trust Certificateholder (at
the expense of the requesting Trust Certificateholder) therefor, duplicates or copies of all
reports, notices, requests, demands, certificates and any other instruments furnished to the Owner
Trustee under the Basic Documents.

     Section 7.03. Representations and Warranties. The Owner Trustee hereby represents
and warrants to the Transferor and the Trust Certificateholders that:

     (a) It is a banking corporation duly organized and validly existing in good standing
under the laws of the State of Delaware. It has all requisite corporate power and authority
to execute, deliver and perform its obligations under this Agreement.

     (b) It has taken all corporate action necessary to authorize the execution and delivery
by it of this Agreement, and this Agreement will be executed and delivered by one of its
officers who is duly authorized to execute and deliver this Agreement on its behalf.

     (c) Neither the execution nor the delivery by it of this Agreement, nor the
consummation by it of the transactions contemplated hereby nor compliance by it with any of
the terms or provisions hereof will contravene any federal or Delaware law, governmental
rule or regulation governing the banking or trust powers of the Owner Trustee or any
judgment or order binding on it, or constitute any default under its charter documents or
bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party
or by which any of its properties may be bound or result in the creation or imposition of
any Lien, charge or encumbrance on the Owner Trust Estate resulting from actions by or
claims against the Owner Trustee individually that are unrelated to this Agreement or the
other Basic Documents.

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     (d) This Agreement has been duly executed and delivered by it and constitutes the
legal, valid and binding agreement of it, enforceable against the Owner Trustee in
accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of creditors’
rights in general and by general principles of equity, regardless of whether such
enforceability is considered in a proceeding in equity or at law.

     Section 7.04. Reliance; Advice of Counsel.

     (a) The Owner Trustee may rely upon, shall be protected in relying upon and shall incur no
liability to anyone in acting or refraining from acting upon, any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond or other document or paper
believed by it to be genuine and believed by it to be signed by the proper party or parties. The
Owner Trustee may accept a certified copy of a board resolution or documents of any other governing
body of any corporate party as conclusive evidence that such board resolution or other document has
been duly adopted by such body and that the same is in full force and effect. As to any fact or
matter the method of the determination of which is not specifically prescribed herein, the Owner
Trustee may for all purposes hereof rely on a certificate, signed by the president, any vice
president, the treasurer, any assistant treasurer or any other authorized officers of the relevant
party as to such fact or matter, and such certificate shall constitute full protection to the Owner
Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

     (b) In the exercise or administration of the trusts hereunder and in the performance of its
duties and obligations under this Agreement and the other Basic Documents, the Owner Trustee (i)
may act directly or through its agents or attorneys pursuant to agreements entered into with any of
them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or
attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable
care and (ii) may consult with counsel, accountants and other skilled Persons to be selected with
reasonable care and employed by it. The Owner Trustee shall not be liable for anything done,
suffered or omitted in good faith by it in accordance with the opinion or advice of any such
counsel, accountants or other such Persons and not contrary to this Agreement or any other Basic
Document.

     Section 7.05. Not Acting in Individual Capacity. Except as provided in this Article,
in accepting the trusts hereby created,
[                                       
 ] acts solely as Owner Trustee hereunder and not
in its individual capacity and all Persons having any claim against the Owner Trustee by reason of
the transactions contemplated by this Agreement or any Basic Document shall look only to the Owner
Trust Estate for payment or satisfaction thereof.

     Section 7.06. Owner Trustee Not Liable for Trust Certificates. The recitals
contained herein and in the Trust Certificates (other than the signature of the Owner Trustee and
the certificate of authentication on the Trust Certificates and its representations and warranties
in Section 7.03) shall be taken as the statements of the Transferor and the Owner Trustee assumes
no responsibility for the correctness thereof. The Owner Trustee makes no representations as to
the validity or sufficiency of this Agreement, any other Basic Document or the Trust Certificates
(other than the signature of the Owner Trustee and the certificate of authentication on the Trust
Certificates) or the Notes or any offering document relating to either of them. The Owner

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Trustee shall at no time have any responsibility or liability for or with respect to the
legality, validity or enforceability of any Basic Document to which the Owner Trustee is to be a
party (except for enforceability against the Owner Trustee), or the perfection and priority of any
security interest created by or under any Basic Document, or the maintenance of any such perfection
and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to
generate the payments to be distributed to Trust Certificateholders under this Agreement or the
Noteholders under the Indenture, the validity of the transfer of the [___]-[_] SUBI Certificate to
the Issuer, or for the compliance by the Transferor, the Administrator or the Administrative Agent
with any warranty or representation made under any Basic Document or for the accuracy of any such
warranty or representation or for any action of the Administrator, the Administrative Agent or the
Indenture Trustee taken in the name of the Owner Trustee.

     Section 7.07. Owner Trustee May Own Trust Certificates and Notes. The Owner Trustee
in its individual or any other capacity may become the owner or pledgee of Trust Certificates or
Notes and may deal with the Transferor, the Administrative Agent, the Administrator, the Indenture
Trustee and their respective Affiliates, in banking transactions with the same rights as it would
have if it were not the Owner Trustee.

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ARTICLE EIGHT

COMPENSATION OF OWNER TRUSTEE

     Section 8.01. Owner Trustee’s Compensation and Indemnification.

     (a) The Owner Trustee, the Certificate Registrar and any Paying Agent shall receive as
compensation from the Administrator for its services hereunder such fees as have been separately
agreed upon before the date hereof between the Transferor or the Administrator and the Owner
Trustee, the Certificate Registrar or the Paying Agent. The Transferor shall be liable as primary
obligor for, and shall indemnify the Owner Trustee, the Certificate Registrar and any Paying Agent
and their respective successors, assigns, agents, servants, officers and employees (collectively,
the “Indemnified Parties”) from and against, any Expenses that may at any time be imposed on,
incurred by or asserted against the Owner Trustee or any other Indemnified Party in any way
relating to or arising out of the Basic Documents, the Owner Trust Estate, the administration of
the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that
the Transferor shall not be liable for or required to indemnify any Indemnified Party from and
against Expenses arising or resulting from any of the matters described in the third sentence of
Section 7.01 or for any income taxes on any fees payable to any Indemnified Party as set forth in
Section 2.07. The indemnities contained in this Section shall survive the resignation or
termination of the Owner Trustee, the Certificate Registrar or any Paying Agent or the termination
of this Agreement. In any event of any claim, action or proceeding for which indemnity will be
sought pursuant to this Section, the Indemnified Party’s choice of legal counsel shall be subject
to the approval of the Transferor, which approval shall not be unreasonably withheld. Neither the
Transferor nor the Administrator shall make any claim upon the Owner Trust Estate for the payment
of such Expenses.

     (b) Notwithstanding the foregoing, the Owner Trustee shall not be liable for (i) any error of
judgment made by an officer of the Owner Trustee, (ii) any action taken or omitted to be taken in
accordance with the instructions of any Trust Certificateholder, the Indenture Trustee, the
Transferor, the Administrator or the Administrative Agent, (iii) the interest on or principal of
the Securities or (iv) the default or misconduct of the Administrator, the Administrative Agent,
the Transferor or the Indenture Trustee.

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ARTICLE NINE

TERMINATION OF TRUST AGREEMENT

     Section 9.01. Termination of Trust Agreement.

     (a) The Issuer shall dissolve (i) upon the final distribution by the Owner Trustee of all
funds or other property or proceeds of the Owner Trust Estate in accordance with the terms of the
Indenture and this Agreement (including following the purchase by the Administrative Agent, at its
option, of the [___]-[_] SUBI Certificate as described in Section 11.18 of the Administration
Agreement) and (ii) at the time provided in Section 9.02. The bankruptcy, liquidation,
dissolution, or termination, death or incapacity of any Trust Certificateholder (other than the
Transferor, as initial holder of the Trust Certificate, as described in Section 9.02), shall not
(i) operate to terminate this Agreement or dissolve the Issuer, (ii) entitle such Trust
Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of the Issuer or Owner
Trust Estate nor (iii) otherwise affect the rights, obligations and liabilities of the parties
hereto.

     (b) Except as provided in Section 9.01(a), neither the Transferor nor any other Trust
Certificateholder shall be entitled to revoke, dissolve or terminate the Issuer.

     (c) Notice of any dissolution of the Issuer pursuant to Section 9.01(a) shall be given by the
Owner Trustee by letter to Trust Certificateholders mailed within five Business Days of receipt of
notice of such dissolution from the Administrator, stating (i) the Payment Date upon or with
respect to which final payment of the Trust Certificates shall be made upon presentation and
surrender of the Trust Certificates at the office of the Paying Agent therein designated, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise applicable to such
Payment Date is not applicable, payments being made only upon presentation and surrender of the
Trust Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall
give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying
Agent at the time such notice is given to Trust Certificateholders and the Transferor. Upon
presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be
distributed to Trust Certificateholders amounts distributable on such Payment Date pursuant to
Section 5.02. The Owner Trustee shall promptly notify each Rating Agency upon the final payment of
the Trust Certificates.

     (d) In the event that all of the Trust Certificateholders shall not surrender their Trust
Certificates for cancellation within six months after the date specified in the above-mentioned
written notice, the Owner Trustee shall give a second written notice to the remaining Trust
Certificateholders to surrender their Trust Certificates for cancellation and receive the final
distribution with respect thereto. If within one year after the second notice, all of the Trust
Certificates shall not have been surrendered for cancellation, the Owner Trustee may take
appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining
Trust Certificateholders concerning surrender of their Trust Certificates, and the cost thereof
shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any
funds remaining in the Issuer after exhaustion of such remedies shall be distributed by the Owner
Trustee to the Administrator.

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     (e) Upon the winding up of the Issuer in accordance with Section 3808 of the Statutory Trust
Statute, the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a
certificate of cancellation with the Secretary of State in accordance with Section 3810 of the
Statutory Trust Statute and thereupon this Agreement and the Issuer shall terminate.

     Section 9.02. Dissolution upon Bankruptcy of the Transferor. In the event that a
bankruptcy or insolvency shall occur with respect to the Transferor, the Issuer shall dissolve in
accordance with Section 9.01. Promptly after the occurrence of any bankruptcy, insolvency or
dissolution with respect to the Transferor, (i) the Transferor shall give the Indenture Trustee,
the Owner Trustee and the Rating Agencies written notice of such event, (ii) the Owner Trustee
shall, upon the receipt of such written notice from the Transferor, give prompt written notice to
the Trust Certificateholders of the occurrence of such event and (iii) the Indenture Trustee shall,
upon receipt of written notice of such event from the Owner Trustee, give prompt written notice to
the Noteholders of the occurrence of such event; provided, however, that any failure to give a
notice required by this sentence shall not prevent or delay, in any manner, a dissolution of the
Issuer pursuant to the first sentence of this Section. Upon the receipt of such notice or actual
knowledge of a dissolution pursuant to this Section, the Owner Trustee shall promptly sell, or if
the Lien of the Indenture is outstanding shall direct the Indenture Trustee promptly to sell, the
Owner Trust Estate (other than amounts on deposit in the Distribution Accounts and the Reserve
Fund) in a commercially reasonable manner and on commercially reasonable terms. In connection with
any such sale, the [___]-[_] SUBI Assets shall be distributed out of the Origination Trust as
provided in Section 12.05(b) of the SUBI Trust Agreement. The Owner Trustee will have no liability
with respect to the procedures of the Indenture Trustee in connection with such sale or the
sufficiency or adequacy of the proceeds therefrom.

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ARTICLE TEN

SUCCESSOR OWNER TRUSTEES AND

ADDITIONAL OWNER TRUSTEES

     Section 10.01. Eligibility Requirements for Owner Trustee. The Owner Trustee shall
(i) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute;
(ii) at all times be able and authorized to exercise corporate trust powers; (iii) have a long-term
debt rating of “A” or higher or be otherwise acceptable to each Rating Agency; (iv) have combined
capital and surplus of at least $50,000,000; and (v) be subject to supervision or examination by
federal or state authorities. If the Owner Trustee shall publish reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section, the combined capital and surplus of the Owner
Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time the Owner Trustee shall cease to be eligible
in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in
the manner and with the effect specified in Section 10.02.

     Section 10.02. Resignation or Removal of Owner Trustee. The Owner Trustee may at any
time resign and be discharged from the trusts hereby created by giving written notice thereof to
the Administrator, the Administrative Agent, each Rating Agency, the Transferor, the Indenture
Trustee and the Trust Certificateholders. Upon receiving such notice of resignation, the
Transferor shall promptly appoint a successor Owner Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the
successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of resignation, the resigning
Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor
Owner Trustee.

     If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions
of Section 10.01 and shall fail to resign after written request therefor by the Administrator, the
Transferor or Trust Certificateholders holding not less than a majority of the aggregate
Certificate Percentage Interest, or if at any time the Owner Trustee shall be legally unable to
act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its
property shall be appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Transferor or such Trust Certificateholders may remove the Owner Trustee. If
the Owner Trustee shall be removed pursuant to the preceding sentence, the Transferor shall
promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the
successor Owner Trustee.

     Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee
pursuant to any of the provisions of this Section shall not become effective until acceptance of
appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and
expenses owed to the outgoing Owner Trustee. The Transferor shall provide written notice of such
resignation or removal of the Owner Trustee to each Rating

37

 

Agency. Any appointment of a successor Owner Trustee is subject to satisfaction of the Rating
Agency Condition.

     Section 10.03. Successor Owner Trustee. Any successor Owner Trustee appointed
pursuant to Section 10.02 shall execute, acknowledge and deliver to the Administrator and to its
predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and
thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and
such successor Owner Trustee, without any further act, deed or conveyance, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor under this Agreement,
with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall,
upon payment of its fees and expenses, deliver to the successor Owner Trustee all documents and
statements and monies held by it under this Agreement; and the Transferor, the Administrator and
the predecessor Owner Trustee shall execute and deliver such instruments and do such other things
as may reasonably be required for fully and certainly vesting and confirming in the successor Owner
Trustee all such rights, powers, duties and obligations.

     No successor Owner Trustee shall accept appointment as provided in this Section unless at the
time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.01.

     Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the
Transferor shall mail notice of the successor of such Owner Trustee to all Trust
Certificateholders, the Indenture Trustee and each Rating Agency. If the Transferor shall fail to
mail such notice within ten days after acceptance of appointment by the successor Owner Trustee,
the successor Owner Trustee shall cause such notice to be mailed at the expense of the Transferor.

     Section 10.04. Merger or Consolidation of Owner Trustee. Any Person (i) into which
the Owner Trustee may be merged or converted or with which it may be consolidated, (ii) resulting
from any merger, conversion or consolidation to which the Owner Trustee shall be a party or (iii)
succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall
be the successor of the Owner Trustee hereunder, without the execution or filing of any instrument
or any further act on the part of any of the parties hereto, provided, that such Person shall be
eligible pursuant to Section 10.01 anything herein to the contrary notwithstanding. The Owner
Trustee shall mail notice of such merger, conversion, or consolidation to each Rating Agency, the
Indenture Trustee and the Trust Certificateholders.

     Section 10.05. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any
other provision of this Agreement, at any time, for the purpose of meeting any legal requirements
of any jurisdiction in which any part of the Owner Trust Estate may at the time be located, the
Transferor and the Owner Trustee acting jointly shall have the power and shall execute and deliver
all instruments to appoint one or more Persons to act as co-trustee, jointly with the Owner
Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate,
and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and,
subject to the other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Transferor and the Owner Trustee may consider necessary or desirable. If the
Transferor shall not have joined in such appointment within 15 days after the receipt by it of a
request to do so,

38

 

the Owner Trustee alone shall have the power to make such appointment. No co-trustee or
separate trustee under this Agreement shall be required to meet the terms of eligibility as a
trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate
trustee shall be required pursuant to Section 10.03.

     Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and
act subject to the following provisions and conditions:

     (a) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee
shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee
or co-trustee jointly (it being understood that such separate trustee or co-trustee is not
authorized to act separately without the Owner Trustee joining in such act), except to the extent
that under any law of any jurisdiction in which any particular act or acts are to be performed, the
Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such
rights, powers, duties and obligations (including the holding of title to the Owner Trust Estate or
any portion thereof in any such jurisdiction) shall be exercised and performed singly by such
separate trustee or co-trustee, but solely at the direction of the Owner Trustee;

     (b) no trustee under this Agreement shall be personally liable by reason of any act or
omission of any other trustee under this Agreement; and

     (c) the Transferor and the Owner Trustee acting jointly may at any time accept the resignation
of or remove any separate trustee or co-trustee.

     Any notice, request or other writing given to the Owner Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees as effectively as if given to each of
them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement
and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording protection to the
Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given
to the Administrator, the Administrative Agent and the Transferor.

     Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or
attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any
lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its
estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner
Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

39

 

ARTICLE ELEVEN

TAX MATTERS

     Section 11.01. Tax and Accounting Characterization.

     (a) It is the intent of the parties hereto that the Issuer not constitute a separate entity
for federal income tax or state income or franchise tax purposes. It is the intent of the
Transferor, the Noteholders and Trust Certificateholders that the Notes be treated as indebtedness
of the Transferor secured by the [___]-[_] Vehicles and the payments on the [___]-[_] Leases for
federal income tax and state income and franchise tax purposes. The Trust Certificates shall be
characterized as equity in the Issuer. If, however, the Issuer is re-characterized as a separate
entity for federal income tax purposes, it is the intention of the parties that it qualify as a
partnership, with the assets of the partnership being the Owner Trust Estate. The parties agree
that, unless otherwise required by appropriate tax authorities, the Issuer shall not file or cause
to be filed annual returns, reports or other forms and will treat the Issuer in a manner consistent
with the characterization that the Issuer is not a separate entity for tax purposes.

     (b) It is the intent of the Transferor to treat the Trust Certificates as equity interests in
the Issuer for financial accounting purposes.

     Section 11.02. Signature on Returns; Tax Matters Partner.

     (a) In the event that the Issuer shall be required to file federal or other income tax returns
as a partnership, such returns shall be signed by an authorized signatory for the Transferor, as
holder of the Trust Certificate, or such other Person as shall be required by law to sign such
returns of the Issuer.

     (b) By acceptance of its beneficial interest in a Trust Certificate, each Trust
Certificateholder agrees that in the event that the Issuer is classified as a partnership for
federal income tax purposes, the Transferor shall be the “tax matters partner” of the Issuer
pursuant to the Code.

     Section 11.03. Tax Reporting. Unless otherwise required by appropriate tax
authorities, the Issuer shall not file or cause to be filed annual or other income or franchise tax
returns and shall not be required to obtain any taxpayer identification number.

40

 

ARTICLE TWELVE

MISCELLANEOUS

     Section 12.01. Amendments.

     (a) This Agreement may be amended by the Transferor and the Owner Trustee without the consent
of any of the Securityholders to cure any ambiguity, correct or supplement any provision herein
that may be inconsistent with any other provision herein, add any other provisions with respect to
matters or questions arising under this Agreement that are not inconsistent with the provisions of
this Agreement or add or amend any provision herein in connection with permitting transfers of the
Trust Certificates; provided, however, that such action shall not, as evidenced by an Opinion of
Counsel, materially adversely affect the interests of any Holder of the [___]-[_] SUBI Certificate
(which, so long as any Notes are outstanding, shall include the Indenture Trustee) or any
Securityholder.

     (b) This Agreement may also be amended from time to time by the Transferor and the Owner
Trustee, with prior written notice to the Rating Agencies and subject to the satisfaction of the
Rating Agency Condition, with the consent of the Noteholders holding a majority of the Note
Outstanding Amount of the Notes and, to the extent affected thereby, the consent of the Trust
Certificateholders holding not less than a majority of the aggregate Certificate Percentage
Interest, for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or
the Trust Certificateholders. No such amendment shall, however, (i) increase or reduce in any
manner the amount of, or accelerate or delay the timing of, distributions that are required to be
made on the Notes or the Trust Certificates or (ii) reduce the percentage of the Certificate
Percentage Interest or the Note Outstanding Amount required to consent to any such amendment,
without the consent of the holders of 100% of all outstanding Trust Certificates and Notes, if
applicable, and provided, further that an Opinion of Counsel shall be furnished to the Indenture
Trustee and the Owner Trustee to the effect that such amendment shall not (A) affect the treatment
of the Notes as debt for federal income tax purposes, (B) be deemed to cause a taxable exchange of
the Notes for federal income tax purposes or (C) cause the Issuer or the [___]-[_] SUBI Certificate
to be classified as an association (or a publicly traded partnership) taxable as a corporation for
federal income tax purposes. This Agreement may also be amended or supplemented from time to time,
at the request of Trust Certificateholders holding not less than 75% of the aggregate Certificate
Percentage Interest, to approve any trust purpose with respect to the Issuer in addition to the
purpose authorized pursuant to Section 2.03(b), upon not less that 90 days notice to each Rating
Agency and each Noteholder and subject to each of (i) the prior written confirmation by each Rating
Agency that such action will not result in a Rating Event, and (ii) the consent of Noteholders
holding at least 75% of the Note Outstanding Amount, and provided, further that an Opinion of
Counsel shall be furnished to the Indenture Trustee and the Owner Trustee to the effect that such
amendment or supplement shall not affect the treatment of any outstanding Notes for federal income
tax purposes, or cause the Issuer or the [___]-[_] SUBI Certificate to be classified as an
association (or a publicly traded partnership) taxable as a corporation for federal income tax
purposes.

41

 

     It shall not be necessary for the consent of Trust Certificateholders, the Noteholders or the
Indenture Trustee pursuant to this Section to approve the particular form of any proposed amendment
or consent, but it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents (and any other consents of Trust Certificateholders provided for
in this Agreement or in any other Basic Document) and of evidencing the authorization of the
execution thereof by Trust Certificateholders shall be subject to such reasonable requirements as
the Owner Trustee may prescribe.

     (c) Notwithstanding Section 12.01(b), this Agreement may be amended at any time by the parties
hereto to the extent reasonably necessary to assure that none of the Origination Trust, the Issuer
or the Transferor will be classified as an association (or a publicly traded partnership) taxable
as a corporation for federal income tax purposes.

     (d) Prior to the execution of any amendment to this Agreement or any other Basic Document, the
Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement and the other Basic
Documents and that all conditions precedent herein and in the other Basic Documents to the
execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not
be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties
or immunities under this Agreement or otherwise.

     (e) The Owner Trustee shall give the Trust Certificateholders 30 days’ written notice of any
proposed amendment or supplement hereto, unless the Owner Trustee is furnished an Opinion of
Counsel to the effect that such amendment or supplement does not materially adversely affect the
Trust Certificateholders or if Noteholder consent is required and this Agreement provides that the
Owner Trustee shall not enter into such amendment unless a majority of the Certificate Percentage
Interest of Trust Certificateholders consent in writing.

     Section 12.02. No Legal Title to Owner Trust Estate. The Trust Certificateholders
shall not have legal title to any part of the Owner Trust Estate. The Trust Certificateholders
shall be entitled to receive distributions with respect to their Trust Certificates only in
accordance with Articles Five and Nine. No transfer, by operation of law or otherwise, of any
right, title or interest of the Trust Certificateholders to and in their ownership interest in the
Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any
transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust
Estate.

     Section 12.03. Limitations on Rights of Others. Except for Section 2.07, the
provisions of this Agreement are solely for the benefit of the Owner Trustee, the Transferor, the
Trust Certificateholders, the Administrator, the Administrative Agent, the Indenture Trustee and
the Noteholders, and nothing in this Agreement (other than Section 2.07), whether express or
implied, shall be construed to give to any other Person any legal or equitable right, remedy or
claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

     Section 12.04. Notices. All demands, notices and communications hereunder shall be
in writing and shall be delivered or mailed by registered or certified first-class United States
mail, postage prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in
each

42

 

case as follows: (i) if to the Owner Trustee, at
[                                       
 ]; (ii) if to the Transferor,
at 11690 NW 105 Street, Miami, Florida 33178 (telecopier no. (305) 500-3641), Attention: Treasurer
and Legal; (iii) if to Moody’s, to 7 World Trade Center, 250 Greenwich Street, New York, New York
10007, Telecopier No.: (212) 298-7139, Attention: ABS Monitoring Group; (iv) if to S&P, to 55
Water Street, New York, New York 10041, Telecopier No.: (212) 438-2664, Attention: Asset Backed
Surveillance Group; (v) if to Fitch, to Fitch Inc., One State Street Plaza, New York, New York
10004 (telecopier no. [___]), Attention: Asset Backed Monitoring Group; or (vi) at such other
address as shall be designated by any of the foregoing in a written notice to the other parties
hereto. Delivery shall occur only upon receipt or reported tender of such communication by an
officer of the recipient entitled to receive such notices located at the address of such recipient
for notices hereunder.

     Any notice required or permitted to be given to a Trust Certificateholder shall be given by
first-class mail, confirmed, facsimile or overnight courier, postage prepaid, at the address of
such Trust Certificateholder as shown in the Certificate Register. Any notice so mailed within the
time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether
or not such Trust Certificateholder receives such notice.

     Section 12.05. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     Section 12.06. Counterparts. This Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an original, but all
such counterparts shall together constitute but one and the same instrument.

     Section 12.07. Successors and Assigns. All covenants and agreements contained herein
shall be binding upon, and inure to the benefit of, the Transferor, the Owner Trustee and each
Trust Certificateholder and their respective successors and permitted assigns, all to the extent as
herein provided. Any request, notice, direction, consent, waiver or other instrument or action by
a Trust Certificateholder shall bind the successors and assigns of the Transferor or such Trust
Certificateholder.

     Section 12.08. No Petition. The Owner Trustee, any Paying Agent, the Transferor, and
each Trust Certificateholder by accepting a Trust Certificate, hereby covenant and agree that prior
to the date that is one year and one day after the date upon which all obligations and payments
under the Basic Documents have been paid in full, they will not (and, to the fullest extent
permitted by applicable law, the Indenture Trustee shall not have the power to) institute against,
or join in any institution against the UTI Beneficiaries, the Origination Trustee, the Origination
Trust, the Transferor, the Issuer, any other Affiliate or any beneficiary, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any
United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Trust Certificates, this Agreement or any of the Basic Documents.

43

 

     Section 12.09. No Recourse. Each Trust Certificate entitles the holder thereof to
the respective rights and benefits set forth in this Agreement and in the Trust Certificates. The
Trust Certificates do not represent interests in or obligations of the Administrative Agent, the
Transferor, the Owner Trustee, any Paying Agent, the Indenture Trustee or any Affiliate thereof and
no recourse may be had against such parties or their assets, except as may be expressly set forth
or contemplated in this Agreement, the Trust Certificates or the other Basic Documents.

     Section 12.10. Headings. The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof.

     Section 12.11. Governing Law. This Agreement shall be construed in accordance with
the laws of the State of Delaware, without reference to its conflicts of law provisions, and the
obligations, rights and remedies of the parties hereunder shall be determined in accordance with
such laws.

     Section 12.12. Trust Certificates Nonassessable and Fully Paid. Subject to Section
2.07, Trust Certificateholders shall not be personally liable for obligations of the Issuer. The
interests represented by the Trust Certificates shall be nonassessable for any losses or expenses
of the Issuer or for any reason whatsoever, and, upon authentication thereof pursuant to Section
3.03, 3.04 and 3.05, the Trust Certificates shall be deemed fully paid.

ARTICLE THIRTEEN

COMPLIANCE WITH REGULATION AB

     The Transferor and the Owner Trustee acknowledge and agree that the purpose of Article XIII of
this Agreement is to facilitate compliance by the Transferor with the provisions of Regulation AB
and related rules and regulations of the Commission.

     Neither the Transferor nor the Owner Trustee shall exercise its right to request delivery of
information or other performance under these provisions other than in good faith, or for purposes
other than compliance with the Securities Act, the Exchange Act and the rules and regulations of
the Commission thereunder (or the provision in a private offering of disclosure comparable to that
required under the Securities Act). The Owner Trustee acknowledges that interpretations of the
requirements of Regulation AB may change over time, whether due to interpretive guidance provided
by the Commission or its staff, consensus among participants in the asset-backed securities
markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Transferor
in good faith for delivery of information under these provisions on the basis of evolving
interpretations of Regulation AB. In connection therewith, the Owner Trustee shall cooperate fully
with the Transferor to deliver to the Transferor (including any of its assignees or designees), any
and all statements, reports, certifications, records, attestations, and any other information
necessary in the good faith determination of the Transferor, to permit the Transferor to comply
with the provisions of Regulation AB, together with such disclosures relating to the Owner Trustee
or the servicing of the [___]-[_] Leases and the [___]-[_] Vehicles, reasonably believed by the
Transferor to be necessary in order to effect such compliance.

44

 

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

	 	 	 	 	 	 	 
	 	 	RYDER FUNDING II LP,	 	 
	 

	 	 	 	   as Transferor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RYDER TRUCK RENTAL IV LLC,	 	 
	 

	 	 	 	   as General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RTR LEASING II, INC.,	 	 
	 

	 	 	 	   as Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	[                                        ],	 	 
	 

	 	 	 	as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

45

 

EXHIBIT A

FORM OF TRUST CERTIFICATE

TRUST CERTIFICATE

SEE REVERSE FOR CERTAIN DEFINITIONS

     THIS TRUST CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW. THE HOLDER
HEREOF, BY PURCHASING THIS TRUST CERTIFICATE, AGREES THAT THIS TRUST CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND ONLY PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO AN
INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR
THE ACCOUNT OF A QIB, IN EACH CASE WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR
OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A SUBJECT TO THE RECEIPT BY THE OWNER TRUSTEE
AND THE TRANSFEROR OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE TRUST AGREEMENT AND THE
RECEIPT BY THE OWNER TRUSTEE AND THE TRANSFEROR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE OWNER
TRUSTEE AND THE TRANSFEROR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE
SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE UNITED STATES AND SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY
OTHER APPLICABLE JURISDICTION. THIS TRUST CERTIFICATE MAY NOT BE PURCHASED OR HELD WITH PLAN
ASSETS OF ANY (I) EMPLOYEE BENEFIT PLAN AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA ; (II) ANY
PLAN AS DEFINED IN SECTION 4975(e)(1) THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”), (III) A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA)
OR A CHURCH PLAN (AS DEFINED IN SECTION 3(33) OF ERISA) THAT IS SUBJECT TO ANY FEDERAL, STATE OR
LOCAL LAW WHICH IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE, (IV) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S
INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. SECTION
2510.3-101) OR OTHERWISE OR (V) A PERSON INVESTING “PLAN ASSETS” OF ANY SUCH PLAN (INCLUDING, FOR
PURPOSES OF THIS PARAGRAPH, ANY INSURANCE COMPANY GENERAL ACCOUNT BUT EXCLUDING ANY ENTITY
REGISTERED UNDER THE INVESTMENT COMPANY ACT) (EACH A “BENEFIT PLAN.”) BY ACCEPTANCE OF THIS TRUST
CERTIFICATE OR AN INTEREST THEREIN, THE HOLDER HEREOF SHALL BE DEEMED TO REPRESENT AND

A-1

 

WARRANT THAT ITS ACQUISITION AND HOLDING IS IN COMPLIANCE WITH THE FOREGOING RESTRICTION ON
BENEFIT PLAN ASSETS.

     THIS TRUST CERTIFICATE IS NOT TRANSFERABLE UNLESS THE PARTY TRANSFERRING THIS TRUST
CERTIFICATE DELIVERS TO THE OWNER TRUSTEE, THE TRANSFEROR, AND RTRT, INC., AS TRUSTEE OF RYDER
TRUCK RENTAL LT (THE “ORIGINATION TRUST”), AN OPINION OF COUNSEL STATING THE CIRCUMSTANCES AND
CONDITIONS UPON WHICH THIS TRUST CERTIFICATE MAY BE TRANSFERRED AND THAT SUCH TRANSFER AS DESCRIBED
THEREIN WILL NOT CAUSE EITHER THE ISSUER OR THE ORIGINATION TRUST TO BE CLASSIFIED AS AN
ASSOCIATION (OR A PUBLICLY TRADED PARTNERSHIP) TAXABLE AS A CORPORATION FOR FEDERAL INCOME TAX
PURPOSES. BASED UPON SUCH OPINION (IF REQUIRED), THE OWNER TRUSTEE WILL NOTIFY THE HOLDER OF THIS
TRUST CERTIFICATE THAT THIS TRUST CERTIFICATE MAY BE TRANSFERRED IN ACCORDANCE WITH THE CONDITIONS
SET FORTH IN SUCH OPINION OF COUNSEL, AND THE HOLDER OF THIS TRUST CERTIFICATE MAY EXCHANGE THIS
TRUST CERTIFICATE FOR A NEW TRUST CERTIFICATE OF LIKE DENOMINATION AND TENOR, WHICH NEW TRUST
CERTIFICATE MAY BE TRANSFERRED IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH THEREON.]

RYDER VEHICLE LEASE TRUST [___]-[_]

ASSET BACKED CERTIFICATE

evidencing a beneficial interest in the Issuer, as defined below, the property of which includes,
among other things, the [___]-[_] SUBI Certificate (transferred pursuant to the Issuer SUBI
Certificate Transfer Agreement), evidencing a 100% beneficial interest in the [___]-[_] SUBI
Assets; the property of the Issuer has been pledged to the Indenture Trustee pursuant to the
Indenture to secure the payment of the Notes issued thereunder.

     This Trust Certificate does not represent an interest in or obligation of the Transferor,
Ryder Truck Rental, Inc., the Owner Trustee or any of their respective Affiliates, except to the
extent described below.

	 	 	 
	NUMBER

	 	Percentage Interest:                    
	R-___

	 	CUSIP NO. [___]

     This certifies that
                                        
            
         is the registered owner of a 100% Certificate
Percentage Interest in the Ryder Vehicle Lease Trust [___]-[_] (the “Issuer”) formed by Ryder
Funding II LP, a Delaware limited partnership (the “Transferor”).

     The Issuer was created pursuant to a trust agreement, as amended and restated as of
[                                       
 ] (the “Trust Agreement”), between the Transferor and [                     
                   ], as trustee (the
“Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below.
Capitalized terms used herein that are not otherwise defined shall have the meanings assigned
thereto in the Trust Agreement.

A-2

 

     This Trust Certificate is one of the duly authorized Trust Certificates designated as “Asset
Backed Certificates” (the “Trust Certificates”). Also issued under an indenture, dated as of
[                                       
 ] (the “Indenture”), between the Issuer and [                       
                 ], as trustee (the “Indenture
Trustee”), are the [___]% Asset Backed Notes, Class A-1 (the “Class A-1 Notes”), the [___]% Asset
Backed Notes, Class A-2a (the “Class A-2a Notes”), the LIBOR + [___]% Asset Backed Notes, Class A-2b
(the “Class A-2b Notes”) and the [___]% Asset Backed Notes, Class B-1 (the “Class B-1 Notes”, and
together with the Class A-1 Notes, the Class A-2a Notes and the Class A-2b Notes, the “Notes”).
This Trust Certificate is issued under and is subject to the terms, provisions and conditions of
the Trust Agreement, to which Trust Agreement the holder of this Trust Certificate by virtue of the
acceptance hereof assents and by which such Trust Certificateholder is bound. The property of the
Issuer primarily includes, among other things, (i) the [___]-[_] SUBI Certificate (transferred
pursuant to the Issuer SUBI Certificate Transfer Agreement), evidencing a 100% beneficial interest
in the [___]-[_] SUBI Assets, (ii) the security interest of the Issuer in the Reserve Fund Property
and (iii) all proceeds of the foregoing. The rights of the Issuer in the foregoing property have
been pledged by the Issuer to the Indenture Trustee to secure the payment of the Notes.

     The Trust Certificates represent interests in the Issuer only and do not represent interests
in, recourse to or obligations of the Transferor, the UTI Beneficiaries or any of their respective
Affiliates.

     Under the Trust Agreement, there will be distributed on [February 15, May 15, August 15 and
November 15] of each year (or, if any such day is not a Business Day, the immediately succeeding
Business Day), commencing [___] (each, a “Payment Date”) and ending no later than
[                                       
 ], to
the Person in whose name this Trust Certificate is registered at the close of business on the
Business Day preceding each Payment Date (each, a “Record Date”) such Trust Certificateholder’s
percentage interest in the amount to be distributed with respect to the Trust Certificates on such
Payment Date.

     The holder of this Trust Certificate acknowledges and agrees that its rights to receive
payments in respect of this Trust Certificate are subordinated to the rights of the Noteholders as
described in the Indenture and in the Trust Agreement.

     Each Trust Certificateholder by accepting a Trust Certificate, covenants and agrees that prior
to the date that is one year and one day after the date upon which all obligations and payments
under the Basic Documents have been paid in full, they will not institute against, or join in any
institution against the UTI Beneficiaries, the Origination Trustee, the Origination Trust, the
Transferor, the Issuer, any other Affiliate or any beneficiary, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding or other proceeding under any United States
federal or state bankruptcy or similar law in connection with any obligations relating to the
Notes, the Trust Certificates or any of the Basic Documents.

     Distributions on this Trust Certificate will be made as provided in the Trust Agreement by the
Owner Trustee by check mailed, or wire transfer, to the Trust Certificateholder of record in the
Certificate Register without the presentation or surrender of this Trust Certificate or the making
of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding
the above, the final payment on this Trust Certificate will be made after due

A-3

 

notice by the Owner Trustee of the pendency of such payment and only upon presentation and
surrender of this Trust Certificate at the office or agency maintained for the purpose by the Owner
Trustee in The City of New York.

     Reference is hereby made to the further provisions of this Trust Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

     Unless the certificate of authentication hereon shall have been executed by an authorized
officer of the Owner Trustee, by manual signature, this Trust Certificate shall not entitle the
holder hereof to any benefit under the Trust Agreement or be valid for any purpose.

     THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE, WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuer and not in its individual
capacity, has caused this Trust Certificate to be duly executed.

	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	RYDER VEHICLE LEASE TRUST [___]-[_]
	 

	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 

	 	By:
	 	[                                        ],	 	 
	 

	 	 	 	as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Trust Certificates referred to in the within-mentioned Trust Agreement.

	 	 	 	 	 
	[                                        ], as Owner Trustee

	 	or
	[                                        ], as Owner Trustee

	 	 	 	 	 
	 

	 	By:
	 	[                                        ],
	 

	 	 	 	Authenticating Agent

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 

A-4

 

[Reverse of Trust Certificate]

     The Trust Certificates do not represent an obligation of or an interest in the Transferor, the
Administrative Agent, the Owner Trustee or any of their respective Affiliates, and no recourse may
be had against such parties or their assets, except as may be expressly set forth or contemplated
herein or in the Trust Agreement or the other Basic Documents. In addition, this Trust Certificate
is not guaranteed by any governmental agency or instrumentality and is limited in right of payment
to certain collections and recoveries and certain other amounts respecting the assets of the
Issuer, all as more specifically set forth in the Indenture. The Transferor will furnish, upon the
request of any holder of a Trust Certificate, such information as is specified in paragraph (d)(4)
of Rule 144A of the Securities Act of 1933, as amended, with respect to the Issuer.

     The Trust Agreement may be amended by the Transferor and the Owner Trustee without the consent
of any of the Securityholders to cure any ambiguity, correct or supplement any provision therein
that may be inconsistent with any other provision therein, add any other provisions with respect to
matters or questions arising under the Trust Agreement that are not inconsistent with the
provisions of the Trust Agreement or add or amend any provision therein in connection with
permitting transfers of the Trust Certificates; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel, materially adversely affect the interests of any Holder of the
[___]-[_] SUBI Certificate (which, so long as any Notes are outstanding, shall include the
Indenture Trustee) or any Securityholder.

     The Trust Agreement may also be amended from time to time by the Transferor and the Owner
Trustee, with prior written notice to the Rating Agencies, with the consent of the Noteholders
holding a majority of the Note Outstanding Amount and, to the extent affected thereby, the consent
of Trust Certificateholders holding not less than a majority of the aggregate Certificate
Percentage Interest, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Trust Agreement or of modifying in any manner the rights
of the Noteholders or the Trust Certificateholders. No such amendment shall, however, (i) increase
or reduce in any manner the amount of, or accelerate or delay the timing of, distributions that are
required to be made on the Notes or the Trust Certificates or (ii) reduce the percentage of the
Certificate Percentage Interest or the Note Outstanding Amount required to consent to any such
amendment, without the consent of the holders of 100% of all outstanding Trust Certificates, and
provided, further that an Opinion of Counsel shall be furnished to the Indenture Trustee and the
Owner Trustee to the effect that such amendment shall not (A) affect the treatment of the Notes as
debt for federal income tax purposes, (B) be deemed to cause a taxable exchange of the Notes for
federal income tax purposes or (C) cause the Issuer or the [___]-[_] SUBI Certificate to be
classified as an association (or a publicly traded partnership) taxable as a corporation for
federal income tax purposes.

     Notwithstanding the foregoing, the Trust Agreement may be amended at any time by the parties
hereto to the extent reasonably necessary to assure that none of the Origination Trust, the Issuer
or the Transferor will be classified as an association (or a publicly traded partnership) taxable
as a corporation for federal income tax purposes.

A-5

 

     As provided in the Trust Agreement, and if the Transferor delivers an Opinion of Counsel that
the Trust Certificates are transferable in accordance with the terms set forth therein, which
opinion the Transferor has determined can be given under the Internal Revenue Code and existing and
proposed regulations thereunder, the transfer of this Trust Certificate is registerable in the
Certificate Register upon surrender of this Trust Certificate for registration of transfer at the
offices or agencies of the Certificate Registrar maintained by the Owner Trustee in the Borough of
Manhattan, The City of New York, accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Trust
Certificateholder hereof or such Trust Certificateholder’s attorney duly authorized in writing, and
thereupon one or more new Trust Certificates of the same class and in authorized denominations
evidencing the same aggregate interest in the Issuer will be issued to the designated transferee.
The initial Certificate Registrar appointed under the Trust Agreement is
[                                       
 ].

     The Trust Certificates are issuable only as registered Trust Certificates. As provided in the
Trust Agreement and subject to certain limitations therein set forth, Trust Certificates are
exchangeable for new Trust Certificates of authorized denominations evidencing the same aggregate
denomination, as requested by the Holder surrendering the same. No service charge will be made for
any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar
may require payment of a sum sufficient to cover any tax or governmental charge payable in
connection therewith.

     The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the
Certificate Registrar may treat the Person in whose name this Trust Certificate is registered as
the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any
such agent shall be affected by any notice to the contrary.

     The obligations and responsibilities created by the Trust Agreement and the trust created
thereby shall terminate upon the payment to Trust Certificateholders of all amounts required to be
paid to them pursuant to the Trust Agreement and the Indenture and the disposition of all property
held as part of the Owner Trust Estate.

     Any prospective transferee of a Trust Certificate will be required to deliver a letter to the
Transferor, the Certificate Registrar and the Initial Purchaser substantially in the form of
Exhibit C to the Trust Agreement, which letter includes a representation that such prospective
transferee is not a Benefit Plan Investor. The Trust Certificates may not be transferred, sold,
pledged or otherwise disposed to or for the account of a Benefit Plan Investor.

     The Trust Certificates may not be acquired by a Benefit Plan. By accepting and holding this
Trust Certificate, the holder hereof shall be deemed to have represented and warranted that it is
not a Benefit Plan and is not acquiring this Trust Certificate or an interest therein for the
account of a Benefit Plan.

A-6

 

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

 

(Please print or type name and address, including postal zip code, of assignee)

the within Trust Certificate, and all rights thereunder, hereby irrevocably constituting and
appointing
                                        
                     attorney to transfer said Trust Certificate on the books of the
Certificate Registrar, with full power of substitution in the premises.

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 
	*
 

	 	 
	 
	 	 
	Signature Guaranteed:
	 	 

	 	 	 
	*
 

	 	 

	*	 	NOTICE: The signatures(s) on this Assignment must correspond with the name(s) as written on
the face of the within Trust Certificate in every particular without alteration, enlargement
or any change whatsoever. Such signature must be guaranteed by a member firm of the New York
Stock Exchange or a commercial bank or trust company.

A-7

 

EXHIBIT B

FORM OF RULE 144A CERTIFICATE

Dated:
                                        

[                    ],

  as Certificate Registrar

[                    ]

[                    ]

[                    ],

  as Owner Trustee

[                    ]

[                    ]

Ryder Funding II LP

c/o Ryder Truck Rental IV LLC

   its General Partner

11690 NW 105 Street

Miami, Florida 33178

Ladies and Gentlemen:

     This is to notify you as to the transfer of [___]% Certificate Percentage Interest of Asset
Backed Certificates (the “Trust Certificates”) of Ryder Vehicle Lease Trust [___]-[_] (the
“Issuer”).

          The undersigned is the holder of the Trust Certificates and with this notice hereby deposits
with the Owner Trustee
$                                        
; and requests that [___]% Certificate Percentage Interest of the
Trust Certificates be issued, executed and authenticated and registered to the purchaser on
                                        
, 200___, as specified in the Trust Agreement, as follows:

	 	 	 	 	 
	 

	 	Name:
	 	Denominations:
	 
	 	 	 	 
	 

	 	Address:	 	 
	 
	 	 	 	 
	 

	 	Taxpayer I.D. No:	 	 

     The undersigned represents and warrants that the undersigned (a) reasonably believes the
purchaser is a “qualified institutional buyer,” as defined in Rule 144A under the Securities Act of
1933, as amended (the “Act”), (b) such purchaser has acquired the Trust Certificates in a
transaction effected in accordance with the exemption from the registration requirements of the Act
provided by Rule 144A and (c) if the purchaser has purchased the Trust Certificates for one or more
accounts for which it is acting as fiduciary or agent, (i) each such account is a qualified
institutional buyer and (ii) the purchaser is acquiring Trust Certificates for its own account or
for

B-1

 

one or more institutional accounts for which it is acting as fiduciary or agent in a minimum
amount equivalent to not less than $250,000 for each such account.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

B-2

 

EXHIBIT C

FORM OF INVESTMENT LETTER

QUALIFIED INSTITUTIONAL BUYER

_________________, ____

[                    ],

  as Indenture Trustee

[                    ]

[                    ]

[                    ]

[                    ],

  as Owner Trustee

[                    ]

[                    ]

[                    ]

  as Initial Purchaser

[                    ]

[                    ]

[                    ]

Ryder Funding II LP

c/o Ryder Truck Rental IV LLC

  its General Partner

11690 NW 105 Street

Miami, Florida 33178

Ladies and Gentlemen:

     In connection with our proposed purchase of [___]% of Certificate Percentage Interest of the
Certificates (the “Certificates”) representing an undivided interest in the Ryder Vehicle Lease
Trust [___]-[_] (the “Trust”), the investor on whose behalf the undersigned is executing this
letter (the “Purchaser”) confirms that:

     1. The Purchaser has relied upon its own tax, legal and financial advisors in connection with
its decision to purchase the Certificates.

     2. The Purchaser is (A) a “Qualified Institutional Buyer” (as defined in Rule 144A under the
Securities Act of 1933, as amended (the “1933 Act”)) and has delivered to you a certificate
substantially in the form attached hereto as Annex I or Annex 2, as applicable and (B) acquiring
the Certificates for its own account or for the account of an investor of the type described in
clause (A) above as to each of which the Purchaser exercises sole investment discretion. The
Purchaser is purchasing the Certificates for investment purposes and not with a

C-1

 

view to, or for, the offer or sale in connection with, a public distribution or in any other
manner that would violate the 1933 Act or the securities or blue sky laws of any state.

     3. The Purchaser understands that the Certificates have not been and will not be registered
under the 1933 Act or under the securities or blue sky laws of any state, and that (i) if it
decides to resell, pledge or otherwise transfer any Certificate, such Certificate may be resold,
pledged or transferred without registration only to an entity that has delivered to the Transferor
and the Owner Trustee a certification that it is a Qualified Institutional Buyer that purchases (1)
for its own account or (2) for the account of such a Qualified Institutional Buyer, that is, in
either case, aware that the resale, pledge or transfer is being made in reliance on said Rule 144A
and (ii) it will, and each subsequent holder will be required to, notify any purchaser of any
Certificate from it of the resale restrictions referred to in clause (i) above.

     4. The Purchaser understands that each Certificate will bear a legend to the following effect,
unless otherwise agreed by the Transferor and the Owner Trustee:

“THIS TRUST CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW. THE HOLDER HEREOF,
BY PURCHASING THIS TRUST CERTIFICATE, AGREES THAT THIS TRUST
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND ONLY PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”) TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A
QIB PURCHASING FOR THE ACCOUNT OF A QIB, IN EACH CASE WHOM THE
HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A SUBJECT TO THE
RECEIPT BY THE OWNER TRUSTEE AND THE TRANSFEROR OF A LETTER
SUBSTANTIALLY IN THE FORM PROVIDED IN THE TRUST AGREEMENT AND THE
RECEIPT BY THE OWNER TRUSTEE AND THE TRANSFEROR OF SUCH OTHER
EVIDENCE ACCEPTABLE TO THE OWNER TRUSTEE AND THE TRANSFEROR THAT
SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE
SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES
AND SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER
APPLICABLE JURISDICTION.

C-2

 

THIS TRUST CERTIFICATE MAY NOT BE PURCHASED OR HELD WITH PLAN ASSETS
OF ANY (I) EMPLOYEE BENEFIT PLAN AS DEFINED IN SECTION 3(3) OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA ; (II) ANY PLAN AS
DEFINED IN SECTION 4975(e)(1) THAT IS SUBJECT TO SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (III) A
GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR A CHURCH
PLAN (AS DEFINED IN SECTION 3(33) OF ERISA) THAT IS SUBJECT TO ANY
FEDERAL, STATE OR LOCAL LAW WHICH IS SUBSTANTIALLY SIMILAR TO THE
PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, (IV)
AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF
LABOR REGULATION 29 C.F.R. SECTION 2510.3-101) OR OTHERWISE OR (V) A
PERSON INVESTING “PLAN ASSETS” OF ANY SUCH PLAN (INCLUDING, FOR
PURPOSES OF THIS PARAGRAPH, ANY INSURANCE COMPANY GENERAL ACCOUNT
BUT EXCLUDING ANY ENTITY REGISTERED UNDER THE INVESTMENT COMPANY
ACT) (EACH A “BENEFIT PLAN.”) BY ACCEPTANCE OF THIS TRUST
CERTIFICATE OR AN INTEREST THEREIN, THE HOLDER HEREOF SHALL BE
DEEMED TO REPRESENT AND WARRANT THAT ITS ACQUISITION AND HOLDING IS
IN COMPLIANCE WITH THE FOREGOING RESTRICTION ON BENEFIT PLAN ASSETS.

THIS TRUST CERTIFICATE IS NOT TRANSFERABLE UNLESS THE PARTY
TRANSFERRING THIS TRUST CERTIFICATE (EXCEPTING TRANSFERS BY THE
INITIAL PURCHASER) DELIVERS TO THE OWNER TRUSTEE, THE TRANSFEROR,
AND RTRT, INC., AS TRUSTEE OF RYDER TRUCK RENTAL LT (THE
“ORIGINATION TRUST”), AN OPINION OF COUNSEL STATING THE
CIRCUMSTANCES AND CONDITIONS UPON WHICH THIS TRUST CERTIFICATE MAY
BE TRANSFERRED AND THAT SUCH TRANSFER AS DESCRIBED THEREIN WILL NOT
CAUSE EITHER THE ISSUER OR THE ORIGINATION TRUST TO BE CLASSIFIED AS
AN ASSOCIATION (OR A PUBLICLY

C-3

 

TRADED PARTNERSHIP) TAXABLE AS A CORPORATION FOR FEDERAL INCOME TAX
PURPOSES. BASED UPON SUCH OPINION (IF REQUIRED), THE OWNER TRUSTEE
WILL NOTIFY THE HOLDER OF THIS TRUST CERTIFICATE THAT THIS TRUST
CERTIFICATE MAY BE TRANSFERRED IN ACCORDANCE WITH THE CONDITIONS SET
FORTH IN SUCH OPINION OF COUNSEL, AND THE HOLDER OF THIS TRUST
CERTIFICATE MAY EXCHANGE THIS TRUST CERTIFICATE FOR A NEW TRUST
CERTIFICATE OF LIKE DENOMINATION AND TENOR, WHICH NEW TRUST
CERTIFICATE MAY BE TRANSFERRED IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH THEREON.”

     5. If the Purchaser is acquiring any Certificate as a fiduciary or agent for one or more
investor accounts, it has sole investment discretion with respect to each such account and that it
has full power to make the acknowledgements, representations and agreements contained herein on
behalf of such account.

     6. The purchaser is not (i) an employee benefit plan, as defined in Section 3(3) of ERISA,
that is subject to Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code that
is subject to the Code, (iii) a governmental plan (as defined in Section 3(32) of ERISA) or a
church plan (as defined in Section 3(3) of ERISA) that is subject to any federal, state or local
law which is substantially similar to the provisions of Section 406 of ERISA or Section 4975 of the
Code, (iv) an entity whose underlying assets include plan assets by reason of a plan’s investment
in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. Section 2510.3-101)
or otherwise (v) a person investing “plan assets” of any such plan (including, for purposes of this
paragraph, any insurance company general account but excluding any entity registered under the
Investment Company Act).

     7. The Purchaser has neither acquired nor will it transfer any Certificate it purchases (or
any interest therein) or cause any such Certificates (or any interest therein) to be marketed on or
through an “established securities market” within the meaning of Section 7704(b)(1) of the Code,
including, without limitation, an over-the-counter-market or an interdealer quotation system that
regularly disseminates firm buy or sell quotations.

     8. The Purchaser either (A) is not, and will not become, a partnership, Subchapter S
corporation or grantor trust for U.S. federal income tax purposes or (B) is such an entity, but
none of the direct or indirect beneficial owners of any of the interests in such transferee have
allowed or caused, or will allow or cause, 50% or more (or such other percentage as the Transferor
may establish prior to the time of such proposed transfer) of the value of such interests to be
attributable to such transferee’s ownership of Certificates.

     9. The Purchaser understands that no subsequent transfer of the Certificates is permitted
unless (A) such transfer is of a Certificate with a denomination of at least $250,000, (B) it
causes its proposed transferee to provide to the Transferor, the Certificate Registrar and the
Initial Purchaser a letter substantially in the form of Exhibit C to the Trust Agreement, as
applicable, or such other written statement as the Transferor shall prescribe and (C) the

C-4

 

Transferor consents in writing to the proposed transfer, which consent shall be granted unless
the Transferor determines that such transfer would create a risk that the Issuer or the Origination
Trust would be classified for federal or any applicable state tax purposes as an association (or a
publicly traded partnership) taxable as a corporation; provided, however, that any attempted
transfer that would either cause (1) the number of registered holders of Certificates to exceed 100
or (2) the number of holders of direct or indirect interests in the Origination Trust to exceed 50,
shall be a void transfer.

     10. The Purchaser understands that the opinion of counsel to the Issuer that the Issuer is not
a publicly traded partnership taxable as a corporation is dependent in part on the accuracy of the
representations in paragraphs 7, 8 and 9 above.

     11. The Purchaser is a Person who is (1) a citizen or resident of the United States, (2) a
corporation, partnership or other entity organized in or under the laws of the United States or any
political subdivision thereof (3) an estate the income of which is includible in gross income for
federal income tax purposes regardless of source or a trust if a court within the United States is
able to exercise primary supervision of the administration of the trust and one or more United
States persons have the authority to control all substantial decisions of the Issuer. It agrees
that it will provide a certification of non-foreign status signed under penalty of perjury (and
such other certifications, representations or Opinions of Counsel as may be requested by the
Transferor and the Owner Trustee).

     12. The Purchaser agrees that if at some time in the future it wishes to transfer or exchange
any of the Certificates, it will not transfer or exchange any of the Certificates unless such
transfer or exchange is in accordance with Section 3.04 of the Trust Agreement. The Purchaser
understands that any purported transfer of the Certificates (or any interest therein) in
contravention of any of the restrictions and conditions in the Trust Agreement, as applicable,
shall be a void, and the purported transferee in such transfer shall not be recognized by the
Issuer or any other Person as a Certificateholder, as the case may, be for any purpose.

     13. The Purchaser hereby irrevocably requests you to arrange for definitive Certificates
representing the Certificates purchased by the Purchaser to be registered and delivered promptly
after the Closing Date as follows:

	 	 	 	 	 
	Certificate Percentage	 	 	 	 
	Interest	 	Registered in	 	Deliver Definitive
	of Definitive Certificate:	 	Name of:	 	Certificate to:
	 	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	 

	 	 

C-5

 

     You and the Owner Trustee are entitled to rely upon this letter and are irrevocably authorized
to produce this letter or a copy hereof to any interested party in any administrative or legal
proceeding or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

C-6

 

	 	 	 	 	 

ANNEX 1 TO EXHIBIT C

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees Other Than Registered Investment Companies]

     The undersigned (the “Purchaser”) hereby certifies as follows to the addressees of the Rule
144A Representation Letter to which this certification is attached with respect to the Certificate
described therein:

	 	(i)	 	As indicated below, the undersigned is the President, Chief Financial Officer,
Senior Vice President or other executive officer of the Purchaser.
	 
	 	(ii)	 	In connection with purchases by the Purchaser, the Purchaser is a “qualified
institutional buyer” as that term is defined in Rule 144A (“Rule 144A”) under the
Securities Act of 1933, as amended, because (i) the Purchaser owned and/or invested on
a discretionary basis $___1 in securities (except for the excluded
securities referred to below) as of the end of the Purchaser’s most recent fiscal year
(such amount being calculated in accordance with Rule 144A) and (ii) the Purchaser
satisfies the criteria in the category marked below.

	 	 	 	 	 
	 

	 	___
	 	Corporation, etc. The Purchaser is a
corporation (other than a bank, savings and loan association or similar
institution), Massachusetts or similar business trust, partnership, or
charitable organization described in Section 501(c)(3) of the Internal
Revenue Code of 1986, as amended.
	 
	 	 	 	 
	 

	 	___
	 	Bank. The Purchaser (a) is a national bank or
banking institution organized under the laws of any state, territory or
the District of Columbia, the business of which is substantially
confined to banking and is supervised by the state or territorial
banking commission or similar official or is a foreign bank or
equivalent institution, and (b) has an audited net worth of at least
$25,000,000 as demonstrated in its latest annual financial statements,
a copy of which is attached hereto.
	 
	 	 	 	 
	 

	 	___
	 	Savings and Loan. The Purchaser (a) is a
savings and loan association, building and loan association,
cooperative bank, homestead association or similar institution, which
is supervised and examined by a state or federal authority having
supervision over any such institutions or is a foreign savings and loan
association or equivalent institution and (b) has an audited net

 

			
	1	 	Purchaser must own and/or invest on a discretionary
basis at least $100,000,000 in securities unless Purchaser is a dealer, and, in
that case, Purchaser must own and/or invest on a discretionary basis at least
$10,000,000 in securities.

C-7

 

worth of at least $25,000,000 as demonstrated in its latest annual
financial statements, a copy of which is attached hereto.

	 	 	 	 	 
	 

	 	___
	 	Broker-dealer. The Purchaser is a dealer
registered pursuant to Section 15 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”).
	 
	 	 	 	 
	 

	 	___
	 	Insurance Company. The Purchaser is an
insurance company whose primary and predominant business activity is
the writing of insurance or the reinsuring of risks underwritten by
insurance companies and which is subject to supervision by the
insurance commissioner or a similar official or agency of a state,
territory or the District of Columbia.
	 
	 	 	 	 
	 

	 	___
	 	State or Local Plan. The Purchaser is a plan
established and maintained by a state, its political subdivisions, or
any agency or instrumentality of the state or its political
subdivisions, for the benefit of its employees.
	 
	 	 	 	 
	 

	 	___
	 	Investment Advisor. The Purchaser is an
investment advisor registered under the Investment Advisors Act of
1940.
	 
	 	 	 	 
	 

	 	___
	 	Small Business Investment Company. The
Purchaser is a small business investment company licensed by the U.S.
Small Business Administration under Section 301(c) or (d) of the Small
Business Investment Act of 1958.
	 
	 	 	 	 
	 

	 	___
	 	Business Development Company. The Purchaser is
a business development company as defined in Section 202(a)(22) of the
Investment Advisors Act of 1940.

	 	(iii)	 	The term “securities” as used herein does not include (i) securities of
issuers that are affiliated with the Purchaser, (ii) securities that are part of an
unsold allotment to or subscription by the Purchaser, if the Purchaser is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations, (v)
repurchase agreements, (vi) securities owned but subject to a repurchase agreement and
(vii) currency, interest rate and commodity swaps.
	 
	 	(iv)	 	For purposes of determining the aggregate amount of securities owned and/or
invested on a discretionary basis by the Purchaser, the Purchaser used the cost of such
securities to the Purchaser and did not include any of the securities referred to in
the preceding paragraph, except (i) where the Purchaser reports its securities holdings
in its financial statements on the basis of their market value, and (ii) no current
information with respect to the cost of those securities has been published. If clause
(ii) in the preceding sentence applies, the securities may be valued at their market
value. Further, in determining such aggregate amount, the Purchaser may have included
securities owned by subsidiaries of the Purchaser, but only if such subsidiaries are
consolidated with the Purchaser in its financial statements

C-8

 

	 	 	 	prepared in accordance with generally accepted accounting principles and if the
investments of such subsidiaries are managed under the Purchaser’s direction.
However, such securities were not included if the Purchaser is a majority-owned,
consolidated subsidiary of another enterprise and the Purchaser is not itself a
reporting company under the Exchange Act.
	 
	 	(v)	 	The Purchaser acknowledges that it is familiar with Rule 144A and understands
that the seller to it and other parties related to the Certificates are relying and
will continue to rely on the statements made herein because one or more sales to the
Purchaser may be in reliance on Rule 144A.
	 
	 	(vi)	 	Until the date of purchase of the Certificates, the Purchaser will notify each
of the parties to which this certification is made of any changes in the information
and conclusions herein. Until such notice is given, the Purchaser’s purchase of the
Certificates will constitute a reaffirmation of this certification as of the date of
such purchase. In addition, if the Purchaser is a bank or savings and loan is provided
above, the Purchaser agrees that it will furnish to such parties updated annual
financial statements promptly after they become available.

	 	 	 
	 

Name of Purchaser

	 	 

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 	 	 

C-9

 

ANNEX 2 TO EXHIBIT C

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees That are Registered Investment Companies]

     The undersigned (the “Purchaser”) hereby certifies as follows to the addressees of the Rule
144A Representation Letter to which this certification is attached with respect to the Certificate
described therein:

	 	(i)	 	As indicated below, the undersigned is the President, Chief Financial Officer
or Senior Vice President of the Purchaser or, if the Purchaser is a “qualified
institutional buyer” as that term is defined in Rule 144A (“Rule 144A”) under the
Securities Act of 1933, as amended, because the Purchaser is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.
	 
	 	(ii)	 	In connection with purchases by the Purchaser, the Purchaser is a “qualified
institutional buyer” as defined in Rule 144A because (i) the Purchaser is an investment
company registered under the Investment Company Act of 1940, as amended, and (ii) as
marked below, the Purchaser alone, or the Purchaser’s Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities referred
to below) as of the end of the Purchaser’s most recent fiscal year. For purposes of
determining the amount of securities owned by the Purchaser or the Purchaser’s Family
of Investment Companies, the cost of such securities was used, except (i) where the
Purchaser or the Purchaser’s Family of Investment Companies reports its securities
holdings in its financial statements on the basis of their market value, and (ii) no
current information with respect to the cost of those securities has been published.
If clause (ii) in the preceding sentence applies, the securities may be valued at
market.

	 	 	 	 	 
	 

	 	___
	 	The Purchaser owned $___ in securities
(other than the excluded securities referred to below) as of the end of
the Purchaser’s most recent fiscal year (such amount being calculated
in accordance with Rule 144A).
	 
	 

	 	___
	 	The Purchaser is part of a Family of Investment
Companies which owned in the aggregate $___ in securities (other
than the excluded securities referred to below) as of the end of the
Purchaser’s most recent fiscal year (such amount being calculated in
accordance with Rule 144A).

	 	(iii)	 	The term “Family of Investment Companies” as used herein means two or more
registered investment companies (or series thereof) that have the same investment
adviser or investment advisers that are affiliated (by virtue of being majority owned
subsidiaries of the same parent or because one investment adviser is a majority owned
subsidiary of the other).

C-10

 

	 	(iv)	 	The term “securities” as used herein does not include (i) securities of issuers
that are affiliated with the Purchaser or are part of the Purchaser’s Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii) loan
participations, (iv) repurchase agreements, (v) securities owned but subject to a
repurchase agreement and (vi) currency, interest rate and commodity swaps.
	 
	 	(v)	 	The Purchaser is familiar with Rule 144A and understands that the parties
listed in the Rule 144A Representation Letter to which this certification relates are
relying and will continue to rely on the statements made herein because one or more
sales to the Purchaser will be in reliance on Rule 144A. In addition, the Purchaser
will only purchase for the Purchaser’s own account.
	 
	 	(vi)	 	Until the date of purchase of the Transferor Certificate, the undersigned will
notify the parties listed in the Rule 144A Transferee Certificate to which this
certification relates of any changes in the information and conclusions herein. Until
such notice is given, the Purchaser’s purchase of the Certificates will constitute a
reaffirmation of this certification by the undersigned as of the date of such purchase.

	 	 	 
	 

Name of Purchaser or Advisor

	 	 

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	IF AN ADVISOR:	 	 

	 	 	 	 	 
	 	 	 
	Name of Purchaser	 	 
	 
	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 	 	 

C-11

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