Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 AVIS
BUDGET RENTAL CAR FUNDING (AESOP) LLC, 
 as Issuer 

and 
 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., 
 as Trustee and Series 2020-1 Agent 

 
  

SERIES 2020-1 SUPPLEMENT 

dated as of 
 January 29, 2020

 to 
 SECOND AMENDED AND
RESTATED BASE INDENTURE 
 dated as of June 3, 2004 
  

 
 Series 2020-1 2.33% Rental Car Asset Backed Notes, Class A 
 Series
2020-1 2.68% Rental Car Asset Backed Notes, Class B 
 Series
2020-1 3.02% Rental Car Asset Backed Notes, Class C 
 Series
2020-1 4.753% Rental Car Asset Backed Notes, Class R 

 SERIES 2020-1 SUPPLEMENT, dated as of
January 29, 2020 (this “Supplement”), among AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC, a special purpose limited liability company established under the laws of Delaware (“ABRCF”), THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A. (formerly known as The Bank of New York), a limited purpose national banking association with trust powers, as trustee (in such capacity, and together with its successors in trust thereunder as provided in the Base Indenture
referred to below, the “Trustee”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (formerly known as The Bank of New York), as agent (in such capacity, the “Series 2020-1
Agent”) for the benefit of the Series 2020-1 Noteholders, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004, between ABRCF and the Trustee (as amended, modified or
supplemented from time to time, exclusive of Supplements creating a new Series of Notes, the “Base Indenture”). 

PRELIMINARY STATEMENT 

WHEREAS, Sections 2.2 and 12.1 of the Base Indenture provide, among other things, that ABRCF and the Trustee may at any time and from time to
time enter into a supplement to the Base Indenture for the purpose of authorizing the issuance of one or more Series of Notes; 
 NOW,
THEREFORE, the parties hereto agree as follows: 
 DESIGNATION 

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Supplement, and such Series of Notes shall be
designated generally as the “Series 2020-1 Rental Car Asset Backed Notes”. The Series 2020-1 Notes shall be issued in up to five Classes, the first of which
shall be known as the “Class A Notes”, the second of which shall be known as the “Class B Notes”, the third of which shall be known as the “Class C Notes”, the fourth of which shall be known as the
“Class R Notes” and the fifth of which, if issued, shall be known as the “Class D Notes”. 
 On the Series 2020-1 Closing Date, ABRCF shall issue (i) one tranche of Class A Notes, which shall be designated as the “Series 2020-1 2.33% Rental Car Asset Backed Notes,
Class A”, (ii) one tranche of Class B Notes, which shall be designated as the “Series 2020-1 2.68% Rental Car Asset Backed Notes, Class B”, (iii) one tranche of Class C
Notes, which shall be designated as the “Series 2020-1 3.02% Rental Car Asset Backed Notes, Class C” and (iv) one tranche of Class R Notes, which shall be designated the “Series 2020-1 4.753% Rental Car Asset Backed Notes, Class R”. 
 Subsequent to the Series 2020-1 Closing Date, ABRCF may on any date during the Series 2020-1 Revolving Period offer and sell additional Series 2020-1 Notes
subject to the conditions set forth in Section 5.15. Such additional Series 2020-1 Notes, if issued, shall be designated as the “Series 2020-1 Rental Car Asset
Backed Notes, Class D” and shall be referred to herein as the “Class D Notes”. 
 The Class A Notes,
Class B Notes, Class C Notes, Class D Notes, if issued, and Class R Notes collectively, constitute the Series 2020-1 Notes. The Class B Notes shall be subordinated in right of payment
to the Class A Notes, to the extent set forth herein. The Class C Notes shall be subordinated in right of payment to the Class A Notes and Class B Notes, to the extent set forth herein. The Class D Notes, if issued, shall be
subordinated in right of payment to the Class A Notes, Class B Notes and Class C Notes, to the extent set forth herein. The Class R Notes shall be subordinated to the Class A Notes, the Class B Notes, the Class C
Notes and (if issued) the Class D Notes. 

  
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 The proceeds from the sale of the Class A Notes, Class B Notes, Class C Notes
and Class R Notes shall be deposited in the Collection Account and shall be deemed to be Principal Collections. 
 The Series 2020-1 Notes are a non-Segregated Series of Notes (as more fully described in the Base Indenture). Accordingly, all references in this Supplement to “all” Series of
Notes (and all references in this Supplement to terms defined in the Base Indenture that contain references to “all” Series of Notes) shall refer to all Series of Notes other than Segregated Series of Notes. 

ARTICLE I 
 DEFINITIONS

 (a) All capitalized terms not otherwise defined herein are defined in the Definitions List attached to the Base Indenture as Schedule
I thereto. All Article, Section, Subsection or Exhibit references herein shall refer to Articles, Sections, Subsections or Exhibits of this Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise
requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2020-1 Notes and not to any other Series of Notes issued by
ABRCF. In the event that a term used herein shall be defined both herein and in the Base Indenture, the definition of such term herein shall govern. 

(b) The following words and phrases shall have the following meanings with respect to the Series
2020-1 Notes and the definitions of such terms are applicable to the singular as well as the plural form of such terms and to the masculine as well as the feminine and neuter genders of such terms: 

“ABCR” means Avis Budget Car Rental, LLC. 

“Additional Class R Notes” has the meaning set forth in Section 5.15. 

“Additional Notes Closing Date” has the meaning set forth in Section 5.15. 

“Adjusted Net Book Value” means, as of any date of determination, with respect to each Adjusted Program Vehicle as of such
date, the product of 0.965 and the Net Book Value of such Adjusted Program Vehicle as of such date. 
 “Applicable Distribution
Date” means each Distribution Date occurring after the later of (i) the Optional Repurchase Distribution Date and (ii) the first Distribution Date occurring during the Series 2020-1
Controlled Amortization Period. 

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

“Certificate of Lease Deficit Demand” means a certificate substantially in the form of Annex A to the Series 2020-1 Letters of Credit. 
 “Certificate of Termination Date Demand” means a certificate
substantially in the form of Annex D to the Series 2020-1 Letters of Credit. 

“Certificate of Termination Demand” means a certificate substantially in the form of Annex C to the Series 2020-1 Letters of Credit. 
 “Certificate of Unpaid Demand Note Demand” means a
certificate substantially in the form of Annex B to the Series 2020-1 Letters of Credit. 

“Class” means a class of the Series 2020-1 Notes, which may be the Class A
Notes, the Class B Notes, the Class C Notes, the Class D Notes (if issued) or the Class R Notes. 

“Class A Carryover Controlled Amortization Amount” means, with respect to any Related Month during the
Series 2020-1 Controlled Amortization Period, the amount, if any, by which the portion of the Monthly Total Principal Allocation paid to the Class A Noteholders pursuant to Section 2.5(e)(i) for the
previous Related Month was less than the Class A Controlled Distribution Amount for the previous Related Month; provided, however, that for the first Related Month in the Series 2020-1
Controlled Amortization Period, the Class A Carryover Controlled Amortization Amount shall be zero. 

“Class A Controlled Amortization Amount” means, (i) with respect to any Related Month during the
Series 2020-1 Controlled Amortization Period other than the Related Month immediately preceding the Series 2020-1 Expected Final Distribution Date, $96,133,333.33 and
(ii) with respect to the Related Month immediately preceding the Series 2020-1 Expected Final Distribution Date, $96,133,333.35. 

“Class A Controlled Distribution Amount” means, with respect to any Related Month during the Series 2020-1 Controlled Amortization Period, an amount equal to the sum of the Class A Controlled Amortization Amount and any Class A Carryover Controlled Amortization Amount for such Related Month. 

“Class A Initial Invested Amount” means the aggregate initial principal amount of the Class A Notes,
which is $576,800,000. 
 “Class A Invested Amount” means, when used with respect to any date, an amount
equal to (a) the Class A Initial Invested Amount minus (b) the amount of principal payments made to Class A Noteholders on or prior to such date. 

“Class A Monthly Interest” means, with respect to (i) the initial Series 2020-1 Interest Period, an amount equal to $783,967.33 and (ii) any other Series 2020-1 Interest Period, an amount equal to the product of
(A) one-twelfth of the Class A Note Rate and (B) the Class A Invested Amount on the first day of such Series 2020-1 Interest Period, after giving
effect to any principal payments made on such date. 

  
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 “Class A Note” means any one of the Series 2020-1 2.33% Rental Car Asset Backed Notes, Class A, executed by ABRCF and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
A-1, Exhibit A-2 or Exhibit A-3. Definitive Class A Notes shall have such insertions and deletions
as are necessary to give effect to the provisions of Section 2.18 of the Base Indenture. 
 “Class A Note
Rate” means 2.33% per annum. 
 “Class A Noteholder” means the Person in whose name a
Class A Note is registered in the Note Register. 
 “Class A Shortfall” has the meaning set forth
in Section 2.3(g)(i). 
 “Class B Carryover Controlled Amortization Amount” means, with respect to
any Related Month during the Series 2020-1 Controlled Amortization Period, the amount, if any, by which the portion of the Monthly Total Principal Allocation paid to the Class B Noteholders pursuant to
Section 2.5(e)(ii) for the previous Related Month was less than the Class B Controlled Distribution Amount for the previous Related Month; provided, however, that for the first Related Month in the Series 2020-1 Controlled Amortization Period, the Class B Carryover Controlled Amortization Amount shall be zero. 

“Class B Controlled Amortization Amount” means (i) with respect to any Related Month during the
Series 2020-1 Controlled Amortization Period other than the Related Month immediately preceding the Series 2020-1 Expected Final Distribution Date, $11,083,333.33 and
(ii) with respect to the Related Month immediately preceding the Series 2020-1 Expected Final Distribution Date, $11,083,333.35. 

“Class B Controlled Distribution Amount” means, with respect to any Related Month during the Series 2020-1 Controlled Amortization Period, an amount equal to the sum of the Class B Controlled Amortization Amount and any Class B Carryover Controlled Amortization Amount for such Related Month. 

“Class B Initial Invested Amount” means the aggregate initial principal amount of the Class B Notes,
which is $66,500,000. 
 “Class B Invested Amount” means, when used with respect to any date, an amount
equal to (a) the Class B Initial Invested Amount minus (b) the amount of principal payments made to Class B Noteholders on or prior to such date. 

“Class B Monthly Interest” means, with respect to (i) the initial Series 2020-1 Interest Period, an amount equal to $103,961.67 and (ii) any other Series 2020-1 Interest Period, an amount equal to the product of
(A) one-twelfth of the Class B Note Rate and (B) the Class B Invested Amount on the first day of such Series 2020-1 Interest Period, after giving
effect to any principal payments made on such date. 

  
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 “Class B Note” means any one of the Series 2020-1 2.68% Rental Car Asset Backed Notes, Class B, executed by ABRCF and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
B-1, Exhibit B-2 or Exhibit B-3. Definitive Class B Notes shall have such insertions
and deletions as are necessary to give effect to the provisions of Section 2.18 of the Base Indenture. 

“Class B Note Rate” means 2.68% per annum. 

“Class B Noteholder” means the Person in whose name a Class B Note is registered in the Note
Register. 
 “Class B Shortfall” has the meaning set forth in Section 2.3(g)(ii). 

“Class C Carryover Controlled Amortization Amount” means, with respect to any Related Month during the
Series 2020-1 Controlled Amortization Period, the amount, if any, by which the portion of the Monthly Total Principal Allocation paid to the Class C Noteholders pursuant to Section 2.5(e)(iii) for
the previous Related Month was less than the Class C Controlled Distribution Amount for the previous Related Month; provided, however, that for the first Related Month in the Series 2020-1
Controlled Amortization Period, the Class C Carryover Controlled Amortization Amount shall be zero. 

“Class C Controlled Amortization Amount” means with respect to any Related Month during the Series 2020-1 Controlled Amortization Period, $9,450,000. 
 “Class C Controlled
Distribution Amount” means, with respect to any Related Month during the Series 2020-1 Controlled Amortization Period, an amount equal to the sum of the Class C Controlled Amortization Amount and
any Class C Carryover Controlled Amortization Amount for such Related Month. 
 “Class C Initial Invested
Amount” means the aggregate initial principal amount of the Class C Notes, which is $56,700,000. 

“Class C Invested Amount” means, when used with respect to any date, an amount equal to (a) the
Class C Initial Invested Amount minus (b) the amount of principal payments made to Class C Noteholders on or prior to such date. 

“Class C Monthly Interest” means, with respect to (i) the initial Series 2020-1 Interest Period, an amount equal to $99,886.50 and (ii) any other Series 2020-1 Interest Period, an amount equal to the product of
(A) one-twelfth of the Class C Note Rate and (B) the Class C Invested Amount on the first day of such Series 2020-1 Interest Period, after giving
effect to any principal payments made on such date. 
 “Class C Note” means any one of the Series 2020-1 3.02% Rental Car Asset Backed Notes, Class C, executed by ABRCF and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit
C-1, Exhibit C-2 or Exhibit C-3. Definitive Class C Notes shall have such insertions
and deletions as are necessary to give effect to the provisions of Section 2.18 of the Base Indenture. 

  
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 “Class C Note Rate” means 3.02% per annum. 

“Class C Noteholder” means the Person in whose name a Class C Note is registered in the Note
Register. 
 “Class C Shortfall” has the meaning set forth in Section 2.3(g)(iii). 

“Class D Noteholder” means the Person in whose name a Class D Note is registered in the Note
Register. 
 “Class D Notes” has the meaning set forth in the preamble. 

“Class R Controlled Amortization Amount” means, (i) with respect to any Related Month during the
Series 2020-1 Controlled Amortization Period other than the Related Month immediately preceding the Series 2020-1 Expected Final Distribution Date, $0 and (ii) with
respect to the Related Month immediately preceding the Series 2020-1 Expected Final Distribution Date, the sum of (x) $38,500,000 and (y) the aggregate principal amount of any Additional Class R
Notes. 
 “Class R Initial Invested Amount” means the aggregate initial principal amount of the
Class R Notes, which is $38,500,000. 
 “Class R Invested Amount” means, when used with respect to
any date, an amount equal to (a) the Class R Initial Invested Amount plus (b) the aggregate principal amount of any Additional Class R Notes issued on or prior to such date minus (b) the amount of principal payments
made to Class R Noteholders on or prior to such date. 
 “Class R Monthly Interest” means, with
respect to (i) the initial Series 2020-1 Interest Period, an amount equal to $106,744.46 and (ii) any other Series 2020-1 Interest Period, an amount equal to
the product of (A) one-twelfth of the Class R Note Rate and (B) the Class R Invested Amount on the first day of such Series 2020-1 Interest Period,
after giving effect to any principal payments made on such date. 
 “Class R Note” means any one of the
Series 2020-1 4.753% Rental Car Asset Backed Notes, Class R, executed by ABRCF and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit D-1, Exhibit D-2 or Exhibit D-3. Definitive Class R Notes shall have such insertions and deletions
as are necessary to give effect to the provisions of Section 2.18 of the Base Indenture. 
 “Class R Note
Rate” means 4.753% per annum. 
 “Class R Noteholder” means the Person in whose name a
Class R Note is registered in the Note Register. 
 “Class R Shortfall” has the meaning set forth
in Section 2.3(g)(iv). 
 “Clean-up Repurchase” means any optional repurchase
pursuant to Section 5.1(a). 

  
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 “Clean-up Repurchase Distribution
Date” has the meaning set forth in Section 5.1(a). 
 “Confirmation Condition” means, with respect to any
Bankrupt Manufacturer which is a debtor in Chapter 11 Proceedings, a condition that shall be satisfied upon the bankruptcy court having competent jurisdiction over such Chapter 11 Proceedings issuing an order that remains in effect approving
(i) the assumption of such Bankrupt Manufacturer’s Manufacturer Program (and the related Assignment Agreements) by such Bankrupt Manufacturer or the trustee in bankruptcy of such Bankrupt Manufacturer under Section 365 of the
Bankruptcy Code and at the time of such assumption, the payment of all amounts due and payable by such Bankrupt Manufacturer under such Manufacturer Program and the curing of all other defaults by the Bankrupt Manufacturer thereunder or
(ii) the execution, delivery and performance by such Bankrupt Manufacturer of a new post-petition Manufacturer Program (and the related Assignment Agreements) on the same terms and covering the same
Vehicles as such Bankrupt Manufacturer’s Manufacturer Program (and the related Assignment Agreements) in effect on the date such Bankrupt Manufacturer became subject to such Chapter 11 Proceedings and, at the time of the execution and delivery
of such new post-petition Manufacturer Program, the payment of all amounts due and payable by such Bankrupt Manufacturer under such Manufacturer Program and the curing of all other defaults by the Bankrupt
Manufacturer thereunder; provided, however, that notwithstanding the foregoing, the Confirmation Condition shall be deemed satisfied until the 90th calendar day following the initial
filing in respect of such Chapter 11 Proceedings. 
 “DBRS” means DBRS, Inc. 

“DBRS Equivalent Rating” means, with respect to any Person not rated by DBRS, (i) if such Person is rated by all
three of Moody’s, Standard & Poor’s and Fitch (together, the “Equivalent Rating Agencies”), either (A) if at least two Equivalent Rating Agencies have provided equivalent ratings with respect to such Person,
the DBRS equivalent of such equivalent ratings (regardless of any rating from another Equivalent Rating Agency) or (B) otherwise, the median of the DBRS equivalents of the ratings for such Person provided by each of the three Equivalent Rating
Agencies, (ii) if such Person is rated by any two of the Equivalent Rating Agencies, the DBRS equivalent of the lower of the ratings for such Person provided by the relevant Equivalent Rating Agencies or (iii) if such Person is rated by
only one of the Equivalent Rating Agencies, the DBRS equivalent of the rating for such Person provided by such Equivalent Rating Agency. 

“DBRS Excluded Manufacturer Amount” means, as of any date of determination, an amount equal to the excess, if any, of
(x) the sum of the following amounts with respect to each DBRS Non-Investment Grade Manufacturer as of such date: the product of (i) to the extent such amounts are included in the calculation of
AESOP I Operating Lease Loan Agreement Borrowing Base as of such date, all amounts receivable as of such date by AESOP Leasing or the Intermediary from such DBRS Non-Investment Grade Manufacturer and
(ii) the DBRS Excluded Manufacturer Receivable Specified Percentage for such DBRS Non-Investment Grade Manufacturer as of such date over (y) the sum of the following amounts with respect to each DBRS
Non-Investment Grade Manufacturer as of such date: the product of (i) the aggregate Net Book Value of any Vehicles subject to a Manufacturer Program from such Manufacturer that have had a Turnback Date
but for which (A) AESOP Leasing or its Permitted Nominee continues to be named as the owner of the Vehicle on the Certificate of Title for such Vehicle and (B) AESOP Leasing or its agent continues to hold the Certificate of Title for such
Vehicle and (ii) the DBRS Turnback Vehicle Specified Percentage for such DBRS Non-Investment Grade Manufacturer as of such date. 

  
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 “DBRS Excluded Manufacturer Receivable Specified Percentage” means, as of
any date of determination, with respect to each DBRS Non-Investment Grade Manufacturer as of such date, the percentage (not to exceed 100%) most recently specified in writing by DBRS to ABRCF and the Trustee
and consented to by the Requisite Series 2020-1 Noteholders with respect to such DBRS Non-Investment Grade Manufacturer; provided, however, that as of the
Series 2020-1 Closing Date the DBRS Excluded Manufacturer Receivable Specified Percentage for each DBRS Non-Investment Grade Manufacturer shall be 100%; provided,
further, that the initial DBRS Excluded Manufacturer Receivable Specified Percentage with respect to any Manufacturer that becomes a DBRS Non-Investment Grade Manufacturer after the Series 2020-1 Closing Date shall be 100%. 
 “DBRS Non-Investment
Grade Manufacturer” means, as of any date of determination, any Manufacturer that (i) is not a Bankrupt Manufacturer and (ii) does not have a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated
by DBRS, a DBRS Equivalent Rating) of at least “BBB (low)”; provided, however, that any Manufacturer whose long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, its DBRS Equivalent
Rating) is downgraded from at least “BBB (low)” to below “BBB (low)” after the Series 2020-1 Closing Date shall not be deemed a DBRS Non-Investment
Grade Manufacturer until the thirtieth (30th) calendar day following such downgrade. 

“DBRS Turnback Vehicle Specified Percentage” means, as of any date of determination: (i) with respect to each
Manufacturer that has a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) on such date of determination of at least “BB (low)” but less than “BBB (low)”,
65%; (ii) with respect to each Manufacturer that has a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) on such date of determination of at least “B (low)” but less
than “BB (low)”, 25%; and (iii) with respect to each Manufacturer that has a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) on such date of determination of
“CCC” or below (or is not rated by DBRS or any Equivalent Rating Agency on such date of determination), 0%; provided, however, that any Manufacturer whose long-term senior unsecured debt rating from DBRS is downgraded after
the Series 2020-1 Closing Date (or, if such Manufacturer is not rated by DBRS, its DBRS Equivalent Rating is lowered as a result of such Manufacturer being downgraded by an Equivalent Rating Agency after the
Series 2020-1 Closing Date) shall be deemed to retain its long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, its DBRS Equivalent Rating) in effect immediately
prior to such downgrade until the thirtieth (30th) calendar day following such downgrade. 

“Demand Note Issuer” means each issuer of a Series 2020-1 Demand Note. 

“Disbursement” means any Lease Deficit Disbursement, any Unpaid Demand Note Disbursement, any Termination Date Disbursement
or any Termination Disbursement under a Series 2020-1 Letter of Credit, or any combination thereof, as the context may require. 

  
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 “Discounted Value” means, for each Remaining Distribution Amount, the
amount obtained by discounting such Remaining Distribution Amount from the applicable Distribution Date to the Optional Repurchase Distribution Date in accordance with accepted financial practice and at a discount factor equal to the Reinvestment
Yield with respect to such Remaining Distribution Amount. 
 “Excluded Manufacturer Amount” means, as of any date of
determination, the greater of the Moody’s Excluded Manufacturer Amount and the DBRS Excluded Manufacturer Amount as of such date. 

“Finance Guide” means the Black Book Official Finance/Lease Guide. 

“Fitch” means Fitch Ratings, Inc. 

“Lease Deficit Disbursement” means an amount drawn under a Series 2020-1 Letter of
Credit pursuant to a Certificate of Lease Deficit Demand. 
 “Make Whole Payment” means, with respect to any Series 2020-1 Note on any Optional Repurchase Distribution Date, the pro rata share with respect to such Series 2020-1 Note of the excess, if any, of (x) the sum of the
Discounted Values for each Remaining Distribution Amount with respect to each Applicable Distribution Date over (y) the Series 2020-1 Invested Amount as of such Optional Repurchase Distribution Date
(determined after giving effect to any payments made pursuant to Section 2.5(a) on such Distribution Date). 
 “Market Value
Average” means, as of any day, the percentage equivalent of a fraction, the numerator of which is the average of the Selected Fleet Market Value as of the preceding Determination Date and the two Determination Dates precedent thereto and
the denominator of which is the sum of (a) the average of the aggregate Net Book Value of all Non-Program Vehicles (excluding (i) any Unaccepted Program Vehicles, (ii) any Excluded Redesignated
Vehicles and (iii) any other Non-Program Vehicles that are subject to a Manufacturer Program with an Eligible Non-Program Manufacturer with respect to which no
Manufacturer Event of Default has occurred and is continuing) and (b) the average of the aggregate Adjusted Net Book Value of all Adjusted Program Vehicles, in the case of each of clause (a) and (b) leased under the AESOP I Operating Lease
and the Finance Lease as of the preceding Determination Date and the two Determination Dates precedent thereto. 
 “Monthly Total
Principal Allocation” means for any Related Month the sum of all Series 2020-1 Principal Allocations with respect to such Related Month. 

“Moody’s Excluded Manufacturer Amount” means, as of any date of determination, an amount equal to the excess, if any, of
(x) the sum of the following amounts with respect to each Moody’s Non-Investment Grade Manufacturer as of such date: the product of (i) to the extent such amounts are included in the calculation
of AESOP I Operating Lease Loan Agreement Borrowing Base as of such date, all amounts receivable as of such date by AESOP Leasing or the Intermediary from such Moody’s Non-Investment Grade Manufacturer
and (ii) the Moody’s Excluded Manufacturer Receivable Specified Percentage for such Moody’s Non-Investment Grade Manufacturer as of such date over (y) the sum of the following amounts with
respect to each Moody’s Non-Investment Grade Manufacturer as of such date: the product of (i) 

  
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the aggregate Net Book Value of any Vehicles subject to a Manufacturer Program from such Manufacturer that have had a Turnback Date but for which (A) AESOP Leasing or its Permitted Nominee
continues to be named as the owner of the Vehicle on the Certificate of Title for such Vehicle and (B) AESOP Leasing or its agent continues to hold the Certificate of Title for such Vehicle and (ii) the Moody’s Turnback Vehicle
Specified Percentage for such Moody’s Non-Investment Grade Manufacturer as of such date. 

“Moody’s Excluded Manufacturer Receivable Specified Percentage” means, as of any date of determination, with respect to
each Moody’s Non-Investment Grade Manufacturer as of such date, the percentage (not to exceed 100%) most recently specified in writing by Moody’s to ABRCF and the Trustee and consented to by the
Requisite Series 2020-1 Noteholders with respect to such Moody’s Non-Investment Grade Manufacturer; provided, however, that as of the Series 2020-1 Closing Date the Moody’s Excluded Manufacturer Receivable Specified Percentage for each Moody’s Non-Investment Grade Manufacturer shall be 100%;
provided, further, that the initial Moody’s Excluded Manufacturer Receivable Specified Percentage with respect to any Manufacturer that becomes a Moody’s Non-Investment Grade
Manufacturer after the Series 2020-1 Closing Date shall be 100%. 
 “Moody’s Non-Investment Grade Manufacturer” means, as of any date of determination, any Manufacturer that (i) is not a Bankrupt Manufacturer and (ii) does not have either (A) a long-term corporate family
rating of at least “Baa3” from Moody’s or (B) if such Manufacturer does not have a long-term corporate family rating from Moody’s as of such date, a long-term senior unsecured debt rating of at least “Ba1” from
Moody’s; provided, however, that any Manufacturer whose long-term corporate family rating is downgraded from at least “Baa3” to below “Baa3” by Moody’s or whose long-term senior unsecured debt rating is
downgraded from at least “Ba1” to below “Ba1” by Moody’s, as applicable, after the Series 2020-1 Closing Date shall not be deemed a Moody’s
Non-Investment Grade Manufacturer until the thirtieth (30th) calendar day following such downgrade. 

“Moody’s Turnback Vehicle Specified Percentage” means, as of any date of determination: (i) with respect to each
Moody’s Non-Investment Grade Manufacturer that has a long-term corporate family rating from Moody’s on such date of determination of at least “Ba3” (or, if such Moody’s Non-Investment Grade Manufacturer does not have a long-term corporate family rating from Moody’s as of such date, a long-term senior unsecured debt rating of at least “B1”), 65%; (ii) with respect to
each Moody’s Non-Investment Grade Manufacturer that has a long-term corporate family rating from Moody’s on such date of determination of at least “B3” but less than “Ba3” (or, if
such Moody’s Non-Investment Grade Manufacturer does not have a long-term corporate family rating from Moody’s as of such date, a long-term senior unsecured debt rating of at least “Caa1”
but less than “B1”), 25%; and (iii) with respect to any other Moody’s Non-Investment Grade Manufacturer, 0%; provided, however, that any Manufacturer whose long-term corporate
family rating or long-term senior unsecured debt rating from Moody’s is downgraded after the Series 2020-1 Closing Date shall be deemed to retain its long-term corporate family rating or long-term senior
unsecured debt rating, as applicable, from Moody’s in effect immediately prior to such downgrade until the thirtieth (30th) calendar day following such downgrade. 

“Optional Repurchase” is defined in Section 5.1(b). 

  
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 “Optional Repurchase Distribution Date” is defined in Section 5.1(b).

 “Past Due Rent Payment” is defined in Section 2.2(g). 

“Permanent Global Class A Note” is defined in Section 4.2. 

“Permanent Global Class B Note” is defined in Section 4.2. 

“Permanent Global Class C Note” is defined in Section 4.2. 

“Permanent Global Class R Note” is defined in Section 4.2. 

“Permanent Global Series 2020-1 Notes” is defined in Section 4.2. 

“Pre-Preference Period Demand Note Payments” means, as of any date of
determination, the aggregate amount of all proceeds of demands made on the Series 2020-1 Demand Notes included in the Series 2020-1 Demand Note Payment Amount as of the
Series 2020-1 Letter of Credit Termination Date that were paid by the Demand Note Issuers more than one year before such date of determination; provided, however, that if an Event of
Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer occurs during such one-year period, (x) the Pre-Preference Period Demand Note Payments as of any date during the period from and including the date of the occurrence of such Event of
Bankruptcy to and including the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings shall equal the
Pre-Preference Period Demand Note Payments as of the date of such occurrence for all Demand Note Issuers and (y) the Pre-Preference Period Demand Note Payments as
of any date after the conclusion or dismissal of such proceedings shall equal the Series 2020-1 Demand Note Payment Amount as of the date of the conclusion or dismissal of such proceedings. 

“Principal Deficit Amount” means, as of any date of determination, the excess, if any, of (i) the Series 2020-1 Senior Invested Amount on such date (after giving effect to the distribution of the Monthly Total Principal Allocation for the Related Month if such date is a Distribution Date) over (ii) the Series 2020-1 AESOP I Operating Lease Loan Agreement Borrowing Base on such date; provided, however, that the Principal Deficit Amount on any date occurring during the period commencing on and including the
date of the filing by any of the Lessees of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which each of the Lessees shall have resumed making all payments of the portion of Monthly Base Rent relating to
Loan Interest required to be made under the AESOP I Operating Lease, shall mean the excess, if any, of (x) the Series 2020-1 Senior Invested Amount on such date (after giving effect to the distribution of
Monthly Total Principal Allocation for the Related Month if such date is a Distribution Date) over (y) the sum of (1) the Series 2020-1 AESOP I Operating Lease Loan Agreement Borrowing Base on such
date and (2) the lesser of (a) the Series 2020-1 Liquidity Amount on such date and (b) the Series 2020-1 Required Liquidity Amount on such date. 

“Proposed Class D Notes” has the meaning set forth in Section 5.15. 

  
 11 

 “Pro Rata Share” means, with respect to any Series 2020-1 Letter of Credit Provider as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Series 2020-1 Letter of
Credit Provider’s Series 2020-1 Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Series 2020-1 Letters of
Credit as of such date; provided, however, that only for purposes of calculating the Pro Rata Share with respect to any Series 2020-1 Letter of Credit Provider as of any date, if such Series 2020-1 Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under its Series 2020-1 Letter of Credit made prior to such
date, the available amount under such Series 2020-1 Letter of Credit Provider’s Series 2020-1 Letter of Credit as of such date shall be treated as reduced (for
calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Series 2020-1 Letter of Credit Provider
has paid such amount to the Trustee and been reimbursed by the Lessee or the applicable Demand Note Issuer, as the case may be, for such amount (provided, however, that the foregoing calculation shall not in any manner reduce the
undersigned’s actual liability in respect of any failure to pay any demand under its Series 2020-1 Letter of Credit). 

“Reinvestment Yield” means, with respect to any Remaining Distribution Amount, the sum of (i) 0.25% and (ii) the greater
of (x) 0% and (y) the U.S. Treasury Rate with respect to such Remaining Distribution Amount. 
 “Remaining Distribution
Amount” means, with respect to each Applicable Distribution Date, the sum of (i) the sum of (x) an amount equal to the Class A Controlled Amortization Amount with respect to the Related Month immediately preceding such
Applicable Distribution Date (or, if the Optional Repurchase Distribution Date occurs after the March 2025 Distribution Date, the Class A Controlled Distribution Amount with respect to the Related Month preceding the first such Applicable
Distribution Date) and (y) the interest that will accrue on such amount from the Optional Repurchase Distribution Date to such Applicable Distribution Date at the Class A Note Rate, (ii) the sum of (x) an amount equal to the
Class B Controlled Amortization Amount with respect to the Related Month immediately preceding such Applicable Distribution Date (or, if the Optional Repurchase Distribution Date occurs after the March 2025 Distribution Date, the Class B
Controlled Distribution Amount with respect to the Related Month preceding the first such Applicable Distribution Date) and (y) the interest that will accrue on such amount from the Optional Repurchase Distribution Date to such Applicable
Distribution Date at the Class B Note Rate, (iii) the sum of (x) an amount equal to the Class C Controlled Amortization Amount with respect to the Related Month immediately preceding such Applicable Distribution Date (or, if the
Optional Repurchase Distribution Date occurs after the March 2025 Distribution Date, the Class C Controlled Distribution Amount with respect to the Related Month preceding the first such Applicable Distribution Date) and (y) the interest
that will accrue on such amount from the Optional Repurchase Distribution Date to such Applicable Distribution Date at the Class C Note Rate and (iv) the sum of (x) an amount equal to the Class R Controlled Amortization Amount
with respect to the Related Month immediately preceding such Applicable Distribution Date (or, if the Optional Repurchase Distribution Date occurs after the March 2025 Distribution Date, the Class R Controlled Amortization Amount with respect
to the Related Month preceding the first such Applicable Distribution Date) and (y) the interest that will accrue on such amount from the Optional Repurchase Distribution Date to such Applicable Distribution Date at the Class R Note Rate.

  
 12 

 “Required Controlling Class Series
2020-1 Noteholders” means (i) for so long as any Class A Notes are outstanding, Class A Noteholders holding more than 50% of the Class A Invested Amount, (ii) if no
Class A Notes are outstanding and for so long as any Class B Notes are outstanding, Class B Noteholders holding more than 50% of the Class B Invested Amount, (iii) if no Class A Notes or Class B Notes are
outstanding, Class C Noteholders holding more than 50% of the Class C Invested Amount (excluding, for the purposes of making any of the foregoing calculations, any Series 2020-1 Notes held by ABCR or
any Affiliate of ABCR unless ABCR or such Affiliate is the sole Series 2020-1 Noteholder) and (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class R
Noteholders holding more than 50% Class R Invested Amount (excluding, for the purposes of making any of the foregoing calculations, any Series 2020-1 Notes held by ABCR or any Affiliate of ABCR unless
ABCR or such Affiliate is the sole Series 2020-1 Noteholder). 
 “Requisite Series 2020-1 Noteholders” means Class A Noteholders, Class B Noteholders, Class C Noteholders and/or Class R Noteholders holding, in the aggregate, more than 50% of the Series 2020-1 Invested Amount (excluding, for the purposes of making the foregoing calculation, any Series 2020-1 Notes held by ABCR or any Affiliate of ABCR or such Affiliate unless
ABCR is the sole Series 2020-1 Noteholder). 
 “Restricted Global Class A
Note” is defined in Section 4.1. 
 “Restricted Global Class B Note” is defined in
Section 4.1. 
 “Restricted Global Class C Note” is defined in Section 4.1. 

“Restricted Global Class R Note” is defined in Section 4.1. 

“Selected Fleet Market Value” means, with respect to all Adjusted Program Vehicles and all
Non-Program Vehicles (excluding (i) any Unaccepted Program Vehicles, (ii) any Excluded Redesignated Vehicles and (iii) any other Non-Program Vehicles that
are subject to a Manufacturer Program with an Eligible Non-Program Manufacturer with respect to which no Manufacturer Event of Default has occurred and is continuing) as of any date of determination, the sum
of the respective Market Values of each such Adjusted Program Vehicle and each such Non-Program Vehicle, in each case subject to the AESOP I Operating Lease or the Finance Lease as of such date. For purposes
of computing the Selected Fleet Market Value, the “Market Value” of an Adjusted Program Vehicle or a Non-Program Vehicle means the market value of such Vehicle as specified in the most recently
published NADA Guide for the model class and model year of such Vehicle based on the average equipment and the average mileage of each Vehicle of such model class and model year then leased under the AESOP I Operating Lease and the Finance Lease;
provided, however, that if the NADA Guide is not being published or the NADA Guide is being published but such Vehicle is not included therein, the Market Value of such Vehicle shall be based on the market value specified in the most
recently published Finance Guide for the model class and model year of such Vehicle based on the average equipment and the average mileage of each Vehicle of such model class and model year then leased under the AESOP I Operating Lease or the
Finance Lease; provided, further, that if the Finance Guide is being published but such Vehicle is not included therein, the Market Value of such Vehicle shall mean (x) in the case of an Adjusted Program Vehicle, the Adjusted Net
Book Value of such Adjusted Program Vehicle and 

  
 13 

 
(y) in the case of a Non-Program Vehicle, the Net Book Value of such Non-Program Vehicle provided,
further, that if the Finance Guide is not being published, the Market Value of such Vehicle shall be based on an independent third-party data source selected by the Administrator and approved by each
Rating Agency that is rating any Series of Notes at the request of ABRCF based on the average equipment and average mileage of each Vehicle of such model class and model year then leased under the AESOP I Operating Lease or the Finance Lease;
provided, further, that if no such third-party data source or methodology shall have been so approved or any such third-party data source or methodology is
not available, the Market Value of such Vehicle shall be equal to a reasonable estimate of the wholesale market value of such Vehicle as determined by the Administrator, based on the Net Book Value of such Vehicle and any other factors deemed
relevant by the Administrator. 
 “Series 2010-6 Notes” means the Series of Notes
designated as the Series 2010-6 Notes. 
 “Series
2011-4 Notes” means the Series of Notes designated as the Series 2011-4 Notes. 

“Series 2014-2 Notes” means the Series of Notes designated as the Series 2014-2 Notes. 
 “Series 2015-1 Notes” means the
Series of Notes designated as the Series 2015-1 Notes. 
 “Series 2015-2 Notes” means the Series of Notes designated as the Series 2015-2 Notes. 

“Series 2015-3 Notes” means the Series of Notes designated as the Series 2015-3 Notes. 
 “Series 2016-1 Notes” means the
Series of Notes designated as the Series 2016-1 Notes. 
 “Series 2016-2 Notes” means the Series of Notes designated as the Series 2016-2 Notes. 

“Series 2017-1 Notes” means the Series of Notes designated as the Series 2017-1 Notes. 
 “Series 2017-2 Notes” means the
Series of Notes designated as the Series 2017-2 Notes. 
 “Series 2018-1 Notes” means the Series of Notes designated as the Series 2018-1 Notes. 

“Series 2018-2 Notes” means the Series of Notes designated as the Series 2018-2 Notes. 

  
 14 

 “Series 2019-1 Notes” means the
Series of Notes designated as the Series 2019-1 Notes. 
 “Series 2019-2 Notes” means the Series of Notes designated as the Series 2019-2 Notes. 

“Series 2019-3 Notes” means the Series of Notes designated as the Series 2019-3 Notes. 
 “Series 2020-1 Accounts” means
each of the Series 2020-1 Distribution Account, the Series 2020-1 Reserve Account, the Series 2020-1 Collection Account, the
Series 2020-1 Excess Collection Account and the Series 2020-1 Accrued Interest Account. 

“Series 2020-1 Accrued Interest Account” is defined in Section 2.1(b). 

“Series 2020-1 AESOP I Operating Lease Loan Agreement Borrowing Base” means, as of
any date of determination, the product of (a) the Series 2020-1 AESOP I Operating Lease Vehicle Percentage as of such date and (b) the excess of (i) the AESOP I Operating Lease Loan Agreement
Borrowing Base as of such date over (ii) the Excluded Manufacturer Amount as of such date. 
 “Series 2020-1 AESOP I Operating Lease Vehicle Percentage” means, as of any date of determination, a fraction, expressed as a percentage (which percentage shall never exceed 100%), the numerator of which is the
Series 2020-1 Required AESOP I Operating Lease Vehicle Amount as of such date and the denominator of which is the sum of the Required AESOP I Operating Lease Vehicle Amounts for all Series of Notes as of such
date. 
 “Series 2020-1 Agent” is defined in the recitals hereto. 

“Series 2020-1 Available Cash Collateral Account Amount” means, as of any date of
determination, the amount on deposit in the Series 2020-1 Cash Collateral Account (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date). 

“Series 2020-1 Available Reserve Account Amount” means, as of any date of
determination, the amount on deposit in the Series 2020-1 Reserve Account (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date). 

“Series 2020-1 Cash Collateral Account” is defined in Section 2.8(f). 

“Series 2020-1 Cash Collateral Account Collateral” is defined in Section 2.8(a).

 “Series 2020-1 Cash Collateral Account Surplus” means, with respect to any
Distribution Date, the lesser of (a) the Series 2020-1 Available Cash Collateral Account Amount and (b) the lesser of (A) the excess, if any, of the Series
2020-1 Liquidity Amount (after giving effect to any withdrawal from the Series 2020-1 Reserve Account on such Distribution Date) over the Series 2020-1 Required Liquidity Amount on such Distribution Date and (B) the excess, if any, of the Series 2020-1 Enhancement Amount (after giving effect to any withdrawal from
the Series 2020-1 Reserve Account on such Distribution Date) over the Series 2020-1 Required Enhancement Amount on such Distribution Date; provided,
however, that, on any date after the Series 2020-1 Letter of Credit Termination Date, the Series 2020-1 Cash Collateral Account Surplus shall mean the excess, if
any, of (x) the Series 2020-1 Available Cash Collateral Account Amount over (y) the Series 2020-1 Demand Note Payment Amount minus the Pre-Preference Period Demand Note Payments as of such date. 

  
 15 

 “Series 2020-1 Cash Collateral
Percentage” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2020-1 Available Cash Collateral Account Amount as of such date and
the denominator of which is the Series 2020-1 Letter of Credit Liquidity Amount as of such date. 

“Series 2020-1 Closing Date” means January 29, 2020. 

“Series 2020-1 Collateral” means the Collateral, each Series 2020-1 Letter of Credit, each Series 2020-1 Demand Note, the Series 2020-1 Distribution Account Collateral, the Series 2020-1 Cash Collateral Account Collateral and the Series 2020-1 Reserve Account Collateral. 

“Series 2020-1 Collection Account” is defined in Section 2.1(b). 

“Series 2020-1 Controlled Amortization Period” means the period commencing upon the
close of business on January 31, 2025 (or, if such day is not a Business Day, the Business Day immediately preceding such day) and continuing to the earliest of (i) the commencement of the Series
2020-1 Rapid Amortization Period, (ii) the date on which the Series 2020-1 Notes are fully paid and (iii) the termination of the Indenture. 

“Series 2020-1 DBRS Highest Enhanced Vehicle Percentage” means, as of any date of
determination, a fraction, expressed as a percentage, (a) the numerator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease that were manufactured by a Manufacturer that does not have a long-term
senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) of at least “BBB (low)” as of such date and (b) the denominator of which is the aggregate Net Book Value of all Vehicles
leased under the AESOP I Operating Lease as of such date. 
 “Series 2020-1 DBRS Highest
Enhancement Rate” means, as of any date of determination, the sum of (a) 26.85% and (b) the highest, for any calendar month within the preceding twelve (12) calendar months, of the greater of (x) an amount (not less than
zero) equal to 100% minus the Measurement Month Average for the immediately preceding Measurement Month and (y) an amount (not less than zero) equal to 100% minus the Market Value Average as of the Determination Date within such
calendar month (excluding the Market Value Average for any Determination Date which has not yet occurred). 
 “Series 2020-1 DBRS Intermediate Enhanced Vehicle Percentage” means, as of any date of determination, 100% minus the sum of (a) the Series 2020-1 DBRS Lowest Enhanced
Vehicle Percentage and (b) the Series 2020-1 DBRS Highest Enhanced Vehicle Percentage. 

  
 16 

 “Series 2020-1 DBRS Intermediate Enhancement
Rate” means, as of any date of determination, the sum of (a) 20.85% and (b) the highest, for any calendar month within the preceding twelve (12) calendar months, of the greater of (x) an amount (not less than zero) equal to
100% minus the Measurement Month Average for the immediately preceding Measurement Month and (y) an amount (not less than zero) equal to 100% minus the Market Value Average as of the Determination Date within such calendar month
(excluding the Market Value Average for any Determination Date which has not yet occurred). 
 “Series 2020-1 DBRS Lowest Enhanced Vehicle Percentage” means, as of any date of determination, a fraction, expressed as a percentage, (a) the numerator of which is the sum, without duplication, of
(1) the aggregate Net Book Value of all Program Vehicles leased under the AESOP I Operating Lease that are manufactured by Eligible Program Manufacturers having long-term senior unsecured debt ratings from DBRS (or, with respect to any
Manufacturer that is not rated by DBRS, a DBRS Equivalent Rating) of “BBB (low)” or higher as of such date, and (2) so long as any Eligible Non-Program Manufacturer has a long-term senior
unsecured debt rating from DBRS (or, if any such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) of “BBB (low)” or higher and no Manufacturer Event of Default has occurred and is continuing with respect to such Eligible Non-Program Manufacturer, the aggregate Net Book Value of all Non-Program Vehicles leased under the AESOP I Operating Lease manufactured by each such Eligible Non-Program Manufacturer that are subject to a Manufacturer Program and remain eligible for repurchase thereunder as of such date and (b) the denominator of which is the aggregate Net Book Value of all Vehicles
leased under the AESOP I Operating Lease as of such date. 
 “Series 2020-1 DBRS Lowest
Enhancement Rate” means, as of any date of determination, 9.85%. 
 “Series 2020-1
DBRS Required Enhancement Amount” means, as of any date of determination, the product of (i) the Series 2020-1 DBRS Required Enhancement Percentage as of such date and (ii) the Series 2020-1 Senior Invested Amount as of such date. 
 “Series
2020-1 DBRS Required Enhancement Percentage” means, as of any date of determination, the sum of (i) the product of (A) the Series 2020-1 DBRS Lowest
Enhancement Rate as of such date and (B) the Series 2020-1 DBRS Lowest Enhanced Vehicle Percentage as of such date, (ii) the product of (A) the Series
2020-1 DBRS Intermediate Enhancement Rate as of such date and (B) the Series 2020-1 DBRS Intermediate Enhanced Vehicle Percentage as of such date, and
(iii) the product of (A) the Series 2020-1 DBRS Highest Enhancement Rate as of such date and (B) the Series 2020-1 DBRS Highest Enhanced Vehicle
Percentage as of such date. 
 “Series 2020-1 Demand Note” means each demand note
made by a Demand Note Issuer, substantially in the form of Exhibit E, as amended, modified or restated from time to time. 

“Series 2020-1 Demand Note Payment Amount” means, as of the Series 2020-1 Letter of Credit Termination Date, the aggregate amount of all proceeds of demands made on the Series 2020-1 Demand Notes pursuant to Section 2.5(b) or
(c) that were deposited into the Series 2020-1 Distribution Account and paid to the Series 2020-1 Noteholders during the one year period ending on the Series 2020-1 Letter of Credit Termination Date; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a
period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred during such one year period, the Series 2020-1 Demand Note Payment Amount as of the Series 2020-1 Letter of Credit Termination Date shall equal the Series 2020-1 Demand Note Payment Amount as if it were calculated as of the date of such occurrence. 

  
 17 

 “Series 2020-1 Deposit Date” is
defined in Section 2.2. 
 “Series 2020-1 Distribution Account” is defined in
Section 2.9(a). 
 “Series 2020-1 Distribution Account Collateral” is defined
in Section 2.9(d). 
 “Series 2020-1 Eligible Letter of Credit Provider” means
a Person satisfactory to ABCR and the Demand Note Issuers and having, at the time of the issuance of the related Series 2020-1 Letter of Credit, a long-term senior
unsecured debt rating (or the equivalent thereof) of at least “A1” from Moody’s, at least “A (high)” from DBRS and at least “A+” from Fitch and a short term senior unsecured debt rating of at least “P-1” from Moody’s, at least “R-1” from DBRS and at least “F1” from Fitch that is (a) a commercial bank having total assets in excess
of $500,000,000, (b) a finance company, insurance company or other financial institution that in the ordinary course of business issues letters of credit and has total assets in excess of $200,000,000 or (c) any other financial institution;
provided, however, that if a Person is not a Series 2020-1 Letter of Credit Provider (or a letter of credit provider under the Supplement for any other Series of Notes), then such Person shall
not be a Series 2020-1 Eligible Letter of Credit Provider until ABRCF has provided ten (10) days’ prior notice to the Rating Agencies that such Person has been proposed as a Series 2020-1 Letter of Credit Provider. 
 “Series 2020-1
Enhancement” means the Series 2020-1 Cash Collateral Account Collateral, the Series 2020-1 Letters of Credit, the Series
2020-1 Demand Notes, the Series 2020-1 Overcollateralization Amount and the Series 2020-1 Required Reserve Account Amount. 

“Series 2020-1 Enhancement Amount” means, as of any date of determination, the sum of
(i) the Series 2020-1 Overcollateralization Amount as of such date, (ii) the Series 2020-1 Letter of Credit Amount as of such date, (iii) the Series 2020-1 Available Reserve Account Amount as of such date and (iv) the amount of cash and Permitted Investments on deposit in the Series 2020-1 Collection Account (not
including amounts allocable to the Series 2020-1 Accrued Interest Account) and the Series 2020-1 Excess Collection Account as of such date. 

“Series 2020-1 Enhancement Deficiency” means, on any date of determination, the
amount by which the Series 2020-1 Enhancement Amount is less than the Series 2020-1 Required Enhancement Amount as of such date. 

“Series 2020-1 Excess Collection Account” is defined in Section 2.1(b). 

“Series 2020-1 Expected Final Distribution Date” means the August 2025 Distribution
Date. 
 “Series 2020-1 Final Distribution Date” means the August 2026 Distribution
Date. 
 “Series 2020-1 Interest Period” means a period commencing on and including
a Distribution Date and ending on and including the day preceding the next succeeding Distribution Date; provided, however, that the initial Series 2020-1 Interest Period shall commence on and
include the Series 2020-1 Closing Date and end on and include February 19, 2020. 

  
 18 

 “Series 2020-1 Invested Amount”
means, as of any date of determination, the sum of the Class A Invested Amount as of such date, the Class B Invested Amount as of such date, the Class C Invested Amount as of such date and the Class R Invested Amount as of such
date. 
 “Series 2020-1 Invested Percentage” means as of any date of determination:

 (a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,
the numerator of which shall be equal to the sum of the Series 2020-1 Invested Amount and the Series 2020-1 Overcollateralization Amount, determined during the Series 2020-1 Revolving Period as of the end of the Related Month (or, until the end of the initial Related Month, on the Series 2020-1 Closing Date), or, during the Series 2020-1 Controlled Amortization Period and the Series 2020-1 Rapid Amortization Period, as of the end of the Series 2020-1 Revolving
Period, and the denominator of which shall be the greater of (I) the Aggregate Asset Amount as of the end of the Related Month or, until the end of the initial Related Month, as of the Series 2020-1
Closing Date, and (II) as of the same date as in clause (I), the sum of the numerators used to determine the invested percentages for allocations with respect to Principal Collections (for all Series of Notes and all classes of such Series of
Notes); and 
 (b) when used with respect to Interest Collections, the percentage equivalent (which percentage shall never exceed 100%) of a
fraction, the numerator of which shall be the Accrued Amounts with respect to the Series 2020-1 Notes on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with
respect to all Series of Notes on such date of determination. 
 “Series 2020-1 Lease
Interest Payment Deficit” means, on any Distribution Date, an amount equal to the excess, if any, of (1) the excess, if any, of (a) the aggregate amount of Interest Collections which pursuant to Section 2.2(a), (b), (c) or
(d) would have been allocated to the Series 2020-1 Accrued Interest Account if all payments of Monthly Base Rent required to have been made under the Leases from and excluding the preceding Distribution
Date to and including such Distribution Date were made in full over (b) the aggregate amount of Interest Collections which pursuant to Section 2.2(a), (b), (c) or (d) have been allocated to the Series
2020-1 Accrued Interest Account (excluding any amounts paid into the Series 2020-1 Accrued Interest Account pursuant to the proviso in Sections 2.2(c)(ii) and/or
2.2(d)(ii)) from and excluding the preceding Distribution Date to and including the Business Day immediately preceding such Distribution Date over (2) the Class R Monthly Interest with respect to the Series
2020-1 Interest Period ended on the day preceding such Distribution Date. 
 “Series 2020-1 Lease Payment Deficit” means either a Series 2020-1 Lease Interest Payment Deficit or a Series 2020-1 Lease Principal
Payment Deficit. 
 “Series 2020-1 Lease Principal Payment Carryover Deficit” means
(a) for the initial Distribution Date, zero and (b) for any other Distribution Date, the excess of (x) the Series 2020-1 Lease Principal Payment Deficit, if any, on the preceding Distribution
Date over (y) the amount deposited in the Distribution Account on such preceding Distribution Date pursuant to Section 2.5(b) on account of such Series 2020-1 Lease Principal Payment Deficit.

  
 19 

 “Series 2020-1 Lease Principal Payment
Deficit” means on any Distribution Date, the sum of (a) the Series 2020-1 Monthly Lease Principal Payment Deficit for such Distribution Date and (b) the Series
2020-1 Lease Principal Payment Carryover Deficit for such Distribution Date. 
 “Series 2020-1 Letter of Credit” means an irrevocable letter of credit, if any, substantially in the form of Exhibit F issued by a Series 2020-1 Eligible Letter of
Credit Provider in favor of the Trustee for the benefit of the Series 2020-1 Noteholders. 

“Series 2020-1 Letter of Credit Amount” means, as of any date of determination, the
lesser of (a) the sum of (i) the aggregate amount available to be drawn on such date under each Series 2020-1 Letter of Credit on which no draw has been made pursuant to Section 2.8(c), as
specified therein, and (ii) if the Series 2020-1 Cash Collateral Account has been established and funded pursuant to Section 2.8, the Series 2020-1 Available
Cash Collateral Account Amount on such date and (b) the aggregate outstanding principal amount of the Series 2020-1 Demand Notes on such date. 

“Series 2020-1 Letter of Credit Expiration Date” means, with respect to any Series 2020-1 Letter of Credit, the expiration date set forth in such Series 2020-1 Letter of Credit, as such date may be extended in accordance with the terms of such Series 2020-1 Letter of Credit. 
 “Series 2020-1 Letter of
Credit Liquidity Amount” means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn on such date under each Series 2020-1 Letter of Credit on which no draw
has been made pursuant to Section 2.8(c), as specified therein, and (b) if the Series 2020-1 Cash Collateral Account has been established and funded pursuant to Section 2.8, the Series 2020-1 Available Cash Collateral Account Amount on such date. 
 “Series 2020-1 Letter of Credit Provider” means the issuer of a Series 2020-1 Letter of Credit. 

“Series 2020-1 Letter of Credit Termination Date” means the first to occur of
(a) the date on which the Series 2020-1 Notes are fully paid and (b) the Series 2020-1 Termination Date. 

“Series 2020-1 Limited Liquidation Event of Default” means, so long as such event or
condition continues, any event or condition of the type specified in clauses (a) through (g) of Article III; provided, however, that any event or condition of the type specified in clauses (a) through (g) of Article III shall
not constitute a Series 2020-1 Limited Liquidation Event of Default if the Trustee shall have received the written consent of the Requisite Series 2020-1 Noteholders
waiving the occurrence of such Series 2020-1 Limited Liquidation Event of Default. The Trustee shall promptly (but in any event within two (2) days) provide the Rating Agencies with written notice of such
waiver. 

  
 20 

 “Series 2020-1 Liquidity Amount”
means, as of any date of determination, the sum of (a) the Series 2020-1 Letter of Credit Liquidity Amount on such date and (b) the Series 2020-1 Available
Reserve Account Amount on such date. 
 “Series 2020-1 Maximum Hyundai Amount”
means, as of any day, an amount equal to 20% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. 

“Series 2020-1 Maximum Individual Isuzu/Subaru Amount” means, as of any day, with
respect to Isuzu or Subaru individually, an amount equal to 5% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. 

“Series 2020-1 Maximum Kia Amount” means, as of any day, an amount equal to 10% of
the aggregate Net Book Value of all Vehicles leased under the Leases on such day. 
 “Series
2020-1 Maximum Mitsubishi Amount” means, as of any day, an amount equal to 10% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. 

“Series 2020-1 Maximum Non-Eligible Manufacturer
Amount” means, as of any day, an amount equal to 3% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. 

“Series 2020-1 Maximum Non-Program Vehicle
Amount” means, as of any day, an amount equal to the Series 2020-1 Maximum Non-Program Vehicle Percentage of the aggregate Net Book Value of all Vehicles leased
under the Leases on such day. 
 “Series 2020-1 Maximum
Non-Program Vehicle Percentage” means, as of any date of determination, the sum of (a) 85% and (b) a fraction, expressed as a percentage, the numerator of which is the aggregate Net Book Value of
all Redesignated Vehicles manufactured by a Bankrupt Manufacturer or a Manufacturer with respect to which a Manufacturer Event of Default has occurred, and in each case leased under the AESOP I Operating Lease or the Finance Lease as of such date,
and the denominator of which is the aggregate Net Book Value of all Vehicles leased under the Leases as of such date. 
 “Series 2020-1 Maximum Specified States Amount” means, as of any day, an amount equal to 7.5% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. 

“Series 2020-1 Maximum Suzuki Amount” means, as of any day, an amount equal to 7.5%
of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. 
 “Series
2020-1 Maximum Used Vehicle Amount” means, as of any day, an amount equal to 25% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. 

  
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 “Series 2020-1 Monthly Lease Principal
Payment Deficit” means, on any Distribution Date, an amount equal to the excess, if any, of (1) the excess, if any, of (a) the aggregate amount of Principal Collections which pursuant to Section 2.2(a), (b), (c) or
(d) would have been allocated to the Series 2020-1 Collection Account if all payments required to have been made under the Leases from and excluding the preceding Distribution Date to and including such
Distribution Date were made in full over (b) the aggregate amount of Principal Collections which pursuant to Section 2.2(a), (b), (c) or (d) have been allocated to the Series 2020-1 Collection
Account (without giving effect to any amounts paid into the Series 2020-1 Accrued Interest Account pursuant to the proviso in Sections 2.2(c)(ii) and/or 2.2(d)(ii)) from and excluding the preceding
Distribution Date to and including the Business Day immediately preceding such Distribution Date over (2) the principal due and payable with respect to the Class R Notes on such Distribution Date. 

“Series 2020-1 Moody’s Highest Enhanced Vehicle Percentage” means, as of
any date of determination, a fraction, expressed as a percentage, (a) the numerator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease that are either not subject to a Manufacturer Program or not
eligible for repurchase under a Manufacturer Program as of such date and (b) the denominator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease as of such date. 

“Series 2020-1 Moody’s Highest Enhancement Rate” means, as of any date of
determination, the sum of (a) 20.80% and (b) the highest, for any calendar month within the preceding twelve (12) calendar months, of the greater of (x) an amount (not less than zero) equal to 100% minus the Measurement Month
Average for the immediately preceding Measurement Month and (y) an amount (not less than zero) equal to 100% minus the Market Value Average as of the Determination Date within such calendar month (excluding the Market Value Average for
any Determination Date which has not yet occurred). 
 “Series 2020-1 Moody’s
Intermediate Enhanced Vehicle Percentage” means, as of any date of determination, 100% minus the sum of (a) the Series 2020-1 Moody’s Lowest Enhanced Vehicle Percentage and
(b) the Series 2020-1 Moody’s Highest Enhanced Vehicle Percentage. 
 “Series 2020-1 Moody’s Intermediate Enhancement Rate” means, as of any date of determination, 16.25%. 

“Series 2020-1 Moody’s Lowest Enhanced Vehicle Percentage” means, as of any date
of determination, a fraction, expressed as a percentage, (a) the numerator of which is the sum, without duplication, of (1) the aggregate Net Book Value of all Program Vehicles leased under the AESOP I Operating Lease that are manufactured
by Eligible Program Manufacturers having a long-term corporate family rating of “Baa3” or higher from Moody’s as of such date (or, if any Eligible Program Manufacturer does not have a long-term
corporate family rating from Moody’s as of such date, a long-term senior unsecured debt rating of at least “Ba1” from Moody’s as of such date), and (2) so long as any Eligible
Non-Program Manufacturer has a long-term corporate family rating of “Baa3” or higher from Moody’s as of such date (or, if any Eligible Non-Program Manufacturer does not have a long-term corporate family rating from Moody’s as of such date, a long-term senior unsecured debt rating of at least “Ba1” from Moody’s as of such date)
and no Manufacturer Event of Default has occurred and is continuing with respect to such Eligible Non-Program Manufacturer, the aggregate Net Book Value of all
Non-Program Vehicles leased under the AESOP I Operating Lease manufactured by each such Eligible Non-Program Manufacturer that are subject to a Manufacturer Program and
remain eligible for repurchase thereunder as of such date and (b) the denominator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease as of such date. 

  
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 “Series 2020-1 Moody’s Lowest
Enhancement Rate” means, as of any date of determination, 12.75%. 
 “Series 2020-1
Moody’s Required Enhancement Amount” means, as of any date of determination, the product of (i) the Series 2020-1 Moody’s Required Enhancement Percentage as of such date and
(ii) the Series 2020-1 Senior Invested Amount as of such date. 
 “Series 2020-1 Moody’s Required Enhancement Percentage” means, as of any date of determination, the sum of (i) the product of (A) the Series 2020-1
Moody’s Lowest Enhancement Rate as of such date and (B) the Series 2020-1 Moody’s Lowest Enhanced Vehicle Percentage as of such date, (ii) the product of (A) the Series 2020-1 Moody’s Intermediate Enhancement Rate as of such date and (B) the Series 2020-1 Moody’s Intermediate Enhanced Vehicle Percentage as of such date, and
(iii) the product of (A) the Series 2020-1 Moody’s Highest Enhancement Rate as of such date and (B) the Series 2020-1 Moody’s Highest Enhanced
Vehicle Percentage as of such date. 
 “Series 2020-1 Note Owner” means each
beneficial owner of a Series 2020-1 Note. 
 “Series
2020-1 Noteholder” means any Class A Noteholder, any Class B Noteholder, any Class C Noteholder, any Class R Noteholder or, if the Class D Notes have been issued, any
Class D Noteholder. 
 “Series 2020-1 Notes” means, collectively, the
Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes (if issued), and the Class R Notes. 

“Series 2020-1 Overcollateralization Amount” means the excess, if any, of
(x) the Series 2020-1 AESOP I Operating Lease Loan Agreement Borrowing Base as of such date over (y) the Series 2020-1 Senior Invested Amount as of such date.

 “Series 2020-1 Past Due Rent Payment” is defined in Section 2.2(g). 

“Series 2020-1 Percentage” means, as of any date of determination, a fraction,
expressed as a percentage, the numerator of which is the Series 2020-1 Invested Amount as of such date and the denominator of which is the Aggregate Invested Amount as of such date. 

“Series 2020-1 Principal Allocation” is defined in Section 2.2(a)(ii). 

“Series 2020-1 Rapid Amortization Period” means the period beginning at the close of
business on the Business Day immediately preceding the day on which an Amortization Event is deemed to have occurred with respect to the Series 2020-1 Notes and ending upon the earliest to occur of
(i) the date on which the Series 2020-1 Notes are fully paid, (ii) the Series 2020-1 Final Distribution Date and (iii) the termination of the Indenture.

  
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 “Series 2020-1 Reimbursement
Agreement” means any and each agreement providing for the reimbursement of a Series 2020-1 Letter of Credit Provider for draws under its Series 2020-1 Letter of
Credit as the same may be amended, supplemented, restated or otherwise modified from time to time. 
 “Series 2020-1 Repurchase Amount” is defined in Section 5.1(a). 
 “Series 2020-1 Required AESOP I Operating Lease Vehicle Amount” means, as of any date of determination, the sum of the Series 2020-1 Invested Amount and the Series 2020-1 Required Overcollateralization Amount as of such date. 
 “Series 2020-1 Required Enhancement Amount” means, as of any date of determination, the sum of (i) the greater of (A) the Series 2020-1 Moody’s Required
Enhancement Amount as of such date and (B) the Series 2020-1 DBRS Required Enhancement Amount as of such date, (ii) the Series 2020-1 AESOP I Operating Lease
Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the Non-Program Vehicle Amount as of such date over the Series 2020-1 Maximum Non-Program Vehicle Amount as of such date, (iii) the Series 2020-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess,
if any, of the aggregate Net Book Value of all Vehicles manufactured by Mitsubishi and leased under the Leases as of such date over the Series 2020-1 Maximum Mitsubishi Amount as of such date, (iv) the
Series 2020-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Isuzu or Subaru,
individually, and leased under the Leases as of such date over the Series 2020-1 Maximum Individual Isuzu/Subaru Amount as of such date, (v) the Series 2020-1 AESOP
I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Hyundai and leased under the Leases as of such date over the Series 2020-1 Maximum Hyundai Amount as of such date, (vi) the Series 2020-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the
excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Kia and leased under the Leases as of such date over the Series 2020-1 Maximum Kia Amount as of such date, (vii) the Series 2020-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Suzuki and leased under the
Leases as of such date over the Series 2020-1 Maximum Suzuki Amount as of such date, (viii) the Series 2020-1 AESOP I Operating Lease Vehicle Percentage as of the
immediately preceding Business Day of the excess, if any, of the Specified States Amount as of such date over the Series 2020-1 Maximum Specified States Amount as of such date, (ix) the Series 2020-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the Non-Eligible Manufacturer Amount as of such date
over the Series 2020-1 Maximum Non-Eligible Manufacturer Amount as of such date and (x) the Series 2020-1 AESOP I Operating
Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the Net Book Value of all Vehicles leased under the Leases as of such date that were used vehicles at the time of acquisition over the Series 2020-1 Maximum Used Vehicle Amount as of such date. 

  
 24 

 “Series 2020-1 Required Liquidity
Amount” means, as of any date of determination, an amount equal to the product of 2.00% and the Series 2020-1 Senior Invested Amount as of such date. 

“Series 2020-1 Required Overcollateralization Amount” means, as of any date of
determination, the excess, if any, of the Series 2020-1 Required Enhancement Amount over the sum of (i) the Series 2020-1 Letter of Credit Amount as of such date,
(ii) the Series 2020-1 Available Reserve Account Amount on such date and (iii) the amount of cash and Permitted Investments on deposit in the Series 2020-1
Collection Account (not including amounts allocable to the Series 2020-1 Accrued Interest Account) and the Series 2020-1 Excess Collection Account on such date. 

“Series 2020-1 Required Reserve Account Amount” means, for any date of determination,
an amount equal to the greater of (a) the excess, if any, of the Series 2020-1 Required Liquidity Amount as of such date over the Series 2020-1 Letter of Credit
Liquidity Amount as of such date and (b) the excess, if any, of the Series 2020-1 Required Enhancement Amount as of such date over the Series 2020-1 Enhancement
Amount (excluding therefrom the Series 2020-1 Available Reserve Account Amount and calculated after giving effect to any payments of principal to be made on the Series
2020-1 Notes) as of such date. 
 “Series 2020-1
Reserve Account” is defined in Section 2.7(a). 
 “Series 2020-1 Reserve
Account Collateral” is defined in Section 2.7(d). 
 “Series 2020-1 Reserve
Account Surplus” means, with respect to any Distribution Date, the excess, if any, of the Series 2020-1 Available Reserve Account Amount over the Series 2020-1
Required Reserve Account Amount on such Distribution Date. 
 “Series 2020-1 Revolving
Period” means the period from and including the Series 2020-1 Closing Date to the earlier of (i) the commencement of the Series 2020-1 Controlled
Amortization Period and (ii) the commencement of the Series 2020-1 Rapid Amortization Period. 

“Series 2020-1 Senior Invested Amount” means, on any date, the sum of the
Class A Invested Amount on such date, the Class B Invested Amount on such date and the Class C Invested Amount on such date. 

“Series 2020-1 Senior Monthly Interest” means, with respect to any Distribution Date,
the sum of the Class A Monthly Interest, the Class B Monthly Interest and the Class C Monthly Interest, in each case with respect to the Series 2020-1 Interest Period ended on the day preceding
such Distribution Date. 
 “Series 2020-1 Senior Notes” means, collectively, the
Class A Notes, the Class B Notes and the Class C Notes. 
 “Series 2020-1
Shortfall” means, on any Distribution Date, the sum of the Class A Shortfall, the Class B Shortfall and the Class C Shortfall on such Distribution Date. 

“Series 2020-1 Termination Date” means the August 2026 Distribution Date. 

  
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 “Series 2020-1 Trustee’s Fees”
means, for any Distribution Date during the Series 2020-1 Rapid Amortization Period on which there exists a Series 2020-1 Lease Interest Payment Deficit, a portion of
the fees payable to the Trustee in an amount equal to the product of (i) the Series 2020-1 Percentage as of the beginning of the Series 2020-1 Interest Period
ending on the day preceding such Distribution Date and (ii) the fees owing to the Trustee under the Base Indenture; provided, however, that the Series 2020-1 Trustee’s Fees in the
aggregate for all Distribution Dates shall not exceed 1.1% of the Series 2020-1 Required AESOP I Operating Lease Vehicle Amount as of the last day of the Series 2020-1
Revolving Period. 
 “Supplement” is defined in the preamble hereto. 

“Temporary Global Class A Note” is defined in Section 4.2. 

“Temporary Global Class B Note” is defined in Section 4.2. 

“Temporary Global Class C Note” is defined in Section 4.2. 

“Temporary Global Class R Note” is defined in Section 4.2. 

“Temporary Global Series 2020-1 Notes” is defined in Section 4.2. 

“Termination Date Disbursement” means an amount drawn under a Series 2020-1 Letter of
Credit pursuant to a Certificate of Termination Date Demand. 
 “Termination Disbursement” means an amount drawn under a
Series 2020-1 Letter of Credit pursuant to a Certificate of Termination Demand. 

“Trustee” is defined in the recitals hereto. 

“Unpaid Demand Note Disbursement” means an amount drawn under a Series 2020-1 Letter
of Credit pursuant to a Certificate of Unpaid Demand Note Demand. 
 “U.S. Risk Retention Rules” means the federal
interagency credit risk retention rules, codified at 17 C.F.R. Part 246. 
 “U.S. Treasury Rate” means, with respect to any
Remaining Distribution Amount, a rate determined one Business Day prior to the Optional Repurchase Distribution Date that is equal to the U.S. Treasury rate on such date (determined by reference to Bloomberg Financial Markets Commodities News) with
a maturity equal to the period from such Optional Repurchase Distribution Date to the Applicable Distribution Date with respect to such Remaining Distribution Amount (or, if such maturity is unavailable, such rate shall be determined by linear
interpolation using the U.S. Treasury rates with the two closest maturities to such period). 
 (c) Any amounts calculated by reference to
the Series 2020-1 Invested Amount (or any component thereof) on any date shall, unless otherwise stated, be calculated after giving effect to any payment of principal made to the applicable Class A
Noteholders, applicable Class B Noteholders, applicable Class C Noteholders and applicable Class R Noteholders on such date. 

  
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 ARTICLE II 

SERIES 2020-1 ALLOCATIONS 

With respect to the Series 2020-1 Notes, the following shall apply: 

Section 2.1. Establishment of Series 2020-1 Collection Account, Series 2020-1 Excess Collection Account and Series 2020-1 Accrued Interest Account. 

(a) All Collections allocable to the Series 2020-1 Notes shall be allocated to the Collection Account.

 (b) The Trustee will create three administrative subaccounts within the Collection Account for the benefit of the Series 2020-1 Noteholders: the Series 2020-1 Collection Account (such sub-account, the “Series
2020-1 Collection Account”), the Series 2020-1 Excess Collection Account (such sub-account, the “Series 2020-1 Excess Collection Account”) and the Series 2020-1 Accrued Interest Account (such sub-account, the “Series 2020-1 Accrued Interest Account”). 
 Section 2.2. Allocations with Respect to the Series
2020-1 Notes. The net proceeds from the initial sale of the Class A Notes, Class B Notes, Class C Notes and Class R Notes will be deposited into the Collection Account on the Series 2020-1 Closing Date and the net proceeds from any issuance of Class D Notes and Additional Class R Notes shall be deposited into the Collection Account on the Additional Notes Closing Date. On each
Business Day on which Collections are deposited into the Collection Account (each such date, a “Series 2020-1 Deposit Date”), the Administrator will direct the Trustee in writing pursuant to
the Administration Agreement to allocate all amounts deposited into the Collection Account in accordance with the provisions of this Section 2.2. 

(a) Allocations of Collections During the Series 2020-1 Revolving Period. During the Series 2020-1 Revolving Period, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate, prior to 11:00 a.m. (New York City time) on each Series 2020-1 Deposit Date, all amounts deposited into the Collection Account as set forth below: 

(i) allocate to the Series 2020-1 Collection Account an amount equal to the Series 2020-1 Invested Percentage (as of such day) of the aggregate amount of Interest Collections on such day. All such amounts allocated to the Series 2020-1 Collection Account
shall be further allocated to the Series 2020-1 Accrued Interest Account; and 
 (ii)
allocate to the Series 2020-1 Excess Collection Account an amount equal to the Series 2020-1 Invested Percentage (as of such day) of the aggregate amount of Principal
Collections on such day (for any such day, the “Series 2020-1 Principal Allocation”). 

  
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 (b) Allocations of Collections During the Series
2020-1 Controlled Amortization Period. With respect to the Series 2020-1 Controlled Amortization Period, the Administrator will direct the Trustee in writing
pursuant to the Administration Agreement to allocate, prior to 11:00 a.m. (New York City time) on any Series 2020-1 Deposit Date, all amounts deposited into the Collection Account as set forth below: 

(i) allocate to the Series 2020-1 Collection Account an amount determined as set forth
in Section 2.2(a)(i) above for such day, which amount shall be further allocated to the Series 2020-1 Accrued Interest Account; and 

(ii) allocate to the Series 2020-1 Collection Account an amount equal to the Series 2020-1 Principal Allocation for such day, which amount shall be used to make principal payments in respect of the Series 2020-1 Notes in accordance with Section 2.5, (A)
first, in respect of the Class A Notes in an amount equal to the Class A Controlled Distribution Amount, (B) second, in respect of the Class B Notes in an amount equal to the Class B Controlled Distribution Amount,
(C) third, in respect of the Class C Notes in an amount equal to the Class C Controlled Distribution Amount and (D) fourth, in respect of the Class R Notes in an amount equal to the Class R Controlled Amortization
Amount, in each case with respect to the Related Month; provided, however, that if the Monthly Total Principal Allocation exceeds the sum of the Class A Controlled Distribution Amount, the Class B Controlled Distribution
Amount, the Class C Controlled Distribution Amount and the Class R Controlled Amortization Amount, in each case with respect to the Related Month, then the amount of such excess shall be allocated to the Series 2020-1 Excess Collection Account. 
 (c) Allocations of Collections During the Series 2020-1 Rapid Amortization Period. With respect to the Series 2020-1 Rapid Amortization Period, other than after the occurrence of an Event of Bankruptcy with respect to
ABCR, any other Lessee or any Permitted Sublessee, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate, prior to 11:00 a.m. (New York City time) on any Series
2020-1 Deposit Date, all amounts deposited into the Collection Account as set forth below: 

(i) allocate to the Series 2020-1 Collection Account an amount determined as set forth
in Section 2.2(a)(i) above for such day, which amount shall be further allocated to the Series 2020-1 Accrued Interest Account; and 

(ii) allocate to the Series 2020-1 Collection Account an amount equal to the Series 2020-1 Principal Allocation for such day, which amount shall be used in accordance with Section 2.5 to make principal payments in respect of the Class A Notes until the Class A Notes have been paid in
full, and after the Class A Notes have been paid in full shall be used to make principal payments in respect of the Class B Notes until the Class B Notes have been paid in full, and after the Class A Notes and Class B Notes
have been paid in full shall be used to make principal payments in respect of the Class C Notes until the Class C Notes have been paid in full, and after the Class A Notes, the Class B Notes and the Class C Notes have been
paid in full (including interest thereon) shall be used to make principal payments in respect of the Class R Notes until the Class R Notes have been paid in full; provided, however, that if on any Determination Date
(A) the Administrator determines that the amount anticipated to be available from Interest Collections allocable to the Series 2020-1 Notes and other amounts available pursuant to Section 2.3 to pay
the sum of (x) the Series 2020-1 Senior Monthly Interest for the next 

  
 28 

 
succeeding Distribution Date and (y) any unpaid Series 2020-1 Shortfall on such Distribution Date (together with interest on such Series 2020-1 Shortfall) will be less than the sum of (I) the Series 2020-1 Senior Monthly Interest for such Distribution Date and (II) such Series 2020-1 Shortfall (together with interest thereon) and (B) the Series 2020-1 Enhancement Amount is greater than zero, then the Administrator shall direct the Trustee in
writing to reallocate a portion of the Principal Collections allocated to the Series 2020-1 Notes during the Related Month equal to the lesser of such insufficiency and the Series 2020-1 Enhancement Amount to the Series 2020-1 Accrued Interest Account to be treated as Interest Collections on such Distribution Date; provided further,
however, that if on any Determination Date the Administrator determines that, after giving effect the preceding proviso, the amount anticipated to be available from Interest Collections allocable to the Series
2020-1 Notes and other amounts available pursuant to Section 2.3 to pay the sum of (x) the Series 2020-1 Senior Monthly Interest for the
next succeeding Distribution Date and (y) any unpaid Series 2020-1 Shortfall on such Distribution Date (together with interest on such Series 2020-1 Shortfall) will
be less than the sum of (I) the Series 2020-1 Senior Monthly Interest for such Distribution Date and (II) such Series 2020-1 Shortfall (together with interest
thereon), then the Administrator shall direct the Trustee in writing to reallocate a portion of the Principal Collections allocated to the Series 2020-1 Notes during the Related Month equal to the lesser of
(1) the amount of such Principal Collections that is anticipated to remain after the payment of the Series 2020-1 Senior Invested Amount in full, and (2) any such interest due and owing in respect of
the Class A Notes, the Class B Notes or the Class C Notes to the 2020-1 Accrued Interest Account to be treated as Interest Collections on such Distribution Date. 

(d) Allocations of Collections after the Occurrence of an Event of Bankruptcy. After the occurrence of an Event of Bankruptcy with
respect to ABCR, any other Lessee or any Permitted Sublessee, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate, prior to 11:00 a.m. (New York City time) on any Series 2020-1 Deposit Date, all amounts attributable to the AESOP I Operating Lease Loan Agreement deposited into the Collection Account as set forth below: 

(i) allocate to the Series 2020-1 Collection Account an amount equal to the Series 2020-1 AESOP I Operating Lease Vehicle Percentage as of the date of the occurrence of such Event of Bankruptcy of the aggregate amount of Interest Collections made under the AESOP I Operating Lease Loan Agreement
for such day. All such amounts allocated to the Series 2020-1 Collection Account shall be further allocated to the Series 2020-1 Accrued Interest Account; and 

(ii) allocate to the Series 2020-1 Collection Account an amount equal to the Series 2020-1 AESOP I Operating Lease Vehicle Percentage as of the date of the occurrence of such Event of Bankruptcy of the aggregate amount of Principal Collections made under the AESOP I Operating Lease Loan Agreement,
which amount shall be used in accordance with Section 2.5, to make principal payments in respect of the Class A Notes until the Class A Notes have been paid in full, and after the Class A Notes have been paid
in full shall be used to make principal payments in respect of the Class B Notes until the Class B Notes have been paid in full, and after the Class A Notes and the Class B Notes have been paid in full shall be used to make
principal payments in respect of the Class C 

  
 29 

 
Notes until the Class C Notes have been paid in full and after the Class A Notes, the Class B Notes and the Class C Notes have been paid in full (including interest thereon),
shall be used to make principal payments in respect of the Class R Notes until the Class R Notes have been paid in full; provided, however, that if on any Determination Date (A) the Administrator determines that the
amount anticipated to be available from Interest Collections allocable to the Series 2020-1 Notes and other amounts available pursuant to Section 2.3 to pay the sum of (x) the
Series 2020-1 Senior Monthly Interest for the next succeeding Distribution Date and (y) any unpaid Series 2020-1 Shortfall on such Distribution Date (together with
interest on such Series 2020-1 Shortfall) will be less than the sum of (I) the Series 2020-1 Senior Monthly Interest for such Distribution Date and (II) such
Series 2020-1 Shortfall (together with interest thereon) and (B) the Series 2020-1 Enhancement Amount is greater than zero, then the Administrator shall direct the
Trustee in writing to reallocate a portion of the Principal Collections allocated to the Series 2020-1 Notes during the Related Month equal to the lesser of such insufficiency and the Series 2020-1 Enhancement Amount to the Series 2020-1 Accrued Interest Account to be treated as Interest Collections on such Distribution Date; provided further,
however, that if on any Determination Date the Administrator determines that, after giving effect the preceding proviso, the amount anticipated to be available from Interest Collections allocable to the Series
2020-1 Notes and other amounts available pursuant to Section 2.3 to pay the sum of (x) the Series 2020-1 Senior Monthly Interest for the
next succeeding Distribution Date and (y) any unpaid Series 2020-1 Shortfall on such Distribution (together with interest in such Series 2020-1 Shortfall), will be
less than the sum of (I) the Series 2020-1 Senior Monthly Interest for such Distribution Date and (II) such Series 2020-1 Shortfall (together with interest
thereon), then the Administrator shall direct the Trustee in writing to reallocate any portion of the Principal Collections allocated to the Series 2020-1 Notes during the Related Month equal to the lesser of
(1) the amount of such Principal Collections that is anticipated to remain after the payment of the Series 2020-1 Senior Invested Amount in full, and (2) any such interest due and owing in respect of
the Class A Notes, the Class B Notes or the Class C Notes to the 2020-1 Accrued Interest Account to be treated as Interest Collections on such Distribution Date. 

(e) Series 2020-1 Excess Collection Account. Amounts allocated to the Series 2020-1 Excess Collection Account on any Series 2020-1 Deposit Date will be (w) first, deposited in the Series 2020-1 Reserve
Account in an amount up to the excess, if any, of the Series 2020-1 Required Reserve Account Amount for such date over the Series 2020-1 Available Reserve Account Amount
for such date, (x) second, used to pay the principal amount of other Series of Notes that are then in amortization, (y) third, released to AESOP Leasing in an amount equal to the product of (A) the Loan Agreement’s Share with
respect to the AESOP I Operating Lease Loan Agreement as of such date and (B) 100% minus the Loan Payment Allocation Percentage with respect to the AESOP I Operating Lease Loan Agreement as of such date and (C) the amount of any
remaining funds and (z) fourth, paid to ABRCF for any use permitted by the Related Documents including to make Loans under the Loan Agreements to the extent the Borrowers have requested Loans thereunder and Eligible Vehicles are available for
financing thereunder; provided, however, that in the case of clauses (x), (y) and (z), that no Amortization Event, Series 2020-1 Enhancement Deficiency or AESOP I Operating Lease Vehicle
Deficiency would result therefrom or exist immediately thereafter. Upon the occurrence of an Amortization Event and once a Trust Officer has actual knowledge of the Amortization Event, funds on deposit in the Series
2020-1 Excess Collection Account will be withdrawn by the Trustee, deposited in the Series 2020-1 Collection Account and allocated as Principal Collections to reduce the
Series 2020-1 Invested Amount on the immediately succeeding Distribution Date. 

  
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 (f) Allocations From Other Series. Amounts allocated to other Series of Notes that
have been reallocated by ABRCF to the Series 2020-1 Notes (i) during the Series 2020-1 Revolving Period shall be allocated to the Series 2020-1 Excess Collection Account and applied in accordance with Section 2.2(e) and (ii) during the Series 2020-1 Controlled Amortization Period or the Series 2020-1 Rapid Amortization Period shall be allocated to the Series 2020-1 Collection Account and applied in accordance with Section 2.2(b) or 2.2(c), as applicable, to
make principal payments in respect of the Series 2020-1 Notes. 
 (g) Past Due Rent Payments.
Notwithstanding the foregoing, if in the case of Section 2.2(a) or (b), after the occurrence of a Series 2020-1 Lease Payment Deficit, the Lessees shall make payments of Monthly Base Rent or other amounts
payable by the Lessees under the Leases on or prior to the fifth Business Day after the occurrence of such Series 2020-1 Lease Payment Deficit (a “Past Due Rent Payment”), the Administrator
shall direct the Trustee in writing pursuant to the Administration Agreement to allocate to the Series 2020-1 Collection Account an amount equal to the Series 2020-1
Invested Percentage as of the date of the occurrence of such Series 2020-1 Lease Payment Deficit of the Collections attributable to such Past Due Rent Payment (the “Series 2020-1 Past Due Rent Payment”). The Administrator shall instruct the Trustee in writing pursuant to the Administration Agreement to withdraw from the Series 2020-1
Collection Account and apply the Series 2020-1 Past Due Rent Payment in the following order: 

(i) if the occurrence of such Series 2020-1 Lease Payment Deficit resulted in one or
more Lease Deficit Disbursements being made under the Series 2020-1 Letters of Credit, pay to each Series 2020-1 Letter of Credit Provider who made such a Lease Deficit
Disbursement for application in accordance with the provisions of the applicable Series 2020-1 Reimbursement Agreement an amount equal to the lesser of (x) the unreimbursed amount of such Series 2020-1 Letter of Credit Provider’s Lease Deficit Disbursement and (y) such Series 2020-1 Letter of Credit Provider’s Pro Rata Share of the Series 2020-1 Past Due Rent Payment; 
 (ii) if the occurrence of such Series 2020-1 Lease Payment Deficit resulted in a withdrawal being made from the Series 2020-1 Cash Collateral Account, deposit in the Series
2020-1 Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2020-1 Past Due Rent Payment remaining after any payment pursuant to
clause (i) above and (y) the amount withdrawn from the Series 2020-1 Cash Collateral Account on account of such Series 2020-1 Lease Payment Deficit; 

(iii) if the occurrence of such Series 2020-1 Lease Payment Deficit resulted in a
withdrawal being made from the Series 2020-1 Reserve Account pursuant to Section 2.3(d), deposit in the Series 2020-1 Reserve Account an amount equal to the lesser
of (x) the amount of the Series 2020-1 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the excess, if any, of the Series 2020-1 Required Reserve Account Amount over the Series 2020-1 Available Reserve Account Amount on such day; 

  
 31 

 (iv) allocate to the Series 2020-1
Accrued Interest Account the amount, if any, by which the Series 2020-1 Lease Interest Payment Deficit, if any, relating to such Series 2020-1 Lease Payment Deficit
exceeds the amount of the Series 2020-1 Past Due Rent Payment applied pursuant to clauses (i), (ii) and (iii) above; and 

(v) treat the remaining amount of the Series 2020-1 Past Due Rent Payment as Principal
Collections allocated to the Series 2020-1 Notes in accordance with Section 2.2(a)(ii) or 2.2(b)(ii), as the case may be. 

Section 2.3. Payments to Noteholders. On each Determination Date, as provided below, the Administrator shall instruct the Paying
Agent in writing pursuant to the Administration Agreement to withdraw, and on the following Distribution Date the Paying Agent, acting in accordance with such instructions, shall withdraw the amounts required to be withdrawn from the Collection
Account pursuant to Section 2.3(a) below in respect of all funds available from Interest Collections processed since the preceding Distribution Date and allocated to the holders of the Series 2020-1
Notes. 
 (a) Note Interest with Respect to the Series 2020-1 Notes. On each Determination
Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement as to the amount to be withdrawn and paid pursuant to Section 2.4 from the Series
2020-1 Accrued Interest Account to the extent funds are anticipated to be available from Interest Collections allocable to the Series 2020-1 Notes processed from but not
including the preceding Distribution Date through the succeeding Distribution Date in respect of (i) an amount equal to the Class A Monthly Interest for the Series 2020-1 Interest Period ending on
the day preceding the related Distribution Date, (ii) an amount equal to the amount of any unpaid Class A Shortfall as of the preceding Distribution Date (together with any accrued interest on such Class A Shortfall), (iii) an amount
equal to the Class B Monthly Interest for the Series 2020-1 Interest Period ending on the day preceding the related Distribution Date, (iv) an amount equal to the amount of any unpaid Class B
Shortfall as of the preceding Distribution Date (together with any accrued interest on such Class B Shortfall), (v) an amount equal to the Class C Monthly Interest for the Series 2020-1 Interest
Period ending on the day preceding the related Distribution Date, (vi) an amount equal to the amount of any unpaid Class C Shortfall as of the preceding Distribution Date (together with any accrued interest on such Class C Shortfall),
(vii) an amount equal to the Class R Monthly Interest for the Series 2020-1 Interest Period ending on the day preceding the related Distribution Date and (viii) an amount equal to the amount of any
unpaid Class R Shortfall as of the preceding Distribution Date (together with any accrued interest on such Class R Shortfall). On the following Distribution Date, the Trustee shall withdraw the amounts described in the first sentence of
this Section 2.3(a) from the Series 2020-1 Accrued Interest Account and deposit such amounts in the Series 2020-1 Distribution Account. 

(b) Lease Payment Deficit Notice. On or before 3:00 p.m. (New York City time) on the Business Day immediately preceding each
Distribution Date, the Administrator shall notify the Trustee of the amount of any Series 2020-1 Lease Payment Deficit, such notification to be in the form of Exhibit G (each a “Lease Payment
Deficit Notice”). 

  
 32 

 (c) Draws on Series 2020-1 Letters of Credit For
Series 2020-1 Lease Interest Payment Deficits. If the Administrator determines on the Business Day immediately preceding any Distribution Date that on such Distribution Date there will exist a Series 2020-1 Lease Interest Payment Deficit, the Administrator shall, on or prior to 3:00 p.m. (New York City time) on such Business Day, instruct the Trustee in writing to draw on the Series 2020-1 Letters of Credit, if any, and, the Trustee shall, by 5:00 p.m. (New York City time) on such Business Day draw an amount as set forth in such notice equal to the least of (i) such Series 2020-1 Lease Interest Payment Deficit, (ii) the excess, if any, of the sum of (A) the amounts described in clauses (i) through (vi) of Section 2.3(a) above for such Distribution Date and
(B) during the Series 2020-1 Rapid Amortization Period, the Series 2020-1 Trustee’s Fees for such Distribution Date, over the amounts available from the Series
2020-1 Accrued Interest Account and (iii) the Series 2020-1 Letter of Credit Liquidity Amount on the Series 2020-1 Letters
of Credit by presenting to each Series 2020-1 Letter of Credit Provider a draft accompanied by a Certificate of Lease Deficit Demand and shall cause the Lease Deficit Disbursements to be deposited in the
Series 2020-1 Distribution Account on such date; provided, however, that if the Series 2020-1 Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Series 2020-1 Cash Collateral Account and deposit in the Series 2020-1 Distribution Account an amount equal to the lesser of (x) the
Series 2020-1 Cash Collateral Percentage on such date of the least of the amounts described in clauses (i), (ii) and (iii) above and (y) the Series 2020-1
Available Cash Collateral Account Amount on such date and draw an amount equal to the remainder of such amount on the Series 2020-1 Letters of Credit. 

(d) Withdrawals from Series 2020-1 Reserve Account. If the Administrator determines on any
Distribution Date that the amounts available from the Series 2020-1 Accrued Interest Account plus the amount, if any, to be drawn under the Series 2020-1 Letters
of Credit and/or withdrawn from the Series 2020-1 Cash Collateral Account pursuant to Section 2.3(c) are insufficient to pay the sum of (A) the amounts described in clauses (i) through (vi) of
Section 2.3(a) above on such Distribution Date and (B) during the Series 2020-1 Rapid Amortization Period, the Series 2020-1 Trustee’s Fees for such
Distribution Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series 2020-1 Reserve Account and deposit in the Series 2020-1
Distribution Account on such Distribution Date an amount equal to the lesser of the Series 2020-1 Available Reserve Account Amount and such insufficiency. The Trustee shall withdraw such amount from the Series
2020-1 Reserve Account and deposit such amount in the Series 2020-1 Distribution Account. 

(e) [RESERVED]. 
 (f)
Balance. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the
payments required in Section 2.4), if any, of the amounts available from the Series 2020-1 Accrued Interest Account and the Series 2020-1 Distribution Account,
plus the amount, if any, drawn under the Series 2020-1 Letters of Credit and/or withdrawn from the Series 2020-1 Cash Collateral Account pursuant to
Section 2.3(c) plus the amount, if any, withdrawn from the Series 2020-1 Reserve Account pursuant to Section 2.3(d) as follows: 

(i) on each Distribution Date during the Series 2020-1 Revolving Period or the Series 2020-1 Controlled Amortization Period, (1) first, to the Administrator, an amount equal to the Series 2020-1 Percentage as of the beginning of the Series 2020-1 

  
 33 

 
Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof)
for such Series 2020-1 Interest Period, (2) second, to the Trustee, an amount equal to the Series 2020-1 Percentage as of the beginning of such Series 2020-1 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2020-1 Interest Period, (3) third to pay any Carrying Charges (other than
Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2020-1 Percentage as of the beginning of such Series
2020-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2020-1 Interest Period and (4) fourth, the balance,
if any, shall be withdrawn by the Paying Agent from the Series 2020-1 Collection Account and deposited in the Series 2020-1 Excess Collection Account; and 

(ii) on each Distribution Date during the Series 2020-1 Rapid Amortization Period,
(1) first, to the Trustee, an amount equal to the Series 2020-1 Percentage as of the beginning of such Series 2020-1 Interest Period ending on the day preceding
such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2020-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 2020-1 Percentage as of the beginning of such Series 2020-1 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the
definition thereof) payable by ABRCF for such Series 2020-1 Interest Period, (3) third, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are
owed, an amount equal to the Series 2020-1 Percentage as of the beginning of such Series 2020-1 Interest Period of such Carrying Charges (other than Carrying Charges
provided for above) for such Series 2020-1 Interest Period and (4) fourth, so long as the Series 2020-1 Invested Amount is greater than the Monthly Total Principal
Allocations for the Related Month, an amount equal to the excess of the Series 2020-1 Invested Amount over the Monthly Total Principal Allocations for the Related Month shall be treated as Principal
Collections. 
 (g) Shortfalls. 

(i) If the amounts described in Section 2.3 are insufficient to pay the Class A Monthly Interest on any Distribution
Date, payments of interest to the Class A Noteholders will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency on any Distribution Date, together with the aggregate
unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class A Shortfall”. Interest shall accrue on the Class A Shortfall at the Class A Note
Rate. 
 (ii) If the amounts described in Section 2.3 are insufficient to pay the amounts described in clauses
(i) and (ii) of Section 2.3(a) and the Class B Monthly Interest on any Distribution Date, payments of interest to the Class B Noteholders will be reduced on a pro rata basis by the amount of such deficiency. The
aggregate amount, if any, of such deficiency on any Distribution Date (which deficiency on any Distribution Date shall not exceed the Class B Monthly Interest for the Series 2020-1 Interest Period ended
on the day preceding such Distribution Date), together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class B Shortfall”.
Interest shall accrue on the Class B Shortfall at the Class B Note Rate. 

  
 34 

 (iii) If the amounts described in Section 2.3 are insufficient to pay
the amounts described in clauses (i) through (iv) of Section 2.3(a) and the Class C Monthly Interest on any Distribution Date, payments of interest to the Class C Noteholders will be reduced on a pro rata basis by
the amount of such deficiency. The aggregate amount, if any, of such deficiency on any Distribution Date (which deficiency on any Distribution Date shall not exceed the Class C Monthly Interest for the Series
2020-1 Interest Period ended on the day preceding such Distribution Date), together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to
as the “Class C Shortfall”. Interest shall accrue on the Class C Shortfall at the Class C Note Rate. 

(iv) If the amounts described in Section 2.3 are insufficient to pay the amounts described in clauses (i) through
(vi) of Section 2.3(a) and the Class R Monthly Interest on any Distribution Date, payments of interest to the Class R Noteholders will be reduced on a pro rata basis by the amount of such deficiency. The aggregate
amount, if any, of such deficiency on any Distribution Date (which deficiency on any Distribution Date shall not exceed the Class R Monthly Interest for the Series 2020-1 Interest Period ended on the day
preceding such Distribution Date), together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class R Shortfall”. Interest shall
accrue on the Class R Shortfall at the Class R Note Rate. 
 Section 2.4. Payment of Note Interest. (a) On each
Distribution Date, subject to Section 9.8 of the Base Indenture, the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay the following amounts in the following order of priority from amounts deposited into the
Series 2020-1 Distribution Account pursuant to Section 2.3: 
 (i) first,
to the Class A Noteholders, the amounts due to the Class A Noteholders described in Sections 2.3(a)(i) and (ii); 

(ii) second, to the Class B Noteholders, the amounts due to the Class B Noteholders described in Sections
2.3(a)(iii) and (iv); 
 (iii) third, to the Class C Noteholders, the amounts due to the Class C Noteholders
described in Sections 2.3(a)(v) and (vi); and 
 (iv) fourth, to the Class R Noteholders, the amounts due to the
Class R Noteholders described in Sections 2.3(a)(vii) and (viii). 
 Section 2.5. Payment of Note Principal. 

(a) Monthly Payments During Controlled Amortization Period or Rapid Amortization Period. On each Determination Date, commencing on the
second Determination Date during the Series 2020-1 Controlled Amortization Period or the first Determination Date after the commencement of the Series 2020-1 Rapid
Amortization Period, the Administrator shall 

  
 35 

 
instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement and in accordance with this Section 2.5 as to (1) the amount allocated to the Series 2020-1 Notes during the Related Month pursuant to Section 2.2(b)(ii), (c)(ii) or (d)(ii), as the case may be, (2) any amounts to be drawn on the Series 2020-1 Demand
Notes and/or on the Series 2020-1 Letters of Credit (or withdrawn from the Series 2020-1 Cash Collateral Account) pursuant to this Section 2.5 and (3) any
amounts to be withdrawn from the Series 2020-1 Reserve Account pursuant to this Section 2.5 and deposited into the Series 2020-1 Distribution Account. On the
Distribution Date following each such Determination Date, the Trustee shall withdraw the amount allocated to the Series 2020-1 Notes during the Related Month pursuant to Section 2.2(b)(ii), (c)(ii) or
(d)(ii), as the case may be, from the Series 2020-1 Collection Account and deposit such amount in the Series 2020-1 Distribution Account, to be paid to the holders of
the Series 2020-1 Notes. 
 (b) Principal Draws on Series
2020-1 Letters of Credit. If the Administrator determines on the Business Day immediately preceding any Distribution Date during the Series 2020-1 Rapid Amortization
Period that on such Distribution Date there will exist a Series 2020-1 Lease Principal Payment Deficit, the Administrator shall instruct the Trustee in writing to draw on the Series 2020-1 Letters of Credit, if any, as provided below. Upon receipt of a notice by the Trustee from the Administrator in respect of a Series 2020-1 Lease Principal Payment
Deficit on or prior to 3:00 p.m. (New York City time) on the Business Day immediately preceding a Distribution Date, the Trustee shall, by 5:00 p.m. (New York City time) on such Business Day draw an amount as set forth in such notice equal to the
least of (i) such Series 2020-1 Lease Principal Payment Deficit, (ii) the Principal Deficit Amount for such Distribution Date and (iii) the Series 2020-1
Letter of Credit Liquidity Amount on the Series 2020-1 Letters of Credit by presenting to each Series 2020-1 Letter of Credit Provider a draft accompanied by a
Certificate of Lease Deficit Demand and shall cause the Lease Deficit Disbursements to be deposited in the Series 2020-1 Distribution Account on such date; provided, however, that if the Series 2020-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2020-1 Cash Collateral Account and deposit in the Series 2020-1 Distribution Account an amount equal to the lesser of (x) the Series 2020-1 Cash Collateral Percentage for such date of the lesser of the Series 2020-1 Lease Principal Payment Deficit and the Principal Deficit Amount for such Distribution Date and (y) the Series 2020-1 Available Cash Collateral Account Amount on
such date and draw an amount equal to the remainder of such amount on the Series 2020-1 Letters of Credit. Notwithstanding any of the preceding to the contrary, during the period after the date of the filing
by any of the Lessees of a petition for relief under Chapter 11 of the Bankruptcy Code until the date on which each of the Lessees shall have resumed making all payments of the portion of Monthly Base Rent relating to Loan Interest required to be
made under the AESOP I Operating Lease, the Administrator shall only instruct the Trustee to draw on the Series 2020-1 Letters of Credit (or withdraw from the Series
2020-1 Cash Collateral Account, if applicable) pursuant to this Section 2.5(b), and the Trustee shall only draw (or withdraw), an amount equal to the lesser of (i) the amount determined as provided
in the preceding sentence and (ii) the excess, if any, of (x) the Series 2020-1 Liquidity Amount on such date over (y) the Series 2020-1 Required
Liquidity Amount on such date. 

  
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 (c) Final Distribution Date. Each of the entire Class A Invested Amount, the
entire Class B Invested Amount, the entire Class C Invested Amount and the entire Class R Invested Amount shall be due and payable on the Series 2020-1 Final Distribution Date. In connection
therewith: 
 (i) Demand Note Draw. If the amount to be deposited in the Series
2020-1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series
2020-1 Final Distribution Date is less than the Series 2020-1 Senior Invested Amount and there are any Series 2020-1 Letters of
Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 2020-1 Final Distribution Date, the Administrator shall instruct the Trustee in writing to
make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit H on the Demand Note Issuers for payment under the Series 2020-1 Demand Notes in an amount equal
to the lesser of (i) such insufficiency and (ii) the Series 2020-1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such
Series 2020-1 Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause
(a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to
such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 2020-1 Demand Notes to be deposited into the Series 2020-1 Distribution
Account. 
 (ii) Letter of Credit Draw. In the event that either (x) on or prior to 10:00 a.m. (New York City
time) on the Business Day immediately preceding the Series 2020-1 Final Distribution Date a Demand Notice has been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this
Section 2.5(c) and any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 2020-1 Distribution Account the amount specified in such Demand Notice in whole or in part or
(y) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to one or more of the
Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second Business Day preceding the Series 2020-1 Final Distribution Date, then, in the case of
(x) or (y) the Trustee shall draw on the Series 2020-1 Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the amount that the Demand Note
Issuers so failed to pay under the Series 2020-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (b) the Series 2020-1
Letter of Credit Amount on such Business Day by presenting to each Series 2020-1 Letter of Credit Provider a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however,
that if the Series 2020-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2020-1 Cash Collateral Account and deposit
in the Series 2020-1 Distribution Account an amount equal to the lesser of (x) the Series 2020-1 Cash Collateral Percentage on such Business Day of the amount that
the Demand Note Issuers so failed to pay under the Series 2020-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (y) the Series
2020-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the amount that the Demand Note Issuers failed to pay under the Series 2020-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2020-1 Letters of Credit. The Trustee shall deposit, or cause the
deposit of, the proceeds of any draw on the Series 2020-1 Letters of Credit and the proceeds of any withdrawal from the Series 2020-1 Cash Collateral Account to be
deposited in the Series 2020-1 Distribution Account. 

  
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 (iii) Reserve Account Withdrawal. If, after giving effect to the
deposit into the Series 2020-1 Distribution Account of the amount to be deposited in accordance with Section 2.5(a) and the amounts described in clauses (i) and (ii) of this Section 2.5(c), the
amount to be deposited in the Series 2020-1 Distribution Account with respect to the Series 2020-1 Final Distribution Date is or will be less than the Series 2020-1 Senior Invested Amount, then, prior to 12:00 noon (New York City time) on the second Business Day prior to such Series 2020-1 Final Distribution Date, the Administrator
shall instruct the Trustee in writing to withdraw from the Series 2020-1 Reserve Account, an amount equal to the lesser of the Series 2020-1 Available Reserve Account
Amount and such remaining insufficiency and deposit it in the Series 2020-1 Distribution Account on such Series 2020-1 Final Distribution Date. 

(d) Principal Deficit Amount. On each Distribution Date, other than the Series 2020-1 Final
Distribution Date, on which the Principal Deficit Amount is greater than zero, amounts shall be transferred to the Series 2020-1 Distribution Account as follows: 

(i) Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount with
respect to the next succeeding Distribution Date will be greater than zero and there are any Series 2020-1 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day
prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and
(B) the Series 2020-1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the
Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with
respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 2020-1 Demand Note to be deposited into the Series 2020-1 Distribution Account. 

(ii) Letter of Credit Draw. In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the
Business Day prior to such Distribution Date, any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 2020-1 Distribution Account the amount specified in such Demand Notice in
whole or in part or (y) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to
any Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (y) the Trustee shall on such Business Day draw
on the Series 2020-1 Letters of Credit an amount equal to the lesser of (i) Series 2020-1 Letter of Credit Amount and (ii) the aggregate amount that the Demand

  
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Note Issuers failed to pay under the Series 2020-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) by presenting to
each Series 2020-1 Letter of Credit Provider a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Series
2020-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2020-1 Cash Collateral Account and deposit in the Series 2020-1 Distribution Account an amount equal to the lesser of (x) the Series 2020-1 Cash Collateral Percentage on such Business Day of the aggregate amount that the Demand
Note Issuers so failed to pay under the Series 2020-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (y) the Series
2020-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the aggregate amount that the Demand Note Issuers failed to pay under the Series 2020-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2020-1 Letters of Credit. The Trustee shall deposit into, or cause
the deposit of, the proceeds of any draw on the Series 2020-1 Letters of Credit and the proceeds of any withdrawal from the Series 2020-1 Cash Collateral Account to be
deposited in the Series 2020-1 Distribution Account. 
 (iii) Reserve Account
Withdrawal. If the Series 2020-1 Letter of Credit Amount will be less than the Principal Deficit Amount on any Distribution Date, then, prior to 12:00 noon (New York City time) on the second Business Day
prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series 2020-1 Reserve Account, an amount equal to the lesser of (x) the Series 2020-1 Available Reserve Account Amount and (y) the amount by which the Principal Deficit Amount exceeds the amounts to be deposited in the Series 2020-1 Distribution
Account in accordance with clauses (i) and (ii) of this Section 2.5(d) and deposit it in the Series 2020-1 Distribution Account on such Distribution Date. 

(e) Distributions. 

(i) Class A Notes. On each Distribution Date occurring on or after the date a withdrawal is made from the Series 2020-1 Collection Account pursuant to Section 2.5(a) or amounts are deposited in the Series 2020-1 Distribution Account pursuant to Section 2.5(b), (c) or
(d) the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay pro rata to each Class A Noteholder from the Series 2020-1 Distribution Account the amount
deposited therein pursuant to Section 2.5(a), (b), (c) or (d), to the extent necessary to pay the Class A Controlled Distribution Amount during the Series 2020-1 Controlled Amortization Period or to
the extent necessary to pay the Class A Invested Amount during the Series 2020-1 Rapid Amortization Period. 

(ii) Class B Notes. On each Distribution Date occurring on or after the date a withdrawal is made from the Series 2020-1 Collection Account pursuant to Section 2.5(a) or amounts are deposited in the Series 2020-1 Distribution Account pursuant to Section 2.5(b), (c) or
(d) the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay pro rata to each Class B Noteholder from the Series 2020-1 Distribution Account the amount
deposited therein pursuant to Section 2.5(a), (b), (c) or (d) less the aggregate amount applied to make the payments required pursuant to Section 2.5(e)(i), to the extent necessary to pay the Class B Controlled Distribution
Amount during the Series 2020-1 Controlled Amortization Period or to the extent necessary to pay the Class B Invested Amount during the Series 2020-1 Rapid
Amortization Period. 

  
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 (iii) Class C Notes. On each Distribution Date occurring on or after
the date a withdrawal is made from the Series 2020-1 Collection Account pursuant to Section 2.5(a) or amounts are deposited in the Series 2020-1 Distribution
Account pursuant to Section 2.5(b), (c) or (d) the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay pro rata to each Class C Noteholder from the Series
2020-1 Distribution Account the amount deposited therein pursuant to Section 2.5(a), (b), (c) or (d) less the aggregate amount applied to make the payments required pursuant to Section 2.5(e)(i)
and Section 2.5(e)(ii), to the extent necessary to pay the Class C Controlled Distribution Amount during the Series 2020-1 Controlled Amortization Period or to the extent necessary to pay the
Class C Invested Amount during the Series 2020-1 Rapid Amortization Period. 

(iv) Class R Notes. On each Distribution Date occurring on or after the date a withdrawal is made from the Series 2020-1 Collection Account pursuant to Section 2.5(a) the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay pro rata to each Class R Noteholder from the Series
2020-1 Distribution Account the amount deposited therein pursuant to Section 2.5(a) less the aggregate amount applied to make the payments required pursuant to Section 2.5(e)(i),
Section 2.5(e)(ii) and Section 2.5(e)(iii), to the extent necessary to pay the Class R Controlled Amortization Amount during the Series 2020-1 Controlled Amortization Period or to the extent
necessary to pay the Class R Invested Amount during the Series 2020-1 Rapid Amortization Period. 

Section 2.6. Administrator’s Failure to Instruct the Trustee to Make a Deposit or Payment. 

(a) If the Administrator fails to give notice or instructions to make any payment from or deposit into the Collection Account required to be
given by the Administrator, at the time specified in the Administration Agreement or any other Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account without such
notice or instruction from the Administrator; provided, however, that the Administrator, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any
payment or deposit hereunder or under any other Related Document is required to be made by the Trustee or the Paying Agent at or prior to a specified time, the Administrator shall deliver any applicable written instructions with respect thereto
reasonably in advance of such specified time. 
 Section 2.7. Series 2020-1 Reserve
Account. 
 (a) Establishment of Series 2020-1 Reserve Account. ABRCF shall establish and
maintain in the name of the Series 2020-1 Agent for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, or cause to be established and maintained, an
account (the “Series 2020-1 Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Class A Noteholders, the
Class B Noteholders and the Class C Noteholders. The Series 2020-1 Reserve Account shall be maintained 

  
 40 

 
(i) with a Qualified Institution, or (ii) as a segregated trust account with the corporate trust department of a depository institution or trust company having corporate trust powers and
acting as trustee for funds deposited in the Series 2020-1 Reserve Account; provided, however, that, if at any time such Qualified Institution is no longer a Qualified Institution or the credit rating of any
securities issued by such depositary institution or trust company shall be reduced to below “BBB (low)” by DBRS, “Baa3” by Moody’s or “BBB-” by Fitch, then ABRCF shall,
within thirty (30) days of such reduction, establish a new Series 2020-1 Reserve Account with a new Qualified Institution. If the Series 2020-1 Reserve Account is
not maintained in accordance with the previous sentence, ABRCF shall establish a new Series 2020-1 Reserve Account, within ten (10) Business Days after obtaining knowledge of such fact, which complies
with such sentence, and shall instruct the Series 2020-1 Agent in writing to transfer all cash and investments from the non-qualifying Series 2020-1 Reserve Account into the new Series 2020-1 Reserve Account. Initially, the Series 2020-1 Reserve Account will be established
with The Bank of New York Mellon Trust Company, N.A. 
 (b) Administration of the Series 2020-1
Reserve Account. The Administrator may instruct the institution maintaining the Series 2020-1 Reserve Account to invest funds on deposit in the Series 2020-1 Reserve
Account from time to time in Permitted Investments; provided, however, that any such investment shall mature not later than the Business Day prior to the Distribution Date following the date on which such funds were received, unless
any Permitted Investment held in the Series 2020-1 Reserve Account is held with the Paying Agent, then such investment may mature on such Distribution Date and such funds shall be available for withdrawal on
or prior to such Distribution Date; provided further, that in the case of Permitted Investments held in the Series 2020-1 Reserve Account and so long as any Series
2020-1 Note is rated by Fitch (x) any Permitted Investment set forth in clauses (ii), (iii), (vi) and (vii) of the definition thereof will have a rating of
“AA-” or “F1+” by Fitch and (y) any Permitted Investment set forth in clause (v) of the definition thereof will either have a rating of “AAAmmf” by Fitch or, if such
fund is not rated by Fitch, the then highest rating from two nationally recognized investment rating agencies (other than Fitch). All such Permitted Investments will be credited to the Series 2020-1 Reserve
Account and any such Permitted Investments that constitute (i) physical property (and that is not either a United States security entitlement or a security entitlement) shall be physically delivered to the Trustee; (ii) United States
security entitlements or security entitlements shall be controlled (as defined in Section 8-106 of the New York UCC) by the Trustee pending maturity or disposition, and (iii) uncertificated
securities (and not United States security entitlements) shall be delivered to the Trustee by causing the Trustee to become the registered holder of such securities. The Trustee shall, at the expense of ABRCF, take such action as is required to
maintain the Trustee’s security interest in the Permitted Investments credited to the Series 2020-1 Reserve Account. ABRCF shall not direct the Trustee to dispose of (or permit the disposal of) any
Permitted Investment prior to the maturity thereof to the extent such disposal would result in a loss of the purchase price of such Permitted Investment. In the absence of written investment instructions hereunder, funds on deposit in the Series 2020-1 Reserve Account shall remain uninvested. 
 (c) Earnings from Series 2020-1 Reserve Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2020-1 Reserve Account shall be deemed to be on deposit therein and available for
distribution. 

  
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 (d) Series 2020-1 Reserve Account Constitutes
Additional Collateral for Series 2020-1 Senior Notes. In order to secure and provide for the repayment and payment of the ABRCF Obligations with respect to the Series
2020-1 Senior Notes, ABRCF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Class A Noteholders, the Class B
Noteholders and the Class C Noteholders, all of ABRCF’s right, title and interest in and to the following (whether now or hereafter existing or acquired): (i) the Series 2020-1 Reserve Account,
including any security entitlement thereto; (ii) all funds on deposit therein from time to time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series
2020-1 Reserve Account or the funds on deposit therein from time to time; (iv) all investments made at any time and from time to time with monies in the Series
2020-1 Reserve Account, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property; (v) all interest, dividends, cash, instruments and other
property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2020-1 Reserve Account, the funds on deposit therein from time to time or the investments
made with such funds; and (vi) all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (vi) are referred to, collectively, as the “Series 2020-1 Reserve Account Collateral”). The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Series 2020-1
Reserve Account and in all proceeds thereof, and shall be the only person authorized to originate entitlement orders in respect of the Series 2020-1 Reserve Account. The Series
2020-1 Reserve Account Collateral shall be under the sole dominion and control of the Trustee for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders. The
Series 2020-1 Agent hereby agrees (i) to act as the securities intermediary (as defined in Section 8-102(a)(14) of the New York UCC) with respect to the
Series 2020-1 Reserve Account; (ii) that its jurisdiction as securities intermediary is New York; (iii) that each item of property (whether investment property, financial asset, security,
instrument or cash) credited to the Series 2020-1 Reserve Account shall be treated as a financial asset (as defined in Section 8-102(a)(9) of the New York UCC)
and (iv) to comply with any entitlement order (as defined in Section 8-102(a)(8) of the New York UCC) issued by the Trustee. 

(e) Series 2020-1 Reserve Account Surplus. In the event that the Series 2020-1 Reserve Account Surplus on any Distribution Date, after giving effect to all withdrawals from the Series 2020-1 Reserve Account, is greater than zero, if no Series 2020-1 Enhancement Deficiency or AESOP I Operating Lease Vehicle Deficiency would result therefrom or exist thereafter, the Trustee, acting in accordance with the written instructions of the Administrator pursuant
to the Administration Agreement, shall withdraw from the Series 2020-1 Reserve Account an amount equal to the Series 2020-1 Reserve Account Surplus and shall pay such
amount to ABRCF. 
 (f) Termination of Series 2020-1 Reserve Account. Upon the termination of
the Indenture pursuant to Section 11.1 of the Base Indenture, the Trustee, acting in accordance with the written instructions of the Administrator, after the prior payment of all amounts owing to the Series
2020-1 Noteholders and payable from the Series 2020-1 Reserve Account as provided herein, shall withdraw from the Series 2020-1
Reserve Account all amounts on deposit therein for payment to ABRCF. 

  
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 Section 2.8. Series 2020-1 Letters of Credit
and Series 2020-1 Cash Collateral Account. 
 (a) Series
2020-1 Letters of Credit and Series 2020-1 Cash Collateral Account Constitute Additional Collateral for Series 2020-1 Senior
Notes. In order to secure and provide for the repayment and payment of the ABRCF Obligations with respect to the Series 2020-1 Senior Notes, ABRCF hereby grants a security interest in and assigns, pledges,
grants, transfers and sets over to the Trustee, for the benefit of the holders of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, all of ABRCF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired): (i) each Series 2020-1 Letter of Credit; (ii) the Series 2020-1 Cash Collateral Account, including any
security entitlement thereto; (iii) all funds on deposit in the Series 2020-1 Cash Collateral Account from time to time; (iv) all certificates and instruments, if any, representing or evidencing any
or all of the Series 2020-1 Cash Collateral Account or the funds on deposit therein from time to time; (v) all investments made at any time and from time to time with monies in the Series 2020-1 Cash Collateral Account, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property; (vi) all interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2020-1 Cash Collateral Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vii) all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (ii) through (vii) are referred to, collectively, as the “Series
2020-1 Cash Collateral Account Collateral”). The Trustee shall, for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, possess all right, title
and interest in all funds on deposit from time to time in the Series 2020-1 Cash Collateral Account and in all proceeds thereof, and shall be the only person authorized to originate entitlement orders in
respect of the Series 2020-1 Cash Collateral Account. The Series 2020-1 Cash Collateral Account shall be under the sole dominion and control of the Trustee for the
benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders. The Series 2020-1 Agent hereby agrees (i) to act as the securities intermediary (as defined in Section 8-102(a)(14) of the New York UCC) with respect to the Series 2020-1 Cash Collateral Account; (ii) that its jurisdiction as a securities intermediary is
New York, (iii) that each item of property (whether investment property, financial asset, security, instrument or cash) credited to the Series 2020-1 Cash Collateral Account shall be treated as a
financial asset (as defined in Section 8-102(a)(9) of the New York UCC) and (iv) to comply with any entitlement order (as defined in
Section 8-102(a)(8) of the New York UCC) issued by the Trustee. 
 (b) Series 2020-1 Letter of Credit Expiration Date. If prior to the date which is ten (10) days prior to the then-scheduled Series 2020-1
Letter of Credit Expiration Date with respect to any Series 2020-1 Letter of Credit, excluding the amount available to be drawn under such Series 2020-1 Letter of Credit
but taking into account each substitute Series 2020-1 Letter of Credit which has been obtained from a Series 2020-1 Eligible Letter of Credit Provider and is in full
force and effect on such date, the Series 2020-1 Enhancement Amount would be equal to or more than the Series 2020-1 Required Enhancement Amount and the Series 2020-1 Liquidity Amount would be equal to or greater than the Series 2020-1 Required Liquidity Amount, then the Administrator shall notify the Trustee in writing no later than
two (2) Business Days prior to such Series 2020-1 Letter of Credit Expiration Date of such determination. If prior to the date which is ten (10) days prior to the
then-scheduled Series 2020-1 Letter of Credit Expiration Date with 

  
 43 

 
respect to any Series 2020-1 Letter of Credit, excluding the amount available to be drawn under such Series 2020-1
Letter of Credit but taking into account a substitute Series 2020-1 Letter of Credit which has been obtained from a Series 2020-1 Eligible Letter of Credit Provider and
is in full force and effect on such date, the Series 2020-1 Enhancement Amount would be less than the Series 2020-1 Required Enhancement Amount or the Series 2020-1 Liquidity Amount would be less than the Series 2020-1 Required Liquidity Amount, then the Administrator shall notify the Trustee in writing no later than two
(2) Business Days prior to such Series 2020-1 Letter of Credit Expiration Date of (x) the greater of (A) the excess, if any, of the Series 2020-1 Required
Enhancement Amount over the Series 2020-1 Enhancement Amount, excluding the available amount under such expiring Series 2020-1 Letter of Credit but taking into account
any substitute Series 2020-1 Letter of Credit which has been obtained from a Series 2020-1 Eligible Letter of Credit Provider and is in full force and effect, on such
date, and (B) the excess, if any, of the Series 2020-1 Required Liquidity Amount over the Series 2020-1 Liquidity Amount, excluding the available amount under such
expiring Series 2020-1 Letter of Credit but taking into account any substitute Series 2020-1 Letter of Credit which has been obtained from a Series 2020-1 Eligible Letter of Credit Provider and is in full force and effect, on such date, and (y) the amount available to be drawn on such expiring Series 2020-1 Letter of
Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:00 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day (or, in the case of any notice given to
the Trustee after 10:00 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (x) and (y) above on such expiring Series 2020-1 Letter of Credit by presenting a draft accompanied by a Certificate of Termination Demand and shall cause the Termination Disbursement to be deposited in the Series
2020-1 Cash Collateral Account. 
 If the Trustee does not receive the notice from the Administrator
described in the first paragraph of this Section 2.8(b) on or prior to the date that is two (2) Business Days prior to each Series 2020-1 Letter of Credit Expiration Date, the Trustee shall, by 12:00
noon (New York City time) on such Business Day draw the full amount of such Series 2020-1 Letter of Credit by presenting a draft accompanied by a Certificate of Termination Demand and shall cause the
Termination Disbursement to be deposited in the Series 2020-1 Cash Collateral Account. 
 (c)
Series 2020-1 Letter of Credit Providers. The Administrator shall notify the Trustee in writing within one (1) Business Day of becoming aware that (i) the
long-term senior unsecured debt credit rating of any Series 2020-1 Letter of Credit Provider has fallen below “A (high)” as determined by DBRS or
“A1” as determined by Moody’s or “A+” as determined by Fitch or (ii) the short-term senior unsecured debt credit rating of any Series
2020-1 Letter of Credit Provider has fallen below “R-1” as determined by DBRS or “P-1” as determined by
Moody’s or “F1” as determined by Fitch. At such time the Administrator shall also notify the Trustee of (i) the greater of (A) the excess, if any, of the Series 2020-1 Required
Enhancement Amount over the Series 2020-1 Enhancement Amount, excluding the available amount under the Series 2020-1 Letter of Credit issued by such Series 2020-1 Letter of Credit Provider, on such date, and (B) the excess, if any, of the Series 2020-1 Required Liquidity Amount over the Series
2020-1 Liquidity Amount, excluding the available amount under such Series 2020-1 Letter of Credit, on such date, and (ii) the amount available to be drawn on such
Series 2020-1 Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:00 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 noon (New York City time)
on such Business Day (or, 

  
 44 

 
in the case of any notice given to the Trustee after 10:00 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw on such Series 2020-1 Letter of Credit in an amount equal to the lesser of the amounts in clause (i) and clause (ii) of the immediately preceding sentence on such Business Day by presenting a draft accompanied by a
Certificate of Termination Demand and shall cause the Termination Disbursement to be deposited in the Series 2020-1 Cash Collateral Account. 

(d) Termination Date Demands on the Series 2020-1 Letters of Credit. Prior to 10:00 a.m. (New
York City time) on the Business Day immediately succeeding the Series 2020-1 Letter of Credit Termination Date, the Administrator shall determine the Series 2020-1
Demand Note Payment Amount, if any, as of the Series 2020-1 Letter of Credit Termination Date and, if the Series 2020-1 Demand Note Payment Amount is greater than zero,
instruct the Trustee in writing to draw on the Series 2020-1 Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee
shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the Series 2020-1 Demand Note Payment Amount and (ii) the Series 2020-1 Letter of Credit Liquidity Amount on the Series 2020-1 Letters of Credit by presenting to each Series 2020-1 Letter of Credit
Provider a draft accompanied by a Certificate of Termination Date Demand and shall cause the Termination Date Disbursement to be deposited in the Series 2020-1 Cash Collateral Account; provided,
however, that if the Series 2020-1 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 2020-1 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) and (ii) on such Business Day on the Series 2020-1 Letters of Credit as
calculated by the Administrator and provided in writing to the Trustee. 
 (e) Draws on the Series
2020-1 Letters of Credit. If there is more than one Series 2020-1 Letter of Credit on the date of any draw on the Series
2020-1 Letters of Credit pursuant to the terms of this Supplement, the Administrator shall instruct the Trustee, in writing, to draw on each Series 2020-1 Letter of
Credit in an amount equal to the Pro Rata Share of the Series 2020-1 Letter of Credit Provider issuing such Series 2020-1 Letter of Credit of the amount of such draw on
the Series 2020-1 Letters of Credit. 
 (f) Establishment of Series 2020-1 Cash Collateral Account. On or prior to the date of any drawing under a Series 2020-1 Letter of Credit pursuant to Section 2.8(b), (c) or (d) above, ABRCF
shall establish and maintain in the name of the Trustee for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, or cause to be established and maintained, an account (the “Series 2020-1 Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Class A Noteholders, the Class B Noteholders and the
Class C Noteholders. The Series 2020-1 Cash Collateral Account shall be maintained (i) with a Qualified Institution, or (ii) as a segregated trust account with the corporate trust department of
a depository institution or trust company having corporate trust powers and acting as trustee for funds deposited in the Series 2020-1 Cash Collateral Account; provided, however, that if at any
time such Qualified Institution is no longer a Qualified Institution or the credit rating of any securities issued by such depository institution or trust company shall be reduced to below “BBB (low)” by DBRS, “Baa3” by
Moody’s or “BBB-” by Fitch, then ABRCF shall, within thirty (30) days of such reduction, establish a new Series 2020-1 Cash Collateral Account with a
new Qualified Institution or a new segregated trust account with 

  
 45 

 
the corporate trust department of a depository institution or trust company having corporate trust powers and acting as trustee for funds deposited in the Series
2020-1 Cash Collateral Account. If a new Series 2020-1 Cash Collateral Account is established, ABRCF shall instruct the Trustee in writing to transfer all cash and
investments from the non-qualifying Series 2020-1 Cash Collateral Account into the new Series 2020-1 Cash Collateral Account.

 (g) Administration of the Series 2020-1 Cash Collateral Account. ABRCF may instruct (by
standing instructions or otherwise) the institution maintaining the Series 2020-1 Cash Collateral Account to invest funds on deposit in the Series 2020-1 Cash Collateral
Account from time to time in Permitted Investments; provided, however, that any such investment shall mature not later than the Business Day prior to the Distribution Date following the date on which such funds were received, unless
any Permitted Investment held in the Series 2020-1 Cash Collateral Account is held with the Paying Agent, in which case such investment may mature on such Distribution Date so long as such funds shall be
available for withdrawal on or prior to such Distribution Date; provided further, that in the case of Permitted Investments held in the Series 2020-1 Cash Collateral Account and so long as any
Series 2020-1 Note is rated by Fitch (x) any Permitted Investment set forth in clauses (ii), (iii), (vi) and (vii) of the definition thereof will have a rating of
“AA-” or “F1+” by Fitch and (y) any Permitted Investment set forth in clause (v) of the definition thereof will either have a rating of “AAAmmf” by Fitch or, if such
fund is not rated by Fitch, the then highest rating from two nationally recognized investment rating agencies (other than Fitch). All such Permitted Investments will be credited to the Series 2020-1 Cash
Collateral Account and any such Permitted Investments that constitute (i) physical property (and that is not either a United States security entitlement or a security entitlement) shall be physically delivered to the Trustee; (ii) United
States security entitlements or security entitlements shall be controlled (as defined in Section 8-106 of the New York UCC) by the Trustee pending maturity or disposition, and (iii) uncertificated
securities (and not United States security entitlements) shall be delivered to the Trustee by causing the Trustee to become the registered holder of such securities. The Trustee shall, at the expense of ABRCF, take such action as is required to
maintain the Trustee’s security interest in the Permitted Investments credited to the Series 2020-1 Cash Collateral Account. ABRCF shall not direct the Trustee to dispose of (or permit the disposal of)
any Permitted Investment prior to the maturity thereof to the extent such disposal would result in a loss of the purchase price of such Permitted Investment. In the absence of written investment instructions hereunder, funds on deposit in the Series
2020-1 Cash Collateral Account shall remain uninvested. 
 (h) Earnings from Series 2020-1 Cash Collateral Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2020-1 Cash Collateral Account
shall be deemed to be on deposit therein and available for distribution. 
 (i) Series 2020-1
Cash Collateral Account Surplus. In the event that the Series 2020-1 Cash Collateral Account Surplus on any Distribution Date (or, after the Series 2020-1 Letter of
Credit Termination Date, on any date) is greater than zero, the Trustee, acting in accordance with the written instructions of the Administrator, shall withdraw from the Series 2020-1 Cash Collateral Account
an amount equal to the Series 2020-1 Cash Collateral Account Surplus and shall pay such amount: first, to the Series 2020-1 Letter of Credit Providers to the
extent of any unreimbursed drawings under the related Series 2020-1 Reimbursement Agreement, for application in accordance with the provisions of the related Series
2020-1 Reimbursement Agreement, and, second, to ABRCF any remaining amount. 

  
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 (j) Termination of Series 2020-1 Cash Collateral
Account. Upon the termination of this Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of the Administrator, after the prior payment of all amounts owing to the Series 2020-1 Noteholders and payable from the Series 2020-1 Cash Collateral Account as provided herein, shall withdraw from the Series 2020-1
Cash Collateral Account all amounts on deposit therein (to the extent not withdrawn pursuant to Section 2.8(i) above) and shall pay such amounts: first, to the Series 2020-1 Letter of Credit
Providers to the extent of any unreimbursed drawings under the related Series 2020-1 Reimbursement Agreement, for application in accordance with the provisions of the related Series 2020-1 Reimbursement Agreement, and, second, to ABRCF any remaining amount. 
 Section 2.9.
Series 2020-1 Distribution Account. 
 (a) Establishment of Series 2020-1 Distribution Account. ABRCF shall establish and maintain in the name of the Trustee for the benefit of the Series 2020-1 Noteholders, or cause to be established and
maintained, an account (the “Series 2020-1 Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2020-1 Noteholders. The Series 2020-1 Distribution Account shall be maintained (i) with a Qualified Institution, or (ii) as a segregated trust account with the
corporate trust department of a depository institution or trust company having corporate trust powers and acting as trustee for funds deposited in the Series 2020-1 Distribution Account; provided, however,
that if at any time such Qualified Institution is no longer a Qualified Institution or the credit rating of any securities issued by such depositary institution or trust company shall be reduced to below “BBB (low)” by DBRS or
“Baa3” by Moody’s, then ABRCF shall, within thirty (30) days of such reduction, establish a new Series 2020-1 Distribution Account with a new Qualified Institution. If the Series 2020-1 Distribution Account is not maintained in accordance with the previous sentence, ABRCF shall establish a new Series 2020-1 Distribution Account, within ten
(10) Business Days after obtaining knowledge of such fact, which complies with such sentence, and shall instruct the Series 2020-1 Agent in writing to transfer all cash and investments from the non-qualifying Series 2020-1 Distribution Account into the new Series 2020-1 Distribution Account. Initially, the Series 2020-1 Distribution Account will be established with The Bank of New York Mellon Trust Company, N.A. 

(b) Administration of the Series 2020-1 Distribution Account. The Administrator may instruct
the institution maintaining the Series 2020-1 Distribution Account to invest funds on deposit in the Series 2020-1 Distribution Account from time to time in Permitted
Investments; provided, however, that any such investment shall mature not later than the Business Day prior to the Distribution Date following the date on which such funds were received, unless any Permitted Investment held in the
Series 2020-1 Distribution Account is held with the Paying Agent, then such investment may mature on such Distribution Date and such funds shall be available for withdrawal on or prior to such Distribution
Date. All such Permitted Investments will be credited to the Series 2020-1 Distribution Account and any such Permitted Investments that constitute (i) physical property (and that is not either a United
States security entitlement or a security entitlement) shall be physically delivered to the Trustee; (ii) United States security entitlements or security entitlements shall be controlled (as defined in
Section 8-106 of the New York UCC) by the Trustee pending maturity or disposition, and (iii) uncertificated securities (and not United States security entitlements) shall be delivered to the
Trustee by causing the 

  
 47 

 
Trustee to become the registered holder of such securities. The Trustee shall, at the expense of ABRCF, take such action as is required to maintain the Trustee’s security interest in the
Permitted Investments credited to the Series 2020-1 Distribution Account. ABRCF shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investment prior to the maturity thereof to
the extent such disposal would result in a loss of the purchase price of such Permitted Investment. In the absence of written investment instructions hereunder, funds on deposit in the Series 2020-1
Distribution Account shall remain uninvested. 
 (c) Earnings from Series 2020-1 Distribution
Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2020-1 Distribution Account shall be deemed to be on deposit and available for distribution. 

(d) Series 2020-1 Distribution Account Constitutes Additional Collateral for Series 2020-1 Notes. In order to secure and provide for the repayment and payment of the ABRCF Obligations with respect to the Series 2020-1 Notes, ABRCF hereby grants a security
interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2020-1 Noteholders, all of ABRCF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired): (i) the Series 2020-1 Distribution Account, including any security entitlement thereto; (ii) all funds on deposit therein from time to time; (iii) all
certificates and instruments, if any, representing or evidencing any or all of the Series 2020-1 Distribution Account or the funds on deposit therein from time to time; (iv) all investments made at any
time and from time to time with monies in the Series 2020-1 Distribution Account, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property;
(v) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2020-1 Distribution Account,
the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (vi) are
referred to, collectively, as the “Series 2020-1 Distribution Account Collateral”). The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the
Series 2020-1 Distribution Account and in and to all proceeds thereof, and shall be the only person authorized to originate entitlement orders in respect of the Series
2020-1 Distribution Account. The Series 2020-1 Distribution Account Collateral shall be under the sole dominion and control of the Trustee for the benefit of the Series 2020-1 Noteholders. The Series 2020-1 Agent hereby agrees (i) to act as the securities intermediary (as defined in
Section 8-102(a)(14) of the New York UCC) with respect to the Series 2020-1 Distribution Account; (ii) that its jurisdiction as securities intermediary is
New York, (iii) that each item of property (whether investment property, financial asset, security, instrument or cash) credited to the Series 2020-1 Distribution Account shall be treated as a financial
asset (as defined in Section 8-102(a)(9) of the New York UCC) and (iv) to comply with any entitlement order (as defined in Section 8-102(a)(8) of the
New York UCC) issued by the Trustee. 
 Section 2.10. Series 2020-1 Accounts Permitted
Investments. ABRCF shall not, and shall not permit, funds on deposit in the Series 2020-1 Accounts to be invested in: 

(i) Permitted Investments that do not mature at least one (1) Business Day before the next Distribution Date; 

  
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 (ii) demand deposits, time deposits or certificates of deposit with a
maturity in excess of 360 days; 
 (iii) commercial paper which is not rated
“P-1” by Moody’s; 
 (iv) money market funds or eurodollar time
deposits which are not rated at least “P-1” by Moody’s; 
 (v)
eurodollar deposits that are not rated “P-1” by Moody’s or that are with financial institutions not organized under the laws of a G-7 nation; or 

(vi) any investment, instrument or security not otherwise listed in clause (i) through (vi) of the definition of
“Permitted Investments” in the Base Indenture. 
 Section 2.11. Series 2020-1
Demand Notes Constitute Additional Collateral for Series 2020-1 Senior Notes. In order to secure and provide for the repayment and payment of the ABRCF Obligations with respect to the Series 2020-1 Senior Notes, ABRCF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Class A Noteholders, the Class B Noteholders and
the Class C Noteholders, all of ABRCF’s right, title and interest in and to the following (whether now or hereafter existing or acquired): (i) the Series 2020-1 Demand Notes; (ii) all
certificates and instruments, if any, representing or evidencing the Series 2020-1 Demand Notes; and (iii) all proceeds of any and all of the foregoing, including, without limitation, cash. On the date
hereof, ABRCF shall deliver to the Trustee, for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, each Series 2020-1 Demand Note, endorsed in blank.
The Trustee, for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, shall be the only Person authorized to make a demand for payments on the Series
2020-1 Demand Notes. 
 Section 2.12. Subordination of the Class B Notes,
Class C Notes, Class D Notes and the Class R Notes. 
 (a)
Notwithstanding anything to the contrary contained in this Supplement, the Base Indenture or in any other Related Document, the Class B Notes will be subordinate in all respects to the Class A Notes as and to the extent set forth in this
Section 2.12(a). No payments on account of principal shall be made with respect to the Class B Notes on any Distribution Date during the Series 2020-1 Controlled Amortization Period unless an amount
equal to the Class A Controlled Distribution Amount for the Related Month shall have been paid to the Class A Noteholders and no payments on account of principal shall be made with respect to the Class B Notes during the Series 2020-1 Rapid Amortization Period or on the Series 2020-1 Final Distribution Date until the Class A Notes have been paid in full. No payments on account of interest shall
be made with respect to the Class B Notes on any Distribution Date until all payments of interest then due and payable with respect to the Class A Notes (including, without limitation, all accrued interest, all Class A Shortfall and
all interest accrued on such Class A Shortfall) have been paid in full. 

  
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 (b) Notwithstanding anything to the contrary contained in this Supplement, the Base
Indenture or in any other Related Document, the Class C Notes will be subordinate in all respects to the Class A Notes and the Class B Notes as and to the extent set forth in this Section 2.12(b). No payments on account of principal
shall be made with respect to the Class C Notes on any Distribution Date during the Series 2020-1 Controlled Amortization Period unless an amount equal to the Class A Controlled Distribution Amount
for the Related Month shall have been paid to the Class A Noteholders and an amount equal to the Class B Controlled Distribution Amount for the Related Month shall have been paid to the Class B Noteholders. No payments on account of
principal shall be made with respect to the Class C Notes during the Series 2020-1 Rapid Amortization Period or on the Series 2020-1 Final Distribution Date until
the Class A Notes and the Class B Notes have been paid in full. No payments on account of interest shall be made with respect to the Class C Notes on any Distribution Date until all payments of interest then due and payable with
respect to the Class A Notes and Class B Notes (including, without limitation, all accrued interest, all Class A Shortfall, all interest accrued on such Class A Shortfall, all Class B Shortfall and all interest accrued on
such Class B Shortfall) have been paid in full. 
 (c) Notwithstanding anything to the contrary contained in this Supplement, the Base
Indenture or in any other Related Document, the Class D Notes, if issued, will be subordinate in all respects to the Class A Notes, the Class B Notes and the Class C Notes as and to the extent set forth in this
Section 2.12(c). No payments on account of principal shall be made with respect to the Class D Notes on any Distribution Date during the Series 2020-1 Controlled Amortization Period unless an amount
equal to the Class A Controlled Distribution Amount for the Related Month shall have been paid to the Class A Noteholders, an amount equal to the Class B Controlled Distribution Amount for the Related Month shall have been paid to the
Class B Noteholders and an amount equal to the Class C Controlled Distribution Amount for the Related Month shall have been paid to the Class C Noteholders. No payments on account of principal shall be made with respect to the
Class D Notes during the Series 2020-1 Rapid Amortization Period or on the Series 2020-1 Final Distribution Date until the Class A Notes, the Class B
Notes and the Class C Notes have been paid in full. No payments on account of interest shall be made with respect to the Class D Notes on any Distribution Date until all payments of interest then due and payable with respect to the
Class A Notes, Class B Notes and Class C Notes (including, without limitation, all accrued interest, all Class A Shortfall, all interest accrued on such Class A Shortfall, all Class B Shortfall, all interest accrued on
such Class B Shortfall, all Class C Shortfall and all interest accrued on such Class C Shortfall) have been paid in full. 

(d) Notwithstanding anything to the contrary contained in this Supplement, the Base Indenture or in any other Related Document, the
Class R Notes will be subordinate in all respects to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes (if issued), as and to the extent set forth in this Section 2.12(d). No payments on
account of principal shall be made with respect to the Class R Notes during the Series 2020-1 Controlled Amortization Period or the Series 2020-1 Rapid Amortization
Period or on the Series 2020-1 Final Distribution Date until the Class A Notes, the Class B Notes, the Class C Notes and, if issued, the Class D Notes have been paid in full. No payments on
account of interest shall be made with respect to the Class R Notes on any Distribution Date until all payments of interest and principal due and payable on such Distribution Date with respect to the Class A Notes, the Class B Notes,
the Class C Notes and, if issued, Class D Notes (including, without limitation, all accrued interest, all Class A Shortfall, all interest accrued on such Class A Shortfall, all Class B Shortfall, all interest accrued on such
Class B Shortfall, all Class C Shortfall, all interest accrued on such Class C Shortfall, all due and unpaid interest on the Class D Notes (if issued) and all interest accrued on such unpaid amounts) have been paid in full. 

  
 50 

 ARTICLE III 

AMORTIZATION EVENTS 
 In
addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 2020-1 Notes and collectively shall
constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2020-1 Notes (without notice or other action on the part of the Trustee or any holders of
the Series 2020-1 Notes): 
 (a) a Series 2020-1 Enhancement
Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2020-1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents; 

(b) the Series 2020-1 Liquidity Amount shall be less than the Series
2020-1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business
Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents; 

(c) the Collection Account, the Series 2020-1 Collection Account, the Series 2020-1 Excess Collection Account or the Series 2020-1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the
Related Documents); 
 (d) all principal of and interest on any Class of the Series 2020-1
Notes is not paid in full on or before the Series 2020-1 Expected Final Distribution Date; 
 (e)
any Series 2020-1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2020-1 Enhancement
Deficiency would result from excluding such Series 2020-1 Letter of Credit from the Series 2020-1 Enhancement Amount or (y) the Series 2020-1 Liquidity Amount, excluding therefrom the available amount under such Series 2020-1 Letter of Credit, would be less than the Series
2020-1 Required Liquidity Amount; 
 (f) from and after the funding of the Series 2020-1 Cash Collateral Account, the Series 2020-1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under
the Related Documents) for at least two (2) Business Days and either (x) a Series 2020-1 Enhancement Deficiency would result from excluding the Series 2020-1
Available Cash Collateral Account Amount from the Series 2020-1 Enhancement Amount or (y) the Series 2020-1 Liquidity Amount, excluding therefrom the Series 2020-1 Available Cash Collateral Account Amount, would be less than the Series 2020-1 Required Liquidity Amount; and 

(g) an Event of Bankruptcy shall have occurred with respect to any Series 2020-1 Letter of Credit
Provider or any Series 2020-1 Letter of Credit Provider repudiates its Series 2020-1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a
Series 2020-1 Enhancement Deficiency would result from excluding such Series 2020-1 Letter of Credit from the Series 2020-1
Enhancement Amount or (y) the Series 2020-1 Liquidity Amount, excluding therefrom the available amount under such Series 2020-1 Letter of Credit, would be less than
the Series 2020-1 Required Liquidity Amount. 

  
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 ARTICLE IV 

FORM OF SERIES 2020-1 NOTES 

Section 4.1. Restricted Global Series 2020-1 Notes. Each Class of the Series 2020-1 Notes to be issued in the United States will be issued in book-entry form and represented by one or more permanent global Notes in fully registered form without
interest coupons (each, a “Restricted Global Class A Note”, a “Restricted Global Class B Note”, a “Restricted Global Class C Note” or a
“Restricted Global Class R Note”, as the case may be), substantially in the form set forth in Exhibits A-1, B-1,
C-1 and D-1, with such legends as may be applicable thereto as set forth in the Base Indenture, and will be sold only in the United States
(1) initially to institutional accredited investors within the meaning of Regulation D under the Securities Act in reliance on an exemption from the registration requirements of the Securities Act and (2) thereafter to qualified
institutional buyers within the meaning of, and in reliance on, Rule 144A under the Securities Act and shall be deposited on behalf of the purchasers of such Class of the Series 2020-1 Notes represented
thereby, with the Trustee as custodian for DTC, and registered in the name of Cede as DTC’s nominee, duly executed by ABRCF and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture. 

Section 4.2. Temporary Global Series 2020-1 Notes; Permanent Global Series 2020-1 Notes. Each Class of the Series 2020-1 Notes to be issued outside the United States will be issued and sold in transactions outside the United States in
reliance on Regulation S under the Securities Act, as provided in the applicable note purchase agreement, and shall initially be issued in the form of one or more temporary notes in registered form without interest coupons (each, a
“Temporary Global Class A Note”, a “Temporary Global Class B Note”, a “Temporary Global Class C Note” or a “Temporary Global
Class R Note”, as the case may be, and collectively the “Temporary Global Series 2020-1 Notes”), substantially in the form set forth in Exhibits A-2, B-2 , C-2 and D-2 which shall be deposited on behalf of the
purchasers of such Class of the Series 2020-1 Notes represented thereby with a custodian for, and registered in the name of a nominee of DTC, for the account of Euroclear Bank S.A./N.V., as operator of
the Euroclear System, or for Clearstream Banking, société anonyme, duly executed by ABRCF and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture.
Interests in each Temporary Global Series 2020-1 Note will be exchangeable, in whole or in part, for interests in one or more permanent global notes in registered form without interest coupons (each, a
“Permanent Global Class A Note”, a “Permanent Global Class B Note”, a “Permanent Global Class C Note” or a “Permanent Global
Class R Note”, as the case may be, and collectively the “Permanent Global Series 2020-1 Notes”), substantially in the form of Exhibits A-3, B-3 , C-3 and D-3 in accordance with the provisions of such
Temporary Global Series 2020-1 Note and the Base Indenture (as modified by this Supplement). Interests in a Permanent Global Series 2020-1 Note will be exchangeable for
a definitive Series 2020-1 Note in accordance with the provisions of such Permanent Global Series 2020-1 Note and the Base Indenture (as modified by this Supplement).

  
 52 

 ARTICLE V 

GENERAL 
 Section 5.1.
Optional Repurchase. 
 (a) The Series 2020-1 Notes shall be subject to repurchase by
ABRCF at its option in accordance with Section 6.3 of the Base Indenture on any Distribution Date (any such Distribution Date, a “Clean-up Repurchase Distribution Date”) after the Series 2020-1 Invested Amount is reduced to an amount less than or equal to 10% of the sum of the Class A Initial Invested Amount, the Class B Initial Invested Amount, the Class C Initial Invested Amount,
the initial invested amount of the Class D Notes (if issued), the Class R Initial Invested Amount and the aggregate principal amount of any Additional Class R Notes (the “Series 2020-1
Repurchase Amount”). The repurchase price for any Series 2020-1 Note subject to a Clean-up Repurchase shall equal the aggregate outstanding principal balance of
such Series 2020-1 Note (determined after giving effect to any payments of principal and interest on such Distribution Date), plus accrued and unpaid interest on such outstanding principal balance. 

(b) The Series 2020-1 Notes shall also be subject to repurchase at the election of the ABRCF in
accordance with Section 6.3 of the Base Indenture, in whole but not in part, on any Distribution Date (any such Distribution Date, an “Optional Repurchase Distribution Date”) that occurs prior to the earlier to occur of
(x) the commencement of the Series 2020-1 Rapid Amortization Period and (y) the Clean-up Repurchase Distribution Date (any such repurchase, an
“Optional Repurchase”). The repurchase price for any Series 2020-1 Note subject to an Optional Repurchase shall equal (1) the aggregate outstanding principal balance of such Series 2020-1 Note (determined after giving effect to any payments made pursuant to Section 2.5(a) on such Distribution Date), plus (2) accrued and unpaid interest on such outstanding principal balance
(determined after giving effect to any payments made pursuant to Section 2.4 on such Distribution Date) plus (3) the Make Whole Payment with respect to such Series 2020-1 Note. 

Section 5.2. Information. The Trustee shall provide to the Series 2020-1 Noteholders, or
their designated agent, copies of all information furnished to the Trustee or ABRCF pursuant to the Related Documents, as such information relates to the Series 2020-1 Notes or the Series 2020-1 Collateral. 
 Section 5.3. Exhibits. The following exhibits attached hereto supplement
the exhibits included in the Base Indenture. 
  

			
	Exhibit A-1:	  	Form of Restricted Global Class A Note
	Exhibit A-2:	  	Form of Temporary Global Class A Note
	Exhibit A-3:        	  	Form of Permanent Global Class A Note
	Exhibit B-1:	  	Form of Restricted Global Class B Note
	Exhibit B-2:	  	Form of Temporary Global Class B Note
	Exhibit B-3:	  	Form of Permanent Global Class B Note
	Exhibit C-1:	  	Form of Restricted Global Class C Note
	Exhibit C-2:	  	Form of Temporary Global Class C Note

  
 53 

			
	Exhibit C-3:	  	Form of Permanent Global Class C Note
	Exhibit D-1:        	  	Form of Restricted Global Class R Note
	Exhibit D-2:	  	Form of Temporary Global Class R Note
	Exhibit D-3:	  	Form of Permanent Global Class R Note
	Exhibit E:	  	Form of Series 2020-1 Demand Note
	Exhibit F:	  	Form of Letter of Credit
	Exhibit G:	  	Form of Lease Payment Deficit Notice
	Exhibit H:	  	Form of Demand Notice
	Exhibit I:	  	Form of Supplemental Indenture No. 4 to the Base Indenture
	Exhibit J:	  	Form of Amendment to the AESOP I Operating Lease
	Exhibit K:	  	Form of Amendment to the Finance Lease
	Exhibit L:	  	Form of Amendment to the AESOP I Operating Lease Loan Agreement
	Exhibit M:	  	Form of Amendment to the AESOP I Finance Lease Loan Agreement

 Section 5.4. Ratification of Base Indenture. As supplemented by this Supplement, the Base
Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Supplement shall be read, taken, and construed as one and the same instrument. 

Section 5.5. Counterparts. This Supplement may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
 Section 5.6.
Governing Law. This Supplement shall be construed in accordance with the law of the State of New York, and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law. 

Section 5.7. Amendments. This Supplement may be modified or amended from time to time in accordance with the terms of the Base
Indenture; provided, however, that if, pursuant to the terms of the Base Indenture or this Supplement, the consent of the Required Noteholders is required for an amendment or modification of this Supplement or any other Related
Document, such requirement shall be satisfied if such amendment or modification is consented to by the Requisite Series 2020-1 Noteholders; provided, further, that, so long as (i) no
Amortization Event has occurred and is continuing and (ii) the Rating Agency Consent Condition is met with respect to the outstanding Series 2020-1 Notes, ABRCF shall be able to (x) increase the
Series 2020-1 Maximum Hyundai Amount up to an amount not to exceed 30% of the aggregate Net Book Value of all Vehicles leased under the Leases and/or (y) increase the Series
2020-1 Maximum Kia Amount up to an amount not to exceed 15% of the aggregate Net Book Value of all Vehicles leased under the Leases at any time without the consent of the Series
2020-1 Noteholders by giving written notice of such increase to the Trustee along with an Officer’s Certificate certifying that no Amortization Event has occurred and is continuing; provided,
further, that, notwithstanding 

  
 54 

 
anything in this Section 5.7 or Article 8 or Article 12 of the Base Indenture to the contrary, this Supplement and any Related Documents relating solely to the Series 2020-1 Notes may be amended to provide for the issuance of any Class D Notes or Additional Class R Notes in accordance with Section 5.15 without the consent of any Class A Noteholder, any
Class B Noteholder, any Class C Noteholder or any Class R Noteholder. 
 Section 5.8. Discharge of Base
Indenture. Notwithstanding anything to the contrary contained in the Base Indenture, no discharge of the Indenture pursuant to Section 11.1(b) of the Base Indenture will be effective as to the Series
2020-1 Notes without the consent of the Requisite Series 2020-1 Noteholders. 

Section 5.9. Notice to Rating Agencies. The Trustee shall provide to each Rating Agency a copy of each notice, opinion of counsel,
certificate or other item delivered to, or required to be provided by, the Trustee pursuant to this Supplement or any other Related Document. 

Section 5.10. Capitalization of ABRCF. ABRCF agrees that on the Series 2020-1 Closing Date
it will have capitalization in an amount equal to or greater than 3% of the sum of (x) the Series 2020-1 Invested Amount and (y) the invested amount of the Series
2010-6 Notes, the Series 2011-4 Notes, the Series 2014-2 Notes, the Series 2015-1 Notes,
Series 2015-2 Notes, the Series 2015-3 Notes, the Series 2016-1 Notes, the Series 2016-2
Notes, the 2017-1 Notes, the 2017-2 Notes, the 2018-1 Notes, the Series 2018-2 Notes, the
Series 2019-1 Notes, the Series 2019-2 Notes and the Series 2019-3 Notes. 

Section 5.11. Required Noteholders. Subject to Section 5.7 above, any action pursuant to Section 5.6, Section 8.13
or Article 9 of the Base Indenture that requires the consent of, or is permissible at the direction of, the Required Noteholders with respect to the Series 2020-1 Notes pursuant to the Base Indenture shall
only be allowed with the consent of, or at the direction of, the Required Controlling Class Series 2020-1 Noteholders. Any other action pursuant to any Related Document which requires the consent or
approval of, or the waiver by, the Required Noteholders with respect to the Series 2020-1 Notes shall require the consent or approval of, or waiver by, the Requisite Series
2020-1 Noteholders; provided, however, that, notwithstanding anything in this Section 5.11 or Article 8 or Article 12 of the Base Indenture to the contrary, any Related Document relating
solely to the Series 2020-1 Notes may be amended to provide for the issuance of any Class D Notes or Additional Class R Notes in accordance with Section 5.15 without the consent of any
Class A Noteholder, any Class B Noteholder, any Class C Noteholder or any Class R Noteholder. 
 Section 5.12.
Series 2020-1 Demand Notes. Other than pursuant to a demand thereon pursuant to Section 2.5, ABRCF shall not reduce the amount of the Series 2020-1 Demand
Notes or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2020-1 Demand Notes after such reduction or forgiveness is less than the Series
2020-1 Letter of Credit Liquidity Amount. ABRCF shall not agree to any amendment of the Series 2020-1 Demand Notes without first satisfying the Rating Agency
Confirmation Condition and the Rating Agency Consent Condition. 

  
 55 

 Section 5.13. Termination of Supplement. This Supplement shall cease to be of
further effect when all outstanding Series 2020-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2020-1
Notes which have been replaced or paid) to the Trustee for cancellation, ABRCF has paid all sums payable hereunder, and, if the Series 2020-1 Demand Note Payment Amount on the Series 2020-1 Letter of Credit Termination Date was greater than zero, all amounts have been withdrawn from the Series 2020-1 Cash Collateral Account in accordance with
Section 2.8(i). 
 Section 5.14. Noteholder Consent to Certain Amendments. Each Series
2020-1 Noteholder, upon any acquisition of a Series 2020-1 Note, will be deemed to agree and consent to (i) the execution by ABRCF of a Supplemental Indenture to
the Base Indenture substantially in the form of Exhibit I hereto, (ii) the execution of an amendment to the AESOP I Operating Lease substantially in the form of Exhibit J hereto, (iii) the execution of an amendment to the
Finance Lease substantially in the form of Exhibit K hereto, (iv) the execution of an amendment to the AESOP I Operating Lease Loan Agreement substantially in the form of Exhibit L hereto and (v) the execution of an amendment
to the AESOP I Finance Lease Loan Agreement substantially in the form of Exhibit M hereto. Such deemed consent will apply to each proposed amendment set forth in Exhibits I, J, K, L and M individually, and
the failure to adopt any of the amendments set forth therein will not revoke the consent with respect to any other amendment. 

Section 5.15. Issuance of Class D Notes and Additional Class R Notes. No Class D
Notes shall be issued on the Series 2020-1 Closing Date. On any date during the Series 2020-1 Revolving Period, ABRCF may (i) issue Class D Notes and
(ii) issue additional Class R Notes in connection with the issuance of Class D Notes, to the extent that ABRCF determines such issuance is required to comply with the U.S. Risk Retention Rules (such notes, the “Additional
Class R Notes”), subject to satisfaction of the following conditions precedent: 
 (a) ABRCF and the Trustee
shall have entered into an amendment to this Supplement (i) providing that the Class D Notes will bear a fixed rate of interest, determined on or prior the Additional Notes Closing Date, (ii) providing that the expected final payment
date for the Class D Notes will be the Series 2020-1 Expected Final Distribution Date, (iii) providing that the principal amount of the Class D Notes will be due and payable on the Series 2020-1 Final Distribution Date, (iv) providing that the controlled amortization period with respect to the Class D Notes will be the Series 2020-1 Controlled
Amortization Period and (v) providing for payment mechanics with respect to the Class D Notes substantially similar to those with respect to the Class A Notes, the Class B Notes and the Class C Notes (other than as set forth
below) and consistent with Section 2.12 and such other provisions with respect to the Class D Notes and the Additional Class R Notes as may be required for such issuance; 

(b) The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the
Trustee) in advance of the proposed closing date for the issuance of the Class D Notes and the Additional Class R Notes (if any) (the “Additional Notes Closing Date”) requesting that the Trustee authenticate and deliver
the Class D Notes specified in such Company Request (such specified Class D Notes, the “Proposed Class D Notes”) and the Additional Class R Notes, if any, specified in such Company Request; 

(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class D
Notes and the Additional Class R Notes, if any, by the Trustee and specifying the designation of the Proposed Class D Notes, the initial aggregate principal amount of the Proposed Class D Notes to be authenticated, the Note Rate with
respect to the Proposed Class D Notes and the initial aggregate principal amount of the Additional Class R Notes; 

  
 56 

 (d) The Trustee shall have received written confirmation that the Rating Agency Confirmation
Condition shall have been satisfied with respect to the issuance of the Proposed Class D Notes and Additional Class R Notes (if any) (including with respect to the Class A Notes, the Class B Notes and the Class C Notes);

 (e) The Trustee shall have received an Officer’s Certificate of ABRCF dated as of the Additional Notes Closing Date to the effect
that (i) no Amortization Event with respect to the Series 2020-1 Notes, Aggregate Asset Amount Deficiency, Series 2020-1 Enhancement Deficiency, Loan Event of
Default, AESOP I Operating Lease Vehicle Deficiency, Manufacturer Event of Default, Lease Event of Default, Potential Amortization Event with respect to the Series 2020-1 Notes, Potential Loan Event of
Default, Potential Lease Event of Default, or Potential Manufacturer Event of Default is continuing or will occur as a result of the issuance of the Proposed Class D Notes and Additional Class R Notes (if any), (ii) the issuance of the
Proposed Class D Notes and Additional Class R Notes (if any) will not result in any breach of any of the terms, conditions or provisions of or constitute a default under any indenture, mortgage, deed of trust or other agreement or
instrument to which ABRCF is a party or by which it or its property is bound or any order of any court or administrative agency entered in any suit, action or other judicial or administrative proceeding to which ABRCF is a party or by which it or
its property may be bound or to which it or its property may be subject, (iii) all conditions precedent provided in this Supplement and the Base Indenture with respect to the authentication and delivery of the Proposed Class D Notes and
Additional Class R Notes (if any) have been complied with and (iv) the issuance of the Proposed Class D Notes and Additional Class R Notes (if any) and any related amendments to this Supplement and any Related Document relating
solely to the Series 2020-1 Notes will not reduce the availability of the Series 2020-1 Enhancement to support the payment of interest on or principal of the
Class A Notes, the Class B Notes or the Class C Notes in any material respect; 
 (f) No amendments to this Supplement or any
Related Document relating solely to the Series 2020-1 Notes in connection with the issuance of the Proposed Class D Notes and the Additional Class R Notes, if any, may provide for (i) the
application of amounts available under the Series 2020-1 Letters of Credit or the Series 2020-1 Reserve Account to support the payment of interest on or principal of the
Class D Notes while any Class A Notes, Class B Notes or Class C Notes remain outstanding, (ii) any voting rights in respect of the Class D Notes for so long as any Class A Notes, Class B Notes, Class C
Notes or Class R Notes are outstanding, other than with respect to any amendments to the Indenture or any Related Document pursuant to clauses (i) and (ii) of Section 12.2 of the Base Indenture, (iii) the addition of any
Amortization Event with respect to the Series 2020-1 Notes other than those related to payment defaults on the Class D Notes similar to those in respect of the Class A Notes, the Class B Notes,
the Class C Notes or the Class R Notes and enhancement or liquidity deficiencies in respect of the credit enhancement supporting the Class D Notes similar to those in respect of the Class A Notes, the Class B Notes and the
Class C Notes or (iv) the reallocation of Principal Collections allocable to the Series 2020-1 Notes to pay interest on the Class D Notes while the Class A Notes, Class B Notes or the
Class C Notes remain outstanding. 

  
 57 

 (g) The Trustee shall have received opinions of counsel substantially similar to those
received in connection with the offering and sale of the Class A Notes, the Class B Notes, the Class C Notes and the Class R Notes, including, without limitation, opinions to the effect that: 

(i) (x) the Proposed Class D Notes should be treated as indebtedness of ABRCF for federal and New York state income tax
purposes and (y) the issuance of the Proposed Class D Notes and Additional Class R Notes (if any) will not result in any of the Class A Notes, the Class B Notes, the Class C Notes or any other outstanding Series of
Notes (excluding the Class R Notes and any other Series identified as “Class R”) failing to be characterized as debt for federal or New York state income tax purposes; 

(ii) all conditions precedent provided for in the Base Indenture and this Supplement with respect to the authentication and
delivery of the Proposed Class D Notes and Additional Class R Notes (if any) has been complied with in all material respects; and 

(iii) the Proposed Class D Notes and Additional Class R Notes (if any) have been duly authorized and executed and,
when authenticated and delivered in accordance with the provisions of the Base Indenture and this Supplement, will constitute valid, binding and enforceable obligations of ABRCF entitled to the benefits of the Base Indenture and this Supplement,
subject, in the case of enforcement, to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and to general principles of equity. 

Section 5.16. Confidential Information. 

(a) The Trustee and each Series 2020-1 Note Owner agrees, by its acceptance and holding of a
beneficial interest in a Series 2020-1 Note, to maintain the confidentiality of all Confidential Information in accordance with procedures adopted by the Trustee or such Series
2020-1 Note Owner in good faith to protect confidential information of third parties delivered to such Person; provided, however, that such Person may deliver or disclose Confidential Information
to: (i) such Person’s directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information substantially in accordance with the terms of
this Section 5.16; (ii) such Person’s financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 5.16; (iii) any other
Series 2020-1 Note Owner; (iv) any Person of the type that would be, to such Person’s knowledge, permitted to acquire an interest in the Series 2020-1 Notes in
accordance with the requirements of the Indenture to which such Person sells or offers to sell any such Series 2020-1 Note or any part thereof and that agrees to hold confidential the Confidential Information
substantially in accordance with this Section 5.16 (or in accordance with such other confidentiality procedures as are acceptable to ABRCF); (v) any federal or state or other regulatory, governmental or judicial authority having jurisdiction
over such Person; (vi) the National Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to information about the investment portfolio of such Person, (vii) any
reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information substantially in accordance with this Section 5.16 (or in accordance with such other confidentiality procedures as are acceptable to
ABRCF); (viii) any other Person with the consent of ABRCF; or (ix) any other Person to which 

  
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such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such Person, (B) in response to any
subpoena or other legal process upon prior notice to ABRCF (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (C) in connection with any litigation to which such Person is a party upon prior
notice to ABRCF (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2020-1 Notes has
occurred and is continuing, to the extent such Person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2020-1 Notes, the Indenture or any other Related Document; provided, further, that delivery to any Series 2020-1 Note Owner of any report or information required
by the terms of the Indenture to be provided to such Series 2020-1 Note Owner shall not be a violation of this Section 5.16. Each Series 2020-1 Note Owner agrees,
by acceptance of a beneficial interest in a Series 2020-1 Note, except as set forth in clauses (v), (vi) and (ix) above, that it shall use the Confidential Information for the sole purpose of making an
investment in the Series 2020-1 Notes or administering its investment in the Series 2020-1 Notes. In the event of any required disclosure of the Confidential Information
by such Series 2020-1 Note Owner, such Series 2020-1 Note Owner agrees to use reasonable efforts to protect the confidentiality of the Confidential Information. 

(b) For the purposes of this Section 5.16, “Confidential Information” means information delivered to the Trustee or any
Series 2020-1 Note Owner by or on behalf of ABRCF in connection with and relating to the transactions contemplated by or otherwise pursuant to the Indenture and the Related Documents; provided,
however, that such term does not include information that: (i) was publicly known or otherwise known to the Trustee or such Series 2020-1 Note Owner prior to the time of such disclosure;
(ii) subsequently becomes publicly known through no act or omission by the Trustee, any Series 2020-1 Note Owner or any person acting on behalf of the Trustee or any Series
2020-1 Note Owner; (iii) otherwise is known or becomes known to the Trustee or any Series 2020-1 Note Owner other than (x) through disclosure by ABRCF or
(y) as a result of the breach of a fiduciary duty to ABRCF or a contractual duty to ABRCF; or (iv) is allowed to be treated as non-confidential by consent of ABRCF. 

Section 5.17. Capitalized Cost Covenant. ABRCF hereby agrees that it shall not permit the aggregate Capitalized Cost for all
Vehicles purchased in any model year that are not subject to a Manufacturer Program to exceed 85% of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Vehicles; provided, however, that ABRCF shall not modify the
customary buying patterns or purchasing criteria used by the Administrator and its Affiliates with respect to the Vehicles if the primary purpose of such modification is to comply with this covenant. 

Section 5.18. Further Limitation of Liability. Notwithstanding anything in this Supplement to the contrary, in no event shall the
Trustee or its directors, officers, agents or employees be liable under this Supplement for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Trustee or its
directors, officers, agents or employees have been advised of the likelihood of such loss or damage and regardless of the form of action. 

  
 59 

 Section 5.19. Series 2020-1 Agent. The
Series 2020-1 Agent shall be entitled to the same rights, benefits, protections, indemnities and immunities hereunder as are granted to the Trustee under the Base Indenture as if set forth fully herein. 

Section 5.20. Force Majeure. In no event shall the Trustee be liable for any failure or delay in the performance of its
obligations under this Supplement because of circumstances beyond the Trustee’s control, including, but not limited to, a failure, termination, suspension of a clearing house, securities depositary, settlement system or central payment system
in any applicable part of the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake,
terrorism, fire, riot, labor disturbances, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like (whether domestic, federal, state, county or municipal or foreign) which delay,
restrict or prohibit the providing of the services contemplated by this Supplement, or the unavailability of communications or computer facilities, the failure of equipment or interruption of communications or computer facilities, or the
unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond the Trustee’s control whether or not of the same class or kind as specified above. 

Section 5.21. Waiver of Jury Trial, etc. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES
(TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS SUPPLEMENT, THE SERIES
2020-1 NOTES, THE SERIES 2020-1 DEMAND NOTES, THE SERIES 2020-1 LETTER OF CREDIT AND ANY OTHER RELATED DOCUMENTS EXECUTED IN
CONNECTION WITH THE ISSUANCE OF THE SERIES 2020-1 NOTES, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS OF THE PARTIES HERETO. THIS PROVISION IS A MATERIAL
INDUCEMENT FOR THE PARTIES HERETO TO ENTER INTO THIS SUPPLEMENT. 
 Section 5.22. Submission to Jurisdiction. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY SUBMITS (TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW) TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, NEW
YORK CITY, STATE OF NEW YORK, OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENT, THE SERIES 2020-1 NOTES, THE SERIES 2020-1 DEMAND NOTES, THE
SERIES 2020-1 LETTER OF CREDIT AND ANY OTHER RELATED DOCUMENTS EXECUTED IN CONNECTION WITH THE ISSUANCE OF THE SERIES 2020-1 NOTES AND EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURT. EACH OF THE PARTIES HERETO EACH HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
OBJECTION EACH MAY NOW OR HEREAFTER HAVE, TO THE LAYING OF VENUE IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AS WELL AS ANY RIGHT EACH MAY NOW OR HEREAFTER HAVE, TO REMOVE ANY SUCH ACTION OR PROCEEDING, ONCE

  
 60 

 
COMMENCED, TO ANOTHER COURT ON THE GROUNDS OF FORUM NON CONVENIENS OR OTHERWISE. NOTHING CONTAINED HEREIN SHALL PRECLUDE ANY PARTY HERETO FROM BRINGING AN ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENT, THE SERIES 2020-1 NOTES, THE SERIES 2020-1 DEMAND NOTES, THE SERIES
2020-1 LETTER OF CREDIT AND ANY OTHER RELATED DOCUMENTS EXECUTED IN CONNECTION WITH THE ISSUANCE OF THE SERIES 2020-1 NOTES IN ANY OTHER COUNTRY, STATE OR PLACE HAVING
JURISDICTION OVER SUCH ACTION OR PROCEEDING. 
 Section 5.23. Additional Terms of the Series
2020-1 Notes. Solely with respect to this Supplement and the Series 2020-1 Notes: 
 (a) The
Opinion of Counsel set forth in Section 2.2(f)(i)(x) of the Base Indenture shall not be required with respect to the Class R Notes. The Opinion of Counsel set forth in Section 2.2(f)(i)(y) of
the Base Indenture shall not be required with respect to the Class R Notes for any Series issued after the date hereof. 
 (b) The
terms Rating Agency Confirmation Condition and Rating Agency Consent Condition shall be deemed to be satisfied with respect to Fitch if ABRCF notifies Fitch of the applicable action at least ten (10) calendar days prior to such action (or, if
Fitch agrees to less than ten (10) calendar days’ notice, such lesser period) and Fitch has not notified ABRCF and the Trustee in writing that such action will result in a reduction or withdrawal of the rating given to the Class A
Notes, the Class B Notes or the Class C Notes by Fitch within such ten (10) calendar day (or lesser) period. 

  
 61 

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

			
	 AVIS BUDGET RENTAL CAR FUNDING

    (AESOP) LLC

		
	By:	 	 /s/ David Calabria

		 	Name: David Calabria
		 	Title:   Senior Vice President and Treasurer

 Signature Page to AESOP 2020-1 Indenture Supplement 

 
			
	 THE BANK OF NEW YORK MELLON TRUST

    COMPANY, N.A., as Trustee

		
	By:	 	 /s/ Michaell L. Brumwell

		 	Name: Mitchell L. Brumwell
		 	Title:   Vice President
	
	 THE BANK OF NEW YORK MELLON TRUST

    COMPANY, N.A., as Series 2020-1 Agent

		
	By:	 	 /s/ Michaell L. Brumwell

		 	Name: Mitchell L. Brumwell
		 	Title:   Vice President

 Signature Page to AESOP 2020-1 Indenture Supplement 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS	  	 	2	 
		
	ARTICLE II SERIES 2020-1 ALLOCATIONS	  	 	27	 
			
	 Section 2.1.
	 	Establishment of Series 2020-1 Collection Account, Series 2020-1 Excess Collection Account and Series 2020-1 Accrued Interest Account	  	 	27	 
	 Section 2.2.
	 	Allocations with Respect to the Series 2020-1 Notes	  	 	27	 
	 Section 2.3.
	 	Payments to Noteholders	  	 	32	 
	 Section 2.4.
	 	Payment of Note Interest	  	 	35	 
	 Section 2.5.
	 	Payment of Note Principal	  	 	35	 
	 Section 2.6.
	 	Administrator’s Failure to Instruct the Trustee to Make a Deposit or Payment	  	 	40	 
	 Section 2.7.
	 	Series 2020-1 Reserve Account	  	 	40	 
	 Section 2.8.
	 	Series 2020-1 Letters of Credit and Series 2020-1 Cash Collateral Account	  	 	43	 
	 Section 2.9.
	 	Series 2020-1 Distribution Account	  	 	47	 
	 Section 2.10.
	 	Series 2020-1 Accounts Permitted Investments	  	 	48	 
	 Section 2.11.
	 	Series 2020-1 Demand Notes Constitute Additional Collateral for Series 2020-1 Senior Notes	  	 	49	 
	 Section 2.12.
	 	Subordination of the Class B Notes, Class C Notes, Class D Notes and the Class R Notes	  	 	49	 
		
	ARTICLE III AMORTIZATION EVENTS	  	 	51	 
		
	ARTICLE IV FORM OF SERIES 2020-1 NOTES	  	 	52	 
			
	 Section 4.1.
	 	Restricted Global Series 2020-1 Notes	  	 	52	 
	 Section 4.2.
	 	Temporary Global Series 2020-1 Notes; Permanent Global Series 2020-1 Notes	  	 	52	 
		
	ARTICLE V GENERAL	  	 	53	 
			
	 Section 5.1.
	 	Optional Repurchase	  	 	53	 
	 Section 5.2.
	 	Information	  	 	53	 
	 Section 5.3.
	 	Exhibits	  	 	53	 
	 Section 5.4.
	 	Ratification of Base Indenture	  	 	54	 
	 Section 5.5.
	 	Counterparts	  	 	54	 
	 Section 5.6.
	 	Governing Law	  	 	54	 
	 Section 5.7.
	 	Amendments	  	 	54	 
	 Section 5.8.
	 	Discharge of Base Indenture	  	 	55	 
	 Section 5.9.
	 	Notice to Rating Agencies	  	 	55	 
	 Section 5.10.
	 	Capitalization of ABRCF	  	 	55	 
	 Section 5.11.
	 	Required Noteholders	  	 	55	 
	 Section 5.12.
	 	Series 2020-1 Demand Notes	  	 	55	 
	 Section 5.13.
	 	Termination of Supplement	  	 	56	 
	 Section 5.14.
	 	Noteholder Consent to Certain Amendments	  	 	56	 
	 Section 5.15.
	 	Issuance of Class D Notes and Additional Class R Notes	  	 	56	 
	 Section 5.16.
	 	Confidential Information	  	 	58	 
	 Section 5.17.
	 	Capitalized Cost Covenant	  	 	59	 

							
	 	 	 	  	Page	 
	 Section 5.18.
	 	Further Limitation of Liability	  	 	59	 
	 Section 5.19.
	 	Series 2020-1 Agent	  	 	60	 
	 Section 5.20.
	 	Force Majeure	  	 	60	 
	 Section 5.21.
	 	Waiver of Jury Trial, etc.	  	 	60	 
	 Section 5.22.
	 	Submission to Jurisdiction	  	 	60	 
	 Section 5.23.
	 	Additional Terms of the Series 2020-1 Notes	  	 	61Exhibit 10.3

 

SECURITIES PURCHASE
AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of January 17, 2020, by and between Tauriga Sciences,
Inc., a Florida corporation, with headquarters located at 555 Madison Avenue, 5th Floor, New York, NY 10022 (the “Company”),
and GS CAPITAL PARTNERS, LLC, with its address at 30 Washington Street, Suite 5L, Brooklyn, NY 11201 (the “Buyer”).

 

WHEREAS:

 

A.
The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “1933 Act”);

 

B.
Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement
an 8% convertible note of the Company, in the form attached hereto as Exhibit A in the aggregate principal amount of $110,000.00
(together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance
with the terms thereof, the “Note”), convertible into shares of common stock, of the Company (the “Common Stock”),
upon the terms and subject to the limitations and conditions set forth in such Note. The Note shall contain a $10,000.00 original
issue discount (OID) such that the purchase price for each note shall be $100,000.00.

 

C.
The Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Note as is set
forth immediately below its name on the signature pages hereto; and

 

NOW
THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

Purchase
and Sale of Note.

 

Purchase
of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase
from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature pages
hereto.

 

    	 

    	 

    

 

Form
of Payment. On the Closing Date (as defined below), the Buyer shall pay the purchase price for the Note to be issued and sold
to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds to
the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal
amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and
the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase Price.

 

Closing
Date. The date and time of the first issuance and sale of the Note pursuant to this Agreement (the “Closing Date”)
shall be on or about January 17, 2020, or such other mutually agreed upon time. The closing of the transactions contemplated by
this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties.

 

Buyer’s
Representations and Warranties. The Buyer represents and warrants to the Company that:

 

Investment
Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion of
or otherwise pursuant to the Note, such shares of Common Stock being collectively referred to herein as the “Conversion
Shares” and, collectively with the Note, the “Securities”) for its own account and not with a present view towards
the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act;
provided, however, that by making the representations herein, the Buyer does not agree to hold any of the Securities
for any minimum or other specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant
to a registration statement or an exemption under the 1933 Act.

 

Accredited
Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D
(an “Accredited Investor”).

 

Reliance
on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and
understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of
the Buyer to acquire the Securities.

 

    	2

    	 

    

 

Information.
The Buyer and its advisors, if any, have been, and for so long as the Note remain outstanding will continue to be, furnished
with all materials relating to the business, finances and operations of the Company and materials relating to the offer and
sale of the Securities which have been requested by the Buyer or its advisors. The Buyer and its advisors, if any, have been,
and for so long as the Note remain outstanding will continue to be, afforded the opportunity to ask questions of the Company.
Notwithstanding the foregoing, the Company has not disclosed to the Buyer any material nonpublic information and will not
disclose such information unless such information is disclosed to the public prior to or promptly following such disclosure
to the Buyer. Neither such inquiries nor any other due diligence investigation conducted by Buyer or any of its advisors or
representatives shall modify, amend or affect Buyer’s right to rely on the Company’s representations and
warranties contained in Section 3 below. The Buyer understands that its investment in the Securities involves a significant
degree of risk. The Buyer is not aware of any facts that may constitute a breach of any of the Company’s
representations and warranties made herein.

 

Governmental
Review. The Buyer understands that no United States federal or state agency or any other government or governmental agency
has passed upon or made any recommendation or endorsement of the Securities.

 

Transfer
or Re-sale. The Buyer understands that the sale or re-sale of the Securities has not been and is not being registered under
the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless the Securities are sold
pursuant to an effective registration statement under the 1933 Act, the Buyer shall have delivered to the Company, at the cost
of the Buyer, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in comparable
transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to an exemption from
such registration, which opinion shall be accepted by the Company, the Securities are sold or transferred to an “affiliate”
(as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule 144”) of the Buyer who agrees
to sell or otherwise transfer the Securities only in accordance with this Section 2(f) and who is an Accredited Investor, the
Securities are sold pursuant to Rule 144, or the Securities are sold pursuant to Regulation S under the 1933 Act (or a successor
rule) (“Regulation S”), and the Buyer shall have delivered to the Company, at the cost of the Buyer, an opinion of
counsel that shall be in form, substance and scope customary for opinions of counsel in corporate transactions, which opinion
shall be accepted by the Company; (ii) any sale of such Securities made in reliance on Rule 144 may be made only in accordance
with the terms of said Rule and further, if said Rule is not applicable, any re-sale of such Securities under circumstances in
which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in
the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder;
and (iii) neither the Company nor any other person is under any obligation to register such Securities under the 1933 Act or any
state securities laws or to comply with the terms and conditions of any exemption thereunder (in each case). Notwithstanding the
foregoing or anything else contained herein to the contrary, the Securities may be pledged as collateral in connection with a
bona fide margin account or other lending arrangement.

 

    	3

    	 

    

 

Legends.
The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act may
be sold pursuant to Rule 144 or Regulation S without any restriction as to the number of securities as of a particular
date that can then be immediately sold, the Conversion Shares may bear a restrictive legend in substantially the following
form (and a stop-transfer order may be placed against transfer of the certificates for such Securities):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN
A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE
144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security
upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for
sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or Regulation
S without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such
holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable
transactions, to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act,
which opinion shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell all Securities,
including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus
delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided by the Buyer with
respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144 or Regulation S, within 2 business
days, it will be considered an Event of Default under the Note.

 

Authorization;
Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf
of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms.

 

Residency.
The Buyer is a resident of the jurisdiction set forth immediately below the Buyer’s name on the signature pages hereto.

 

    	4

    	 

    

 

No
Short Sales. Buyer/Holder, its successors and assigns, agree that so long as the Note remains outstanding, the Buyer/Holder
shall not enter into or effect “short sales” of the Common Stock or hedging transaction which establishes a short
position with respect to the Common Stock of the Company. The Company acknowledges and agrees that upon delivery of a Conversion
Notice by the Buyer/Holder, the Buyer/Holder immediately owns the shares of Common Stock described in the Conversion Notice and
any sale of those shares issuable under such Conversion Notice would not be considered short sales.

 

Representations
and Warranties of the Company. The Company represents and warrants to the Buyer that:

 

Organization
and Qualification. The Company and each of its subsidiaries, if any, is a corporation duly organized, validly existing and
in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and
other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated
and conducted.

 

Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the
Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the
transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation
for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s
Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required,
(iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized
representative is the true and official representative with authority to sign this Agreement and the other documents executed
in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery
by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms.

 

Issuance
of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in
accordance with its respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens,
claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other
similar rights of shareholders of the Company and will not impose personal liability upon the holder thereof.

 

    	5

    	 

    

 

Acknowledgment
of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common Stock upon the issuance
of the Conversion Shares upon conversion of the Note. The Company further acknowledges that its obligation to issue Conversion
Shares upon conversion of the Note in accordance with this Agreement, the Note is absolute and unconditional regardless of the
dilutive effect that such issuance may have on the ownership interests of other shareholders of the Company.

 

No
Conflicts. The execution, delivery and performance of this Agreement, the Note by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance
of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation
or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event
which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of
its subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws and regulations and regulations of any self-regulatory organizations to which the Company or
its securities are subject) applicable to the Company or any of its subsidiaries or by which any property or asset of the Company
or any of its subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations,
cancellations and violations as would not, individually or in the aggregate, have a material adverse effect). All consents, authorizations,
orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained
or effected on or prior to the date hereof. The Company is not in violation of the listing requirements of the OTC marketplace
(the “OTC MARKETS”) and does not reasonably anticipate that the Common Stock will be delisted by the OTC Markets in
the foreseeable future, nor are the Company’s securities “chilled” by DTC. The Company and its subsidiaries
are unaware of any facts or circumstances which might give rise to any of the foregoing.

 

Absence
of Litigation. Except as disclosed in the Company’s public filings, there is no action, suit, claim, proceeding, inquiry
or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to
the knowledge of the Company or any of its subsidiaries, threatened against or affecting the Company or any of its subsidiaries,
or their officers or directors in their capacity as such, that could have a material adverse effect. Schedule 3(f) contains a
complete list and summary description of any pending or, to the knowledge of the Company, threatened proceeding against or affecting
the Company or any of its subsidiaries, without regard to whether it would have a material adverse effect. The Company and its
subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing.

 

    	6

    	 

    

 

Acknowledgment
Regarding Buyer’ Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting solely in the
capacity of arm’s length purchasers with respect to this Agreement and the transactions contemplated hereby. The Company
further acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity)
with respect to this Agreement and the transactions contemplated hereby and any statement made by the Buyer or any of its respective
representatives or agents in connection with this Agreement and the transactions contemplated hereby is not advice or a recommendation
and is merely incidental to the Buyer’ purchase of the Securities. The Company further represents to the Buyer that the
Company’s decision to enter into this Agreement has been based solely on the independent evaluation of the Company and its
representatives.

 

No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would
require registration under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities to the
Buyer will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes
of any shareholder approval provisions applicable to the Company or its securities.

 

Title
to Property. The Company and its subsidiaries have good and marketable title in fee simple to all real property and good and
marketable title to all personal property owned by them which is material to the business of the Company and its subsidiaries,
in each case free and clear of all liens, encumbrances and defects except such as are described in Schedule 3(i) or such as would
not have a material adverse effect. Any real property and facilities held under lease by the Company and its subsidiaries are
held by them under valid, subsisting and enforceable leases with such exceptions as would not have a material adverse effect.

 

Bad
Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act as amended on the
basis of being a “bad actor” as that term is established in the September 19, 2013 Small Entity Compliance Guide published
by the Securities and Exchange Commission.

 

Breach
of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties set forth
in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered
an Event of default under the Note.

 

    	7

    	 

    

 

COVENANTS.

 

Expenses.
At the Closing, the Company shall reimburse Buyer for expenses incurred by them in connection with the negotiation,
preparation, execution, delivery and performance of this Agreement and the other agreements to be executed in connection
herewith (“Documents”), including, without limitation, reasonable attorneys’ and consultants’ fees
and expenses, transfer agent fees, fees for stock quotation services, fees relating to any amendments or modifications of the
Documents or any consents or waivers of provisions in the Documents, fees for the preparation of opinions of counsel, escrow
fees, and costs of restructuring the transactions contemplated by the Documents. When possible, the Company must pay these
fees directly, otherwise the Company must make immediate payment for reimbursement to the Buyer for all fees and expenses
immediately upon written notice by the Buyer or the submission of an invoice by the Buyer.

 

Listing.
   The Company shall promptly secure the listing of the Conversion Shares upon each national securities exchange or automated quotation
system, if any, upon which shares of Common Stock are then listed (subject to official notice of issuance) and, so long as the
Buyer owns any of the Securities, shall maintain, so long as any other shares of Common Stock shall be so listed, such listing
of all Conversion Shares from time to time issuable upon conversion of the Note. The Company will obtain and, so long as the Buyer
owns any of the Securities, maintain the listing and trading of its Common Stock on the OTC MARKETS or any equivalent replacement
market, the Nasdaq stock market (“Nasdaq”), the New York Stock Exchange (“NYSE”), or the American Stock
Exchange (“AMEX”) and will comply in all respects with the Company’s reporting, filing and other obligations
under the bylaws or rules of the Financial Industry Regulatory Authority (“FINRA”) and such exchanges, as applicable.
The Company shall promptly provide to the Buyer copies of any notices it receives from the OTC MARKETS and any other markets on
which the Common Stock is then listed regarding the continued eligibility of the Common Stock for listing on such markets.

 

Corporate
Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall not
sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation or sale of all or
substantially all of the Company’s assets, where the surviving or successor entity in such transaction (i) assumes the Company’s
obligations hereunder and under the agreements and instruments entered into in connection herewith and (ii) is a publicly traded
corporation whose Common Stock is listed for trading on the OTC MARKETS, Nasdaq, NYSE or AMEX.

 

No
Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of
the Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval
provision applicable to the Company or its securities.

 

Restricted
Shares. The Company shall issue 400,000 of restricted Common Stock to the Buyer as additional consideration for the
purchase of the Note.

 

    	8

    	 

    

 

Breach
of Covenants. If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other remedies
available to the Buyer pursuant to this Agreement, it will be considered an event of default under the Note.

 

Governing
Law; Miscellaneous.

 

Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard
to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state and county
of New York. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The
Company and Buyer waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s
fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.
Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered or certified mail
or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

Counterparts;
Signatures by Facsimile. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original
but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party. This Agreement, once executed by a party, may be delivered to the other party hereto
by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Agreement.

 

Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

    	9

    	 

    

 

Entire
Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company
nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement
may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, (iv) via electronic
mail or (v) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such
party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given
hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business
hours where such notice is to be received) or delivery via electronic mail, or the first business day following such delivery
(if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second
business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

 

If
to the Company, to:

Tauriga
Sciences, Inc.

555
Madison Avenue, 5th Floor New York, NY 10022

Attn:
Seth M. Shaw, CEO

 

If
to the Buyer:

GS
Capital Partners, LLC

30
Washington Street, Suite 5L Brooklyn, NY 11201

Attn:
Gabe Sayegh

 

Each
party shall provide notice to the other party of any change in address.

 

Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and
assigns. Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the
prior written consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any person
that purchases Securities in a private transaction from the Buyer or to any of its “affiliates,” as that
term is defined under the 1934 Act, without the consent of the Company.

 

    	10

    	 

    

 

Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

Survival.
The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the
closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees to
indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage arising as a
result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set
forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they
are incurred.

 

Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

Remedies.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for
a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach
by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

    	11

    	 

    

 

IN
WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above
written.

 

	Tauriga Sciences, Inc.	 
	 	 	 
	By:	/s/
    Seth M. Shaw	 
	Name:	Seth
    M. Shaw	 
	Title:	CEO	 

 

	GS CAPITAL PARTNERS, LLC.	 
	 	 	 
	By:		 
	Name:	Gabe
    Sayegh	 
	Title:	President	 

 

	AGGREGATE
    SUBSCRIPTION AMOUNT:	 
	 	 
	Aggregate
    Principal Amount of Note: 	$110,000.00

 

Aggregate
Purchase Price:

 

Note
1: $110,000.00 less $10,000.00 in OID

 

    	12

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