CENDANT CORP
EXHIBIT 10.1
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<DESCRIPTION>EXHIBIT 10.1
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="ke4580_exhibit_10.1"> </A>
<A NAME="toc_ke4580_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 10.1    <BR>    </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>AESOP
FUNDING II L.L.C.,<BR>
as Issuer </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>THE
BANK OF NEW YORK,<BR>
as Trustee and Series&nbsp;2004-2 Agent </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2>SERIES
2004-2 SUPPLEMENT<BR>
dated as of February&nbsp;18, 2004 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>to </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>AMENDED
AND RESTATED BASE INDENTURE<BR>
dated as of July&nbsp;30, 1997 </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_kf4580_1_1"> </A> </FONT> <FONT SIZE=2><U>Table of Contents</U> </FONT></P>

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<TR VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>Page</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>ARTICLE I DEFINITIONS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><BR>
ARTICLE II SERIES 2004-2 ALLOCATIONS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
21</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><BR><FONT SIZE=2> Section 2.1 Establishment of Series 2004-2 Collection Account, Series 2004-2 Excess Collection Account<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Series 2004-2 Accrued Interest Account</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
21</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 2.2 Allocations with Respect to the Series 2004-2 Notes</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 2.3 Payments to Noteholders and Each Series 2004-2 Interest Rate Swap Counterparty</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 2.4 Payment of Note Interest</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 2.5 Payment of Note Principal</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>30</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 2.6 Administrator's Failure to Instruct the Trustee to Make a Deposit or Payment</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>34</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 2.7 Series-2004-2 Reserve Account</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>34</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 2.8 Series 2004-2 Letters of Credit and Series 2004-2 Cash Collateral Account</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>36</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 2.9 Series 2004-2 Distribution Account</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>41</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 2.10 Series 2004-2 Interest Rate Swaps</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>42</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 2.11 Series 2004-2 Accounts Permitted Investments</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>44</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 2.12 Series 2004-2 Demand Notes Constitute Additional Collateral for Series 2004-2 Notes</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>44</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><BR>
ARTICLE III AMORTIZATION EVENTS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
44</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><BR>
ARTICLE IV RIGHT TO WAIVE PURCHASE RESTRICTIONS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
46</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><BR>
ARTICLE V FORM OF SERIES 2004-2 NOTES</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
47</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><BR><FONT SIZE=2> Section 5.1 Restricted Global Series 2004-2 Notes</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
47</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 5.2 Temporary Global Series 2004-2 Notes; Permanent Global Series 2004-2 Notes</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>48</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><BR>
ARTICLE VI GENERAL</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
48</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><BR><FONT SIZE=2> Section 6.1 Optional Repurchase</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
48</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.2 Information</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>49</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.3 Exhibits</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>49</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.4 Ratification of Base Indenture</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>49</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.5 Counterparts</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>49</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.6 Governing Law</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>49</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.7 Amendments</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>49</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.8 Discharge of Indenture</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>50</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.9 Notice to Surety Provider and Rating Agencies</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>50</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>(i)</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><U>Table of Contents</U><BR>
(continued) </FONT></P>

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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>Page</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.10 Certain Rights of Surety Provider</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>50</FONT></TD>
</TR>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.11 Surety Provider Deemed Noteholder and Secured Party</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>51</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.12 Capitalization of AFC-II</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>51</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.13 Series 2004-2 Required Non-Program Enhancement Percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>51</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.14 Third Party Beneficiary</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>51</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.15 Prior Notice by Trustee to Surety Provider</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>51</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.16 Effect of Payments by the Surety Provider</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>52</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.17 Series 2004-2 Demand Notes</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>52</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.18 Subrogation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>52</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.19 Termination of Supplement</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>52</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="86%"><FONT SIZE=2>Section 6.20 Condition to Termination of AFC-II's Obligations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>53</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>(ii)</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SERIES
2004-2 SUPPLEMENT, dated as of February&nbsp;18, 2004 (this "<U>Supplement</U>"), among AESOP FUNDING II L.L.C., a special purpose limited
liability company established under the laws of Delaware ("<U>AFC-II</U>"), THE BANK OF NEW YORK, a New York banking corporation, as successor in interest to the
corporate trust administration of Harris Trust and Savings Bank, as trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the
"<U>Trustee</U>"), and THE BANK OF NEW YORK, a New York banking corporation, as agent for the benefit of the Series&nbsp;2004-2 Noteholders, each
Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider (the "<U>Series&nbsp;2004-2 Agent</U>"), to the Amended and Restated Base
Indenture, dated as of July&nbsp;30, 1997, between AFC-II and the Trustee (as amended, modified or supplemented from time to time, exclusive of Supplements creating a new Series of
Notes, the "<U>Base Indenture</U>"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kg4580_preliminary_statement"> </A>
<A NAME="toc_kg4580_1"> </A>
<BR></FONT><FONT SIZE=2><B>PRELIMINARY STATEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Sections 2.2 and 12.1 of the Base Indenture provide, among other things, that
AFC-II and the Trustee may at any time and from time to time
enter into a supplement to the Base Indenture for the purpose of authorizing the issuance of one or more Series of Notes; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, the parties hereto agree as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kg4580_designation"> </A>
<A NAME="toc_kg4580_2"> </A>
<BR></FONT><FONT SIZE=2><B>DESIGNATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is hereby created a Series of Notes of three classes to be issued pursuant to the
Base Indenture and this Supplement, and such Series of Notes shall be
designated generally as Series&nbsp;2004-2 Rental Car Asset Backed Notes. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Series&nbsp;2004-2 Notes will be issued in three classes: one of which shall be designated as the Series&nbsp;2004-2 2.76% Rental Car Asset Backed Notes,
Class&nbsp;A-1, one of which shall be designated as the Series&nbsp;2004-2 Floating Rate Rental Car Asset Backed Notes, Class&nbsp;A-2, and one of which shall
be designated as the Series&nbsp;2004-2 Floating Rate Rental Car Asset Backed Notes, Class&nbsp;A-3. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proceeds from the sale of the Series&nbsp;2004-2 Notes shall be deposited in the Collection Account and shall be paid to AFC-II and used to make Loans
under the Loan Agreements to the extent that the Borrowers have requested Loans thereunder and Eligible Vehicles are available for acquisition or refinancing thereunder on the date hereof. Any such
portion of proceeds not so used to make Loans shall be deemed to be Principal Collections. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Series&nbsp;2004-2 Notes are a non-Segregated Series of Notes (as more fully described in the Base Indenture). Accordingly, all references in this
Supplement to "all" Series of Notes (and all references in this Supplement to terms defined in the Base Indenture that contain references to "all" Series of Notes) shall refer to all Series of Notes
other than Segregated Series of Notes. </FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kg4580_article_i_definitions"> </A>
<A NAME="toc_kg4580_3"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE I    <BR>    <BR>    DEFINITIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;All
capitalized terms not otherwise defined herein are defined in the Definitions List attached to the Base Indenture as Schedule&nbsp;I thereto. All Article, Section
or Subsection references herein shall refer to Articles, Sections or Subsections of this Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise
requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series&nbsp;2004-2 Notes and not to any other
Series of Notes issued by AFC-II. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
following words and phrases shall have the following meanings with respect to the Series&nbsp;2004-2 Notes and the definitions of such terms are
applicable to the singular as well as the plural form of such terms and to the masculine as well as the feminine and neuter genders of such terms: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>AGH</U>"
means Avis Group Holdings,&nbsp;Inc., a Delaware corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Authorized
Newspaper</U>" means the </FONT><FONT SIZE=2><I>Luxemburger Wort</I></FONT><FONT SIZE=2> or other daily newspaper of general circulation in
Luxembourg (or if publication is not practical in Luxembourg, in Europe). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Business
Day</U>" means any day other than (a)&nbsp;a Saturday or a Sunday or (b)&nbsp;a day on which the Surety Provider or banking institutions in New
York City or in the city in which the corporate trust office of the Trustee is located are authorized or obligated by law or executive order to close. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Certificate
of Lease Deficit Demand</U>" means a certificate in the form of <U>Annex A</U> to the Series&nbsp;2004-2
Letters of Credit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Certificate
of Termination Date Demand</U>" means a certificate in the form of <U>Annex&nbsp;D</U> to the
Series&nbsp;2004-2 Letters of Credit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Certificate
of Termination Demand</U>" means a certificate in the form of <U>Annex&nbsp;C</U> to the Series&nbsp;2004-2
Letters of Credit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Certificate
of Unpaid Demand Note Demand</U>" means a certificate in the form of <U>Annex B</U> to the Series&nbsp;2004-2
Letters of Credit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class</U>"
means a class of the Series&nbsp;2004-2 Notes, which may be the Class&nbsp;A-1 Notes, the Class&nbsp;A-2
Notes or the Class&nbsp;A-3 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-1
Carryover Controlled Amortization Amount</U>" means, with respect to any Related Month during the Three-Year Notes
Controlled Amortization Period, the amount, if any, by which the portion of the Monthly Total Principal Allocation paid to the Class&nbsp;A-1 Noteholders pursuant to
Section&nbsp;2.5(e) for the previous Related Month was less than the Class&nbsp;A-1 Controlled Distribution Amount for the previous Related Month;
<U>provided</U>, <U>however</U>, that for </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-2-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=5,EFW="2134604",CP="CENDANT CORPORATION",DN="4",CHK=841505,FOLIO='2',FILE='DISK029:[04NYC0.04NYC4580]KG4580A.;11',USER='MKEANE',CD='30-APR-2004;05:15' -->
<A NAME="page_kg4580_1_3"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>the
first Related Month in the Three-Year Notes Controlled Amortization Period, the Class&nbsp;A-1 Carryover Controlled Amortization Amount shall be zero. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-1
Controlled Amortization Amount</U>" means (i)&nbsp;with respect to any Related Month during the Three-Year Notes
Controlled Amortization Period other than the Related Month immediately preceding the Three-Year Notes Expected Final Distribution Date, $16,666,666.66 and (ii)&nbsp;with respect to the
Related Month immediately preceding the Three-Year Notes Expected Final Distribution Date, $16,666,666.70. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-1
Controlled Distribution Amount</U>" means, with respect to any Related Month during the Three-Year Notes Controlled
Amortization Period, an amount equal to the sum of the Class&nbsp;A-1 Controlled Amortization Amount and any Class&nbsp;A-1 Carryover Controlled Amortization Amount for
such Related Month. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-1
Initial Invested Amount</U>" means the aggregate initial principal amount of the Class&nbsp;A-1 Notes, which is
$100,000,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-1
Invested Amount</U>" means, when used with respect to any date, an amount equal to the Class&nbsp;A-1 Outstanding
Principal Amount <U>plus</U> the sum of (a)&nbsp;the amount of any principal payments made to the Class&nbsp;A-1 Noteholders on or prior to such date with the
proceeds of a demand on the Surety Bond and (b)&nbsp;the amount of any principal payments made to Class&nbsp;A-1 Noteholders that have been rescinded or otherwise returned by the
Class&nbsp;A-1 Noteholders for any reason. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-1
Monthly Interest</U>" means, with respect to (i)&nbsp;the initial Series&nbsp;2004-2 Interest Period, an amount
equal to $245,333.33 and (ii)&nbsp;any other Series&nbsp;2004-2 Interest Period, an amount equal to the product of (A)&nbsp;one-twelfth of the
Class&nbsp;A-1 Note Rate and (B)&nbsp;the Class&nbsp;A-1 Invested Amount on the first day of such Series&nbsp;2004-2 Interest Period, after giving effect to
any principal payments made on such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-1
Noteholder</U>" means the Person in whose name a Class&nbsp;A-1 Note is registered in the Note Register. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-1
Note Rate</U>" means 2.76% per annum. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-1
Notes</U>" means any one of the Series&nbsp;2004-2 2.76% Rental Car Asset Backed Notes,
Class&nbsp;A-1, executed by AFC-II and authenticated by or on behalf of the Trustee, substantially in the form of
<U>Exhibit&nbsp;A-1-1</U>, <U>Exhibit&nbsp;A-1-2</U> or
<U>Exhibit&nbsp;A-1-3</U>. Definitive Class&nbsp;A-1 Notes shall have such insertions and deletions as are necessary to give effect to the
provisions of Section&nbsp;2.18 of the Base Indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-1
Outstanding Principal Amount</U>" means, when used with respect to any date, an amount equal to (a)&nbsp;the
Class&nbsp;A-1 Initial Invested Amount <U>minus</U> (b)&nbsp;the amount of principal payments made to Class&nbsp;A-1 Noteholders on or prior to such
date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-2
Carryover Controlled Amortization Amount</U>" means, with respect to any Related Month during the Three-Year Notes
Controlled Amortization Period, the amount, if any, by which the portion of the Monthly Total Principal Allocation paid to the Class&nbsp;A-2 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-3-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=6,EFW="2134604",CP="CENDANT CORPORATION",DN="4",CHK=165317,FOLIO='3',FILE='DISK029:[04NYC0.04NYC4580]KG4580A.;11',USER='MKEANE',CD='30-APR-2004;05:15' -->
<A NAME="page_kg4580_1_4"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>Noteholders
pursuant to Section&nbsp;2.5(e) for the previous Related Month was less than the Class&nbsp;A-2 Controlled Distribution Amount for the previous Related Month;
<U>provided</U>, <U>however</U>, that for the first Related Month in the Three-Year Notes Controlled Amortization Period, the
Class&nbsp;A-2 Carryover Controlled Amortization Amount shall be zero. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-2
Controlled Amortization Amount</U>" means (i)&nbsp;with respect to any Related Month during the Three-Year Notes
Controlled Amortization Period other than the Related Month immediately preceding the Three-Year Notes Expected Final Distribution Date, $16,666,666.66 and (ii)&nbsp;with respect to the
Related Month immediately preceding the Three-Year Notes Expected Final Distribution Date, $16,666,666.70. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-2
Controlled Distribution Amount</U>" means, with respect to any Related Month during the Three-Year Notes Controlled
Amortization Period, an amount equal to the
sum of the Class&nbsp;A-2 Controlled Amortization Amount and any Class&nbsp;A-2 Carryover Controlled Amortization Amount for such Related Month. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-2
Initial Invested Amount</U>" means the aggregate initial principal amount of the Class&nbsp;A-2 Notes, which is
$100,000,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-2
Invested Amount</U>" means, when used with respect to any date, an amount equal to the Class&nbsp;A-2 Outstanding
Principal Amount <U>plus</U> the sum of (a)&nbsp;the amount of any principal payments made to the Class&nbsp;A-2 Noteholders on or prior to such date with the
proceeds of a demand on the Surety Bond and (b)&nbsp;the amount of any principal payments made to Class&nbsp;A-2 Noteholders that have been rescinded or otherwise returned by the
Class&nbsp;A-2 Noteholders for any reason. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-2
Monthly Interest</U>" means, with respect to any Series&nbsp;2004-2 Interest Period, an amount equal to the product
of (A)&nbsp;the Class&nbsp;A-2 Invested Amount on the first day of such Series&nbsp;2004-2 Interest Period, after giving effect to any principal payments made on such
date, (B)&nbsp;the Class&nbsp;A-2 Note Rate for such Series&nbsp;2004-2 Interest Period and (C)&nbsp;the number of days in such Series&nbsp;2004-2
Interest Period divided by 360. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-2
Noteholder</U>" means the Person in whose name a Class&nbsp;A-2 Note is registered in the Note Register. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-2
Note Rate</U>" means, for (i)&nbsp;the initial Series&nbsp;2004-2 Interest Period, 1.21375% per annum and
(ii)&nbsp;any other Series&nbsp;2004-2 Interest Period, the sum of 0.12% <U>plus</U> LIBOR for such Series&nbsp;2004-2 Interest Period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-2
Notes</U>" means any one of the Series&nbsp;2004-2 Floating Rate Rental Car Asset Backed Notes,
Class&nbsp;A-2, executed by AFC-II and authenticated by or on behalf of the Trustee, substantially in the form of
<U>Exhibit&nbsp;A-2-1</U>, <U>Exhibit&nbsp;A-2-2</U> or
<U>Exhibit&nbsp;A-2-3</U>. Definitive Class&nbsp;A-2 Notes shall have such insertions and deletions as are necessary to give effect to the
provisions of Section&nbsp;2.18 of the Base Indenture. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-2
Outstanding Principal Amount</U>" means, when used with respect to any date, an amount equal to (a)&nbsp;the
Class&nbsp;A-2 Initial Invested Amount <U>minus</U> (b)&nbsp;the amount of principal payments made to Class&nbsp;A-2 Noteholders on or prior to such
date. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-4-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=7,EFW="2134604",CP="CENDANT CORPORATION",DN="4",CHK=696088,FOLIO='4',FILE='DISK029:[04NYC0.04NYC4580]KG4580A.;11',USER='MKEANE',CD='30-APR-2004;05:15' -->
<A NAME="page_kg4580_1_5"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Carryover Controlled Amortization Amount</U>" means, with respect to any Related Month during the Class&nbsp;A-3
Controlled Amortization Period, the amount, if any, by which the portion of the Monthly Total Principal Allocation paid to the Class&nbsp;A-3 Noteholders pursuant to
Section&nbsp;2.5(e) for the previous Related Month was less than the Class&nbsp;A-3 Controlled Distribution Amount for the previous Related Month;
<U>provided</U>, <U>however</U>, that for the first Related Month in the Class&nbsp;A-3 Controlled Amortization Period, the
Class&nbsp;A-3 Carryover Controlled Amortization Amount shall be zero. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Controlled Amortization Amount</U>" means (i)&nbsp;with respect to any Related Month during the Class&nbsp;A-3
Controlled Amortization Period other than the Related Month immediately preceding the Class&nbsp;A-3 Expected Final Distribution Date, $66,666,666.66 and (ii)&nbsp;with respect to the
Related Month immediately preceding the Class&nbsp;A-3 Expected Final Distribution Date, $66,666,666.70. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Controlled Amortization Period</U>" means the period commencing at the opening of business on October&nbsp;1, 2008 (or, if such
day is not a Business Day, the Business Day immediately preceding such day) and continuing to the earliest of (i)&nbsp;the commencement of the Series&nbsp;2004-2 Rapid Amortization
Period, (ii)&nbsp;the date on which the Class&nbsp;A-3 Notes are fully paid and (iii)&nbsp;the termination of the Indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Controlled Distribution Amount</U>" means, with respect to any Related Month during the Class&nbsp;A-3 Controlled
Amortization Period, an amount equal to the sum of the Class&nbsp;A-3 Controlled Amortization Amount and any Class&nbsp;A-3 Carryover Controlled Amortization Amount for
such Related Month. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Expected Final Distribution Date</U>" means the April&nbsp;2009 Distribution Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Final Distribution Date</U>" means the April&nbsp;2010 Distribution Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Initial Invested Amount</U>" means the aggregate initial principal amount of the Class&nbsp;A-3 Notes, which is
$400,000,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Invested Amount</U>" means, when used with respect to any date, an amount equal to the Class&nbsp;A-3 Outstanding
Principal Amount <U>plus</U> the sum of (a)&nbsp;the amount of any principal payments made to the Class&nbsp;A-3 Noteholders on or prior to such date with the
proceeds of a demand on the Surety Bond and (b)&nbsp;the amount of any principal payments made to Class&nbsp;A-3 Noteholders that have been rescinded or otherwise returned by the
Class&nbsp;A-3 Noteholders for any reason. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Monthly Interest</U>" means, with respect to any Series&nbsp;2004-2 Interest Period, an amount equal to the product
of (A)&nbsp;the Class&nbsp;A-3 Invested Amount on the first day of such Series&nbsp;2004-2 Interest Period, after giving effect to any principal payments made on such
date, (B)&nbsp;the Class&nbsp;A-3 Note Rate for such Series&nbsp;2004-2 Interest Period and (C)&nbsp;the number of days in such Series&nbsp;2004-2
Interest Period divided by 360. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Noteholder</U>" means the Person in whose name a Class&nbsp;A-3 Note is registered in the Note Register. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-5-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=8,EFW="2134604",CP="CENDANT CORPORATION",DN="4",CHK=303070,FOLIO='5',FILE='DISK029:[04NYC0.04NYC4580]KG4580A.;11',USER='MKEANE',CD='30-APR-2004;05:15' -->
<A NAME="page_kg4580_1_6"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Note Rate</U>" means, for (i)&nbsp;the initial Series&nbsp;2004-2 Interest Period, 1.31375% per annum and
(ii)&nbsp;any other Series&nbsp;2004-2 Interest Period, the sum of 0.22% plus LIBOR for such Series&nbsp;2004-2 Interest Period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Notes</U>" means any one of the Series&nbsp;2004-2 Floating Rate Rental Car Asset Backed Notes,
Class&nbsp;A-3, executed by AFC-II and authenticated by or on behalf of the Trustee, substantially in the form of
<U>Exhibit&nbsp;A-3-1</U>, <U>Exhibit&nbsp;A-3-2</U> or
<U>Exhibit&nbsp;A-3-3</U>. Definitive Class&nbsp;A-3 Notes shall have such insertions and deletions as are necessary to give effect to the
provisions of Section&nbsp;2.18 of the Base Indenture. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Class&nbsp;A-3
Outstanding Principal Amount</U>" means, when used with respect to any date, an amount equal to (a)&nbsp;the
Class&nbsp;A-3 Initial Invested Amount <U>minus</U> (b)&nbsp;the amount of principal payments made to Class&nbsp;A-3 Noteholders on or prior to such
date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Clearstream</U>"
is defined in Section&nbsp;5.2. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Consent</U>"
is defined in Article&nbsp;IV. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Consent
Period Expiration Date</U>" is defined in Article&nbsp;IV. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Demand
Note Issuer</U>" means each issuer of a Series&nbsp;2004-2 Demand Note. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Designated
Amounts</U>" is defined in Article&nbsp;IV. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Disbursement</U>"
means any Lease Deficit Disbursement, any Unpaid Demand Note Disbursement, any Termination Date Disbursement or any Termination Disbursement
under a Series&nbsp;2004-2 Letter of Credit, or any combination thereof, as the context may require. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Excess
Collections</U>" is defined in Section&nbsp;2.3(f)(i). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Euroclear</U>"
is defined in Section&nbsp;5.2. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Fixed
Rate Payment</U>" means, for any Distribution Date, the aggregate of the amounts, if any, payable by AFC-II as the "Fixed Amount" under each
of the Series&nbsp;2004-2 Interest Rate Swaps after the netting of payments due to AFC-II as the "Floating Amount" from the Series&nbsp;2004-2 Interest Rate
Swap Counterparty under each such Series&nbsp;2004-2 Interest Rate Swap on such Distribution Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Insurance
Agreement</U>" means the Insurance Agreement, dated as of February&nbsp;18, 2004, among the Surety Provider, the Trustee and AFC-II,
which shall constitute an "Enhancement Agreement" with respect to the Series&nbsp;2004-2 Notes for all purposes under the Indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Insured
Principal Deficit Amount</U>" means, with respect to any Distribution Date, the excess, if any, of (a)&nbsp;the Series&nbsp;2004-2
Outstanding Principal Amount on such Distribution Date (after giving effect to the distribution of the Monthly Total Principal Allocation for the Related Month) over (b)&nbsp;the sum of the
Series&nbsp;2004-2 Available Reserve Account Amount on such Distribution Date, the Series&nbsp;2004-2 Letter of Credit Amount on such Distribution Date and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-6-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=9,EFW="2134604",CP="CENDANT CORPORATION",DN="4",CHK=917026,FOLIO='6',FILE='DISK029:[04NYC0.04NYC4580]KG4580A.;11',USER='MKEANE',CD='30-APR-2004;05:15' -->
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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>the
Series&nbsp;2004-2 AESOP I Operating Lease Loan Agreement Borrowing Base on such Distribution Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Lease
Deficit Disbursement</U>" means an amount drawn under a Series&nbsp;2004-2 Letter of Credit pursuant to a Certificate of Lease Deficit
Demand. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>LIBOR</U>"
means, with respect to each Series&nbsp;2004-2 Interest Period, a rate per annum to be determined by the Trustee as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;On
each LIBOR Determination Date, the Trustee will determine the London interbank offered rate for U.S. dollar deposits for one month that appears on Telerate Page 3750
as it relates to U.S. dollars as of 11:00&nbsp;a.m., London time, on such LIBOR Determination Date: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;If,
on any LIBOR Determination Date, such rate does not appear on Telerate Page 3750, the Trustee will request that the principal London offices of each of four major
banks in the London interbank market selected by the Trustee provide the Trustee with offered quotations for deposits in U.S. dollars for a period of one month, commencing on the first day of such
Series&nbsp;2004-2 Interest Period, to prime banks in the London interbank market at approximately 11:00&nbsp;a.m., London time, on such LIBOR Determination Date and in a principal
amount equal to an amount of not less than $250,000 that is representative of a single transaction in such market at such time. If at least two such quotations are provided, "LIBOR" for such
Series&nbsp;2004-2 Interest Period will be the arithmetic mean of such quotations; or </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;If
fewer than two such quotations are provided pursuant to clause&nbsp;(ii), "LIBOR" for such Series&nbsp;2004-2 Interest Period will be the
arithmetic mean of rates quoted by three major banks in the City of New York selected by the Trustee at approximately 11:00&nbsp;a.m., New York City time, on such LIBOR Determination Date for loans
in U.S. dollars to leading European banks, for a period of one month, commencing on the first day of such Series&nbsp;2004-2 Interest Period, and in a principal amount equal to an amount
of not less than $250,000 that is representative of a single transaction in such market at such time; <U>provided</U>, <U>however</U>, that if the banks
selected as aforesaid by such Trustee are not quoting rates as mentioned in this sentence, "LIBOR" for such Series&nbsp;2004-2 Interest Period will be the same as "LIBOR" for the
immediately preceding Series&nbsp;2004-2 Interest Period. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>LIBOR
Determination Date</U>" means, with respect to any Series&nbsp;2004-2 Interest Period, the second London Banking Day preceding the first
day of such Series&nbsp;2004-2 Interest Period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>London
Banking Day</U>" means any business day on which dealings in deposits in United States dollars are transacted in the London interbank market. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Monthly
Total Principal Allocation</U>" means for any Related Month the sum of all Series&nbsp;2004-2 Principal Allocations with respect to such
Related Month. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Moody's</U>"
means Moody's Investors Service. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-7-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Past
Due Rent Payment</U>" is defined in Section&nbsp;2.2(g). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Permanent
Global Class&nbsp;A-1 Note</U>" is defined in Section&nbsp;5.2. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Permanent
Global Class&nbsp;A-2 Note</U>" is defined in Section&nbsp;5.2. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Permanent
Global Class&nbsp;A-3 Note</U>" is defined in Section&nbsp;5.2. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Pre-Preference
Period Demand Note Payments</U>" means, as of any date of determination, the aggregate amount of all proceeds of demands made on the
Series&nbsp;2004-2 Demand Notes included in the Series&nbsp;2004-2 Demand Note Payment Amount as of the Series&nbsp;2004-2 Letter of Credit Termination Date
that were paid by the Demand Note Issuers more than one year before such date of determination; <U>provided</U>, <U>however</U>, that if an Event of
Bankruptcy (or the occurrence of an event described in clause&nbsp;(a) of the definition thereof, without the lapse of a period of sixty (60)&nbsp;consecutive days) with respect to a Demand Note
Issuer occurs during such one year period, (x)&nbsp;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)&nbsp;the Pre-Preference Period Demand Note
Payments as of any date after the conclusion or dismissal of such proceedings shall equal the Series&nbsp;2004-2 Demand Note Payment Amount as of the date of the conclusion or dismissal
of such proceedings. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Principal
Deficit Amount</U>" means, as of any date of determination, the excess, if any, of (i)&nbsp;the Series&nbsp;2004-2 Invested Amount on
such date (after giving effect to the distribution of the Monthly Total Principal Allocation for the Related Month if such date is a Distribution Date) over (ii)&nbsp;the
Series&nbsp;2004-2 AESOP I Operating Lease Loan Agreement Borrowing Base on such date; <U>provided</U>, <U>however</U> 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)&nbsp;the Series&nbsp;2004-2 Invested Amount on such date (after giving effect to the distribution of Monthly Total Principal Allocation for
the Related Month if such date is a Distribution Date) over (y)&nbsp;the sum of (1)&nbsp;the Series&nbsp;2004-2 AESOP I Operating Lease Loan Agreement Borrowing Base on such date and
(2)&nbsp;the lesser of (a)&nbsp;the Series&nbsp;2004-2 Liquidity Amount on such date and (b)&nbsp;the Series&nbsp;2004-2 Required Liquidity Amount on such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Pro
Rata Share</U>" means, with respect to any Series&nbsp;2004-2 Letter of Credit Provider as of any date, the fraction (expressed as a
percentage) obtained by dividing (A)&nbsp;the available amount under such Series&nbsp;2004-2 Letter of Credit Provider's Series&nbsp;2004-2 Letter of Credit as of such
date by (B)&nbsp;an amount equal to the aggregate available amount under all Series&nbsp;2004-2 Letters of Credit as of such date; <U>provided</U>, that only for
purposes of calculating the Pro Rata Share with respect to any Series&nbsp;2004-2 Letter of Credit Provider as of any date, if such Series&nbsp;2004-2 Letter of Credit
Provider has not complied with its obligation to pay the Trustee the amount of any draw under its Series&nbsp;2004-2 Letter of Credit made prior to such date, the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-8-</FONT></P>

<HR NOSHADE>
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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>available
amount under such Series&nbsp;2004-2 Letter of Credit Provider's Series&nbsp;2004-2 Letter of Credit as of such date shall be treated as reduced (for calculation
purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Series&nbsp;2004-2 Letter of
Credit Provider has paid such amount to the Trustee and been reimbursed by the Lessee or the applicable Demand Note Issuer, as the case may be, for such amount (<U>provided</U>
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&nbsp;2004-2 Letter of
Credit). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Qualified
Interest Rate Swap Counterparty</U>" means a counterparty to any Series&nbsp;2004-2 Interest Rate Swap (A)&nbsp;who is acceptable to
the Surety Provider and (B)&nbsp;who is a bank or other financial institution, which is acceptable to each Rating Agency or has (i)&nbsp;a short-term senior unsecured debt, deposit or
credit (as the case may be) rating of at least "A-1" from Standard&nbsp;&amp; Poor's and of "P-1" from Moody's and (ii)&nbsp;(a)&nbsp;on the date such
Series&nbsp;2004-2 Interest Rate Swap is executed, a long-term senior unsecured debt, deposit or credit (as the case may be) rating of at least "AA-" from
Standard&nbsp;&amp; Poor's and of at least "Aa3" from Moody's and (b)&nbsp;on any other date, a long-term senior unsecured debt, deposit or credit (as the case may be) rating of at least
"A+" from Standard&nbsp;&amp; Poor's and of at least "A1" from Moody's. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Requisite
Noteholders</U>" means Series&nbsp;2004-2 Noteholders holding more than 50% of the Series&nbsp;2004-2 Invested Amount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>
Restricted Global Class&nbsp;A-1 Note</U>" is defined in Section&nbsp;5.1. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Restricted
Global Class&nbsp;A-2 Note</U>" is defined in Section&nbsp;5.1. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Restricted
Global Class&nbsp;A-3 Note</U>" is defined in Section&nbsp;5.1. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;1998-1
Notes</U>" means the Series of Notes designated as the Series&nbsp;1998-1 Notes. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2000-2
Notes</U>" means the Series of Notes designated as the Series&nbsp;2000-2 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2000-4
Notes</U>" means the Series of Notes designated as the Series&nbsp;2000-4 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2001-1
Notes</U>" means the Series of Notes designated as the Series&nbsp;2001-1 Notes. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2001-2
Notes</U>" means the Series of Notes designated as the Series&nbsp;2001-2 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2002-1
Notes</U>" means the Series of Notes designated as the Series&nbsp;2002-1 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2002-2
Notes</U>" means the Series of Notes designated as the Series&nbsp;2002-2 Notes. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-9-</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_ki4580_1_10"> </A> </FONT> <FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2002-3
Notes</U>" means the Series of Notes designated as the Series&nbsp;2002-3 Notes. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2003-1
Notes</U>" means the Series of Notes designated as the Series&nbsp;2003-1 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2003-2
Notes</U>" means the Series of Notes designated as the Series&nbsp;2003-2 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2003-3
Notes</U>" means the Series of Notes designated as the Series&nbsp;2003-3 Notes. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2003-4
Notes</U>" means the Series of Notes designated as the Series&nbsp;2003-4 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2003-5
Notes</U>" means the Series of Notes designated as the Series&nbsp;2003-5 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-1
Notes</U>" means the Series of Notes designated as the Series&nbsp;2004-1 Notes. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Accounts</U>" means each of the Series&nbsp;2004-2 Distribution Account, the Series&nbsp;2004-2
Reserve Account, the Series&nbsp;2004-2 Collection Account, the Series&nbsp;2004-2 Excess Collection Account and the Series&nbsp;2004-2 Accrued Interest
Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Accrued Interest Account</U>" is defined in Section&nbsp;2.1(b). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Adjusted Monthly Interest</U>" means (a)&nbsp;for the initial Distribution Date, an amount equal to $838,302.08 and
(b)&nbsp;for any other Distribution Date, the sum of (i)&nbsp;the sum of (A)&nbsp;for the Series&nbsp;2004-2 Interest Period ending on the day preceding such Distribution Date, an
amount equal to the product of (1)&nbsp;the Class&nbsp;A-1 Note Rate and (2)&nbsp;the Class&nbsp;A-1 Outstanding Principal Amount on the first day of such
Series&nbsp;2004-2 Interest Period, divided by twelve, (B)&nbsp;an amount equal to the product of (1)&nbsp;the Class&nbsp;A-2 Note Rate for such
Series&nbsp;2004-2 Interest Period, (2)&nbsp;the Class&nbsp;A-2 Outstanding Principal Amount on the first day of such Series&nbsp;2004-2 Interest Period and
(3)&nbsp;a fraction, the numerator of which is the number of days in such Series&nbsp;2004-2 Interest Period and the denominator of which is 360 and (C)&nbsp;an amount equal to the
product of (1)&nbsp;the Class&nbsp;A-3 Note Rate for such Series&nbsp;2004-2 Interest Period, (2)&nbsp;the Class&nbsp;A-3 Outstanding Principal Amount on
the first day of such Series&nbsp;2004-2 Interest Period and (3)&nbsp;a fraction, the numerator of which is the number of days in such Series&nbsp;2004-2 Interest Period
and the denominator of which is 360 and (ii)&nbsp;any amount described in clause&nbsp;(b)(i)&nbsp;with respect to a prior Distribution Date that remains unpaid as of such Distribution Date
(together with any accrued interest on such amount). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
AESOP I Operating Lease Loan Agreement Borrowing Base</U>" means, as of any date of determination, the product of
(a)&nbsp;the Series&nbsp;2004-2 AESOP I Operating Lease Vehicle Percentage as of such date and (b)&nbsp;the AESOP I Operating Lease Loan Agreement Borrowing Base as of such date. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-10-</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
AESOP I Operating Lease Vehicle Percentage</U>" means, as of any date of determination, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which is the Series&nbsp;2004-2 Required AESOP I Operating Lease Vehicle Amount as of such date and the denominator of
which is the sum of the Required AESOP I Operating Lease Vehicle Amounts for all Series of Notes as of such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Agent</U>" is defined in the recitals hereto. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Available Cash Collateral Account Amount</U>" means, as of any date of determination, the amount on deposit in the
Series&nbsp;2004-2 Cash Collateral Account (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series-2004-2
Available Reserve Account Amount</U>" means, as of any date of determination, the amount on deposit in the
Series&nbsp;2004-2 Reserve Account (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Cash Collateral Account</U>" is defined in Section&nbsp;2.8(f). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Cash Collateral Account Collateral</U>" is defined in Section&nbsp;2.8(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Cash Collateral Account Surplus</U>" means, with respect to any Distribution Date, the lesser of (a)&nbsp;the
Series&nbsp;2004-2 Available Cash Collateral Account Amount and (b)&nbsp;the lesser of (A)&nbsp;the excess, if any, of the Series&nbsp;2004-2 Liquidity Amount (after
giving effect to any withdrawal from the Series&nbsp;2004-2 Reserve Account on such Distribution Date) over the Series&nbsp;2004-2 Required Liquidity Amount on such
Distribution Date and (B)&nbsp;the excess, if any, of the Series&nbsp;2004-2 Enhancement Amount (after giving effect to any withdrawal from the Series&nbsp;2004-2 Reserve
Account on such Distribution Date) over the Series&nbsp;2004-2 Required Enhancement Amount on such Distribution Date; <U>provided</U>,
<U>however</U> that, on any date after the Series&nbsp;2004-2 Letter of Credit Termination Date, the Series&nbsp;2004-2 Cash Collateral Account
Surplus shall mean the excess, if any, of (x)&nbsp;the Series&nbsp;2004-2 Available Cash Collateral Account Amount over (y)&nbsp;the Series&nbsp;2004-2 Demand Note
Payment Amount <U>minus</U> the Pre-Preference Period Demand Note Payments as of such date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Cash Collateral Percentage</U>" means, as of any date of determination, the percentage equivalent of a fraction, the numerator
of which is the Series&nbsp;2004-2 Available Cash Collateral Amount as of such date and the denominator of which is the Series&nbsp;2004-2 Letter of Credit Liquidity Amount
as of such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Closing Date</U>" means February&nbsp;18, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Collateral</U>" means the Collateral, each Series&nbsp;2004-2 Letter of Credit, each
Series&nbsp;2004-2 Demand Note, the Series&nbsp;2004-2 Distribution Account Collateral, the Series&nbsp;2004-2 Interest Rate Swap Collateral, the
Series&nbsp;2004-2 Cash Collateral Account Collateral and the Series&nbsp;2004-2 Reserve Account Collateral. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Collection Account</U>" is defined in Section&nbsp;2.1(b). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-11-</FONT></P>

<HR NOSHADE>
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<A NAME="page_ki4580_1_12"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Controlled Amortization Period</U>" means the Three-Year Notes Controlled Amortization Period and/or the
Class&nbsp;A-3 Controlled Amortization Period, as the case may be. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Demand Note</U>" means each demand note made by a Demand Note Issuer, substantially in the form of
<U>Exhibit&nbsp;C</U> to this Supplement, as amended, modified or restated from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Demand Note Payment Amount</U>" means, as of the Series&nbsp;2004-2 Letter of Credit Termination Date, the
aggregate amount of all proceeds of demands made on the Series&nbsp;2004-2 Demand Notes pursuant to Section&nbsp;2.5(b) or (c)&nbsp;that were deposited into the
Series&nbsp;2004-2 Distribution Account and paid to the Series&nbsp;2004-2 Noteholders during the one year period ending on the Series&nbsp;2004-2 Letter of
Credit Termination Date; <U>provided</U>, <U>however</U>, that if an Event of Bankruptcy (or the occurrence of an event described in clause&nbsp;(a) of
the definition thereof, without the lapse of a period of sixty (60)&nbsp;consecutive days) with respect to a Demand Note Issuer shall have occurred during such one year period, the
Series&nbsp;2004-2 Demand Note Payment Amount as of the Series&nbsp;2004-2 Letter of Credit Termination Date shall equal the Series&nbsp;2004-2 Demand Note
Payment Amount as if it were calculated as of the date of such occurrence. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Deposit Date</U>" is defined in Section&nbsp;2.2. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Distribution Account</U>" is defined in Section&nbsp;2.9(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Distribution Account Collateral</U>" is defined in Section&nbsp;2.9(d). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Eligible Letter of Credit Provider</U>" means a person satisfactory to ARAC, the Demand Note Issuers and the Surety Provider
and having, at the time of the issuance of the related Series&nbsp;2004-2 Letter of Credit, a long-term senior unsecured debt rating (or the equivalent thereof in the case of
Moody's or Standard&nbsp;&amp; Poor's, as applicable) of at least "A+" from Standard&nbsp;&amp; Poor's and at least "Al" from Moody's and a short-term senior unsecured debt rating of at least
"A-1" from Standard&nbsp;&amp; Poor's and "P-1" from Moody's that is (a)&nbsp;a commercial bank having total assets in excess of $500,000,000, (b)&nbsp;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)&nbsp;any other
financial institution; <U>provided</U>, <U>however</U>, that if a person is not a Series&nbsp;2004-2 Letter of Credit Provider (or a letter of
credit provider under the Supplement for any other Series of Notes), then such person shall not be a Series&nbsp;2004-2 Eligible Letter of Credit Provider until AFC-II has
provided ten (10)&nbsp;days' prior notice to the Rating Agencies that such person has been proposed as a Series&nbsp;2004-2 Letter of Credit Provider. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Enhancement</U>" means the Series&nbsp;2004-2 Cash Collateral Account Collateral, the
Series&nbsp;2004-2 Letters of Credit, the Series&nbsp;2004-2 Demand Notes, the Series&nbsp;2004-2 Overcollateralization Amount and the
Series&nbsp;2004-2 Reserve Account Amount. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Enhancement Amount</U>" means, as of any date of determination, the sum of (i)&nbsp;the Series&nbsp;2004-2
Overcollateralization Amount as of such date, (ii)&nbsp;the Series&nbsp;2004-2 Letter of Credit Amount as of such date, (iii)&nbsp;the Series&nbsp;2004-2 Available
Reserve Account Amount as of such date and (iv)&nbsp;the amount of cash and Permitted Investments on </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-12-</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>deposit
in the Series&nbsp;2004-2 Collection Account (not including amounts allocable to the Series&nbsp;2004-2 Accrued Interest Account) and the
Series&nbsp;2004-2 Excess Collection Account as of such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Enhancement Deficiency</U>" means, on any date of determination, the amount by which the Series&nbsp;2004-2
Enhancement Amount is less than the Series&nbsp;2004-2 Required Enhancement Amount as of such date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Excess Collection Account</U>" is defined in Section&nbsp;2.1(b). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Final Distribution Date</U>" means the Three-Year Notes Final Distribution Date or the
Class&nbsp;A-3 Final Distribution Date, as the case may be. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Initial Invested Amount</U>" means the sum of the Class&nbsp;A-1 Initial Invested Amount, the
Class&nbsp;A-2 Initial Invested Amount and the Class&nbsp;A-3 Initial Invested Amount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Interest Period</U>" means a period commencing on and including a Distribution Date and ending on and including the day
preceding the next succeeding Distribution Date; <U>provided</U>, <U>however</U> that the initial Series&nbsp;2004-2 Interest Period shall
commence on and include the Series&nbsp;2004-2 Closing Date and end on and include March&nbsp;21, 2004. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Interest Rate Swap</U>" is defined in Section&nbsp;2.10(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Interest Rate Swap Collateral</U>" is defined in Section&nbsp;2.10(d). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Interest Rate Swap Counterparty</U>" means AFC-II's counterparty under any Series&nbsp;2004-2
Interest Rate Swap. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Interest Rate Swap Proceeds</U>" means the amounts received by the Trustee from a Series&nbsp;2004-2 Interest
Rate Swap Counterparty from time to time in respect of any Series&nbsp;2004-2 Interest Rate Swap (including amounts received from a guarantor or from collateral). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Invested Amount</U>" means, as of any date of determination, the sum of the Class&nbsp;A-1 Invested Amount as of
such date, the Class&nbsp;A-2 Invested Amount as of such date and the Class&nbsp;A-3 Invested Amount as of such date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Invested Percentage</U>" means as of any date of determination: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;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&nbsp;2004-2 Invested Amount and the Series&nbsp;2004-2 Overcollateralization Amount, determined during the Series&nbsp;2004-2
Revolving Period as of the end of the Related Month (or, until the end of the initial Related Month, on the Series&nbsp;2004-2 Closing Date), or, during the
Series&nbsp;2004-2 Controlled Amortization Period and the Series&nbsp;2004-2 Rapid Amortization Period, as of the end of the Series&nbsp;2004-2 Revolving
Period, and the denominator of which shall be the greater of (I)&nbsp;the Aggregate </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>-13-</FONT></P>

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<A NAME="page_ki4580_1_14"> </A>
<UL>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>Asset
Amount as of the end of the Related Month or, until the end of the initial Related Month, as of the Series&nbsp;2004-2 Closing Date, and (II)&nbsp;as of the same date as in
clause&nbsp;(I), the sum of the numerators used to determine (i)&nbsp;invested percentages for allocations with respect to Principal Collections (for all Series of Notes and all classes of such
Series of Notes) and (ii)&nbsp;overcollateralization percentages for allocations with respect to Principal Collections (for all Series of Notes that provide for credit enhancement in the form of
overcollateralization); and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;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&nbsp;2004-2 Notes on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all Series
of Notes on such date of determination. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Lease Interest Payment Deficit</U>" means, on any Distribution Date, an amount equal to the excess, if any, of (a)&nbsp;the
aggregate amount of Interest Collections which pursuant to Section&nbsp;2.2(a), (b), (c)&nbsp;or (d)&nbsp;would have been allocated to the Series&nbsp;2004-2 Accrued Interest
Account if all payments of Monthly Base Rent required to have been made under the Leases from and excluding the preceding Distribution Date to and including such Distribution Date were made in full
over (b)&nbsp;the aggregate amount of Interest Collections which pursuant to Section&nbsp;2.2(a), (b), (c)&nbsp;or (d)&nbsp;have been allocated to the Series&nbsp;2004-2 Accrued
Interest Account (excluding any amounts paid into the Series&nbsp;2004-2 Accrued Interest Account pursuant to the proviso in Sections 2.2(c)(ii)&nbsp;and/or 2.2(d)(ii)) from and
excluding the preceding Distribution Date to and including such Distribution Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Lease Payment Deficit</U>" means either a Series&nbsp;2004-2 Lease Interest Payment Deficit or a
Series&nbsp;2004-2 Lease Principal Payment Deficit. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Lease Principal Payment Carryover Deficit</U>" means (a)&nbsp;for the initial Distribution Date, zero and (b)&nbsp;for any
other Distribution Date, the excess of (x)&nbsp;the Series&nbsp;2004-2 Lease Principal Payment Deficit, if any, on the preceding Distribution Date <U>over</U>
(y)&nbsp;the amount deposited in the Distribution Account on such preceding Distribution Date pursuant to Section&nbsp;2.5(b) on account of such Series&nbsp;2004-2 Lease Principal
Payment Deficit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Lease Principal Payment Deficit</U>" means on any Distribution Date the sum of (a)&nbsp;the Series&nbsp;2004-2
Monthly Lease Principal Payment Deficit for such Distribution
Date and (b)&nbsp;the Series&nbsp;2004-2 Lease Principal Payment Carryover Deficit for such Distribution Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Letter of Credit</U>" means an irrevocable letter of credit, if any, substantially in the form of
<U>Exhibit&nbsp;D</U> to this Supplement issued by a Series&nbsp;2004-2 Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the
Series&nbsp;2004-2 Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider in form and substance satisfactory to the Surety Provider. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Letter of Credit Amount</U>" means, as of any date of determination, the lesser of (a)&nbsp;the sum of (i)&nbsp;the
aggregate amount available to be drawn on such date under </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-14-</FONT></P>

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<A NAME="page_ki4580_1_15"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>each
Series&nbsp;2004-2 Letter of Credit, as specified therein, and (ii)&nbsp;if the Series&nbsp;2004-2 Cash Collateral Account has been established and funded pursuant
to Section&nbsp;2.8, the Series&nbsp;2004-2 Available Cash Collateral Account Amount on such date and (b)&nbsp;the aggregate outstanding principal amount of the
Series&nbsp;2004-2 Demand Notes on such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Letter of Credit Expiration Date</U>" means, with respect to any Series&nbsp;2004-2 Letter of Credit, the
expiration date set forth in such Series&nbsp;2004-2 Letter of Credit, as such date may be extended in accordance with the terms of such Series&nbsp;2004-2 Letter of
Credit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Letter of Credit Liquidity Amount</U>" means, as of any date of determination, the sum of (a)&nbsp;the aggregate amount
available to be drawn on such date under each Series&nbsp;2004-2 Letter of Credit, as specified therein, and (b)&nbsp;if the Series&nbsp;2004-2 Cash Collateral Account
has been established and funded pursuant to Section&nbsp;2.8, the Series&nbsp;2004-2 Available Cash Collateral Account Amount on such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Letter of Credit Provider</U>" means the issuer of a Series&nbsp;2004-2 Letter of Credit. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Letter of Credit Termination Date</U>" means the first to occur of (a)&nbsp;the date on which the
Series&nbsp;2004-2 Notes are fully paid and the Surety Provider has been paid all Surety Provider Fees and all other Surety Provider Reimbursement Amounts then due, (b)&nbsp;the
Series&nbsp;2004-2 Termination Date and (c)&nbsp;such earlier date consented to by the Surety Provider and the Rating Agencies which consent by the Surety Provider shall be in writing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Limited Liquidation Event of Default</U>" means, so long as such event or condition continues, any event or condition of the
type specified in clauses (a)&nbsp;through (j)&nbsp;of Article&nbsp;III; <U>provided</U>, <U>however</U>, that any event or condition of the type
specified in clauses (a)&nbsp;through (e)&nbsp;and (h)&nbsp;through (j)&nbsp;of Article&nbsp;III shall not constitute a Series&nbsp;2004-2 Limited Liquidation Event of Default
if (i)&nbsp;within such thirty (30)&nbsp;day period, such Amortization Event shall have been cured and, after such cure of such Amortization Event is provided for, the Trustee shall have received
the written consent of the Surety Provider waiving the occurrence of such Series&nbsp;2004-2 Limited Liquidation Event of Default or (ii)&nbsp;the Trustee shall have received the
written consent of the Surety Provider waiving the occurrence of such Series&nbsp;2004-2 Limited Liquidation Event of Default. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Liquidity Amount</U>" means, as of any date of determination, the sum of (a)&nbsp;the Series&nbsp;2004-2
Letter of Credit Liquidity Amount on such date and (b)&nbsp;the Series&nbsp;2004-2 Available Reserve Account Amount on such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Maximum Aggregate Kia/Isuzu/Subaru/Hyundai/Suzuki Amount</U>" means, as of any day, with respect to Kia, Isuzu, Subaru,
Hyundai and Suzuki, in the aggregate, an amount equal to 15% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day or such lesser percentage as may be agreed to in
writing by AFC-II and the Surety Provider of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Maximum Amount</U>" means any of the Series&nbsp;2004-2 Maximum Manufacturer Amounts, the
Series&nbsp;2004-2 Maximum Non-Eligible Manufacturer Amount, the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-15-</FONT></P>

<HR NOSHADE>
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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>Series&nbsp;2004-2
Maximum Non-Program Vehicle Amount or the Series&nbsp;2004-2 Maximum Specified States Amount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Maximum Individual Kia/Isuzu/Subaru/Hyundai/Suzuki Amount</U>" means, as of any day, with respect to Kia, Isuzu, Subaru,
Hyundai or Suzuki, individually, an amount equal to 5% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Maximum Manufacturer Amount</U>" means, as of any day, any of the Series&nbsp;2004-2 Maximum Mitsubishi Amount,
the Series&nbsp;2004-2 Maximum Individual Kia/Isuzu/Subaru/Hyundai/Suzuki Amount or the Series&nbsp;2004-2 Maximum Aggregate Kia/Isuzu/Subaru/Hyundai/Suzuki Amount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Maximum Mitsubishi Amount</U>" 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. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Maximum Non-Eligible Manufacturer Amount</U>" 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Maximum Non-Program Vehicle Amount</U>" means, as of any day, an amount equal to the
Series&nbsp;2004-2 Maximum Non-Program Vehicle Percentage of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Maximum Non-Program Vehicle Percentage</U>" means 25% or such lesser percentage as may be agreed to in writing by
AFC-II and the Surety Provider on or after the Series&nbsp;2004-2 Closing Date, with prompt written notice thereof delivered by AFC-II to the Trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Maximum Specified States Amount</U>" 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. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Monthly Interest</U>" means, with respect to any Series&nbsp;2004-2 Interest Period, the sum of the
Class&nbsp;A-1 Monthly Interest, the Class&nbsp;A-2 Monthly Interest and the Class&nbsp;A-3 Monthly Interest with respect to such
Series&nbsp;2004-2 Interest Period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Monthly Lease Principal Payment Deficit</U>" means, on any Distribution Date, an amount equal to the excess, if any, of
(a)&nbsp;the aggregate amount of Principal Collections which pursuant to Section&nbsp;2.2(a), (b), (c)&nbsp;or (d)&nbsp;would have been allocated to the Series&nbsp;2004-2
Collection Account if all payments required to have been made under the Leases from and excluding
the preceding Distribution Date to and including such Distribution Date were made in full over (b)&nbsp;the aggregate amount of Principal Collections which pursuant to Section&nbsp;2.2(a), (b),
(c)&nbsp;or (d)&nbsp;have been allocated to the Series&nbsp;2004-2 Collection Account (without giving effect to any amounts paid into the Series&nbsp;2004-2 Accrued
Interest Account pursuant to the proviso in Sections 2.2(c)(ii)&nbsp;and/or 2.2(d)(ii)) from and excluding the preceding Distribution Date to and including such Distribution Date. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-16-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ki4580_1_17"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Non-Program Vehicle Percentage</U>" means, as of any date of determination, a fraction, expressed as a percentage,
the numerator of which is the aggregate Net Book Value of all Non-Program Vehicles leased under the AESOP I Operating Lease as of such date and the denominator of which is the aggregate
Net Book Value of all Vehicles leased under the AESOP I Operating Lease as of such date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Note Rate</U>" means, the Class&nbsp;A-1 Note Rate, the Class&nbsp;A-2 Note Rate or the
Class&nbsp;A-3 Note Rate, as the context may require. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Noteholder</U>" means any Class&nbsp;A-1 Noteholder, any Class&nbsp;A-2 Noteholder or any
Class&nbsp;A-3 Noteholder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Notes</U>" means, collectively, the Class&nbsp;A-1 Notes, the Class&nbsp;A-2 Notes and the
Class&nbsp;A-3 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Outstanding Principal Amount</U>" means, as of any date of determination, the sum of the Class&nbsp;A-1
Outstanding Principal Amount, the Class&nbsp;A-2 Outstanding Principal Amount and the Class&nbsp;A-3 Outstanding Principal Amount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Overcollateralization Amount</U>" means (i)&nbsp;as of any date on which no AESOP I Operating Lease Vehicle Deficiency
exists, the Series&nbsp;2004-2 Required Overcollateralization Amount as of such date and (ii)&nbsp;as of any date on which an AESOP I Operating Lease Vehicle Deficiency exists, the
excess, if any, of (x)&nbsp;the Series&nbsp;2004-2 AESOP I Operating Lease Loan Agreement Borrowing Base as of such date over (y)&nbsp;the Series&nbsp;2004-2 Invested
Amount as of such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Past Due Rent Payment</U>" is defined in Section&nbsp;2.2(g). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Percentage</U>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the
Series&nbsp;2004-2 Invested Amount as of such date and the denominator of which is the Aggregate Invested Amount as of such date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Principal Allocation</U>" is defined in Section&nbsp;2.2(a)(ii). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Program Vehicle Percentage</U>" means, as of any date of determination, 100% <U>minus</U> the
Series&nbsp;2004-2 Non-Program Vehicle Percentage. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Rapid Amortization Period</U>" 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&nbsp;2004-2 Notes and ending upon the earliest to occur of (i)&nbsp;the date on which the
Series&nbsp;2004-2 Notes are fully paid, the Surety Provider has been paid all Surety Provider Fees and all other Surety Provider Reimbursement Amounts then due and the
Series&nbsp;2004-2 Interest Rate Swaps have been terminated and there are no amounts due and owing thereunder, (ii)&nbsp;the Series&nbsp;2004-2 Termination Date and
(iii)&nbsp;the termination of the Indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Reimbursement Agreement</U>" means any and each agreement providing for the reimbursement of a
Series&nbsp;2004-2 Letter of Credit Provider for draws under its </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-17-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=20,EFW="2134604",CP="CENDANT CORPORATION",DN="4",CHK=226646,FOLIO='17',FILE='DISK029:[04NYC0.04NYC4580]KI4580A.;10',USER='MKEANE',CD='30-APR-2004;05:15' -->
<A NAME="page_ki4580_1_18"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>Series&nbsp;2004-2
Letter of Credit as the same may be amended, supplemented, restated or otherwise modified from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Repurchase Amount</U>" is defined in Section&nbsp;6.1. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Required AESOP I Operating Lease Vehicle Amount</U>" means, as of any date of determination, the sum of the
Series&nbsp;2004-2 Invested Amount and the Series 2004-2 Required Overcollateralization Amount as of such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Required Enhancement Amount</U>" means, as of any date of determination, the sum of (i)&nbsp;the product of the
Series&nbsp;2004-2 Required Enhancement Percentage as of such date and the Series&nbsp;2004-2 Invested Amount as of such date, (ii)&nbsp;the
Series&nbsp;2004-2 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the Non-Program Vehicle Amount as of such
date over the Series&nbsp;2004-2 Maximum Non-Program Vehicle Amount as of such date, (iii)&nbsp;the Series&nbsp;2004-2 AESOP I Operating Lease Vehicle
Percentage as of the immediately preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Mitsubishi and leased under the Leases as of such date
over the Series&nbsp;2004-2 Maximum Mitsubishi Amount as of such date, (iv)&nbsp;the Series&nbsp;2004-2 AESOP I Operating Lease Vehicle Percentage as of the immediately
preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Kia, Isuzu, Subaru, Hyundai or Suzuki, individually, and leased under the Leases as of
such date over the Series&nbsp;2004-2 Maximum Individual Kia/Isuzu/Subaru/ Hyundai/Suzuki Amount as of such date, (v)&nbsp;the Series&nbsp;2004-2 AESOP I Operating Lease
Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Kia, Isuzu, Subaru, Hyundai or Suzuki, in the
aggregate, and leased under the Leases as of such date over the Series&nbsp;2004-2 Maximum Aggregate Kia/Isuzu/Subaru/Hyundai/Suzuki Amount as of such date, (vi)&nbsp;the
Series&nbsp;2004-2 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the Specified States Amount as of such date over the
Series&nbsp;2004-2 Maximum Specified States Amount as of such date and (vii)&nbsp;the Series&nbsp;2004-2 AESOP I Operating Lease Vehicle Percentage as of the immediately
preceding Business Day of the excess, if any, of the Non-Eligible Manufacturer Amount as of such date over the Series&nbsp;2004-2 Maximum Non-Eligible
Manufacturer Amount as of such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Required Enhancement Percentage</U>" means, as of any date of determination, the sum of (i)&nbsp;the product of
(A)&nbsp;14.55% times (B)&nbsp;the Series&nbsp;2004-2 Program Vehicle Percentage as of such date and (ii)&nbsp;the product of (A)&nbsp;the Series&nbsp;2004-2
Required Non-Program Enhancement Percentage as of such date times (B)&nbsp;the Series&nbsp;2004-2 Non-Program Vehicle Percentage as of such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Required Liquidity Amount</U>" means, with respect to any Distribution Date, an amount equal to 3.0% of the
Series&nbsp;2004-2 Invested Amount on such Distribution Date (after giving effect to any payments of principal to be made on the Series&nbsp;2004-2 Notes on such
Distribution Date). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Required Non-Program Enhancement Percentage</U>" means, as of any date of determination, the greater of
(a)&nbsp;20.15% and (b)&nbsp;the sum of (i)&nbsp;20.15% and (ii)&nbsp;the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-18-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ki4580_1_19"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>highest,
for any calendar month within the preceding twelve calendar months, of the greater of (x)&nbsp;an amount (not less than zero) equal to 100% <U>minus</U> the
Measurement Month Average for the immediately preceding Measurement Month and (y)&nbsp;an amount (not less than zero) equal to 100% <U>minus</U> 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). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Required Overcollateralization Amount</U>" means, as of any date of determination, the excess, if any, of the
Series&nbsp;2004-2 Required Enhancement Amount over the sum of (i)&nbsp;the Series&nbsp;2004-2 Letter of Credit Amount as of such date, (ii)&nbsp;the
Series&nbsp;2004-2 Available Reserve Account Amount on such date and (iii)&nbsp;the amount of cash and Permitted Investments on deposit in the Series&nbsp;2004-2
Collection Account (not including amounts allocable to the Series&nbsp;2004-2 Accrued Interest Account) and the Series&nbsp;2004-2 Excess Collection Account on such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Required Reserve Account Amount</U>" means, with respect to any Distribution Date, an amount equal to the greater of
(a)&nbsp;the excess, if any, of the Series&nbsp;2004-2 Required Liquidity Amount on such Distribution Date over the Series&nbsp;2004-2 Letter of Credit Liquidity Amount
on such Distribution Date (after giving effect to any payments of principal to be made on the Series&nbsp;2004-2 Notes on such Distribution Date) and (b)&nbsp;the excess, if any, of
the Series&nbsp;2004-2 Required Enhancement Amount over the Series&nbsp;2004-2 Enhancement Amount (excluding therefrom the Series&nbsp;2004-2 Available
Reserve Account Amount and calculated after giving effect to any payments of principal to be made on the Series&nbsp;2004-2 Notes) on such Distribution Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Reserve Account</U>" is defined in Section&nbsp;2.7(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Reserve Account Collateral</U>" is defined in Section&nbsp;2.7(d). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Reserve Account Surplus</U>" means, with respect to any Distribution Date, the excess, if any, of the
Series&nbsp;2004-2 Available Reserve Account Amount over the Series&nbsp;2004-2 Required Reserve Account Amount on such Distribution Date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Revolving Period</U>" means, the period from and including the Series&nbsp;2004-2 Closing Date to the earlier of
(i)&nbsp;the commencement of the Three-Year Notes Controlled Amortization Period and (ii)&nbsp;the commencement of the Series&nbsp;2004-2 Rapid Amortization Period;
provided that if the Class&nbsp;A-1 Notes and the Class&nbsp;A-2 Notes are paid in full on or prior to the April&nbsp;2007 Distribution Date, then the
Series&nbsp;2004-2 Revolving Period shall also include the period from and including the first day of the calendar month during which the Distribution Date on which the
Class&nbsp;A-1 Notes and the Class&nbsp;A-2 Notes are paid in full occurs to the earlier of (i)&nbsp;the commencement of the Class&nbsp;A-3 Controlled
Amortization Period and (ii)&nbsp;the commencement of the Series&nbsp;2004-2 Rapid Amortization Period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Shortfall</U>" is defined in Section&nbsp;2.3(g). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Termination Date</U>" means the April&nbsp;2010 Distribution Date. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-19-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_kk4580_1_20"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2>
CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Trustee's Fees</U>" means, for any Distribution Date during the Series&nbsp;2004-2 Rapid Amortization Period on
which there exists a Series&nbsp;2004-2 Lease Interest Payment Deficit, an amount equal to the lesser of (x)&nbsp;the product of (i)&nbsp;the Series&nbsp;2004-2
Percentage as of the beginning of the Series&nbsp;2004-2 Interest Period ending on the day preceding such Distribution Date and (ii)&nbsp;the fees owing to the Trustee under the
Indenture as of such date and (y)&nbsp;the excess, if any, of (A)&nbsp;an amount equal to 1.1% of the Series&nbsp;2004-2 Required AESOP&nbsp;I Operating Lease Vehicle Amount as of
the last day of the Series&nbsp;2004-2 Revolving Period over (B)&nbsp;the sum of the Series&nbsp;2004-2 Trustee Fees for all Distribution Dates preceding such
Distribution Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Series&nbsp;2004-2
Unpaid Demand Amount</U>" means, with respect to any single draw pursuant to Section&nbsp;2.5(c) or (d) on the
Series&nbsp;2004-2 Letters of Credit, the aggregate amount drawn by the Trustee on all Series&nbsp;2004-2 Letters of Credit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Shadow
Rating</U>" means the rating of the Series&nbsp;2004-2 Notes by Standard&nbsp;&amp; Poor's or Moody's, as applicable, without giving effect
to the Surety Bond. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Standard&nbsp;&amp;
Poor's</U>" means Standard&nbsp;&amp; Poor's Ratings Services, a division of The McGraw-Hill Companies,&nbsp;Inc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Supplement</U>"
is defined in the preamble hereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Surety
Bond</U>" means the Note Guaranty Insurance Policy No.&nbsp;04030001, dated February&nbsp;18, 2004, issued by the Surety Provider. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Surety
Default</U>" means (i)&nbsp;the occurrence and continuance of any failure by the Surety Provider to pay upon a demand for payment in accordance with
the requirements of the Surety Bond or (ii)&nbsp;the occurrence of an Event of Bankruptcy with respect to the Surety Provider. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Surety
Provider</U>" means Financial Guaranty Insurance Company, a New York stock insurance company. The Surety Provider shall constitute an "Enhancement
Provider" with respect to the Series&nbsp;2004-2 Notes for all purposes under the Indenture and the other Related Documents. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Surety
Provider Fee</U>" is defined in the Insurance Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Surety
Provider Reimbursement Amounts</U>" means, as of any date of determination, (i)&nbsp;an amount equal to the aggregate of any amounts due as of such
date to the Surety Provider pursuant to the Insurance Agreement in respect of unreimbursed draws under the Surety Bond, including interest thereon determined in accordance with the Insurance
Agreement, and (ii)&nbsp;an amount equal to the aggregate of any other amounts due as of such date to the Surety Provider pursuant to the Insurance Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Telerate
Page 3750</U>" means the display page currently so designated on the Moneyline Telerate Service (or such other page as may replace that page on that
service for the purpose of displaying comparable rates or prices). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Temporary
Global Class&nbsp;A-1 Note</U>" is defined in Section&nbsp;5.2. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-20-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=23,EFW="2134604",CP="CENDANT CORPORATION",DN="4",CHK=940998,FOLIO='20',FILE='DISK029:[04NYC0.04NYC4580]KK4580A.;14',USER='MKEANE',CD='30-APR-2004;05:15' -->
<A NAME="page_kk4580_1_21"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Temporary
Global Class&nbsp;A-2 Note</U>" is defined in Section&nbsp;5.2. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Temporary
Global Class&nbsp;A-3 Note</U>" is defined in Section&nbsp;5.2. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Termination
Date Disbursement</U>" means an amount drawn under a Series&nbsp;2004-2 Letter of Credit pursuant to a Certificate of Termination
Date Demand. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Termination
Disbursement</U>" means an amount drawn under a Series&nbsp;2004-2 Letter of Credit pursuant to a Certificate of Termination Demand. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Three-Year
Notes Controlled Amortization Period</U>" means the period commencing at the opening of business on October&nbsp;1, 2006 (or, if such
day is not a Business Day, the Business Day immediately preceding such day) and continuing to the earliest of (i)&nbsp;the commencement of the Series&nbsp;2004-2 Rapid Amortization
Period, (ii)&nbsp;the date on which the Class&nbsp;A-1 Notes and the Class&nbsp;A-2 Notes are fully paid and (iii)&nbsp;the termination of the Indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Three-Year
Notes Expected Final Distribution Date</U>" means the April&nbsp;2007 Distribution Date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Three-Year
Notes Final Distribution Date</U>" means the April&nbsp;2008 Distribution Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Trustee</U>"
is defined in the recitals hereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Unpaid
Demand Note Disbursement</U>" means an amount drawn under a Series&nbsp;2004-2 Letter of Credit pursuant to a Certificate of Unpaid Demand
Note Demand. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Waivable
Amount</U>" is defined in Article&nbsp;IV. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Waiver
Event</U>" means the occurrence of the delivery of a Waiver Request and the subsequent waiver of any Series&nbsp;2004-2 Maximum Amount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Waiver
Request</U>" is defined in Article&nbsp;IV. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kk4580_article_ii"> </A>
<A NAME="toc_kk4580_1"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE II    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kk4580_series_2004-2_allocations"> </A>
<A NAME="toc_kk4580_2"> </A></FONT> <FONT SIZE=2><B>SERIES 2004-2 ALLOCATIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Series&nbsp;2004-2 Notes, the following shall apply: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Establishment
of Series&nbsp;2004-2 Collection Account, Series&nbsp;2004-2 Excess Collection Account and
Series&nbsp;2004-2 Accrued Interest Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All Collections allocable to the Series&nbsp;2004-2 Notes shall be allocated to
the Collection Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will create three administrative subaccounts within the Collection Account for the benefit of the Series&nbsp;2004-2 Noteholders, each
Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider: the Series&nbsp;2004-2 Collection Account (such sub-account, the
"<U>Series&nbsp;2004-2 Collection Account</U>"), the Series&nbsp;2004-2 Excess Collection </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-21-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_kk4580_1_22"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>Account
(such sub-account, the "<U>Series&nbsp;2004-2 Excess Collection Account</U>") and the Series&nbsp;2004-2 Accrued Interest Account
(such sub-account, the "<U>Series&nbsp;2004-2 Accrued Interest Account</U>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocations
with Respect to the Series&nbsp;2004-2 Notes</U>.&nbsp;&nbsp;&nbsp;&nbsp;The net proceeds from the initial sale
of the Series&nbsp;2004-2 Notes will be deposited into the Collection Account. On each Business Day on which Collections are deposited into the Collection Account (each such date, a
"<U>Series&nbsp;2004-2 Deposit Date</U>"), 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&nbsp;2.2: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;<U>Allocations
of Collections During the Series&nbsp;2004-2 Revolving Period</U>.&nbsp;&nbsp;&nbsp;&nbsp;During the
Series&nbsp;2004-2 Revolving Period, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate on each day, prior to 11:00&nbsp;a.m.
(New York City time) on each Series&nbsp;2004-2 Deposit Date, all amounts deposited into the Collection Account as set forth below: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;allocate
to the Series&nbsp;2004-2 Collection Account an amount equal to the sum of (A)&nbsp;the Series&nbsp;2004-2 Invested Percentage
(as of such day) of the aggregate amount of Interest Collections on such day and (B)&nbsp;any amounts received by the Trustee on such day in respect of the Series&nbsp;2004-2 Interest
Rate Swaps. All such amounts allocated to the Series&nbsp;2004-2 Collection Account shall be further allocated to the Series&nbsp;2004-2 Accrued Interest Account; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;allocate
to the Series&nbsp;2004-2 Excess Collection Account an amount equal to the Series&nbsp;2004-2 Invested Percentage (as of such day)
of the aggregate amount of Principal Collections on such day (for any such day, the "<U>Series&nbsp;2004-2 Principal Allocation</U>");
<U>provided</U>, <U>however</U>, if a Waiver Event shall have occurred, then such allocation shall be modified as provided in Article&nbsp;IV. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;<U>Allocations
of Collections During any Series&nbsp;2004-2 Controlled Amortization Period</U>.&nbsp;&nbsp;&nbsp;&nbsp;With respect to any
Series&nbsp;2004-2 Controlled Amortization Period, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate, prior to 11:00&nbsp;a.m.
(New York City time) on any Series&nbsp;2004-2 Deposit Date, all amounts deposited into the Collection Account as set forth below: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;allocate
to the Series&nbsp;2004-2 Collection Account an amount determined as set forth in Section&nbsp;2.2(a)(i)&nbsp;above for such day, which
amount shall be further allocated to the Series&nbsp;2004-2 Accrued Interest Account; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;(A)
with respect to the Three-Year Notes Controlled Amortization Period, allocate to the Series&nbsp;2004-2 Collection Account an amount equal
to the Series&nbsp;2004-2 Principal Allocation for such day, which amount shall be used to make principal payments in respect of the Class&nbsp;A-1 Notes and the
Class&nbsp;A-2 Notes; <U>provided</U>, <U>however</U>, that if the Monthly Total Principal Allocation exceeds the sum of the
Class&nbsp;A-1 Controlled Distribution Amount and the Class&nbsp;A-2 Controlled Distribution Amount, then the amount of such excess shall be allo- </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>-22-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_kk4580_1_23"> </A>
<UL>
<UL>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>cated
to the Series&nbsp;2004-2 Excess Collection Account; and <U>provided</U>, <U>further</U>, that if a Waiver Event shall have occurred,
then such allocation shall be modified as provided in Article&nbsp;IV and (B)&nbsp;with respect to the Class&nbsp;A-3 Controlled Amortization Period, allocate to the
Series&nbsp;2004-2 Collection Account an amount equal to the Series&nbsp;2004-2 Principal Allocation for such day, which amount shall be used to make principal payments in
respect of the Class&nbsp;A-3 Notes; <U>provided</U>, <U>however</U>, that if the Monthly Total Principal Allocation
exceeds the Class&nbsp;A-3 Controlled Distribution Amount, then the amount of such excess shall be allocated to the Series&nbsp;2004-2 Excess Collection Account; and
<U>provided</U>, <U>further</U>, that if a Waiver Event shall have occurred, then such allocation shall be modified as provided in Article&nbsp;IV. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;<U>Allocations
of Collections During the Series&nbsp;2004-2 Rapid Amortization Period</U>. With respect to the
Series&nbsp;2004-2 Rapid Amortization Period and thereafter, other than after the occurrence of an Event of Bankruptcy with respect to ARAC, any other Lessee or AGH, the Administrator
will direct the Trustee in writing pursuant to the Administration Agreement to allocate, prior to 11:00&nbsp;a.m. (New York City time) on any Series&nbsp;2004-2 Deposit Date, all
amounts deposited into the Collection Account as set forth below: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;allocate
to the Series&nbsp;2004-2 Collection Account an amount determined as set forth in Section&nbsp;2.2(a)(i)&nbsp;above for such day, which
amount shall be further allocated to the Series&nbsp;2004-2 Accrued Interest Account; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;allocate
to the Series&nbsp;2004-2 Collection Account an amount equal to the Series&nbsp;2004-2 Principal Allocation for such day, which
amount shall be used to make principal payments in respect of the Class&nbsp;A-1 Notes, the Class&nbsp;A-2 Notes and the Class&nbsp;A-3 Notes, ratably,
without preference or priority of any kind, until the Series&nbsp;2004-2 Invested Amount is paid in full; <U>provided</U> that if on any Determination Date
(A)&nbsp;the Administrator determines that the amount anticipated to be available from Interest Collections allocable to the Series&nbsp;2004-2 Notes, any amounts payable to the
Trustee in respect of the Series&nbsp;2004-2 Interest Rate Swaps and other amounts available pursuant to Section&nbsp;2.3 to pay Series&nbsp;2004-2 Adjusted Monthly
Interest and the Fixed Rate Payment, if any, on the next succeeding Distribution Date will be less than the sum of the Series&nbsp;2004-2 Adjusted Monthly Interest and the Fixed Rate
Payment, if any, for such Distribution Date and (B)&nbsp;the Series&nbsp;2004-2 Enhancement Amount is greater than zero, then the Administrator shall direct the Trustee in writing to
reallocate a portion of the Principal Collections allocated to the Series&nbsp;2004-2 Notes during the Related Month equal to the lesser of such insufficiency and the
Series&nbsp;2004-2 Enhancement Amount to the Series&nbsp;2004-2 Accrued Interest Account to be treated as Interest Collections on such Distribution Date. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;<U>Allocations
of Collections after the Occurrence of an Event of Bankruptcy</U>. After the occurrence of an Event of Bankruptcy with respect to
ARAC, any other Lessee or AGH, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate, prior to 11:00&nbsp;a.m. (New York City time) on any </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>-23-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_kk4580_1_24"> </A>
<UL>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>Series&nbsp;2004-2
Deposit Date, all amounts attributable to the AESOP I Operating Lease Loan Agreement deposited into the Collection Account as set forth below: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;allocate
to the Series&nbsp;2004-2 Collection Account an amount equal to the sum of (A)&nbsp;the Series&nbsp;2004-2 AESOP I Operating
Lease Vehicle Percentage as of the date of the occurrence of such Event of Bankruptcy of the aggregate amount of Interest Collections made under the AESOP I Operating Lease Loan Agreement for such day
and (B)&nbsp;any amounts received by the Trustee in respect of the Series&nbsp;2004-2 Interest Rate Swaps on such day. All such amounts allocated to the
Series&nbsp;2004-2 Collection Account shall be further allocated to the Series&nbsp;2004-2 Accrued Interest Account; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;allocate
to the Series&nbsp;2004-2 Collection Account an amount equal to the Series&nbsp;2004-2 AESOP I Operating Lease Vehicle Percentage
as of the date of the occurrence of such Event of Bankruptcy of the aggregate amount of Principal Collections made under the AESOP I Operating Lease Loan Agreement, which amount shall be used to make
principal payments in respect of the Series Class&nbsp;A-1 Notes, the Class&nbsp;A-2 Notes and the Class&nbsp;A-3 Notes, ratably, without preference or
priority of any kind, until the Series&nbsp;2004-2 Invested Amount is paid in full; <U>provided</U> that if on any Determination Date (A)&nbsp;the Administrator
determines that the amount anticipated to be available from Interest Collections allocable to the Series&nbsp;2004-2 Notes, any amounts payable to the Trustee in respect of
Series&nbsp;2004-2 Interest Rate Swaps and other amounts available pursuant to Section&nbsp;2.3 to pay Series&nbsp;2004-2 Adjusted Monthly Interest and the Fixed Rate
Payment, if any, on the next succeeding Distribution Date will be less than the sum of the Series&nbsp;2004-2 Adjusted Monthly Interest and the Fixed Rate Payment, if any, for such
Distribution Date and (B)&nbsp;the Series&nbsp;2004-2 Enhancement Amount is greater than zero, then the Administrator shall direct the Trustee in writing to reallocate a portion of the
Principal Collections allocated to the Series&nbsp;2004-2 Notes during the Related Month equal to the lesser of such insufficiency and the Series&nbsp;2004-2 Enhancement
Amount to the Series&nbsp;2004-2 Accrued Interest Account to be treated as Interest Collections on such Distribution Date. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Excess Collection Account</U>. Amounts allocated to the Series&nbsp;2004-2 Excess Collection
Account on any Series&nbsp;2004-2 Deposit Date will be (w)&nbsp;first, deposited in the Series&nbsp;2004-2 Reserve Account in an amount up to the excess, if any, of the
Series&nbsp;2004-2 Required Reserve Account Amount for such date over the Series&nbsp;2004-2 Available Reserve Account Amount for such date, (x)&nbsp;second, used to pay
the principal amount of other Series of Notes that are then in amortization, (y)&nbsp;third, released to AESOP Leasing in an amount equal to the product of (A)&nbsp;the Loan Agreement's Share with
respect to the AESOP I Operating Lease Loan Agreement as of such date times (B)&nbsp;100% <U>minus</U> the Loan Payment Allocation Percentage with respect to the AESOP I
Operating Lease Loan Agreement as of such date times (C)&nbsp;the amount of any remaining funds and (z)&nbsp;fourth, paid to AFC-II for any use permitted by the Related Documents
including to make Loans under the Loan Agreements to the extent the Borrowers have requested Loans thereunder and Eligible Vehicles are available for </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>-24-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_kk4580_1_25"> </A>
<UL>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>financing
thereunder; <U>provided</U>, <U>however</U>, that in the case of clauses (x), (y)&nbsp;and (z), that no Amortization Event,
Series&nbsp;2004-2 Enhancement Deficiency or AESOP I Operating Lease Vehicle Deficiency would result therefrom or exist immediately thereafter. Upon the occurrence of an Amortization
Event, funds on deposit in the Series&nbsp;2004-2 Excess Collection Account will be withdrawn by the Trustee, deposited in the Series&nbsp;2004-2 Collection Account and
allocated as Principal Collections to reduce the Series&nbsp;2004-2 Invested Amount on the immediately succeeding Distribution Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocations
From Other Series</U>. Amounts allocated to other Series of Notes that have been reallocated by AFC-II to the
Series&nbsp;2004-2 Notes (i)&nbsp;during the Series&nbsp;2004-2 Revolving Period shall be allocated to the Series&nbsp;2004-2 Excess Collection Account and
applied in accordance with Section&nbsp;2.2(e) and (ii)&nbsp;during the Series&nbsp;2004-2 Controlled Amortization Period or the Series&nbsp;2004-2 Rapid Amortization
Period shall be allocated to the Series&nbsp;2004-2 Collection Account and applied in accordance with Section&nbsp;2.2(b) or 2.2(c), as applicable, to make principal payments in
respect of the Series&nbsp;2004-2 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;<U>Past
Due Rent Payments</U>. Notwithstanding the foregoing, if in the case of Section&nbsp;2.2(a) or (b), after the occurrence of a
Series&nbsp;2004-2 Lease Payment Deficit, the Lessees shall make payments of Monthly Base Rent or other amounts payable by the Lessees under the Leases on or prior to the fifth Business
Day after the occurrence of such Series&nbsp;2004-2 Lease Payment Deficit (a "<U>Past Due Rent Payment</U>"), the Administrator shall direct the Trustee in writing
pursuant to the Administration Agreement to allocate to the Series&nbsp;2004-2 Collection Account an amount equal to the Series&nbsp;2004-2 Invested Percentage as of the
date of the occurrence of such Series&nbsp;2004-2 Lease Payment Deficit of the Collections attributable to such Past Due Rent Payment (the "<U>Series&nbsp;2004-2
Past Due Rent Payment</U>"). The Administrator shall instruct the Trustee in writing pursuant to the Administration Agreement to withdraw from the Series&nbsp;2004-2
Collection Account and apply the Series&nbsp;2004-2 Past Due Rent Payment in the following order: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;if
the occurrence of such Series&nbsp;2004-2 Lease Payment Deficit resulted in one or more Lease Deficit Disbursements being made under the
Series&nbsp;2004-2 Letters of Credit, pay to each Series&nbsp;2004-2 Letter of Credit Provider who made such a Lease Deficit Disbursement for application in accordance with
the provisions of the applicable Series&nbsp;2004-2 Reimbursement Agreement an amount equal to the lesser of (x)&nbsp;the unreimbursed amount of such Series&nbsp;2004-2
Letter of Credit Provider's Lease Deficit Disbursement and (y)&nbsp;such Series&nbsp;2004-2 Letter of Credit Provider's Pro Rata Share of the Series&nbsp;2004-2 Past Due
Rent Payment; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;if
the occurrence of such Series&nbsp;2004-2 Lease Payment Deficit resulted in a withdrawal being made from the Series&nbsp;2004-2 Cash
Collateral Account, deposit in the Series&nbsp;2004-2 Cash Collateral Account an amount equal to the lesser of (x)&nbsp;the amount of the Series&nbsp;2004-2 Past Due Rent
Payment remaining after any payment pursuant to clause&nbsp;(i) above and (y)&nbsp;the amount withdrawn from the Series&nbsp;2004-2 Cash Collateral Account on account of such
Series&nbsp;2004-2 Lease Payment Deficit; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>-25-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_kk4580_1_26"> </A>
<UL>
<UL>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;if
the occurrence of such Series&nbsp;2004-2 Lease Payment Deficit resulted in a withdrawal being made from the Series&nbsp;2004-2 Reserve
Account pursuant to Section&nbsp;2.3(d), deposit in the Series&nbsp;2004-2 Reserve Account an amount equal to the lesser of (x)&nbsp;the amount of the
Series&nbsp;2004-2 Past Due Rent Payment remaining after any payments pursuant to clauses (i)&nbsp;and (ii)&nbsp;above and (y)&nbsp;the excess, if any, of the
Series&nbsp;2004-2 Required Reserve Account Amount over the Series&nbsp;2004-2 Available Reserve Account Amount on such day; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;allocate
to the Series&nbsp;2004-2 Accrued Interest Account the amount, if any, by which the Series&nbsp;2004-2 Lease Interest Payment
Deficit, if any, relating to such Series&nbsp;2004-2 Lease Payment Deficit exceeds the amount of the Series&nbsp;2004-2 Past Due Rent Payment applied pursuant to clauses
(i), (ii)&nbsp;and (iii)&nbsp;above; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;treat
the remaining amount of the Series&nbsp;2004-2 Past Due Rent Payment as Principal Collections allocated to the Series&nbsp;2004-2 Notes
in accordance with Section&nbsp;2.2(a)(ii)&nbsp;or 2.2(b)(ii), as the case may be. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments
to Noteholders and Each Series&nbsp;2004-2 Interest Rate Swap Counterparty</U>.&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;2.3(a) below in respect of all
funds available from Series&nbsp;2004-2 Interest Rate Swap Proceeds and Interest Collections processed since the preceding Distribution Date and allocated to the holders of the
Series&nbsp;2004-2 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Note
Interest with respect to the Series&nbsp;2004-2 Notes and Payments on the Series&nbsp;2004-2 Interest Rate
Swaps</U>.&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;2.4 from the
Series&nbsp;2004-2 Accrued Interest Account to the extent funds are anticipated to be available from Interest Collections allocable to the Series&nbsp;2004-2 Notes and the
Series&nbsp;2004-2 Interest Rate Swap Proceeds processed from but not including the preceding Distribution Date through the succeeding Distribution Date in respect of (w)&nbsp;first,
an amount equal to the Series&nbsp;2004-2 Monthly Interest for the Series&nbsp;2004-2 Interest Period ending on the day preceding the related Distribution Date,
(x)&nbsp;second, an amount equal to the Fixed Rate Payment for the next succeeding Distribution Date, (y)&nbsp;third, an amount equal to the amount of any unpaid Series&nbsp;2004-2
Shortfall as of the preceding Distribution Date (together with any accrued interest on such Series&nbsp;2004-2 Shortfall) and (z)&nbsp;fourth, an amount equal to the Surety Provider
Fee for such Series&nbsp;2004-2 Interest Period plus any Surety Provider Reimbursement Amounts then due and owing. On the following Distribution Date, the Trustee shall withdraw the
amounts described in the first sentence of this Section&nbsp;2.3(a) from the Series&nbsp;2004-2 Accrued Interest Account and deposit such amounts in the
Series&nbsp;2004-2 Distribution Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Lease
Payment Deficit Notice</U>.&nbsp;&nbsp;&nbsp;&nbsp;On or before 10:00&nbsp;a.m. (New York City time) on each Distribution Date, the Administrator
shall notify the Trustee and the Surety </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-26-</FONT></P>

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<P><FONT SIZE=2>Provider
of the amount of any Series&nbsp;2004-2 Lease Payment Deficit, such notification to be in the form of <U>Exhibit&nbsp;E</U> to this Supplement (each a
"<U>Lease Payment Deficit Notice</U>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Draws
on Series&nbsp;2004-2 Letters of Credit For Series&nbsp;2004-2 Lease Interest Payment
Deficits</U>.&nbsp;&nbsp;&nbsp;&nbsp;If the Administrator determines on any Distribution Date that there exists a Series&nbsp;2004-2 Lease Interest Payment Deficit, the Administrator
shall instruct the Trustee in writing to draw on the Series&nbsp;2004-2 Letters of Credit, if any, and, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date
draw an amount as set forth in such notice equal to the least of (i)&nbsp;such Series&nbsp;2004-2 Lease Interest Payment Deficit, (ii)&nbsp;the excess, if any, of the sum of
(A)&nbsp;the sum of the amounts described in clauses (w), (x), (y)&nbsp;and (z)&nbsp;of Section&nbsp;2.3(a) above on such Distribution Date and (B)&nbsp;during the
Series&nbsp;2004-2 Rapid Amortization Period, the Series&nbsp;2004-2 Trustee's Fees for such Distribution Date, over the amounts available from the
Series&nbsp;2004-2 Accrued Interest Account and (iii)&nbsp;the Series&nbsp;2004-2 Letter of Credit Liquidity Amount on the Series&nbsp;2004-2 Letters of
Credit by presenting to each Series&nbsp;2004-2 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Certificate of Lease Deficit Demand and shall
cause the Lease Deficit Disbursements to be deposited in the Series&nbsp;2004-2 Distribution Account on such Distribution Date; <U>provided</U>,
<U>however</U>, that if the Series&nbsp;2004-2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the
Series&nbsp;2004-2 Cash Collateral Account and deposit in the Series&nbsp;2004-2 Distribution Account an amount equal to the lesser of (x)&nbsp;the
Series&nbsp;2004-2 Cash
Collateral Percentage on such Distribution Date of the least of the amounts described in clauses (i), (ii)&nbsp;and (iii)&nbsp;above and (y)&nbsp;the Series&nbsp;2004-2 Available
Cash Collateral Account Amount on such Distribution Date and draw an amount equal to the remainder of such amount on the Series&nbsp;2004-2 Letters of Credit. During the continuance of a
Surety Default, no amounts in respect of the Surety Provider Fee shall be drawn on the Series&nbsp;2004-2 Letters of Credit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Withdrawals
from Series&nbsp;2004-2 Reserve Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;If the Administrator determines on any Distribution Date
that the amounts available from the Series&nbsp;2004-2 Accrued Interest Account <U>plus</U> the amount, if any, to be drawn under the
Series&nbsp;2004-2 Letters of Credit and /or withdrawn from the Series&nbsp;2004-2 Cash Collateral Account pursuant to Section&nbsp;2.3(c) are insufficient to pay the sum
of (A)&nbsp;the sum of the amounts described in clauses (w), (x), (y)&nbsp;and (z)&nbsp;of Section&nbsp;2.3(a) above on such Distribution Date and (B)&nbsp;during the
Series&nbsp;2004-2 Rapid Amortization Period, the Series&nbsp;2004-2 Trustee's Fees for such Distribution Date, the Administrator shall instruct the Trustee in writing to
withdraw from the Series&nbsp;2004-2 Reserve Account and deposit in the Series&nbsp;2004-2 Distribution Account on such Distribution Date an amount equal to the lesser of
the Series&nbsp;2004-2 Available Reserve Account Amount and such insufficiency. During the continuance of a Surety Default, no amounts in respect of the Surety Provider Fee shall be
withdrawn from the Series&nbsp;2004-2 Reserve Account. The Trustee shall withdraw such amount from the Series&nbsp;2004-2 Reserve Account and deposit such amount in the
Series&nbsp;2004-2 Distribution Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Surety
Bond</U>.&nbsp;&nbsp;&nbsp;&nbsp;If the Administrator determines on any Distribution Date that the sum of the amounts available from the
Series&nbsp;2004-2 Accrued Interest Account <U>plus</U> the amount, if any, to be drawn under the Series&nbsp;2004-2 Letters of Credit and/or to be
withdrawn from the Series&nbsp;2004-2 Cash Collateral Account pursuant to Section&nbsp;2.3(c) above <U>plus</U> the amount, if any, to be withdrawn from the
Series&nbsp;2004-2 Reserve Account pursuant to Section&nbsp;2.3(d) above is insufficient to pay the Series&nbsp;2004-2 Adjusted Monthly Interest for such </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-27-</FONT></P>

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<P><FONT SIZE=2>Distribution
Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00&nbsp;a.m. (New
York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in
accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series&nbsp;2004-2 Distribution Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Balance</U>.&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;2.4), if any, of the amounts available from the
Series&nbsp;2004-2 Accrued Interest Account and the Series&nbsp;2004-2 Distribution Account, <U>plus</U> the amount, if any, drawn under the
Series&nbsp;2004-2 Letters of Credit and/or withdrawn from the Series&nbsp;2004-2 Cash Collateral Account pursuant to Section&nbsp;2.3(c)
<U>plus</U> the amount, if any, withdrawn from the Series&nbsp;2004-2 Reserve Account pursuant to Section&nbsp;2.3(d) as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;on
each Distribution Date during the Series&nbsp;2004-2 Revolving Period or a Series&nbsp;2004-2 Controlled Amortization Period,
(1)&nbsp;first, to each Series&nbsp;2004-2 Interest Rate Swap Counterparty, an amount equal to the portion, if any, of the Fixed Rate Payment for such Distribution Date due and owing
to such Series&nbsp;2004-2 Interest Rate Swap Counterparty, (2)&nbsp;second, to the Surety Provider, in an amount equal to (x)&nbsp;the Surety Provider Fee for the related
Series&nbsp;2004-2 Interest Period and, without duplication, (y)&nbsp;any Surety Provider Reimbursement Amounts then due and owing, (3)&nbsp;third, to the Administrator, an amount
equal to the Series&nbsp;2004-2 Percentage as of the beginning of the Series&nbsp;2004-2 Interest Period ending on the day preceding such Distribution Date of the portion
of the Monthly Administration Fee payable by AFC-II (as specified in clause&nbsp;(iii) of the definition thereof) for such Series&nbsp;2004-2 Interest Period,
(4)&nbsp;fourth, to the Trustee, an amount equal to the Series&nbsp;2004-2 Percentage as of the beginning of such Series&nbsp;2004-2 Interest Period of the fees owing to
the Trustee under the Indenture for such Series&nbsp;2004-2 Interest Period, (5)&nbsp;fifth, 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&nbsp;2004-2 Percentage as of the beginning of such Series&nbsp;2004-2 Interest Period of such Carrying Charges
(other than Carrying Charges provided for above) for such Series&nbsp;2004-2 Interest Period, (6)&nbsp;sixth, to each Series&nbsp;2004-2 Interest Rate Swap Counterparty,
any amounts due and owing under the applicable Series&nbsp;2004-2 Interest Rate Swap (other than any amount included in the Fixed Rate Payment) and (7)&nbsp;seventh, the balance, if
any ("<U>Excess Collections</U>"), shall be withdrawn by the Paying Agent from the Series&nbsp;2004-2 Collection Account and deposited in the
Series&nbsp;2004-2 Excess Collection Account; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;on
each Distribution Date during the Series&nbsp;2004-2 Rapid Amortization Period, (1)&nbsp;first, to each Series&nbsp;2004-2 Interest
Rate Swap Counterparty, an amount equal to the portion, if any, of the Fixed Rate Payment for such Distribution Date due and owing to such Series&nbsp;2004-2 Interest Rate Swap
Counterparty, (2)&nbsp;second, to the Surety Provider, in an amount equal to (x)&nbsp;the Surety Provider Fee for the related Series&nbsp;2004-2 Interest Period and, without
duplication, (y)&nbsp;any Surety Provider Reimbursement Amounts then due and owing, (3)&nbsp;third, to the Trustee, an amount equal to the Series </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>-28-</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>2004-2
Percentage as of the beginning of the Series&nbsp;2004-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the
Indenture for such Series&nbsp;2004-2 Interest Period, (4)&nbsp;fourth, to the Administrator, an amount equal to the Series&nbsp;2004-2 Percentage as of the beginning of
such Series&nbsp;2004-2 Interest Period of the portion of the Monthly Administration Fee (as specified in clause&nbsp;(iii) of the definition thereof) payable by AFC-II for
such Series&nbsp;2004-2 Interest Period, (5)&nbsp;fifth, 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&nbsp;2004-2 Percentage as of the beginning of such Series&nbsp;2004-2 Interest Period of such Carrying Charges (other than Carrying Charges
provided for above) for such Series&nbsp;2004-2 Interest Period, (6)&nbsp;sixth, so long as the Series&nbsp;2004-2 Invested Amount is greater than the Monthly Total
Principal Allocations for the Related Month, an amount equal to the excess of the Series&nbsp;2004-2 Invested Amount over the Monthly Total Principal Allocations for the Related Month
shall be treated as Principal Collections and (7)&nbsp;seventh, to each Series&nbsp;2004-2 Interest Rate Swap Counterparty, any amounts due and owing under the applicable
Series&nbsp;2004-2 Interest Rate Swap (other than any amount included in the Fixed Rate Payment). </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Shortfalls</U>.&nbsp;&nbsp;&nbsp;&nbsp;If
the amounts described in Section&nbsp;2.3 are insufficient to pay the Series&nbsp;2004-2
Monthly Interest on any Distribution Date, payments of interest to the Series&nbsp;2004-2 Noteholders will be reduced on a <U>pro</U>
<U>rata</U> basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency on any Distribution Date shall be referred to as the
"<U>Series&nbsp;2004-2 Shortfall</U>." Interest shall accrue on the portion of the Series&nbsp;2004-2 Shortfall allocable to the
Class&nbsp;A-1 Notes at the Class&nbsp;A-1 Note Rate, on the portion of the Series&nbsp;2004-2 Shortfall allocable to the Class&nbsp;A-2 Notes
at the Class&nbsp;A-2 Note Rate and on the portion of the Series&nbsp;2004-2 Shortfall allocable to the Class&nbsp;A-3 Notes at the
Class&nbsp;A-3 Note Rate. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Listing
Information Requirement</U>.&nbsp;&nbsp;&nbsp;&nbsp;From the time of the Administrator's written notice to the Trustee that the
Class&nbsp;A-2 Notes and/or the Class&nbsp;A-3 Notes are listed on the Luxembourg Stock Exchange until the Administrator shall give the Trustee written notice that the
Class&nbsp;A-2 Notes and/or Class&nbsp;A-3 Notes are not listed on the Luxembourg Stock Exchange, the Trustee shall, or shall instruct the Paying Agent to, cause the
Class&nbsp;A-2 Note Rate and/or the Class&nbsp;A-3 Note Rate, as applicable, for the next succeeding Series&nbsp;2004-2 Interest Period, the number of days in
such Series&nbsp;2004-2 Interest Period, the Distribution Date for such Series&nbsp;2004-2 Interest Period and the amount of interest payable on the
Class&nbsp;A-2 Notes and/or the Class&nbsp;A-3 Notes, as applicable, on such Distribution Date to be (A)&nbsp;communicated to DTC, Euroclear, Clearstream, the Paying
Agent in Luxembourg and the Luxembourg Stock Exchange no later than 11:00&nbsp;a.m. (London time) on the Business Day immediately following each LIBOR Determination Date and (B)&nbsp;published in
the Authorized Newspaper as soon as possible after its determination. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Note Interest</U>.&nbsp;&nbsp;&nbsp;&nbsp;On each Distribution Date, subject to Section&nbsp;9.8 of the Base Indenture, the
Paying Agent shall, in accordance with Section&nbsp;6.1 of the Base Indenture, pay to the Series&nbsp;2004-2 Noteholders from the Series&nbsp;2004-2 Distribution Account
the
amount due to the Series&nbsp;2004-2 Noteholders deposited in the Series&nbsp;2004-2 Distribution Account pursuant to Section&nbsp;2.3. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-29-</FONT></P>

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CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Note Principal</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Monthly Payments During Controlled Amortization
Period or Rapid Amortization Period</U>.&nbsp;&nbsp;&nbsp;&nbsp;Commencing on the second Determination Date during the Three-Year Notes Controlled Amortization Period or the
Class&nbsp;A-3 Controlled Amortization Period, as the case may be, or the first Determination Date after the commencement of the Series&nbsp;2004-2 Rapid Amortization
Period, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement and in accordance with this Section&nbsp;2.5 as to (i)&nbsp;the amount
allocated to the Series&nbsp;2004-2 Notes during the Related Month pursuant to Section&nbsp;2.2(b)(ii), (c)(ii)&nbsp;or (d)(ii), as the case may be, (ii)&nbsp;any amounts to be
drawn on the Series&nbsp;2004-2 Demand Notes and/or on the Series&nbsp;2004-2 Letters of Credit (or withdrawn from the Series&nbsp;2004-2 Cash Collateral
Account), (iii)&nbsp;any amounts to be withdrawn from the Series&nbsp;2004-2 Reserve Account and deposited into the Series&nbsp;2004-2 Distribution Account and
(iv)&nbsp;the amount of any demand on the Surety Bond in accordance with the terms thereof. On the Distribution Date following each such Determination Date, the Trustee shall withdraw the amount
allocated to the Series&nbsp;2004-2 Notes during the Related Month pursuant to Section&nbsp;2.2(b)(ii), (c)(ii)&nbsp;or (d)(ii), as the case may be, from the
Series&nbsp;2004-2 Collection Account and deposit such amount in the Series&nbsp;2004-2 Distribution Account, to be paid to the holders of the
Series&nbsp;2004-2 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Principal
Draws on Series&nbsp;2004-2 Letters of Credit</U>.&nbsp;&nbsp;&nbsp;&nbsp;If the Administrator determines on any Distribution
Date during the Series&nbsp;2004-2 Rapid Amortization Period that there exists a Series&nbsp;2004-2 Lease Principal Payment Deficit, the Administrator shall instruct the
Trustee in writing to draw on the Series&nbsp;2004-2 Letters of Credit, if any, as provided below; <U>provided</U>, <U>however</U>, that the
Administrator shall not instruct the Trustee to draw on the Series&nbsp;2004-2 Letters of Credit in respect of a Series&nbsp;2004-2 Lease Principal Payment Deficit on or
after the date of the filing by any of the Lessees of a petition for relief under Chapter 11 of the Bankruptcy Code unless and until the date on which each of the Lessees shall have resumed making all
payments of the portion of Monthly Base Rent relating to Loan Interest required to be made under the AESOP I Operating Lease. Upon receipt of a notice by the Trustee from the Administrator in respect
of a Series&nbsp;2004-2 Lease Principal Payment Deficit on or prior to 11:00&nbsp;a.m. (New York City time) on a Distribution Date, the Trustee shall, by 12:00 noon (New York City
time) on such Distribution Date draw an amount as set forth in such notice equal to the lesser of (i)&nbsp;such Series&nbsp;2004-2 Lease Principal Payment Deficit and (ii)&nbsp;the
Series&nbsp;2004-2 Letter of Credit Liquidity Amount on the Series&nbsp;2004-2 Letters of Credit by presenting to each Series&nbsp;2004-2 Letter of Credit
Provider a draft accompanied by a Certificate of Lease Deficit Demand and shall cause the Lease Deficit Disbursements to be deposited in the Series&nbsp;2004-2 Distribution Account on
such Distribution Date; <U>provided</U>, <U>however</U>, that if the Series&nbsp;2004-2 Cash Collateral Account has been established and
funded, the Trustee shall withdraw from the Series&nbsp;2004-2 Cash
Collateral Account and deposit in the Series&nbsp;2004-2 Distribution Account an amount equal to the lesser of (x)&nbsp;the Series&nbsp;2004-2 Cash Collateral Percentage
on such Distribution Date of the Series&nbsp;2004-2 Lease Principal Payment Deficit and (y)&nbsp;the Series&nbsp;2004-2 Available Cash Collateral Account Amount on such
Distribution Date and draw an amount equal to the remainder of such amount on the Series&nbsp;2004-2 Letters of Credit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Final
Distribution Date</U>.&nbsp;&nbsp;&nbsp;&nbsp;The entire Class&nbsp;A-1 Invested Amount and the entire Class&nbsp;A-2
Invested Amount shall be due and payable on the Three-Year Notes Final Distribution Date, and the entire Class&nbsp;A-3 Invested Amount shall be due and payable on the
Class&nbsp;A-3 Final Distribution Date. In connection therewith: </FONT></P>

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<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Demand
Note Draw</U>.&nbsp;&nbsp;&nbsp;&nbsp;If the amount to be deposited in the Series&nbsp;2004-2 Distribution Account in accordance
with Section&nbsp;2.5(a) together with any amounts to be deposited therein in accordance with Section&nbsp;2.5(b) allocable to the Class&nbsp;A-1 Notes and the
Class&nbsp;A-2 Notes on the Three-Year Notes Final Distribution Date, or the Class&nbsp;A-3 Notes on the Class&nbsp;A-3 Final Distribution Date,
as the case may be, is less than the sum of the Class&nbsp;A-1 Invested Amount and the Class&nbsp;A-2 Invested Amount, or the Class&nbsp;A-3 Invested Amount,
as the case may be, and there are any Series&nbsp;2004-2 Letters of Credit on such date, then, prior to 10:00&nbsp;a.m. (New York City time) on the second Business Day prior to such
Series&nbsp;2004-2 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a "<U>Demand
Notice</U>") substantially in the form attached hereto as <U>Exhibit&nbsp;F</U> on the Demand Note Issuers for payment under the Series&nbsp;2004-2
Demand Notes in an amount equal to the lesser of (i)&nbsp;such insufficiency and (ii)&nbsp;the Series&nbsp;2004-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New
York City time) on the second Business Day preceding such Series&nbsp;2004-2 Final Distribution Date, deliver such Demand Notice to the Demand Note Issuers;
<U>provided</U>, <U>however</U>, that if an Event of Bankruptcy (or the occurrence of an event described in clause&nbsp;(a) of the definition thereof,
without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to
such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series&nbsp;2004-2 Demand Notes to be deposited into the Series&nbsp;2004-2 Distribution
Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;<U>Letter
of Credit Draw</U>.&nbsp;&nbsp;&nbsp;&nbsp;In the event that either (x)&nbsp;on or prior to 10:00&nbsp;a.m. (New York City time) on the
Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice has been transmitted by the Trustee to the Demand Note Issuers pursuant to clause&nbsp;(i)
of this Section&nbsp;2.5(c), any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series&nbsp;2004-2 Distribution Account the amount specified in such
Demand Notice in whole or in part or (y)&nbsp;due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause&nbsp;(a) of the definition thereof, without the
lapse of a period of 60 consecutive days) with respect to one or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second
Business Day preceding such Series&nbsp;2004-2 Final Distribution Date, then, in the case of (x)&nbsp;or (y)&nbsp;the Trustee shall draw on the Series&nbsp;2004-2
Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a)&nbsp;the amount that the Demand Note Issuers failed to pay under the
Series&nbsp;2004-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (b)&nbsp;the Series&nbsp;2004-2 Letter of Credit Amount on
such Business Day by presenting to each Series&nbsp;2004-2 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Certificate of Unpaid Demand Note
Demand; <U>provided</U>, <U>however</U>, that if the Series&nbsp;2004-2 Cash Collateral Account has been established and funded, the Trustee
shall withdraw from the Series&nbsp;2004-2 Cash Collateral Account and deposit in the Series&nbsp;2004-2 Distribution Account an amount equal to the lesser of
(x)&nbsp;the Series&nbsp;2004-2 Cash Collateral Percentage on such Business Day of the amount that the Demand Note Issuers failed to pay under the Series&nbsp;2004-2
Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (y)&nbsp;the Series&nbsp;2004-2 Available </FONT></P>

</UL>
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<UL>

<P><FONT SIZE=2>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&nbsp;2004-2 Demand
Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series&nbsp;2004-2 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the
proceeds of any draw on the Series&nbsp;2004-2 Letters of Credit and the proceeds of any withdrawal from the Series&nbsp;2004-2 Cash Collateral Account to be deposited in
the Series&nbsp;2004-2 Distribution Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;<U>Reserve
Account Withdrawal</U>.&nbsp;&nbsp;&nbsp;&nbsp;If, after giving effect to the deposit into the Series&nbsp;2004-2 Distribution
Account of the amount to be deposited in accordance with Section&nbsp;2.5(a) and the amounts described in clauses (i)&nbsp;and (ii)&nbsp;of this Section&nbsp;2.5(c), the amount to be deposited
in the Series&nbsp;2004-2 Distribution Account with respect to a Series&nbsp;2004-2 Final Distribution Date is or will be less than the sum of the
Class&nbsp;A-1 Invested Amount and the Class&nbsp;A-2 Invested Amount, or the Class&nbsp;A-3 Invested Amount, as the case may be, then, prior to 12:00 noon
(New York City time) on the second Business Day prior to such Series&nbsp;2004-2 Final Distribution Date, the Administrator shall instruct the Trustee in writing to withdraw from the
Series&nbsp;2004-2 Reserve Account, an amount equal to the lesser of the
Series&nbsp;2004-2 Available Reserve Account Amount and such remaining insufficiency and deposit it in the Series&nbsp;2004-2 Distribution Account on such
Series&nbsp;2004-2 Final Distribution Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;<U>Demand
on Surety Bond</U>.&nbsp;&nbsp;&nbsp;&nbsp;If after giving effect to the deposit into the Series&nbsp;2004-2 Distribution Account
of the amount to be deposited in accordance with Section&nbsp;2.5(a) and all other amounts described in clauses (i), (ii)&nbsp;and (iii)&nbsp;of this Section&nbsp;2.5(c), the amount to be
deposited in the Series&nbsp;2004-2 Distribution Account with respect to such Series&nbsp;2004-2 Final Distribution Date is or will be less than the sum of the
Class&nbsp;A-1 Outstanding Principal Amount and the Class&nbsp;A-2 Outstanding Principal Amount, or the Class&nbsp;A-3 Outstanding Principal Amount, as the
case may be, then the Trustee shall make a demand on the Surety Bond by 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date in an amount equal to such
insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series&nbsp;2004-2 Distribution Account. </FONT></P>

</UL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Principal
Deficit Amount</U>.&nbsp;&nbsp;&nbsp;&nbsp;On each Distribution Date, other than the Three-Year Notes Final Distribution Date and
the Class&nbsp;A-3 Final Distribution Date, on which the Principal Deficit Amount is greater than zero, amounts shall be transferred to the Series&nbsp;2004-2 Distribution
Account as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Demand
Note Draw</U>.&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;2004-2 Letters of Credit on such date, prior to 10:00&nbsp;a.m. (New York City time) on
the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to deliver a Demand Notice to the Demand Note
Issuers demanding payment of an amount equal to the lesser of (A)&nbsp;the Principal Deficit Amount and (B)&nbsp;the Series&nbsp;2004-2 Letter of Credit Amount. The Trustee shall,
prior to 12:00 noon (New York City time) on the second Business Day preceding such </FONT></P>

</UL>
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<UL>

<P><FONT SIZE=2>Distribution
Date, deliver such Demand Notice to the Demand Note Issuers; <U>provided</U>, <U>however</U>, that if an Event of Bankruptcy (or the occurrence
of an event described in clause&nbsp;(a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing,
the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the
Series&nbsp;2004-2 Demand Note to be deposited into the Series&nbsp;2004-2 Distribution Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;<U>Letter
of Credit Draw</U>.&nbsp;&nbsp;&nbsp;&nbsp;In the event that either (x)&nbsp;on or prior to 10:00&nbsp;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&nbsp;2004-2 Distribution Account the amount
specified in such Demand Notice in whole or in part or (y)&nbsp;due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause&nbsp;(a) of the definition
thereof, without the lapse of a period of 60 consecutive days) with respect to any Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second
Business Day preceding such Distribution Date, then, in the case of (x)&nbsp;or (y)&nbsp;the Trustee shall on such Business Day draw on the Series&nbsp;2004-2 Letters of Credit an
amount equal to the lesser of (i)&nbsp;Series&nbsp;2004-2 Letter of Credit Amount and (ii)&nbsp;the aggregate amount that the Demand Note Issuers failed to pay under the
Series&nbsp;2004-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) by presenting to each Series&nbsp;2004-2 Letter of Credit Provider
(with a copy to the Surety Provider) a draft accompanied by a Certificate of Unpaid Demand Note Demand; <U>provided</U>, <U>however</U>, that if the
Series&nbsp;2004-2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series&nbsp;2004-2 Cash Collateral Account and deposit in
the Series&nbsp;2004-2 Distribution Account an amount equal to the lesser of (x)&nbsp;the Series&nbsp;2004-2 Cash Collateral Percentage on such Business Day of the
aggregate amount that the Demand Note Issuers failed to pay under the Series&nbsp;2004-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and
(y)&nbsp;the Series&nbsp;2004-2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the aggregate amount that the Demand Note
Issuers failed to pay under the Series&nbsp;2004-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series&nbsp;2004-2 Letters
of Credit. The Trustee shall deposit into, or cause the deposit of, the proceeds of any draw on the Series&nbsp;2004-2 Letters of Credit and the proceeds of any withdrawal from the
Series&nbsp;2004-2 Cash Collateral Account to be deposited in the Series&nbsp;2004-2 Distribution Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;<U>Reserve
Account Withdrawal</U>.&nbsp;&nbsp;&nbsp;&nbsp;If the Series&nbsp;2004-2 Letter of Credit Amount will be less than the Principal
Deficit Amount on any Distribution Date, then, prior to 12:00 noon (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in
writing to withdraw from the Series&nbsp;2004-2 Reserve Account, an amount equal to the lesser of (x)&nbsp;the Series&nbsp;2004-2 Available Reserve Account Amount and
(y)&nbsp;the amount by which the Principal Deficit Amount exceeds the amounts to be deposited in the Series&nbsp;2004-2 Distribution Account in accordance with clauses (i)&nbsp;and
(ii)&nbsp;of this Section&nbsp;2.5(d) and deposit it in the Series&nbsp;2004-2 Distribution Account on such Distribution Date. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>-33-</FONT></P>

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CONFORMED COPY </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<U>Demand
on Surety Bond</U>. If the sum of the Series&nbsp;2004-2 Letter of Credit Amount and the
Series&nbsp;2004-2 Available Reserve Account Amount will be less than the Principal Deficit Amount on any Distribution Date, then the Trustee shall make a demand on the Surety Bond by
12:00 noon (New York City time) on the second Business Day preceding such Distribution Date in an amount equal to the Insured Principal Deficit Amount and shall cause the proceeds thereof to be
deposited in the Series&nbsp;2004-2 Distribution Account. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Distribution</U>.&nbsp;&nbsp;&nbsp;&nbsp;On
each Distribution Date occurring on or after the date a withdrawal is made from the
Series&nbsp;2004-2 Collection Account pursuant to Section&nbsp;2.5(a) or amounts are deposited in the Series&nbsp;2004-2 Distribution Account pursuant to
Section&nbsp;2.5(b), (c)&nbsp;or (d)&nbsp;the Paying Agent shall, in accordance with Section&nbsp;6.1 of the Base Indenture, pay pro rata to each Class&nbsp;A-1 Noteholder,
Class&nbsp;A-2 Noteholder or Class&nbsp;A-3 Noteholder, as applicable, from the Series&nbsp;2004-2 Distribution Account the amount deposited therein pursuant
to Section&nbsp;2.5(a), (b), (c)&nbsp;or (d), to the extent necessary to pay the sum of the Class&nbsp;A-1 Controlled Amortization Amount and the Class&nbsp;A-2
Controlled Amortization Amount during the Three-Year Notes Controlled Amortization Period or the Class&nbsp;A-3 Controlled Amortization Amount during the
Class&nbsp;A-3 Controlled Amortization Period, as the case may be, or to the extent necessary to pay the Class-A-1 Invested Amount, the
Class&nbsp;A-2 Invested Amount and the Class&nbsp;A-3 Invested Amount during the Series&nbsp;2004-2 Rapid Amortization Period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;<U>Administrator's
Failure to Instruct the Trustee to Make a Deposit or Payment</U>.&nbsp;&nbsp;&nbsp;&nbsp;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, <U>provided</U> 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;<U>Series-2004-2
Reserve Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Establishment of
Series&nbsp;2004-2 Reserve Account</U>. AFC-II shall establish and maintain in the name of the Series&nbsp;2004-2 Agent for the benefit of the
Series&nbsp;2004-2
Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider, or cause to be established and maintained, an account (the
"<U>Series&nbsp;2004-2 Reserve Account</U>"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the
Series&nbsp;2004-2 Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider. The Series&nbsp;2004-2 Reserve Account shall
be maintained (i)&nbsp;with a Qualified Institution, or (ii)&nbsp;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&nbsp;2004-2 Reserve Account; <U>provided</U> that, if at any time such Qualified Institution is
no longer a Qualified Institution or the credit rating of any securities issued by such depositary institution or trust company shall be reduced to below "BBB-" by Standard&nbsp;&amp; Poor's
or "Baa2" by Moody's, then AFC-II shall, within 30&nbsp;days of such reduction, establish a new Series&nbsp;2004-2 Reserve Account with a new Qualified </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-34-</FONT></P>

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<P><FONT SIZE=2>Institution.
If the Series&nbsp;2004-2 Reserve Account is not maintained in accordance with the previous sentence, AFC-II shall establish a new
Series&nbsp;2004-2 Reserve Account, within ten (10)&nbsp;Business Days after obtaining knowledge of such fact, which complies with such sentence, and shall instruct the
Series&nbsp;2004-2 Agent in writing to transfer all cash and investments from the non-qualifying Series&nbsp;2004-2 Reserve Account into the new
Series&nbsp;2004-2 Reserve Account. Initially, the Series&nbsp;2004-2 Reserve Account will be established with The Bank of New York. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration
of the Series&nbsp;2004-2 Reserve Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Administrator may instruct the institution
maintaining the Series&nbsp;2004-2 Reserve Account to invest funds on deposit in the Series&nbsp;2004-2 Reserve Account from time to time in Permitted Investments;
<U>provided</U>, <U>however</U>, 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&nbsp;2004-2 Reserve Account is held with the Paying Agent, then such investment may mature on such
Distribution Date and such funds shall be available for withdrawal on or prior to such Distribution Date. All such Permitted Investments will be credited to the Series&nbsp;2004-2
Reserve Account and any such Permitted Investments that constitute (i)&nbsp;physical property (and that is not either a United States security entitlement or a security entitlement) shall be
physically delivered to the Trustee; (ii)&nbsp;United States security entitlements or security entitlements shall be controlled (as defined in Section&nbsp;8-106 of the New York UCC)
by the Trustee pending maturity or disposition, and (iii)&nbsp;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 direction and expense of AFC-II, take such action as is required to maintain the Trustee's security interest in
the Permitted Investments credited to the Series&nbsp;2004-2 Reserve Account. AFC-II shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted
Investments prior to the maturity thereof to the extent such disposal would result in a loss of the purchase price of such Permitted Investments. In the absence of written investment instructions
hereunder, funds on deposit in the Series&nbsp;2004-2 Reserve Account shall remain uninvested. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Earnings
from Series&nbsp;2004-2 Reserve Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;All interest and earnings (net of losses and investment
expenses) paid on funds on deposit in the Series&nbsp;2004-2 Reserve Account shall be deemed to be on deposit therein and available for distribution. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Reserve Account Constitutes Additional Collateral for Series&nbsp;2004-2
Notes</U>.&nbsp;&nbsp;&nbsp;&nbsp;In order to secure and provide for the repayment and payment of the AFC-II Obligations with respect to the Series&nbsp;2004-2 Notes,
AFC-II hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Series&nbsp;2004-2 Agent, for the benefit of the
Series&nbsp;2004-2 Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider, all of AFC-II's right, title and interest in
and to the following (whether now or hereafter existing or acquired): (i)&nbsp;the Series&nbsp;2004-2 Reserve Account, including any security entitlement thereto; (ii)&nbsp;all funds
on deposit therein from time to time; (iii)&nbsp;all certificates and instruments, if any, representing or evidencing any or all of the Series&nbsp;2004-2 Reserve Account or the funds
on deposit therein from time to time; (iv)&nbsp;all investments made at any time and from time to time with monies in the Series&nbsp;2004-2 Reserve Account, whether constituting
securities, instruments, general intangibles, investment property, financial assets or other property; (v)&nbsp;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&nbsp;2004-2 Reserve Account, the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-35-</FONT></P>

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<P><FONT SIZE=2>funds
on deposit therein from time to time or the investments made with such funds; and (vi)&nbsp;all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the
foregoing clauses (i)&nbsp;through (vi)&nbsp;are referred to, collectively, as the "<U>Series&nbsp;2004-2 Reserve Account Collateral</U>"). The
Series&nbsp;2004-2 Agent shall possess all right, title and interest in and to all funds on deposit from time to time in the Series&nbsp;2004-2 Reserve Account and in all
proceeds thereof, and shall be the only person authorized to originate entitlement orders in respect of the Series&nbsp;2004-2 Reserve Account. The Series&nbsp;2004-2
Reserve Account Collateral shall be under the sole dominion and control of the Series&nbsp;2004-2 Agent for the benefit of the Series&nbsp;2004-2 Noteholders, each
Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider. The Series&nbsp;2004-2 Agent hereby agrees (i)&nbsp;to act as the securities intermediary (as
defined in Section&nbsp;8-102(a)(14) of the New York UCC) with respect to the Series&nbsp;2004-2 Reserve Account; (ii)&nbsp;that each item of property (whether investment
property, financial asset, security, instrument or cash) credited to the Series&nbsp;2004-2 Reserve Account shall be treated as a financial asset (as defined in
Section&nbsp;8-102(a)(9) of the New York UCC) and (iii)&nbsp;to comply with any entitlement order (as defined in Section&nbsp;8-102(a)(8) of the New York UCC) issued by
the Trustee. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Reserve Account Surplus</U>.&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Series&nbsp;2004-2 Reserve
Account Surplus on any Distribution Date, after giving effect to all withdrawals from the Series&nbsp;2004-2 Reserve Account, is greater than zero, if no Series&nbsp;2004-2
Enhancement Deficiency or AESOP I Operating Lease Vehicle Deficiency would result therefrom or exist thereafter, the Trustee, acting in accordance with the written instructions of the Administrator
(with a copy of such written instructions to be provided by the Administrator to the Surety Provider) pursuant to the Administration Agreement, shall withdraw from the Series&nbsp;2004-2
Reserve Account an amount equal to the Series&nbsp;2004-2 Reserve Account Surplus and shall pay such amount to AFC-II. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Series&nbsp;2004-2 Reserve Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;Upon the termination of the Indenture pursuant to
Section&nbsp;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&nbsp;2004-2 Noteholders and to the Surety Provider and payable from the Series&nbsp;2004-2 Reserve Account as provided herein, shall withdraw from the
Series&nbsp;2004-2 Reserve Account all amounts on deposit therein for payment to AFC-II. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Letters of Credit and Series&nbsp;2004-2 Cash Collateral
Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Series&nbsp;2004-2 Letters of Credit and Series&nbsp;2004-2 Cash Collateral Account Constitute Additional Collateral
for Series&nbsp;2004-2 Notes. In order to secure and provide for the repayment and payment of the AFC-II Obligations with respect to the Series&nbsp;2004-2
Notes, AFC-II hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series&nbsp;2004-2
Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider, all of AFC-II's right, title and interest in and to the following (whether now
or hereafter existing or acquired): (i)&nbsp;each Series&nbsp;2004-2 Letter of Credit; (ii)&nbsp;the Series&nbsp;2004-2 Cash Collateral Account, including any security
entitlement thereto; (iii)&nbsp;all funds on deposit in the Series&nbsp;2004-2 Cash Collateral Account from time to time; (iv)&nbsp;all certificates and instruments, if any,
representing or evidencing any or all of the Series&nbsp;2004-2 Cash Collateral Account or the funds on deposit therein from time to time; (v)&nbsp;all investments made at any time and
from time to time with monies in the Series&nbsp;2004-2 Cash Collateral Account, whether constituting securities, instruments, general intangibles, investment </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-36-</FONT></P>

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<P><FONT SIZE=2>property,
financial assets or other property; (vi)&nbsp;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&nbsp;2004-2 Cash Collateral Account, the funds on deposit therein from time to time or the investments made with such funds; and (vii)&nbsp;all proceeds of
any and all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (ii)&nbsp;through (vii)&nbsp;are referred to,
collectively, as the "<U>Series&nbsp;2004-2 Cash Collateral Account Collateral</U>"). The Trustee shall, for the benefit of the Series&nbsp;2004-2
Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider, maintain possession of the Series&nbsp;2004-2 Letter of Credit, possess all
right, title and interest in all funds on deposit from time to time in the Series&nbsp;2004-2 Cash Collateral Account and in all proceeds thereof, and shall be the only person authorized
to originate entitlement orders in respect of the Series&nbsp;2004-2 Cash Collateral Account. The Series&nbsp;2004-2 Cash Collateral Account shall be under the sole
dominion and control of the Trustee for the benefit of the Series&nbsp;2004-2 Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider.
The Series&nbsp;2004-2 Agent hereby agrees (i)&nbsp;to act as the securities intermediary (as defined in Section&nbsp;8-102(a)(14) of the New York UCC) with respect to
the Series&nbsp;2004-2 Cash Collateral Account; (ii)&nbsp;that each item of property (whether investment property, financial asset, security, instrument or cash) credited to the
Series&nbsp;2004-2 Cash Collateral Account shall be treated as a financial asset (as defined in Section&nbsp;8-102(a)(9) of the New York UCC) and (iii)&nbsp;to comply
with any entitlement order (as defined in Section&nbsp;8-102(a)(8) of the New York UCC) issued by the Trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Letter of Credit Expiration Date</U>.&nbsp;&nbsp;&nbsp;&nbsp;If prior to the date which is ten (10)&nbsp;days prior to
the then-scheduled Series&nbsp;2004-2 Letter of Credit Expiration Date with respect to any Series&nbsp;2004-102 Letter of Credit, excluding the amount available to be drawn
under such Series&nbsp;2004-2 Letter of Credit but taking into account each substitute Series&nbsp;2004-2 Letter of Credit which has been obtained from a
Series&nbsp;2004-2 Eligible Letter of Credit Provider and is in full force and effect on such date, the Series&nbsp;2004-2 Enhancement Amount would be equal to or more than
the Series&nbsp;2004-2 Required Enhancement Amount and the Series&nbsp;2004-2 Liquidity Amount would be equal to or greater than the Series&nbsp;2004-2
Required Liquidity Amount, then the Administrator shall notify the Trustee and the Surety Provider (with the Surety Provider to be provided supporting calculations in reasonable detail) in writing no
later than two (2)&nbsp;Business Days prior to such Series&nbsp;2004-2 Letter of Credit Expiration Date of such determination. If prior to the date which is ten (10)&nbsp;days prior
to the then-scheduled Series&nbsp;2004-2 Letter of Credit Expiration Date with respect to any Series&nbsp;2004-2 Letter of Credit, excluding the amount
available to be drawn under such Series&nbsp;2004-2 Letter of Credit but taking into account a substitute Series&nbsp;2004-2 Letter of Credit which has been obtained from a
Series&nbsp;2004-2 Eligible Letter of Credit Provider and is in full force and effect on such date, the Series&nbsp;2004-2 Enhancement Amount would be less than the
Series&nbsp;2004-2 Required Enhancement Amount or the Series&nbsp;2004-2 Liquidity Amount would be less than the Series&nbsp;2004-2 Required Liquidity Amount,
then the Administrator shall notify the Trustee and the Surety Provider (with the Surety Provider to be provided supporting calculations in reasonable detail) in writing no later than two
(2)&nbsp;Business Days prior to such Series&nbsp;2004-2 Letter of Credit Expiration Date of (x)&nbsp;the greater of (A)&nbsp;the excess, if any, of the
Series&nbsp;2004-2 Required Enhancement Amount over the Series&nbsp;2004-2 Enhancement Amount, excluding the available amount under such expiring
Series&nbsp;2004-2 Letter of Credit but taking into account any substitute Series&nbsp;2004-2 Letter of Credit which has been obtained from a
Series&nbsp;2004-2 Eligible Letter of Credit Provider and is in full force and effect, on such date, and (B)&nbsp;the excess, if any, of the Series&nbsp;2004-2 Required
Liquidity Amount </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-37-</FONT></P>

<HR NOSHADE>
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<!-- ZEQ.=4,SEQ=40,EFW="2134604",CP="CENDANT CORPORATION",DN="4",CHK=46130,FOLIO='37',FILE='DISK029:[04NYC0.04NYC4580]KO4580A.;12',USER='MKEANE',CD='30-APR-2004;05:15' -->
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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>over
the Series&nbsp;2004-2 Liquidity Amount, excluding the available amount under such expiring Series&nbsp;2004-2 Letter of Credit but taking into account any substitute
Series&nbsp;2004-2 Letter of Credit which has been obtained from a Series&nbsp;2004-2 Eligible Letter of Credit Provider and is in full force and effect, on such date, and
(y)&nbsp;the amount available to be drawn on such expiring Series&nbsp;2004-2 Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:00&nbsp;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&nbsp;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)&nbsp;and (y)&nbsp;above on such expiring
Series&nbsp;2004-2 Letter of Credit by presenting a draft (with a copy to the Surety Provider) accompanied by a Certificate of Termination Demand and shall cause the Termination
Disbursement to be deposited in the Series&nbsp;2004-2 Cash Collateral Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee does not receive the notice from the Administrator described in the first paragraph of this Section&nbsp;2.8(b) on or prior to the date that is two (2)&nbsp;Business
Days prior to each Series&nbsp;2004-2 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&nbsp;2004-2 Letter of Credit by presenting a draft accompanied by a Certificate of Termination Demand and shall cause the Termination Disbursement to be deposited in the
Series&nbsp;2004-2 Cash Collateral Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Letter of Credit Providers</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Administrator shall notify the Trustee and the Surety
Provider in writing within one (1)&nbsp;Business Day of becoming aware that (i)&nbsp;the long-term senior unsecured debt credit rating of any Series&nbsp;2004-2 Letter of
Credit Provider has fallen below "A+" as determined by Standard&nbsp;&amp; Poor's or "Al" as determined by Moody's or (ii)&nbsp;the short-term senior unsecured debt credit rating of any
Series&nbsp;2004-2 Letter of Credit Provider has fallen below "A-1" as determined by Standard&nbsp;&amp; Poor's or "P-1" as determined by Moody's. At such time the
Administrator shall also notify the Trustee of (i)&nbsp;the greater of (A)&nbsp;the excess, if any, of the Series&nbsp;2004-2 Required Enhancement Amount over the
Series&nbsp;2004-2 Enhancement Amount, excluding the available amount under the Series&nbsp;2004-2 Letter of Credit issued by such Series&nbsp;2004-2 Letter
of Credit Provider, on such date, and (B)&nbsp;the excess, if any, of the Series&nbsp;2004-2 Required Liquidity Amount over the Series&nbsp;2004-2 Liquidity Amount,
excluding the available amount under such Series&nbsp;2004-2 Letter of Credit, on such date, and (ii)&nbsp;the amount available to be drawn on such Series&nbsp;2004-2
Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:00&nbsp;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&nbsp;a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day),
draw on such Series&nbsp;2004-2 Letter of Credit in an amount equal to the lesser of the amounts in clause&nbsp;(i) and clause&nbsp;(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&nbsp;2004-2 Cash
Collateral Account. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
Date Demands on the Series&nbsp;2004-2 Letters of Credit</U>.&nbsp;&nbsp;&nbsp;&nbsp;Prior to 10:00&nbsp;a.m. (New York City
time) on the Business Day immediately succeeding the Series&nbsp;2004-2 Letter of Credit Termination Date, the Administrator shall determine the Series&nbsp;2004-2 Demand
Note Payment Amount, if any, as of the Series&nbsp;2004-2 Letter of Credit Termination Date and, if the Series&nbsp;2004-2 Demand Note Payment Amount is greater than zero,
instruct the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-38-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=41,EFW="2134604",CP="CENDANT CORPORATION",DN="4",CHK=714136,FOLIO='38',FILE='DISK029:[04NYC0.04NYC4580]KO4580A.;12',USER='MKEANE',CD='30-APR-2004;05:15' -->
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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>Trustee
in writing to draw on the Series&nbsp;2004-2 Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00&nbsp;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)&nbsp;the Series&nbsp;2004-2 Demand Note Payment Amount and
(ii)&nbsp;the Series&nbsp;2004-2 Letter of Credit Liquidity Amount on the Series&nbsp;2004-2 Letters of Credit by presenting to each Series&nbsp;2004-2
Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Certificate of Termination Date Demand and shall cause the Termination Date Disbursement to be deposited in the
Series&nbsp;2004-2 Cash Collateral Account; <U>provided</U>, <U>however</U>, that if the Series&nbsp;2004-2 Cash Collateral
Account has been established and funded, the Trustee shall draw an amount equal to the product of (a)&nbsp;100% <U>minus</U> the Series&nbsp;2004-2 Cash
Collateral Percentage and (b)&nbsp;the lesser of the amounts referred to in clause&nbsp;(i) and (ii)&nbsp;on such Business Day on the Series&nbsp;2004-2 Letters of Credit as
calculated by the Administrator and provided in writing to the Trustee and the Surety Provider. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Draws
on the Series&nbsp;2004-2 Letters of Credit</U>.&nbsp;&nbsp;&nbsp;&nbsp;If there is more than one Series&nbsp;2004-2
Letter of Credit on the date of any draw on the Series&nbsp;2004-2 Letters of Credit pursuant to the terms of this Supplement, the Administrator shall instruct the Trustee, in writing,
to draw on each Series&nbsp;2004-2 Letter of Credit in an amount equal to the Pro Rata Share of the Series&nbsp;2004-2 Letter of Credit Provider issuing such
Series&nbsp;2004-2 Letter of Credit of the amount of such draw on the Series&nbsp;2004-2 Letters of Credit. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Establishment
of Series&nbsp;2004-2 Cash Collateral Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the date of any drawing under a
Series&nbsp;2004-2 Letter of Credit pursuant to Section&nbsp;2.8(b), (c)&nbsp;or (d)&nbsp;above, AFC-II shall establish and maintain in the name of the Trustee for the
benefit of the Series&nbsp;2004-2 Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider, or cause to be established and maintained,
an account (the
"<U>Series&nbsp;2004-2 Cash Collateral Account</U>"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the
Series&nbsp;2004-2 Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider. The Series&nbsp;2004-2 Cash Collateral
Account shall be maintained (i)&nbsp;with a Qualified Institution, or (ii)&nbsp;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&nbsp;2004-2 Cash Collateral Account; <U>provided</U>,
<U>however</U>, that if at any time such Qualified Institution is no longer a Qualified Institution or the credit rating of any securities issued by such depository institution
or trust company shall be reduced to below "BBB-" by Standard&nbsp;&amp; Poor's or "Baa3" by Moody's, then AFC-II shall, within 30&nbsp;days of such reduction, establish a new
Series&nbsp;2004-2 Cash Collateral Account with a new Qualified Institution or a new segregated trust account with the corporate trust department of a depository institution or trust
company having corporate trust powers and acting as trustee for funds deposited in the Series&nbsp;2004-2 Cash Collateral Account. If a new Series&nbsp;2004-2 Cash
Collateral Account is established, AFC-II shall instruct the Trustee in writing to transfer all cash and investments from the non-qualifying Series&nbsp;2004-2
Cash Collateral Account into the new Series&nbsp;2004-2 Cash Collateral Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration
of the Series&nbsp;2004-2 Cash Collateral Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;AFC-II may instruct (by standing
instructions or otherwise) the institution maintaining the Series&nbsp;2004-2 Cash Collateral Account to invest funds on deposit in the Series&nbsp;2004-2 Cash Collateral
Account from time to time in Permitted Investments; <U>provided</U>, <U>however</U>, that any such investment shall </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-39-</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=42,EFW="2134604",CP="CENDANT CORPORATION",DN="4",CHK=443656,FOLIO='39',FILE='DISK029:[04NYC0.04NYC4580]KO4580A.;12',USER='MKEANE',CD='30-APR-2004;05:15' -->
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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>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&nbsp;2004-2
Cash Collateral Account is held with the Paying Agent, in which case such investment may mature on such Distribution Date so long as such funds shall be available for withdrawal on or prior to such
Distribution Date. All such Permitted Investments will be credited to the Series&nbsp;2004-2 Cash Collateral Account and any such Permitted Investments that constitute
(i)&nbsp;physical property (and that is not either a United States security entitlement or a security entitlement) shall be physically delivered to the Trustee; (ii)&nbsp;United States security
entitlements or security entitlements shall be controlled (as defined in Section&nbsp;8-106 of the New York UCC) by the Trustee pending maturity or disposition, and
(iii)&nbsp;uncertificated securities (and not United States security entitlements) shall be delivered to the Trustee by causing the Trustee to become the registered holder of such securities. The
Trustee shall, at the expense of AFC-II, take such action as is required to maintain the Trustee's security interest in the Permitted Investments credited to the
Series&nbsp;2004-2 Cash Collateral Account. AFC-II shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity
thereof to the extent such disposal would result in a loss of the purchase price of such Permitted Investments. In the absence of written investment instructions hereunder, funds on deposit in the
Series&nbsp;2004-2 Cash Collateral Account shall remain uninvested. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Earnings
from Series&nbsp;2004-2 Cash Collateral Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Series&nbsp;2004-2 Cash Collateral Account shall be deemed to be on deposit therein and available for distribution. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Cash Collateral Account Surplus</U>.&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Series&nbsp;2004-2 Cash
Collateral Account Surplus on any Distribution Date (or, after the Series&nbsp;2004-2 Letter of Credit Termination Date, on any date) is greater than zero, the Trustee, acting in
accordance with the written instructions (a copy of which shall be provided by the Administrator to the Surety Provider) of the Administrator, shall withdraw from the Series&nbsp;2004-2
Cash Collateral Account an amount equal to the Series&nbsp;2004-2 Cash Collateral Account Surplus and shall pay such amount: <U>first</U>, to the
Series&nbsp;2004-2 Letter of Credit Providers to the extent of any unreimbursed drawings under the related Series&nbsp;2004-2 Reimbursement Agreement, for application in
accordance with the provisions of the related Series&nbsp;2004-2 Reimbursement Agreement, and, <U>second</U>, to AFC-II any remaining amount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<U>Post-Series&nbsp;2004-2
Letter of Credit Termination Date Withdrawals from the Series&nbsp;2004-2 Cash Collateral
Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;If the Surety Provider notifies the Trustee in writing that the Surety Provider shall have paid a Preference Amount (as defined in the Surety Bond) under the
Surety Bond, subject to the satisfaction of the conditions set forth in the next succeeding sentence, the Trustee shall withdraw from the Series&nbsp;2004-2 Cash Collateral Account and
pay to the Surety Provider an amount equal to the lesser of (i)&nbsp;the Series&nbsp;2004-2 Available Cash Collateral Account Amount on such date and (ii)&nbsp;such Preference
Amount. Prior to any withdrawal from the Series&nbsp;2004-2 Cash Collateral Account pursuant to this Section&nbsp;2.8(j), the Trustee shall have received a certified copy of the order
requiring the return of such Preference Amount. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Series&nbsp;2004-2 Cash Collateral Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;Upon the termination of this Supplement in accordance
with its terms, the Trustee, acting in accordance with the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-40-</FONT></P>

<HR NOSHADE>
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<!-- ZEQ.=7,SEQ=43,EFW="2134604",CP="CENDANT CORPORATION",DN="4",CHK=706751,FOLIO='40',FILE='DISK029:[04NYC0.04NYC4580]KO4580A.;12',USER='MKEANE',CD='30-APR-2004;05:15' -->
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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>written
instructions of the Administrator, after the prior payment of all amounts owing to the Series&nbsp;2004-2 Noteholders and to the Surety Provider and payable from the
Series&nbsp;2004-2 Cash Collateral Account as provided herein, shall withdraw from the Series&nbsp;2004-2 Cash Collateral Account all amounts on deposit therein (to the
extent not withdrawn pursuant to Section&nbsp;2.8(i)&nbsp;above) and shall pay such amounts: <U>first</U>, to the Series&nbsp;2004-2 Letter of Credit Providers
to the extent of any unreimbursed drawings under the related Series&nbsp;2004-2 Reimbursement Agreement, for application in
accordance with the provisions of the related Series&nbsp;2004-2 Reimbursement Agreement, and, <U>second</U>, to AFC-II any remaining amount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.9&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Distribution Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Establishment of
Series&nbsp;2004-2 Distribution Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall establish and maintain in the name of the Series&nbsp;2004-2 Agent for the benefit of
the Series&nbsp;2004-2 Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider, or cause to be established and maintained, an account
(the "<U>Series&nbsp;2004-2 Distribution Account</U>"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the
Series&nbsp;2004-2 Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider. The Series&nbsp;2004-2 Distribution Account
shall be maintained (i)&nbsp;with a Qualified Institution, or (ii)&nbsp;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&nbsp;2004-2 Distribution Account; <U>provided</U>,
<U>however</U>, that if at any time such Qualified Institution is no longer a Qualified Institution or the credit rating of any securities issued by such depositary institution
or trust company shall be reduced to below "BBB-" by Standard&nbsp;&amp; Poor's or "Baa3" by Moody's, then AFC-II shall, within 30&nbsp;days of such reduction, establish a new
Series&nbsp;2004-2 Distribution Account with a new Qualified Institution. If the Series&nbsp;2004-2 Distribution Account is not maintained in accordance with the previous
sentence, AFC-II shall establish a new Series&nbsp;2004-2 Distribution Account, within ten (10)&nbsp;Business Days after obtaining knowledge of such fact, which complies
with such sentence, and shall instruct the Series&nbsp;2004-2 Agent in writing to transfer all cash and investments from the non-qualifying Series&nbsp;2004-2
Distribution Account into the new Series&nbsp;2004-2 Distribution Account. Initially, the Series&nbsp;2004-2 Distribution Account will be established with The Bank of New
York. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration
of the Series&nbsp;2004-2 Distribution Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Administrator may instruct the institution
maintaining the Series&nbsp;2004-2 Distribution Account to invest funds on deposit in the Series&nbsp;2004-2 Distribution Account from time to time in Permitted
Investments; <U>provided</U>, <U>however</U>, 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&nbsp;2004-2 Distribution Account is held with the Paying Agent, then such investment may
mature on such Distribution Date and such funds shall be available for withdrawal on or prior to such Distribution Date. All such Permitted Investments will be credited to the
Series&nbsp;2004-2 Distribution Account and any such Permitted Investments that constitute (i)&nbsp;physical property (and that is not either a United States security entitlement or a
security entitlement) shall be physically delivered to the Trustee; (ii)&nbsp;United States security entitlements or security entitlements shall be controlled (as defined in
Section&nbsp;8-106 of the New York UCC) by the Trustee pending maturity or disposition, and (iii)&nbsp;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 direction and expense of AFC-II, take such action as is
required to maintain </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-41-</FONT></P>

<HR NOSHADE>
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<!-- ZEQ.=8,SEQ=44,EFW="2134604",CP="CENDANT CORPORATION",DN="4",CHK=736148,FOLIO='41',FILE='DISK029:[04NYC0.04NYC4580]KO4580A.;12',USER='MKEANE',CD='30-APR-2004;05:15' -->
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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>the
Trustee's security interest in the Permitted Investments credited to the Series&nbsp;2004-2 Distribution Account. AFC-II shall not direct the Trustee to dispose of (or
permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the purchase price of such Permitted Investments. In the absence
of written investment instructions hereunder, funds on deposit in the Series&nbsp;2004-2 Distribution Account shall remain uninvested. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Earnings
from Series&nbsp;2004-2 Distribution Account</U>.&nbsp;&nbsp;&nbsp;&nbsp;All interest and earnings (net of losses and investment
expenses) paid on funds on deposit in the Series&nbsp;2004-2 Distribution Account shall be deemed to be on deposit and available for distribution. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Distribution Account Constitutes Additional Collateral for Series&nbsp;2004-2
Notes</U>.&nbsp;&nbsp;&nbsp;&nbsp;In order to secure and provide for the repayment and payment of the AFC-II Obligations with respect to the Series&nbsp;2004-2 Notes,
AFC-II hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Series&nbsp;2004-2 Agent, for the benefit of the
Series&nbsp;2004-2 Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider, all of AFC-II's right, title and interest in
and to the following (whether now or hereafter existing or acquired): (i)&nbsp;the Series&nbsp;2004-2 Distribution Account, including any security entitlement thereto; (ii)&nbsp;all
funds on deposit therein from time to time; (iii)&nbsp;all certificates and instruments, if any, representing or evidencing any or all of the Series&nbsp;2004-2 Distribution Account or
the funds on deposit therein from time to time; (iv)&nbsp;all investments made at any time and from time to time with monies in the Series&nbsp;2004-2 Distribution Account, whether
constituting securities, instruments, general intangibles, investment property, financial assets or other property; (v)&nbsp;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&nbsp;2004-2 Distribution Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi)&nbsp;all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (i)&nbsp;through
(vi)&nbsp;are referred to, collectively, as the "<U>Series&nbsp;2004-2 Distribution Account Collateral</U>"). The Series&nbsp;2004-2 Agent shall
possess all right, title and interest in all funds on deposit from time to time in the Series&nbsp;2004-2 Distribution Account and in and to all proceeds thereof, and shall be the only
person authorized to originate entitlement orders in respect of the Series&nbsp;2004-2 Distribution Account. The Series&nbsp;2004-2 Distribution Account Collateral shall be
under the sole dominion and control of the Series&nbsp;2004-2 Agent for the benefit of the Series&nbsp;2004-2 Noteholders, each Series&nbsp;2004-2 Interest
Rate Swap Counterparty and the Surety Provider. The Series&nbsp;2004-2 Agent hereby agrees (i)&nbsp;to act as the securities intermediary (as defined in
Section&nbsp;8-102(a)(14) of the New York UCC) with respect to the Series&nbsp;2004-2 Distribution Account; (ii)&nbsp;that each item of property (whether investment
property, financial asset, security, instrument or cash) credited to the Series&nbsp;2004-2 Distribution Account shall be treated as a financial asset (as defined in
Section&nbsp;8-102(a)(9) of the New York UCC) and (iii)&nbsp;to comply with any entitlement order (as defined in Section&nbsp;8-102(a)(8) of the New York UCC) issued by
the Trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.10&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Interest Rate Swaps</U>.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;On the Series&nbsp;2004-2
Closing Date, AFC-II shall enter into one or more interest rate swaps acceptable to the Surety Provider in respect of the Class&nbsp;A-2 Notes satisfying the requirements of
clause&nbsp;(i)
below and one or more interest rate swaps acceptable to the Surety Provider in respect of the Class&nbsp;A-3 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-42-</FONT></P>

<HR NOSHADE>
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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>Notes
satisfying the requirements of clause&nbsp;(ii) below, in each case with a Qualified Interest Rate Swap Counterparty (each a "<U>Series&nbsp;2004-2 Interest Rate
Swap</U>"): </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The
Series&nbsp;2004-2 Interest Rate Swap in respect of the Class&nbsp;A-2 Notes shall have an aggregate initial notional amount equal to
the Class&nbsp;A-2 Initial Invested Amount. The aggregate notional amount of such Series&nbsp;2004-2 Interest Rate Swap shall be reduced pursuant to the terms of such
Series&nbsp;2004-2 Interest Rate Swap but shall not at any time be less than the Class&nbsp;A-2 Invested Amount. The fixed rate payable by AFC-II under such
Series&nbsp;2004-2 Interest Rate Swap and any replacement thereof shall not be greater than 3.5%. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;The
Series&nbsp;2004-2 Interest Rate Swap in respect of the Class&nbsp;A-3 Notes shall have an aggregate initial notional amount equal to
the Class&nbsp;A-3 Initial Invested Amount. The aggregate notional amount of such Series&nbsp;2004-2 Interest Rate Swap shall be reduced pursuant to the terms of such
Series&nbsp;2004-2 Interest Rate Swap but shall not at any time be less than the Class&nbsp;A-3 Invested Amount. The fixed rate payable by AFC-II under such
Series&nbsp;2004-2 Interest Rate Swap and any replacement thereof shall not be greater than 3.5%. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Replacement
of Any Series&nbsp;2004-2 Interest Rate Swap</U>.&nbsp;&nbsp;&nbsp;&nbsp;If, at any time, a Series&nbsp;2004-2
Interest Rate Swap Counterparty is not a Qualified Interest Rate Swap Counterparty, then AFC-II will cause such Series&nbsp;2004-2 Interest Rate Swap Counterparty within
30&nbsp;days following such occurrence, at the Series&nbsp;2004-2 Interest Rate Swap Counterparty's expense, to either (i)&nbsp;obtain a replacement interest rate swap on
substantially the same terms as the Series&nbsp;2004-2 Interest Rate Swap being replaced from a Qualified Interest Rate Swap Counterparty, at which point, simultaneously with such
replacement, AFC-II shall terminate the Series&nbsp;2004-2 Interest Rate Swap being replaced or (ii)&nbsp;enter into any arrangement satisfactory to Standard&nbsp;&amp;
Poor's, Moody's and the Surety Provider that is sufficient to maintain or restore the immediately prior Shadow Rating; <U>provided</U>, <U>however</U>, that
no termination of any Series&nbsp;2004-2 Interest Rate Swap shall occur until AFC-II has entered into a replacement Series&nbsp;2004-2 Interest Rate Swap. Each
Series&nbsp;2004-2 Interest Rate Swap must provide that if such Series&nbsp;2004-2 Interest Rate Swap Counterparty thereto is required to take any of the actions described
in clauses (i)&nbsp;or (ii)&nbsp;of the preceding sentence and such action is not taken within 30&nbsp;days, then such Series&nbsp;2003- 4 Interest Rate Swap Counterparty must,
until a replacement Series&nbsp;2004-2 Interest Rate Swap is executed and in effect, collateralize its
obligations under such Series&nbsp;2004-2 Interest Rate Swap in an amount equal to the greatest of (i)&nbsp;the marked to market value of such Series&nbsp;2004-2 Interest
Rate Swap, (ii)&nbsp;the next payment due from such Series&nbsp;2004-2 Interest Rate Swap Counterparty and (iii)&nbsp;1% of the notional amount of such
Series&nbsp;2004-2 Interest Rate Swap. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To
secure payment of all AFC-II Obligations with respect to the Series&nbsp;2004-2 Notes, AFC-II grants a security interest in,
and assigns, pledges, grants, transfers and sets over to the Series&nbsp;2004-2 Agent, for the benefit of the Series&nbsp;2004-2 Noteholders and the Surety Provider, all of
AFC-II's right, title and interest in the Series&nbsp;2004-2 Interest Rate Swaps and all proceeds thereof (the "<U>Series&nbsp;2004-2 Interest Rate
Swap Collateral</U>"). AFC-II shall require all Series&nbsp;2004-2 Interest Rate Swap Proceeds to be paid to, and the Trustee shall allocate all
Series&nbsp;2004-2 Interest Rate Swap Proceeds to, the Series&nbsp;2004-2 Accrued Interest Account of the Series&nbsp;2004-2 Collection Account. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-43-</FONT></P>

<HR NOSHADE>
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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
failure of AFC-II to comply with its covenants contained in the this Section&nbsp;2.10 shall not constitute an Amortization Event with respect to the
Series&nbsp;2004-2 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.11&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Accounts Permitted Investments</U>.&nbsp;&nbsp;&nbsp;&nbsp;AFC-II shall not, and shall not
permit, funds on deposit in the Series&nbsp;2004-2 Accounts to be invested in: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Permitted
Investments that do not mature at least one Business Day before the next Distribution Date; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;demand
deposits, time deposits or certificates of deposit with a maturity in excess of 360&nbsp;days; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;commercial
paper which is not rated "P-1" by Moody's; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;money
market funds or eurodollar time deposits which are not rated at least "AAA" by Standard&nbsp;&amp; Poor's; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;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 </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;any
investment, instrument or security not otherwise listed in clause&nbsp;(i) through (vi)&nbsp;of the definition of "Permitted Investments" in the Base Indenture
that is not approved in writing by the Surety Provider. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.12&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Demand Notes Constitute Additional Collateral for Series&nbsp;2004-2
Notes</U>.&nbsp;&nbsp;&nbsp;&nbsp;In order to secure and provide for the repayment and payment of the AFC-II Obligations with respect to the Series&nbsp;2004-2 Notes,
AFC-II hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series&nbsp;2004-2 Noteholders, each
Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider, all of
AFC-II's right, title and interest in and to the following (whether now or hereafter existing or acquired): (i)&nbsp;the Series&nbsp;2004-2 Demand Notes; (ii)&nbsp;all
certificates and instruments, if any, representing or evidencing the Series&nbsp;2004-2 Demand Notes; and (iii)&nbsp;all proceeds of any and all of the foregoing, including, without
limitation, cash. On the date hereof, AFC-II shall deliver to the Trustee, for the benefit of the Series&nbsp;2004-2 Noteholders, each Series&nbsp;2004-2
Interest Rate Swap Counterparty and the Surety Provider, each Series&nbsp;2004-2 Demand Note, endorsed in blank. The Trustee, for the benefit of the Series&nbsp;2004-2
Noteholders, each Series&nbsp;2004-2 Interest Rate Swap Counterparty and the Surety Provider, shall be the only Person authorized to make a demand for payments on the
Series&nbsp;2004-2 Demand Notes. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kq4580_article_iii_amortization_events"> </A>
<A NAME="toc_kq4580_1"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE III    <BR>    <BR>    AMORTIZATION EVENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the Amortization Events set forth in Section&nbsp;9.1 of the Base Indenture,
 any of the following shall be an Amortization Event with respect to
the Series&nbsp;2004-2 Notes and collectively shall constitute the Amortization Events set forth in Section&nbsp;9.1(n) of the Base </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-44-</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>Indenture
with respect to the Series&nbsp;2004-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series&nbsp;2004-2 Notes): </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a
Series&nbsp;2004-2 Enhancement Deficiency shall occur and continue for at least two (2)&nbsp;Business Days; <U>provided</U>,
<U>however</U>, that such event or condition shall not be an Amortization Event if during such two (2)&nbsp;Business Day period such Series&nbsp;2004-2
Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the
Series&nbsp;2004-2 Liquidity Amount shall be less than the Series&nbsp;2004-2 Required Liquidity Amount for at least two
(2)&nbsp;Business Days; <U>provided</U>, <U>however</U>, that such event or condition shall not be an Amortization Event if during such two
(2)&nbsp;Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the
Collection Account, the Series&nbsp;2004-2 Collection Account, the Series&nbsp;2004-2 Excess Collection Account or the
Series&nbsp;2004-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;all
principal of and interest on the Class&nbsp;A-1 Notes and the Class&nbsp;A-2 Notes is not paid in full on or before the
Three-Year Notes Expected Final Distribution Date or all principal of and interest on the Class&nbsp;A-3 Notes is not paid in full on or before the
Class&nbsp;A-3 Expected Final Distribution Date; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall make a demand for payment under the Surety Bond; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the
occurrence of an Event of Bankruptcy with respect to the Surety Provider; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the
Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;any
Series&nbsp;2004-2 Letter of Credit shall not be in full force and effect for at least two (2)&nbsp;Business Days and (x)&nbsp;either a
Series&nbsp;2004-2 Enhancement Deficiency would result from excluding such Series&nbsp;2004-2 Letter of Credit from the Series&nbsp;2004-2 Enhancement Amount
or (y)&nbsp;the Series&nbsp;2004-2 Liquidity Amount, excluding therefrom the available amount under such Series&nbsp;2004-2 Letter of Credit, would be less than the
Series&nbsp;2004-2 Required Liquidity Amount; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;from
and after the funding of the Series&nbsp;2004-2 Cash Collateral Account, the Series&nbsp;2004-2 Cash Collateral Account shall be subject
to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2)&nbsp;Business Days and either (x)&nbsp;a
Series&nbsp;2004-2 Enhancement Deficiency would result from excluding the Series&nbsp;2004-2 Available Cash Collateral Account Amount from the
Series&nbsp;2004-2 Enhancement Amount or (y)&nbsp;the Series&nbsp;2004-2 Liquidity Amount, excluding therefrom the Series&nbsp;2004-2 Available Cash
Collateral Amount, would be less than the Series&nbsp;2004-2 Required Liquidity Amount; and </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>-45-</FONT></P>

<HR NOSHADE>
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<UL>
<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;an
Event of Bankruptcy shall have occurred with respect to any Series&nbsp;2004-2 Letter of Credit Provider or any Series&nbsp;2004-2 Letter
of Credit Provider repudiates its Series&nbsp;2004-2 Letter of Credit or refuses to honor a proper draw thereon and either (x)&nbsp;a Series&nbsp;2004-2 Enhancement
Deficiency would result from excluding such Series&nbsp;2004-2 Letter of Credit from the Series&nbsp;2004-2 Enhancement Amount or (y)&nbsp;the
Series&nbsp;2004-2 Liquidity Amount, excluding therefrom the available amount under such Series&nbsp;2004-2 Letter of Credit, would be less than the
Series&nbsp;2004-2 Required Liquidity Amount. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kq4580_article_iv_right_to_waive_purchase_restrictions"> </A>
<A NAME="toc_kq4580_2"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE IV    <BR>    <BR>    RIGHT TO WAIVE PURCHASE RESTRICTIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision to the contrary in the Indenture or the Related Documents,
but subject in all respects to the Surety Provider's rights under
Section&nbsp;6.11, upon the Trustee's receipt of notice from any Lessee, any Borrower or AFC-II (i)&nbsp;to the effect that a Manufacturer Program is no longer an Eligible Manufacturer
Program and that, as a result, the Series&nbsp;2004-2 Maximum Non-Program Vehicle Amount is or will be exceeded or (ii)&nbsp;that the Lessees, the Borrowers and
AFC-II have determined to increase any Series&nbsp;2004-2 Maximum Amount, (such notice, a "<U>Waiver Request</U>"), each
Series&nbsp;2004-2 Noteholder may, at its option, waive the Series&nbsp;2004-2 Maximum Non-Program Vehicle Amount or any other Series&nbsp;2004-2
Maximum Amount (collectively, a "<U>Waivable Amount</U>") if (i)&nbsp;no Amortization Event exists, (ii)&nbsp;the Requisite Noteholders and the Surety Provider consent to
such waiver and (iii)&nbsp;60&nbsp;days' prior written notice of such proposed waiver is provided to the Rating Agencies by the Trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt by the Trustee of a Waiver Request (a copy of which the Trustee shall promptly provide to the Rating Agencies), all amounts which would otherwise be allocated to the
Series&nbsp;2004-2 Excess Collection Account (collectively, the "<U>Designated Amounts</U>") from the date the Trustee receives a Waiver Request through the Consent
Period Expiration Date will be held by the Trustee in the Series&nbsp;2004-2 Collection Account for ratable distribution as described below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
ten (10)&nbsp;Business Days after the Trustee receives a Waiver Request, the Trustee shall furnish notice thereof to the Series&nbsp;2004-2 Noteholders and the
Surety Provider, which notice shall be accompanied by a form of consent (each a "<U>Consent</U>") in the form of <U>Exhibit&nbsp;B</U> hereto by which the
Series&nbsp;2004-2 Noteholders may, on or before the Consent Period Expiration Date, consent to waiver of the applicable Waivable Amount. If the Trustee receives the consent of the
Surety Provider and Consents from the Requisite Noteholders agreeing to waiver of the applicable Waivable Amount within forty-five (45)&nbsp;days after the Trustee notifies the
Series&nbsp;2004-2 Noteholders of a Waiver Request (the day on which such forty-five (45)&nbsp;day period expires, the "<U>Consent Period Expiration
Date</U>"), (i)&nbsp;the applicable Waivable Amount shall be deemed waived by the consenting Series&nbsp;2004-2 Noteholders, (ii)&nbsp;the Trustee will distribute the
Designated Amounts as set forth below and (iii)&nbsp;the Trustee shall promptly (but in any event within two days) provide the Rating Agency with notice of such waiver. Any
Series&nbsp;2004-2 Noteholder from whom the Trustee has not received a Consent on or before the Consent Period Expiration Date will be deemed not to have consented to such waiver. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-46-</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee receives Consents from the Requisite Noteholders on or before the Consent Period Expiration Date, then on the immediately following Distribution Date, the Trustee will
pay the Designated Amounts as follows: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to
the non-consenting Series&nbsp;2004-2 Noteholders, if any, pro rata up to the amount required to pay all Series&nbsp;2004-2
Notes held by such non-consenting Series&nbsp;2004-2 Noteholders in full; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any
remaining Designated Amounts to the Series&nbsp;2004-2 Excess Collection Account. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the amount paid pursuant to clause&nbsp;(i) of the preceding paragraph is not paid in full on the date specified therein, then on each day following such Distribution Date, the
Administrator will allocate to the Series&nbsp;2004-2 Collection Account on a daily basis all Designated Amounts collected on such day. On each following Distribution Date, the Trustee
will withdraw a portion of such Designated Amounts from the Series&nbsp;2004-2 Collection Account and deposit the same in the Series&nbsp;2004-2 Distribution Account for
distribution as follows: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;to
the non-consenting Series&nbsp;2004-2 Noteholders, if any, <U>pro</U> <U>rata</U> an amount
equal to the Designated Amounts in the Series&nbsp;2004-2 Collection Account as of the applicable Determination Date up to the aggregate outstanding principal balance of the
Series&nbsp;2004-2 Notes held by the non-consenting Series&nbsp;2004-2 Noteholders; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any
remaining Designated Amounts to the Series&nbsp;2004-2 Excess Collection Account. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Requisite Noteholders or the Surety Provider do not timely consent to such waiver, the Designated Amounts will be re-allocated to the Series&nbsp;2004-2
Excess Collection Account for allocation and distribution in accordance with the terms of the Indenture and the Related Documents. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Series&nbsp;2004-2 Rapid Amortization Period shall commence after receipt by the Trustee of a Waiver Request, all such Designated Amounts will
thereafter be considered Principal Collections allocated to the Series&nbsp;2004-2 Noteholders. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kq4580_article_v_form_of_series_2004-2_notes"> </A>
<A NAME="toc_kq4580_3"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE V    <BR>    <BR>    FORM OF SERIES 2004-2 NOTES    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted Global Series&nbsp;2004-2
Notes</U>.&nbsp;&nbsp;&nbsp;&nbsp;The
Series&nbsp;2004-2 Notes to be issued in the United States will be issued in book-entry form and represented by one or more permanent global Notes in fully registered form
without interest coupons (each, a "<U>Restricted Global Class&nbsp;A-1 Note</U>", a "<U>Restricted Global Class&nbsp;A-2
Note</U>" or a "<U>Restricted Global Class&nbsp;A-3 Note</U>", as the case may be), substantially in the forms set forth in
<U>Exhibit&nbsp;A-1-1, A-2-1 and A-3-1</U> hereto, with such legends as may be applicable thereto as set
forth in
the Base Indenture, and will be sold only in the United States (1)&nbsp;initially to institutional accredited investors within the meaning of Regulation&nbsp;D under the Securities Act in reliance
on an exemption from the registra- </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-47-</FONT></P>

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<P><FONT SIZE=2>tion
requirements of the Securities Act and (2)&nbsp;thereafter to qualified institutional buyers within the meaning of, and in reliance on, Rule&nbsp;144A under the Securities Act and shall be
deposited on behalf of the purchasers of the Series&nbsp;2004-2 Notes represented thereby, with the Trustee as custodian for DTC, and registered in the name of Cede as DTC's nominee,
duly executed by AFC-II and authenticated by the Trustee in the manner set forth in Section&nbsp;2.4 of the Base Indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Temporary
Global Series&nbsp;2004-2 Notes; Permanent Global Series&nbsp;2004-2
Notes</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;2004-2 Notes to be issued outside the United States will be issued and sold in transactions outside the United States in reliance on
Regulation&nbsp;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 "<U>Temporary Global Class&nbsp;A-1 Note</U>", a "<U>Temporary Global Class&nbsp;A-2 Note</U>" or a
"<U>Temporary Global Class&nbsp;A-3 Note</U>", as the case may be), substantially in the forms set forth in <U>Exhibits A-1-2,
A-2-2 and A-3-2</U> hereto, which shall be deposited on behalf of the purchasers of the Series&nbsp;2004-2 Notes represented
thereby with a custodian for, and registered in the name of a nominee of DTC, for the account of Euroclear Bank S.A./N.V., as operator of the Euroclear System
("<U>Euroclear</U>") or for Clearstream Banking, soci&eacute;t&eacute; anonyme ("<U>Clearstream</U>"), duly executed by AFC-II
and authenticated by the Trustee in the manner set forth in Section&nbsp;2.4 of the Base Indenture. Interests in a Temporary Global Class&nbsp;A-1 Note, a Temporary Global
Class&nbsp;A-2 Note or a Temporary Global Class&nbsp;A-3 Note will be exchangeable, in whole or in part, for interests in one or more permanent global notes in registered
form without interest coupons (each, a "<U>Permanent Global Class&nbsp;A-1 Note</U>", a "<U>Permanent Global Class&nbsp;A-2
Note</U>" or a "<U>Permanent Global Class&nbsp;A-3 Note</U>", as the case may be), substantially in the form of
<U>Exhibits&nbsp;A-1-3, A-2-3 and A-3-3</U> hereto, in accordance with the provisions of such Temporary
Global Class&nbsp;A-1 Note, Temporary Global Class&nbsp;A-2 Note or Temporary Global Class&nbsp;A-3 Note and the Base Indenture (as modified by this
Supplement). Interests in a Permanent Global Class&nbsp;A-1 Note, a Permanent Global Class&nbsp;A-2 Note or a Permanent Global Class&nbsp;A-3 Note will be
exchangeable for definitive Class&nbsp;A-1 Notes, definitive Class&nbsp;A-2 Notes or definitive Class&nbsp;A-3 Notes, as the case may be, in accordance with
the provisions of such Permanent Global Class&nbsp;A-1 Note, Permanent Global Class&nbsp;A-2 Note or Permanent Global Class&nbsp;A-3 Note and the Base
Indenture (as modified by this Supplement). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kq4580_article_vi_general"> </A>
<A NAME="toc_kq4580_4"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE VI    <BR>    <BR>    GENERAL    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Optional
Repurchase.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each Class of the Series&nbsp;2004-2 Notes shall be subject to repurchase by
AFC-II at its option in accordance with Section&nbsp;6.3 of the Base Indenture on any Distribution Date after the Class&nbsp;A-1 Invested Amount, the
Class&nbsp;A-2 Invested Amount or the Class&nbsp;A-3 Invested Amount, as the case may be, is reduced to an amount less than or equal to 10% of the
Class&nbsp;A-1 Initial Invested Amount, the Class&nbsp;A-2 Initial Invested Amount or the Class&nbsp;A-3 Initial Invested Amount, as the case may be (the
"<U>Series&nbsp;2004-2 Repurchase Amount</U>"); <U>provided</U>, <U>however</U>, that as a condition precedent to any
such optional repurchase on any Distribution Date on which no Surety Default has occurred and is continuing, AFC-II shall have received the consent of the Surety Provider. The repurchase
price for any Series&nbsp;2004-2 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-48-</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>Note
shall equal the aggregate outstanding principal balance of such Series&nbsp;2004-2 Note (determined after giving effect to any payments of principal and interest on such
Distribution Date), plus accrued and unpaid interest on such outstanding principal balance. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Information</U>.&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall provide to the Series&nbsp;2004-2 Noteholders, or their designated
agent, and the Surety Provider copies of all information furnished to the Trustee or AFC-II pursuant to the Related Documents, as such information relates to the
Series&nbsp;2004-2 Notes or the Series&nbsp;2004-2 Collateral. In connection with any Preference Amount payable under the Surety Bond, the Trustee shall furnish to the
Surety Provider its records evidencing the distributions of principal of and interest on the Series&nbsp;2004-2 Notes that have been made and subsequently recovered from
Series&nbsp;2004-2 Noteholders and the dates on which such payments were made. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Exhibits</U>.&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibits attached hereto supplement the exhibits included in the Indenture. </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="75%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit A-1-1</U>:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Restricted Global Class A-1 Note</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit A-1-2</U>:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Temporary Global Class A-1 Note</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit A-1-3</U>:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Permanent Global Class A-1 Note</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit A-2-1</U></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Restricted Global Class A-2 Note</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit A-2-2</U></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Temporary Global Class A-2 Note</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit A-2-3</U></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Permanent Global Class A-2 Note</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit A-3-1</U></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Restricted Global Class A-3 Note</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit A-3-2</U></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Temporary Global Class A-3 Note</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit A-3-3</U></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Permanent Global Class A-3 Note</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit B</U>:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Consent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit C</U>:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Series 2004-2 Demand Note</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit D</U>:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Letter of Credit</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit E</U>:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Lease Payment Deficit Notice</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><U>Exhibit F</U>:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Form of Demand Notice</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;<U>Ratification
of Base Indenture</U>.&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.5&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.6&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>.&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.7&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.&nbsp;&nbsp;&nbsp;&nbsp;This
Supplement may be modified or amended from time to time with the consent of the Surety
Provider and in accordance with the terms of the Base Indenture; <U>provided</U>, <U>however</U>, that if, pursuant to the terms of the Base Indenture or
this </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-49-</FONT></P>

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<P><FONT SIZE=2>Supplement,
the consent of the Required Noteholders is required for an amendment or modification of this Supplement, such requirement shall be satisfied if such amendment or modification is consented
to by the Series&nbsp;2004-2 Noteholders representing more than 50% of the aggregate outstanding principal amount of the Series&nbsp;2004-2 Notes affected thereby;
<U>provided</U>, <U>further</U>, that if that consent of the Required Noteholders is required for a proposed amendment or modification of this Supplement
that (i)&nbsp;affects only the Class&nbsp;A-1 Notes (and does not affect in any material respect the Class&nbsp;A-2 Notes or the Class&nbsp;A-3 Notes, as
evidenced by an opinion of counsel to such effect), then such requirement shall be satisfied if such amendment or modification is consented to by the Class&nbsp;A-1 Noteholders
representing more than 50% of the aggregate outstanding principal amount of the Class&nbsp;A-1 Notes (without the necessity of obtaining the consent of the Required Noteholders in
respect of the Class&nbsp;A-2 Notes or the Class&nbsp;A-3 Notes), (ii)&nbsp;affects only the Class&nbsp;A-2 Notes (and does not affect in material respect
the Class&nbsp;A-1 Notes or the Class&nbsp;A-3 Notes, as evidenced by an opinion of counsel to such effect), then such requirement shall be satisfied if such amendment or
modification is consented to by the Class&nbsp;A-2 Noteholders representing more than 50% of the aggregate outstanding principal amount of the Class&nbsp;A-2 Notes (without
the necessity of obtaining the consent of the Required Noteholders in respect of the Class&nbsp;A-1 Notes or the Class&nbsp;A-3 Notes) and (iii)&nbsp;affects only the
Class&nbsp;A-3 Notes (and does not affect in any material respect the Class&nbsp;A-1 Notes or the Class&nbsp;A-2 Notes, as evidenced by an opinion of counsel
to such effect), then such requirement shall be satisfied if such amendment or modification is consented to by the Class&nbsp;A-3 Noteholders representing more than 50% of the aggregate
outstanding principal amount of the Class&nbsp;A-3 Notes (without the necessity of obtaining the consent of the Required Noteholders in respect of the Class&nbsp;A-1 Notes
or the Class&nbsp;A-2 Notes). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.8&nbsp;&nbsp;&nbsp;&nbsp;<U>Discharge
of Indenture</U>.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in the Base Indenture, no discharge
of the Indenture pursuant to Section&nbsp;11.1(b) of the Base Indenture will be effective as to the Series&nbsp;2004-2 Notes without the consent of the Required Noteholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.9&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
to Surety Provider and Rating Agencies</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall provide to the Surety Provider and 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. Each
such opinion of counsel shall be addressed to the Surety Provider, shall be from counsel reasonably acceptable to the Surety Provider and shall be in form and substance reasonably acceptable to the
Surety Provider. All such notices, opinions, certificates or other items delivered to the Surety Provider shall be forwarded to Financial Guaranty Insurance Company, 125 Park Avenue, New York, New
York 10017, Attention: General Counsel, Telephone: (212)&nbsp;312-3077. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.10&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Rights of Surety Provider</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Surety Provider shall be deemed to be an Enhancement Provider entitled
to receive confirmation of the rating on the Series&nbsp;2004-2 Notes (without regard to the Surety Bond) pursuant to the definition of "Rating Agency Confirmation Condition." In
addition, the Surety Provider shall be deemed to be an Enhancement Provider entitled to exercise the consent rights described in clause&nbsp;(ii) of the definition of "Rating Agency Consent
Condition." </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-50-</FONT></P>

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CONFORMED COPY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.11&nbsp;&nbsp;&nbsp;&nbsp;<U>Surety
Provider Deemed Noteholder and Secured Party</U>.&nbsp;&nbsp;&nbsp;&nbsp;Except for any period during which a Surety Default is
continuing, the Surety Provider shall be deemed to be the holder of 100% of the Series&nbsp;2004-2 Notes for the purposes of giving any and all consents, waivers (including, without
limitation, pursuant to Article&nbsp;IV and Section&nbsp;6.7), approvals, instructions, directions, requests, declarations and/or notices pursuant to the Base Indenture and this Supplement. Any
reference in the Base Indenture or the Related Documents (including, without limitation, in Sections 2.3, 8.14, 9.1, 9.2 or 12.1 of the Base Indenture) to materially, adversely, or detrimentally
affecting the rights or interests of the Noteholders, or words of similar meaning, shall be deemed, for purposes of the Series&nbsp;2004-2 Notes, to refer to the rights or interests of
the Surety Provider. The Surety Provider shall constitute an "Enhancement Provider" with respect to the Series&nbsp;2004-2 Notes for all purposes under the Indenture and the other
Related Documents. Furthermore, the Surety Provider shall be deemed to be a "Secured Party" under the Base Indenture and the Related Documents to the extent of amounts payable to the Surety Provider
pursuant to this Supplement and the Insurance Agreement shall constitute an "Enhancement Agreement" with respect to the Series&nbsp;2004-2 Notes for all purposes under the Indenture and
the Related Documents. Moreover, wherever in the Related Documents money or other property is assigned, conveyed, granted or held for, a filing is made for, action is taken for or agreed to be taken
for, or a representation or warranty is made for the benefit of the Noteholders, the Surety Provider shall be deemed to be the Noteholder with respect to 100% of the Series&nbsp;2004-2
Notes for such purposes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.12&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalization
of AFC-II</U>.&nbsp;&nbsp;&nbsp;&nbsp;AFC-II agrees that on the Series&nbsp;2004-2
Closing Date it will have capitalization in an amount equal to or greater than 3% of the sum of (x)&nbsp;the Series&nbsp;2004-2 Invested Amount and (y)&nbsp;the invested amount of
the Series&nbsp;1998-1 Notes, the Series&nbsp;2000-2 Notes, the Series&nbsp;2000-4 Notes, the Series&nbsp;2001-1 Notes, the
Series&nbsp;2001-2 Notes, the Series&nbsp;2002-1 Notes, the Series&nbsp;2002-2 Notes, the Series&nbsp;2002-3 Notes, the
Series&nbsp;2003-1 Notes, the Series&nbsp;2003-2 Notes, the Series&nbsp;2003-3 Notes, the Series&nbsp;2003-4 Notes, the
Series&nbsp;2003-5 Notes and the Series&nbsp;2004-1 Notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.13&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Required Non-Program Enhancement Percentage</U>.&nbsp;&nbsp;&nbsp;&nbsp;AFC-II
agrees that it will not make any Loan under any Loan Agreement to finance the acquisition of any Vehicle by AESOP Leasing, AESOP Leasing II or ARAC, as the case may be, if, after giving effect to the
making of such Loan, the acquisition of such Vehicle and the inclusion of such Vehicle under the relevant Lease, the Series&nbsp;2004-2 Required Non-Program Enhancement
Percentage would exceed 25.0%. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.14&nbsp;&nbsp;&nbsp;&nbsp;<U>Third
Party Beneficiary</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Surety Provider and each Series&nbsp;2004-2 Interest Rate Swap
Counterparty is an express third party beneficiary of (i)&nbsp;the Base Indenture to the extent of provisions relating to any Enhancement Provider and (ii)&nbsp;this Supplement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.15&nbsp;&nbsp;&nbsp;&nbsp;<U>Prior
Notice by Trustee to Surety Provider</U>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;10.1 of the Base Indenture, the Trustee
agrees that, so long as no Amortization Event shall have occurred and be continuing with respect to any Series of Notes other than the Series&nbsp;2004-2 Notes, it shall not exercise any
rights or remedies available to it as a result of the occurrence of an Amortization Event with respect to the Series&nbsp;2004-2 Notes (except those set forth in clauses (f)&nbsp;and
(g)&nbsp;of Article&nbsp;III) or a Series&nbsp;2004-2 Limited Liquidation Event of Default until after the Trustee has given prior written notice thereof to the Surety Provider and
obtained the direction of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-51-</FONT></P>

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COPY </FONT></P>

<P><FONT SIZE=2>the
Required Noteholders with respect to the Series&nbsp;2004-2 Notes. The Trustee agrees to notify the Surety Provider promptly following any exercise of rights or remedies available to
it as a result of the occurrence of any Amortization Event or a Series&nbsp;2004-2 Limited Liquidation Event of Default. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.16&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Payments by the Surety Provider</U>.&nbsp;&nbsp;&nbsp;&nbsp;Anything herein to the contrary notwithstanding, any distribution
of principal of or interest on the Series&nbsp;2004-2 Notes that is made with moneys received pursuant to the terms of the Surety Bond shall not (except for the purpose of calculating
the Principal Deficit Amount) be considered payment of the Series&nbsp;2004-2 Notes by AFC-II. The Trustee acknowledges that, without the need for any further action on the
part of the Surety Provider, (i)&nbsp;to the extent the Surety Provider makes payments, directly or indirectly, on account of principal of or interest on the Series&nbsp;2004-2 Notes
to the Trustee for the benefit of the Series&nbsp;2004-2 Noteholders or to the Series&nbsp;2004-2 Noteholders (including any Preference Amounts as defined in the Surety
Bond), the Surety Provider will be fully subrogated to the rights of such Series&nbsp;2004-2 Noteholders to receive such principal and interest and will be deemed to the extent of the
payments so made to be a Series&nbsp;2004-2 Noteholder and (ii)&nbsp;the Surety Provider shall be paid principal and interest in its capacity as a Series&nbsp;2004-2
Noteholder until all such payments by the Surety Provider have been fully reimbursed, but only from the sources and in the manner provided herein for the distribution of such principal and interest
and in each case only after the Series&nbsp;2004-2 Noteholders have received all payments of principal and interest due to them hereunder on the related Distribution Date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.17&nbsp;&nbsp;&nbsp;&nbsp;<U>Series&nbsp;2004-2
Demand Notes</U>.&nbsp;&nbsp;&nbsp;&nbsp;Other than pursuant to a demand thereon pursuant to
Section&nbsp;2.5, AFC-II shall not reduce the amount of the Series&nbsp;2004-2 Demand Notes or forgive amounts payable thereunder so that the
outstanding principal amount of the Series&nbsp;2004-2 Demand Notes after such reduction or forgiveness is less than the Series&nbsp;2004-2 Letter of Credit Liquidity
Amount. AFC-II shall not agree to any amendment of the Series&nbsp;2004-2 Demand Notes without first satisfying the Rating Agency Confirmation Condition and the Rating Agency
Consent Condition. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.18&nbsp;&nbsp;&nbsp;&nbsp;<U>Subrogation</U>.&nbsp;&nbsp;&nbsp;&nbsp;In
furtherance of and not in limitation of the Surety Provider's equitable right of subrogation,
each of the Trustee and AFC-II acknowledge that, to the extent of any payment made by the Surety Provider under the Surety Bond with respect to interest on or principal of the
Series&nbsp;2004-2 Notes, including any Preference Amount, as defined in the Surety Bond, the Surety Provider is to be fully subrogated to the extent of such payment and any additional
interest due on any late payment, to the rights of the Series&nbsp;2004-2 Noteholders under the Indenture. Each of AFC-II and the Trustee agree to such subrogation and,
further, agree to take such actions as the Surety Provider may reasonably request in writing to evidence such subrogation. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.19&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Supplement</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Supplement shall cease to be of further effect when all outstanding
Series&nbsp;2004-2 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series&nbsp;2004-2 Notes which have been replaced
or paid) to the Trustee for cancellation, AFC-II has paid all sums payable hereunder, the Surety Provider has been paid all Surety Provider Fees and all other Surety Provider Reimbursement
Amounts due under the Insurance Agreement, the Policy is no longer in effect, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-52-</FONT></P>

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<P style='page-break-before:always'></p>
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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>the
Series&nbsp;2004-2 Interest Rate Swaps have been terminated and there are no amounts due and owing thereunder and, if the Series&nbsp;2004-2 Demand Note Payment Amount
on the Series&nbsp;2004-2 Letter of Credit Termination Date was greater than zero, all amounts have been withdrawn from the Series&nbsp;2004-2 Cash Collateral Account in
accordance with Section&nbsp;2.8(i). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.20&nbsp;&nbsp;&nbsp;&nbsp;<U>Condition
to Termination of AFC-II's Obligations</U>.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in
Section&nbsp;11.1 of the Indenture, so long as this Supplement is in effect, AFC-II may not terminate its obligations under the Indenture unless AFC-II shall have delivered
to the Surety Provider an Opinion of Counsel, in form and substance acceptable to the Surety Provider, to the effect that, in the event of a bankruptcy proceeding under the Bankruptcy Code in respect
of AFC-II, the Lessor or any Lessee, the bankruptcy court would not avoid any amounts distributed to the Series&nbsp;2004-2 Noteholders or the Surety Provider in connection
with such termination. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-53-</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2>CONFORMED
COPY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, AFC-II and the Trustee have caused this Supplement to be duly executed by their respective officers thereunto duly authorized as of the day and year
first above written. </FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>AESOP FUNDING II L.L.C.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>Lori Gebron&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Title: Vice President</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
THE BANK OF NEW YORK (as successor in interest to the corporate trust administration of Harris Trust and Savings Bank), as Trustee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>Eric Lindahl&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Title: Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
THE BANK OF NEW YORK, as Series&nbsp;2004-2 Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>Eric Lindahl&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Title: Agent</FONT></TD>
</TR>
</TABLE>
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<P style='page-break-before:always'></p>
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<BR>
<P><br><A NAME="04NYC4580_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_ke4580_1">Exhibit 10.1</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_kg4580_1">PRELIMINARY STATEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kg4580_2">DESIGNATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kg4580_3">ARTICLE I DEFINITIONS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_kk4580_1">ARTICLE II</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kk4580_2">SERIES 2004-2 ALLOCATIONS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_kq4580_1">ARTICLE III AMORTIZATION EVENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kq4580_2">ARTICLE IV RIGHT TO WAIVE PURCHASE RESTRICTIONS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kq4580_3">ARTICLE V FORM OF SERIES 2004-2 NOTES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kq4580_4">ARTICLE VI GENERAL</A></FONT><BR>
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