<SEC-DOCUMENT>0001193125-20-018528.txt : 20200129
<SEC-HEADER>0001193125-20-018528.hdr.sgml : 20200129
<ACCEPTANCE-DATETIME>20200129170040
ACCESSION NUMBER:		0001193125-20-018528
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20200129
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200129
DATE AS OF CHANGE:		20200129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVIS BUDGET GROUP, INC.
		CENTRAL INDEX KEY:			0000723612
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
		IRS NUMBER:				060918165
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10308
		FILM NUMBER:		20558928

	BUSINESS ADDRESS:	
		STREET 1:		6 SYLVAN WAY
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054
		BUSINESS PHONE:		973-496-4700

	MAIL ADDRESS:	
		STREET 1:		6 SYLVAN WAY
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENDANT CORP
		DATE OF NAME CHANGE:	19971218

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CUC INTERNATIONAL INC /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMP U CARD INTERNATIONAL INC
		DATE OF NAME CHANGE:	19870914
</SEC-HEADER>
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<td style="vertical-align:top;">&#160;</td>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">(State or Other Jurisdiction</p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">of Incorporation)</p></td>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">(Commission</p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">File Number)</p></td>
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<td style="vertical-align:top;">&#160;</td>
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<td style="vertical-align:top;">&#160;</td>
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<td style="width:4%;vertical-align:top;"> <span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:WrittenCommunications" contextRef="duration_2020-01-29_to_2020-01-29" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span>&#32;</td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td></tr></table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="width:4%;text-align:left;">&#160;</td>
<td style="width:4%;vertical-align:top;"> <span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:SolicitingMaterial" contextRef="duration_2020-01-29_to_2020-01-29" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span>&#32;</td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Soliciting material pursuant to Rule <span style="white-space:nowrap">14a-12</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14a-12) </span></td></tr></table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="width:4%;text-align:left;">&#160;</td>
<td style="width:4%;vertical-align:top;"> <span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:PreCommencementTenderOffer" contextRef="duration_2020-01-29_to_2020-01-29" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span>&#32;</td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;"> <span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">14d-2(b)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14d-2(b)) </span></td></tr></table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="width:4%;text-align:left;">&#160;</td>
<td style="width:4%;vertical-align:top;"> <span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" contextRef="duration_2020-01-29_to_2020-01-29" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span>&#32;</td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;"> <span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">13e-4(c)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.13e-4(c)) </span></td></tr></table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:9pt">Securities registered pursuant to Section&#160;12(b) of the Act:</p>
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<td></td>
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<td style="border-bottom:1pt solid #000000;white-space:nowrap;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Title Of Each Class</p></td>
<td style="vertical-align:bottom;">&#160;</td>
<td style="border-bottom:1pt solid #000000;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Trading</p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Symbol(s)</p></td>
<td style="vertical-align:bottom;">&#160;</td>
<td style="border-bottom:1pt solid #000000;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Name Of Each Exchange</p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">On Which Registered</p></td></tr>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2020-01-29_to_2020-01-29">Common Stock, par value $0.01</ix:nonNumeric></p></td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2020-01-29_to_2020-01-29">CAR</ix:nonNumeric></p></td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2020-01-29_to_2020-01-29" format="ixt-sec:exchnameen">The NASDAQ Global Select Market</ix:nonNumeric></p></td></tr></table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:9pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <span style="white-space:nowrap">12b-2</span> of the Securities Exchange Act of 1934 (&#167;<span style="white-space:nowrap">240.12b-2</span> of this chapter).</p> <p style="font-family:Times New Roman;margin-left:4%;text-align:left;text-indent:0%;font-size:10pt;margin-bottom:0px;margin-top:9pt">Emerging growth company&#160;&#160;<span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="duration_2020-01-29_to_2020-01-29" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:9pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;<span style="font-family:Times New Roman;font-weight:normal">&#9744;</span></p> <p style="margin-bottom:0px;margin-top:10pt"></p> <div style="text-align:center"> <p style="line-height:0.5pt;border-bottom:0.50px solid #000000;width:100%;margin-top:0pt;margin-bottom:0pt">&#160;</p></div> <div style="text-align:center"> <p style="line-height:3pt;border-bottom:0.50px solid #000000;width:100%;margin-top:0pt;margin-bottom:2pt">&#160;</p></div> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p></div>

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<td style="width:10%;vertical-align:top;white-space:nowrap;">Item&#160;1.01 </td>
<td style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Entry into a Material Definitive Agreement.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">On January&#160;29, 2020, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $700&#160;million of asset-backed securities with a maturity of five years, comprised of $576.8&#160;million aggregate principal amount of Series <span style="white-space:nowrap">2020-1</span> 2.33% Class&#160;A notes, $66.5&#160;million aggregate principal amount of Series <span style="white-space:nowrap">2020-1</span> 2.68% Class&#160;B notes and $56.7&#160;million aggregate principal amount of Series <span style="white-space:nowrap">2020-1</span> 3.02% Class&#160;C notes. Avis Budget Rental Car Funding (AESOP) LLC also issued $38.5&#160;million aggregate principal amount of Series <span style="white-space:nowrap">2020-1</span> 4.753% Class&#160;R notes, which are subordinated to the Class&#160;A, Class&#160;B and Class&#160;C notes and which were issued to its sole member, AESOP Leasing L.P. The notes were issued under the Series <span style="white-space:nowrap">2020-1</span> Supplement, dated as of January&#160;29, 2020, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series <span style="white-space:nowrap">2020-1</span> Agent, to the Second Amended and Restated Base Indenture, dated as of June&#160;3, 2004, as amended. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">The notes are secured under the Second Amended and Restated Base Indenture primarily by vehicles in our domestic fleet and other related assets. The foregoing summary of the notes is qualified in its entirety by reference to the full text of the Series <span style="white-space:nowrap">2020-1 </span>&#32;Supplement, a copy of which is attached hereto as Exhibit 10.1 and which is incorporated by reference herein. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">Certain purchasers of the notes, the trustee and their respective affiliates have performed, and may in the future perform, various commercial banking, investment banking and other financial advisory services for us and our subsidiaries for which they have received, and will receive, customary fees and expenses.&#160;&#160;&#160;&#160;</p> <p style="margin-bottom:0px;margin-top:18pt"></p>
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<td style="width:10%;vertical-align:top;white-space:nowrap;">Item&#160;2.03 </td>
<td style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Creation of a Direct Financial Obligation or an Obligation under an <span style="white-space:nowrap">Off-Balance</span> Sheet Arrangement of a Registrant.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">The information described above under Item 1.01 of this report is incorporated into this Item 2.03 by reference. </p> <p style="margin-bottom:0px;margin-top:18pt"></p>
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<td style="width:10%;vertical-align:top;white-space:nowrap;">Item&#160;9.01 </td>
<td style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Financial Statements and Exhibits.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">The following exhibits are filed as part of this report: </p>
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<td colspan="2" style="white-space:nowrap;vertical-align:bottom;text-align:center;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt;border-bottom:1pt solid #000000;display:inline-block">Exhibit <br />No. </p> </td>
<td style="white-space:nowrap;vertical-align:bottom;font-weight:bold;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;display:inline-block;">&#160;</td>
<td style="vertical-align:bottom;">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:center;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt;border-bottom:1pt solid #000000;display:inline-block">Description </p> </td> </tr>
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<td style="white-space:nowrap;vertical-align:top;padding:0;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="white-space:nowrap;vertical-align:top;padding:0;text-align:left"> <p style="font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt">10.1 </p> </td>
<td style="white-space:nowrap;vertical-align:top;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;margin-left:0.00em;text-align:left;text-indent:0.00em;font-size:10pt;margin-bottom:0pt;margin-top:0pt"> <a href="d880584dex101.htm">Series 2020-1 Supplement, dated as of January&#160;29, 2020, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2020-1 Agent. </a> </p> </td> </tr>
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<td style="height:8px;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding:0;text-align:left"> <p style="font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt">104 </p> </td>
<td style="white-space:nowrap;vertical-align:top;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;margin-left:0.00em;text-align:left;text-indent:0.00em;font-size:10pt;margin-bottom:0pt;margin-top:0pt">The cover page from this Current Report on Form <span style="white-space:nowrap">8-K</span> formatted in Inline XBRL (included as Exhibit 101). </p> </td> </tr> </table> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p>
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 <div style="font-size:10pt;width:8.5in;margin:0 auto"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;text-transform:uppercase;font-size:10pt;margin-bottom:0pt;margin-top:0pt">SIGNATURE </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized. </p> <div style="float:right;width:100%">
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<td colspan="3" style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">AVIS BUDGET GROUP, INC. </p> </td> </tr>
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<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">By: </p> </td>
<td style="vertical-align:bottom;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;margin-bottom:1pt;font-size:10pt;margin-top:0pt;border-bottom:1px solid #000000">/s/ David Calabria </p> </td> </tr>
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<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt"></p> </td>
<td style="vertical-align:bottom;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">David Calabria </p> </td> </tr>
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<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt"></p> </td>
<td style="vertical-align:bottom;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Senior Vice President and Treasurer </p> </td> </tr> </table> </div> <div style="clear:both"></div> <p style="font-family:Times New Roman;margin-left:0%;text-align:left;text-indent:0%;font-size:10pt;margin-bottom:0px;margin-top:12pt">Date: January&#160;29, 2020 </p> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AVIS
BUDGET RENTAL CAR FUNDING (AESOP) LLC, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Issuer </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Trustee and Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Agent </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> SUPPLEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated as of </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">January&nbsp;29, 2020
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SECOND AMENDED AND
RESTATED BASE INDENTURE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated as of June&nbsp;3, 2004 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> 2.33% Rental Car Asset Backed Notes, Class&nbsp;A </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> 2.68% Rental Car Asset Backed Notes, Class&nbsp;B </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> 3.02% Rental Car Asset Backed Notes, Class&nbsp;C </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> 4.753% Rental Car Asset Backed Notes, Class&nbsp;R </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> SUPPLEMENT, dated as of
January&nbsp;29, 2020 (this &#147;<U>Supplement</U>&#148;), among AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC, a special purpose limited liability company established under the laws of Delaware (&#147;<U>ABRCF</U>&#148;), THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A. (formerly known as The Bank of New York), a limited purpose national banking association with trust powers, as trustee (in such capacity, and together with its successors in trust thereunder as provided in the Base Indenture
referred to below, the &#147;<U>Trustee</U>&#148;), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (formerly known as The Bank of New York), as agent (in such capacity, the &#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Agent</U>&#148;) for the benefit of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders, to the Second Amended and Restated Base Indenture, dated as of June&nbsp;3, 2004, between ABRCF and the Trustee (as amended, modified or
supplemented from time to time, exclusive of Supplements creating a new Series of Notes, the &#147;<U>Base Indenture</U>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRELIMINARY STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Sections 2.2 and 12.1 of the Base Indenture provide, among other things, that ABRCF and the Trustee may at any time and from time to
time enter into a supplement to the Base Indenture for the purpose of authorizing the issuance of one or more Series of Notes; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW,
THEREFORE, the parties hereto agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DESIGNATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Supplement, and such Series of Notes shall be
designated generally as the &#147;Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rental Car Asset Backed Notes&#148;. The Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes shall be issued in up to five Classes, the first of which
shall be known as the &#147;Class&nbsp;A Notes&#148;, the second of which shall be known as the &#147;Class&nbsp;B Notes&#148;, the third of which shall be known as the &#147;Class&nbsp;C Notes&#148;, the fourth of which shall be known as the
&#147;Class&nbsp;R Notes&#148; and the fifth of which, if issued, shall be known as the &#147;Class&nbsp;D Notes&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Closing Date, ABRCF shall issue (i)&nbsp;one tranche of Class&nbsp;A Notes, which shall be designated as the &#147;Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 2.33% Rental Car Asset Backed Notes,
Class&nbsp;A&#148;, (ii) one tranche of Class&nbsp;B Notes, which shall be designated as the &#147;Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 2.68% Rental Car Asset Backed Notes, Class&nbsp;B&#148;, (iii) one tranche of Class&nbsp;C
Notes, which shall be designated as the &#147;Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 3.02% Rental Car Asset Backed Notes, Class&nbsp;C&#148; and (iv)&nbsp;one tranche of Class&nbsp;R Notes, which shall be designated the &#147;Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> 4.753% Rental Car Asset Backed Notes, Class&nbsp;R&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Subsequent to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Closing Date, ABRCF may on any date during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Revolving Period offer and sell additional Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes
subject to the conditions set forth in Section&nbsp;5.15. Such additional Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes, if issued, shall be designated as the &#147;Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rental Car Asset
Backed Notes, Class&nbsp;D&#148; and shall be referred to herein as the &#147;Class&nbsp;D Notes&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Class&nbsp;A Notes,
Class&nbsp;B Notes, Class&nbsp;C Notes, Class&nbsp;D Notes, if issued, and Class&nbsp;R Notes collectively, constitute the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes. The Class&nbsp;B Notes shall be subordinated in right of payment
to the Class&nbsp;A Notes, to the extent set forth herein. The Class&nbsp;C Notes shall be subordinated in right of payment to the Class&nbsp;A Notes and Class&nbsp;B Notes, to the extent set forth herein. The Class&nbsp;D Notes, if issued, shall be
subordinated in right of payment to the Class&nbsp;A Notes, Class&nbsp;B Notes and Class&nbsp;C Notes, to the extent set forth herein. The Class&nbsp;R Notes shall be subordinated to the Class&nbsp;A Notes, the Class&nbsp;B Notes, the Class&nbsp;C
Notes and (if issued) the Class&nbsp;D Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The proceeds from the sale of the Class&nbsp;A Notes, Class&nbsp;B Notes, Class&nbsp;C Notes
and Class&nbsp;R Notes shall be deposited in the Collection Account and shall be deemed to be Principal Collections. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Notes are a <FONT STYLE="white-space:nowrap">non-Segregated</FONT> Series of Notes (as more fully described in the Base Indenture). Accordingly, all references in this Supplement to &#147;all&#148; Series of
Notes (and all references in this Supplement to terms defined in the Base Indenture that contain references to &#147;all&#148; Series of Notes) shall refer to all Series of Notes other than Segregated Series of Notes. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) All capitalized terms not otherwise defined herein are defined in the Definitions List attached to the Base Indenture as Schedule
I thereto. All Article, Section, Subsection or Exhibit references herein shall refer to Articles, Sections, Subsections or Exhibits of this Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise
requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes and not to any other Series of Notes issued by
ABRCF. In the event that a term used herein shall be defined both herein and in the Base Indenture, the definition of such term herein shall govern. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The following words and phrases shall have the following meanings with respect to the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>ABCR</U>&#148; means Avis Budget Car Rental, LLC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Class</U><U></U><U>&nbsp;R Notes</U>&#148; has the meaning set forth in Section&nbsp;5.15. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Notes Closing Date</U>&#148; has the meaning set forth in Section&nbsp;5.15. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Adjusted Net Book Value</U>&#148; means, as of any date of determination, with respect to each Adjusted Program Vehicle as of such
date, the product of 0.965 and the Net Book Value of such Adjusted Program Vehicle as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Distribution
Date</U>&#148; means each Distribution Date occurring after the later of (i)&nbsp;the Optional Repurchase Distribution Date and (ii)&nbsp;the first Distribution Date occurring during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Controlled Amortization Period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day other than (a)&nbsp;a Saturday or a Sunday or
(b)&nbsp;a day on which banking institutions in New York City or in the city in which the corporate trust office of the Trustee is located are authorized or obligated by law or executive order to close. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Certificate of Lease Deficit Demand</U>&#148; means a certificate substantially in the form of <U>Annex A</U> to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Certificate of Termination Date Demand</U>&#148; means a certificate
substantially in the form of <U>Annex D</U> to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Certificate of Termination Demand</U>&#148; means a certificate substantially in the form of <U>Annex C</U> to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Certificate of Unpaid Demand Note Demand</U>&#148; means a
certificate substantially in the form of <U>Annex B</U> to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U>&#148; means a class of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes, which may be the Class&nbsp;A
Notes, the Class&nbsp;B Notes, the Class&nbsp;C Notes, the Class&nbsp;D Notes (if issued) or the Class&nbsp;R Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Carryover Controlled Amortization Amount</U>&#148; means, with respect to any Related Month during the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period, the amount, if any, by which the portion of the Monthly Total Principal Allocation paid to the Class&nbsp;A Noteholders pursuant to Section&nbsp;2.5(e)(i) for the
previous Related Month was less than the Class&nbsp;A Controlled Distribution Amount for the previous Related Month; <U>provided</U>, <U>however</U>, that for the first Related Month in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Controlled Amortization Period, the Class&nbsp;A Carryover Controlled Amortization Amount shall be zero. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Controlled Amortization Amount</U>&#148; means, (i)&nbsp;with respect to any Related Month during the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period other than the Related Month immediately preceding the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Expected Final Distribution Date, $96,133,333.33 and
(ii)&nbsp;with respect to the Related Month immediately preceding the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Expected Final Distribution Date, $96,133,333.35. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Controlled Distribution Amount</U>&#148; means, with respect to any Related Month during the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period, an amount equal to the sum of the Class&nbsp;A Controlled Amortization Amount and any Class&nbsp;A Carryover Controlled Amortization Amount for such Related Month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Initial Invested Amount</U>&#148; means the aggregate initial principal amount of the Class&nbsp;A Notes,
which is $576,800,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Invested Amount</U>&#148; means, when used with respect to any date, an amount
equal to (a)&nbsp;the Class&nbsp;A Initial Invested Amount <U>minus</U> (b)&nbsp;the amount of principal payments made to Class&nbsp;A Noteholders on or prior to such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Monthly Interest</U>&#148; means, with respect to (i)&nbsp;the initial Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Interest Period, an amount equal to $783,967.33 and (ii)&nbsp;any other Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period, an amount equal to the product of
<FONT STYLE="white-space:nowrap">(A)&nbsp;one-twelfth</FONT> of the Class&nbsp;A Note Rate and (B)&nbsp;the Class&nbsp;A Invested Amount on the first day of such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period, after giving
effect to any principal payments made on such date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Note</U>&#148; means any one of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> 2.33% Rental Car Asset Backed Notes, Class&nbsp;A, executed by ABRCF and authenticated by or on behalf of the Trustee, substantially in the form of <U>Exhibit
A</U><U><FONT STYLE="white-space:nowrap">-1</FONT></U>, <U>Exhibit <FONT STYLE="white-space:nowrap">A-2</FONT></U> or <U>Exhibit <FONT STYLE="white-space:nowrap">A-3</FONT></U>. Definitive Class&nbsp;A 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Note
Rate</U>&#148; means 2.33% per annum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Noteholder</U>&#148; means the Person in whose name a
Class&nbsp;A Note is registered in the Note Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Shortfall</U>&#148; has the meaning set forth
in Section&nbsp;2.3(g)(i). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Carryover Controlled Amortization Amount</U>&#148; means, with respect to
any Related Month during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period, the amount, if any, by which the portion of the Monthly Total Principal Allocation paid to the Class&nbsp;B Noteholders pursuant to
Section&nbsp;2.5(e)(ii) for the previous Related Month was less than the Class&nbsp;B Controlled Distribution Amount for the previous Related Month; <U>provided</U>, <U>however</U>, that for the first Related Month in the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period, the Class&nbsp;B Carryover Controlled Amortization Amount shall be zero. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Controlled Amortization Amount</U>&#148; means (i)&nbsp;with respect to any Related Month during the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period other than the Related Month immediately preceding the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Expected Final Distribution Date, $11,083,333.33 and
(ii)&nbsp;with respect to the Related Month immediately preceding the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Expected Final Distribution Date, $11,083,333.35. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Controlled Distribution Amount</U>&#148; means, with respect to any Related Month during the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period, an amount equal to the sum of the Class&nbsp;B Controlled Amortization Amount and any Class&nbsp;B Carryover Controlled Amortization Amount for such Related Month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Initial Invested Amount</U>&#148; means the aggregate initial principal amount of the Class&nbsp;B Notes,
which is $66,500,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Invested Amount</U>&#148; means, when used with respect to any date, an amount
equal to (a)&nbsp;the Class&nbsp;B Initial Invested Amount <U>minus</U> (b)&nbsp;the amount of principal payments made to Class&nbsp;B Noteholders on or prior to such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Monthly Interest</U>&#148; means, with respect to (i)&nbsp;the initial Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Interest Period, an amount equal to $103,961.67 and (ii)&nbsp;any other Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period, an amount equal to the product of
<FONT STYLE="white-space:nowrap">(A)&nbsp;one-twelfth</FONT> of the Class&nbsp;B Note Rate and (B)&nbsp;the Class&nbsp;B Invested Amount on the first day of such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period, after giving
effect to any principal payments made on such date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Note</U>&#148; means any one of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> 2.68% Rental Car Asset Backed Notes, Class&nbsp;B, executed by ABRCF and authenticated by or on behalf of the Trustee, substantially in the form of <U>Exhibit
B</U><U><FONT STYLE="white-space:nowrap">-1</FONT></U>, <U>Exhibit B</U><U><FONT STYLE="white-space:nowrap">-2</FONT></U> or <U>Exhibit B</U><U><FONT STYLE="white-space:nowrap">-3</FONT></U>. Definitive Class&nbsp;B 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Note Rate</U>&#148; means 2.68% per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Noteholder</U>&#148; means the Person in whose name a Class&nbsp;B Note is registered in the Note
Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Shortfall</U>&#148; has the meaning set forth in Section&nbsp;2.3(g)(ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;C Carryover Controlled Amortization Amount</U>&#148; means, with respect to any Related Month during the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period, the amount, if any, by which the portion of the Monthly Total Principal Allocation paid to the Class&nbsp;C Noteholders pursuant to Section&nbsp;2.5(e)(iii) for
the previous Related Month was less than the Class&nbsp;C Controlled Distribution Amount for the previous Related Month; <U>provided</U>, <U>however</U>, that for the first Related Month in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Controlled Amortization Period, the Class&nbsp;C Carryover Controlled Amortization Amount shall be zero. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;C Controlled Amortization Amount</U>&#148; means with respect to any Related Month during the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period, $9,450,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;C Controlled
Distribution Amount</U>&#148; means, with respect to any Related Month during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period, an amount equal to the sum of the Class&nbsp;C Controlled Amortization Amount and
any Class&nbsp;C Carryover Controlled Amortization Amount for such Related Month. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;C Initial Invested
Amount</U>&#148; means the aggregate initial principal amount of the Class&nbsp;C Notes, which is $56,700,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;C Invested Amount</U>&#148; means, when used with respect to any date, an amount equal to (a)&nbsp;the
Class&nbsp;C Initial Invested Amount <U>minus</U> (b)&nbsp;the amount of principal payments made to Class&nbsp;C Noteholders on or prior to such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;C Monthly Interest</U>&#148; means, with respect to (i)&nbsp;the initial Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Interest Period, an amount equal to $99,886.50 and (ii)&nbsp;any other Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period, an amount equal to the product of
<FONT STYLE="white-space:nowrap">(A)&nbsp;one-twelfth</FONT> of the Class&nbsp;C Note Rate and (B)&nbsp;the Class&nbsp;C Invested Amount on the first day of such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period, after giving
effect to any principal payments made on such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;C Note</U>&#148; means any one of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> 3.02% Rental Car Asset Backed Notes, Class&nbsp;C, executed by ABRCF and authenticated by or on behalf of the Trustee, substantially in the form of <U>Exhibit
C</U><U><FONT STYLE="white-space:nowrap">-1</FONT></U>, <U>Exhibit C</U><U><FONT STYLE="white-space:nowrap">-2</FONT></U> or <U>Exhibit C</U><U><FONT STYLE="white-space:nowrap">-3</FONT></U>. Definitive Class&nbsp;C 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;C Note Rate</U>&#148; means 3.02% per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;C Noteholder</U>&#148; means the Person in whose name a Class&nbsp;C Note is registered in the Note
Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;C Shortfall</U>&#148; has the meaning set forth in Section&nbsp;2.3(g)(iii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;D Noteholder</U>&#148; means the Person in whose name a Class&nbsp;D Note is registered in the Note
Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;D Notes</U>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;R Controlled Amortization Amount</U>&#148; means, (i)&nbsp;with respect to any Related Month during the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period other than the Related Month immediately preceding the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Expected Final Distribution Date, $0 and (ii)&nbsp;with
respect to the Related Month immediately preceding the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Expected Final Distribution Date, the sum of (x)&nbsp;$38,500,000 and (y)&nbsp;the aggregate principal amount of any Additional Class&nbsp;R
Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;R Initial Invested Amount</U>&#148; means the aggregate initial principal amount of the
Class&nbsp;R Notes, which is $38,500,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;R Invested Amount</U>&#148; means, when used with respect to
any date, an amount equal to (a)&nbsp;the Class&nbsp;R Initial Invested Amount plus (b)&nbsp;the aggregate principal amount of any Additional Class&nbsp;R Notes issued on or prior to such date <U>minus</U> (b)&nbsp;the amount of principal payments
made to Class&nbsp;R Noteholders on or prior to such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;R Monthly Interest</U>&#148; means, with
respect to (i)&nbsp;the initial Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period, an amount equal to $106,744.46 and (ii)&nbsp;any other Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period, an amount equal to
the product of <FONT STYLE="white-space:nowrap">(A)&nbsp;one-twelfth</FONT> of the Class&nbsp;R Note Rate and (B)&nbsp;the Class&nbsp;R Invested Amount on the first day of such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period,
after giving effect to any principal payments made on such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;R Note</U>&#148; means any one of the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 4.753% Rental Car Asset Backed Notes, Class&nbsp;R, executed by ABRCF and authenticated by or on behalf of the Trustee, substantially in the form of <U>Exhibit D</U><U><FONT
STYLE="white-space:nowrap">-1</FONT></U>, <U>Exhibit D</U><U><FONT STYLE="white-space:nowrap">-2</FONT></U> or <U>Exhibit D</U><U><FONT STYLE="white-space:nowrap">-3</FONT></U>. Definitive Class&nbsp;R 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;R Note
Rate</U>&#148; means 4.753% per annum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;R Noteholder</U>&#148; means the Person in whose name a
Class&nbsp;R Note is registered in the Note Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;R Shortfall</U>&#148; has the meaning set forth
in Section&nbsp;2.3(g)(iv). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Clean-up</FONT> Repurchase</U>&#148; means any optional repurchase
pursuant to Section&nbsp;5.1(a). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Clean-up</FONT> Repurchase Distribution
Date</U>&#148; has the meaning set forth in Section&nbsp;5.1(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Confirmation Condition</U>&#148; means, with respect to any
Bankrupt Manufacturer which is a debtor in Chapter 11 Proceedings, a condition that shall be satisfied upon the bankruptcy court having competent jurisdiction over such Chapter 11 Proceedings issuing an order that remains in effect approving
(i)&nbsp;the assumption of such Bankrupt Manufacturer&#146;s Manufacturer Program (and the related Assignment Agreements) by such Bankrupt Manufacturer or the trustee in bankruptcy of such Bankrupt Manufacturer under Section&nbsp;365 of the
Bankruptcy Code and at the time of such assumption, the payment of all amounts due and payable by such Bankrupt Manufacturer under such Manufacturer Program and the curing of all other defaults by the Bankrupt Manufacturer thereunder or
(ii)&nbsp;the execution, delivery and performance by such Bankrupt Manufacturer of a new <FONT STYLE="white-space:nowrap">post-petition</FONT> Manufacturer Program (and the related Assignment Agreements) on the same terms and covering the same
Vehicles as such Bankrupt Manufacturer&#146;s Manufacturer Program (and the related Assignment Agreements) in effect on the date such Bankrupt Manufacturer became subject to such Chapter 11 Proceedings and, at the time of the execution and delivery
of such new <FONT STYLE="white-space:nowrap">post-petition</FONT> Manufacturer Program, the payment of all amounts due and payable by such Bankrupt Manufacturer under such Manufacturer Program and the curing of all other defaults by the Bankrupt
Manufacturer thereunder; <U>provided</U>, <U>however</U>, that notwithstanding the foregoing, the Confirmation Condition shall be deemed satisfied until the 90<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> calendar day following the initial
filing in respect of such Chapter&nbsp;11 Proceedings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>DBRS</U>&#148; means DBRS, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>DBRS Equivalent Rating</U>&#148;&nbsp;means, with respect to any Person not rated by DBRS, (i)&nbsp;if such Person is rated by all
three of Moody&#146;s, Standard&nbsp;&amp; Poor&#146;s and Fitch (together, the &#147;<U>Equivalent Rating Agencies</U>&#148;), either (A)&nbsp;if at least two Equivalent Rating Agencies have provided equivalent ratings with respect to such Person,
the DBRS equivalent of such equivalent ratings (regardless of any rating from another Equivalent Rating Agency) or (B)&nbsp;otherwise, the median of the DBRS equivalents of the ratings for such Person provided by each of the three Equivalent Rating
Agencies, (ii)&nbsp;if such Person is rated by any two of the Equivalent Rating Agencies, the DBRS equivalent of the lower of the ratings for such Person provided by the relevant Equivalent Rating Agencies or (iii)&nbsp;if such Person is rated by
only one of the Equivalent Rating Agencies,&nbsp;the DBRS equivalent of the rating for such Person provided by such Equivalent Rating Agency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>DBRS Excluded Manufacturer Amount</U>&#148; means, as of any date of determination, an amount equal to the excess, if any, of
(x)&nbsp;the sum of the following amounts with respect to each DBRS <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer as of such date: the product of (i)&nbsp;to the extent such amounts are included in the calculation of
AESOP I Operating Lease Loan Agreement Borrowing Base as of such date, all amounts receivable as of such date by AESOP Leasing or the Intermediary from such DBRS <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer and
(ii)&nbsp;the DBRS Excluded Manufacturer Receivable Specified Percentage for such DBRS <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer as of such date over (y)&nbsp;the sum of the following amounts with respect to each DBRS
<FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer as of such date: the product of (i)&nbsp;the aggregate Net Book Value of any Vehicles subject to a Manufacturer Program from such Manufacturer that have had a Turnback Date
but for which (A)&nbsp;AESOP Leasing or its Permitted Nominee continues to be named as the owner of the Vehicle on the Certificate of Title for such Vehicle and (B)&nbsp;AESOP Leasing or its agent continues to hold the Certificate of Title for such
Vehicle and (ii)&nbsp;the DBRS Turnback Vehicle Specified Percentage for such DBRS <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer as of such date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>DBRS Excluded Manufacturer Receivable Specified Percentage</U>&#148; means, as of
any date of determination, with respect to each DBRS <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer as of such date, the percentage (not to exceed 100%) most recently specified in writing by DBRS to ABRCF and the Trustee
and consented to by the Requisite Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders with respect to such DBRS <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer; <U>provided</U>, <U>however</U>, that as of the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date the DBRS Excluded Manufacturer Receivable Specified Percentage for each DBRS <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer shall be 100%; <U>provided</U>,
<U>further</U>, that the initial DBRS Excluded Manufacturer Receivable Specified Percentage with respect to any Manufacturer that becomes a DBRS <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer after the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Closing Date shall be 100%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>DBRS <FONT STYLE="white-space:nowrap">Non-Investment</FONT>
Grade Manufacturer</U>&#148; means, as of any date of determination, any Manufacturer that (i)&nbsp;is not a Bankrupt Manufacturer and (ii)&nbsp;does not have a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated
by DBRS, a DBRS Equivalent Rating) of at least &#147;BBB (low)&#148;; <U>provided</U>, <U>however</U>, that any Manufacturer whose long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, its DBRS Equivalent
Rating) is downgraded from at least &#147;BBB (low)&#148; to below &#147;BBB (low)&#148; after the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date shall not be deemed a DBRS <FONT STYLE="white-space:nowrap">Non-Investment</FONT>
Grade Manufacturer until the thirtieth (30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) calendar day following such downgrade. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>DBRS Turnback Vehicle Specified Percentage</U>&#148; means, as of any date of determination: (i)&nbsp;with respect to each
Manufacturer that has a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) on such date of determination of at least &#147;BB (low)&#148; but less than &#147;BBB (low)&#148;,
65%; (ii) with respect to each Manufacturer that has a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) on such date of determination of at least &#147;B (low)&#148; but less
than &#147;BB (low)&#148;, 25%; and (iii)&nbsp;with respect to each Manufacturer that has a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) on such date of determination of
&#147;CCC&#148; or below (or is not rated by DBRS or any Equivalent Rating Agency on such date of determination), 0%; <U>provided</U>, <U>however</U>, that any Manufacturer whose long-term senior unsecured debt rating from DBRS is downgraded after
the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date (or, if such Manufacturer is not rated by DBRS, its DBRS Equivalent Rating is lowered as a result of such Manufacturer being downgraded by an Equivalent Rating Agency after the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date) shall be deemed to retain its long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, its DBRS Equivalent Rating) in effect immediately
prior to such downgrade until the thirtieth (30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) calendar day following such downgrade. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Demand Note Issuer</U>&#148; means each issuer of a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disbursement</U>&#148; means any Lease Deficit Disbursement, any Unpaid Demand Note Disbursement, any Termination Date Disbursement
or any Termination Disbursement under a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit, or any combination thereof, as the context may require. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Discounted Value</U>&#148; means, for each Remaining Distribution Amount, the
amount obtained by discounting such Remaining Distribution Amount from the applicable Distribution Date to the Optional Repurchase Distribution Date in accordance with accepted financial practice and at a discount factor equal to the Reinvestment
Yield with respect to such Remaining Distribution Amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Manufacturer Amount</U>&#148; means, as of any date of
determination, the greater of the Moody&#146;s Excluded Manufacturer Amount and the DBRS Excluded Manufacturer Amount as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Finance Guide</U>&#148; means the Black Book Official Finance/Lease Guide. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fitch</U>&#148; means Fitch Ratings, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lease Deficit Disbursement</U>&#148; means an amount drawn under a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of
Credit pursuant to a Certificate of Lease Deficit Demand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Make Whole Payment</U>&#148; means, with respect to any Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Note on any Optional Repurchase Distribution Date, the <I>pro rata </I>share with respect to such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note of the excess, if any, of (x)&nbsp;the sum of the
Discounted Values for each Remaining Distribution Amount with respect to each Applicable Distribution Date over (y)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Invested Amount as of such Optional Repurchase Distribution Date
(determined after giving effect to any payments made pursuant to Section&nbsp;2.5(a) on such Distribution Date). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Market Value
Average</U>&#148; means, as of any day, the percentage equivalent of a fraction, the numerator of which is the average of the Selected Fleet Market Value as of the preceding Determination Date and the two Determination Dates precedent thereto and
the denominator of which is the sum of (a)&nbsp;the average of the aggregate Net Book Value of all <FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicles (excluding (i)&nbsp;any Unaccepted Program Vehicles, (ii)&nbsp;any Excluded Redesignated
Vehicles and (iii)&nbsp;any other <FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicles that are subject to a Manufacturer Program with an Eligible <FONT STYLE="white-space:nowrap">Non-Program</FONT> Manufacturer with respect to which no
Manufacturer Event of Default has occurred and is continuing) and (b)&nbsp;the average of the aggregate Adjusted Net Book Value of all Adjusted Program Vehicles, in the case of each of clause (a)&nbsp;and (b) leased under the AESOP I Operating Lease
and the Finance Lease as of the preceding Determination Date and the two Determination Dates precedent thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Total
Principal Allocation</U>&#148; means for any Related Month the sum of all Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Principal Allocations with respect to such Related Month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Moody&#146;s Excluded Manufacturer Amount</U>&#148; means, as of any date of determination, an amount equal to the excess, if any, of
(x)&nbsp;the sum of the following amounts with respect to each Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer as of such date: the product of (i)&nbsp;to the extent such amounts are included in the calculation
of AESOP I Operating Lease Loan Agreement Borrowing Base as of such date, all amounts receivable as of such date by AESOP Leasing or the Intermediary from such Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer
and (ii)&nbsp;the Moody&#146;s Excluded Manufacturer Receivable Specified Percentage for such Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer as of such date over (y)&nbsp;the sum of the following amounts with
respect to each Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer as of such date: the product of (i) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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the aggregate Net Book Value of any Vehicles subject to a Manufacturer Program from such Manufacturer that have had a Turnback Date but for which (A)&nbsp;AESOP Leasing or its Permitted Nominee
continues to be named as the owner of the Vehicle on the Certificate of Title for such Vehicle and (B)&nbsp;AESOP Leasing or its agent continues to hold the Certificate of Title for such Vehicle and (ii)&nbsp;the Moody&#146;s Turnback Vehicle
Specified Percentage for such Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Moody&#146;s Excluded Manufacturer Receivable Specified Percentage</U>&#148; means, as of any date of determination, with respect to
each Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer as of such date, the percentage (not to exceed 100%) most recently specified in writing by Moody&#146;s to ABRCF and the Trustee and consented to by the
Requisite Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders with respect to such Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer; <U>provided</U>, <U>however</U>, that as of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Closing Date the Moody&#146;s Excluded Manufacturer Receivable Specified Percentage for each Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer shall be 100%;
<U>provided</U>, <U>further</U>, that the initial Moody&#146;s Excluded Manufacturer Receivable Specified Percentage with respect to any Manufacturer that becomes a Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade
Manufacturer after the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date shall be 100%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Moody&#146;s Non</U><U><FONT
STYLE="white-space:nowrap">-Investment</FONT> Grade Manufacturer</U>&#148; means, as of any date of determination, any Manufacturer that (i)&nbsp;is not a Bankrupt Manufacturer and (ii)&nbsp;does not have either (A)&nbsp;a long-term corporate family
rating of at least &#147;Baa3&#148; from Moody&#146;s or (B)&nbsp;if such Manufacturer does not have a long-term corporate family rating from Moody&#146;s as of such date, a long-term senior unsecured debt rating of at least &#147;Ba1&#148; from
Moody&#146;s; <U>provided</U>, <U>however</U>, that any Manufacturer whose long-term corporate family rating is downgraded from at least &#147;Baa3&#148; to below &#147;Baa3&#148; by Moody&#146;s or whose long-term senior unsecured debt rating is
downgraded from at least &#147;Ba1&#148; to below &#147;Ba1&#148; by Moody&#146;s, as applicable, after the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date shall not be deemed a Moody&#146;s
<FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer until the thirtieth (30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) calendar day following such downgrade. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Moody&#146;s Turnback Vehicle Specified Percentage</U>&#148; means, as of any date of determination: (i)&nbsp;with respect to each
Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer that has a long-term corporate family rating from Moody&#146;s on such date of determination of at least &#147;Ba3&#148; (or, if such Moody&#146;s <FONT
STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer does not have a long-term corporate family rating from Moody&#146;s as of such date, a long-term senior unsecured debt rating of at least &#147;B1&#148;), 65%; (ii) with respect to
each Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer that has a long-term corporate family rating from Moody&#146;s on such date of determination of at least &#147;B3&#148; but less than &#147;Ba3&#148; (or, if
such Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer does not have a long-term corporate family rating from Moody&#146;s as of such date, a long-term senior unsecured debt rating of at least &#147;Caa1&#148;
but less than &#147;B1&#148;), 25%; and (iii)&nbsp;with respect to any other Moody&#146;s <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Manufacturer, 0%; <U>provided</U>, <U>however</U>, that any Manufacturer whose long-term corporate
family rating or long-term senior unsecured debt rating from Moody&#146;s is downgraded after the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date shall be deemed to retain its long-term corporate family rating or long-term senior
unsecured debt rating, as applicable, from Moody&#146;s in effect immediately prior to such downgrade until the thirtieth (30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) calendar day following such downgrade. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Optional Repurchase</U>&#148; is defined in Section&nbsp;5.1(b). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Optional Repurchase Distribution Date</U>&#148; is defined in Section&nbsp;5.1(b).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Past Due Rent Payment</U>&#148; is defined in Section&nbsp;2.2(g). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permanent Global Class</U><U></U><U>&nbsp;A Note</U>&#148; is defined in Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permanent Global Class</U><U></U><U>&nbsp;B Note</U>&#148; is defined in Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permanent Global Class</U><U></U><U>&nbsp;C Note</U>&#148; is defined in Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permanent Global Class</U><U></U><U>&nbsp;R Note</U>&#148; is defined in Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permanent Global Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes</U>&#148; is defined in Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pre</U><U><FONT STYLE="white-space:nowrap">-Preference</FONT> Period Demand Note Payments</U>&#148; means, as of any date of
determination, the aggregate amount of all proceeds of demands made on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes included in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note Payment Amount as of the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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>,<I> </I>that if an Event of
Bankruptcy (or the occurrence of an event described in clause (a)&nbsp;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 <FONT
STYLE="white-space:nowrap">one-year</FONT> period, (x)&nbsp;the <FONT STYLE="white-space:nowrap">Pre-Preference</FONT> 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
<FONT STYLE="white-space:nowrap">Pre-Preference</FONT> Period Demand Note Payments as of the date of such occurrence for all Demand Note Issuers and (y)&nbsp;the <FONT STYLE="white-space:nowrap">Pre-Preference</FONT> Period Demand Note Payments as
of any date after the conclusion or dismissal of such proceedings shall equal the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note Payment Amount as of the date of the conclusion or dismissal of such proceedings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Principal Deficit Amount</U>&#148; means, as of any date of determination, the excess, if any, of (i)&nbsp;the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Senior Invested Amount on such date (after giving effect to the distribution of the Monthly Total Principal Allocation for the Related Month if such date is a Distribution Date) over (ii)&nbsp;the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease Loan Agreement Borrowing Base on such date; <U>provided</U>, <U>however</U>, that the Principal Deficit Amount on any date occurring during the period commencing on and including the
date of the filing by any of the Lessees of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which each of the Lessees shall have resumed making all payments of the portion of Monthly Base Rent relating to
Loan Interest required to be made under the AESOP I Operating Lease, shall mean the excess, if any, of (x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Invested Amount on such date (after giving effect to the distribution of
Monthly Total Principal Allocation for the Related Month if such date is a Distribution Date) over (y)&nbsp;the sum of (1)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease Loan Agreement Borrowing Base on such
date and (2)&nbsp;the lesser of (a)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Liquidity Amount on such date and (b)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Liquidity Amount on such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Proposed Class</U><U></U><U>&nbsp;D Notes</U>&#148; has the meaning set forth in Section&nbsp;5.15. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pro Rata Share</U>&#148; means, with respect to any Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of
Credit Provider&#146;s Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit as of such date by (B)&nbsp;an amount equal to the aggregate available amount under all Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of
Credit as of such date; <U>provided</U>, <U>however</U>, that only for purposes of calculating the Pro Rata Share with respect to any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider as of any date, if such Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under its Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit made prior to such
date, the available amount under such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider&#146;s Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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>, <U>however</U>, that the foregoing calculation shall not in any manner reduce the
undersigned&#146;s actual liability in respect of any failure to pay any demand under its Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reinvestment Yield</U>&#148; means, with respect to any Remaining Distribution Amount, the sum of (i) 0.25% and (ii)&nbsp;the greater
of (x) 0% and (y)&nbsp;the U.S. Treasury Rate with respect to such Remaining Distribution Amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Remaining Distribution
Amount</U>&#148; means, with respect to each Applicable Distribution Date, the sum of (i)&nbsp;the sum of (x)&nbsp;an amount equal to the Class&nbsp;A Controlled Amortization Amount with respect to the Related Month immediately preceding such
Applicable Distribution Date (or, if the Optional Repurchase Distribution Date occurs after the March 2025 Distribution Date, the Class&nbsp;A Controlled Distribution Amount with respect to the Related Month preceding the first such Applicable
Distribution Date) and (y)&nbsp;the interest that will accrue on such amount from the Optional Repurchase Distribution Date to such Applicable Distribution Date at the Class&nbsp;A Note Rate, (ii)&nbsp;the sum of (x)&nbsp;an amount equal to the
Class&nbsp;B Controlled Amortization Amount with respect to the Related Month immediately preceding such Applicable Distribution Date (or, if the Optional Repurchase Distribution Date occurs after the March 2025 Distribution Date, the Class&nbsp;B
Controlled Distribution Amount with respect to the Related Month preceding the first such Applicable Distribution Date) and (y)&nbsp;the interest that will accrue on such amount from the Optional Repurchase Distribution Date to such Applicable
Distribution Date at the Class&nbsp;B Note Rate, (iii)&nbsp;the sum of (x)&nbsp;an amount equal to the Class&nbsp;C Controlled Amortization Amount with respect to the Related Month immediately preceding such Applicable Distribution Date (or, if the
Optional Repurchase Distribution Date occurs after the March 2025 Distribution Date, the Class&nbsp;C Controlled Distribution Amount with respect to the Related Month preceding the first such Applicable Distribution Date) and (y)&nbsp;the interest
that will accrue on such amount from the Optional Repurchase Distribution Date to such Applicable Distribution Date at the Class&nbsp;C Note Rate and (iv)&nbsp;the sum of (x)&nbsp;an amount equal to the Class&nbsp;R Controlled Amortization Amount
with respect to the Related Month immediately preceding such Applicable Distribution Date (or, if the Optional Repurchase Distribution Date occurs after the March 2025 Distribution Date, the Class&nbsp;R Controlled Amortization Amount with respect
to the Related Month preceding the first such Applicable Distribution Date) and (y)&nbsp;the interest that will accrue on such amount from the Optional Repurchase Distribution Date to such Applicable Distribution Date at the Class&nbsp;R Note Rate.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Controlling Class</U><U></U><U>&nbsp;Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders</U>&#148; means (i)&nbsp;for so long as any Class&nbsp;A Notes are outstanding, Class&nbsp;A Noteholders holding more than 50% of the Class&nbsp;A Invested Amount, (ii)&nbsp;if no
Class&nbsp;A Notes are outstanding and for so long as any Class&nbsp;B Notes are outstanding, Class&nbsp;B Noteholders holding more than 50% of the Class&nbsp;B Invested Amount, (iii)&nbsp;if no Class&nbsp;A Notes or Class&nbsp;B Notes are
outstanding, Class&nbsp;C Noteholders holding more than 50% of the Class&nbsp;C Invested Amount (excluding, for the purposes of making any of the foregoing calculations, any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes held by ABCR or
any Affiliate of ABCR unless ABCR or such Affiliate is the sole Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholder) and (iv)&nbsp;if no Class&nbsp;A Notes, Class&nbsp;B Notes or Class&nbsp;C Notes are outstanding, Class&nbsp;R
Noteholders holding more than 50% Class&nbsp;R Invested Amount (excluding, for the purposes of making any of the foregoing calculations, any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes held by ABCR or any Affiliate of ABCR unless
ABCR or such Affiliate is the sole Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholder). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Requisite Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Noteholders</U>&#148; means Class&nbsp;A Noteholders, Class&nbsp;B Noteholders, Class&nbsp;C Noteholders and/or Class&nbsp;R Noteholders holding, in the aggregate, more than 50% of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Invested Amount (excluding, for the purposes of making the foregoing calculation, any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes held by ABCR or any Affiliate of ABCR or such Affiliate unless
ABCR is the sole Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholder). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restricted Global Class</U><U></U><U>&nbsp;A
Note</U>&#148; is defined in Section&nbsp;4.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restricted Global Class</U><U></U><U>&nbsp;B Note</U>&#148; is defined in
Section&nbsp;4.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restricted Global Class</U><U></U><U>&nbsp;C Note</U>&#148; is defined in Section&nbsp;4.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restricted Global Class</U><U></U><U>&nbsp;R Note</U>&#148; is defined in Section&nbsp;4.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Selected Fleet Market Value</U>&#148; means, with respect to all Adjusted Program Vehicles and all
<FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicles (excluding (i)&nbsp;any Unaccepted Program Vehicles, (ii)&nbsp;any Excluded Redesignated Vehicles and (iii)&nbsp;any other <FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicles that
are subject to a Manufacturer Program with an Eligible <FONT STYLE="white-space:nowrap">Non-Program</FONT> Manufacturer with respect to which no Manufacturer Event of Default has occurred and is continuing) as of any date of determination, the sum
of the respective Market Values of each such Adjusted Program Vehicle and each such <FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicle, in each case subject to the AESOP I Operating Lease or the Finance Lease as of such date. For purposes
of computing the Selected Fleet Market Value, the &#147;Market Value&#148; of an Adjusted Program Vehicle or a <FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicle means the market value of such Vehicle as specified in the most recently
published NADA Guide for the model class and model year of such Vehicle based on the average equipment and the average mileage of each Vehicle of such model class and model year then leased under the AESOP I Operating Lease and the Finance Lease;
<U>provided</U>, <U>however</U>, that if the NADA Guide is not being published or the NADA Guide is being published but such Vehicle is not included therein, the Market Value of such Vehicle shall be based on the market value specified in the most
recently published Finance Guide for the model class and model year of such Vehicle based on the average equipment and the average mileage of each Vehicle of such model class and model year then leased under the AESOP I Operating Lease or the
Finance Lease; <U>provided</U>, <U>further</U>, that if the Finance Guide is being published but such Vehicle is not included therein, the Market Value of such Vehicle shall mean (x)&nbsp;in the case of an Adjusted Program Vehicle, the Adjusted Net
Book Value of such Adjusted Program Vehicle and </P>
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(y) in the case of a <FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicle, the Net Book Value of such <FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicle <U>provided</U>,
<U>further</U>, that if the Finance Guide is not being published, the Market Value of such Vehicle shall be based on an independent <FONT STYLE="white-space:nowrap">third-party</FONT> data source selected by the Administrator and approved by each
Rating Agency that is rating any Series of Notes at the request of ABRCF based on the average equipment and average mileage of each Vehicle of such model class and model year then leased under the AESOP I Operating Lease or the Finance Lease;
<U>provided</U>, <U>further</U>, that if no such <FONT STYLE="white-space:nowrap">third-party</FONT> data source or methodology shall have been so approved or any such <FONT STYLE="white-space:nowrap">third-party</FONT> data source or methodology is
not available, the Market Value of such Vehicle shall be equal to a reasonable estimate of the wholesale market value of such Vehicle as determined by the Administrator, based on the Net Book Value of such Vehicle and any other factors deemed
relevant by the Administrator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2010-6</FONT> Notes</U>&#148; means the Series of Notes
designated as the Series <FONT STYLE="white-space:nowrap">2010-6</FONT> Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series
<FONT STYLE="white-space:nowrap">2011-4</FONT> Notes</U>&#148; means the Series of Notes designated as the Series <FONT STYLE="white-space:nowrap">2011-4</FONT> Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2014-2</FONT> Notes</U>&#148; means the Series of Notes designated as the Series <FONT
STYLE="white-space:nowrap">2014-2</FONT> Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2015-1</FONT> Notes</U>&#148; means the
Series of Notes designated as the Series <FONT STYLE="white-space:nowrap">2015-1</FONT> Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2015-2</FONT> Notes</U>&#148; means the Series of Notes designated as the Series <FONT STYLE="white-space:nowrap">2015-2</FONT> Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2015-3</FONT> Notes</U>&#148; means the Series of Notes designated as the Series <FONT
STYLE="white-space:nowrap">2015-3</FONT> Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2016-1</FONT> Notes</U>&#148; means the
Series of Notes designated as the Series <FONT STYLE="white-space:nowrap">2016-1</FONT> Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2016-2</FONT> Notes</U>&#148; means the Series of Notes designated as the Series <FONT STYLE="white-space:nowrap">2016-2</FONT> Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2017-1</FONT> Notes</U>&#148; means the Series of Notes designated as the Series <FONT
STYLE="white-space:nowrap">2017-1</FONT> Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2017-2</FONT> Notes</U>&#148; means the
Series of Notes designated as the Series <FONT STYLE="white-space:nowrap">2017-2</FONT> Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2018-1</FONT> Notes</U>&#148; means the Series of Notes designated as the Series <FONT STYLE="white-space:nowrap">2018-1</FONT> Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2018-2</FONT> Notes</U>&#148; means the Series of Notes designated as the Series <FONT
STYLE="white-space:nowrap">2018-2</FONT> Notes. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2019-1</FONT> Notes</U>&#148; means the
Series of Notes designated as the Series <FONT STYLE="white-space:nowrap">2019-1</FONT> Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2019-2</FONT> Notes</U>&#148; means the Series of Notes designated as the Series <FONT STYLE="white-space:nowrap">2019-2</FONT> Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2019-3</FONT> Notes</U>&#148; means the Series of Notes designated as the Series <FONT
STYLE="white-space:nowrap">2019-3</FONT> Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accounts</U>&#148; means
each of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account, the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account and the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account</U>&#148; is defined in Section&nbsp;2.1(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease Loan Agreement Borrowing Base</U>&#148; means, as of
any date of determination, the product of (a)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease Vehicle Percentage as of such date and (b)&nbsp;the excess of (i)&nbsp;the AESOP I Operating Lease Loan Agreement
Borrowing Base as of such date <U>over</U> (ii)&nbsp;the Excluded Manufacturer Amount as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease Vehicle Percentage</U>&#148; means, as of any date of determination, a fraction, expressed as a percentage (which percentage shall never exceed 100%), the numerator of which is the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Agent</U>&#148; is defined in the recitals hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available Cash Collateral Account Amount</U>&#148; means, as of any date of
determination, the amount on deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available Reserve Account Amount</U>&#148; means, as of any date of
determination, the amount on deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account</U>&#148; is defined in Section&nbsp;2.8(f). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account Collateral</U>&#148; is defined in Section&nbsp;2.8(a).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account Surplus</U>&#148; means, with respect to any
Distribution Date, the lesser of (a)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available Cash Collateral Account Amount and (b)&nbsp;the lesser of (A)&nbsp;the excess, if any, of the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Liquidity Amount (after giving effect to any withdrawal from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account on such Distribution Date) over the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Required Liquidity Amount on such Distribution Date and (B)&nbsp;the excess, if any, of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Amount (after giving effect to any withdrawal from
the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account on such Distribution Date) over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Enhancement Amount on such Distribution Date; <U>provided</U>,
<U>however</U>, that, on any date after the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Termination Date, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account Surplus shall mean the excess, if
any, of (x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available Cash Collateral Account Amount over (y)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note Payment Amount <U>minus</U><I> </I>the <FONT
STYLE="white-space:nowrap">Pre-Preference</FONT> Period Demand Note Payments as of such date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral
Percentage</U>&#148; means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available Cash Collateral Account Amount as of such date and
the denominator of which is the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Liquidity Amount as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date</U>&#148; means January&nbsp;29, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collateral</U>&#148; means the Collateral, each Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit, each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account Collateral, the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account Collateral and the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account</U>&#148; is defined in Section&nbsp;2.1(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period</U>&#148; means the period commencing upon the
close of business on January&nbsp;31, 2025 (or, if such day is not a Business Day, the Business Day immediately preceding such day) and continuing to the earliest of (i)&nbsp;the commencement of the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period, (ii)&nbsp;the date on which the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes are fully paid and (iii)&nbsp;the termination of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Highest Enhanced Vehicle Percentage</U>&#148; means, as of any date of
determination, a fraction, expressed as a percentage, (a)&nbsp;the numerator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease that were manufactured by a Manufacturer that does not have a long-term
senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) of at least &#147;BBB (low)&#148; as of such date and (b)&nbsp;the denominator of which is the aggregate Net Book Value of all Vehicles
leased under the AESOP I Operating Lease as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Highest
Enhancement Rate</U>&#148; means, as of any date of determination, the sum of (a) 26.85% and (b)&nbsp;the highest, for any calendar month within the preceding twelve (12)&nbsp;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). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> DBRS Intermediate Enhanced Vehicle Percentage</U>&#148; means, as of any date of determination, 100% minus the sum of (a)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Lowest Enhanced
Vehicle Percentage and (b)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Highest Enhanced Vehicle Percentage. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Intermediate Enhancement
Rate</U>&#148; means, as of any date of determination, the sum of (a) 20.85% and (b)&nbsp;the highest, for any calendar month within the preceding twelve (12)&nbsp;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). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> DBRS Lowest Enhanced Vehicle Percentage</U>&#148; means, as of any date of determination, a fraction, expressed as a percentage, (a)&nbsp;the numerator of which is the sum, without duplication, of
(1)&nbsp;the aggregate Net Book Value of all Program Vehicles leased under the AESOP I Operating Lease that are manufactured by Eligible Program Manufacturers having long-term senior unsecured debt ratings from DBRS (or, with respect to any
Manufacturer that is not rated by DBRS, a DBRS Equivalent Rating) of &#147;BBB (low)&#148; or higher as of such date, and (2)&nbsp;so long as any Eligible <FONT STYLE="white-space:nowrap">Non-Program</FONT> Manufacturer has a long-term senior
unsecured debt rating from DBRS (or, if any such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) of &#147;BBB (low)&#148; or higher and no Manufacturer Event of Default has occurred and is continuing with respect to such Eligible <FONT
STYLE="white-space:nowrap">Non-Program</FONT> Manufacturer, the aggregate Net Book Value of all <FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicles leased under the AESOP I Operating Lease manufactured by each such Eligible <FONT
STYLE="white-space:nowrap">Non-Program</FONT> Manufacturer that are subject to a Manufacturer Program and remain eligible for repurchase thereunder as of such date and (b)&nbsp;the denominator of which is the aggregate Net Book Value of all Vehicles
leased under the AESOP I Operating Lease as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Lowest
Enhancement Rate</U>&#148; means, as of any date of determination, 9.85%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
DBRS Required Enhancement Amount</U>&#148; means, as of any date of determination, the product of (i)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Required Enhancement Percentage as of such date and (ii)&nbsp;the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Senior Invested Amount as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Required Enhancement Percentage</U>&#148; means, as of any date of determination, the sum of (i)&nbsp;the product of (A)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Lowest
Enhancement Rate as of such date and (B)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Lowest Enhanced Vehicle Percentage as of such date, (ii)&nbsp;the product of (A)&nbsp;the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Intermediate Enhancement Rate as of such date and (B)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Intermediate Enhanced Vehicle Percentage as of such date, and
(iii)&nbsp;the product of (A)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Highest Enhancement Rate as of such date and (B)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Highest Enhanced Vehicle
Percentage as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note</U>&#148; means each demand note
made by a Demand Note Issuer, substantially in the form of <U>Exhibit E</U>, as amended, modified or restated from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note Payment Amount</U>&#148; means, as of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Termination Date, the aggregate amount of all proceeds of demands made on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes pursuant to Section&nbsp;2.5(b) or
(c)&nbsp;that were deposited into the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account and paid to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders during the one year period ending on the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> 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 (a)&nbsp;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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note Payment Amount as of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Termination Date shall equal the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note Payment Amount as if it were calculated as of the date of such occurrence. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Deposit Date</U>&#148; is
defined in Section&nbsp;2.2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account</U>&#148; is defined in
Section&nbsp;2.9(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account Collateral</U>&#148; is defined
in Section&nbsp;2.9(d). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Eligible Letter of Credit Provider</U>&#148; means
a Person satisfactory to ABCR and the Demand Note Issuers and having, at the time of the issuance of the related Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit, a <FONT STYLE="white-space:nowrap">long-term</FONT> senior
unsecured debt rating (or the equivalent thereof) of at least &#147;A1&#148; from Moody&#146;s, at least &#147;A (high)&#148; from DBRS and at least &#147;A+&#148; from Fitch and a short term senior unsecured debt rating of at least <FONT
STYLE="white-space:nowrap">&#147;P-1&#148;</FONT> from Moody&#146;s, at least <FONT STYLE="white-space:nowrap">&#147;R-1&#148;</FONT> from DBRS and at least &#147;F1&#148; from Fitch that is (a)&nbsp;a commercial bank having total assets in excess
of $500,000,000, (b) a finance company, insurance company or other financial institution that in the ordinary course of business issues letters of credit and has total assets in excess of $200,000,000 or (c)&nbsp;any other financial institution;
<U>provided</U>, <U>however</U>, that if a Person is not a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Eligible Letter of Credit Provider until ABRCF has provided ten (10)&nbsp;days&#146; prior notice to the Rating Agencies that such Person has been proposed as a Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Enhancement</U>&#148; means the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account Collateral, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit, the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Overcollateralization Amount and the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Reserve Account Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Amount</U>&#148; means, as of any date of determination, the sum of
(i)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Overcollateralization Amount as of such date, (ii)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Amount as of such date, (iii)&nbsp;the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Available Reserve Account Amount as of such date and (iv)&nbsp;the amount of cash and Permitted Investments on deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account (not
including amounts allocable to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account) and the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Deficiency</U>&#148; means, on any date of determination, the
amount by which the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Amount is less than the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Enhancement Amount as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account</U>&#148; is defined in Section&nbsp;2.1(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Expected Final Distribution Date</U>&#148; means the August 2025 Distribution
Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date</U>&#148; means the August 2026 Distribution
Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period</U>&#148; 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period shall commence on and
include the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date and end on and include February&nbsp;19, 2020. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Invested Amount</U>&#148;
means, as of any date of determination, the sum of the Class&nbsp;A Invested Amount as of such date, the Class&nbsp;B Invested Amount as of such date, the Class&nbsp;C Invested Amount as of such date and the Class&nbsp;R Invested Amount as of such
date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Invested Percentage</U>&#148; means as of any date of determination:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,
the numerator of which shall be equal to the sum of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Invested Amount and the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Overcollateralization Amount, determined during the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Revolving Period as of the end of the Related Month (or, until the end of the initial Related Month, on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date), or, during the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period and the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period, as of the end of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Revolving
Period, and the denominator of which shall be the greater of (I)&nbsp;the Aggregate Asset Amount as of the end of the Related Month or, until the end of the initial Related Month, as of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Closing Date, and (II)&nbsp;as of the same date as in clause (I), the sum of the numerators used to determine the invested percentages for allocations with respect to Principal Collections (for all Series of Notes and all classes of such Series of
Notes); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) when used with respect to Interest Collections, the percentage equivalent (which percentage shall never exceed 100%) of a
fraction, the numerator of which shall be the Accrued Amounts with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease
Interest Payment Deficit</U>&#148; means, on any Distribution Date, an amount equal to the excess, if any, of (1)&nbsp;the excess, if any, of (a)&nbsp;the aggregate amount of Interest Collections which pursuant to Section&nbsp;2.2(a), (b), (c) or
(d)&nbsp;would have been allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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) or (d)&nbsp;have been allocated to the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account (excluding any amounts paid into the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account pursuant to the proviso in Sections 2.2(c)(ii) and/or
2.2(d)(ii)) from and excluding the preceding Distribution Date to and including the Business Day immediately preceding such Distribution Date over (2)&nbsp;the Class&nbsp;R Monthly Interest with respect to the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period ended on the day preceding such Distribution Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Lease Payment Deficit</U>&#148; means either a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Interest Payment Deficit or a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Principal
Payment Deficit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Principal Payment Carryover Deficit</U>&#148; means
(a)&nbsp;for the initial Distribution Date, zero and (b)&nbsp;for any other Distribution Date, the excess of (x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Principal Payment Deficit.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Principal Payment
Deficit</U>&#148; means on any Distribution Date, the sum of (a)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Monthly Lease Principal Payment Deficit for such Distribution Date and (b)&nbsp;the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Principal Payment Carryover Deficit for such Distribution Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit</U>&#148; means an irrevocable letter of credit, if any, substantially in the form of <U>Exhibit F</U> issued by a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Eligible Letter of
Credit Provider in favor of the Trustee for the benefit of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Amount</U>&#148; 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 each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit on which no draw has been made pursuant to Section&nbsp;2.8(c), as
specified therein, and (ii)&nbsp;if the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account has been established and funded pursuant to Section&nbsp;2.8, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available
Cash Collateral Account Amount on such date and (b)&nbsp;the aggregate outstanding principal amount of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes on such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Expiration Date</U>&#148; means, with respect to any Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit, the expiration date set forth in such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit, as such date may be extended in accordance with the terms of such Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of
Credit Liquidity Amount</U>&#148; 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit on which no draw
has been made pursuant to Section&nbsp;2.8(c), as specified therein, and (b)&nbsp;if the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account has been established and funded pursuant to Section&nbsp;2.8, the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Available Cash Collateral Account Amount on such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider</U>&#148; means the issuer of a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Termination Date</U>&#148; means the first to occur of
(a)&nbsp;the date on which the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes are fully paid and (b)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Termination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Limited Liquidation Event of Default</U>&#148; means, so long as such event or
condition continues, any event or condition of the type specified in clauses (a)&nbsp;through (g) of Article III; <U>provided</U>, <U>however</U>, that any event or condition of the type specified in clauses (a)&nbsp;through (g) of Article III shall
not constitute a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Limited Liquidation Event of Default if the Trustee shall have received the written consent of the Requisite Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders
waiving the occurrence of such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Limited Liquidation Event of Default. The Trustee shall promptly (but in any event within two (2)&nbsp;days) provide the Rating Agencies with written notice of such
waiver. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Liquidity Amount</U>&#148;
means, as of any date of determination, the sum of (a)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Liquidity Amount on such date and (b)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available
Reserve Account Amount on such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Hyundai Amount</U>&#148;
means, as of any day, an amount equal to 20% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Individual Isuzu/Subaru Amount</U>&#148; means, as of any day, with
respect to Isuzu or Subaru individually, an amount equal to 5% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Kia Amount</U>&#148; 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Mitsubishi Amount</U>&#148; 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum <FONT STYLE="white-space:nowrap">Non-Eligible</FONT> Manufacturer
Amount</U>&#148; 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum <FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicle
Amount</U>&#148; means, as of any day, an amount equal to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum <FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicle Percentage of the aggregate Net Book Value of all Vehicles leased
under the Leases on such day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum
<FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicle Percentage</U>&#148; means, as of any date of determination, the sum of (a) 85% and (b)&nbsp;a fraction, expressed as a percentage, the numerator of which is the aggregate Net Book Value of
all Redesignated Vehicles manufactured by a Bankrupt Manufacturer or a Manufacturer with respect to which a Manufacturer Event of Default has occurred, and in each case leased under the AESOP I Operating Lease or the Finance Lease as of such date,
and the denominator of which is the aggregate Net Book Value of all Vehicles leased under the Leases as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Maximum Specified States Amount</U>&#148; 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Suzuki Amount</U>&#148; 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Used Vehicle Amount</U>&#148; means, as of any day, an amount equal to 25% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Monthly Lease Principal
Payment Deficit</U>&#148; means, on any Distribution Date, an amount equal to the excess, if any, of (1)&nbsp;the excess, if any, of (a)&nbsp;the aggregate amount of Principal Collections which pursuant to Section&nbsp;2.2(a), (b), (c) or
(d)&nbsp;would have been allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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) or (d)&nbsp;have been allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection
Account (without giving effect to any amounts paid into the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account pursuant to the proviso in Sections 2.2(c)(ii) and/or 2.2(d)(ii)) from and excluding the preceding
Distribution Date to and including the Business Day immediately preceding such Distribution Date over (2)&nbsp;the principal due and payable with respect to the Class&nbsp;R Notes on such Distribution Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Highest Enhanced Vehicle Percentage</U>&#148;<I> </I>means, as of
any date of determination, a fraction, expressed as a percentage, (a)&nbsp;the numerator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease that are either not subject to a Manufacturer Program or not
eligible for repurchase under a Manufacturer Program as of such date and (b)&nbsp;the denominator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Highest Enhancement Rate</U>&#148; means, as of any date of
determination, the sum of (a) 20.80% and (b)&nbsp;the highest, for any calendar month within the preceding twelve (12)&nbsp;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). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s
Intermediate Enhanced Vehicle Percentage</U>&#148; means, as of any date of determination, 100% <U>minus</U> the sum of (a)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Lowest Enhanced Vehicle Percentage and
(b)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Highest Enhanced Vehicle Percentage. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Intermediate Enhancement Rate</U>&#148; means, as of any date of determination, 16.25%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Lowest Enhanced Vehicle Percentage</U>&#148; means, as of any date
of determination, a fraction, expressed as a percentage, (a)&nbsp;the numerator of which is the sum, without duplication, of (1)&nbsp;the aggregate Net Book Value of all Program Vehicles leased under the AESOP I Operating Lease that are manufactured
by Eligible Program Manufacturers having a <FONT STYLE="white-space:nowrap">long-term</FONT> corporate family rating of &#147;Baa3&#148; or higher from Moody&#146;s as of such date (or, if any Eligible Program Manufacturer does not have a long-term
corporate family rating from Moody&#146;s as of such date, a long-term senior unsecured debt rating of at least &#147;Ba1&#148; from Moody&#146;s as of such date), and (2)&nbsp;so long as any Eligible
<FONT STYLE="white-space:nowrap">Non-Program</FONT> Manufacturer has a <FONT STYLE="white-space:nowrap">long-term</FONT> corporate family rating of &#147;Baa3&#148; or higher from Moody&#146;s as of such date (or, if any Eligible <FONT
STYLE="white-space:nowrap">Non-Program</FONT> Manufacturer does not have a long-term corporate family rating from Moody&#146;s as of such date, a long-term senior unsecured debt rating of at least &#147;Ba1&#148; from Moody&#146;s as of such date)
and no Manufacturer Event of Default has occurred and is continuing with respect to such Eligible <FONT STYLE="white-space:nowrap">Non-Program</FONT> Manufacturer, the aggregate Net Book Value of all
<FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicles leased under the AESOP I Operating Lease manufactured by each such Eligible <FONT STYLE="white-space:nowrap">Non-Program</FONT> Manufacturer that are subject to a Manufacturer Program and
remain eligible for repurchase thereunder as of such date and (b)&nbsp;the denominator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease as of such date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Lowest
Enhancement Rate</U>&#148; means, as of any date of determination, 12.75%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Moody&#146;s Required Enhancement Amount</U>&#148; means, as of any date of determination, the product of (i)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Required Enhancement Percentage as of such date and
(ii)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Invested Amount as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Required Enhancement Percentage</U>&#148; means, as of any date of determination, the sum of (i)&nbsp;the product of (A)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Moody&#146;s Lowest Enhancement Rate as of such date and (B)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Lowest Enhanced Vehicle Percentage as of such date, (ii)&nbsp;the product of (A)&nbsp;the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Intermediate Enhancement Rate as of such date and (B)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Intermediate Enhanced Vehicle Percentage as of such date, and
(iii)&nbsp;the product of (A)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Highest Enhancement Rate as of such date and (B)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Highest Enhanced
Vehicle Percentage as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner</U>&#148; means each
beneficial owner of a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholder</U>&#148; means any Class&nbsp;A Noteholder, any Class&nbsp;B Noteholder, any Class&nbsp;C Noteholder, any Class&nbsp;R Noteholder or, if the Class&nbsp;D Notes have been issued, any
Class&nbsp;D Noteholder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes</U>&#148; means, collectively, the
Class&nbsp;A Notes, the Class&nbsp;B Notes, the Class&nbsp;C Notes, the Class&nbsp;D Notes (if issued), and the Class&nbsp;R Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Overcollateralization Amount</U>&#148; means the excess, if any, of
(x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease Loan Agreement Borrowing Base as of such date over (y)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Invested Amount as of such date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Past Due Rent Payment</U>&#148; is defined in Section&nbsp;2.2(g). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Percentage</U>&#148; means, as of any date of determination, a fraction,
expressed as a percentage, the numerator of which is the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Invested Amount as of such date and the denominator of which is the Aggregate Invested Amount as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Principal Allocation</U>&#148; is defined in Section&nbsp;2.2(a)(ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period</U>&#148; 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes and ending upon the earliest to occur of
(i)&nbsp;the date on which the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes are fully paid, (ii)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date and (iii)&nbsp;the termination of the Indenture.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reimbursement
Agreement</U>&#148; means any and each agreement providing for the reimbursement of a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider for draws under its Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of
Credit as the same may be amended, supplemented, restated or otherwise modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Repurchase Amount</U>&#148; is defined in Section&nbsp;5.1(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Required AESOP I Operating Lease Vehicle Amount</U>&#148; means, as of any date of determination, the sum of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Invested Amount and the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Required Overcollateralization Amount as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Required Enhancement Amount</U>&#148; means, as of any date of determination, the sum of (i)&nbsp;the greater of (A)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Moody&#146;s Required
Enhancement Amount as of such date and (B)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> DBRS Required Enhancement Amount as of such date, (ii)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease
Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the <FONT STYLE="white-space:nowrap">Non-Program</FONT> Vehicle Amount as of such date over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum <FONT
STYLE="white-space:nowrap">Non-Program</FONT> Vehicle Amount as of such date, (iii)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Mitsubishi Amount as of such date, (iv)&nbsp;the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Isuzu or Subaru,
individually, and leased under the Leases as of such date over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Individual Isuzu/Subaru Amount as of such date, (v)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> AESOP
I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Hyundai and leased under the Leases as of such date over the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Maximum Hyundai Amount as of such date, (vi)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the
excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Kia and leased under the Leases as of such date over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Kia Amount as of such date, (vii)&nbsp;the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Suzuki and leased under the
Leases as of such date over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Suzuki Amount as of such date, (viii)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Specified States Amount as of such date, (ix)&nbsp;the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the <FONT STYLE="white-space:nowrap">Non-Eligible</FONT> Manufacturer Amount as of such date
over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum <FONT STYLE="white-space:nowrap">Non-Eligible</FONT> Manufacturer Amount as of such date and (x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating
Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the Net Book Value of all Vehicles leased under the Leases as of such date that were used vehicles at the time of acquisition over the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Maximum Used Vehicle Amount as of such date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Liquidity
Amount</U>&#148; means, as of any date of determination, an amount equal to the product of 2.00% and the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Invested Amount as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Overcollateralization Amount</U>&#148; means, as of any date of
determination, the excess, if any, of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Enhancement Amount over the sum of (i)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Amount as of such date,
(ii)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available Reserve Account Amount on such date and (iii)&nbsp;the amount of cash and Permitted Investments on deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Collection Account (not including amounts allocable to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account) and the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account on such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Reserve Account Amount</U>&#148; means, for any date of determination,
an amount equal to the greater of (a)&nbsp;the excess, if any, of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Liquidity Amount as of such date over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit
Liquidity Amount as of such date and (b)&nbsp;the excess, if any, of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Enhancement Amount as of such date over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement
Amount (excluding therefrom the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available Reserve Account Amount and calculated after giving effect to any payments of principal to be made on the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Notes) as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Reserve Account</U>&#148; is defined in Section&nbsp;2.7(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve
Account Collateral</U>&#148; is defined in Section&nbsp;2.7(d). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve
Account Surplus</U>&#148; means, with respect to any Distribution Date, the excess, if any, of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available Reserve Account Amount over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Required Reserve Account Amount on such Distribution Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Revolving
Period</U>&#148; means the period from and including the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date to the earlier of (i)&nbsp;the commencement of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled
Amortization Period and (ii)&nbsp;the commencement of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Invested Amount</U>&#148; means, on any date, the sum of the
Class&nbsp;A Invested Amount on such date, the Class&nbsp;B Invested Amount on such date and the Class&nbsp;C Invested Amount on such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Monthly Interest</U>&#148; means, with respect to any Distribution Date,
the sum of the Class&nbsp;A Monthly Interest, the Class&nbsp;B Monthly Interest and the Class&nbsp;C Monthly Interest, in each case with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period ended on the day preceding
such Distribution Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Notes</U>&#148; means, collectively, the
Class&nbsp;A Notes, the Class&nbsp;B Notes and the Class&nbsp;C Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Shortfall</U>&#148; means, on any Distribution Date, the sum of the Class&nbsp;A Shortfall, the Class&nbsp;B Shortfall and the Class&nbsp;C Shortfall on such Distribution Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Termination Date</U>&#148; means the August 2026 Distribution Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Trustee&#146;s Fees</U>&#148;
means, for any Distribution Date during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period on which there exists a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Interest Payment Deficit, a portion of
the fees payable to the Trustee in an amount equal to the product of (i)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Percentage as of the beginning of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period
ending on the day preceding such Distribution Date and (ii)&nbsp;the fees owing to the Trustee under the Base Indenture; <U>provided</U>, <U>however</U>, that the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Trustee&#146;s Fees in the
aggregate for all Distribution Dates shall not exceed 1.1% of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required AESOP I Operating Lease Vehicle Amount as of the last day of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Revolving Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Supplement</U>&#148; is defined in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Temporary Global Class</U><U></U><U>&nbsp;A Note</U>&#148; is defined in Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Temporary Global Class</U><U></U><U>&nbsp;B Note</U>&#148; is defined in Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Temporary Global Class</U><U></U><U>&nbsp;C Note</U>&#148; is defined in Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Temporary Global Class</U><U></U><U>&nbsp;R Note</U>&#148; is defined in Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Temporary Global Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes</U>&#148; is defined in Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Date Disbursement</U>&#148; means an amount drawn under a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of
Credit pursuant to a Certificate of Termination Date Demand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Disbursement</U>&#148; means an amount drawn under a
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit pursuant to a Certificate of Termination Demand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Trustee</U>&#148; is defined in the recitals hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unpaid Demand Note Disbursement</U>&#148; means an amount drawn under a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter
of Credit pursuant to a Certificate of Unpaid Demand Note Demand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Risk Retention Rules</U>&#148; means the federal
interagency credit risk retention rules, codified at 17 C.F.R. Part 246. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Treasury Rate</U>&#148; means, with respect to any
Remaining Distribution Amount, a rate determined one Business Day prior to the Optional Repurchase Distribution Date that is equal to the U.S. Treasury rate on such date (determined by reference to Bloomberg Financial Markets Commodities News) with
a maturity equal to the period from such Optional Repurchase Distribution Date to the Applicable Distribution Date with respect to such Remaining Distribution Amount (or, if such maturity is unavailable, such rate shall be determined by linear
interpolation using the U.S. Treasury rates with the two closest maturities to such period). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Any amounts calculated by reference to
the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Invested Amount (or any component thereof) on any date shall, unless otherwise stated, be calculated after giving effect to any payment of principal made to the applicable Class&nbsp;A
Noteholders, applicable Class&nbsp;B Noteholders, applicable Class&nbsp;C Noteholders and applicable Class&nbsp;R Noteholders on such date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> ALLOCATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes, the following shall apply: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1. <U>Establishment of Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account, Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account and Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) All Collections allocable to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes shall be allocated to the Collection Account.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Trustee will create three administrative subaccounts within the Collection Account for the benefit of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Noteholders: the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account (such <FONT STYLE="white-space:nowrap">sub-account,</FONT> the &#147;<U>Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account</U>&#148;), the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account (such <FONT STYLE="white-space:nowrap">sub-account,</FONT> the &#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account</U>&#148;) and the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account (such <FONT STYLE="white-space:nowrap">sub-account,</FONT> the &#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.2. <U>Allocations with Respect to the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Notes</U>. The net proceeds from the initial sale of the Class&nbsp;A Notes, Class&nbsp;B Notes, Class&nbsp;C Notes and Class&nbsp;R Notes will be deposited into the Collection Account on the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Closing Date and the net proceeds from any issuance of Class&nbsp;D Notes and Additional Class&nbsp;R Notes shall be deposited into the Collection Account on the Additional Notes Closing Date. On each
Business Day on which Collections are deposited into the Collection Account (each such date, a &#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Deposit Date</U>&#148;), 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Allocations of Collections During the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Revolving Period</U>. During the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Revolving 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 each Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Deposit Date, all amounts deposited into the Collection Account as set forth below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) allocate to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account an amount equal to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Invested Percentage (as of such day) of the aggregate amount of Interest Collections on such day. All such amounts allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account
shall be further allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)
allocate to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account an amount equal to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Invested Percentage (as of such day) of the aggregate amount of Principal
Collections on such day (for any such day, the &#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Principal Allocation</U>&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Allocations of Collections During the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period</U>. With respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period, the Administrator will direct the Trustee in writing
pursuant to the Administration Agreement to allocate, prior to 11:00 a.m. (New York City time) on any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Deposit Date, all amounts deposited into the Collection Account as set forth below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) allocate to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account an amount determined as set forth
in Section&nbsp;2.2(a)(i) above for such day, which amount shall be further allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) allocate to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account an amount equal to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Principal Allocation for such day, which amount shall be used to make principal payments in respect of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes in accordance with Section&nbsp;2.5, (A)
first, in respect of the Class&nbsp;A Notes in an amount equal to the Class&nbsp;A Controlled Distribution Amount, (B)&nbsp;second, in respect of the Class&nbsp;B Notes in an amount equal to the Class&nbsp;B Controlled Distribution Amount,
(C)&nbsp;third, in respect of the Class&nbsp;C Notes in an amount equal to the Class&nbsp;C Controlled Distribution Amount and (D)&nbsp;fourth, in respect of the Class&nbsp;R Notes in an amount equal to the Class&nbsp;R Controlled Amortization
Amount, in each case with respect to the Related Month; <U>provided</U>, <U>however</U>, that if the Monthly Total Principal Allocation exceeds the sum of the Class&nbsp;A Controlled Distribution Amount, the Class&nbsp;B Controlled Distribution
Amount, the Class&nbsp;C Controlled Distribution Amount and the Class&nbsp;R Controlled Amortization Amount, in each case with respect to the Related Month, then the amount of such excess shall be allocated to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Allocations of Collections During the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period</U>. With respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period, other than after the occurrence of an Event of Bankruptcy with respect to
ABCR, any other Lessee or any Permitted Sublessee, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate, prior to 11:00 a.m. (New&nbsp;York City time) on any Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Deposit Date, all amounts deposited into the Collection Account as set forth below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) allocate to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account an amount determined as set forth
in Section&nbsp;2.2(a)(i) above for such day, which amount shall be further allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) allocate to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account an amount equal to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Principal Allocation for such day, which amount shall be used in accordance with Section&nbsp;2.5 to make principal payments in respect of the Class&nbsp;A Notes until the Class&nbsp;A Notes have been paid in
full, and after the Class&nbsp;A Notes have been paid in full shall be used to make principal payments in respect of the Class&nbsp;B Notes until the Class&nbsp;B Notes have been paid in full, and after the Class&nbsp;A Notes and Class&nbsp;B Notes
have been paid in full shall be used to make principal payments in respect of the Class&nbsp;C Notes until the Class&nbsp;C Notes have been paid in full, and after the Class&nbsp;A Notes, the Class&nbsp;B Notes and the Class&nbsp;C Notes have been
paid in full (including interest thereon) shall be used to make principal payments in respect of the Class&nbsp;R Notes until the Class&nbsp;R Notes have been paid in full; <U>provided</U>, <U>however</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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes and other amounts available pursuant to Section&nbsp;2.3 to pay
the sum of (x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Monthly Interest for the next </P>
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succeeding Distribution Date and (y)&nbsp;any unpaid Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Shortfall on such Distribution Date (together with interest on such Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Shortfall) will be less than the sum of (I)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Monthly Interest for such Distribution Date and (II)&nbsp;such Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Shortfall (together with interest thereon) and (B)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes during the Related Month equal to the lesser of such insufficiency and the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Enhancement Amount to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account to be treated as Interest Collections on such Distribution Date; <U>provided</U> <U>further</U>,
<U>however</U>, that if on any Determination Date the Administrator determines that, after giving effect the preceding proviso, the amount anticipated to be available from Interest Collections allocable to the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Notes and other amounts available pursuant to <U>Section</U><U></U><U>&nbsp;2.3</U> to pay the sum of (x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Monthly Interest for the
next succeeding Distribution Date and (y)&nbsp;any unpaid Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Shortfall on such Distribution Date (together with interest on such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Shortfall) will
be less than the sum of (I)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Monthly Interest for such Distribution Date and (II)&nbsp;such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Shortfall (together with interest
thereon), then the Administrator shall direct the Trustee in writing to reallocate a portion of the Principal Collections allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes during the Related Month equal to the lesser of
(1)&nbsp;the amount of such Principal Collections that is anticipated to remain after the payment of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Invested Amount in full, and (2)&nbsp;any such interest due and owing in respect of
the Class&nbsp;A Notes, the Class&nbsp;B Notes or the Class&nbsp;C Notes to the <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account to be treated as Interest Collections on such Distribution Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Allocations of Collections after the Occurrence of an Event of Bankruptcy</U>. After the occurrence of an Event of Bankruptcy with
respect to ABCR, any other Lessee or any Permitted Sublessee, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate, prior to 11:00 a.m. (New&nbsp;York City time) on any Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Deposit Date, all amounts attributable to the AESOP I Operating Lease Loan Agreement deposited into the Collection Account as set forth below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) allocate to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account an amount equal to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease Vehicle Percentage as of the date of the occurrence of such Event of Bankruptcy of the aggregate amount of Interest Collections made under the AESOP I Operating Lease Loan Agreement
for such day. All such amounts allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account shall be further allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) allocate to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account an amount equal to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> AESOP I Operating Lease Vehicle Percentage as of the date of the occurrence of such Event of Bankruptcy of the aggregate amount of Principal Collections made under the AESOP I Operating Lease Loan Agreement,
which amount shall be used in accordance with <U>Section</U><U></U><U>&nbsp;2.5</U>, to make principal payments in respect of the Class&nbsp;A Notes until the Class&nbsp;A Notes have been paid in full, and after the Class&nbsp;A Notes have been paid
in full shall be used to make principal payments in respect of the Class&nbsp;B Notes until the Class&nbsp;B Notes have been paid in full, and after the Class&nbsp;A Notes and the Class&nbsp;B Notes have been paid in full shall be used to make
principal payments in respect of the Class&nbsp;C </P>
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Notes until the Class&nbsp;C Notes have been paid in full and after the Class&nbsp;A Notes, the Class&nbsp;B Notes and the Class&nbsp;C Notes have been paid in full (including interest thereon),
shall be used to make principal payments in respect of the Class&nbsp;R Notes until the Class&nbsp;R Notes have been paid in full; <U>provided</U>, <U>however</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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes and other amounts available pursuant to <U>Section</U><U></U><U>&nbsp;2.3</U> to pay the sum of (x)&nbsp;the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Monthly Interest for the next succeeding Distribution Date and (y)&nbsp;any unpaid Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Shortfall on such Distribution Date (together with
interest on such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Shortfall) will be less than the sum of (I)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Monthly Interest for such Distribution Date and (II)&nbsp;such
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Shortfall (together with interest thereon) and (B)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes during the Related Month equal to the lesser of such insufficiency and the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Enhancement Amount to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account to be treated as Interest Collections on such Distribution Date; <U>provided</U> <U>further</U>,
<U>however</U>, that if on any Determination Date the Administrator determines that, after giving effect the preceding proviso, the amount anticipated to be available from Interest Collections allocable to the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Notes and other amounts available pursuant to <U>Section</U><U></U><U>&nbsp;2.3</U> to pay the sum of (x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Monthly Interest for the
next succeeding Distribution Date and (y)&nbsp;any unpaid Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Shortfall on such Distribution (together with interest in such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Shortfall), will be
less than the sum of (I)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Monthly Interest for such Distribution Date and (II)&nbsp;such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Shortfall (together with interest
thereon), then the Administrator shall direct the Trustee in writing to reallocate any portion of the Principal Collections allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes during the Related Month equal to the lesser of
(1)&nbsp;the amount of such Principal Collections that is anticipated to remain after the payment of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Invested Amount in full, and (2)&nbsp;any such interest due and owing in respect of
the Class&nbsp;A Notes, the Class&nbsp;B Notes or the Class&nbsp;C Notes to the <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account to be treated as Interest Collections on such Distribution Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account</U>. Amounts allocated to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account on any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Deposit Date will be (w)&nbsp;first, deposited in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve
Account in an amount up to the excess, if any, of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Reserve Account Amount for such date over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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&#146;s Share with
respect to the AESOP I Operating Lease Loan Agreement as of such date and (B) 100% <U>minus</U> the Loan Payment Allocation Percentage with respect to the AESOP I Operating Lease Loan Agreement as of such date and (C)&nbsp;the amount of any
remaining funds and (z)&nbsp;fourth, paid to ABRCF for any use permitted by the Related Documents including to make Loans under the Loan Agreements to the extent the Borrowers have requested Loans thereunder and Eligible Vehicles are available for
financing thereunder; <U>provided</U>, <U>however</U>, that in the case of clauses (x), (y) and (z), that no Amortization Event, Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Deficiency or AESOP I Operating Lease Vehicle
Deficiency would result therefrom or exist immediately thereafter. Upon the occurrence of an Amortization Event and once a Trust Officer has actual knowledge of the Amortization Event, funds on deposit in the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account will be withdrawn by the Trustee, deposited in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account and allocated as Principal Collections to reduce the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Invested Amount on the immediately succeeding Distribution Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Allocations From Other Series</U>. Amounts allocated to other Series of Notes that
have been reallocated by ABRCF to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes (i)&nbsp;during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Revolving Period shall be allocated to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account and applied in accordance with Section&nbsp;2.2(e) and (ii)&nbsp;during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period or the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period shall be allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Payment Deficit (a &#147;<U>Past Due Rent Payment</U>&#148;), the Administrator
shall direct the Trustee in writing pursuant to the Administration Agreement to allocate to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account an amount equal to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Invested Percentage as of the date of the occurrence of such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Payment Deficit of the Collections attributable to such Past Due Rent Payment (the &#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Past Due Rent Payment</U>&#148;). The Administrator shall instruct the Trustee in writing pursuant to the Administration Agreement to withdraw from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Collection Account and apply the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Past Due Rent Payment in the following order: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) if the occurrence of such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Payment Deficit resulted in one or
more Lease Deficit Disbursements being made under the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit, pay to each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider who made such a Lease Deficit
Disbursement for application in accordance with the provisions of the applicable Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reimbursement Agreement an amount equal to the lesser of (x)&nbsp;the unreimbursed amount of such Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider&#146;s Lease Deficit Disbursement and (y)&nbsp;such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider&#146;s Pro Rata Share of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Past Due Rent Payment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) if the occurrence of such Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Lease Payment Deficit resulted in a withdrawal being made from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account, deposit in the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account an amount equal to the lesser of (x)&nbsp;the amount of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Past Due Rent Payment remaining after any payment pursuant to
clause (i)&nbsp;above and (y)&nbsp;the amount withdrawn from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account on account of such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Payment Deficit; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) if the occurrence of such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Payment Deficit resulted in a
withdrawal being made from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account pursuant to Section&nbsp;2.3(d), deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account an amount equal to the lesser
of (x)&nbsp;the amount of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Past Due Rent Payment remaining after any payments pursuant to clauses (i)&nbsp;and (ii) above and (y)&nbsp;the excess, if any, of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Required Reserve Account Amount over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available Reserve Account Amount on such day; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) allocate to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Accrued Interest Account the amount, if any, by which the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Interest Payment Deficit, if any, relating to such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Payment Deficit
exceeds the amount of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Past Due Rent Payment applied pursuant to clauses (i), (ii) and (iii)&nbsp;above; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) treat the remaining amount of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Past Due Rent Payment as Principal
Collections allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes in accordance with Section&nbsp;2.2(a)(ii) or 2.2(b)(ii), as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.3. <U>Payments to Noteholders</U>. 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 Interest Collections processed since the preceding Distribution Date and allocated to the holders of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Note Interest with Respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes</U>. 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
<FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account to the extent funds are anticipated to be available from Interest Collections allocable to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes processed from but not
including the preceding Distribution Date through the succeeding Distribution Date in respect of (i)&nbsp;an amount equal to the Class&nbsp;A Monthly Interest for the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period ending on
the day preceding the related Distribution Date, (ii)&nbsp;an amount equal to the amount of any unpaid Class&nbsp;A Shortfall as of the preceding Distribution Date (together with any accrued interest on such Class&nbsp;A Shortfall), (iii) an amount
equal to the Class&nbsp;B Monthly Interest for the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period ending on the day preceding the related Distribution Date, (iv)&nbsp;an amount equal to the amount of any unpaid Class&nbsp;B
Shortfall as of the preceding Distribution Date (together with any accrued interest on such Class&nbsp;B Shortfall), (v) an amount equal to the Class&nbsp;C Monthly Interest for the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest
Period ending on the day preceding the related Distribution Date, (vi)&nbsp;an amount equal to the amount of any unpaid Class&nbsp;C Shortfall as of the preceding Distribution Date (together with any accrued interest on such Class&nbsp;C Shortfall),
(vii) an amount equal to the Class&nbsp;R Monthly Interest for the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period ending on the day preceding the related Distribution Date and (viii)&nbsp;an amount equal to the amount of any
unpaid Class&nbsp;R Shortfall as of the preceding Distribution Date (together with any accrued interest on such Class&nbsp;R Shortfall). 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account and deposit such amounts in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Lease Payment Deficit Notice</U>. On or before 3:00 p.m. (New York City time) on the Business Day immediately preceding each
Distribution Date, the Administrator shall notify the Trustee of the amount of any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Payment Deficit, such notification to be in the form of <U>Exhibit G</U> (each a &#147;<U>Lease Payment
Deficit Notice</U>&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Draws on Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit For
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Interest Payment Deficits</U>. If the Administrator determines on the Business Day immediately preceding any Distribution Date that on such Distribution Date there will exist a Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Lease Interest Payment Deficit, the Administrator shall, on or prior to 3:00 p.m. (New York City time) on such Business Day, instruct the Trustee in writing to draw on the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit, if any, and, the Trustee shall, by 5:00 p.m. (New York City time) on such Business Day draw an amount as set forth in such notice equal to the least of (i)&nbsp;such Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Lease Interest Payment Deficit, (ii)&nbsp;the excess, if any, of the sum of (A)&nbsp;the amounts described in clauses (i)&nbsp;through (vi) of Section&nbsp;2.3(a) above for such Distribution Date and
(B)&nbsp;during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Trustee&#146;s Fees for such Distribution Date, over the amounts available from the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account and (iii)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Liquidity Amount on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters
of Credit by presenting to each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account on such date; <U>provided</U>, <U>however</U>, that if the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account and deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account an amount equal to the lesser of (x)&nbsp;the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Percentage on such date of the least of the amounts described in clauses (i), (ii) and (iii)&nbsp;above and (y)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Available Cash Collateral Account Amount on such date and draw an amount equal to the remainder of such amount on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Withdrawals from Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account</U>. If the Administrator determines on any
Distribution Date that the amounts available from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account <U>plus</U> the amount, if any, to be drawn under the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters
of Credit and/or withdrawn from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account pursuant to Section&nbsp;2.3(c) are insufficient to pay the sum of (A)&nbsp;the amounts described in clauses (i)&nbsp;through (vi) of
Section&nbsp;2.3(a) above on such Distribution Date and (B)&nbsp;during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Trustee&#146;s Fees for such
Distribution Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account and deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Distribution Account on such Distribution Date an amount equal to the lesser of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available Reserve Account Amount and such insufficiency. The Trustee shall withdraw such amount from the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account and deposit such amount in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) [RESERVED]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)
<U>Balance</U>. 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Accrued Interest Account and the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account,
<U>plus</U> the amount, if any, drawn under the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit and/or withdrawn from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account pursuant to
Section&nbsp;2.3(c) <U>plus</U> the amount, if any, withdrawn from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account pursuant to Section&nbsp;2.3(d) as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) on each Distribution Date during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Revolving Period or the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period, (1)&nbsp;first, to the Administrator, an amount equal to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Percentage as of the beginning of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii)&nbsp;of the definition thereof)
for such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period, (2)&nbsp;second, to the Trustee, an amount equal to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Percentage as of the beginning of such Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Interest Period of the fees owing to the Trustee under the Base Indenture for such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period, (3)&nbsp;third to pay any Carrying Charges (other than
Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Percentage as of the beginning of such Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period and (4)&nbsp;fourth, the balance,
if any, shall be withdrawn by the Paying Agent from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account and deposited in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) on each Distribution Date during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period,
(1)&nbsp;first, to the Trustee, an amount equal to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Percentage as of the beginning of such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period ending on the day preceding
such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period, (2)&nbsp;second, to the Administrator, an amount equal to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Percentage as of the beginning of such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii)&nbsp;of the
definition thereof) payable by ABRCF for such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period, (3)&nbsp;third, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are
owed, an amount equal to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Percentage as of the beginning of such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period of such Carrying Charges (other than Carrying Charges
provided for above) for such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period and (4)&nbsp;fourth, so long as the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Invested Amount is greater than the Monthly Total Principal
Allocations for the Related Month, an amount equal to the excess of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Invested Amount over the Monthly Total Principal Allocations for the Related Month shall be treated as Principal
Collections. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <U>Shortfalls</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) If the amounts described in Section&nbsp;2.3 are insufficient to pay the Class&nbsp;A Monthly Interest on any Distribution
Date, payments of interest to the Class&nbsp;A 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, together with the aggregate
unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the &#147;<U>Class</U><U></U><U>&nbsp;A Shortfall</U>&#148;. Interest shall accrue on the Class&nbsp;A Shortfall at the Class&nbsp;A Note
Rate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) If the amounts described in Section&nbsp;2.3 are insufficient to pay the amounts described in clauses
(i)&nbsp;and (ii) of Section&nbsp;2.3(a) and the Class&nbsp;B Monthly Interest on any Distribution Date, payments of interest to the Class&nbsp;B 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 (which deficiency on any Distribution Date shall not exceed the Class&nbsp;B Monthly Interest for the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period ended
on the day preceding such Distribution Date), together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the &#147;<U>Class</U><U></U><U>&nbsp;B Shortfall</U>&#148;.
Interest shall accrue on the Class&nbsp;B Shortfall at the Class&nbsp;B Note Rate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) If the amounts described in Section&nbsp;2.3 are insufficient to pay
the amounts described in clauses (i)&nbsp;through (iv) of Section&nbsp;2.3(a) and the Class&nbsp;C Monthly Interest on any Distribution Date, payments of interest to the Class&nbsp;C 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 (which deficiency on any Distribution Date shall not exceed the Class&nbsp;C Monthly Interest for the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period ended on the day preceding such Distribution Date), together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to
as the &#147;<U>Class</U><U></U><U>&nbsp;C Shortfall</U>&#148;. Interest shall accrue on the Class&nbsp;C Shortfall at the Class&nbsp;C Note Rate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) If the amounts described in Section&nbsp;2.3 are insufficient to pay the amounts described in clauses (i)&nbsp;through
(vi) of Section&nbsp;2.3(a) and the Class&nbsp;R Monthly Interest on any Distribution Date, payments of interest to the Class&nbsp;R 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 (which deficiency on any Distribution Date shall not exceed the Class&nbsp;R Monthly Interest for the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Interest Period ended on the day
preceding such Distribution Date), together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the &#147;<U>Class</U><U></U><U>&nbsp;R Shortfall</U>&#148;. Interest shall
accrue on the Class&nbsp;R Shortfall at the Class&nbsp;R Note Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.4. <U>Payment of Note Interest</U>. (a)&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 the following amounts in the following order of priority from amounts deposited into the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account pursuant to Section&nbsp;2.3: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>first</U>,
to the Class&nbsp;A Noteholders, the amounts due to the Class&nbsp;A Noteholders described in Sections 2.3(a)(i) and (ii); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) <U>second</U>, to the Class&nbsp;B Noteholders, the amounts due to the Class&nbsp;B Noteholders described in Sections
2.3(a)(iii) and (iv); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) <U>third</U>, to the Class&nbsp;C Noteholders, the amounts due to the Class&nbsp;C Noteholders
described in Sections 2.3(a)(v) and (vi); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) <U>fourth</U>, to the Class&nbsp;R Noteholders, the amounts due to the
Class&nbsp;R Noteholders described in Sections 2.3(a)(vii) and (viii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.5. <U>Payment of Note Principal</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Monthly Payments During Controlled Amortization Period or Rapid Amortization Period</U>. On each Determination Date, commencing on the
second Determination Date during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period or the first Determination Date after the commencement of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid
Amortization Period, the Administrator shall </P>
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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 (1)&nbsp;the amount allocated to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Notes during the Related Month pursuant to Section&nbsp;2.2(b)(ii), (c)(ii) or (d)(ii), as the case may be, (2)&nbsp;any amounts to be drawn on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand
Notes and/or on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit (or withdrawn from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account) pursuant to this Section&nbsp;2.5 and (3)&nbsp;any
amounts to be withdrawn from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account pursuant to this Section&nbsp;2.5 and deposited into the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account. On the
Distribution Date following each such Determination Date, the Trustee shall withdraw the amount allocated to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes during the Related Month pursuant to Section&nbsp;2.2(b)(ii), (c)(ii) or
(d)(ii), as the case may be, from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account and deposit such amount in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account, to be paid to the holders of
the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Principal Draws on Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit</U>. If the Administrator determines on the Business Day immediately preceding any Distribution Date during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization
Period that on such Distribution Date there will exist a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Principal Payment Deficit, the Administrator shall instruct the Trustee in writing to draw on the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit, if any, as provided below. Upon receipt of a notice by the Trustee from the Administrator in respect of a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Principal Payment
Deficit on or prior to 3:00 p.m. (New York City time) on the Business Day immediately preceding a Distribution Date, the Trustee shall, by 5:00 p.m. (New York City time) on such Business Day draw an amount as set forth in such notice equal to the
least of (i)&nbsp;such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Lease Principal Payment Deficit, (ii)&nbsp;the Principal Deficit Amount for such Distribution Date and (iii)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Letter of Credit Liquidity Amount on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit by presenting to each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account on such date; <U>provided</U>, <U>however</U>, that if the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account and deposit in the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Distribution Account an amount equal to the lesser of (x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Percentage for such date of the lesser of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Lease Principal Payment Deficit and the Principal Deficit Amount for such Distribution Date and (y)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available Cash Collateral Account Amount on
such date and draw an amount equal to the remainder of such amount on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit. Notwithstanding any of the preceding to the contrary, during the period after the date of the filing
by any of the Lessees of a petition for relief under Chapter 11 of the Bankruptcy Code until the date on which each of the Lessees shall have resumed making all payments of the portion of Monthly Base Rent relating to Loan Interest required to be
made under the AESOP I Operating Lease, the Administrator shall only instruct the Trustee to draw on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit (or withdraw from the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account, if applicable) pursuant to this Section&nbsp;2.5(b), and the Trustee shall only draw (or withdraw), an amount equal to the lesser of (i)&nbsp;the amount determined as provided
in the preceding sentence and (ii)&nbsp;the excess, if any, of (x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Liquidity Amount on such date over (y)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required
Liquidity Amount on such date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Final Distribution Date</U>. Each of the entire Class&nbsp;A Invested Amount, the
entire Class&nbsp;B Invested Amount, the entire Class&nbsp;C Invested Amount and the entire Class&nbsp;R Invested Amount shall be due and payable on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date. In connection
therewith: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Demand Note Draw</U>. If the amount to be deposited in the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> 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) on the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date is less than the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Invested Amount and there are any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of
Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date, the Administrator shall instruct the Trustee in writing to
make a demand (a &#147;<U>Demand Notice</U>&#148;) substantially in the form attached hereto as <U>Exhibit H</U> on the Demand Note Issuers for payment under the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes in an amount equal
to the lesser of (i)&nbsp;such insufficiency and (ii)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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
(a)&nbsp;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 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes to be deposited into the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution
Account. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) <U>Letter of Credit Draw</U>. In the event that either (x)&nbsp;on or prior to 10:00 a.m. (New York City
time) on the Business Day immediately preceding the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date a Demand Notice has been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i)&nbsp;of this
Section&nbsp;2.5(c) and any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 (a)&nbsp;of the definition thereof, without the lapse of a period of sixty (60)&nbsp;consecutive days) with respect to one or more of the
Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second Business Day preceding the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date, then, in the case of
(x)&nbsp;or (y) the Trustee shall draw on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 so failed to pay under the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (b)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Letter of Credit Amount on such Business Day by presenting to each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider a draft accompanied by a Certificate of Unpaid Demand Note Demand; <U>provided</U>, <U>however</U>,
that if the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account and deposit
in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account an amount equal to the lesser of (x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Percentage on such Business Day of the amount that
the Demand Note Issuers so failed to pay under the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (y)&nbsp;the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the amount that the Demand Note Issuers failed to pay under the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit. The Trustee shall deposit, or cause the
deposit of, the proceeds of any draw on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit and the proceeds of any withdrawal from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account to be
deposited in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) <U>Reserve Account Withdrawal</U>. If, after giving effect to the
deposit into the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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) of this Section&nbsp;2.5(c), the
amount to be deposited in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date is or will be less than the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Senior Invested Amount, then, prior to 12:00 noon (New York City time) on the second Business Day prior to such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date, the Administrator
shall instruct the Trustee in writing to withdraw from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account, an amount equal to the lesser of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Available Reserve Account
Amount and such remaining insufficiency and deposit it in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account on such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Principal Deficit Amount</U>. On each Distribution Date, other than the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final
Distribution Date, on which the Principal Deficit Amount is greater than zero, amounts shall be transferred to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Demand Note Draw</U>. 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day
prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A)&nbsp;the Principal Deficit Amount and
(B)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the
Demand Note Issuers; <U>provided</U>, <U>however</U>, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a)&nbsp;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 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 <FONT
STYLE="white-space:nowrap">2020-1</FONT> Demand Note to be deposited into the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) <U>Letter of Credit Draw</U>. In the event that either (x)&nbsp;on or prior to 10:00 a.m. (New York City time) on the
Business Day prior to such Distribution Date, any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 (a)&nbsp;of the definition thereof, without the lapse of a period of sixty (60)&nbsp;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) the Trustee shall on such Business Day draw
on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit an amount equal to the lesser of (i)&nbsp;Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Amount and (ii)&nbsp;the aggregate amount that the Demand
</P>
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Note Issuers failed to pay under the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) by presenting to
each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider a draft accompanied by a Certificate of Unpaid Demand Note Demand; <U>provided</U>, <U>however</U>, that if the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account and deposit in the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Distribution Account an amount equal to the lesser of (x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Percentage on such Business Day of the aggregate amount that the Demand
Note Issuers so failed to pay under the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (y)&nbsp;the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT
STYLE="white-space:nowrap">2020-1</FONT> Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit. The Trustee shall deposit into, or cause
the deposit of, the proceeds of any draw on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit and the proceeds of any withdrawal from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account to be
deposited in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) <U>Reserve Account
Withdrawal</U>. If the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account, an amount equal to the lesser of (x)&nbsp;the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Available Reserve Account Amount and (y)&nbsp;the amount by which the Principal Deficit Amount exceeds the amounts to be deposited in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution
Account in accordance with clauses (i)&nbsp;and (ii) of this Section&nbsp;2.5(d) and deposit it in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account on such Distribution Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Distributions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Class A Notes</U>. On each Distribution Date occurring on or after the date a withdrawal is made from the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Collection Account pursuant to Section&nbsp;2.5(a) or amounts are deposited in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account pursuant to Section&nbsp;2.5(b), (c) or
(d)&nbsp;the Paying Agent shall, in accordance with Section&nbsp;6.1 of the Base Indenture, pay <U>pro</U> <U>rata</U> to each Class&nbsp;A Noteholder from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account the amount
deposited therein pursuant to Section&nbsp;2.5(a), (b), (c) or (d), to the extent necessary to pay the Class&nbsp;A Controlled Distribution Amount during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period or to
the extent necessary to pay the Class&nbsp;A Invested Amount during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) <U>Class B Notes</U>. On each Distribution Date occurring on or after the date a withdrawal is made from the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Collection Account pursuant to Section&nbsp;2.5(a) or amounts are deposited in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account pursuant to Section&nbsp;2.5(b), (c) or
(d)&nbsp;the Paying Agent shall, in accordance with Section&nbsp;6.1 of the Base Indenture, pay <U>pro</U> <U>rata</U> to each Class&nbsp;B Noteholder from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account the amount
deposited therein pursuant to Section&nbsp;2.5(a), (b), (c) or (d)&nbsp;less the aggregate amount applied to make the payments required pursuant to Section&nbsp;2.5(e)(i), to the extent necessary to pay the Class&nbsp;B Controlled Distribution
Amount during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period or to the extent necessary to pay the Class&nbsp;B Invested Amount during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid
Amortization Period. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) <U>Class C Notes</U>. On each Distribution Date occurring on or after
the date a withdrawal is made from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account pursuant to Section&nbsp;2.5(a) or amounts are deposited in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution
Account pursuant to Section&nbsp;2.5(b), (c) or (d)&nbsp;the Paying Agent shall, in accordance with Section&nbsp;6.1 of the Base Indenture, pay <U>pro</U> <U>rata</U> to each Class&nbsp;C Noteholder from the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account the amount deposited therein pursuant to Section&nbsp;2.5(a), (b), (c) or (d)&nbsp;less the aggregate amount applied to make the payments required pursuant to Section&nbsp;2.5(e)(i)
and Section&nbsp;2.5(e)(ii), to the extent necessary to pay the Class&nbsp;C Controlled Distribution Amount during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period or to the extent necessary to pay the
Class&nbsp;C Invested Amount during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) <U>Class R Notes</U>. On each Distribution Date occurring on or after the date a withdrawal is made from the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Collection Account pursuant to Section&nbsp;2.5(a) the Paying Agent shall, in accordance with Section&nbsp;6.1 of the Base Indenture, pay <U>pro</U> <U>rata</U> to each Class&nbsp;R Noteholder from the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account the amount deposited therein pursuant to Section&nbsp;2.5(a) less the aggregate amount applied to make the payments required pursuant to Section&nbsp;2.5(e)(i),
Section&nbsp;2.5(e)(ii) and Section&nbsp;2.5(e)(iii), to the extent necessary to pay the Class&nbsp;R Controlled Amortization Amount during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period or to the extent
necessary to pay the Class&nbsp;R Invested Amount during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.6. <U>Administrator</U><U>&#146;</U><U>s Failure to Instruct the Trustee to Make a Deposit or Payment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) If the Administrator fails to give notice or instructions to make any payment from or deposit into the Collection Account required to be
given by the Administrator, at the time specified in the Administration Agreement or any other Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account without such
notice or instruction from the Administrator; provided, however, that the Administrator, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit. When any
payment or deposit hereunder or under any other Related Document is required to be made by the Trustee or the Paying Agent at or prior to a specified time, the Administrator shall deliver any applicable written instructions with respect thereto
reasonably in advance of such specified time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.7. <U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve
Account</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Establishment of Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account</U>. ABRCF shall establish and
maintain in the name of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Agent for the benefit of the Class&nbsp;A Noteholders, the Class&nbsp;B Noteholders and the Class&nbsp;C Noteholders, or cause to be established and maintained, an
account (the &#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account</U>&#148;), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Class&nbsp;A Noteholders, the
Class&nbsp;B Noteholders and the Class&nbsp;C Noteholders. The Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account shall be maintained </P>
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(i) 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account; provided, however, that, if at any time such Qualified Institution is no longer a Qualified Institution or the credit rating of any
securities issued by such depositary institution or trust company shall be reduced to below &#147;BBB (low)&#148; by DBRS, &#147;Baa3&#148; by Moody&#146;s or <FONT STYLE="white-space:nowrap">&#147;BBB-&#148;</FONT> by Fitch, then ABRCF shall,
within thirty (30)&nbsp;days of such reduction, establish a new Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account with a new Qualified Institution. If the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account is
not maintained in accordance with the previous sentence, ABRCF shall establish a new Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account, within ten (10)&nbsp;Business Days after obtaining knowledge of such fact, which complies
with such sentence, and shall instruct the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Agent in writing to transfer all cash and investments from the <FONT STYLE="white-space:nowrap">non-qualifying</FONT> Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Reserve Account into the new Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account. Initially, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account will be established
with The Bank of New York Mellon Trust Company, N.A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Administration of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Reserve Account</U>. The Administrator may instruct the institution maintaining the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account to invest funds on deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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; <U>provided</U> <U>further</U>, that in the case of Permitted Investments held in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account and so long as any Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Note is rated by Fitch (x)&nbsp;any Permitted Investment set forth in clauses (ii), (iii), (vi) and (vii)&nbsp;of the definition thereof will have a rating of
<FONT STYLE="white-space:nowrap">&#147;AA-&#148;</FONT> or &#147;F1+&#148; by Fitch and (y)&nbsp;any Permitted Investment set forth in clause (v)&nbsp;of the definition thereof will either have a rating of &#147;AAAmmf&#148; by Fitch or, if such
fund is not rated by Fitch, the then highest rating from two nationally recognized investment rating agencies (other than Fitch). All such Permitted Investments will be credited to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">Section&nbsp;8-106</FONT> of the New&nbsp;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 ABRCF, take such action as is required to
maintain the Trustee&#146;s security interest in the Permitted Investments credited to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account. ABRCF shall not direct the Trustee to dispose of (or permit the disposal of) any
Permitted Investment prior to the maturity thereof to the extent such disposal would result in a loss of the purchase price of such Permitted Investment. In the absence of written investment instructions hereunder, funds on deposit in the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Reserve Account shall remain uninvested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Earnings from Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Reserve Account</U>. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2020-1 Reserve Account shall be deemed to be on deposit therein and available for
distribution. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account Constitutes
Additional Collateral for Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Notes</U>. In order to secure and provide for the repayment and payment of the ABRCF Obligations with respect to the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Notes, ABRCF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Class&nbsp;A Noteholders, the Class&nbsp;B
Noteholders and the Class&nbsp;C Noteholders, all of ABRCF&#146;s right, title and interest in and to the following (whether now or hereafter existing or acquired): (i) the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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
<FONT STYLE="white-space:nowrap">2020-1</FONT> 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
<FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve 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 &#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Reserve Account Collateral</U>&#148;). The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Reserve Account and in all proceeds thereof, and shall be the only person authorized to originate entitlement orders in respect of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account. The Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account Collateral shall be under the sole dominion and control of the Trustee for the benefit of the Class&nbsp;A Noteholders, the Class&nbsp;B Noteholders and the Class&nbsp;C Noteholders. The
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Agent hereby agrees (i)&nbsp;to act as the securities intermediary (as defined in <FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(14)</FONT> of the New&nbsp;York UCC) with respect to the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account; (ii)&nbsp;that its jurisdiction as securities intermediary is New&nbsp;York; (iii)&nbsp;that each item of property (whether investment property, financial asset, security,
instrument or cash) credited to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account shall be treated as a financial asset (as defined in <FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(9)</FONT> of the New&nbsp;York UCC)
and (iv)&nbsp;to comply with any entitlement order (as defined in <FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(8)</FONT> of the New&nbsp;York UCC) issued by the Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account Surplus</U>. In the event that the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Reserve Account Surplus on any Distribution Date, after giving effect to all withdrawals from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account, is greater than zero, if no Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Enhancement Deficiency or AESOP I Operating Lease Vehicle Deficiency would result therefrom or exist thereafter, the Trustee, acting in accordance with the written instructions of the Administrator pursuant
to the Administration Agreement, shall withdraw from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account an amount equal to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account Surplus and shall pay such
amount to ABRCF. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Termination of Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account</U>. 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
<FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders and payable from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account as provided herein, shall withdraw from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Reserve Account all amounts on deposit therein for payment to ABRCF. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.8. <U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit
and Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit and Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account Constitute Additional Collateral for Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior
Notes</U>. In order to secure and provide for the repayment and payment of the ABRCF Obligations with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Notes, ABRCF hereby grants a security interest in and assigns, pledges,
grants, transfers and sets over to the Trustee, for the benefit of the holders of the Class&nbsp;A Noteholders, the Class&nbsp;B Noteholders and the Class&nbsp;C Noteholders, all of ABRCF&#146;s right, title and interest in and to the following
(whether now or hereafter existing or acquired): (i)&nbsp;each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit; (ii)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account, including any
security entitlement thereto; (iii)&nbsp;all funds on deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account from time to time; (iv)&nbsp;all certificates and instruments, if any, representing or evidencing any
or all of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT
STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account, whether constituting securities, instruments, general intangibles, investment 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 &#147;<U>Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account Collateral</U>&#148;). The Trustee shall, for the benefit of the Class&nbsp;A Noteholders, the Class&nbsp;B Noteholders and the Class&nbsp;C Noteholders, possess all right, title
and interest in all funds on deposit from time to time in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account and in all proceeds thereof, and shall be the only person authorized to originate entitlement orders in
respect of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account. The Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account shall be under the sole dominion and control of the Trustee for the
benefit of the Class&nbsp;A Noteholders, the Class&nbsp;B Noteholders and the Class&nbsp;C Noteholders. The Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Agent hereby agrees (i)&nbsp;to act as the securities intermediary (as defined in <FONT
STYLE="white-space:nowrap">Section&nbsp;8-102(a)(14)</FONT> of the New&nbsp;York UCC) with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account; (ii)&nbsp;that its jurisdiction as a securities intermediary is
New York, (iii)&nbsp;that each item of property (whether investment property, financial asset, security, instrument or cash) credited to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account shall be treated as a
financial asset (as defined in <FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(9)</FONT> of the New&nbsp;York UCC) and (iv)&nbsp;to comply with any entitlement order (as defined in
<FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(8)</FONT> of the New&nbsp;York UCC) issued by the Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Expiration Date</U>. If prior to the date which is ten (10)&nbsp;days prior to the <FONT STYLE="white-space:nowrap">then-scheduled</FONT> Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Letter of Credit Expiration Date with respect to any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit, excluding the amount available to be drawn under such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit
but taking into account each substitute Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit which has been obtained from a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Eligible Letter of Credit Provider and is in full
force and effect on such date, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Amount would be equal to or more than the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Enhancement Amount and the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Liquidity Amount would be equal to or greater than the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Liquidity Amount, then the Administrator shall notify the Trustee in writing no later than
two (2)&nbsp;Business Days prior to such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Expiration Date of such determination. If prior to the date which is ten (10)&nbsp;days prior to the
<FONT STYLE="white-space:nowrap">then-scheduled</FONT> Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Expiration Date with </P>
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respect to any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit, excluding the amount available to be drawn under such Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Letter of Credit but taking into account a substitute Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit which has been obtained from a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Eligible Letter of Credit Provider and
is in full force and effect on such date, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Amount would be less than the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Enhancement Amount or the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Liquidity Amount would be less than the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Liquidity Amount, then the Administrator shall notify the Trustee in writing no later than two
(2)&nbsp;Business Days prior to such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Expiration Date of (x)&nbsp;the greater of (A)&nbsp;the excess, if any, of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required
Enhancement Amount over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Amount, excluding the available amount under such expiring Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit but taking into account
any substitute Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit which has been obtained from a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Liquidity Amount over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Liquidity Amount, excluding the available amount under such
expiring Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit but taking into account any substitute Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit which has been obtained from a Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of
Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:00 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day (or, in the case of any notice given to
the Trustee after 10:00 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (x)&nbsp;and (y) above on such expiring Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> 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
<FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)
<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Providers</U>. The Administrator shall notify the Trustee in writing within one (1)&nbsp;Business Day of becoming aware that (i)&nbsp;the
<FONT STYLE="white-space:nowrap">long-term</FONT> senior unsecured debt credit rating of any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider has fallen below &#147;A (high)&#148; as determined by DBRS or
&#147;A1&#148; as determined by Moody&#146;s or &#147;A+&#148; as determined by Fitch or (ii)&nbsp;the <FONT STYLE="white-space:nowrap">short-term</FONT> senior unsecured debt credit rating of any Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider has fallen below <FONT STYLE="white-space:nowrap">&#147;R-1&#148;</FONT> as determined by DBRS or <FONT STYLE="white-space:nowrap">&#147;P-1&#148;</FONT> as determined by
Moody&#146;s or &#147;F1&#148; as determined by Fitch. 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Required
Enhancement Amount over the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Amount, excluding the available amount under the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit issued by such Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider, on such date, and (B)&nbsp;the excess, if any, of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Liquidity Amount over the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Liquidity Amount, excluding the available amount under such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit, on such date, and (ii)&nbsp;the amount available to be drawn on such
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:00 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 noon (New York City time)
on such Business Day (or, </P>
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in the case of any notice given to the Trustee after 10:00 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw on such Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit in an amount equal to the lesser of the amounts in clause (i)&nbsp;and clause (ii)&nbsp;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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Termination Date Demands on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit</U>. Prior to 10:00 a.m. (New
York City time) on the Business Day immediately succeeding the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Termination Date, the Administrator shall determine the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Demand Note Payment Amount, if any, as of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Termination Date and, if the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note Payment Amount is greater than zero,
instruct the Trustee in writing to draw on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee
shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note Payment Amount and (ii)&nbsp;the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Liquidity Amount on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit by presenting to each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit
Provider a draft accompanied by a Certificate of Termination Date Demand and shall cause the Termination Date Disbursement to be deposited in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account; <U>provided</U>,
<U>however</U>, that if the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT
STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Percentage and (b)&nbsp;the lesser of the amounts referred to in clause (i)&nbsp;and (ii) on such Business Day on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit as
calculated by the Administrator and provided in writing to the Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Draws on the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit</U>. If there is more than one Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit on the date of any draw on the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit pursuant to the terms of this Supplement, the Administrator shall instruct the Trustee, in writing, to draw on each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of
Credit in an amount equal to the Pro Rata Share of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider issuing such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit of the amount of such draw on
the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Establishment of Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account</U>. On or prior to the date of any drawing under a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit pursuant to Section&nbsp;2.8(b), (c) or (d)&nbsp;above, ABRCF
shall establish and maintain in the name of the Trustee for the benefit of the Class&nbsp;A Noteholders, the Class&nbsp;B Noteholders and the Class&nbsp;C Noteholders, or cause to be established and maintained, an account (the &#147;<U>Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account</U>&#148;), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Class&nbsp;A Noteholders, the Class&nbsp;B Noteholders and the
Class&nbsp;C Noteholders. The Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 &#147;BBB (low)&#148; by DBRS, &#147;Baa3&#148; by
Moody&#146;s or <FONT STYLE="white-space:nowrap">&#147;BBB-&#148;</FONT> by Fitch, then ABRCF shall, within thirty (30)&nbsp;days of such reduction, establish a new Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account with a
new Qualified Institution or a new segregated trust account with </P>
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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
<FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account. If a new Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account is established, ABRCF shall instruct the Trustee in writing to transfer all cash and
investments from the <FONT STYLE="white-space:nowrap">non-qualifying</FONT> Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account into the new Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <U>Administration of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account</U>. ABRCF may instruct (by
standing instructions or otherwise) the institution maintaining the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account to invest funds on deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral
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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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; <U>provided</U> <U>further</U>, that in the case of Permitted Investments held in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account and so long as any
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note is rated by Fitch (x)&nbsp;any Permitted Investment set forth in clauses (ii), (iii), (vi) and (vii)&nbsp;of the definition thereof will have a rating of
<FONT STYLE="white-space:nowrap">&#147;AA-&#148;</FONT> or &#147;F1+&#148; by Fitch and (y)&nbsp;any Permitted Investment set forth in clause (v)&nbsp;of the definition thereof will either have a rating of &#147;AAAmmf&#148; by Fitch or, if such
fund is not rated by Fitch, the then highest rating from two nationally recognized investment rating agencies (other than Fitch). All such Permitted Investments will be credited to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">Section&nbsp;8-106</FONT> 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 ABRCF, take such action as is required to
maintain the Trustee&#146;s security interest in the Permitted Investments credited to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account. ABRCF shall not direct the Trustee to dispose of (or permit the disposal of)
any Permitted Investment prior to the maturity thereof to the extent such disposal would result in a loss of the purchase price of such Permitted Investment. In the absence of written investment instructions hereunder, funds on deposit in the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account shall remain uninvested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <U>Earnings from Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account</U>. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account
shall be deemed to be on deposit therein and available for distribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Cash Collateral Account Surplus</U>. In the event that the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account Surplus on any Distribution Date (or, after the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of
Credit Termination Date, on any date) is greater than zero, the Trustee, acting in accordance with the written instructions of the Administrator, shall withdraw from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account
an amount equal to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account Surplus and shall pay such amount: <U>first</U>, to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Providers to the
extent of any unreimbursed drawings under the related Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reimbursement Agreement, for application in accordance with the provisions of the related Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Reimbursement Agreement, and, <U>second</U>, to ABRCF any remaining amount. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) <U>Termination of Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral
Account</U>. Upon the termination of this Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of the Administrator, after the prior payment of all amounts owing to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Noteholders and payable from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account as provided herein, shall withdraw from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Cash Collateral Account all amounts on deposit therein (to the extent not withdrawn pursuant to Section&nbsp;2.8(i) above) and shall pay such amounts: <U>first</U>, to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit
Providers to the extent of any unreimbursed drawings under the related Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reimbursement Agreement, for application in accordance with the provisions of the related Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Reimbursement Agreement, and, <U>second</U>, to ABRCF any remaining amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.9.
<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Establishment of Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Distribution Account</U>. ABRCF shall establish and maintain in the name of the Trustee for the benefit of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders, or cause to be established and
maintained, an account (the &#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account</U>&#148;), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Noteholders. The Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account; provided, however,
that if at any time such Qualified Institution is no longer a Qualified Institution or the credit rating of any securities issued by such depositary institution or trust company shall be reduced to below &#147;BBB (low)&#148; by DBRS or
&#147;Baa3&#148; by Moody&#146;s, then ABRCF shall, within thirty (30)&nbsp;days of such reduction, establish a new Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account with a new Qualified Institution. If the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Distribution Account is not maintained in accordance with the previous sentence, ABRCF shall establish a new Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account, within ten
(10)&nbsp;Business Days after obtaining knowledge of such fact, which complies with such sentence, and shall instruct the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Agent in writing to transfer all cash and investments from the <FONT
STYLE="white-space:nowrap">non-qualifying</FONT> Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account into the new Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account. Initially, the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Distribution Account will be established with The Bank of New York Mellon Trust Company, N.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Administration of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account</U>. The Administrator may instruct
the institution maintaining the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account to invest funds on deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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
<FONT STYLE="white-space:nowrap">Section&nbsp;8-106</FONT> of the New&nbsp;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 </P>
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Trustee to become the registered holder of such securities. The Trustee shall, at the expense of ABRCF, take such action as is required to maintain the Trustee&#146;s security interest in the
Permitted Investments credited to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account. ABRCF shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investment prior to the maturity thereof to
the extent such disposal would result in a loss of the purchase price of such Permitted Investment. In the absence of written investment instructions hereunder, funds on deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Distribution Account shall remain uninvested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Earnings from Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution
Account</U>. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2020-1 Distribution Account shall be deemed to be on deposit and available for distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account Constitutes Additional Collateral for Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Notes</U>. In order to secure and provide for the repayment and payment of the ABRCF Obligations with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes, ABRCF hereby grants a security
interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders, all of ABRCF&#146;s right, title and interest in and to the following
(whether now or hereafter existing or acquired): (i) the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> 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) are
referred to, collectively, as the &#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account Collateral</U>&#148;). The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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
<FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account. The Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account Collateral shall be under the sole dominion and control of the Trustee for the benefit of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Noteholders. The Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Agent hereby agrees (i)&nbsp;to act as the securities intermediary (as defined in
<FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(14)</FONT> of the New&nbsp;York UCC) with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account; (ii)&nbsp;that its jurisdiction as securities intermediary is
New York, (iii)&nbsp;that each item of property (whether investment property, financial asset, security, instrument or cash) credited to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Distribution Account shall be treated as a financial
asset (as defined in <FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(9)</FONT> of the New&nbsp;York UCC) and (iv)&nbsp;to comply with any entitlement order (as defined in <FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(8)</FONT> of the
New&nbsp;York UCC) issued by the Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.10. <U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accounts Permitted
Investments</U>. ABRCF shall not, and shall not permit, funds on deposit in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Accounts to be invested in: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Permitted Investments that do not mature at least one (1)&nbsp;Business Day before the next Distribution Date; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) demand deposits, time deposits or certificates of deposit with a
maturity in excess of 360 days; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) commercial paper which is not rated
<FONT STYLE="white-space:nowrap">&#147;P-1&#148;</FONT> by Moody&#146;s; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) money market funds or eurodollar time
deposits which are not rated at least <FONT STYLE="white-space:nowrap">&#147;P-1&#148;</FONT> by Moody&#146;s; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v)
eurodollar deposits that are not rated <FONT STYLE="white-space:nowrap">&#147;P-1&#148;</FONT> by Moody&#146;s or that are with financial institutions not organized under the laws of a <FONT STYLE="white-space:nowrap">G-7</FONT> nation; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) any investment, instrument or security not otherwise listed in clause (i)&nbsp;through (vi)&nbsp;of the definition of
&#147;Permitted Investments&#148; in the Base Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.11. <U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Demand Notes Constitute Additional Collateral for Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Senior Notes</U>. In order to secure and provide for the repayment and payment of the ABRCF Obligations with respect to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Senior Notes, ABRCF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Class&nbsp;A Noteholders, the Class&nbsp;B Noteholders and
the Class&nbsp;C Noteholders, all of ABRCF&#146;s right, title and interest in and to the following (whether now or hereafter existing or acquired): (i)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes; (ii)&nbsp;all
certificates and instruments, if any, representing or evidencing the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes; and (iii)&nbsp;all proceeds of any and all of the foregoing, including, without limitation, cash. On the date
hereof, ABRCF shall deliver to the Trustee, for the benefit of the Class&nbsp;A Noteholders, the Class&nbsp;B Noteholders and the Class&nbsp;C Noteholders, each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note, endorsed in blank.
The Trustee, for the benefit of the Class&nbsp;A Noteholders, the Class&nbsp;B Noteholders and the Class&nbsp;C Noteholders, shall be the only Person authorized to make a demand for payments on the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.12. <U>Subordination of the Class</U><U></U><U>&nbsp;B Notes,
Class</U><U></U><U>&nbsp;C Notes, Class</U><U></U><U>&nbsp;D Notes</U><U> and the Class</U><U></U><U>&nbsp;R Notes</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
Notwithstanding anything to the contrary contained in this Supplement, the Base Indenture or in any other Related Document, the Class&nbsp;B Notes will be subordinate in all respects to the Class&nbsp;A Notes as and to the extent set forth in this
Section&nbsp;2.12(a). No payments on account of principal shall be made with respect to the Class&nbsp;B Notes on any Distribution Date during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period unless an amount
equal to the Class&nbsp;A Controlled Distribution Amount for the Related Month shall have been paid to the Class&nbsp;A Noteholders and no payments on account of principal shall be made with respect to the Class&nbsp;B Notes during the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period or on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date until the Class&nbsp;A Notes have been paid in full. No payments on account of interest shall
be made with respect to the Class&nbsp;B Notes on any Distribution Date until all payments of interest then due and payable with respect to the Class&nbsp;A Notes (including, without limitation, all accrued interest, all Class&nbsp;A Shortfall and
all interest accrued on such Class&nbsp;A Shortfall) have been paid in full. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything to the contrary contained in this Supplement, the Base
Indenture or in any other Related Document, the Class&nbsp;C Notes will be subordinate in all respects to the Class&nbsp;A Notes and the Class&nbsp;B Notes as and to the extent set forth in this Section 2.12(b). No payments on account of principal
shall be made with respect to the Class&nbsp;C Notes on any Distribution Date during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period unless an amount equal to the Class&nbsp;A Controlled Distribution Amount
for the Related Month shall have been paid to the Class&nbsp;A Noteholders and an amount equal to the Class&nbsp;B Controlled Distribution Amount for the Related Month shall have been paid to the Class&nbsp;B Noteholders. No payments on account of
principal shall be made with respect to the Class&nbsp;C Notes during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period or on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date until
the Class&nbsp;A Notes and the Class&nbsp;B Notes have been paid in full. No payments on account of interest shall be made with respect to the Class&nbsp;C Notes on any Distribution Date until all payments of interest then due and payable with
respect to the Class&nbsp;A Notes and Class&nbsp;B Notes (including, without limitation, all accrued interest, all Class&nbsp;A Shortfall, all interest accrued on such Class&nbsp;A Shortfall, all Class&nbsp;B Shortfall and all interest accrued on
such Class&nbsp;B Shortfall) have been paid in full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything to the contrary contained in this Supplement, the Base
Indenture or in any other Related Document, the Class&nbsp;D Notes, if issued, will be subordinate in all respects to the Class&nbsp;A Notes, the Class&nbsp;B Notes and the Class&nbsp;C Notes as and to the extent set forth in this
Section&nbsp;2.12(c). No payments on account of principal shall be made with respect to the Class&nbsp;D Notes on any Distribution Date during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period unless an amount
equal to the Class&nbsp;A Controlled Distribution Amount for the Related Month shall have been paid to the Class&nbsp;A Noteholders, an amount equal to the Class&nbsp;B Controlled Distribution Amount for the Related Month shall have been paid to the
Class&nbsp;B Noteholders and an amount equal to the Class&nbsp;C Controlled Distribution Amount for the Related Month shall have been paid to the Class&nbsp;C Noteholders. No payments on account of principal shall be made with respect to the
Class&nbsp;D Notes during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period or on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date until the Class&nbsp;A Notes, the Class&nbsp;B
Notes and the Class&nbsp;C Notes have been paid in full. No payments on account of interest shall be made with respect to the Class&nbsp;D Notes on any Distribution Date until all payments of interest then due and payable with respect to the
Class&nbsp;A Notes, Class&nbsp;B Notes and Class&nbsp;C Notes (including, without limitation, all accrued interest, all Class&nbsp;A Shortfall, all interest accrued on such Class&nbsp;A Shortfall, all Class&nbsp;B Shortfall, all interest accrued on
such Class&nbsp;B Shortfall, all Class&nbsp;C Shortfall and all interest accrued on such Class&nbsp;C Shortfall) have been paid in full. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding anything to the contrary contained in this Supplement, the Base Indenture or in any other Related Document, the
Class&nbsp;R Notes will be subordinate in all respects to the Class&nbsp;A Notes, the Class&nbsp;B Notes, the Class&nbsp;C Notes and the Class&nbsp;D Notes (if issued), as and to the extent set forth in this Section&nbsp;2.12(d). No payments on
account of principal shall be made with respect to the Class&nbsp;R Notes during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled Amortization Period or the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization
Period or on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date until the Class&nbsp;A Notes, the Class&nbsp;B Notes, the Class&nbsp;C Notes and, if issued, the Class&nbsp;D Notes have been paid in full. No payments on
account of interest shall be made with respect to the Class&nbsp;R Notes on any Distribution Date until all payments of interest and principal due and payable on such Distribution Date with respect to the Class&nbsp;A Notes, the Class&nbsp;B Notes,
the Class&nbsp;C Notes and, if issued, Class&nbsp;D Notes (including, without limitation, all accrued interest, all Class&nbsp;A Shortfall, all interest accrued on such Class&nbsp;A Shortfall, all Class&nbsp;B Shortfall, all interest accrued on such
Class&nbsp;B Shortfall, all Class&nbsp;C Shortfall, all interest accrued on such Class&nbsp;C Shortfall, all due and unpaid interest on the Class&nbsp;D Notes (if issued) and all interest accrued on such unpaid amounts) have been paid in full. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMORTIZATION EVENTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes and collectively shall
constitute the Amortization Events set forth in Section&nbsp;9.1(n) of the Base Indenture with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes (without notice or other action on the part of the Trustee or any holders of
the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT
STYLE="white-space:nowrap">2020-1</FONT> Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Liquidity Amount shall be less than the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> 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; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) the Collection Account, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Collection Account, the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Excess Collection Account or the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the
Related Documents); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) all principal of and interest on any Class&nbsp;of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Notes is not paid in full on or before the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Expected Final Distribution Date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)
any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement
Deficiency would result from excluding such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Amount or (y)&nbsp;the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Liquidity Amount, excluding therefrom the available amount under such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit, would be less than the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Required Liquidity Amount; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) from and after the funding of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account, the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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 <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Deficiency would result from excluding the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Available Cash Collateral Account Amount from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Amount or (y)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Liquidity Amount, excluding therefrom the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Available Cash Collateral Account Amount, would be less than the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Liquidity Amount; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) an Event of Bankruptcy shall have occurred with respect to any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit
Provider or any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Provider repudiates its Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit or refuses to honor a proper draw thereon and either (x)&nbsp;a
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Deficiency would result from excluding such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Enhancement Amount or (y)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Liquidity Amount, excluding therefrom the available amount under such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit, would be less than
the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Required Liquidity Amount. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> NOTES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.1. <U>Restricted Global Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes</U>. Each Class&nbsp;of the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Notes to be issued in the United States will be issued in <FONT STYLE="white-space:nowrap">book-entry</FONT> form and represented by one or more permanent global Notes in fully registered form without
interest coupons (each, a &#147;<U>Restricted Global Class</U><U></U><U>&nbsp;A Note</U>&#148;, a &#147;<U>Restricted Global Class</U><U></U><U>&nbsp;B Note</U>&#148;, a &#147;<U>Restricted Global Class</U><U></U><U>&nbsp;C Note</U>&#148; or a
&#147;<U>Restricted Global Class</U><U></U><U>&nbsp;R Note</U>&#148;, as the case may be), substantially in the form set forth in <U>Exhibits A</U><U><FONT STYLE="white-space:nowrap">-1</FONT></U>, <U><FONT STYLE="white-space:nowrap">B-1</FONT></U>,
<U>C</U><U><FONT STYLE="white-space:nowrap">-1</FONT></U> and <U><FONT STYLE="white-space:nowrap">D-1</FONT></U>, 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 D under the Securities Act in reliance on an exemption from the registration requirements of the Securities Act and (2)&nbsp;thereafter to qualified
institutional buyers within the meaning of, and in reliance on, Rule 144A under the Securities Act and shall be deposited on behalf of the purchasers of such Class&nbsp;of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes represented
thereby, with the Trustee as custodian for DTC, and registered in the name of Cede as DTC&#146;s nominee, duly executed by ABRCF and authenticated by the Trustee in the manner set forth in Section&nbsp;2.4 of the Base Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.2. <U>Temporary Global Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes; Permanent Global Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Notes</U>. Each Class&nbsp;of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes to be issued outside the United States will be issued and sold in transactions outside the United States in
reliance on Regulation S under the Securities Act, as provided in the applicable note purchase agreement, and shall initially be issued in the form of one or more temporary notes in registered form without interest coupons (each, a
&#147;<U>Temporary Global Class</U><U></U><U>&nbsp;A Note</U>&#148;, a &#147;<U>Temporary Global Class</U><U></U><U>&nbsp;B Note</U>&#148;, a &#147;<U>Temporary Global Class</U><U></U><U>&nbsp;C Note</U>&#148; or a &#147;<U>Temporary Global
Class</U><U></U><U>&nbsp;R Note</U>&#148;, as the case may be, and collectively the &#147;<U>Temporary Global Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes</U>&#148;), substantially in the form set forth in <U>Exhibits A</U><U><FONT
STYLE="white-space:nowrap">-2</FONT></U>, <U><FONT STYLE="white-space:nowrap">B-2</FONT></U> , <U>C</U><U><FONT STYLE="white-space:nowrap">-2</FONT></U> and <U><FONT STYLE="white-space:nowrap">D-2</FONT> </U>which shall be deposited on behalf of the
purchasers of such Class&nbsp;of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes represented thereby with a custodian for, and registered in the name of a nominee of DTC, for the account of Euroclear Bank S.A./N.V., as operator of
the Euroclear System, or for Clearstream Banking, <I>soci</I><I>&eacute;</I><I>t</I><I>&eacute;</I><I> </I><I>anonyme</I>, duly executed by ABRCF and authenticated by the Trustee in the manner set forth in Section&nbsp;2.4 of the Base Indenture.
Interests in each Temporary Global Series <FONT STYLE="white-space:nowrap">2020-1</FONT> 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
&#147;<U>Permanent Global Class</U><U></U><U>&nbsp;A Note</U>&#148;, a &#147;<U>Permanent Global Class</U><U></U><U>&nbsp;B Note</U>&#148;, a &#147;<U>Permanent Global Class</U><U></U><U>&nbsp;C Note</U>&#148; or a &#147;<U>Permanent Global
Class</U><U></U><U>&nbsp;R Note</U>&#148;, as the case may be, and collectively the &#147;<U>Permanent Global Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes</U>&#148;), substantially in the form of <U>Exhibits A</U><U><FONT
STYLE="white-space:nowrap">-3</FONT></U>, <U><FONT STYLE="white-space:nowrap">B-3</FONT></U> , <U>C</U><U><FONT STYLE="white-space:nowrap">-3</FONT></U> and <U><FONT STYLE="white-space:nowrap">D-3</FONT> </U>in accordance with the provisions of such
Temporary Global Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note and the Base Indenture (as modified by this Supplement). Interests in a Permanent Global Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note will be exchangeable for
a definitive Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note in accordance with the provisions of such Permanent Global Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note and the Base Indenture (as modified by this Supplement).
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.1.
<U>Optional Repurchase</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;The Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes shall be subject to repurchase by
ABRCF at its option in accordance with Section&nbsp;6.3 of the Base Indenture on any Distribution Date (any such Distribution Date, a &#147;<U><FONT STYLE="white-space:nowrap">Clean-up</FONT> Repurchase Distribution Date</U>&#148;) after the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Invested Amount is reduced to an amount less than or equal to 10% of the sum of the Class&nbsp;A Initial Invested Amount, the Class&nbsp;B Initial Invested Amount, the Class&nbsp;C Initial Invested Amount,
the initial invested amount of the Class&nbsp;D Notes (if issued), the Class&nbsp;R Initial Invested Amount and the aggregate principal amount of any Additional Class&nbsp;R Notes (the &#147;<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Repurchase Amount</U>&#148;). The repurchase price for any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note subject to a <FONT STYLE="white-space:nowrap">Clean-up</FONT> Repurchase shall equal the aggregate outstanding principal balance of
such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note (determined after giving effect to any payments of principal and interest on such Distribution Date), <U>plus</U> accrued and unpaid interest on such outstanding principal balance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes shall also be subject to repurchase at the election of the ABRCF in
accordance with Section&nbsp;6.3 of the Base Indenture, in whole but not in part, on any Distribution Date (any such Distribution Date, an &#147;<U>Optional Repurchase Distribution Date</U>&#148;) that occurs prior to the earlier to occur of
(x)&nbsp;the commencement of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Rapid Amortization Period and (y)&nbsp;the <FONT STYLE="white-space:nowrap">Clean-up</FONT> Repurchase Distribution Date (any such repurchase, an
&#147;<U>Optional Repurchase</U>&#148;). The repurchase price for any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note subject to an Optional Repurchase shall equal (1)&nbsp;the aggregate outstanding principal balance of such Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Note (determined after giving effect to any payments made pursuant to Section&nbsp;2.5(a) on such Distribution Date), <U>plus</U> (2)&nbsp;accrued and unpaid interest on such outstanding principal balance
(determined after giving effect to any payments made pursuant to Section&nbsp;2.4 on such Distribution Date) <U>plus</U> (3)&nbsp;the Make Whole Payment with respect to such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.2. <U>Information</U>. The Trustee shall provide to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders, or
their designated agent, copies of all information furnished to the Trustee or ABRCF pursuant to the Related Documents, as such information relates to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes or the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.3. <U>Exhibits</U>. The following exhibits attached hereto supplement
the exhibits included in the Base Indenture. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="80%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="82%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit <FONT STYLE="white-space:nowrap">A-1</FONT></U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Restricted Global Class&nbsp;A Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit <FONT STYLE="white-space:nowrap">A-2</FONT></U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Temporary Global Class&nbsp;A Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U><FONT STYLE="white-space:nowrap">Exhibit&nbsp;A-3</FONT></U>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Permanent Global Class&nbsp;A Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit <FONT STYLE="white-space:nowrap">B-1</FONT></U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Restricted Global Class&nbsp;B Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit <FONT STYLE="white-space:nowrap">B-2</FONT></U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Temporary Global Class&nbsp;B Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit <FONT STYLE="white-space:nowrap">B-3</FONT></U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Permanent Global Class&nbsp;B Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U><FONT STYLE="white-space:nowrap">Exhibit&nbsp;C-1</FONT></U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Restricted Global Class&nbsp;C Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit <FONT STYLE="white-space:nowrap">C-2</FONT></U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Temporary Global Class&nbsp;C Note</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>

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<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="82%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U><FONT STYLE="white-space:nowrap">Exhibit&nbsp;C-3</FONT></U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Permanent Global Class&nbsp;C Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U><FONT STYLE="white-space:nowrap">Exhibit&nbsp;D-1</FONT></U>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Restricted Global Class&nbsp;R Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit <FONT STYLE="white-space:nowrap">D-2</FONT></U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Temporary Global Class&nbsp;R Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit <FONT STYLE="white-space:nowrap">D-3</FONT></U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Permanent Global Class&nbsp;R Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit E</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit F</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Letter of Credit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit G</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Lease Payment Deficit Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit H</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Demand Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit I</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Supplemental Indenture No.&nbsp;4 to the Base Indenture</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit J</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Amendment to the AESOP I Operating Lease</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit K</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Amendment to the Finance Lease</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit L</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Amendment to the AESOP I Operating Lease Loan Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibit M</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Amendment to the AESOP I Finance Lease Loan Agreement</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.4. <U>Ratification of Base Indenture</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.5. <U>Counterparts</U>. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.6.
<U>Governing Law</U>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.7. <U>Amendments</U>. This Supplement may be modified or amended from time to time 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 Supplement, the consent of the Required Noteholders is required for an amendment or modification of this Supplement or any other Related
Document, such requirement shall be satisfied if such amendment or modification is consented to by the Requisite Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders; <U>provided</U>, <U>further</U>, that, so long as (i)&nbsp;no
Amortization Event has occurred and is continuing and (ii)&nbsp;the Rating Agency Consent Condition is met with respect to the outstanding Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes, ABRCF shall be able to (x)&nbsp;increase the
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Hyundai Amount up to an amount not to exceed 30% of the aggregate Net Book Value of all Vehicles leased under the Leases and/or (y)&nbsp;increase the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Maximum Kia Amount up to an amount not to exceed 15% of the aggregate Net Book Value of all Vehicles leased under the Leases at any time without the consent of the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders by giving written notice of such increase to the Trustee along with an Officer&#146;s Certificate certifying that no Amortization Event has occurred and is continuing; <U>provided</U>,
<U>further</U>, that, notwithstanding </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>

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anything in this Section&nbsp;5.7 or Article 8 or Article 12 of the Base Indenture to the contrary, this Supplement and any Related Documents relating solely to the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Notes may be amended to provide for the issuance of any Class&nbsp;D Notes or Additional Class&nbsp;R Notes in accordance with Section&nbsp;5.15 without the consent of any Class&nbsp;A Noteholder, any
Class&nbsp;B Noteholder, any Class&nbsp;C Noteholder or any Class&nbsp;R Noteholder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.8. <U>Discharge of Base
Indenture</U>. 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
<FONT STYLE="white-space:nowrap">2020-1</FONT> Notes without the consent of the Requisite Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.9. <U>Notice to Rating Agencies</U>. The Trustee shall provide to each Rating Agency a copy of each notice, opinion of counsel,
certificate or other item delivered to, or required to be provided by, the Trustee pursuant to this Supplement or any other Related Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.10. <U>Capitalization of ABRCF</U>. ABRCF agrees that on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date
it will have capitalization in an amount equal to or greater than 3% of the sum of (x)&nbsp;the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Invested Amount and (y)&nbsp;the invested amount of the Series
<FONT STYLE="white-space:nowrap">2010-6</FONT> Notes, the Series <FONT STYLE="white-space:nowrap">2011-4</FONT> Notes, the Series <FONT STYLE="white-space:nowrap">2014-2</FONT> Notes, the Series <FONT STYLE="white-space:nowrap">2015-1</FONT> Notes,
Series <FONT STYLE="white-space:nowrap">2015-2</FONT> Notes, the Series <FONT STYLE="white-space:nowrap">2015-3</FONT> Notes, the Series <FONT STYLE="white-space:nowrap">2016-1</FONT> Notes, the Series <FONT STYLE="white-space:nowrap">2016-2</FONT>
Notes, the <FONT STYLE="white-space:nowrap">2017-1</FONT> Notes, the <FONT STYLE="white-space:nowrap">2017-2</FONT> Notes, the <FONT STYLE="white-space:nowrap">2018-1</FONT> Notes, the Series <FONT STYLE="white-space:nowrap">2018-2</FONT> Notes, the
Series <FONT STYLE="white-space:nowrap">2019-1</FONT> Notes, the Series <FONT STYLE="white-space:nowrap">2019-2</FONT> Notes and the Series <FONT STYLE="white-space:nowrap">2019-3</FONT> Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.11. <U>Required Noteholders</U>. Subject to Section&nbsp;5.7 above, any action pursuant to Section&nbsp;5.6, Section&nbsp;8.13
or Article 9 of the Base Indenture that requires the consent of, or is permissible at the direction of, the Required Noteholders with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes pursuant to the Base Indenture shall
only be allowed with the consent of, or at the direction of, the Required Controlling Class&nbsp;Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders. Any other action pursuant to any Related Document which requires the consent or
approval of, or the waiver by, the Required Noteholders with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes shall require the consent or approval of, or waiver by, the Requisite Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholders; <U>provided</U>, <U>however</U>, that, notwithstanding anything in this Section&nbsp;5.11 or Article 8 or Article 12 of the Base Indenture to the contrary, any Related Document relating
solely to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes may be amended to provide for the issuance of any Class&nbsp;D Notes or Additional Class&nbsp;R Notes in accordance with Section&nbsp;5.15 without the consent of any
Class&nbsp;A Noteholder, any Class&nbsp;B Noteholder, any Class&nbsp;C Noteholder or any Class&nbsp;R Noteholder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.12.
<U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes</U>. Other than pursuant to a demand thereon pursuant to Section&nbsp;2.5, ABRCF shall not reduce the amount of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand
Notes or forgive amounts payable thereunder so that the outstanding principal amount of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes after such reduction or forgiveness is less than the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Liquidity Amount. ABRCF shall not agree to any amendment of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Notes without first satisfying the Rating Agency
Confirmation Condition and the Rating Agency Consent Condition. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.13. <U>Termination of Supplement</U>. This Supplement shall cease to be of
further effect when all outstanding Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series <FONT STYLE="white-space:nowrap">2020-1</FONT>
Notes which have been replaced or paid) to the Trustee for cancellation, ABRCF has paid all sums payable hereunder, and, if the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Demand Note Payment Amount on the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Letter of Credit Termination Date was greater than zero, all amounts have been withdrawn from the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Cash Collateral Account in accordance with
Section&nbsp;2.8(i). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.14. <U>Noteholder Consent to Certain Amendments</U>. Each Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Noteholder, upon any acquisition of a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note, will be deemed to agree and consent to (i)&nbsp;the execution by ABRCF of a Supplemental Indenture to
the Base Indenture substantially in the form of <U>Exhibit I</U> hereto, (ii)&nbsp;the execution of an amendment to the AESOP I Operating Lease substantially in the form of <U>Exhibit J</U> hereto, (iii)&nbsp;the execution of an amendment to the
Finance Lease substantially in the form of <U>Exhibit K</U> hereto, (iv)&nbsp;the execution of an amendment to the AESOP I Operating Lease Loan Agreement substantially in the form of <U>Exhibit L</U> hereto and (v)&nbsp;the execution of an amendment
to the AESOP I Finance Lease Loan Agreement substantially in the form of <U>Exhibit M</U> hereto. Such deemed consent will apply to each proposed amendment set forth in <U>Exhibits I</U>, <U>J</U>, <U>K</U>, <U>L</U> and <U>M</U> individually, and
the failure to adopt any of the amendments set forth therein will not revoke the consent with respect to any other amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.15. <U>Issuance of Class</U><U></U><U>&nbsp;D Notes</U><U> and Additional Class</U><U></U><U>&nbsp;R Notes</U>. No Class&nbsp;D
Notes shall be issued on the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Closing Date. On any date during the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Revolving Period, ABRCF may (i)&nbsp;issue Class&nbsp;D Notes and
(ii)&nbsp;issue additional Class&nbsp;R Notes in connection with the issuance of Class&nbsp;D Notes, to the extent that ABRCF determines such issuance is required to comply with the U.S. Risk Retention Rules (such notes, the &#147;<U>Additional
Class</U><U></U><U>&nbsp;R Notes</U>&#148;), subject to satisfaction of the following conditions precedent: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) ABRCF and the Trustee
shall have entered into an amendment to this Supplement (i)&nbsp;providing that the Class&nbsp;D Notes will bear a fixed rate of interest, determined on or prior the Additional Notes Closing Date, (ii)&nbsp;providing that the expected final payment
date for the Class&nbsp;D Notes will be the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Expected Final Distribution Date, (iii)&nbsp;providing that the principal amount of the Class&nbsp;D Notes will be due and payable on the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Final Distribution Date, (iv)&nbsp;providing that the controlled amortization period with respect to the Class&nbsp;D Notes will be the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Controlled
Amortization Period and (v)&nbsp;providing for payment mechanics with respect to the Class&nbsp;D Notes substantially similar to those with respect to the Class&nbsp;A Notes, the Class&nbsp;B Notes and the Class&nbsp;C Notes (other than as set forth
below) and consistent with Section&nbsp;2.12 and such other provisions with respect to the Class&nbsp;D Notes and the Additional Class&nbsp;R Notes as may be required for such issuance; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Trustee shall have received a Company Request at least two (2)&nbsp;Business Days (or such shorter time as is acceptable to the
Trustee) in advance of the proposed closing date for the issuance of the Class&nbsp;D Notes and the Additional Class&nbsp;R Notes (if any) (the &#147;<U>Additional Notes Closing Date</U>&#148;) requesting that the Trustee authenticate and deliver
the Class&nbsp;D Notes specified in such Company Request (such specified Class&nbsp;D Notes, the &#147;<U>Proposed Class</U><U></U><U>&nbsp;D Notes</U>&#148;) and the Additional Class&nbsp;R Notes, if any, specified in such Company Request; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class&nbsp;D
Notes and the Additional Class&nbsp;R Notes, if any, by the Trustee and specifying the designation of the Proposed Class&nbsp;D Notes, the initial aggregate principal amount of the Proposed Class&nbsp;D Notes to be authenticated, the Note Rate with
respect to the Proposed Class&nbsp;D Notes and the initial aggregate principal amount of the Additional Class&nbsp;R Notes; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Trustee shall have received written confirmation that the Rating Agency Confirmation
Condition shall have been satisfied with respect to the issuance of the Proposed Class&nbsp;D Notes and Additional Class&nbsp;R Notes (if any) (including with respect to the Class&nbsp;A Notes, the Class&nbsp;B Notes and the Class&nbsp;C Notes);
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Trustee shall have received an Officer&#146;s Certificate of ABRCF dated as of the Additional Notes Closing Date to the effect
that (i)&nbsp;no Amortization Event with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes, Aggregate Asset Amount Deficiency, Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement Deficiency, Loan Event of
Default, AESOP I Operating Lease Vehicle Deficiency, Manufacturer Event of Default, Lease Event of Default, Potential Amortization Event with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes, Potential Loan Event of
Default, Potential Lease Event of Default, or Potential Manufacturer Event of Default is continuing or will occur as a result of the issuance of the Proposed Class&nbsp;D Notes and Additional Class&nbsp;R Notes (if any), (ii) the issuance of the
Proposed Class&nbsp;D Notes and Additional Class&nbsp;R Notes (if any) will not result in any breach of any of the terms, conditions or provisions of or constitute a default under any indenture, mortgage, deed of trust or other agreement or
instrument to which ABRCF is a party or by which it or its property is bound or any order of any court or administrative agency entered in any suit, action or other judicial or administrative proceeding to which ABRCF is a party or by which it or
its property may be bound or to which it or its property may be subject, (iii)&nbsp;all conditions precedent provided in this Supplement and the Base Indenture with respect to the authentication and delivery of the Proposed Class&nbsp;D Notes and
Additional Class&nbsp;R Notes (if any) have been complied with and (iv)&nbsp;the issuance of the Proposed Class&nbsp;D Notes and Additional Class&nbsp;R Notes (if any) and any related amendments to this Supplement and any Related Document relating
solely to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes will not reduce the availability of the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Enhancement to support the payment of interest on or principal of the
Class&nbsp;A Notes, the Class&nbsp;B Notes or the Class&nbsp;C Notes in any material respect; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) No amendments to this Supplement or any
Related Document relating solely to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes in connection with the issuance of the Proposed Class&nbsp;D Notes and the Additional Class&nbsp;R Notes, if any, may provide for (i)&nbsp;the
application of amounts available under the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Letters of Credit or the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Reserve Account to support the payment of interest on or principal of the
Class&nbsp;D Notes while any Class&nbsp;A Notes, Class&nbsp;B Notes or Class&nbsp;C Notes remain outstanding, (ii)&nbsp;any voting rights in respect of the Class&nbsp;D Notes for so long as any Class&nbsp;A Notes, Class&nbsp;B Notes, Class&nbsp;C
Notes or Class&nbsp;R Notes are outstanding, other than with respect to any amendments to the Indenture or any Related Document pursuant to clauses (i)&nbsp;and (ii) of Section&nbsp;12.2 of the Base Indenture, (iii)&nbsp;the addition of any
Amortization Event with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes other than those related to payment defaults on the Class&nbsp;D Notes similar to those in respect of the Class&nbsp;A Notes, the Class&nbsp;B Notes,
the Class&nbsp;C Notes or the Class&nbsp;R Notes and enhancement or liquidity deficiencies in respect of the credit enhancement supporting the Class&nbsp;D Notes similar to those in respect of the Class&nbsp;A Notes, the Class&nbsp;B Notes and the
Class&nbsp;C Notes or (iv)&nbsp;the reallocation of Principal Collections allocable to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes to pay interest on the Class&nbsp;D Notes while the Class&nbsp;A Notes, Class&nbsp;B Notes or the
Class&nbsp;C Notes remain outstanding. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Trustee shall have received opinions of counsel substantially similar to those
received in connection with the offering and sale of the Class&nbsp;A Notes, the Class&nbsp;B Notes, the Class&nbsp;C Notes and the Class&nbsp;R Notes, including, without limitation, opinions to the effect that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) (x) the Proposed Class&nbsp;D Notes should be treated as indebtedness of ABRCF for federal and New York state income tax
purposes and (y)&nbsp;the issuance of the Proposed Class&nbsp;D Notes and Additional Class&nbsp;R Notes (if any) will not result in any of the Class&nbsp;A Notes, the Class&nbsp;B Notes, the Class&nbsp;C Notes or any other outstanding Series of
Notes (excluding the Class&nbsp;R Notes and any other Series identified as &#147;Class&nbsp;R&#148;) failing to be characterized as debt for federal or New York state income tax purposes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) all conditions precedent provided for in the Base Indenture and this Supplement with respect to the authentication and
delivery of the Proposed Class&nbsp;D Notes and Additional Class&nbsp;R Notes (if any) has been complied with in all material respects; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the Proposed Class&nbsp;D Notes and Additional Class&nbsp;R Notes (if any) have been duly authorized and executed and,
when authenticated and delivered in accordance with the provisions of the Base Indenture and this Supplement, will constitute valid, binding and enforceable obligations of ABRCF entitled to the benefits of the Base Indenture and this Supplement,
subject, in the case of enforcement, to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors&#146; rights generally and to general principles of equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.16. <U>Confidential Information</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Trustee and each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner agrees, by its acceptance and holding of a
beneficial interest in a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note, to maintain the confidentiality of all Confidential Information in accordance with procedures adopted by the Trustee or such Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner in good faith to protect confidential information of third parties delivered to such Person; <U>provided</U>, <U>however</U>, that such Person may deliver or disclose Confidential Information
to: (i)&nbsp;such Person&#146;s directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information substantially in accordance with the terms of
this Section&nbsp;5.16; (ii) such Person&#146;s financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section&nbsp;5.16; (iii) any other
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner; (iv)&nbsp;any Person of the type that would be, to such Person&#146;s knowledge, permitted to acquire an interest in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes in
accordance with the requirements of the Indenture to which such Person sells or offers to sell any such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note or any part thereof and that agrees to hold confidential the Confidential Information
substantially in accordance with this Section&nbsp;5.16 (or in accordance with such other confidentiality procedures as are acceptable to ABRCF); (v) any federal or state or other regulatory, governmental or judicial authority having jurisdiction
over such Person; (vi)&nbsp;the National Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to information about the investment portfolio of such Person, (vii)&nbsp;any
reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information substantially in accordance with this Section&nbsp;5.16 (or in accordance with such other confidentiality procedures as are acceptable to
ABRCF); (viii) any other Person with the consent of ABRCF; or (ix)&nbsp;any other Person to which </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>

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such delivery or disclosure may be necessary or appropriate (A)&nbsp;to effect compliance with any law, rule, regulation, statute or order applicable to such Person, (B)&nbsp;in response to any
subpoena or other legal process upon prior notice to ABRCF (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (C) in connection with any litigation to which such Person is a party upon prior
notice to ABRCF (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law) or (D)&nbsp;if an Amortization Event with respect to the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes has
occurred and is continuing, to the extent such Person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series <FONT
STYLE="white-space:nowrap">2020-1</FONT> Notes, the Indenture or any other Related Document; <U>provided</U>, <U>further</U>, that delivery to any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner of any report or information required
by the terms of the Indenture to be provided to such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner shall not be a violation of this Section&nbsp;5.16. Each Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner agrees,
by acceptance of a beneficial interest in a Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note, except as set forth in clauses (v), (vi) and (ix)&nbsp;above, that it shall use the Confidential Information for the sole purpose of making an
investment in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes or administering its investment in the Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Notes. In the event of any required disclosure of the Confidential Information
by such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner, such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner agrees to use reasonable efforts to protect the confidentiality of the Confidential Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) For the purposes of this Section&nbsp;5.16, &#147;<U>Confidential Information</U>&#148; means information delivered to the Trustee or any
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner by or on behalf of ABRCF in connection with and relating to the transactions contemplated by or otherwise pursuant to the Indenture and the Related Documents; <U>provided</U>,
<U>however</U>, that such term does not include information that: (i)&nbsp;was publicly known or otherwise known to the Trustee or such Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner prior to the time of such disclosure;
(ii)&nbsp;subsequently becomes publicly known through no act or omission by the Trustee, any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner or any person acting on behalf of the Trustee or any Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner; (iii)&nbsp;otherwise is known or becomes known to the Trustee or any Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Note Owner other than (x)&nbsp;through disclosure by ABRCF or
(y)&nbsp;as a result of the breach of a fiduciary duty to ABRCF or a contractual duty to ABRCF; or (iv)&nbsp;is allowed to be treated as <FONT STYLE="white-space:nowrap">non-confidential</FONT> by consent of ABRCF. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.17. <U>Capitalized Cost Covenant</U>. ABRCF hereby agrees that it shall not permit the aggregate Capitalized Cost for all
Vehicles purchased in any model year that are not subject to a Manufacturer Program to exceed 85% of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Vehicles; <U>provided</U>, <U>however</U>, that ABRCF shall not&nbsp;modify the
customary buying patterns or purchasing criteria used by the Administrator and its Affiliates with respect to the Vehicles if the primary purpose of such&nbsp;modification is&nbsp;to comply with this covenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.18. <U>Further Limitation of Liability</U>. Notwithstanding anything in this Supplement to the contrary, in no event shall the
Trustee or its directors, officers, agents or employees be liable under this Supplement for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Trustee or its
directors, officers, agents or employees have been advised of the likelihood of such loss or damage and regardless of the form of action. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.19. <U>Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Agent</U>. The
Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Agent shall be entitled to the same rights, benefits, protections, indemnities and immunities hereunder as are granted to the Trustee under the Base Indenture as if set forth fully herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.20. <U>Force Majeure</U>. In no event shall the Trustee be liable for any failure or delay in the performance of its
obligations under this Supplement because of circumstances beyond the Trustee&#146;s control, including, but not limited to, a failure, termination, suspension of a clearing house, securities depositary, settlement system or central payment system
in any applicable part of the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake,
terrorism, fire, riot, labor disturbances, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like (whether domestic, federal, state, county or municipal or foreign) which delay,
restrict or prohibit the providing of the services contemplated by this Supplement, or the unavailability of communications or computer facilities, the failure of equipment or interruption of communications or computer facilities, or the
unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond the Trustee&#146;s control whether or not of the same class or kind as specified above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.21. <U>Waiver of Jury Trial, </U><U>etc</U>. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES
(TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS SUPPLEMENT, THE SERIES
<FONT STYLE="white-space:nowrap">2020-1</FONT> NOTES, THE SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> DEMAND NOTES, THE SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> LETTER OF CREDIT AND ANY OTHER RELATED DOCUMENTS EXECUTED IN
CONNECTION WITH THE ISSUANCE OF THE SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> NOTES, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS OF THE PARTIES HERETO. THIS PROVISION IS A MATERIAL
INDUCEMENT FOR THE PARTIES HERETO TO ENTER INTO THIS SUPPLEMENT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.22. <U>Submission to Jurisdiction</U>. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY SUBMITS (TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW) TO THE <FONT STYLE="white-space:nowrap">NON-EXCLUSIVE</FONT> JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, NEW
YORK CITY, STATE OF NEW YORK, OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENT, THE SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> NOTES, THE SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> DEMAND NOTES, THE
SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> LETTER OF CREDIT AND ANY OTHER RELATED DOCUMENTS EXECUTED IN CONNECTION WITH THE ISSUANCE OF THE SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> NOTES AND EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURT. EACH OF THE PARTIES HERETO EACH HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
OBJECTION EACH MAY NOW OR HEREAFTER HAVE, TO THE LAYING OF VENUE IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AS WELL AS ANY RIGHT EACH MAY NOW OR HEREAFTER HAVE, TO REMOVE ANY SUCH ACTION OR PROCEEDING, ONCE
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>

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COMMENCED, TO ANOTHER COURT ON THE GROUNDS OF <U>FORUM</U> <U>NON</U> <U>CONVENIENS</U> OR OTHERWISE. NOTHING CONTAINED HEREIN SHALL PRECLUDE ANY PARTY HERETO FROM BRINGING AN ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENT, THE SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> NOTES, THE SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> DEMAND NOTES, THE SERIES
<FONT STYLE="white-space:nowrap">2020-1</FONT> LETTER OF CREDIT AND ANY OTHER RELATED DOCUMENTS EXECUTED IN CONNECTION WITH THE ISSUANCE OF THE SERIES <FONT STYLE="white-space:nowrap">2020-1</FONT> NOTES IN ANY OTHER COUNTRY, STATE OR PLACE HAVING
JURISDICTION OVER SUCH ACTION OR PROCEEDING. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.23. <U>Additional Terms of the Series
<FONT STYLE="white-space:nowrap">2020-1</FONT> Notes.</U> Solely with respect to this Supplement and the Series 2020-1 Notes: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The
Opinion of Counsel set forth in <U>Section</U><U></U><U>&nbsp;2.2(f)(i)(x)</U> of the Base Indenture shall not be required with respect to the Class&nbsp;R Notes. The Opinion of Counsel set forth in <U>Section</U><U></U><U>&nbsp;2.2(f)(i)(y)</U> of
the Base Indenture shall not be required with respect to the Class&nbsp;R Notes for any Series issued after the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The
terms Rating Agency Confirmation Condition and Rating Agency Consent Condition shall be deemed to be satisfied with respect to Fitch if ABRCF notifies Fitch of the applicable action at least ten (10)&nbsp;calendar days prior to such action (or, if
Fitch agrees to less than ten (10)&nbsp;calendar days&#146; notice, such lesser period) and Fitch has not notified ABRCF and the Trustee in writing that such action will result in a reduction or withdrawal of the rating given to the Class&nbsp;A
Notes, the Class&nbsp;B Notes or the Class&nbsp;C Notes by Fitch within such ten (10)&nbsp;calendar day (or lesser) period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, ABRCF and the Trustee have caused this Supplement to be duly executed by
their respective officers thereunto duly authorized as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="7%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AVIS BUDGET RENTAL CAR FUNDING</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;(AESOP) LLC</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Calabria</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: David Calabria</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Senior Vice President and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to AESOP 2020-1 Indenture Supplement </I></P>
</DIV></Center>


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 <DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON TRUST</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;COMPANY, N.A., as Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michaell L. Brumwell</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Mitchell L. Brumwell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Vice President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON TRUST</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;COMPANY, N.A., as Series <FONT STYLE="white-space:nowrap">2020-1</FONT> Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michaell L. Brumwell</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Mitchell L. Brumwell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to AESOP 2020-1 Indenture Supplement </I></P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TABLE OF CONTENTS </U></P>
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<TD></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD VALIGN="top" COLSPAN="3">ARTICLE I DEFINITIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE II SERIES 2020-1 ALLOCATIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Establishment of Series 2020-1 Collection Account, Series 2020-1 Excess Collection Account and Series 2020-1 Accrued Interest Account</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Allocations with Respect to the Series 2020-1 Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Payments to Noteholders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Payment of Note Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Payment of Note Principal</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Administrator&#146;s Failure to Instruct the Trustee to Make a Deposit or Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Series 2020-1 Reserve Account</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Series 2020-1 Letters of Credit and Series 2020-1 Cash Collateral Account</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Series 2020-1 Distribution Account</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Series 2020-1 Accounts Permitted Investments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Series 2020-1 Demand Notes Constitute Additional Collateral for Series 2020-1 Senior Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Subordination of the Class B Notes, Class C Notes, Class D Notes and the Class R Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE III AMORTIZATION EVENTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE IV FORM OF SERIES 2020-1 NOTES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Restricted Global Series 2020-1 Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Temporary Global Series 2020-1 Notes; Permanent Global Series 2020-1 Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE V GENERAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Optional Repurchase</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Exhibits</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Ratification of Base Indenture</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Governing Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Amendments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Discharge of Base Indenture</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notice to Rating Agencies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Capitalization of ABRCF</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Required Noteholders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Series 2020-1 Demand Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Termination of Supplement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Noteholder Consent to Certain Amendments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Issuance of Class D Notes and Additional Class R Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Confidential Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Capitalized Cost Covenant</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Further Limitation of Liability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Series 2020-1 Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Force Majeure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Waiver of Jury Trial, etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Submission to Jurisdiction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.23.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Additional Terms of the Series 2020-1 Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>car-20200129.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Addin 62.6.8.17 - Release 2019.5 -->
<!-- Creation date: 1/30/2020 2:57:25 AM Eastern Time -->
<!-- Copyright (c) 2020 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<xsd:schema
  xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric"
  xmlns:num="http://www.xbrl.org/dtr/type/numeric"
  xmlns:us-types="http://fasb.org/us-types/2019-01-31"
  xmlns:car="http://www.avis.com/20200129"
  xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31"
  xmlns:xbrli="http://www.xbrl.org/2003/instance"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
  xmlns:sic="http://xbrl.sec.gov/sic/2011-01-31"
  attributeFormDefault="unqualified"
  elementFormDefault="qualified"
  targetNamespace="http://www.avis.com/20200129"
  xmlns:xsd="http://www.w3.org/2001/XMLSchema">
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/instance" />
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/linkbase" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd" namespace="http://xbrl.sec.gov/dei/2019-01-31" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/numeric" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/non-numeric" />
    <xsd:import schemaLocation="http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd" namespace="http://xbrl.sec.gov/sic/2011-01-31" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd" namespace="http://xbrl.sec.gov/naics/2017-01-31" />
    <xsd:import schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" namespace="http://xbrl.org/2005/xbrldt" />
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="car-20200129_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:title="Label Links, all" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="car-20200129_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:title="Presentation Links, all" xlink:type="simple" />
      <link:roleType roleURI="http://www.avis.com//20200129/taxonomy/role/DocumentDocumentAndEntityInformation" id="Role_DocumentDocumentAndEntityInformation">
        <link:definition>100000 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>car-20200129_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Addin 62.6.8.17 - Release 2019.5 -->
<!-- Creation date: 1/30/2020 2:57:25 AM Eastern Time -->
<!-- Copyright (c) 2020 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover [Abstract]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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</DOCUMENT>
<DOCUMENT>
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<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.19.3.a.u2</span><table class="report" border="0" cellspacing="2" id="idp6628251008">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Jan. 29, 2020</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000723612<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jan. 29,  2020<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Avis Budget Group, Inc.<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
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<td class="text">001-10308<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">06-0918165<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">6 Sylvan Way<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Parsippany<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NJ<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">07054<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(973)<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">496-4700<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common Stock, par value $0.01<span></span>
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</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CAR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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