Bay Street Funding Trust and King Street Funding Trust, Transaction 49

Bay Street Funding Trust (BSF) and King Street Funding Trust (together with BSF, the Trusts) have entered into a Note Purchase Agreement with a Note Issuing Special-Purpose Vehicle (the SPV) to purchase the SPV Note secured by a security interest in the Collateral Note. The Collateral Note, held by the SPV, is supported by a security interest in a portfolio of new automobile, SUV and light truck fixed-rate retail auto lease receivables (the Portfolio of Leases) originated by a captive auto finance company (the Originating SPV) operating in Canada.