Document:

Exhibit 4.11.10 RCFCMETAAmendmentNo3

EXECUTION COPY 

 
 
 
 
AMENDMENT NO. 3
 
TO
 
MASTER EXCHANGE AND TRUST AGREEMENT,
 
dated as of July 23, 2001, and
 
previously amended April 23, 2010 and October 28, 2010
 
among
 

 
RENTAL CAR FINANCE CORP.,
 
DTG OPERATIONS, INC.,
 
THRIFTY RENT-A-CAR SYSTEM, INC.,
 
DB LIKE-KIND EXCHANGE SERVICES CORP.,
 
VEXCO, LLC,
 
and
 
DEUTSCHE BANK TRUST COMPANY AMERICAS
 

Dated as of December 3, 2013

 

 
 

 

 

 
 
  
AMENDMENT NO. 3
TO MASTER EXCHANGE AND TRUST AGREEMENT
 
This Amendment No. 3 to Master Exchange and Trust Agreement (this “Amendment”) is entered into as of December 3, 2013 by and between Rental Car Finance Corp., a special purpose Oklahoma corporation (“RCFC”), DTG Operations, Inc., an Oklahoma corporation (f/k/a Dollar Rent A Car Systems, Inc.) (“DTG Operations”), Thrifty Rent-A-Car System, Inc., an Oklahoma corporation (“Thrifty”), DB Like-Kind Exchange Services Corp., a Delaware corporation (“DBLKESC”), solely in its capacity as a member of VEXCO, LLC (as successor to Chicago Deferred Exchange Company LLC), VEXCO, LLC, a Delaware limited liability company wholly owned by DBLKESC (the “Qualified Intermediary”), and Deutsche Bank Trust Company Americas (“DBTCA” and, together with RCFC, DTG Operations, Thrifty, DBLKESC and the Qualified Intermediary, the “Parties”), as qualified trustee (as successor to Bank of America, N.A.).
 
RECITALS
 
WHEREAS, RCFC, DTG Operations, Thrifty, a predecessor to DBLKESC, the Qualified Intermediary and a predecessor to DBTCA have entered into that certain Master Exchange and Trust Agreement, dated as of July 23, 2001 (as amended, restated, supplemented or otherwise modified as of the date hereof, the “Exchange Agreement”);
 
 
WHEREAS, the Parties hereto wish to amend certain Sections of the Exchange Agreement as provided herein.
 
NOW THEREFORE, the Parties hereto agree as follows:
 
1.  Amendments.
 
(i) The definition of “Exchanged Vehicles Subject to Liabilities” is hereby amended and restated in its entirety as follows:

““Exchanged Vehicles Subject to Liabilities” shall mean a DTG Operations Exchanged Vehicle, a Thrifty Exchanged Vehicle or an RCFC Exchanged Vehicle that is subject to a requirement or obligation that debt secured by such Exchanged Vehicle must be repaid as a result of it being transferred or a requirement that the sale proceeds from the disposition of such Exchanged Vehicle be applied to satisfy the financing of such Exchanged Vehicle.” 

2

(ii)  Section 2.1(d) is hereby amended and restated in its entirety as follows:

“Transfer of Exchanged Vehicles Subject To Liabilities.  Notwithstanding Sections 2.2(b) and 2.2(c) of this Agreement, the parties to this Agreement acknowledge and agree that each of DTG Operations, Thrifty and RCFC shall be permitted to transfer to the Qualified Intermediary Exchanged Vehicles Subject to Liabilities.  If DTG Operations, Thrifty or RCFC transfers to the Qualified Intermediary an Exchanged Vehicle Subject to Liabilities, then the Qualified Intermediary shall follow the procedures set forth in Section 5.4 of this Agreement with respect to the repayment of such liability, provided that, with respect to any Exchanged Vehicles Subject to Liabilities transferred by DTG Operations or Thrifty to the Qualified Intermediary, DTG Operations and Thrifty shall provide DTG Operations Additional Subsidies or Thrifty Additional Subsidies, as the case may be, if the amount required to be paid in connection with the disposition of an Exchanged Vehicle Subject to Liabilities is greater than the proceeds received from the sale of such Exchanged Vehicle Subject to Liabilities.”

(iii) Section 5.2(d) is hereby amended and restated in its entirety as follows:

“RCFC Disbursement Accounts.  The RCFC Disbursement Accounts are intended to facilitate the orderly and efficient disbursement of funds (i) to dealers and auctions with respect to the acquisition of RCFC Replacement Vehicles and (ii) to repay liabilities that must be repaid upon the disposition by RCFC of an Exchanged Vehicle Subject to Liabilities.”

(iv) Sections 5.4(a) and (b) are hereby amended and restated in their entirety as follows:

“Procedures With Respect to DTG Operations Exchanged Vehicles, Thrifty Exchanged Vehicles and RCFC Exchanged Vehicles Transferred Subject To Liabilities.

(a)    Reports.  Each Business Day, DTG Operations, Thrifty and RCFC shall provide the following information to the Qualified Intermediary: (i) the amount that DTG Operations is to deposit into the DTG Operations Escrow Accounts as a loan to the Qualified Intermediary to permit the Qualified Intermediary to repay liabilities that must be repaid upon the disposition by DTG Operations of an Exchanged Vehicle Subject to Liabilities; (ii) the amount that Thrifty is to deposit into the Thrifty Escrow Accounts as a loan to the Qualified Intermediary to permit the Qualified Intermediary to repay liabilities that must be repaid upon the disposition by Thrifty of an Exchanged Vehicle Subject to Liabilities; (iii) the amount to be transferred from the DTG Operations Exchange Accounts to the DTG Operations Disbursement Accounts to repay liabilities that must be repaid upon the disposition by DTG Operations of an Exchanged Vehicle 

3

Subject to Liabilities, (iv) the amount to be transferred from the Thrifty Exchange Accounts to the Thrifty Disbursement Accounts to repay liabilities that must be repaid upon disposition by Thrifty of an Exchanged Vehicle Subject to Liabilities, (v) the amount to be transferred from the DTG Operations Exchange Accounts to the Master Collateral Account to satisfy the Qualified Intermediary’s obligation under Section 5.4(c) of this Agreement, (vi) the amount to be transferred from the Thrifty Exchange Accounts to the Master Collateral Account to satisfy the Qualified Intermediary’s obligation under Section 5.4(c) of this Agreement, (vii) the amount that DTG Operations is to deposit into the DTG Operations Escrow Accounts to permit the Qualified Intermediary to repay liabilities that must be repaid upon the disposition by DTG Operations of an Exchanged Vehicle Subject to Liabilities where the amount to be received from the disposition of such vehicle is less than the amount of liabilities that must be repaid upon the disposition of such vehicle; (viii) the amount that Thrifty is to deposit into the Thrifty Escrow Accounts to permit the Qualified Intermediary to repay liabilities that must be repaid upon the disposition by Thrifty of an Exchanged Vehicle Subject to Liabilities where the amount to be received from the disposition of such vehicle is less than the amount of liabilities that must be repaid upon the disposition of such vehicle; and (ix) the amount to be transferred from the RCFC Exchange Accounts to the RCFC Disbursement Accounts to repay liabilities that must be repaid upon the disposition by RCFC of an Exchanged Vehicle Subject to Liabilities.

(b)    Purpose of Funds.  The funds that are deposited into the DTG Operations Escrow Accounts pursuant to Sections 5.4(a)(i), 5.4(a)(iii) and 5.4(a)(vii) of this Agreement shall be used by the Qualified Intermediary to repay the liabilities that must be repaid upon the disposition by DTG Operations of Exchanged Vehicles Subject to Liabilities.  The funds that are deposited into the Thrifty Escrow Accounts pursuant to Sections 5.4(a)(ii), 5.4(a)(iv) and 5.4(a)(viii) of this Agreement shall be used to repay the liabilities that must be repaid upon the disposition by Thrifty of Exchanged Vehicles Subject to Liabilities.  The funds that are deposited into the RCFC Escrow Accounts pursuant to Sections 5.4(a)(ix) of this Agreement shall be used to repay the liabilities that must be repaid upon the disposition by RCFC of Exchanged Vehicles Subject to Liabilities.”

(v) Section 5.5(a) is hereby amended and restated in its entirety as follows:

“Reports.  Each Business Day, RCFC, DTG Operations and Thrifty shall provide the following information to the Qualified Intermediary: (i) the amount to be transferred from the RCFC Exchange Accounts to the RCFC Disbursement Accounts; (ii) the amount of RCFC Additional Subsidies to be deposited by RCFC into the RCFC Escrow Accounts; (iii) the amount to be transferred from the DTG Operations Exchange Accounts to the DTG Operations Disbursement Accounts; (iv) the amount of DTG Operations Additional Subsidies to be deposited by DTG Operations into the DTG Operations Escrow Accounts; (v) the amount to be deposited into the DTG Operations Escrow Accounts to acquire 

4

DTG Operations Replacement Vehicles subject to liabilities; (vi) the amount to be transferred from the Thrifty Exchange Accounts to the Thrifty Disbursement Accounts; (vii) the amount of Thrifty Additional Subsidies to be deposited by Thrifty into the Thrifty Escrow Accounts; (viii) the amount to be deposited into the Thrifty Escrow Accounts to acquire Thrifty Replacement Vehicles subject to liabilities; and (ix) the amount to be deposited into the RCFC Escrow Accounts to acquire RCFC Replacement Vehicles subject to liabilities.”

(vi) The following is hereby added as Section 5.11(a)(v):

“to repay liabilities that must be repaid upon the disposition by RCFC of Exchanged Vehicles Subject to Liabilities in accordance with the terms of Section 5.4 of this Agreement.”

2.  Effect of Amendment.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any of the Parties hereto under the Exchange Agreement as amended hereby, nor alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Exchange Agreement, all of which are hereby ratified and affirmed in all respects by each of the Parties hereto and shall continue in full force and effect.  This Amendment shall apply and be effective only with respect to the provisions of the Exchange Agreement specifically referred to herein, and any references in the Exchange Agreement to the provisions of the Exchange Agreement specifically referred to herein shall be to such provisions as amended by this Amendment.
 
3.  Binding Effect.  This Amendment shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.
 
4.  GOVERNING LAW.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE PROVISIONS THEREOF REGARDING CONFLICTS OF LAWS OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
 
5.  Counterparts.  This Amendment may be executed in any number of counterparts and by different Parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.
 
[SIGNATURES ON FOLLOWING PAGES] 

5

 
  

IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed and delivered as of the day and year first above written.
 
RENTAL CAR FINANCE CORP.
 
 
By:  /s/ R. Scott Massengill_________  
Name:  R. Scott Massengill
Title:    Assistant Treasurer
  
 
DTG OPERATIONS, INC.
 
 
By:  /s/ R. Scott Massengill_________  
Name:  R. Scott Massengill
Title:    Assistant Treasurer
 
  
THRIFTY RENT-A-CAR SYSTEM, INC.
 
 
By:  /s/ R. Scott Massengill_________  
Name:  R. Scott Massengill
Title:    Assistant Treasurer
 

 
DB LIKE-KIND EXCHANGE SERVICES CORP., as Member of VEXCO, LLC
 
  
By:  /s/ Brenton J. Allen     _________  
Name:  Brenton J. Allen
Title:    President
 
By:  /s/ Kisha A. Holder      _________  
Name:  Kisha A. Holder
Title:    Vice President
	
	
	 

 

[Amendment No. 3 to Exchange Agreement]
6
    

  
  

VEXCO, LLC, as the Qualified Intermediary
 

 
By:  /s/ Brenton J. Allen     _________  
Name:  Brenton J. Allen
Title:    President
 
By:  /s/ Kisha A. Holder      _________  
Name:  Kisha A. Holder
Title:    Vice President
 

 

 
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Qualified Trustee
 
 

 
By:  /s/ Irene Siegel            _________  
Name:  Irene Siegel
Title:    Vice President
 
By:  /s/ Maria Inoa              _________  
Name:  Maria Inoa
Title:    Assistant Vice President

 
 
 

 
  
 

[Amendment No. 3 to Exchange Agreement]
7
    

Acknowledged and agreed:

DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Master Collateral Agent

By:  /s/ Irene Siegel            _________  
Name:  Irene Siegel
Title:    Vice President
 
By:  /s/ Maria Inoa              _________  
Name:  Maria Inoa
Title:    Assistant Vice President
 

[Amendment No. 3 to Exchange Agreement]
8Exhibit 4.11.7 AmendmentNo1toRCFCGroupVIICollateralAssignmentofExchangeAgreement

EXECUTION COPY

AMENDMENT NO. 1 (this “Amendment”), dated as of November 25, 2013, to the COLLATERAL ASSIGNMENT OF EXCHANGE AGREEMENT, dated as of October 28, 2010 (as amended, supplemented, restated or otherwise modified from time to time prior to the date hereof, the “Collateral Assignment”), is made among RENTAL CAR FINANCE CORP., an Oklahoma corporation (“RCFC”), DTG OPERATIONS, INC., an Oklahoma corporation (“DTG”), and DEUTSCHE BANK TRUST COMPANY AMERICAS (in its capacity as collateral agent, the “Master Collateral Agent”). 
WITNESSETH:
WHEREAS, RCFC is party to that certain Second Amended and Restated Note Purchase Agreement (Rental Car Asset Backed Variable Funding Notes, Series 2010-3), dated as of November 12, 2012 (as amended, supplemented, restated or otherwise modified from time to time in accordance with the terms hereof, the “NPA”), by and among RCFC, Dollar Thrifty Automotive Group, Inc., a Delaware corporation (“DTAG”), Deutsche Bank AG, New York Branch (in its capacity as administrative agent, the “Administrative Agent”), the entities from time to time party thereto as “Conduit Purchasers”, the entities from time to time party thereto as “Committed Purchasers” and the entities from time to time party thereto as “Managing Agents”;
WHEREAS, the parties hereto wish to amend the Collateral Assignment as provided herein pursuant to the Series 2010-3 Supplement and the NPA; and
WHEREAS, the Series 2010-3 Noteholders hereto are 100% of the Series 2010-3 Noteholders;
NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:
AGREEMENTS
1.      Defined Terms.  All capitalized terms used herein but not otherwise defined herein shall have the meanings assigned thereto in the NPA.
2.          Amendment to the Collateral Assignment. Section 3(a) is hereby amended and restated in its entirety as follows:
“RCFC hereby covenants and agrees that it shall: (i) comply with the reporting requirements set forth in Section 2.3 of the Exchange Agreement; (ii) report to the Master Collateral Agent the balance of the amount of Exchange Proceeds as of a given date within one (1) Business Day of the receipt by RCFC of a written request for such information; and (iii) promptly deliver to the Qualified Intermediary each notice contemplated to be delivered by it under Section 5.11 of the Exchange Agreement if such notice relates to a Group VII Exchanged Vehicle.”

1

EXECUTION COPY

3.        Waiver.  Each of the parties hereto hereby expressly waives any requirement that the Rating Agency Condition with respect to each or any Group VII Series of Notes be satisfied in connection with the execution, delivery and/or effectiveness of this Amendment.
4.        Reference to and Effect on the Collateral Assignment; Ratification. 
(a)    Except as specifically amended above, the Collateral Assignment is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.
(b)    Except as specifically set forth in Sections 2 and 3 hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under the Collateral Assignment, or constitute a waiver of any provision of any other agreement.
(c)    Upon the effectiveness hereof, each reference in the Collateral Assignment to “this Assignment”, “hereto”, “hereunder”, “hereof” or words of like import referring to the Collateral Assignment, and each reference in any other Related Document to “Group VII Assignment of Exchange Agreement”, “thereto”, “thereof”, “thereunder” or words of like import referring to the Collateral Assignment, shall mean and be a reference to the Collateral Assignment as amended hereby.
5.          Counterparts; Facsimile Signature.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument.  Any signature page to this Amendment containing a manual signature may be delivered by facsimile transmission or other electronic communication device capable of transmitting or creating a printable written record, and when so delivered shall have the effect of delivery of an original manually signed signature page.  
6.          Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  
7.              Headings.  The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions thereof.
8.              Severability.  The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment.  Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

2

EXECUTION COPY

9.           Effectiveness.  This Amendment shall be effective upon delivery of executed signature pages by all parties hereto.
10.           Interpretation.  Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.

3

EXECUTION COPY

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers and delivered as of the day and year first above written.
RENTAL CAR FINANCE CORP.  
By:    /s/ R. Scott Massengill                              
    Name: R. Scott Massengill     
    Title:   Assistant Treasurer

4

EXECUTION COPY

DTG OPERATIONS, INC.  
By:     /s/ R. Scott Massengill                              
    Name: R. Scott Massengill     
    Title:   Assistant Treasurer

5

EXECUTION COPY

DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.  as Master Servicer  
By:    /s/ R. Scott Massengill                              
    Name: R. Scott Massengill     
    Title:   Assistant Treasurer

6

EXECUTION COPY

DEUTSCHE BANK AG, NEW YORK BRANCH, as the Administrative Agent
By:    /s/ Colin Bennett                              
    Name: Colin Bennett     
    Title:   Director
    
By:    /s/ Billy Strobel                              
    Name: Billy Strobel     
    Title:   Vice President
    

7

EXECUTION COPY

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Master Collateral Agent
By:    /s/ Irene Siegel                              
    Name: Irene Siegel     
    Title:   Vice President
    
By:    /s/ Maria Inoa                              
    Name: Maria Inoa     
    Title:   Assistant Vice President
    

8

EXECUTION COPY

DEUTSCHE BANK AG, NEW YORK BRANCH, as a Committed Purchaser and as the Managing Agent for the Deutsche Bank Ownership Group
By:    /s/ Colin Bennett                              
    Name: Colin Bennett     
    Title:   Director
    
By:    /s/ Billy Strobel                              
    Name: Billy Strobel     
    Title:   Vice President
    
 

9

EXECUTION COPY

SARATOGA FUNDING CORP., LLC, as a                         Conduit Purchaser for the Deutsche Bank                         Ownership Group
By:    /s/ Michael R. Newell                              
    Name: Michael R. Newell     
    Title:   Vice President
    
 
 

10

EXECUTION COPY

THE BANK OF NOVA SCOTIA, as a Committed Purchaser and as the Managing Agent for the BNS Ownership Group
By:    /s/ Kimberley Snyder                              
    Name: Kimberley Snyder     
    Title:   Director
    
 

11

EXECUTION COPY

LIBERTY STREET FUNDING LLC, as a                         Conduit Purchaser for the BNS Ownership Group

By:    /s/ John L. Fridlington                              
    Name: John L. Fridlington     
    Title:   Vice President
    
 

12

EXECUTION COPY

JPMORGAN CHASE BANK, N.A., as a Committed Purchaser and as the Managing Agent for the JPMorgan Ownership Group
By:    /s/ Marquis Gilmore                              
    Name: Marquis Gilmore     
    Title:   Managing Director
    

13

EXECUTION COPY

JUPITER SECURITIZATION COMPANY LLC, as a Conduit Purchaser for the JPMorgan Ownership Group
By:  JPMORGAN CHASE BANK, N.A., as attorney-in-fact
By:    /s/ Marquis Gilmore                                      
    Name: Marquis Gilmore     
    Title:   Managing Director
    

14

EXECUTION COPY

THE ROYAL BANK OF SCOTLAND PLC, as a Committed Purchaser and as the Managing Agent for the RBS Ownership Group
By:  RBS SECURITIES INC., as agent
By:    /s/ David J. Donofrio                              
    Name: David J. Donofrio     
    Title:   Director
    

15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]