Document:

Employment Agreement with Jeff Clarke

    Exhibit
      10.1

    

    Execution
      Copy

    

    

    EMPLOYMENT
      AGREEMENT

    

    This
      Employment Agreement ("Agreement") is dated as of April 17, 2006, by and between
      Cendant Travel Distribution Services Group, Inc., a Delaware corporation (the
      "Company") and Jeff Clarke (the "Executive").

    

    WHEREAS,
      the Company desires to employ the Executive, and the Executive desires to serve
      the Company, in accordance with the terms and conditions of this
      Agreement.

    

    NOW
      THEREFORE, in consideration of the foregoing and other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      parties hereby agree as follows:

    

    SECTION
      I

    EMPLOYMENT;
      POSITION AND RESPONSIBILITIES

    

    The
      Company agrees to employ the Executive, and the Executive agrees to be employed
      by the Company, for the Period of Employment and upon the terms and conditions
      provided in this Agreement. The Executive shall serve as President and Chief
      Executive Officer of the Company from May 1, 2006 (the “Effective Date”),
      through the third anniversary of such date, subject to earlier termination
      as
      provided herein (the “Period of Employment”). During the Period of Employment,
      the Executive shall report to, and be subject to the direction of, the Board
      of
      Directors of the Company (the "Board"); provided,
      however,
      that
      until the Company is no longer a wholly owned direct or indirect subsidiary
      of
      Cendant Corporation, the Executive will report to the Chief Executive Officer
      of
      Cendant Corporation (the “Cendant CEO”). The Executive shall perform such duties
      and exercise such supervision with regard to the business of the Company as
      are
      associated with his position, as well as such additional duties as may be
      prescribed from time to time by the Board (or, for so long as the Company is
      a
      wholly owned direct or indirect subsidiary of Cendant Corporation, the Cendant
      CEO). The Executive shall, during the Period of Employment, devote substantially
      all of his time and attention during normal business hours to the performance
      of
      services for the Company. The Executive shall maintain a primary office and
      conduct his business primarily in Parsippany, New Jersey (the “Business
      Office”), except for normal and reasonable business travel in connection with
      his duties hereunder.

    

    Effective
      as of the Effective Date, the Executive will become a member of the Board.
      Thereafter, during the Period of Employment, the Company will use 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    its
      reasonable best efforts, subject to fiduciary obligations of the Board, to
      nominate and have the Executive reelected to the Board. Following the
      termination of the Executive’s employment for any reason, the Executive will
      resign from the Board effective as of the effective date of such
      termination.

    

    SECTION
      II

    COMPENSATION
      AND BENEFITS

    

    For
      all
      services rendered by the Executive pursuant to this Agreement during the Period
      of Employment, including services as an executive officer, director or committee
      member of the Company or any subsidiary or affiliate of the Company, the
      Executive shall be compensated as follows:

    

    (a) Base
      Salary

    
      	 	 

    

    The
      Company shall initially pay the Executive a fixed base salary ("Base Salary")
      of
      not less than $1,000,000, per annum, and thereafter the Executive shall be
      eligible to receive annual increases as the Board deems appropriate, in
      accordance with the Company’s customary procedures regarding salaries of senior
      officers. Base Salary shall be payable according to the customary payroll
      practices of the Company, but in no event less frequently than once each
      month.

    

    (b) Annual
      Incentive Awards

    

    The
      Executive will be eligible to receive an annual incentive compensation award
      in
      respect of each fiscal year of the Company during the Period of Employment,
      commencing with 2006, with a target payment equal to 150% of earned base salary
      during each such fiscal year, subject to the terms and conditions (including
      performance targets) relating to the annual bonus plan covering employees of
      the
      Company, and further subject to such performance goals, criteria or targets
      reasonably determined by the Company in its sole discretion in respect of each
      such fiscal year (each such annual bonus, an "Incentive Compensation Award”).
      The performance goals, criteria and targets applicable to the Executive may
      reasonably differ from those applicable to other senior executives of the
      Company and its subsidiaries (based on differences in responsibility levels,
      business unit goals or reasonable performance expectations) but shall, in the
      aggregate, present an opportunity for achieving the performance goals, criteria
      and targets required for award payments that is reasonably comparable to the
      opportunity presented for other senior executives. As the Incentive Compensation
      Award is subject to the attainment of performance criteria, it may be paid,
      to
      the extent earned or not earned, at below target levels, and above target levels
      (with a maximum of 200% of the above referenced target level). Notwithstanding
      the foregoing, the Executive’s Incentive Compensation Award for fiscal year 2006

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    will
      equal
      the total amount of Base Salary earned by Executive during calendar year 2006
      multiplied by 150%, and such amount will not be subject to the attainment of
      any
      performance targets.

    

    (c) Long-Term
      Incentive Awards

    
      (1)
        Initial
        Grant.
        The
        Executive is hereby awarded, effective as of the Effective Date, a long-term
        incentive award with a grant date value equal to $3 million (the "Initial
        Grant"). As of the date upon which the common stock of the Company becomes
        publicly traded, such award will be converted to restricted stock units relating
        to common stock of the Company and/or, at the election of the Executive,
        with
        respect to up to 50% of the grant value, stock options to purchase Company
        common stock with a per share purchase price equal to the fair market value
        of
        Company common stock as of the date of such conversion. The number of restricted
        stock units granted will equal the value of the award attributable to restricted
        stock units, divided by the opening price of the Company’s common stock
        on
        its first day of trading on a public stock exchange. The number of stock
        options
        granted will equal the value of the award attributable to stock options,
        divided
        by the Black-Scholes value per option (as determined by the Company). In
        the
        event of a sale of the business operations of the Company to one or more
        third
        party purchasers (the “Purchaser”), whether by sale of stock (other than through
        a sale of stock in an initial public offering), transfer of assets, merger
        or
        other means (a “Sale”), such award will be converted into (A) equity interests
        in, or equity-based compensation awards payable from, the Company or the
        Purchaser (or the successor to the business operations of the Company) having
        terms, to the extent reasonably possible, similar to the terms of such awards
        that would have existed if the Company was publicly traded as set forth above,
        including the form of equity, the ability of the Executive to receive up
        to 50%
        of the grant value in stock
        options or stock appreciation rights, a grant value determined by an independent
        appraisal reasonably satisfactory to the Executive of at least $3 million,
        vesting as described in the following sentence and liquidity rights in respect
        of such equity interests or equity-based compensation no less favorable than
        liquidity rights typically associated with equity awards granted by publicly
        traded companies to senior executives and/or (B), to the extent conversion
        on
        such terms is not reasonably possible, a restricted cash award payable in
        three
        equal installments on the first three anniversaries of the Effective
        Date.
        The
        Initial Grant shall vest in three equal installments on each of the first
        three
        anniversaries of the Effective Date and shall be subject to the terms and
        conditions of the applicable stock plan of the Company under which such grant
        is
        made. The terms and conditions applicable to the Executive may reasonably
        differ
        from those applicable to other senior executives of the Company and its
        subsidiaries (based on differences in
        responsibility levels, business unit goals or reasonable performance
        expectations) but shall, in the aggregate, present an opportunity for achieving
        the targeted 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      award
        payments reasonably comparable to the opportunity presented for other senior
        executives.

    

     

    (2)
      Future
      Long-Term Incentives.
      Beginning in 2007 and in each calendar year during the period of Employment
      thereafter, the Executive will be eligible to receive a long-term incentive
      award with a grant date value equal to $3 million (“Annual Grant”), in such form
      and subject to such terms and conditions as determined by the Compensation
      Committee of the Board (the “Committee”) in its sole discretion. The terms and
      conditions applicable to the Executive may reasonably differ from those
      applicable to other senior executives of the Company and its subsidiaries (based
      on differences in responsibility levels, business unit goals or reasonable
      performance expectations) but shall, in the aggregate, present an opportunity
      for achieving the targeted award payments reasonably comparable to the
      opportunity presented for other senior executives. 

    

    (3)
      Vested
      Replacement Grant.
      The
      Executive is hereby awarded, effective as of the Effective Date, a long-term
      incentive award with a grant date value equal to $3.0 million (the "Vested
      Replacement Grant"); provided,
      that,
      if the
      Company has not become publicly traded as of the first anniversary of the
      Effective Date or if the Company consummates a Sale prior to the first
      anniversary of the Effective Date (the occurrence of either of which is referred
      to herein as an “Alternative Event”), in lieu of the Vested Replacement Grant,
      the Company shall pay the Executive $3.0 million in cash at the earlier of
      such
      first anniversary or the consummation of the Sale. Unless there is an
      Alternative Event, as of the date upon which the common stock of the Company
      becomes publicly traded, such award will be converted to stock options to
      purchase Company common stock with a per share purchase price equal to the
      fair
      market value of Company common stock as of the date of such conversion. The
      number of stock options granted will equal the value of the award attributable
      to stock options, divided by the Black-Scholes value per option (as determined
      by the Company). The Vested Replacement Grant shall be fully vested as of the
      date of grant, and shall expire as set forth on Schedule A hereto.

    

    (4)
      Unvested
      Replacement Option Grant.
      The
      Executive is hereby awarded, effective as of the Effective Date, a long-term
      incentive award with a grant date value equal to $2.1 million (the "Unvested
      Replacement Option Grant"); provided,
      that,
      if
      there is an Alternative Event, in lieu of the Unvested Replacement Grant, the
      Company shall grant the Executive a restricted cash award with a value of $2.1
      million. Unless there is an Alternative Event, as of the date upon which the
      common stock of the Company becomes publicly traded, such award will be
      converted to restricted stock units relating to common stock of the Company
      with
      respect to 50% of such value, and stock options to purchase Company common
      stock
      with a per share purchase price equal to the fair market 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    value
      of
      Company common stock as of the date of conversion with respect to the remaining
      50% of such value. The number of restricted stock units granted will equal
      the
      value of the award attributable to restricted stock units, divided by the
      opening price of the Company’s common stock on its first day of trading on a
      public stock exchange. The number of stock options granted will equal the value
      of the award attributable to stock options, divided by the Black-Scholes value
      per option (as determined by the Company). The Unvested Replacement Option
      Grant
      (or, in the event of the Alternative Event, the restricted cash award) shall
      vest, and expire, as set forth on Schedule B hereto.

    

    (5)
      Unvested
      Replacement RSU Grant.
      The
      Executive is hereby awarded, effective as of the Effective Date, a long-term
      incentive award with a grant date value equal to $2.7 million (the “Unvested
      Replacement RSU Grant”); provided,
      that,
      if
      there is an Alternative Event, in lieu of the Unvested Replacement RSU Grant,
      the Company shall grant the Executive a restricted cash award with a value
      of
      $2.7 million. Unless there is an Alternative Event, as of the date upon which
      the common stock of the Company becomes publicly traded, such award will be
      converted to restricted stock units relating to common stock of the Company.
      The
      number of restricted stock units granted will equal the value of the award
      attributable to restricted stock units, divided by the opening price of the
      Company’s common stock on its first day of trading on a public stock exchange.
      The Unvested Replacement RSU Grant (or, in the event of the Alternative Event,
      the restricted cash award) shall vest as set forth on Schedule C
      hereto.

    

    (d) Sign-On
      Bonus

    

    By
      no
      later than June 30, 2006, the Company will pay the Executive a sign-on bonus
      equal to $1.5 million.

    

    (e) Additional
      Benefits

    

    The
      Executive shall be entitled to participate in all other compensation and
      employee benefit plans or programs and receive all benefits and perquisites
      for
      which salaried employees of the Company generally are eligible under any plan
      or
      program now in effect, or later established by the Company, on the same basis
      as
      similarly situated senior executives of the Company with comparable duties
      and
      responsibilities. The Executive shall participate to the extent permissible
      under the terms and provisions of such plans or programs, and in accordance
      with
      the terms of such plans and programs.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SECTION
      III

    BUSINESS
      EXPENSES

    

    The
      Company shall reimburse the Executive for all reasonable travel and other
      expenses incurred by the Executive in connection with the performance of his
      duties and obligations under this Agreement. The Executive shall comply with
      such limitations and reporting requirements with respect to expenses as may
      be
      established by the Company from time to time and shall promptly provide all
      appropriate and requested documentation in connection with such
      expenses.

    

    SECTION
      IV

    DEATH
      AND DISABILITY

    

    The
      Period of Employment shall end upon the Executive's death. If the Executive
      becomes Disabled (as defined below) during the Period of Employment, the Period
      of Employment may be terminated at the option of the Executive upon notice
      of
      resignation to the Company, or at the option of the Company upon notice of
      termination to the Executive. For purposes of this Agreement, "Disability"
      shall
      have the meaning set forth in Section 409A ("Code Section 409A") of the Internal
      Revenue Code of 1986, as amended, and the rules and regulations promulgated
      thereunder. The Company's obligation to make payments to the Executive under
      this Agreement shall cease as of such date of termination except for (1) Base
      Salary and any Incentive Compensation Awards earned but unpaid as of the date
      of
      such termination, and, (2) a pro-rata portion of any Incentive Compensation
      Award to which the Executive would have been entitled had he continued in
      employment until the end of the period for which such award would have been
      earned (such pro-rata portion to be determined by multiplying (i) the ratio
      of
      the days of employment during such period to the total days in such period
      by
      (ii) the actual award which would have been earned based upon actual Company
      performance determined after the completion of such period). In the event of
      termination of the Period of Employment by reason of death or Disability, all
      long-term equity awards (including, without limitation, restricted stock units
      and stock options, and other equity-based compensation awards) then outstanding
      shall become immediately vested and, with respect to any stock options or stock
      appreciation rights, notwithstanding any term or provision to the contrary,
      any
      outstanding options or stock appreciation rights shall remain exercisable until
      the first to occur of the third (3rd)
      anniversary of the Executive’s termination of employment and the original
      expiration date of such option or stock appreciation right.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SECTION
      V

    EFFECT
      OF TERMINATION OF EMPLOYMENT

    

    (a) Without
      Cause Termination and Constructive Discharge.
      If the
      Executive's employment terminates during the Period of Employment due to either
      a Without Cause Termi-nation or a Constructive Discharge (each as defined
      below), then either:

    

    
      	 	
              (1)
                if such termination occurs prior to the long-term incentive awards
                granted
                pursuant to Section II of this Agreement being converted into an
                equity
                award of either a publicly traded company or a private company following
                a
                sale of the Company (or, in the case of a Sale, into restricted cash
                awards permitted under such Section II), then: (i) the Company shall
                pay
                the Executive (or his surviving spouse, estate or personal representative,
                as applicable), in accordance with paragraph (d) below, an amount
                equal to
                299% multiplied by the sum of (A) the Executive’s then current Base
                Salary, plus (B) the Executive’s then current target Incentive
                Compensation Award and (ii) in lieu of being granted any of the equity
                incentive awards described in Section II above, the Executive will
                receive
                a cash payment equal to the grant date value of such awards;
                or

            

    

    

    
      	 	
              (2)
                if such termination occurs following the conversion of the long-term
                incentive awards granted pursuant to Section II of this Agreement
                into an
                equity award of either a publicly traded company or a private company
                following the sale of the Company (or, in the case of a Sale, into
                restricted cash awards permitted under such Section II), then: (i)
                the
                Company shall pay the Executive (or his surviving spouse, estate
                or
                personal representative, as applicable), in accordance with paragraph
                (d)
                below, an amount equal to 299% multiplied by the sum of (A) the
                Executive’s then current Base Salary, plus (B) the Executive’s then
                current target Incentive Compensation Award and (ii) all restricted
                stock
                units, restricted cash awards, stock options, and other equity-based
                compensation awards granted pursuant to Section II of this Agreement
                will
                become fully and immediately vested, and all stock options and stock
                appreciation rights will remain exercisable until the first to occur
                of
                the third anniversary of the Executive’s termination of employment and the
                original expiration date of such option or stock appreciation
                right.

            

    

    

    (b) Termination
      for Cause; Resignation.
      If the
      Executive's employment terminates due to a Termination for Cause or a
      Resignation, Base Salary and any Incentive Compensation Awards earned but unpaid
      as of the date of such termination shall be paid to the Executive. Except as
      provided in this paragraph, the Company shall have no further obligations to
      the
      Executive hereunder.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) For
      purposes of this Agreement, the following terms have the following
      meanings:

    

    i. "Termination
      for Cause" means (a) the Executive’s willful failure to substantially perform
      his duties as an employee of the Company or any subsidiary (other than any
      such
      failure resulting from incapacity due to physical or mental illness), (b) any
      act of fraud, misappropriation, dishonesty, embezzlement or similar conduct
      against the Company or any subsidiary, (c) the Executive’s conviction of a
      felony or any crime involving moral turpitude (which conviction, due to the
      passage of time or otherwise, is not subject to further appeal), (d) the
      Executive’s gross negligence in the performance of his duties, (e) the Executive
      purposefully or knowingly makes (or has been found to have made) a false
      certification to the Company pertaining to its financial statements, (f) any
      investigation, litigation or other proceeding relating to the affairs of one
      or
      more of the Public Corporations (as defined in Section XVIII hereof) materially
      interferes over an extended period of time with the Executive’s performance of
      his duties and responsibilities as contemplated by this Agreement and the
      Executive fails or is unable to eliminate such material interference within
      15
      days of receipt of notice from the Board alleging its existence, or (g) by
      reason of any court or administrative order, arbitration award or other ruling,
      the Executive’s ability to fully perform his duties as Chief Executive Officer
      or as a member of the Board is materially impaired. In the event that the
      Company asserts that grounds exist for Termination for Cause, unless such
      grounds are egregious and have caused the Company plain material harm, the
      Company shall so notify the Executive and within no less than 5 days, nor more
      than 15 days, afford the Executive a hearing before the Board or, if the Company
      is publicly traded, a committee consisting of the independent directors of
      the
      Board, at the Board’s option, regarding any disputed facts. The Board or the
      committee of the Board, as the case may be, shall make a determination regarding
      the existence of Cause upon completion of any such hearing; provided,
      however,
      that
      any determination that Cause exists shall require an affirmative resolution
      of
      the Board of Directors of the Company or the designated committee of the Board
      acted upon in accordance with applicable Company By-laws and, if the Company
      is
      publicly traded, concurred in by at least a majority of the independent
      directors (if any) of the Board. Notwithstanding the foregoing, the Company
      shall be entitled to immediately and unilaterally restrict or suspend the
      Executive’s duties pending determination of the existence of Cause.

    

    ii. "Constructive
      Discharge" means (a) any material failure of the Company to fulfill its
      obligations under this Agreement (including without limitation a reduction
      to
      the Base Salary, as increased from time to time, or a reduction to the value
      of
      Incentive Compensation Award or Annual Grant 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    opportunity),
      (b) the failure to nominate the Executive for membership on the Board, (c)
      a
      failure of the Executive to be elected or re-elected to membership on the Board
      resulting from the failure of Cendant (as long as Cendant controls the Company)
      or any Purchaser (as long as such Purchaser controls the Company) to vote shares
      (other than with respect to shares acquired in a public offering) entitled
      to
      vote for the election of directors of the Company held by them in favor of
      election of the Executive as a member of the Board, (d) the failure of any
      successor to the business operations of the Company to assume the obligations
      of
      the Company under this Agreement, (e) the Business Office is relocated to any
      location which is more than 30 miles from the city limits of Parsippany, New
      Jersey, (f) a material diminution to the Executive’s duties and responsibilities
      and (g) if
      by the
      first anniversary of the Effective Date, either (1) the Company has not yet
      become a publicly traded company or (2) Cendant has not yet sold substantially
      all of the stock or assets of the Company to a Purchaser.
      The
      Executive shall provide the Company a written notice which describes the
      circumstances being relied on for the termination with respect to this Agreement
      within thirty (30) days after an event giving rise to such notice. The Company
      shall have thirty (30) days after receipt of such notice to remedy the situation
      prior to the termination for Constructive Discharge.

    

    iii. "Without
      Cause Termination" or “Terminated Without Cause” means termination of the
      Executive's employment by the Company other than due to death, dis-ability,
      or
      Termination for Cause. The Company shall provide written notice to the Executive
      at least 15 days in advance of the effective date of any such termination;
      provided that, the Company shall be entitled to immediately and unilaterally
      restrict or suspend the Executive’s duties during such notice
      period.

    

    iv. “Resignation”
      means a termination of the Executive’s employment by the Executive, other than
      in connection with a Constructive Discharge. The Executive shall provide written
      notice to the Company at least 15 days in advance of the effective date of
      any
      such termination.

    

    (d) Conditions
      to Payment and Acceleration.
      All
      payments due to the Executive under this Section V shall be made as soon as
      practicable, but in no event earlier than the date permitted under Section
      409A
      of the Code, to the extent such payment is subject to Section 409A of the Code;
      provided,
      however,
      that
      such payments shall be subject to, and contingent upon, the execution by the
      Executive (or his beneficiary or estate) of a release of claims against the
      Company and its affiliates in such reasonable form determined by the Company
      and
      consistent with the otherwise applicable terms of this Agreement as may be
      necessary to effect a complete and valid release of any claims of the Executive
      against the Company and its affiliates (excluding indemnification rights under
      Section VII and payment rights under Section VIII hereof and excluding vested
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    rights
      under employee benefit plans or programs and post-employment rights relating
      to
      outstanding equity or equity-based awards). The payments due to the Executive
      under this Section V shall be in lieu of any other severance benefits otherwise
      payable to the Executive under any severance plan of the Company or its
      affiliates.

    

    SECTION
      VI

    OTHER
      DUTIES OF THE EXECUTIVE

    DURING
      AND AFTER THE PERIOD OF EMPLOYMENT

    

    (a) The
      Executive shall, with reasonable notice during or after the Period of
      Employment, furnish such information pertaining to the Company and its
      affiliates as may be in his possession and fully cooperate with the Company
      and
      its affiliates as may be requested in connection with any claims or legal action
      in which the Company or any of its affiliates is or may become a party. After
      the Period of Employment, Company agrees to reimburse the Executive for any
      reasonable out-of-pocket expenses incurred by Executive by reason of such
      cooperation, including any loss of salary, and the Company shall make reasonable
      efforts to minimize interruption of the Executive’s life in connection with his
      cooperation in such matters as provided for in this paragraph.

    

    (b) The
      Executive recognizes and acknowledges that all information pertaining to the
      affairs; business; results of operations; accounting methods, practices and
      procedures; members; acquisition candidates; financial condition; clients;
      customers or other relationships of the Company or any of its affiliates
      ("Information") is confidential and is a unique and valuable asset of the
      Company or any of its affiliates. The term “Information” shall not include
      information which is or becomes available to the public other than as a result
      of disclosure by the Executive in violation of this Agreement. Access to and
      knowledge of certain of the Information is essential to the performance of
      the
      Executive's duties under this Agreement. The Executive shall not during the
      Period of Employment or thereafter, except to the extent reasonably necessary
      in
      performance of his duties under this Agreement, give to any person, firm,
      association, corporation, or governmental agency any Information, except (1)
      as
      may be required by law or by governmental authorities based on the advice of
      counsel to the Executive; provided that the Company is immediately notified
      of
      the existence, terms and circumstances surrounding such request and the
      Executive exercises his reasonable best efforts to obtain an order or other
      reliable assurance that confidential treatment will be accorded to the
      Information , (2) in order for the Executive to obtain legal advice (provided
      that in any such case the Executive shall take steps to ensure that such
      Information, to the extent subject to legal privilege or other confidentiality
      rights in the hands of the Company, continues to be legally privileged and/or
      confidential), and (3) as necessary to enforce the rights of the Executive
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    under
      this Agreement in arbitration or other legal proceedings to which the Company
      is
      a party but, only to the extent, such information in the hands of the Company
      is
      not protected by the attorney client, work product or other legal privilege
      or
      immunity and the Executive exercises his reasonable best efforts to obtain
      an
      order or other reasonable assurance that confidential treatment will be accorded
      to the Information. Except as permitted in the immediately preceding sentence,
      the Executive shall not make use of the Information for his own purposes or
      for
      the benefit of any person or organization other than the Company or any of
      its
      affiliates. The Executive shall also use his best efforts to prevent the
      disclosure of this Information by others. All records, memoranda, etc.
      containing Information relating to the business of the Company or its
      affiliates, whether made by the Executive or otherwise coming into his
      possession, are confidential and shall remain the property of the Company or
      its
      affiliates. 

     

    (c) (i) During
      the Period of Employment and for an additional period of either (A) a one year
      period following the termination of Executive’s employment after the expiration
      of the original Period of Employment or (B) a two (2) year period following
      the
      termination of Executive’s employment at an earlier time (whichever applies
      being the "Restricted Period"), irrespective of the cause, manner or time of
      any
      termination, the Executive shall not use his status with the Company or any
      of
      its affiliates to obtain loans, goods or services from another organization
      on
      terms that would not be available to him in the absence of his relationship
      to
      the Company or any of its affiliates.

    

    (ii) During
      the Restricted Period, the Executive shall not make any statements or perform
      any acts intended to or which may have the effect of advancing the interest
      of
      any Competitors of the Company or any of its affiliates or in any way injuring
      the interests of the Company or any of its affiliates and the Company and its
      affiliates shall not make or authorize any person to make any statement that
      would in any way injure the personal or business reputation or interests of
      the
      Executive; provided however, that, subject to Section VI (b) hereof, nothing
      herein shall preclude the Company and its affiliates or the Executive from
      giving truthful testimony under oath in response to a subpoena or other lawful
      process or truthful answers in response to questions from a government
      investigation; provided,
      further,
      however,
      that
      nothing herein shall prohibit the Company and its affiliates from disclosing
      the
      fact of any termination of the Executive’s employment or, in the case of
      Termination for Cause, the circumstances for such a termination. For purposes
      of
      this Section VI (c) (ii), the term “Competitor” means any enterprise or business
      that is engaged in, or has plans to engage in, at any time during the Restricted
      Period, any activity that competes with the businesses conducted during or
      at
      the termination of the Executive’s Period of Employment, or then proposed to be
      conducted, by the Company and its affiliates in a manner that is or would be
      material in relation to the businesses of the Company 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    or
      the
      prospects for the businesses of the Company. During the Restricted Period,
      the
      Executive, without prior express written approval by the Board, shall not (A)
      engage in, or directly or indirectly (whether for compensation or otherwise)
      manage, operate, or control, or join or participate in the management, operation
      or control of a Competitor, in any capacity (whether as an employee, officer,
      director, partner, consultant, agent, advisor, or otherwise) or (B) develop,
      expand or promote, or assist in the development, expansion or promotion of,
      any
      division of an enterprise or the business intended to become a Competitor at
      any
      time after the end of the Restricted Period or (C) own or hold a Proprietary
      Interest in, or directly furnish any capital to, any Competitor of the Company.
      The Executive acknowledges that the Company's and its affiliates businesses
      are
      conducted nationally and internationally and agrees that the provisions in
      the
      foregoing sentence shall operate throughout the United States and the
      world.

    

    (iii) During
      the Restricted Period, the Executive, without express prior written approval
      from the Board, shall not solicit any members or the then current clients of
      the
      Company or any of its affiliates for any existing business of the Company or
      any
      of its affiliates or discuss with any employee of the Company or any of its
      affiliates information or operations of any business intended to compete with
      the Company or any of its affiliates.

    

    (iv) During
      the Restricted Period, the Executive shall not interfere with the employees
      or
      affairs of the Company or any of its affiliates or solicit or induce any person
      who is an employee of the Company or any of its affiliates to terminate any
      relationship such person may have with the Company or any of its affiliates,
      nor
      shall the Executive during such period directly or indirectly engage, employ
      or
      compensate, or cause or permit any person with which the Executive may be
      affiliated, to engage, employ or compensate, any employee of the Company or
      any
      of its affiliates. 

     

    (v) For
      the
      purposes of this Agreement, Proprietary Interest means any legal, equitable
      or
      other ownership, whether through stock holding or otherwise, of an interest
      in a
      business, firm or entity; provided, that ownership of less than 5% of any class
      of equity interest in a publicly held company shall not be deemed a Proprietary
      Interest; the term subsidiary shall include without limitation all subsidiaries
      of the Company and the term affiliates shall mean those corporations or other
      business organizations controlled by the Company as well as those corporations
      or other business organizations, regardless of whether the Company controls
      such
      organizations, for which the Executive has had direct or indirect supervisory
      authority and responsibility during his Period of Employment (but shall in
      no
      event include the car rental, real estate or hospitality and timeshare
      businesses of Cendant Corporation ).

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d) The
      Executive hereby acknowledges that damages at law may be an insufficient remedy
      to the Company if the Executive violates the terms of this Agreement and that
      the Company shall be entitled, upon making the requisite showing, to preliminary
      and/or permanent injunctive relief in any court of competent jurisdiction to
      restrain the breach of or otherwise to specifically enforce any of the covenants
      contained in this Section VI without the necessity of showing any actual damage
      or that monetary damages would not provide an adequate remedy. Such right to
      an
      injunction shall be in addition to, and not in limitation of, any other rights
      or remedies the Company may have. Without limiting the generality of the
      foregoing, neither party shall oppose any motion the other party may make for
      any expedited discovery or hearing in connection with any alleged breach of
      this
      Section VI.

    

    (e) The
      period of time during which the provisions of this Section VI shall be in effect
      shall be extended by the length of time during which the Executive is in breach
      of the terms hereof as determined by any court of competent jurisdiction on
      the
      Company's application for injunctive relief.

    

    (f) The
      Executive agrees that the restrictions contained in this Section VI are an
      essential element of the compensation the Executive is granted hereunder and
      but
      for the Executive's agreement to comply with such restrictions, the Company
      would not have entered into this Agreement.

    

    SECTION
      VII

    INDEMNIFICATION

    

    The
      Company shall indemnify the Executive to the fullest extent permitted by the
      laws of the state of the Company's incorporation in effect at that time, or
      the
      certificate of incorporation and by-laws of the Company, whichever affords
      the
      greater protection to the Executive.

    

    SECTION
      VIII

    CERTAIN
      TAXES

    

    Anything
      in this Agreement or in any other plan, program or agreement to the contrary
      notwithstanding and except as set forth below, in the event that (i) the
      Executive becomes entitled to any benefits or payments under Section V hereof
      and (ii) it shall be determined either initially or at any subsequent time
      that
      any payment, benefit or distribution by the Company to or for the benefit of
      the
      Executive (whether paid or payable or distributed or distributable pursuant
      to
      the terms of this Agreement or otherwise, but determined without regard to
      any
      additional payments required under this Section VIII) (a “Payment”) would be
      subject to the excise tax imposed by Section 4999 of the Internal Revenue Code
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    of
      1986,
      as amended, or any interest or penalties are incurred by the Executive with
      respect to such excise tax (such excise tax, together with any such interest
      and
      penalties, hereinafter collectively referred to as the “Excise Tax”), then the
      Executive shall be entitled to receive an additional payment (a “Gross-Up
      Payment”) in an amount such that after payment by the Executive of all taxes
      (including any interest or penalties imposed with respect to such taxes),
      including, without limitation, any income taxes (and any interest and penalties
      imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment,
      the Executive retains an amount of the Gross-Up Payment equal to the Excise
      Tax
      imposed upon the Payments. Notwithstanding the foregoing provisions of this
      Section VIII, if it shall be determined that the Executive is entitled to a
      Gross-Up Payment, but that the Payments do not exceed 110% of the greatest
      amount (the “Reduced Amount”) that could be paid to the Executive such that the
      receipt of Payments would not give rise to any Excise Tax, then no Gross-Up
      Payment shall be made to the Executive and the Payments, in the aggregate,
      shall
      be reduced to the Reduced Amount. All determinations required to be made under
      this Section VIII, including whether and when a Gross-Up Payment is required
      and
      the amount of such Gross-Up Payment and the assumptions to be utilized in
      arriving at such determination, shall be made by Deloitte & Touche LLP or
      such other nationally recognized certified public accounting firm as may be
      designated by the Company.

    

    SECTION
      IX

    MITIGATION

    

    The
      Executive shall not be required to mitigate the amount of any payment provided
      for hereunder by seeking other employment or otherwise, nor shall the amount
      of
      any such payment be reduced by any compensation earned by the Executive as
      the
      result of employment by another employer after the date the Executive's
      employment hereunder terminates.

    

    SECTION
      X

    WITHHOLDING
      TAXES

    

    The
      Executive acknowledges and agrees that the Company may directly or indirectly
      withhold from any payments under this Agreement all federal, state, city or
      other taxes that shall be required pursuant to any law or governmental
      regulation.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SECTION
      XI

    EFFECT
      OF PRIOR AGREEMENTS

    

    This
      Agreement shall supersede any prior agreements between Cendant, the Company,
      and
      the Executive, and any such prior agreement shall be deemed terminated without
      any remaining obligations of either party thereunder.

    

    SECTION
      XII

    CONSOLIDATION,
      MERGER OR SALE OF ASSETS

    

    Nothing
      in this Agreement shall preclude the Company from consolidating or merging
      into
      or with, or transferring all or substantially all of its assets to, another
      corporation which assumes this Agreement and all obligations and undertakings
      of
      the Company hereunder. Upon such a consolidation, merger or sale of assets
      the
      term "the Company" shall mean the other corporation and this Agreement shall
      continue in full force and effect. Further, the Company shall have the right
      to
      assign (and the Executive hereby consents to the Company’s assignment of) this
      Agreement to any corporation which is the direct or indirect 100% owned parent
      corporation of the Company.

    

    SECTION
      XIII

    MODIFICATION

    

    This
      Agreement may not be modified or amended except in writing signed by the
      parties. No term or condition of this Agreement shall be deemed to have been
      waived except in writing by the party charged with waiver. A waiver shall
      operate only as to the specific term or condition waived and shall not
      constitute a waiver for the future or act on anything other than that which
      is
      specifically waived.

    

    SECTION
      XIV

    GOVERNING
      LAW

    

    This
      Agreement has been executed and delivered in the State of New Jersey and its
      validity, interpretation, performance and enforcement shall be governed by
      the
      internal laws of that state.

    

    SECTION
      XV

    ARBITRATION

    

    (a) Any
      controversy, dispute or claim arising out of or relating to this Agreement
      or
      the breach hereof which cannot be settled by mutual agreement (other than with
      respect to the matters covered by Section VI for which the 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Company
      may, but shall not be required to, seek injunctive relief) shall be finally
      settled by binding arbitration in accordance with the Federal Arbitration Act
      (or if not applicable, the applicable state arbitration law) as follows: Any
      party who is aggrieved shall deliver a notice to the other party setting forth
      the specific points in dispute. Any points remaining in dispute twenty (20)
      days
      after the giving of such notice may be submitted to arbitration in New York,
      New
      York, to the American Arbitration Association, before a single arbitrator
      appointed in accordance with the arbitration rules of the American Arbitration
      Association, modified only as herein expressly provided. After the aforesaid
      twenty (20) days, either party, upon ten (10) days notice to the other, may
      so
      submit the points in dispute to arbitration. The arbitrator may enter a default
      decision against any party who fails to participate in the arbitration
      proceedings.

    

    (b) The
      decision of the arbitrator on the points in dispute shall be final, unappealable
      and binding, and judgment on the award may be entered in any court having
      jurisdiction thereof.

    

    (c) Except
      as
      otherwise provided in this Agreement, the arbitrator shall be authorized to
      apportion its fees and expenses and the reasonable attorneys' fees and ex-penses
      of any such party as the arbitrator deems appropriate. In the absence of any
      such apportionment, the fees and expenses of the arbitrator shall be borne
      equally by each party, and each party shall bear the fees and expenses of its
      own attorney.

    

    (d) The
      parties agree that this Section XV has been included to rapidly and
      inexpensively resolve any disputes between them with respect to this Agreement,
      and that this Section XV shall be grounds for dismissal of any court action
      commenced by either party with respect to this Agreement, other than
      postarbitration actions seeking to enforce an arbitration award. In the event
      that any court determines that this arbitration procedure is not binding, or
      otherwise allows any litigation regarding a dispute, claim, or controversy
      covered by this Agreement to proceed, the parties hereto hereby waive any and
      all right to a trial by jury in or with respect to such litigation.

     

    (e) The
      parties shall keep confidential, and shall not disclose to any person, except
      as
      may be required by law, the existence of any controversy hereunder, the referral
      of any such controversy to arbitration or the status or resolution
      thereof.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SECTION
      XVI

    SURVIVAL

    

    Sections
      VI, VII, VIII, IX, X, XI, XII and XIII shall continue in full force in
      accordance with their respective terms notwithstanding any termination of the
      Period of Employment.

    

    SECTION
      XVII

    SEPARABILITY

    

    All
      provisions of this Agreement are intended to be severable. In the event any
      provision or restriction contained herein is held to be invalid or unenforceable
      in any respect, in whole or in part, such finding shall in no way affect the
      validity or enforceability of any other provision of this Agreement. The parties
      hereto further agree that any such in-valid or unenforceable provision shall
      be
      deemed modified so that it shall be enforced to the greatest extent permissible
      under law, and to the extent that any court of competent juris-diction
      determines any restriction herein to be unreasonable in any respect, such court
      may limit this Agreement to render it reasonable in the light of the
      circumstances in which it was entered into and specifically enforce this
      Agreement as limited.

    

    SECTION
      XVIII

    REPRESENTATION
      OF THE EXECUTIVE

    

    The
      Executive represents that, as of the date of the filing of the particular
      financial statement or other public filing referred to below, he had no
      knowledge of any accounting irregularity with respect to, or any material
      misstatement or omission contained in, any financial statement or other public
      filing made by any publicly-traded corporation on whose Board of Directors
      the
      Executive served as of such date (each such corporation being referred to as
      a
“Public Corporation”).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
      first above written.

     

    
      
        	 	
                CENDANT
                  TRAVEL DISTRIBUTION
                  SERVICES GROUP,
                  INC.

                 

                 

                /s/
                  Terence P. Conley

              	 	 
	 	
                By:
                  Terence P. Conley 

              	 	 
	 	
                Title:
                  Executive Vice President

              	 	 

      

      

      

      
        	 	
                JEFF
                  CLARKE

                 

                 

                /s/
                  Jeff Clarke

              	 	 
	 	 	 	 

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
 

    

    I.     Schedule
      A (Vested Replacement Grant Expiration)

     

    
      
        	 	 	 	 
	 	
                Percentage
                  of $3 Million Grant

              	 	
                Expiration
                  Date

              
	 	
                53%

              	 	
                3/31/2014

              
	 	
                34%

              	 	
                4/11/2015

              
	 	
                13%

              	 	
                5/20/2015

              

      

    

     

    

    II.     Schedule
      B (Unvested Replacement Option Grant)

     

    
      
        	 	
                Percentage
                  of $2.1 Million Grant

              	 	
                Vesting
                  Date

              	 	
                Expiration
                  Date

              
	 	
                36%

              	 	
                3/31/2007

              	 	
                3/31/2014

              
	 	
                25%

              	 	
                4/11/2007

              	 	
                4/11/2015

              
	 	
                20%

              	 	
                5/20/2007

              	 	
                5/20/2015

              
	 	
                19%

              	 	
                5/20/2008

              	 	
                5/20/2015

              

      

    

     

     

    III.     Schedule
      C (Unvested Replacement RSU Grant)

     

    
      
        
          	 	 	 	 
	 	
                  Percentage
                    of $2.7 Million Grant

                	 	
                  Vesting
                    Date

                
	 	
                  15%

                	 	
                  5/20/2006

                
	 	
                  9%

                	 	
                  4/11/2007

                
	 	
                  15%

                	 	
                  5/20/2007

                
	 	
                  61%

                	 	
                  5/20/2008Credit Agreement dated April 19, 2006

    Exhibit
      10.2

     

    
      

      

    

    

    $2,375,000,000

    

    CREDIT
      AGREEMENT

     

    among

     

    AVIS
      BUDGET HOLDINGS, LLC,

     

    AVIS
      BUDGET CAR RENTAL, LLC,

    as
      Borrower,

     

    The
      Subsidiary Borrowers from Time to Time Parties Hereto,

     

    The
      Several Lenders from Time to Time Parties Hereto,

     

    JPMORGAN
      CHASE BANK, N.A.,

    as
      Administrative Agent

     

    DEUTSCHE
      BANK SECURITIES INC.,

    as
      Syndication Agent,

     

    BANK
      OF
      AMERICA, N.A.,

    CALYON
      NEW YORK BRANCH,

    and

    CITICORP
      USA, INC., 

    as
      Documentation Agents,

    

    and

    

    WACHOVIA
      BANK, NATIONAL ASSOCIATION,

    as
      Co-Documentation Agent

     

    Dated
      as
      of April 19, 2006

     

    

    JPMORGAN
      SECURITIES INC. 

    and

    DEUTSCHE
      BANK SECURITIES INC., 

    as
      Joint
      Lead Arrangers and Joint Bookrunners

    

     

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    Page

    

    
      	
              SECTION
                1.

            	 	
              DEFINED
                TERMS

            	 	
              1

            	 
	 	 	
              1.1 Defined
                Terms

            	 	
              1

            	 
	 	 	
              1.2 Other
                Definitional Provisions

            	 	
              22

            	 
	
              SECTION
                2.

            	 	
              AMOUNT
                AND TERMS OF COMMITMENTS

            	 	
              23

            	 
	 	 	
              2.1 Term
                Commitments

            	 	
              23

            	 
	 	 	
              2.2 Procedure
                for Term Loan Borrowing

            	 	
              23

            	 
	 	 	
              2.3 Repayment
                of Term Loans

            	 	
              23

            	 
	 	 	
              2.4 Revolving
                Commitments

            	 	
              24

            	 
	 	 	
              2.5 Procedure
                for Revolving Loan Borrowing

            	 	
              24

            	 
	 	 	
              2.6 Swingline
                Commitment

            	 	
              25

            	 
	 	 	
              2.7 Procedure
                for Swingline Borrowing; Refunding of Swingline Loans

            	 	
              25

            	 
	 	 	
              2.8 Commitment
                Fees, etc.

            	 	
              26

            	 
	 	 	
              2.9 Termination
                or Reduction of Revolving Commitments

            	 	
              27

            	 
	 	 	
              2.10 Optional
                Prepayments

            	 	
              27

            	 
	 	 	
              2.11 Mandatory
                Prepayments

            	 	
              27

            	 
	 	 	
              2.12 Conversion
                and Continuation Options

            	 	
              28

            	 
	 	 	
              2.13 Limitations
                on Eurocurrency Tranches

            	 	
              28

            	 
	 	 	
              2.14 Interest
                Rates and Payment Dates

            	 	
              29

            	 
	 	 	
              2.15 Computation
                of Interest and Fees

            	 	
              29

            	 
	 	 	
              2.16 Inability
                to Determine Interest Rate

            	 	
              29

            	 
	 	 	
              2.17 Pro
                Rata Treatment and Payments

            	 	
              30

            	 
	 	 	
              2.18 Requirements
                of Law

            	 	
              31

            	 
	 	 	
              2.19 Taxes

            	 	
              32

            	 
	 	 	
              2.20 Indemnity

            	 	
              34

            	 
	 	 	
              2.21 Change
                of Lending Office

            	 	
              34

            	 
	 	 	
              2.22 Replacement
                of Lenders

            	 	
              34

            	 
	 	 	
              2.23 New
                Local Facilities

            	 	
              35

            	 
	 	 	
              2.24 Prepayments
                Required Due to Currency Fluctuation

            	 	
              36

            	 
	
              SECTION
                3.

            	 	
              LETTERS
                OF CREDIT

            	 	
              36

            	 
	 	 	
              3.1 L/C
                Commitment

            	 	 	 
	 	 	
              3.2 Procedure
                for Issuance of Letter of Credit

            	 	
              36

            	 
	 	 	
              3.3 Fees
                and Other Charges

            	 	
              36

            	 
	 	 	
              3.4 L/C
                Participations

            	 	
              37

            	 
	 	 	
              3.5 Reimbursement
                Obligation of the Borrower

            	 	
              38

            	 
	 	 	
              3.6 Obligations
                Absolute

            	 	
              38

            	 
	 	 	
              3.7 Letter
                of Credit Payments

            	 	
              38

            	 
	 	 	
              3.8 Applications

            	 	
              38

            	 
	 	 	
              3.9 Existing
                Letters of Credit

            	 	
              39

            	 
	
              SECTION
                4.

            	 	
              REPRESENTATIONS
                AND WARRANTIES

            	 	
              39

            	 
	 	 	
              4.1 Financial
                Condition

            	 	
              39

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	
              4.2 No
                Change

            	 	
              39

            	 
	 	 	
              4.3 Existence;
                Compliance with Law

            	 	
              39

            	 
	 	 	
              4.4 Power;
                Authorization; Enforceable Obligations

            	 	
              40

            	 
	 	 	
              4.5 No
                Legal Bar

            	 	
              40

            	 
	 	 	
              4.6 Litigation

            	 	
              40

            	 
	 	 	
              4.7 No
                Default

            	 	
              40

            	 
	 	 	
              4.8 Ownership
                of Property; Liens

            	 	
              40

            	 
	 	 	
              4.9 Intellectual
                Property

            	 	
              40

            	 
	 	 	
              4.10 Taxes

            	 	
              41

            	 
	 	 	
              4.11 Federal
                Regulations

            	 	
              41

            	 
	 	 	
              4.12 ERISA

            	 	
              41

            	 
	 	 	
              4.13 Investment
                Company Act; Other Regulations

            	 	
              41

            	 
	 	 	
              4.14 Subsidiaries

            	 	
              41

            	 
	 	 	
              4.15 Use
                of Proceeds

            	 	
              42

            	 
	 	 	
              4.16 Accuracy
                of Information, etc

            	 	
              42

            	 
	 	 	
              4.17 Security
                Documents

            	 	
              42

            	 
	 	 	
              4.18 Certain
                Documents

            	 	
              42

            	 
	
              SECTION
                5.

            	 	
              CONDITIONS
                PRECEDENT

            	 	
              43

            	 
	 	 	
              5.1 Conditions
                to Initial Extension of Credit

            	 	
              43

            	 
	 	 	
              5.2 Conditions
                to Each Extension of Credit

            	 	
              44

            	 
	
              SECTION
                6.

            	 	
              AFFIRMATIVE
                COVENANTS

            	 	
              45

            	 
	 	 	
              6.1 Financial
                Statements

            	 	
              45

            	 
	 	 	
              6.2 Certificates;
                Other Information

            	 	
              45

            	 
	 	 	
              6.3 Payment
                of Obligations

            	 	
              46

            	 
	 	 	
              6.4 Maintenance
                of Existence; Compliance

            	 	
              46

            	 
	 	 	
              6.5 Maintenance
                of Property; Insurance

            	 	
              47

            	 
	 	 	
              6.6 Inspection
                of Property; Books and Records; Discussions

            	 	
              47

            	 
	 	 	
              6.7 Notices

            	 	
              47

            	 
	 	 	
              6.8 Environmental
                Laws

            	 	
              48

            	 
	 	 	
              6.9 Additional
                Collateral, etc

            	 	
              48

            	 
	
              SECTION
                7.

            	 	
              NEGATIVE
                COVENANTS

            	 	
              49

            	 
	 	 	
              7.1 Financial
                Condition Covenants

            	 	
              49

            	 
	 	 	
              7.2 Indebtedness

            	 	
              50

            	 
	 	 	
              7.3 Liens

            	 	
              51

            	 
	 	 	
              7.4 Fundamental
                Changes

            	 	
              53

            	 
	 	 	
              7.5 Disposition
                of Property

            	 	
              53

            	 
	 	 	
              7.6 Restricted
                Payments

            	 	
              54

            	 
	 	 	
              7.7 Investments

            	 	
              54

            	 
	 	 	
              7.8 Optional
                Payments and Modifications of Certain Agreements

            	 	
              55

            	 
	 	 	
              7.9 Transactions
                with Affiliates

            	 	
              56

            	 
	 	 	
              7.10 Sales
                and Leasebacks

            	 	
              56

            	 
	 	 	
              7.11 Changes
                in Fiscal Periods

            	 	
              56

            	 
	 	 	
              7.12 Clauses
                Restricting Subsidiary Distributions

            	 	
              56

            	 
	 	 	
              7.13 Lines
                of Business

            	 	
              56

            	 
	 	 	
              7.14 Business
                Activities of Holdings

            	 	
              56

            	 

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              SECTION
                8.

            	 	
              EVENTS
                OF DEFAULT

            	 	
              57

            	 
	
              SECTION
                9.

            	 	
              THE
                AGENTS

            	 	
              59

            	 
	 	 	
              9.1 Appointment

            	 	
              59

            	 
	 	 	
              9.2 Delegation
                of Duties

            	 	
              60

            	 
	 	 	
              9.3 Exculpatory
                Provisions

            	 	
              60

            	 
	 	 	
              9.4 Reliance
                by Administrative Agent

            	 	
              60

            	 
	 	 	
              9.5 Notice
                of Default

            	 	
              61

            	 
	 	 	
              9.6 Non-Reliance
                on Agents and Other Lenders

            	 	
              61

            	 
	 	 	
              9.7 Indemnification

            	 	
              61

            	 
	 	 	
              9.8 Agent
                in Its Individual Capacity

            	 	
              62

            	 
	 	 	
              9.9 Successor
                Administrative Agent

            	 	
              62

            	 
	 	 	
              9.10 Co-Documentation
                Agents and Syndication Agent

            	 	
              62

            	 
	
              SECTION
                10.

            	 	
              MISCELLANEOUS

            	 	
              62

            	 
	 	 	
              10.1 Amendments
                and Waivers

            	 	
              62

            	 
	 	 	
              10.2 Notices

            	 	
              64

            	 
	 	 	
              10.3 No
                Waiver; Cumulative Remedies

            	 	
              65

            	 
	 	 	
              10.4 Survival
                of Representations and Warranties

            	 	
              65

            	 
	 	 	
              10.5 Payment
                of Expenses and Taxes

            	 	
              65

            	 
	 	 	
              10.6 Successors
                and Assigns; Participations and Assignments

            	 	
              66

            	 
	 	 	
              10.7 Adjustments;
                Set-off

            	 	
              69

            	 
	 	 	
              10.8 Counterparts

            	 	
              69

            	 
	 	 	
              10.9 Severability

            	 	
              69

            	 
	 	 	
              10.10 Integration

            	 	
              70

            	 
	 	 	
              10.11 GOVERNING
                LAW

            	 	
              70

            	 
	 	 	
              10.12 Submission
                To Jurisdiction; Waivers

            	 	
              70

            	 
	 	 	
              10.13 Judgment

            	 	
              70

            	 
	 	 	
              10.14 Acknowledgements

            	 	
              71

            	 
	 	 	
              10.15 Releases
                of Guarantees and Liens

            	 	
              71

            	 
	 	 	
              10.16 Confidentiality

            	 	
              71

            	 
	 	 	
              10.17 WAIVERS
                OF JURY TRIAL

            	 	
              72

            	 
	 	 	
              10.18 USA
                Patriot Act

            	 	
              72

            	 

    

     

    

 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULES:

     

    
      	 	
              1.1A

            	 	
              Commitments

            
	 	
              1.1B 

            	 	
              Excluded
                Subsidiaries

            
	 	
              1.1C

            	 	
              Mandatory
                Costs

            
	 	
              1.1D

            	 	
              Separation
                Agreement

            
	 	
              1.1E

            	 	
              Tax
                Sharing Agreement

            
	 	
              3.9

            	 	
              Existing
                Letters of Credit

            
	 	
              4.4

            	 	
              Consents,
                Authorizations, Filings and Notices

            
	 	
              4.9

            	 	
              Intellectual
                Property Matters

            
	 	
              4.14

            	 	
              Subsidiaries

            
	 	
              4.17 

            	 	
              UCC
                Filing Jurisdictions

            
	 	
              7.2(f)

            	 	
              Existing
                Indebtedness

            
	 	
              7.3(g)

            	 	
              Existing
                Liens

            
	 	
              7.5(h)

            	 	
              Dispositions

            
	 	
              7.7(k)

            	 	
              Investments

            
	 	
              7.9

            	 	
              Permitted
                Transactions

            
	 	
              7.12

            	 	
              Certain
                Agreements

            

    

     

    
 

    EXHIBITS:

     

    
      	 	
              A

            	 	
              Form
                of Guarantee and Collateral Agreement

            
	 	
              B

            	 	
              Form
                of Compliance Certificate

            
	 	
              C

            	 	
              Form
                of Closing Certificate

            
	 	
              D

            	 	
              Form
                of Assignment and Assumption

            
	 	
              E

            	 	
              Form
                of Legal Opinion of Skadden, Arps, Slate, Meagher & Flom
                LLP

            
	 	
              F

            	 	
              Form
                of Exemption Certificate

            
	 	
              G

            	 	
              Form
                of Joinder

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    CREDIT
      AGREEMENT (this “Agreement”),
      dated
      as of April 19, 2006, among AVIS BUDGET HOLDINGS, LLC, a Delaware limited
      liability company (“Holdings”),
      AVIS
      BUDGET CAR RENTAL, LLC, a Delaware limited liability company (the “Borrower”),
      the
      Subsidiary Borrowers (as defined herein) from time to time parties hereto,
      the
      several banks and other financial institutions or entities from time to time
      parties hereto (the “Lenders”),
      DEUTSCHE BANK SECURITIES INC., as syndication agent (in such capacity, the
      “Syndication
      Agent”),
      BANK
      OF
      AMERICA, N.A., CALYON NEW YORK BRANCH and
      CITICORP
      USA, INC.,
      as
      documentation agents (in such capacity, the “Documentation
      Agents”),
      WACHOVIA
      BANK, NATIONAL ASSOCIATION,
      as
      co-documentation agent (in such capacity, the “Co-Documentation
      Agent”),
      and
      JPMORGAN CHASE BANK, N.A., as administrative agent.

     

    The
      parties hereto hereby agree as follows:

     

    SECTION
      1.  DEFINITIONS

    1.1
        Defined
      Terms.
      As used
      in this Agreement, the terms listed in this Section 1.1 shall have the
      respective meanings set forth in this Section 1.1.

     

    “ABR”:
      for
      any day, a rate per annum (rounded upwards, if necessary, to the next 1/16
      of
      1%) equal to the greater of (a) the Prime Rate in effect on such day and (b)
      the
      Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%. For purposes
      hereof: “Prime
      Rate”
shall
      mean the rate of interest per annum publicly announced from time to time by
      JPMorgan Chase Bank as its prime rate in effect at its principal office in
      New
      York City (the Prime Rate not being intended to be the lowest rate of interest
      charged by JPMorgan Chase Bank in connection with extensions of credit to
      debtors). Any change in the ABR due to a change in the Prime Rate or the Federal
      Funds Effective Rate shall be effective as of the opening of business on the
      effective day of such change in the Prime Rate or the Federal Funds Effective
      Rate, respectively.

     

    “ABR
      Loans”:
      Loans
      the rate of interest applicable to which is based upon the ABR.

     

    “AESOP
      Financing Program”:
      the
      transactions contemplated by that certain Second Amended and Restated Base
      Indenture, dated as of June 3, 2004, between Cendant Rental Car Funding (AESOP)
      LLC (formally known as AESOP Funding II L.L.C.), as issuer and The Bank of
      New
      York, as trustee, as it may be from time to time further amended, supplemented
      or modified, and the instruments and agreements referenced therein and otherwise
      executed in connection therewith, and any successor program. 

     

    “AESOP
      Indebtedness”:
      any
      Indebtedness incurred pursuant to the AESOP Financing Program. 

     

    “Administrative
      Agent”:
      JPMorgan Chase Bank, together with its affiliates, as the arranger of the
      Commitments and as the administrative agent for the Lenders under this Agreement
      and the other Loan Documents, together with any of its successors.

     

    “Affiliate”:
      as to
      any Person, any other Person which, directly or indirectly, is in control of,
      is
      controlled by, or is under common control with, such Person. For purposes of
      this definition, a Person shall be deemed to be “controlled by” another if such
      latter Person possesses, directly or indirectly, power either to (i) vote 10%
      or
      more of the securities having ordinary voting power for the election of
      directors of such controlled Person or (ii) direct or cause the direction of
      the
      management and policies of such controlled Person whether by contract or
      otherwise.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    “Agents”:
      the
      collective reference to the Syndication Agent, the Documentation Agents, the
      Co-Documentation Agent and the Administrative Agent.

     

    “Aggregate
      Exposure”:
      with
      respect to any Lender at any time, an amount equal to (a) until the Closing
      Date, the aggregate amount of such Lender’s Commitments at such time and (b)
      thereafter, the sum of (i) the aggregate then unpaid principal amount of such
      Lender’s Term Loans and (ii) the amount of such Lender’s Revolving Commitment
      then in effect or, if the Revolving Commitments have been terminated, the amount
      of such Lender’s Revolving Extensions of Credit then outstanding.

     

    “Aggregate
      Exposure Percentage”:
      with
      respect to any Lender at any time, the ratio (expressed as a percentage) of
      such
      Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all
      Lenders at such time.

     

    “Agreement”:
      as
      defined in the preamble hereto.

     

    “Applicable
      Margin”:
      (a)
      with respect to Term Loans, (i) 0.25% in the case of ABR Loans and (ii) 1.25%
      in
      the case of Eurocurrency Loans and (b) with respect to Revolving Loans and
      Swingline Loans, the rate per annum set forth under the relevant column heading
      in the Pricing Grid.

     

    “Application”:
      an
      application, in such form as the Issuing Lender may specify from time to time,
      requesting the Issuing Lender to open a Letter of Credit.

     

    “Approved
      Fund”:
      as
      defined in Section 10.6(b).

     

    “Asset
      Sale”:
      any
      Disposition of property or series of related Dispositions of property (excluding
      any such Disposition permitted by clause (a), (b), (c), (d) or (e) of Section
      7.5) that yields gross proceeds to any Loan Party (valued at the initial
      principal amount thereof in the case of non-cash proceeds consisting of notes
      or
      other debt securities and valued at fair market value in the case of other
      non-cash proceeds) in excess of $25,000,000.

     

    “Assignee”:
      as
      defined in Section 10.6(b).

     

    “Assignment
      and Assumption”:
      an
      Assignment and Assumption, substantially in the form of Exhibit D.

     

    “Australian
      Dollars”
and
      “A$”:
      the
      lawful money of Australia.

     

    “Available
      Revolving Commitment”:
      as to
      any Revolving Lender at any time, an amount equal to the excess, if any, of
      (a)
      such Lender’s Revolving Commitment then in effect over
      (b) such
      Lender’s Revolving Extensions of Credit then outstanding; provided,
      that in
      calculating any Lender’s Revolving Extensions of Credit for the purpose of
      determining such Lender’s Available Revolving Commitment pursuant to Section
      2.8(a), the aggregate principal amount of Swingline Loans then outstanding
      shall
      be deemed to be zero.

     

    “Avis
      Budget Finance”:
      Avis
      Budget Finance, Inc., a Delaware corporation.

     

    “Benefitted
      Lender”:
      as
      defined in Section 10.7(a).

     

    “Board”:
      the
      Board of Governors of the Federal Reserve System of the United States (or any
      successor).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “Borrower”:
      as
      defined in the preamble hereto.

     

    “Borrowing
      Date”:
      any
      Business Day specified by the Borrower or any Subsidiary Borrower as a date
      on
      which the Borrower or such Subsidiary Borrower requests the relevant Lenders
      to
      make Loans hereunder.

     

    “Budget”:
      as
      defined in Section 6.2(c).

     

    “Budget
      Truck Division”:
      the
      truck rental business of Budget Rent A Car System, Inc. and its
      Subsidiaries.

     

    “Business
      Day”:
      any
      day other than a Saturday, Sunday or other day on which banks in the State
      of
      New York are permitted to close; provided,
      however,
      that
      when used in connection with a Eurocurrency Loan, the term “Business Day” shall
      also exclude any day on which banks are not open for dealings in Dollar deposits
      or deposits in any Optional Currency, as applicable, in the London Interbank
      market.

     

    “Canadian
      Dollars”
and
      “C$”:
      the
      lawful money of Canada.

     

    “Capital
      Lease Obligations”:
      as to
      any Person, the obligations of such Person to pay rent or other amounts under
      any lease of (or other arrangement conveying the right to use) real or personal
      property, or a combination thereof, which obligations are required to be
      classified and accounted for as capital leases on a balance sheet of such Person
      under GAAP and, for the purposes of this Agreement, the amount of such
      obligations at any time shall be the capitalized amount thereof at such time
      determined in accordance with GAAP.

     

    “Capital
      Stock”:
      any
      and all shares, interests, participations or other equivalents (however
      designated) of capital stock of a corporation, any and all equivalent ownership
      interests in a Person (other than a corporation) and any and all warrants,
      rights or options to purchase any of the foregoing.

     

    “Cash
      Equivalents”:
      any of
      the following, to the extent acquired for investment and not with a view to
      achieving trading profits: (i) obligations fully backed by the full faith and
      credit of the United States of America maturing not in excess of twelve months
      from the date of acquisition, (ii) commercial paper maturing not in excess
      of
      twelve months from the date of acquisition and rated at least “P-1” by Moody’s
      or “A-1” by S&P on the date of such acquisition, (iii) the following
      obligations of any Lender or any domestic commercial bank having capital and
      surplus in excess of $500,000,000, which has, or the holding company of which
      has, a commercial paper rating meeting the requirements specified in clause
      (ii)
      above: (a) time deposits, certificates of deposit and acceptances maturing
      not
      in excess of twelve months from the date of acquisition, or (b) repurchase
      obligations with a term of not more than thirty days for underlying securities
      of the type referred to in clause (i) above, (iv) money market funds that invest
      exclusively in interest bearing, short-term money market instruments and adhere
      to the minimum credit standards established by Rule 2a-7 of the Investment
      Company Act of 1940, as amended, and (v) municipal securities: (a) for which
      the
      pricing period in effect is not more than twelve months long and (b) rated
      at
      least “P-1” by Moody’s or “A-1” by S&P. 

     

    “Cendant”:
      Cendant Corporation, a Delaware corporation.

     

    “Change
      in Control”:
      (i)
      the acquisition by any Person or group (within the meaning of the Securities
      Exchange Act of 1934, as amended, and the rules of the SEC thereunder as in
      effect on the Closing Date), directly or indirectly, beneficially or of record,
      of ownership or control of in excess of 50% 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    of
      the
      voting common stock of Cendant on a fully diluted basis at any time or (ii)
      if
      at any time, individuals who at the Closing Date constituted the Board of
      Directors of Cendant (together with any new directors whose election by such
      Board of Directors or whose nomination for election by the shareholders of
      Cendant, as the case may be, was approved by a vote of the majority of the
      directors then still in office who were either directors at the Closing Date
      or
      whose election or nomination for election was previously so approved) cease
      for
      any reason to constitute a majority of the Board of Directors of
      Cendant, (iii)
      Cendant shall cease to own, directly or through one or more Wholly-Owned
      Subsidiaries, all of the capital stock of Holdings, free and clear of any direct
      or indirect Liens (other than statutory Liens) or (iv) Holdings shall cease
      to
      directly own all of the capital stock of the Borrower, free and clear of any
      direct or indirect Liens (other than statutory Liens or Liens created by the
      Loan Documents). Notwithstanding anything to the contrary contained in this
      definition, the consummation of the Spin-Off Transactions shall not result
      in a
      Change in Control.

     

    “Closing
      Date”:
      the
      date on which the conditions precedent set forth in Section 5.1 shall have
      been
      satisfied, which date is April 19, 2006.

     

    “Code”:
      the
      Internal Revenue Code of 1986, as amended from time to time.

     

    “Co-Documentation
      Agent”:
      as
      defined in the preamble hereto.

     

    “Collateral”:
      all
      property of the Loan Parties, now owned or hereafter acquired, upon which a
      Lien
      is purported to be created by any Security Document, provided,
      however,
      that
      Collateral shall not include the assets of any Foreign Subsidiary or more than
      66% of the voting Capital Stock of any Foreign Subsidiary.

     

    “Commitment”:
      as to
      any Lender, the sum of the Term Commitment and the Revolving Commitment of
      such
      Lender.

     

    “Commitment
      Fee Rate”:
      the
      rate per annum set forth under the relevant column heading in the Pricing
      Grid.

     

    “Commonly
      Controlled Entity”:
      an
      entity, whether or not incorporated, that is under common control with the
      Borrower within the meaning of Section 4001 of ERISA or is part of a group
      that
      includes the Borrower and that is treated as a single employer under Section
      414
      of the Code.

     

    “Compliance
      Certificate”:
      a
      certificate duly executed by a Responsible Officer substantially in the form
      of
      Exhibit B.

     

    “Collateralized”:
      secured by cash collateral arrangements and/or backstop letters of credit
      entered into on terms and in amounts reasonably satisfactory to the
      Administrative Agent and the relevant Issuing Lender.

     

    “Conduit
      Lender”:
      any
      special purpose corporation organized and administered by any Lender for the
      purpose of making Loans otherwise required to be made by such Lender and
      designated by such Lender in a written instrument; provided,
      that
      the designation by any Lender of a Conduit Lender shall not relieve the
      designating Lender of any of its obligations to fund a Loan under this Agreement
      if, for any reason, its Conduit Lender fails to fund any such Loan, and the
      designating Lender (and not the Conduit Lender) shall have the sole right and
      responsibility to deliver all consents and waivers required or requested under
      this Agreement with respect to its Conduit Lender, and provided,
      further,
      that no
      Conduit Lender shall (a) be entitled to receive any greater amount pursuant
      to
      Section 2.18, 2.19, 2.20 or 10.5 than 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    the
      designating Lender would have been entitled to receive in respect of the
      extensions of credit made by such Conduit Lender or (b) be deemed to have any
      Commitment.

     

    “Confidential
      Information Memorandum”:
      the
      Confidential Information Memorandum dated March 2006 and furnished to certain
      Lenders.

     

    “Consolidated
      EBITDA”:
      without duplication, for any period, Consolidated Net Income plus
      (a)
      provision for taxes based on income, (b) depreciation expense (excluding any
      such expense attributable to depreciation of Eligible Assets), (c) Consolidated
      Total Interest Expense, (d) amortization expense (excluding any such expense
      attributable to amortization of Eligible Assets), (e) non-cash stock option
      and
      restricted stock grant expense and (f) other extraordinary, unusual or
      non-recurring items reducing Consolidated Net Income (and increasing EBITDA),
      including fees, expenses and charges associated with the transactions
      contemplated by the Separation Agreement, minus
      (plus)
      (i) any non-recurring gains (losses) on business unit dispositions outside
      the
      ordinary course of business if such gains (losses) are included in Consolidated
      Net Income) and (ii) any cash expenditures during such period to the extent
      such
      cash expenditures (x) did not reduce Consolidated Net Income for such period
      and
      (y) were applied against reserves that constituted non-cash items which reduced
      Consolidated Net Income during prior periods, all as determined on a
      consolidated basis in accordance with GAAP. Notwithstanding the foregoing,
      in
      calculating Consolidated EBITDA for any period, pro forma effect shall be given
      to (1) each acquisition of a Subsidiary or any other entity acquired by any
      Group Member in a merger where the purchase price or merger consideration,
      as
      the case may be, exceeds $40,000,000 and (2) each Disposition of property
      yielding gross proceeds in excess of $40,000,000 during such period as if such
      acquisition or Disposition had been made on the first day of such
      period.

     

    “Consolidated
      Financial Statements”:
      as
      defined in Section 4.1(b).

     

    “Consolidated
      Interest Coverage Ratio”:
      for
      any period, the ratio of (a) Consolidated EBITDA for such period to (b)
      Consolidated Interest Expense for such period.

     

    “Consolidated
      Interest Expense”:
      for
      any period, (a) total interest expense paid or payable in cash (including that
      properly attributable to Capital Leases Obligations, but excluding in any event
      (x) all capitalized interest and amortization of debt discount and debt issuance
      costs and (y) debt extinguishment costs) of the Borrower and its Subsidiaries
      on
      a consolidated basis in accordance with GAAP including, without limitation,
      all
      commissions, discounts and other fees and charges owed with respect to letters
      of credit and bankers’ acceptance financing and net cash costs (or minus net
      profits) under interest rate Swap Agreements minus,
      (b)
      without duplication, any interest income of the Borrower and its Subsidiaries
      on
      a consolidated basis in accordance with GAAP during such period (other than
      interest income earned on any Related Eligible Assets). Notwithstanding the
      foregoing, interest expense in respect of any (i) Securitization Indebtedness,
      (ii) AESOP Indebtedness or (iii) Recourse Vehicle Indebtedness, in an amount
      up
      to $750,000,000, shall not be included in Consolidated Interest Expense;
provided
      that for
      any period when the Consolidated Leverage Ratio is less than 3.25 to 1.0,
      interest expense on Recourse Vehicle Indebtedness in an amount up to
      $850,000,000 shall not be included in Consolidated Interest Expense. For
      purposes of calculating Consolidated Interest Expense related to Recourse
      Vehicle Indebtedness, such amount shall be equal to the product of:

     

    
      	
              Recourse
                Vehicle Indebtedness - $750,000,000 (or $850,000,000, as
                applicable)

            	
              x

            	
              total
                cash interest expense on Recourse Vehicle Indebtedness

            
	
              Recourse
                Vehicle Indebtedness

            

    

     

    “Consolidated
      Leverage Ratio”:
      as at
      the last day of any period, the ratio of (a) Consolidated Total Debt on such
      day
      to (b) Consolidated EBITDA for such period.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    “Consolidated
      Net Income”:
      for
      any period for which such amount is being determined, the net income (or loss)
      of the Borrower and its Subsidiaries during such period determined on a
      consolidated basis for such period taken as a single accounting period in
      accordance with GAAP; provided
      that
      there shall be excluded (i) income (loss) of any Person (other than a Subsidiary
      of the Borrower) in which the Borrower or any of its Subsidiaries has any equity
      investment or comparable interest, except to the extent of the amount of
      dividends or other distributions actually paid to the Borrower or its
      Subsidiaries by such Person during such period, (ii) the income of any
      Subsidiary of the Borrower to the extent that the declaration or payment of
      dividends or similar distributions by that Subsidiary of the income is not
      at
      the time permitted by operation of the terms of its charter, or any agreement,
      instrument, judgment, decree, order, statute, rule or governmental regulation
      applicable to that Subsidiary, (iii) any extraordinary after-tax gains and
      (iv)
      any extraordinary or unusual pretax losses. 

     

    “Consolidated
      Total Debt”:
      at any
      date, the aggregate principal amount of all Indebtedness of the Borrower and
      its
      Subsidiaries at such date, determined on a consolidated basis in accordance
      with
      GAAP; provided
      that,
      for purposes of this definition, Indebtedness shall not include (i)(x)
      Securitization Indebtedness, (y) AESOP Indebtedness or (z) Recourse Vehicle
      Indebtedness up to $750,000,000; provided
      that for
      any period when the Consolidated Leverage Ratio is less than 3.25 to 1.0,
      Recourse Vehicle Indebtedness up to $850,000,000 shall be excluded from
      Consolidated Total Debt, (ii) the aggregate undrawn amount of outstanding
      Letters of Credit, (iii) the aggregate undrawn amount of outstanding letters
      of
      credit under the Letter of Credit Facilities or (iv) obligations under Swap
      Agreements. In addition, for purposes of this definition, the amount of
      Indebtedness at any time shall be reduced (but not to less than zero) by the
      amount of Excess Cash.

     

    “Consolidated
      Total Interest Expense”:
      for
      any period, without duplications (a) total interest expense paid or payable
      in
      cash (including that properly attributable to Capital Leases Obligations)
plus, (b)(x)
      all capitalized interest and amortization of debt discount and debt issuance
      costs and (y) debt extinguishment costs, in each case, of the Borrower and
      its
      Subsidiaries on a consolidated basis in accordance with GAAP including, without
      limitation, all commissions, discounts and other fees and charges owed with
      respect to letters of credit and bankers’ acceptance financing and net cash
      costs (or minus net profits) under interest rate Swap Agreements minus,
      (c)
      without duplication, any interest income of the Borrower and its Subsidiaries
      on
      a consolidated basis in accordance with GAAP during such period (other than
      interest income earned on any Related Eligible Assets). Notwithstanding the
      foregoing, interest expense in respect of any (i) Securitization Indebtedness,
      (ii) AESOP Indebtedness or (iii) Recourse Vehicle Indebtedness, in an amount
      up
      to $750,000,000, shall not be included in Consolidated Total Interest Expense;
      provided
      that for
      any period when the Consolidated Leverage Ratio is less than 3.25 to 1.0,
      interest expense on Recourse Vehicle Indebtedness in an amount up to
      $850,000,000 shall not be included in Consolidated Total Interest Expense.
      For
      purposes of calculating Consolidated Total Interest Expense related to Recourse
      Vehicle Indebtedness, such amount shall be equal to the product of:

     

    
      	
              Recourse
                Vehicle Indebtedness - $750,000,000 (or $850,000,000, as
                applicable)

            	
              x

            	
              total
                interest expense on Recourse Vehicle Indebtedness

            
	
              Recourse
                Vehicle Indebtedness

            

    

     

    “Contractual
      Obligation”:
      as to
      any Person, any provision of any security issued by such Person or of any
      agreement, instrument or other undertaking to which such Person is a party
      or by
      which it or any of its property is bound.

     

    “Currency”:
      Dollars or any Optional Currency.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    “Default”:
      any of
      the events specified in Section 8, whether or not any requirement for the
      giving of notice, the lapse of time, or both, has been satisfied.

     

    “Disposition”:
      with
      respect to any property, any sale, lease, sale and leaseback, assignment,
      conveyance, transfer or other disposition thereof. The terms “Dispose”
and
      “Disposed
      of”
shall
      have correlative meanings.

     

    “Documentation
      Agents”:
      as
      defined in the preamble hereto.

     

    “Dollar
      Equivalent”:
      on any
      date of determination, (a) with respect to any amount denominated in Dollars,
      such amount, and (b) with respect to an amount denominated in any Optional
      Currency, the equivalent in Dollars of such amount determined by the
      Administrative Agent in accordance with normal banking industry practice using
      the Exchange Rate on the date of determination of such equivalent. In making
      any
      determination of the Dollar Equivalent (for purposes of calculating the amount
      of Loans to be borrowed from the respective Lenders on any date or for any
      other
      purpose), the Administrative Agent shall use the relevant Exchange Rate in
      effect on the date on which the Borrower or any Subsidiary Borrower delivers
      a
      request for Revolving Loans or on such other date upon which a Dollar Equivalent
      is required to be determined pursuant to the provisions of this Agreement.
      As
      appropriate, amounts specified herein as amounts in Dollars shall be or include
      any relevant Dollar Equivalent amount.

     

    “Dollars”
and
      “$”:
      the
      lawful money of the United States.

     

    “Domestic
      Subsidiary”:
      any
      Subsidiary of the Borrower organized under the laws of any jurisdiction within
      the United States.

     

    “Domestic
      Subsidiary Borrower”:
      any
      Subsidiary Borrower which is a Domestic Subsidiary.

     

    “Eligible
      Assets”:
      any of
      the following and any proceeds thereof: (a) assets (and interests in assets)
      that are of the type described as “assets under vehicle programs” in the
      consolidated financial statements of the Borrower and its Subsidiaries, dated
      December 31, 2005, which shall include, without limitation, vehicles, vehicle
      leases, fleet maintenance contracts, fleet management contracts, other service
      contracts, receivables generated by any of the foregoing and other asset
      servicing rights, and (b) equity interests or other securities issued by any
      Subsidiary or other Person issuing securities or incurring Indebtedness secured
      by, payable from or representing beneficial interests in, or holding title
      or
      ownership interests in, assets of the type described in clause (a) above or
      interests in such assets.

     

    “Environmental
      Laws”:
      all
      laws, rules, orders, regulations, statutes, ordinances, codes, decrees,
      judgments, injunctions, notices or requirements issued, promulgated or entered
      into by any Governmental Authority, relating in any way to the environment,
      preservation or reclamation of natural resources, the management, release or
      threatened release of any Materials of Environmental Concern or to health and
      safety matters, including without limitation, the Clean Water Act also known
      as
      the Federal Water Pollution Control Act (“FWPCA”)
      33 U.S.C. § 1251 et seq.,
      the
      Clean Air Act (“CAA”),
      42
      U.S.C. §§ 7401 et seq.,
      the
      Federal Insecticide, Fungicide and Rodenticide Act (“FIFRA”),
      7 U.S.C. §§ 136 et seq.,
      the
      Surface Mining Control and Reclamation Act (“SMCRA”),
      30 U.S.C. §§ 1201 et seq.,
      the
      Comprehensive Environmental Response, Compensation and Liability Act
      (“CERCLA”),
      42 U.S.C. § 9601 et seq.,
      the
      Superfund Amendment and Reauthorization Act of 1986 (“SARA”),
      Public Law 99-499, 100 Stat. 1613, the Emergency Planning and Community Right
      to
      Know Act (“ECPCRKA”),
      42 U.S.C. § 11001 et seq.,
      the
      Resource Conservation and Recovery Act (“RCRA”),
      42 U.S.C. § 6901 et seq.,
      the
      Occupational Safety and Health Act as amended (“OSHA”),
      29 U.S.C. § 655 and § 657, 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    together,
      in each case, with any amendment thereto, and the regulations adopted and
      binding publications promulgated thereunder and all substitutions
      thereof.

     

    “ERISA”:
      the
      Employee Retirement Income Security Act of 1974, as amended from time to
      time.

     

    “Euro”
and
      “€”:
      the
      official currency of the European Union. 

     

    “Eurocurrency
      Base Rate”:
      with
      respect to each day during each Interest Period pertaining to a Eurocurrency
      Loan, the rate per annum determined on the basis of the rate for deposits in
      Dollars or the applicable Optional Currency for a period equal to such Interest
      Period commencing on the first day of such Interest Period appearing on the
      applicable page of the Telerate screen as of 11:00 A.M., London time, two
      Business Days prior to the beginning of such Interest Period. In the event
      that
      such rate does not appear on such page of the Telerate screen (or otherwise
      on
      such screen), the “Eurocurrency
      Base Rate”
shall
      be determined by reference to such other comparable publicly available service
      for displaying eurocurrency rates for the applicable Currency as may be selected
      by the Administrative Agent or, in the absence of such availability, by
      reference to the rate at which the Administrative Agent is offered Dollar
      deposits or deposits in the applicable Optional Currency at or about 11:00
      A.M.,
      New York City time, two Business Days prior to the beginning of such Interest
      Period in the London interbank eurocurrency for delivery on the first day of
      such Interest Period for the number of days comprised therein.

     

    “Eurocurrency
      Loans”:
      Loans
      the rate of interest applicable to which is based upon the Eurocurrency
      Rate.

     

    “Eurocurrency
      Rate”:
      with
      respect to each day during each Interest Period pertaining to a Eurocurrency
      Loan, a rate per annum determined for such day in accordance with the following
      formula (rounded upward to the nearest 1/100th of 1%):

     

    
      	
              Eurocurrency
                Base Rate

            
	
              1.00
                - Eurocurrency Reserve Requirements

            

    

    ;
      provided
      that
      with respect to any Eurocurrency Loan denominated in Euro or Pounds Sterling,
      the Eurocurrency Rate shall the mean the Eurocurrency Base Rate plus
      if
      applicable, as reasonably determined by the Administrative Agent in accordance
      with Schedule 1.1C, the Mandatory Costs.

     

    “Eurocurrency
      Reserve Requirements”:
      a
      fraction (expressed as a decimal), the numerator of which is the number one
      and
      the denominator of which is the number one minus the aggregate of the maximum
      reserve percentages (including any marginal, special, emergency or supplemental
      reserves) expressed as a decimal established by the Board and any other banking
      authority to which the Administrative Agent or any Lender is subject, for
      Eurocurrency Liabilities (as defined in Regulation D). Such reserve percentages
      shall include those imposed under Regulation D. Eurocurrency Loans shall be
      deemed to constitute Eurocurrency Liabilities and as such shall be deemed to
      be
      subject to such reserve requirements without benefit of or credit for proration,
      exceptions or offsets which may be available from time to time to any Lender
      under Regulation D. Eurocurrency Reserve Requirements shall be adjusted
      automatically on and as of the effective date of any change in any reserve
      percentage.

     

    “Eurocurrency
      Tranche”:
      the
      collective reference to Eurocurrency Loans under a particular Facility the
      then
      current Interest Periods with respect to all of which begin on the same date
      and
      end on the same later date (whether or not such Loans shall originally have
      been
      made on the same day).

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    “Event
      of Default”:
      any of
      the events specified in Section 8, provided
      that any
      requirement for the giving of notice, the lapse of time, or both, has been
      satisfied.

     

    “Excess
      Cash”:
      all
      cash and Cash Equivalents of the Borrower and its Subsidiaries at such time
      determined on a consolidated basis in accordance with GAAP in excess of
      $25,000,000. 

     

    “Exchange
      Rate”:
      for
      any day with respect to any Optional Currency, the rate at which such Optional
      Currency may be exchanged into Dollars, as set forth at 11:00 A.M., London
      time,
      on such day on the applicable Reuters currency page with respect to such
      Optional Currency. In the event that such rate does not appear on the applicable
      Reuters currency page, the Exchange Rate with respect to such Optional Currency
      shall be determined by reference to such other publicly available service for
      displaying exchange rates as may be agreed upon by the Administrative Agent
      and
      the Borrower or, in the absence of such agreement, such Exchange Rate shall
      instead be the spot rate of exchange of the Administrative Agent in the London
      Interbank market or other market where its foreign currency exchange operations
      in respect of such Optional Currency are then being conducted, at or about
      11:00
      A.M., London time, on such day for the purchase of Dollars with such Optional
      Currency, for delivery two Business Days later; provided,
      however,
      that if
      at the time of any such determination, for any reason, no such spot rate is
      being quoted, the Administrative Agent may use any reasonable method it deems
      appropriate to determine such rate, and such determination shall be conclusive
      absent manifest error.

     

    “Excluded
      Subsidiary”:
      each
      Subsidiary listed on Schedule 1.1B and any other Subsidiary so long as the
      Borrower or any Subsidiary of the Borrower does not have the controlling
      authority under the organizational documents of such Excluded Subsidiary to
      incur Indebtedness on its behalf or grant Liens on its assets (other than
      purchase money security interests).

     

    “Existing
      Letters of Credit”:
      as
      defined in Section 3.9.

     

    “Facility”:
      each
      of (a) the Term Commitments and the Term Loans made thereunder (the
“Term
      Facility”)
      and
      (b) the Revolving Commitments and the extensions of credit made thereunder
      (the
“Revolving
      Facility”).

     

    “Federal
      Funds Effective Rate”:
      for
      any day, the weighted average of the rates on overnight federal funds
      transactions with members of the Federal Reserve System arranged by federal
      funds brokers, as published on the next succeeding Business Day by the Federal
      Reserve Bank of New York, or, if such rate is not so published for any day
      that is a Business Day, the average of the quotations for the day of such
      transactions received by JPMorgan Chase Bank from three federal funds brokers
      of
      recognized standing selected by it.

     

    “Fee
      Payment Date”:
      (a)
      the third Business Day following the last day of each March, June, September
      and
      December and (b) the last day of the Revolving Commitment Period.

     

    “Foreign
      Subsidiary”:
      any
      Subsidiary of the Borrower that is not a Domestic Subsidiary.

     

    “Foreign
      Subsidiary Borrower”:
      any
      Subsidiary Borrower that is not a Domestic Subsidiary.

     

    “Funding
      Office”:
      the
      office of the Administrative Agent specified in Section 10.2 or such other
      office as may be specified from time to time by the Administrative Agent as
      its
      funding office by written notice to the Borrower and the Lenders.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    “GAAP”:
      generally accepted accounting principles in the United States as in effect
      from
      time to time.

     

    “Governmental
      Authority”:
      any
      federal, state, municipal or other governmental department, commission, board,
      bureau, agency or instrumentality, or any federal, state or municipal court,
      in
      each case whether of the United States or foreign.

     

    “Group
      Members”:
      the
      collective reference to Holdings, the Borrower and their respective
      Subsidiaries.

     

    “Guarantee
      and Collateral Agreement”:
      the
      Guarantee and Collateral Agreement to be executed and delivered by Holdings,
      the
      Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit
      A.

     

    “Guarantee
      Obligation”:
      any
      obligation, contingent or otherwise, of the Person guaranteeing or having the
      economic effect of guaranteeing any Indebtedness of any other Person (the
“primary
      obligor”)
      in any
      manner, whether directly or indirectly, and including any obligation of the
      guarantor, direct or indirect, (a) to purchase or pay (or advance or supply
      funds for the purchase or payment of) such Indebtedness (including reasonable
      fees and expenses related thereto) or to purchase (or to advance or supply
      funds
      for the purchase of) any security for the payment thereof, (b) to purchase
      or
      lease property, securities or services for the purpose of assuring the owner
      of
      such Indebtedness of the payment thereof, (c) to maintain working capital,
      equity capital or any other financial statement condition or liquidity of the
      primary obligor so as to enable the primary obligor to pay such Indebtedness
      or
      (d) as an account party in respect of any letter of credit or letter of guaranty
      issued to support such Indebtedness; provided,
      however,
      that
      the amount of any Guarantee Obligation shall be limited to the extent necessary
      so that such amount does not exceed the value of the assets of such Person
      (as
      reflected on a consolidated balance sheet of such Person prepared in accordance
      with GAAP) to which any creditor or beneficiary of such Guarantee Obligation
      would have recourse. Notwithstanding the foregoing definition, the term
“Guarantee Obligation” shall not include any direct or indirect obligation of a
      Person as a general partner of a general partnership or a joint venturer of
      a
      joint venture in respect of Indebtedness of such general partnership or joint
      venture, to the extent such Indebtedness is contractually non-recourse to the
      assets of such Person as a general partner or joint venturer (other than assets
      comprising the capital of such general partnership or joint venture). The term
      “Guarantee Obligation” shall not include endorsements for collection or deposit
      in the ordinary course of business.

     

    “Guarantors”:
      the
      collective reference to Holdings and the Subsidiary Guarantors.

     

    “Holdings”:
      as
      defined in the preamble hereto.

     

    “Indebtedness”:
      of any
      Person at any date, without duplication, (a) all indebtedness of such Person
      for
      borrowed money, (b) all obligations of such Person for the deferred purchase
      price of property or services (other than current trade payables incurred in
      the
      ordinary course of such Person’s business), (c) all obligations of such Person
      evidenced by notes, bonds, debentures or other similar instruments, (d) all
      indebtedness created or arising under any conditional sale or other title
      retention agreement with respect to property acquired by such Person (even
      though the rights and remedies of the seller or lender under such agreement
      in
      the event of default are limited to repossession or sale of such property),
      (e)
      all Capital Lease Obligations of such Person, (f) all obligations of such
      Person, contingent or otherwise, as an account party or applicant under or
      in
      respect of acceptances, letters of credit, surety bonds or similar arrangements,
      (g) the liquidation value of all mandatorily redeemable preferred Capital Stock
      of such Person, (h) all Guarantee Obligations of such Person in respect of
      obligations of the kind referred to in clauses (a) through (g) above, (i) all
      obligations of the kind referred to in clauses (a) through 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (h)
      above
      secured by (or for which the holder of such obligation has an existing right,
      contingent or otherwise, to be secured by) any Lien on property (including
      accounts and contract rights) owned by such Person, whether or not such Person
      has assumed or become liable for the payment of such obligation, and (j) for
      the
      purposes of Section 8(e) only, all obligations of such Person in respect of
      Swap
      Agreements. The Indebtedness of any Person shall include the Indebtedness of
      any
      other entity (including any partnership in which such Person is a general
      partner) to the extent such Person is liable therefor as a result of such
      Person’s ownership interest in or other relationship with such entity, except to
      the extent the terms of such Indebtedness expressly provide that such Person
      is
      not liable therefor.

     

    “Insolvency”:
      with
      respect to any Multiemployer Plan, the condition that such Plan is insolvent
      within the meaning of Section 4245 of ERISA.

     

    “Insolvent”:
      pertaining to a condition of Insolvency.

     

    “Intellectual
      Property”:
      the
      collective reference to all rights, priorities and privileges with respect
      to
      intellectual property, whether arising under United States, multinational or
      foreign laws or otherwise, including copyrights, copyright licenses, patents,
      patent licenses, trademarks, trademark licenses, technology, know-how and
      processes, and all rights to sue at law or in equity for any infringement or
      other impairment thereof, including the right to receive all proceeds and
      damages therefrom.

     

    “Interest
      Payment Date”:
      (a) as
      to any ABR Loan (other than any Swingline Loan), the last day of each March,
      June, September and December to occur while such Loan is outstanding and the
      final maturity date of such Loan, (b) as to any Eurocurrency Loan having an
      Interest Period of three months or less, the last day of such Interest Period,
      (c) as to any Eurocurrency Loan having an Interest Period longer than three
      months, each day that is three months, or a whole multiple thereof, after the
      first day of such Interest Period and the last day of such Interest Period,
      (d)
      as to any Loan (other than any Revolving Loan that is an ABR Loan and any
      Swingline Loan), the date of any repayment or prepayment made in respect thereof
      and (e) as to any Swingline Loan, the day that such Loan is required to be
      repaid.

     

    “Interest
      Period”:
      as to
      any Eurocurrency Loan, (a) initially, the period commencing on the borrowing
      or
      conversion date, as the case may be, with respect to such Eurocurrency Loan
      and
      ending one, two, three or six (or, if agreed to by all Lenders under the
      relevant Facility, nine or twelve) months thereafter, as selected by the
      Borrower or relevant Subsidiary Borrower in its notice of borrowing or notice
      of
      conversion, as the case may be, given with respect thereto; and (b) thereafter,
      each period commencing on the last day of the next preceding Interest Period
      applicable to such Eurocurrency Loan and ending one, two, three or six (or,
      if
      agreed to by all Lenders under the relevant Facility, nine or twelve) months
      thereafter, as selected by the Borrower or relevant Subsidiary Borrower by
      irrevocable notice to the Administrative Agent not later than 12:00 Noon, New
      York City time, on the date that is three Business Days prior to the last day
      of
      the then current Interest Period with respect thereto; provided
      that,
      all of the foregoing provisions relating to Interest Periods are subject to
      the
      following:

     

    (i)
        if
      any
      Interest Period would otherwise end on a day that is not a Business Day, such
      Interest Period shall be extended to the next succeeding Business Day unless
      the
      result of such extension would be to carry such Interest Period into another
      calendar month in which event such Interest Period shall end on the immediately
      preceding Business Day;

     

    (ii)
        the
      Borrower or relevant Subsidiary Borrower may not select an Interest Period
      under
      a particular Facility that would extend beyond the Revolving Termination Date
      or
      beyond the date final payment is due on the Term Loans;

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (iii)
        any
      Interest Period that begins on the last Business Day of a calendar month (or
      on
      a day for which there is no numerically corresponding day in the calendar month
      at the end of such Interest Period) shall end on the last Business Day of a
      calendar month; and

     

    (iv)
        the
      Borrower and any relevant Subsidiary Borrower shall select Interest Periods
      so
      as not to require a payment or prepayment of any Eurocurrency Loan during an
      Interest Period for such Loan.

     

    “Investments”:
      as
      defined in Section 7.7.

     

    “Issuing
      Lender”:
      JPMorgan Chase Bank or any affiliate thereof and such other Lenders or
      affiliates thereof as may be designated in writing by the Borrower which agree
      in writing to act as such in accordance with the terms hereof and are reasonably
      acceptable to the Administrative Agent (including the issuer of any Existing
      Letters of Credit), in the capacity as issuer of any Letter of
      Credit.

     

    “JPMorgan
      Chase Bank”:
      JPMorgan Chase Bank, N.A.

     

    “judgment
      currency”:
      as
      defined in Section 10.13. 

     

    “L/C
      Obligations”:
      at any
      time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired
      amount of the then outstanding Letters of Credit and (b) the aggregate amount
      of
      drawings under Letters of Credit that have not then been reimbursed pursuant
      to
      Section 3.5.

     

    “L/C
      Participants”:
      the
      collective reference to all the Revolving Lenders other than the Issuing
      Lender.

     

    “Lenders”:
      as
      defined in the preamble hereto; provided,
      that
      unless the context otherwise requires, each reference herein to the Lenders
      shall be deemed to include any Conduit Lender.

     

     

    “Letter
      of Credit Facilities”:
      the
      Cendant letter of credit facilities, dated as of July 2, 2004, as such
      agreements may be amended, supplemented and amended and restated from time
      to
      time.

     

    “Letters
      of Credit”:
      as
      defined in Section 3.1(a).

     

    “Lien”:
      with
      respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
      hypothecation, encumbrance, charge or security interest in, on or of such asset
      and (b) the interest of a vendor or a lessor under any conditional sale
      agreement, capital lease or title retention agreement (or any financing lease
      having substantially the same economic effect as any of the foregoing) relating
      to such asset.

     

    “Loan”:
      any
      loan made by any Lender pursuant to this Agreement.

     

    “Loan
      Documents”:
      this
      Agreement, the Security Documents, the Notes and any amendment, waiver,
      supplement or other modification to any of the foregoing.

     

    “Loan
      Parties”:
      each
      Group Member that is a party to a Loan Document.

     

    “Local
      Facility Amendment”:
      as
      defined in Section 2.23.

     

    “Majority
      Facility Lenders”:
      with
      respect to any Facility, the holders of more than 50% of the aggregate unpaid
      principal amount of the Term Loans or the Total Revolving Extensions of Credit,
      

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    as
      the
      case may be, outstanding under such Facility (or, in the case of the Revolving
      Facility, prior to any termination of the Revolving Commitments, the holders
      of
      more than 50% of the Total Revolving Commitments).

     

    “Material
      Adverse Effect”:
      any
      event, development or circumstance that has had or could reasonably be expected
      to have a material adverse effect on (i) the business, operations, property
      or condition (financial or otherwise) of the Borrower and its Subsidiaries
      taken
      as a whole (it being understood that a bankruptcy filing by, or change in the
      actual or perceived credit quality of, or work stoppage affecting any “big
      three” auto manufacturer shall not constitute a Material Adverse Effect so long
      as such “big three” auto manufacturer has not failed to perform its material
      performance obligations owed to the Borrower or any of its Subsidiaries) or
      (ii) the validity or enforceability of this Agreement or any of the other
      Loan Documents or the rights and remedies of the Administrative Agent or the
      Lenders hereunder or thereunder; provided
      that on
      the date of making the initial extensions of credit under this Agreement,
“Material Adverse Effect” shall mean any
      event,
      development or circumstance that has had or could reasonably be expected to
      have
      a material
      adverse effect on the
      business, operations, property or condition (financial or otherwise) of
the
      Borrower and its Subsidiaries, taken as a whole, excluding in any case, any
      event, development or circumstance resulting from (A) general changes or
      developments (other than those resulting from acts of terrorism, war or armed
      hostilities) in the vehicle rental industry or in the general economy (except
      to
      the extent such changes or developments have a disproportionate adverse effect
      on the Borrower and its Subsidiaries, taken as a whole, relative to other
      participants in the vehicle rental industry), (B) normal seasonal changes in
      the
      results of operations of the Borrower and its Subsidiaries, (C) the announcement
      of the Spin-Off Transactions and the consummation of the transactions
      contemplated thereby, (D) changes in accounting requirements or principles
      or
      any changes in applicable laws or interpretations thereof, or (E) any failure
      in
      and of itself by the Borrower or any of its Subsidiaries to meet any estimates
      of revenues or earnings or other financial performance for any period (it being
      agreed that the facts and circumstances giving rise to such failure may be
      taken
      into account in determining whether there has been a Material Adverse Effect);
      provided that
      a
      bankruptcy filing by, or change in the actual or perceived credit quality of,
      or
      work stoppage affecting any “big three” auto manufacturer shall not constitute a
      Material Adverse Effect so long as such “big three” auto manufacturer has not
      failed to perform its material performance obligations owed to the Borrower
      or
      any of its Subsidiaries.

     

    “Materials
      of Environmental Concern”:
      all
      explosive or radioactive substances or wastes and all hazardous or toxic
      substances, wastes or other pollutants, including petroleum or petroleum
      distillates, asbestos or asbestos containing materials, polychlorinated
      biphenyls, radon gas, infectious or medical wastes and all other substances
      or
      wastes of any nature regulated pursuant to any Environmental Law.

     

    “Moody’s”:
      Moody’s Investors Service, Inc. 

     

    “Multiemployer
      Plan”:
      a Plan
      that is a multiemployer plan as defined in Section 4001(a)(3) of
      ERISA.

     

    “Net
      Cash Proceeds”:
      (a) in
      connection with any Asset Sale or any Recovery Event, the proceeds thereof
      in
      the form of cash and Cash Equivalents (including any such proceeds received
      by
      way of deferred payment of principal pursuant to a note or installment
      receivable or purchase price adjustment receivable or otherwise, but only as
      and
      when received), net of attorneys’ fees, accountants’ fees, investment banking
      fees, amounts required to be applied to the repayment of Indebtedness secured
      by
      a Lien expressly permitted hereunder on any asset that is the subject of such
      Asset Sale or Recovery Event (other than any Lien pursuant to a Security
      Document) and other customary fees and expenses actually incurred in connection
      therewith and net of taxes paid or reasonably estimated to be payable as a
      result 

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    thereof
      (after taking into account any available tax credits or deductions and any
      tax
      sharing arrangements, to the extent such tax credits or deductions or tax
      sharing arrangements are utilized) and (b) in connection with any issuance
      or
      sale of Capital Stock or any incurrence of Indebtedness, the cash proceeds
      received from such issuance or incurrence, net of attorneys’ fees, investment
      banking fees, accountants’ fees, underwriting discounts and commissions and
      other customary fees and expenses actually incurred in connection
      therewith.

     

    “New
      Local Facility”:
      as
      defined in Section 2.23.

     

    “New
      Local Facility Lender”:
      as
      defined in Section 2.23.

     

    “New
      Zealand Dollars”
and
      “NZ$”:
      the
      lawful money of New Zealand.

     

    “Non-Excluded
      Taxes”:
      as
      defined in Section 2.19(a).

     

    “Non-U.S.
      Lender”:
      as
      defined in Section 2.19(d).

     

    “Notes”:
      the
      collective reference to any promissory note evidencing Loans.

     

    “Obligations”:
      the
      unpaid principal of and interest on (including interest accruing after the
      maturity of the Loans and Reimbursement Obligations and interest accruing after
      the filing of any petition in bankruptcy, or the commencement of any insolvency,
      reorganization or like proceeding, relating to the Borrower or any Subsidiary
      Borrower, whether or not a claim for post-filing or post-petition interest
      is
      allowed in such proceeding) the Loans and all other obligations and liabilities
      of the Borrower and each Subsidiary Borrower to any Agent or Lender (or, in
      the
      case of Specified Swap Agreements and Specified Cash Management Agreements,
      any
      affiliate of any Agent or Lender), whether direct or indirect, absolute or
      contingent, due or to become due, or now existing or hereafter incurred, which
      may arise under, out of, or in connection with, this Agreement, any other Loan
      Document, the Letters of Credit, any Specified Swap Agreement, any Specified
      Cash Management Agreement or any other document made, delivered or given in
      connection herewith or therewith, whether on account of principal, interest,
      reimbursement obligations, swap coupon or termination payments, fees or
      indemnities, or reasonable out-of-pocket costs or expenses (including reasonable
      out-of-pocket fees, charges and disbursements of counsel to the Administrative
      Agent or to any Lender that are required to be paid by the Borrower or any
      Subsidiary Borrower pursuant hereto) or otherwise.

     

    “Optional
      Currency”:
      at any
      time, Australian Dollars, Canadian Dollars, Euro, New Zealand Dollars, Pounds
      Sterling and such other currencies which are convertible into Dollars and are
      freely traded and available in the London interbank eurocurrency
      market.

     

    “original
      currency”:
      as
      defined in Section 10.13. 

     

    “Other
      Taxes”:
      any
      and all present or future stamp or documentary taxes or any other excise or
      property taxes, charges or similar levies arising from any payment made
      hereunder or from the execution, delivery or enforcement of, or otherwise with
      respect to, this Agreement or any other Loan Document.

     

    “Parent”:
      each
      of Cendant, Cendant Financing Holding Company, LLC and any other direct or
      indirect parent of Holdings and the Borrower.

     

    “Parent
      Expenses”:
      (i)
      costs (including all professional fees and expenses) incurred by any Parent
      in
      connection with its reporting obligations under, or in connection with
      compliance with, 

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    applicable
      laws or applicable rules of any applicable laws or applicable rules of any
      governmental, regulatory or self-regulatory body or stock exchange, the Senior
      Unsecured Note Indenture, or any other agreement or instrument relating to
      Indebtedness of the Borrower or any Subsidiary Guarantor, including in respect
      of any reports filed with respect to the Securities Act of 1933, as amended,
      the
Securities
      Exchange Act of 1934, as amended, or the respective rules and regulations
      promulgated thereunder, (ii) an aggregate amount not to exceed $5,000,000 in
      any
      fiscal year to permit any Parent to pay its corporate overhead expenses incurred
      in the ordinary course of business, and to pay salaries or other compensation
      of
      employees who perform services for any Parent or for such Parent and the
      Borrower, provided that Cendant allocates such overhead among its Subsidiaries
      in conformity with clause (vi) of this paragraph, (iii) expenses incurred by
      any
      Parent in connection with the acquisition, development, maintenance, ownership,
      prosecution, protection and defense of its Intellectual Property and associated
      rights to the extent such Intellectual Property and associated rights relate
      to
      the business or businesses of the Borrower or any Subsidiary, (iv)
      indemnification obligations of any Parent owing to directors, officers,
      employees or other Persons under its charter or by-laws or pursuant to written
      agreements with any such Person, (v) other operational and tax expenses of
      any
      Parent attributable to or incurred on behalf of Holdings, the Borrower and
      its
      Subsidiaries in the ordinary course of business, including reimbursement
      obligations under the Letter of Credit Facilities and including obligations
      in
      respect of director and officer insurance (including premiums therfor);
provided,
      that
      following the completion of the Spin-Off Transactions, all operational and
      tax
      expenses of any Parent are deemed to be attributable to or incurred on behalf
      of
      the Borrower if the Borrower’s and its Subsidiaries’ activities represent
      substantially all of the operating activities of such Parent and all of its
      Subsidiaries, (vi) prior to the completion of the Spin-Off Transactions, general
      corporate overhead expenses allocated in conformity with past practices of
      the
      Borrower or as applied to other Subsidiaries of Cendant (or, if applicable,
      to
      former Subsidiaries of Cendant), and (vii) fees and expenses incurred by any
      Parent in connection with any offering of Capital Stock or Indebtedness, (x)
      where the net proceeds of such offering are intended to be received by or
      contributed or loaned to the Borrower or any Subsidiary Guarantor, or (y) in
      a
      prorated amount of such expenses in proportion to the amount of such net
      proceeds intended to be so received, contributed or loaned, or (z) otherwise
      on
      an interim basis prior to completion of such offering so long as any Parent
      shall cause the amount of such expenses to be repaid to the Borrower or the
      relevant Subsidiary Guarantor out of the proceeds of such offering promptly
      if
      completed.

     

    “Participant”:
      as
      defined in Section 10.6(c).

     

    “PBGC”:
      the
      Pension Benefit Guaranty Corporation established pursuant to Subtitle A of
      Title
      IV of ERISA (or any successor).

     

    “Permitted
      Acquisition”:
      an
      acquisition or any series of related acquisitions by a Loan Party (including
      any
      merger where such Loan Party is the surviving entity) of (a) all or
      substantially all of the assets or a majority of the outstanding Capital Stock
      of any Person or (b) any division, line of business or other business unit
      of
      any Person (such Person or such division, line of business or other business
      unit of such Person shall be referred to herein as the “Target”),
      in
      each case that is a type of business (or assets used in a type of business)
      permitted to be engaged in by the Borrower and its Subsidiaries pursuant to
      Section 7.13, so long as (i) no Default or Event of Default shall then exist
      or
      would exist after giving effect thereto, (ii) the Borrower shall demonstrate
      to
      the reasonable satisfaction of the Administrative Agent and the Required Lenders
      that, both at the time of the proposed acquisition and after giving effect
      to
      the acquisition on a pro forma basis, the Borrower is in compliance with each
      of
      the financial covenants set forth in Section 7.1, (iii) the Administrative
      Agent, on behalf of the Lenders, shall have received (or shall receive in
      connection with the closing of such acquisition) a first priority perfected
      security interest, subject only to Permitted Liens, in Collateral described
      in
      the Guarantee and Collateral Agreement (including, without limitation, Capital
      Stock) acquired with respect to the Target in accordance with the terms of
      Section 6.9 and the Target, if a Person that has not merged with any Loan

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    Party,
      shall have taken such actions as are required of it under Section 6.9 and (iv)
      such acquisition shall not be a “hostile” acquisition and shall have been
      approved by the Board of Directors and/or shareholders of the applicable Loan
      Party and the Target.

     

    “Permitted
      Lien”:
      any
      Lien permitted by Section 7.3.

     

      “Permitted
      Refinancing”:
      any
      Indebtedness issued in exchange for, or the net proceeds of which are used
      to
      extend, refinance, renew, replace, defease or refund other Indebtedness;
provided
      that:

     

    (i)
      the
      principal amount (or accreted value, if applicable) of such Indebtedness does
      not exceed the principal amount (or accreted value, if applicable) of the
      Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded
      (plus all accrued interest thereon and the amount of all fees, expenses and
      premiums incurred in connection therewith);

     

    (ii)
      such
      Indebtedness has a final maturity date later than the final maturity date of,
      and has a weighted average life to maturity equal to or greater than the
      weighted average life to maturity of, the Indebtedness being extended,
      refinanced, renewed, replaced, defeased or refunded; and

     

    (iii)
      such Indebtedness is incurred by the obligor (or obligors) on the Indebtedness
      being extended, refinanced, renewed, replaced, defeased or
      refunded.

     

    “Person”:
      an
      individual, partnership, corporation, limited liability company, business trust,
      joint stock company, trust, unincorporated association, joint venture,
      Governmental Authority or other entity of whatever nature.

     

    “Plan”:
      at a
      particular time, any employee benefit plan that is covered by ERISA and in
      respect of which the Borrower or a Commonly Controlled Entity is (or, if such
      plan were terminated at such time, would under Section 4069 of ERISA be deemed
      to be) an “employer” as defined in Section 3(5) of ERISA.

     

    “Pounds
      Sterling”
and
      “£:
      the
      lawful money of the United Kingdom.

     

    “Pricing
      Grid”:
      the
      table set forth below (in basis points).

     

    
      	
               

              Level

            	
              Moody’s/S&P
                

              Rating
                Equivalent

            	
              Commitment
                Fee

            	
              Applicable
                Margin

              Eurodollar
                Loans

            	
              Applicable
                Margin

              ABR
                Loans

            
	 	 	 	 	 
	
              I

            	
              Baa2/BBB
                or better

            	
              15.0

            	
              75.0

            	
              0.0

            
	
              II

            	
              Baa3/BBB-

            	
              20.0

            	
              100.0

            	
              0.0

            
	
              III

            	
              Ba1/BBB-
                or Baa3/BB+

            	
              30.0

            	
              125.0

            	
               

              25.0

            
	
              IV

            	
              Ba1/BB+

            	
              35.0

            	
              150.0

            	
              50.0

            
	
              V

            	
              Ba2/BB

            	
              40.0

            	
              175.0

            	
              75.0

            
	
              VI

            	
              Ba3/BB-
                or worse

            	
              50.0

            	
              200.0

            	
              100.0

            

    

     

    The
      ratings referred to in the Pricing Grid shall be the ratings by each of Moody’s
      and S&P of the Facilities.

     

    At
      Level
      I, pricing shall be based upon the higher rating as determined by Moody’s or
      S&P; in the event the ratings are split, pricing shall be based upon the
      higher of the two ratings; provided

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    that
      if
      (x) the higher of the two ratings is at Level I and (y) the other rating is
      less
      than either Baa3 or BBB- from Moody’s and S&P, respectively, pricing shall
      be based upon Level III.

     

    At
      Level
      III, one rating must be either Baa3 or BBB- or better from Moody’s and S&P,
      respectively, and the other rating must be either Ba1 or BB+ from Moody’s and
      S&P, respectively.

     

    At
      Level
      IV and Level V, pricing shall be based upon the higher rating as determined
      by
      Moody’s or S&P. In the event the ratings are split by two or more Levels,
      pricing shall be based upon a rating which is one Level above the lower of
      the
      two ratings.

     

    Any
      increase in the Commitment Fee or the Applicable Margin determined in accordance
      with the foregoing table shall become effective on the date of announcement
      or
      publication by the Borrower or the applicable rating agency of a decrease in
      such rating or, in the absence of such announcement or publication, on the
      effective date of such decreased rating, or on the date of any request by the
      Borrower to the applicable rating agency not to rate the Facilities or on the
      date any such rating agency announces it shall no longer rate the Facilities.
      Any decrease in the Commitment Fee or Applicable Margin shall be effective
      on
      the date of announcement or publication by any of such rating agency of an
      increase in rating or in the absence of announcement or publication on the
      effective date of such increase in rating. 

     

    “Pro
      Forma Balance Sheet”:
      as
      defined in Section 4.1(a).

     

    “Properties”:
      the
      facilities and properties owned, leased or operated by any Group
      Member.

     

    “Recourse
      Vehicle Indebtedness”:
      Indebtedness secured by, payable from or representing beneficial interests
      in
      Eligible Assets which provides for recourse to the Borrower or any Subsidiary
      (other than a Securitization Entity).

     

    “Recovery
      Event”:
      any
      settlement of or payment in a principal amount greater than $25,000,000 in
      respect of any property or casualty insurance claim or any condemnation
      proceeding relating to any asset of any Loan Party.

     

    “Refunded
      Swingline Loans”:
      as
      defined in Section 2.7.

     

    “Register”:
      as
      defined in Section 10.6(b).

     

    “Regulation
      S-X”:
      Regulation S-X, promulgated pursuant to the Securities Act of 1933, as such
      Regulation is in effect on the date hereof.

     

    “Regulation
      U”:
      Regulation U of the Board as in effect from time to time.

     

    “Reimbursement
      Obligation”:
      the
      obligation of the Borrower or relevant Subsidiary Borrower to reimburse the
      Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of
      Credit.

     

    “Reinvestment
      Deferred Amount”:
      with
      respect to any Reinvestment Event, the aggregate Net Cash Proceeds received
      by
      any Loan Party in connection therewith that are not applied to prepay the Term
      Loans or reduce the Revolving Commitments pursuant to Section 2.11(b) as a
      result of the delivery of a Reinvestment Notice.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    “Reinvestment
      Event”:
      any
      Asset Sale or Recovery Event in respect of which the Borrower has delivered
      a
      Reinvestment Notice.

     

    “Reinvestment
      Notice”:
      a
      written notice executed by a Responsible Officer stating that no Event of
      Default has occurred and is continuing and that the Borrower (directly or
      indirectly through a Subsidiary) intends and expects to use all or a specified
      portion of the Net Cash Proceeds of an Asset Sale or Recovery Event to acquire
      or repair assets useful in its business.

     

    “Reinvestment
      Prepayment Amount”:
      with
      respect to any Reinvestment Event, the Reinvestment Deferred Amount relating
      thereto less any amount expended prior to the relevant Reinvestment Prepayment
      Date to acquire or repair assets useful in the Borrower’s business.

     

    “Reinvestment
      Prepayment Date”:
      with
      respect to any Reinvestment Event, the earlier of (a) the date occurring nine
      months after such Reinvestment Event and (b) the date on which the Borrower
      shall have determined not to, or shall have otherwise ceased to, acquire or
      repair assets useful in the Borrower’s business with all or any portion of the
      relevant Reinvestment Deferred Amount.

     

    “Related
      Eligible Assets”:
      Eligible Assets that secure or are the direct or indirect source of payment
      for
      AESOP Indebtedness, Securitization Indebtedness or Recourse Vehicle
      Indebtedness.

     

    “Related
      Taxes”:
      any
      and all Taxes required to be paid by the Borrower or any Parent other than
      Taxes
      directly attributable to (i) the income of any entity other than any Parent,
      Holdings, the Borrower or any of its Subsidiaries, (ii) owning the Capital
      Stock
      of any corporation or other entity other than any Parent, Holdings, the Borrower
      or any of its Subsidiaries or (iii) withholding taxes on payments actually
      made
      by any Parent other than to any other Parent, Holdings, the Borrower or any
      of
      its Subsidiaries.

     

    “Reorganization”:
      with
      respect to any Multiemployer Plan, the condition that such plan is in
      reorganization within the meaning of Section 4241 of ERISA.

     

    “Replaced
      Term Loan”:
      as
      defined in Section 10.1(b).

     

    “Replacement
      Term Loan”:
      as
      defined in Section 10.1(b).

     

    “Reportable
      Event”:
      any of
      the events set forth in Section 4043(c) of ERISA, other than those events as
      to
      which the thirty day notice period is waived under subsections .27, .28, .29,
      .30, .31, .32, .34 or .35 of PBGC Reg. § 4043.

     

    “Required
      Lenders”:
      at any
      time, the holders of more than 50% of (a) until the Closing Date, the
      Commitments then in effect and (b) thereafter, the sum of (i) the aggregate
      unpaid principal amount of the Term Loans then outstanding and (ii) the Total
      Revolving Commitments then in effect or, if the Revolving Commitments have
      been
      terminated, the Total Revolving Extensions of Credit then
      outstanding.

     

    “Requirements
      of Law”:
      as to
      any Person, the Certificate of Incorporation and By-Laws or other organizational
      or governing documents of such Person, and any law, treaty, rule or regulation
      or determination of an arbitrator or a court of competent jurisdiction or other
      Governmental Authority, in each case applicable to and binding upon such Person
      and any of its property, and to which such Person and any of its property is
      subject.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    “Responsible
      Officer”:
      the
      chief executive officer, president, chief accounting officer, chief financial
      officer, treasurer or assistant treasurer of the Borrower.

     

    “Restricted
      Payments”:
      as
      defined in Section 7.6.

     

    “Revolving
      Commitment”:
      as to
      any Lender, the obligation of such Lender, if any, to make Revolving Loans
      and
      participate in Swingline Loans and Letters of Credit in an aggregate principal
      and/or face amount not to exceed the amount set forth under the heading
“Revolving Commitment” opposite such Lender’s name on Schedule 1.1A or in the
      Assignment and Assumption pursuant to which such Lender became a party hereto,
      as the same may be changed from time to time pursuant to the terms hereof.
      The
      original amount of the Total Revolving Commitments is
      $1,500,000,000.

     

    “Revolving
      Commitment Period”:
      the
      period from and including the Closing Date to the Revolving Termination
      Date.

     

    “Revolving
      Extensions of Credit”:
      as to
      any Revolving Lender at any time, an amount equal to the sum of (a) the
      aggregate principal amount of all Revolving Loans held by such Lender then
      outstanding, (b) such Lender’s Revolving Percentage of the L/C Obligations then
      outstanding and (c) such Lender’s Revolving Percentage of the aggregate
      principal amount of Swingline Loans then outstanding.

     

    “Revolving
      Lender”:
      each
      Lender that has a Revolving Commitment or that holds Revolving
      Loans.

     

    “Revolving
      Loans”:
      as
      defined in Section 2.4(a).

     

    “Revolving
      Percentage”:
      as to
      any Revolving Lender at any time, the percentage which such Lender’s Revolving
      Commitment then constitutes of the Total Revolving Commitments or, at any time
      after the Revolving Commitments shall have expired or terminated, the percentage
      which the aggregate principal amount of such Lender’s Revolving Loans then
      outstanding constitutes of the aggregate principal amount of the Revolving
      Loans
      then outstanding, provided,
      that,
      in the event that the Revolving Loans are paid in full prior to the reduction
      to
      zero of the Total Revolving Extensions of Credit, the Revolving Percentages
      shall be determined in a manner designed to ensure that the other outstanding
      Revolving Extensions of Credit shall be held by the Revolving Lenders on a
      comparable basis.

     

    “Revolving
      Termination Date”:
      April
      19, 2011.

     

    “S&P”:
      Standard & Poor’s Ratings Group. 

     

    “SEC”:
      the
      Securities and Exchange Commission, any successor thereto and any analogous
      Governmental Authority.

     

    “Securitization
      Entity”:
      any
      Subsidiary or other Person (a) engaged solely in the business of effecting
      asset
      securitization transactions and related activities or (b) whose primary purpose
      is to hold title or ownership interests in Eligible Assets, it being understood
      that WTH Funding LP, shall be deemed to be a Securitization Entity.

     

    “Securitization
      Indebtedness”:
      Indebtedness incurred by or attributable to a Securitization Entity that does
      not permit or provide for recourse (other than Standard Securitization
      Undertakings) to the Borrower or any Subsidiary of the Borrower (other than
      a
      Securitization Entity) or 

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    any
      property or asset of the Borrower or any Subsidiary of the Borrower (other
      than
      the property or assets of, or any equity interests or other securities issued
      by, a Securitization Entity).

     

    “Security
      Documents”:
      the
      collective reference to the Guarantee and Collateral Agreement and all other
      security documents hereafter delivered to the Administrative Agent granting
      a
      Lien on any property of any Person to secure the obligations and liabilities
      of
      any Loan Party under any Loan Document.

     

    “Senior
      Unsecured Note Indenture”:
      the
      Indenture entered into by the Borrower and Avis Budget Finance in connection
      with the issuance of the Senior Unsecured Notes, together with all instruments
      and other agreements entered into by the Borrower, Avis Budget Finance and
      any
      other Subsidiary of the Borrower in connection therewith.

     

    “Senior
      Unsecured Notes”:
      (i)
      the 7.625% senior notes of the Borrower and Avis Budget Finance due 2014 and
      (ii) the 7.75% senior notes of the Borrower and Avis Budget Finance due 2016
      issued pursuant to the Senior Unsecured Note Indenture.

     

    “Separation
      Agreement”:
      as
      described on Schedule 1.1D.

     

    “Significant
      Subsidiary”:
      any
      Subsidiary that would be a “significant subsidiary” as defined in Article 1,
      Rule 1-02 of Regulation S-X.

     

    “Single
      Employer Plan”:
      any
      Plan that is covered by Title IV of ERISA, but that is not a Multiemployer
      Plan.

     

    “Specified
      Cash Management Agreement”:
      any
      agreement providing for treasury, depositary or cash management services,
      including in connection with any automated clearing house transfers of funds
      or
      any similar transactions between the Borrower or any Guarantor and any Lender
      or
      affiliate thereof or any Agent or affiliate thereof, which has been designated
      by such Lender and the Borrower, by notice to the Administrative Agent not
      later
      than 90 days after the execution and delivery by the Borrower or such Guarantor,
      as a “Specified Cash Management Agreement”.

     

    “Specified
      Swap Agreement”:
      any
      Swap Agreement entered into by the Borrower or any Guarantor and any Lender
      or
      affiliate thereof or any Agent or affiliate thereof to hedge or mitigate its
      risk with respect to interest rates, currency exchange rates or commodity
      prices.

     

    “Spin-Off
      Transactions”:
      the
      separation of Cendant as contemplated by the Separation Agreement. 

     

    “Standard
      Securitization Undertakings”:
      representations, warranties (and any related repurchase obligations), servicer
      obligations, guaranties, covenants and indemnities entered into by the Borrower
      or any Subsidiary of the Borrower of a type that are reasonably customary in
      securitizations.

     

    “Subsidiary”:
      (a)
      with respect to any Person, any corporation, association, joint venture,
      partnership, limited liability company or other business entity (whether now
      existing or hereafter organized) of which at least a majority of the voting
      stock or other ownership interests having ordinary voting power for the election
      of directors (or the equivalent) is, at the time as of which any determination
      is being made, owned or controlled by such Person or one or more subsidiaries
      of
      such Person or by such Person and one or more subsidiaries of such Person or
      (b)
      any partnership where more than 50% of the general partners of such partnership
      are owned or controlled, directly or indirectly, by (i) such Person and/or
      (ii)
      one or more Subsidiaries of such Person. Unless otherwise qualified, all
      references to a 

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    “Subsidiary”
      or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or
      Subsidiaries of the Borrower.

     

    “Subsidiary
      Borrower”:
      any
      Subsidiary of the Borrower that becomes a party hereto pursuant to Section
      10.1(c)(i) until such time as such Subsidiary Borrower is removed as a party
      hereto pursuant to Section 10.1(c)(ii).

     

    “Subsidiary
      Guarantor”:
      each
      Subsidiary of the Borrower other than any Foreign Subsidiary, Excluded
      Subsidiary or Securitization Entity.

     

    “Swap
      Agreement”:
      any
      agreement with respect to any swap, forward, future or derivative transaction
      or
      option or similar agreement involving, or settled by reference to, one or more
      rates, currencies, commodities, equity or debt instruments or securities, or
      economic, financial or pricing indices or measures of economic, financial or
      pricing risk or value or any similar transaction or any combination of these
      transactions; provided
      that no
      phantom stock or similar plan providing for payments only on account of services
      provided by current or former directors, officers, employees or consultants
      of
      the Borrower or any of its Subsidiaries shall be a “Swap
      Agreement”.

     

    “Swingline
      Commitment”:
      the
      obligation of the Swingline Lender to make Swingline Loans pursuant to Section
      2.6 in an aggregate principal amount at any one time outstanding not to exceed
      $50,000,000.

     

    “Swingline
      Lender”:
      JPMorgan Chase Bank, in its capacity as the lender of Swingline
      Loans.

     

    “Swingline
      Loans”:
      as
      defined in Section 2.6.

     

    “Swingline
      Participation Amount”:
      as
      defined in Section 2.7.

     

    “Syndication
      Agent”:
      as
      defined in the preamble hereto.

     

    “Tax
      Sharing Agreement”:
      as
      described on Schedule 1.1E.

     

    “Taxes”
means
      any taxes, charges or assessments, including but not limited to income, sales,
      use, transfer, rental, ad valorem, value-added, stamp, property consumption,
      franchise, license, capital, net worth, gross receipts, excise, occupancy,
      intangibles or similar tax, charges or assessments.

     

    “Term
      Commitment”:
      as to
      any Lender, the obligation of such Lender, if any, to make a Term Loan to the
      Borrower in a principal amount not to exceed the amount set forth under the
      heading “Term Commitment” opposite such Lender’s name on Schedule 1.1A. The
      original aggregate amount of the Term Commitments is $875,000,000.

     

    “Term
      Lender”:
      each
      Lender that has a Term Commitment or holds a Term Loan.

     

    “Term
      Loan Maturity Date”:
      April
      19, 2012.

     

    “Term
      Loans”:
      as
      defined in Section 2.1.

     

    “Term
      Percentage”:
      as to
      any Term Lender at any time, the percentage which such Lender’s Term Commitment
      then constitutes of the aggregate Term Commitments (or, at any time after

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    the
      Closing Date, the percentage which the aggregate principal amount of such
      Lender’s Term Loans then outstanding constitutes of the aggregate principal
      amount of the Term Loans then outstanding).

     

    “Total
      Revolving Commitments”:
      at any
      time, the aggregate amount of the Revolving Commitments then in
      effect.

     

    “Total
      Revolving Extensions of Credit”:
      at any
      time, the aggregate amount of the Revolving Extensions of Credit of the
      Revolving Lenders outstanding at such time.

     

    “Transferee”:
      any
      Assignee or Participant.

     

    “Type”:
      as to
      any Loan, its nature as an ABR Loan or a Eurocurrency Loan.

     

    “United
      States”:
      the
      United States of America.

     

    “Wholly
      Owned Subsidiary”:
      as to
      any Person, any other Person all of the Capital Stock of which (other than
      directors’ qualifying shares required by law) is owned by such Person directly
      and/or through other Wholly Owned Subsidiaries.

     

    “WTH
      Funding LP”:
      WTH
      Funding Limited Partnership, an Ontario limited partnership, and any successor
      special purpose entity formed for the purpose of engaging in vehicle financings
      in Canada.

     

    1.2
        Other
      Definitional Provisions.
      (a)
      Unless
      otherwise specified therein, all terms defined in this Agreement shall have
      the
      defined meanings when used in the other Loan Documents or any certificate or
      other document made or delivered pursuant hereto or thereto.

     

    (b)
        As
      used
      herein and in the other Loan Documents, and any certificate or other document
      made or delivered pursuant hereto or thereto, (i) accounting terms relating
      to
      any Group Member not defined in Section 1.1 and accounting terms partly defined
      in Section 1.1, to the extent not defined, shall have the respective meanings
      given to them under GAAP, (ii) the words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”, (iii) the
      word “incur” shall be construed to mean incur, create, issue, assume, become
      liable in respect of or suffer to exist (and the words “incurred” and
“incurrence” shall have correlative meanings), (iv) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer
      to any and all tangible and intangible assets and properties, including cash,
      Capital Stock, securities, revenues, accounts, leasehold interests and contract
      rights, and (v) references to agreements or other Contractual Obligations shall,
      unless otherwise specified, be deemed to refer to such agreements or Contractual
      Obligations as amended, supplemented, restated or otherwise modified from time
      to time.

     

    (c)
        The
      words
“hereof”, “herein” and “hereunder” and words of similar import, when used in
      this Agreement, shall refer to this Agreement as a whole and not to any
      particular provision of this Agreement, and Section, Schedule and Exhibit
      references are to this Agreement unless otherwise specified.

     

    (d)
        The
      meanings given to terms defined herein shall be equally applicable to both
      the
      singular and plural forms of such terms.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    SECTION
      2.  AMOUNT
      AND TERMS OF COMMITMENTS

     

    2.1
        Term
      Commitments.
      Subject
      to the terms and conditions hereof, each Term Lender severally agrees to make
      a
      term loan (a “Term
      Loan”)
      in
      Dollars to the Borrower on the Closing Date in an amount not to exceed the
      amount of the Term Commitment of such Lender. The Term Loans may from time
      to
      time be Eurocurrency Loans or ABR Loans, as determined by the Borrower and
      notified to the Administrative Agent in accordance with Sections 2.2
      and 2.12.

     

    2.2
        Procedure
      for Term Loan Borrowing.
      The
      Borrower shall give the Administrative Agent irrevocable notice (which notice
      must be received by the Administrative Agent prior to (a) 12:00 Noon, New York
      City time, three Business Days prior to the anticipated Closing Date, in the
      case of Eurocurrency Loans, or (b) 10:00 A.M., New York City time, on the day
      of
      the anticipated Closing Date, in the case of ABR Loans) requesting that the
      Term
      Lenders make the Term Loans on the Closing Date and specifying the amount to
      be
      borrowed. Upon receipt of such notice the Administrative Agent shall promptly
      notify each Term Lender thereof. Not later than 12:00 Noon, New York City time,
      on the Closing Date each Term Lender shall make available to the Administrative
      Agent at the Funding Office an amount in immediately available funds equal
      to
      the Term Loan or Term Loans to be made by such Lender. The Administrative Agent
      shall credit the account of the Borrower on the books of such office of the
      Administrative Agent with the aggregate of the amounts made available to the
      Administrative Agent by the Term Lenders in immediately available
      funds.

     

    2.3
        Repayment
      of Term Loans.
      The
      Term Loan of each Term Lender shall be repayable on each date set forth below
      in
      an amount equal to such Lender’s Term Percentage multiplied by the amount set
      forth below opposite such date:

     

    
      	
              Installment

            	
              Principal
                Amount

            
	 	 
	
              July
                31, 2006

            	
              $2,187,500

            
	
              October
                31, 2006

            	
              $2,187,500

            
	
              January
                31, 2007

            	
              $2,187,500

            
	
              April
                30, 2007

            	
              $2,187,500

            
	
              July
                31, 2007

            	
              $2,187,500

            
	
              October
                31, 2007

            	
              $2,187,500

            
	
              January
                31, 2008

            	
              $2,187,500

            
	
              April
                30, 2008

            	
              $2,187,500

            
	
              July
                31, 2008

            	
              $2,187,500

            
	
              October
                31, 2008

            	
              $2,187,500

            
	
              January
                30, 2009

            	
              $2,187,500

            
	
              April
                30, 2009

            	
              $2,187,500

            
	
              July
                31, 2009

            	
              $2,187,500

            
	
              October
                30, 2009

            	
              $2,187,500

            
	
              January
                29, 2010

            	
              $2,187,500

            
	
              April
                30, 2010

            	
              $2,187,500

            
	
              July
                30, 2010

            	
              $2,187,500

            
	
              October
                29, 2010

            	
              $2,187,500

            
	
              January
                31, 2011

            	
              $2,187,500

            
	
              April
                29, 2011

            	
              $2,187,500

            
	
              July
                29, 2011

            	
              $2,187,500

            
	
              October
                31, 2011

            	
              $2,187,500

            
	
              January
                31, 2012

            	
              $2,187,500

            
	
              Term
                Loan Maturity Date

            	
              $824,687,500

            

    

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    2.4
        Revolving
      Commitments.
      (a)
      Subject
      to the terms and conditions hereof, each Revolving Lender severally agrees
      to
      make revolving credit loans (“Revolving
      Loans”)
      in
      Dollars to the Borrower or any Subsidiary Borrower from time to time during
      the
      Revolving Commitment Period in an aggregate principal amount at any one time
      outstanding which, when added to such Lender’s Revolving Percentage of the sum
      of (i) the L/C Obligations then outstanding and (ii) the aggregate principal
      amount of the Swingline Loans then outstanding, does not exceed the amount
      of
      such Lender’s Revolving Commitment. During the Revolving Commitment Period the
      Borrower and any Subsidiary Borrower may use the Revolving Commitments by
      borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing,
      all in accordance with the terms and conditions hereof. The Revolving Loans
      may
      from time to time be Eurocurrency Loans or ABR Loans, as determined by the
      Borrower or any Subsidiary Borrower and notified to the Administrative Agent
      in
      accordance with Sections 2.5 and 2.12. ABR Loans shall be denominated only
      in
      Dollars. 

     

    (b)
        The
      Borrower and any relevant Subsidiary Borrower shall repay all outstanding
      Revolving Loans on the Revolving Termination Date.

     

    2.5
        Procedure
      for Revolving Loan Borrowing.
      The
      Borrower and any Subsidiary Borrower may borrow under the Revolving Commitments
      during the Revolving Commitment Period on any Business Day, provided
      that the
      Borrower or the relevant Subsidiary Borrower shall give the Administrative
      Agent
      irrevocable notice (which notice must be received by the Administrative Agent
      prior to (a) 12:00 Noon, New York City time, three Business Days prior to the
      requested Borrowing Date, in the case of Eurocurrency Loans, or (b) 12:00 Noon,
      New York City Time, on the date of the proposed borrowing, in the case of ABR
      Loans) (provided
      that any
      such notice of a borrowing of ABR Loans under the Revolving Facility to finance
      payments required by Section 3.5 may be given not later than 12:00 Noon,
      New York City time, on the date of the proposed borrowing), specifying (i)
      the
      amount and Type of Revolving Loans to be borrowed, (ii) the requested Borrowing
      Date and (iii) in the case of Eurocurrency Loans, the respective amounts of
      each
      such Type of Loan, the Currency with respect thereto and the respective lengths
      of the initial Interest Period therefor. If no election as to the Type of a
      Revolving Loan is specified in any such notice, then the requested borrowing
      shall be an ABR Loan. If no Currency with respect to any Eurocurrency Loans
      is
      specified in any such notice, then the Borrower or the relevant Subsidiary
      Borrower shall be deemed to have requested a borrowing in Dollars. If no
      Interest Period with respect to any Eurocurrency Loan is specified in any such
      notice, then the Borrower or the relevant Subsidiary Borrower shall be deemed
      to
      have selected an Interest Period of one month’s duration. Each borrowing under
      the Revolving Commitments shall be in an amount equal to (x) in the case of
      ABR
      Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate
      Available Revolving Commitments are less than $1,000,000, such lesser amount)
      and (y) in the case of Eurocurrency Loans, $5,000,000 or a whole multiple of
      $1,000,000 in excess thereof; provided,
      that
      the Swingline Lender may request, on behalf of the Borrower or any Subsidiary
      Borrower, borrowings under the Revolving Commitments that are ABR Loans in
      other
      amounts pursuant to Section 2.7. Upon receipt of any such notice from the
      Borrower or any Subsidiary Borrower, the Administrative Agent shall promptly
      notify each Revolving Lender thereof. Each Revolving Lender will make the amount
      of its pro rata
      share of
      each borrowing available to the Administrative Agent for the account of the
      Borrower or the relevant Subsidiary Borrower at the Funding Office prior to
      2:00
      P.M., New York City time, on the Borrowing Date requested by the Borrower in
      funds immediately available to the Administrative Agent. Such borrowing will
      then be made available to the Borrower or the relevant Subsidiary Borrower
      by
      the Administrative Agent crediting the account of the Borrower or the relevant
      Subsidiary Borrower on the books of such office or such other account as the
      Borrower or relevant Subsidiary Borrower may specify to the Administrative
      Agent
      in writing with the aggregate of the amounts made available to the
      Administrative Agent by the Revolving Lenders and in like funds as received
      by
      the Administrative Agent.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    2.6
        Swingline
      Commitment.
      (a)
      Subject
      to the terms and conditions hereof, the Swingline Lender agrees to make a
      portion of the credit otherwise available to the Borrower and any Subsidiary
      Borrower under the Revolving Commitments from time to time during the Revolving
      Commitment Period by making swing line loans (“Swingline
      Loans”)
      in
      Dollars to the Borrower and any Subsidiary Borrower; provided
      that (i)
      the aggregate principal amount of Swingline Loans outstanding at any time shall
      not exceed the Swingline Commitment then in effect (notwithstanding that the
      Swingline Loans outstanding at any time, when aggregated with the Swingline
      Lender’s other outstanding Revolving Loans, may exceed the Swingline Commitment
      then in effect) and (ii) the Borrower or the relevant Subsidiary Borrower shall
      not request, and the Swingline Lender shall not make, any Swingline Loan if,
      after giving effect to the making of such Swingline Loan, the aggregate amount
      of the Available Revolving Commitments would be less than zero. During the
      Revolving Commitment Period, the Borrower and any Subsidiary Borrower may use
      the Swingline Commitment by borrowing, repaying and reborrowing, all in
      accordance with the terms and conditions hereof. Swingline Loans shall be ABR
      Loans only.

     

    (b)
        The
      Borrower or relevant Subsidiary Borrower shall repay to the Swingline Lender
      the
      then unpaid principal amount of each Swingline Loan on the earlier of the
      Revolving Termination Date and the first date after such Swingline Loan is
      made
      that is the 15th or last day of a calendar month and is at least two Business
      Days after such Swingline Loan is made; provided
      that on
      each date that a Revolving Loan is borrowed, the Borrower or relevant Subsidiary
      Borrower shall repay all Swingline Loans then outstanding.

     

    2.7
        Procedure
      for Swingline Borrowing; Refunding of Swingline Loans.
      (a)
      Whenever
      the Borrower or any Subsidiary Borrower desires that the Swingline Lender make
      Swingline Loans it shall give the Swingline Lender irrevocable telephonic notice
      confirmed promptly in writing (which telephonic notice must be received by
      the
      Swingline Lender not later than 1:00 P.M., New York City time, on the proposed
      Borrowing Date), specifying (i) the amount to be borrowed and (ii) the requested
      Borrowing Date (which shall be a Business Day during the Revolving Commitment
      Period). Each borrowing under the Swingline Commitment shall be in an amount
      equal to $500,000 or a whole multiple of $100,000 in excess thereof. Not later
      than 3:00 P.M., New York City time, on the Borrowing Date specified in a notice
      in respect of Swingline Loans, the Swingline Lender shall make available to
      the
      Administrative Agent at the Funding Office an amount in immediately available
      funds equal to the amount of the Swingline Loan to be made by the Swingline
      Lender. The Administrative Agent shall make the proceeds of such Swingline
      Loan
      available to the Borrower or relevant Subsidiary Borrower on such Borrowing
      Date
      by depositing such proceeds in the account of the Borrower or relevant
      Subsidiary Borrower with the Administrative Agent or such other account as
      the
      Borrower or relevant Subsidiary Borrower may specify to the Administrative
      Agent
      in writing on such Borrowing Date in immediately available funds.

     

    (b)
        The
      Swingline Lender, at any time and from time to time in its sole and absolute
      discretion may, on behalf of the Borrower or relevant Subsidiary Borrower (each
      of which hereby irrevocably directs the Swingline Lender to act on its behalf),
      on one Business Day’s notice given by the Swingline Lender no later than 12:00
      Noon, New York City time, request each Revolving Lender to make, and each
      Revolving Lender hereby agrees to make, a Revolving Loan, in an amount equal
      to
      such Revolving Lender’s Revolving Percentage of the aggregate amount of the
      Swingline Loans (the “Refunded
      Swingline Loans”)
      outstanding on the date of such notice, to repay the Swingline Lender. Each
      Revolving Lender shall make the amount of such Revolving Loan available to
      the
      Administrative Agent at the Funding Office in immediately available funds,
      not
      later than 10:00 A.M., New York City time, one Business Day after the date
      of
      such notice. The proceeds of such Revolving Loans shall be immediately made
      available by the Administrative Agent to the Swingline Lender for application
      by
      the Swingline Lender to the repayment of the Refunded Swingline Loans. The
      Borrower and relevant 

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    Subsidiary
      Borrower irrevocably authorize the Swingline Lender to charge the Borrower’s and
      relevant Subsidiary Borrower’s accounts with the Administrative Agent (up to the
      amount available in each such account) in order to immediately pay the amount
      of
      such Refunded Swingline Loans to the extent amounts received from the Revolving
      Lenders are not sufficient to repay in full such Refunded Swingline
      Loans.

     

    (c)
        If
      prior
      to the time a Revolving Loan would have otherwise been made pursuant to Section
      2.7(b), one of the events described in Section 8(f) shall have occurred and
      be
      continuing with respect to the Borrower or relevant Subsidiary Borrower or
      if
      for any other reason, as determined by the Swingline Lender in its sole
      discretion, Revolving Loans may not be made as contemplated by Section 2.7(b),
      each Revolving Lender shall, on the date such Revolving Loan was to have been
      made pursuant to the notice referred to in Section 2.7(b), purchase for cash
      an
      undivided participating interest in the then outstanding Swingline Loans by
      paying to the Swingline Lender an amount (the “Swingline
      Participation Amount”)
      equal
      to (i) such Revolving Lender’s Revolving Percentage times
      (ii) the
      sum of the aggregate principal amount of Swingline Loans then outstanding that
      were to have been repaid with such Revolving Loans.

     

    (d)
        Whenever,
      at any time after the Swingline Lender has received from any Revolving Lender
      such Lender’s Swingline Participation Amount, the Swingline Lender receives any
      payment on account of the Swingline Loans, the Swingline Lender will distribute
      to such Lender its Swingline Participation Amount (appropriately adjusted,
      in
      the case of interest payments, to reflect the period of time during which such
      Lender’s participating interest was outstanding and funded and, in the case of
      principal and interest payments, to reflect such Lender’s pro rata
      portion
      of such payment if such payment is not sufficient to pay the principal of and
      interest on all Swingline Loans then due); provided,
      however,
      that in
      the event that such payment received by the Swingline Lender is required to
      be
      returned, such Revolving Lender will return to the Swingline Lender any portion
      thereof previously distributed to it by the Swingline Lender.

     

    (e)
        Each
      Revolving Lender’s obligation to make the Loans referred to in Section 2.7(b)
      and to purchase participating interests pursuant to Section 2.7(c) shall be
      absolute and unconditional and shall not be affected by any circumstance,
      including (i) any setoff, counterclaim, recoupment, defense or other right
      that
      such Revolving Lender or the Borrower or any Subsidiary Borrower may have
      against the Swingline Lender, the Borrower or any Subsidiary Borrower or any
      other Person for any reason whatsoever, (ii) the occurrence or continuance
      of a
      Default or an Event of Default or the failure to satisfy any of the other
      conditions specified in Section 5, (iii) any adverse change in the condition
      (financial or otherwise) of the Borrower or any Subsidiary Borrower, (iv) any
      breach of this Agreement or any other Loan Document by the Borrower, any
      Subsidiary Borrower, any other Loan Party or any other Revolving Lender or
      (v)
      any other circumstance, happening or event whatsoever, whether or not similar
      to
      any of the foregoing.

     

    2.8
        Commitment
      Fees, etc.   (a)
      The
      Borrower agrees to pay to the Administrative Agent for the account of each
      Revolving Lender a commitment fee for the period from and including the date
      hereof to the last day of the Revolving Commitment Period, computed at the
      Commitment Fee Rate on the average daily amount of the Available Revolving
      Commitment of such Lender during the period for which payment is made, payable
      quarterly in arrears on each Fee Payment Date, commencing on the first such
      date
      to occur after the date hereof.

     

    (b)
        The
      Borrower agrees to pay to the Administrative Agent the fees in the amounts
      and
      on the dates as set forth in any fee agreements with the Administrative Agent
      and to perform any other obligations contained therein.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    2.9
        Termination
      or Reduction of Revolving Commitments.
      The
      Borrower shall have the right, upon not less than three Business Days’ notice to
      the Administrative Agent, to terminate the Revolving Commitments or, from time
      to time, to reduce the amount of the Revolving Commitments; provided
      that no
      such termination or reduction of Revolving Commitments shall be permitted if,
      after giving effect thereto and to any prepayments of the Revolving Loans and
      Swingline Loans made on the effective date thereof, the Total Revolving
      Extensions of Credit would exceed the Total Revolving Commitments. Any such
      reduction shall be in an amount equal to $1,000,000, or a whole multiple
      thereof, and shall reduce permanently the Revolving Commitments then in effect.
      Each notice delivered by the Borrower pursuant to this Section 2.9 shall be
      irrevocable; provided,
      that a
      notice to terminate the Revolving Commitments delivered by the Borrower may
      state that such notice is conditioned upon the effectiveness of other credit
      facilities or a Change in Control, in either case, which such notice may be
      revoked by the Borrower (by notice to the Administrative Agent on or prior
      to
      the specified effective date) if such condition is not satisfied.
      Notwithstanding the foregoing, the revocation of a termination notice shall
      not
      affect the Borrower’s obligation to indemnify any Lender in accordance with
      Section 2.20 for any loss or expense sustained or incurred as a consequence
      thereof.

     

    2.10
        Optional
      Prepayments.
      The
      Borrower and any relevant Subsidiary Borrower may at any time and from time
      to
      time prepay the Loans, in whole or in part, without premium or penalty, upon
      irrevocable notice (except as otherwise provided below) delivered to the
      Administrative Agent no later than 12:00 Noon, New York City time, three
      Business Days prior thereto, in the case of Eurocurrency Loans, and no later
      than 12:00 Noon, New York City time, on the day of such prepayment, in the
      case
      of ABR Loans, which notice shall specify the date and amount of prepayment
      and
      whether the prepayment is of Eurocurrency Loans or ABR Loans; provided,
      that if
      a Eurocurrency Loan is prepaid on any day other than the last day of the
      Interest Period applicable thereto, the Borrower or relevant Subsidiary Borrower
      shall also pay any amounts owing pursuant to Section 2.20; provided,
      further,
      that
      such notice to prepay the Loans delivered by the Borrower may state that such
      notice is conditioned upon the effectiveness of other credit facilities or
      a
      Change in Control, in either case, which such notice may be revoked by the
      Borrower (by further notice to the Administrative Agent on or prior to the
      specified effective date) if such condition is not satisfied. Notwithstanding
      the foregoing, the revocation of a termination notice shall not affect the
      Borrower’s obligation to indemnify any Lender in accordance with Section 2.20
      for any loss or expense sustained or incurred as a consequence thereof. Upon
      receipt of any such notice the Administrative Agent shall promptly notify each
      relevant Lender thereof. If any such notice is given, the amount specified
      in
      such notice shall be due and payable on the date specified therein, together
      with (except in the case of Revolving Loans that are ABR Loans and Swingline
      Loans) accrued interest to such date on the amount prepaid. Partial prepayments
      of Term Loans and Revolving Loans shall be in an aggregate principal amount
      of
      $1,000,000 or a whole multiple thereof. Partial prepayments of Swingline Loans
      shall be in an aggregate principal amount of $100,000 or a whole multiple
      thereof.

     

    2.11
        Mandatory
      Prepayments.
      (a)
      If
      any
      Indebtedness shall be issued or incurred by any Group Member (excluding any
      Indebtedness incurred in accordance with Section 7.2, other than paragraph
      (x)
      thereof), an amount equal to 75% of the Net Cash Proceeds thereof shall be
      applied on the date of such issuance or incurrence, or in the event such Net
      Cash Proceeds are received after 12:00 Noon, New York City time, on the next
      Business Day, toward the prepayment of the Term Loans as set forth in Section
      2.11(c).

     

    (b)
        If
      on any
      date any Loan Party shall receive Net Cash Proceeds from any Asset Sale or
      Recovery Event then, unless a Reinvestment Notice shall be delivered in respect
      thereof, 100% of such Net Cash Proceeds or, in the case of any Disposition
      permitted by Section 7.5(f), 75% of such Net Cash Proceeds, shall be applied
      within three Business Days toward the prepayment of the Term Loans as set forth
      in Section 2.11(c); provided
      that on
      each Reinvestment Prepayment Date, an amount equal to the 

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    Reinvestment
      Prepayment Amount with respect to the relevant Reinvestment Event shall be
      applied toward the prepayment of the Term Loans as set forth in Section 2.11(c).
      

     

    (c)
        Amounts
      to be applied in connection with prepayments of the outstanding Term Loans
      pursuant to this Section 2.11 shall be applied, first,
      to ABR
      Loans and, second,
      to
      Eurocurrency Loans and, in each case, in accordance with Section 2.17(b). Each
      prepayment of the Term Loans under this Section 2.11 shall be accompanied by
      accrued interest to the date of such prepayment on the amount prepaid. If no
      Term Loans are outstanding, such remaining amounts shall be retained by the
      relevant Group Member.

     

    (d)
        The
      provisions of this Section 2.11 shall be suspended at any time when the
      Borrower’s senior unsecured non-credit enhanced long term indebtedness is rated
      at least Baa3 by Moody’s and BBB- by S&P, in each case with stable or
      positive outlook.

     

    2.12
        Conversion
      and Continuation Options.
      (a)
      The
      Borrower or any Subsidiary Borrower may elect from time to time to convert
      Eurocurrency Loans to ABR Loans by giving the Administrative Agent prior
      irrevocable notice of such election no later than 11:00 A.M., New York City
      time, on the Business Day preceding the proposed conversion date, provided
      that any
      such conversion of Eurocurrency Loans may only be made on the last day of an
      Interest Period with respect thereto. The Borrower or any Subsidiary Borrower
      may elect from time to time to convert ABR Loans to Eurocurrency Loans by giving
      the Administrative Agent prior irrevocable notice of such election no later
      than
      12:00 Noon, New York City time, on the third Business Day preceding the proposed
      conversion date (which notice shall specify the length of the initial Interest
      Period therefor), provided
      that no
      ABR Loan under a particular Facility may be converted into a Eurocurrency Loan
      when any Event of Default has occurred and is continuing and the Administrative
      Agent or the Majority Facility Lenders in respect of such Facility have
      determined in its or their sole discretion not to permit such conversions.
      Upon
      receipt of any such notice the Administrative Agent shall promptly notify each
      relevant Lender thereof.

     

    (b)
        Any
      Eurocurrency Loan may be continued as such upon the expiration of the then
      current Interest Period with respect thereto by the Borrower or relevant
      Subsidiary Borrower giving irrevocable notice to the Administrative Agent,
      in
      accordance with the applicable provisions of the term “Interest Period” set
      forth in Section 1.1, of the length of the next Interest Period to be applicable
      to such Loans, provided
      that no
      Eurocurrency Loan under a particular Facility may be continued as such when
      any
      Event of Default has occurred and is continuing and the Administrative Agent
      has
      or the Majority Facility Lenders in respect of such Facility have determined
      in
      its or their sole discretion not to permit such continuations (and the
      Administrative Agent shall notify the Borrower within a reasonable amount of
      time of any such determination), and provided,
      further,
      that if
      the Borrower or such Subsidiary Borrower shall fail to give any required notice
      as described above in this paragraph such Loans shall be automatically continued
      as Eurocurrency Loans having an Interest Period of one month in duration or
      if
      such continuation is not permitted pursuant to the preceding proviso such Loans
      shall be automatically converted to ABR Loans on the last day of such then
      expiring Interest Period. Upon receipt of any such notice the Administrative
      Agent shall promptly notify each relevant Lender thereof.

     

    2.13
        Limitations
      on Eurocurrency Tranches.
      Notwithstanding anything to the contrary in this Agreement, all borrowings,
      conversions and continuations of Eurocurrency Loans and all selections of
      Interest Periods shall be in such amounts and be made pursuant to such elections
      so that, (a) after giving effect thereto, the aggregate principal amount of
      the
      Eurocurrency Loans comprising each Eurocurrency Tranche shall be equal to
      $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more
      than ten Eurocurrency Tranches shall be outstanding at any one
      time.

     

    
      
        
        

      

      
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    2.14
        Interest
      Rates and Payment Dates.
      (a)
      Each
      Eurocurrency Loan shall bear interest for each day during each Interest Period
      with respect thereto at a rate per annum equal to the Eurocurrency Rate
      determined for such day plus the Applicable Margin.

     

    (b)
        Each
      ABR
      Loan shall bear interest at a rate per annum equal to the ABR plus the
      Applicable Margin.

     

    (c)
        (i)
      If
      all or a portion of the principal amount of any Loan or Reimbursement Obligation
      shall not be paid when due (whether at the stated maturity, by acceleration
      or
      otherwise), such overdue amount shall bear interest at a rate per annum equal
      to
      (x) in the case of the Loans, the rate that would otherwise be applicable
      thereto pursuant to the foregoing provisions of this Section plus
      2% or
      (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans
      under the Revolving Facility plus
      2%, and
      (ii) if all or a portion of any interest payable on any Loan or Reimbursement
      Obligation or any commitment fee or other amount payable hereunder shall not
      be
      paid when due (whether at the stated maturity, by acceleration or otherwise),
      such overdue amount shall bear interest at a rate per annum equal to the rate
      then applicable to ABR Loans under the relevant Facility plus
      2% (or,
      in the case of any such other amounts that do not relate to a particular
      Facility, the rate then applicable to ABR Loans under the Revolving Facility
      plus
      2%), in
      each case, with respect to clauses (i) and (ii) above, from the date of such
      non-payment until such amount is paid in full (as well after as before
      judgment).

     

    (d)
        Interest
      shall be payable in arrears on each Interest Payment Date, provided
      that
      interest accruing pursuant to paragraph (c) of this Section shall be payable
      from time to time on demand.

     

    2.15
        Computation
      of Interest and Fees.
      (a)
      Interest
      and fees payable pursuant hereto shall be calculated on the basis of a 360-day
      year for the actual days elapsed, except that, with respect to ABR Loans the
      rate of interest on which is calculated on the basis of the Prime Rate, the
      interest thereon shall be calculated on the basis of a 365- (or 366-, as the
      case may be) day year for the actual days elapsed. The Administrative Agent
      shall as soon as practicable notify the Borrower or relevant Subsidiary Borrower
      and the relevant Lenders of each determination of a Eurocurrency Rate. Any
      change in the interest rate on a Loan resulting from a change in the ABR or
      the
      Eurocurrency Reserve Requirements shall become effective as of the opening
      of
      business on the day on which such change becomes effective. The Administrative
      Agent shall as soon as practicable notify the Borrower or relevant Subsidiary
      Borrower and the relevant Lenders of the effective date and the amount of each
      such change in interest rate.

     

    (b)
        Each
      determination of an interest rate by the Administrative Agent pursuant to any
      provision of this Agreement shall be conclusive and binding on the Borrower,
      any
      Subsidiary Borrower and the Lenders in the absence of manifest error. The
      Administrative Agent shall, at the request of the Borrower or any Subsidiary
      Borrower, deliver to the Borrower or such Subsidiary Borrower a statement
      showing the quotations used by the Administrative Agent in determining any
      interest rate pursuant to Section 2.14(a).

     

    2.16
        Inability
      to Determine Interest Rate.
      If
      prior to the first day of any Interest Period:

     

    (a)  the
      Administrative Agent shall have determined (which determination shall be
      conclusive and binding upon the Borrower or relevant Subsidiary Borrower) that,
      by reason of circumstances affecting the relevant market, adequate and
      reasonable means do not exist for ascertaining the Eurocurrency Rate for such
      Interest Period, or

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    (b)  
      the
      Administrative Agent shall have received notice from the Majority Facility
      Lenders in respect of the relevant Facility that the Eurocurrency Rate
      determined or to be determined for such Interest Period will not adequately
      and
      fairly reflect the cost to such Lenders (as conclusively certified by such
      Lenders) of making or maintaining their affected Loans during such Interest
      Period,

     

    the
      Administrative Agent shall give telecopy or telephonic notice thereof to the
      Borrower or relevant Subsidiary Borrower and the relevant Lenders as soon as
      practicable thereafter. If such notice is given (w) any Eurocurrency Loans
      under
      the relevant Facility requested to be made on the first day of such Interest
      Period shall be made as ABR Loans, (x) any Loans under the relevant
      Facility that were to have been converted on the first day of such Interest
      Period to Eurocurrency Loans shall be continued as ABR Loans and (y) any
      outstanding Eurocurrency Loans under the relevant Facility shall be converted,
      on the last day of the then-current Interest Period, to ABR Loans. Until
      such notice has been withdrawn by the Administrative Agent, no further
      Eurocurrency Loans under the relevant Facility shall be made or continued as
      such, nor shall the Borrower nor any Subsidiary Borrower have the right to
      convert Loans under the relevant Facility to Eurocurrency Loans.

     

    2.17
        Pro
      Rata Treatment and Payments.
      (a)
      Each
      borrowing by the Borrower or any Subsidiary Borrower from the Lenders hereunder,
      each payment by the Borrower on account of any commitment fee and any reduction
      of the Commitments of the Lenders shall be made pro rata
      according to the respective Term Percentages or Revolving Percentages, as the
      case may be, of the relevant Lenders.

     

    (b)
        Each
      payment (including each prepayment) by the Borrower on account of principal
      of
      and interest on the Term Loans shall be made pro rata
      according to the respective outstanding principal amounts of the Term Loans
      then
      held by the Term Lenders. The amount of each principal prepayment of the Term
      Loans shall be applied to reduce the then remaining installments of the Term
      Loans as directed by the Borrower. Amounts prepaid on account of the Term Loans
      may not be reborrowed.

     

    (c)
        Each
      payment (including each prepayment) by the Borrower or any Subsidiary Borrower
      on account of principal of and interest on the Revolving Loans shall be made
      pro rata
      according to the respective outstanding principal amounts of the Revolving
      Loans
      then held by the Revolving Lenders.

     

    (d)
        All
      payments (including prepayments) to be made by the Borrower or any Subsidiary
      Borrower hereunder, whether on account of principal, interest, fees or
      otherwise, shall be made without setoff or counterclaim and shall be made prior
      to 1:00 P.M., New York City time, on the due date thereof to the Administrative
      Agent, for the account of the Lenders, at the Funding Office, in Dollars and
      in
      immediately available funds. The Administrative Agent shall distribute such
      payments to the Lenders promptly upon receipt in like funds as received. If
      any
      payment hereunder (other than payments on the Eurocurrency Loans) becomes due
      and payable on a day other than a Business Day, such payment shall be extended
      to the next succeeding Business Day. If any payment on a Eurocurrency Loan
      becomes due and payable on a day other than a Business Day, the maturity thereof
      shall be extended to the next succeeding Business Day unless the result of
      such
      extension would be to extend such payment into another calendar month, in which
      event such payment shall be made on the immediately preceding Business Day.
      In
      the case of any extension of any payment of principal pursuant to the preceding
      two sentences, interest thereon shall be payable at the then applicable rate
      during such extension.

     

    (e)
        Unless
      the Administrative Agent shall have been notified in writing by any Lender
      prior
      to a borrowing that such Lender will not make the amount that would constitute
      its share of such borrowing available to the Administrative Agent, the
      Administrative Agent may assume that such Lender is making such amount available
      to the Administrative Agent, and the Administrative Agent may, in 

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    reliance
      upon such assumption, make available to the Borrower or any Subsidiary Borrower
      a corresponding amount. If such amount is not made available to the
      Administrative Agent by the required time on the Borrowing Date therefor, such
      Lender shall pay to the Administrative Agent, on demand, such amount with
      interest thereon, at a rate up to the greater of (i) the Federal Funds Effective
      Rate and (ii) a rate determined by the Administrative Agent in accordance with
      banking industry rules on interbank compensation, for the period until such
      Lender makes such amount immediately available to the Administrative Agent.
      A
      certificate of the Administrative Agent submitted to any Lender with respect
      to
      any amounts owing under this paragraph shall be conclusive in the absence of
      manifest error. If such Lender’s share of such borrowing is not made available
      to the Administrative Agent by such Lender within three Business Days after
      such
      Borrowing Date, the Administrative Agent shall also be entitled to recover
      such
      amount with interest thereon at the rate per annum applicable to ABR Loans
      under
      the relevant Facility, on demand, from the Borrower or relevant Subsidiary
      Borrower.

     

    (f)
        Unless
      the Administrative Agent shall have been notified in writing by the Borrower
      or
      relevant Subsidiary Borrower prior to the date of any payment due to be made
      by
      the Borrower or such Subsidiary Borrower hereunder that the Borrower or such
      Subsidiary Borrower will not make such payment to the Administrative Agent,
      the
      Administrative Agent may assume that the Borrower or such Subsidiary Borrower
      is
      making such payment, and the Administrative Agent may, but shall not be required
      to, in reliance upon such assumption, make available to the Lenders their
      respective pro rata
      shares
      of a corresponding amount. If such payment is not made to the Administrative
      Agent by the Borrower or relevant Subsidiary Borrower within three Business
      Days
      after such due date, the Administrative Agent shall be entitled to recover,
      on
      demand, from each Lender to which any amount which was made available pursuant
      to the preceding sentence, such amount with interest thereon at the rate per
      annum equal to the daily average Federal Funds Effective Rate. Nothing herein
      shall be deemed to limit the rights of the Administrative Agent or any Lender
      against the Borrower or any Subsidiary Borrower.

     

    2.18
        Requirements
      of Law.
      Except
      with respect to Taxes, which shall be governed exclusively by Section 2.19
      of
      this Agreement:

     

     (a)
      If
      the
      adoption of or any change in any Requirement of Law or in the interpretation
      or
      application thereof or compliance by any Lender with any request or directive
      (whether or not having the force of law) from any central bank or other
      Governmental Authority made subsequent to the date hereof:

     

    (i)
        shall
      impose, modify or hold applicable any reserve, special deposit, compulsory
      loan
      or similar requirement against assets held by, deposits or other liabilities
      in
      or for the account of, advances, loans or other extensions of credit by, or
      any
      other acquisition of funds by, any office of such Lender that is not otherwise
      included in the determination of the Eurocurrency Rate; or

     

    (ii)
        
      shall
      impose on such Lender any other condition;

     

    and
      the
      result of any of the foregoing is to increase the cost to such Lender, by an
      amount that such Lender deems to be material, of making, converting into,
      continuing or maintaining Eurocurrency Loans or issuing or participating in
      Letters of Credit, or to reduce any amount receivable hereunder in respect
      thereof, then, in any such case, the Borrower or relevant Subsidiary Borrower
      shall promptly pay such Lender, upon its demand, any additional amounts
      necessary to compensate such Lender for such increased cost or reduced amount
      receivable. If any Lender becomes entitled to claim any additional amounts
      pursuant to this paragraph, it shall promptly notify the Borrower or relevant
      Subsidiary Borrower (with a copy to the Administrative Agent) of the event
      by
      reason of which it has become so entitled.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    (b)
      If
      any
      Lender shall have determined that the adoption of or any change in any
      Requirement of Law regarding capital adequacy or in the interpretation or
      application thereof or compliance by such Lender or any corporation controlling
      such Lender with any request or directive regarding capital adequacy (whether
      or
      not having the force of law) from any Governmental Authority made subsequent
      to
      the date hereof shall have the effect of reducing the rate of return on such
      Lender’s or such corporation’s capital as a consequence of its obligations
      hereunder or under or in respect of any Letter of Credit to a level below that
      which such Lender or such corporation could have achieved but for such adoption,
      change or compliance (taking into consideration such Lender’s or such
      corporation’s policies with respect to capital adequacy) by an amount deemed by
      such Lender to be material, then from time to time, after submission by such
      Lender to the Borrower (with a copy to the Administrative Agent) of a written
      request therefor, the Borrower shall pay to such Lender such additional amount
      or amounts as will compensate such Lender or such corporation for such
      reduction. 

     

    (c)
        A
      certificate as to any additional amounts payable pursuant to this Section
      submitted by any Lender to the Borrower or relevant Subsidiary Borrower (with
      a
      copy to the Administrative Agent) shall be conclusive in the absence of manifest
      error. Notwithstanding anything to the contrary in this Section, the Borrower
      or
      relevant Subsidiary Borrower shall not be required to compensate a Lender
      pursuant to this Section for any amounts incurred more than six months prior
      to
      the date that such Lender notifies the Borrower or such Subsidiary Borrower
      of
      such Lender’s intention to claim compensation therefor; provided
      that, if
      the circumstances giving rise to such claim have a retroactive effect, then
      such
      six-month period shall be extended to include the period of such retroactive
      effect. The obligations of the Borrower or relevant Subsidiary Borrower pursuant
      to this Section shall survive the termination of this Agreement and the payment
      of the Loans and all other amounts payable hereunder.

     

    2.19
        Taxes.
      (a)
      All
      payments made by the Borrower or any Subsidiary Borrower under this Agreement
      shall be made free and clear of, and without deduction or withholding for or
      on
      account of, any present or future income, stamp or other taxes, levies, imposts,
      duties, charges, fees, deductions or withholdings, now or hereafter imposed,
      levied, collected, withheld or assessed by any Governmental Authority, excluding
      (a) net income taxes and franchise taxes (imposed in lieu of net income taxes)
      imposed on the Administrative Agent or any Lender as a result of a present
      or
      former connection between the Administrative Agent or such Lender and the
      jurisdiction of the Governmental Authority imposing such tax or any political
      subdivision or taxing authority thereof or therein (other than any such
      connection arising solely from the Administrative Agent or such Lender having
      executed, delivered or performed its obligations or received a payment under,
      or
      enforced, this Agreement or any other Loan Document) and (b) any branch profit
      taxes imposed by the United States or any similar tax imposed by any other
      Governmental Authority. If any such non-excluded taxes, levies, imposts, duties,
      charges, fees, deductions or withholdings (“Non-Excluded
      Taxes”)
      or
      Other Taxes are required to be withheld from any amounts payable to the
      Administrative Agent or any Lender hereunder, the amounts so payable to the
      Administrative Agent or such Lender shall be increased to the extent necessary
      to yield to the Administrative Agent or such Lender (after payment of all
      Non-Excluded Taxes and Other Taxes) interest or any such other amounts payable
      hereunder at the rates or in the amounts specified in this Agreement,
provided,
      however,
      that
      neither the Borrower nor any Subsidiary Borrower shall be required to increase
      any such amounts payable to any Lender with respect to any Non-Excluded Taxes
      (i) that are attributable to such Lender’s failure to comply with the
      requirements of paragraph (d) or (e) of this Section, (ii) that are United
      States withholding taxes imposed on amounts payable to such Lender at the time
      such Lender becomes a party to this Agreement (or designates a new lending
      office or offices) except, in the case of an assignment or designation of a
      new
      lending office, to the extent that the Lender making such assignment or
      designation was entitled, at the time of such assignment or designation, to
      receive additional amounts from the Borrower or the relevant Subsidiary Borrower
      with respect to Non-Excluded Taxes pursuant to this section or (iii) that are
      imposed as a result of a Lender’s gross negligence or willful
      misconduct.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    (b)
        In
      addition, the Borrower or any relevant Subsidiary Borrower shall pay any Other
      Taxes to the relevant Governmental Authority in accordance with applicable
      law.

     

    (c)
        Whenever
      any Non-Excluded Taxes or Other Taxes are payable by the Borrower or any
      Subsidiary Borrower, as promptly as possible thereafter the Borrower or such
      Subsidiary Borrower shall send to the Administrative Agent for its own account
      or for the account of the relevant Lender, as the case may be, a certified
      copy
      of an original official receipt received by the Borrower or such Subsidiary
      Borrower showing payment thereof. If the Borrower or any Subsidiary Borrower
      fails to pay any Non-Excluded Taxes or Other Taxes when due to the appropriate
      taxing authority or fails to remit to the Administrative Agent the required
      receipts or other required documentary evidence, the Borrower and each
      Subsidiary Borrower shall indemnify the Administrative Agent and the Lenders
      for
      any incremental taxes, interest or penalties that may become payable by the
      Administrative Agent or any Lender as a result of any such failure.

     

    (d)
        
      Each
      Lender (or Transferee) (i) that is not a “U.S. Person” as defined in Section
      7701(a)(30) of the Code (a “Non-U.S.
      Lender”)
      shall
      deliver to the Borrower and the Administrative Agent (or, in the case of a
      Participant, to the Lender from which the related participation shall have
      been
      purchased) two copies of either U.S. Internal Revenue Service Form W-8BEN or
      Form W-8ECI, or, in the case of a Non-U.S. Lender claiming exemption from U.S.
      federal withholding tax under Section 871(h) or 881(c) of the Code with respect
      to payments of “portfolio interest”, a statement substantially in the form of
      Exhibit F and a Form W-8BEN, or any subsequent versions thereof or successors
      thereto, properly completed and duly executed by such Non-U.S. Lender claiming
      complete exemption from, or a reduced rate of, U.S. federal withholding tax
      on
      all payments by the Borrower or any Subsidiary Borrower under this Agreement
      and
      the other Loan Documents and (ii) that is a “U.S. Person” as defined in Section
      7701(a)(30) of the Code shall deliver to the Borrower and the Administrative
      Agent (or in the case of a Participant, to the Lender from which the related
      participation shall have been purchased) two copies of U.S. Internal Revenue
      Service Form W-9. Such forms shall be delivered by each Lender on or before
      the
      date it becomes a party to this Agreement (or, in the case of any Participant,
      on or before the date such Participant purchases the related participation).
      In
      addition, each Lender shall deliver such forms promptly upon the obsolescence
      or
      invalidity of any form previously delivered by such Lender at any other time
      prescribed by applicable law or as reasonably requested by the Borrower. Each
      Non-U.S. Lender shall promptly notify the Borrower at any time it determines
      that it is no longer in a position to provide any previously delivered
      certificate to the Borrower (and any other form of certification adopted by
      the
      U.S. taxing authorities for such purpose). 

     

    (e)
        A
      Lender
      or Transferee that is entitled to an exemption from or reduction of non-U.S.
      withholding tax under the law of the jurisdiction in which the Borrower or
      any
      Subsidiary Borrower is located, or any treaty to which such jurisdiction is
      a
      party, with respect to payments under this Agreement shall deliver to the
      Borrower (with a copy to the Administrative Agent), at the time or times
      prescribed by applicable law or reasonably requested by the Borrower, such
      properly completed and executed documentation prescribed by applicable law
      as
      will permit such payments to be made without withholding or at a reduced
      rate.

     

    (f)
        If
      the
      Administrative Agent, any Transferee or any Lender determines, in its sole
      good
      faith discretion, that it has received a refund of any Non-Excluded Taxes or
      Other Taxes as to which it has been indemnified by the Borrower or any
      Subsidiary Borrower or with respect to which the Borrower or any Subsidiary
      Borrower has paid additional amounts pursuant to this Section 2.19, it shall
      pay
      over such refund to the Borrower or such Subsidiary Borrower (but only to the
      extent of indemnity payments made, or additional amounts paid, by the Borrower
      or such Subsidiary Borrower under this Section 2.19 with respect to the
      Non-Excluded Taxes or Other Taxes giving rise to such refund), net of all
      out-of-pocket expenses of the Administrative Agent, such Transferee or such
      Lender and without interest 

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    (other
      than any interest paid by the relevant Governmental Authority with respect
      to
      such refund); provided,
      that
      the Borrower or such Subsidiary Borrower, upon the request of the Administrative
      Agent , such Transferee or such Lender, agrees to repay the amount paid over
      to
      the Borrower or such Subsidiary Borrower (plus any penalties, interest or other
      charges imposed by the relevant Governmental Authority) to the Administrative
      Agent, such Transferee or such Lender in the event the Administrative Agent,
      such Transferee or such Lender is required to repay such refund to such
      Governmental Authority. This paragraph shall not be construed to require the
      Administrative Agent, any Transferee or any Lender to make available its tax
      returns (or any other information relating to its taxes which it deems
      confidential) to the Borrower, any Subsidiary Borrower or any other
      Person.

     

    (g)
        Each
      Assignee shall be bound by this Section 2.19.

     

    (h)
        The
      agreements in this Section shall survive the termination of this Agreement
      and
      the payment of the Loans and all other amounts payable hereunder.

     

    2.20
        Indemnity.
      The
      Borrower or relevant Subsidiary Borrower agrees to indemnify each Lender for,
      and to hold each Lender harmless from, any actual loss or expense that such
      Lender may sustain or incur as a consequence of (a) default by the Borrower
      or relevant Subsidiary Borrower in making a borrowing of, conversion into or
      continuation of Eurocurrency Loans after the Borrower or such Subsidiary
      Borrower has given a notice requesting the same in accordance with the
      provisions of this Agreement, (b) default by the Borrower or relevant Subsidiary
      Borrower in making any prepayment of or conversion from Eurocurrency Loans
      after
      the Borrower or such Subsidiary Borrower has given a notice thereof in
      accordance with the provisions of this Agreement or (c) the making of a
      prepayment of Eurocurrency Loans on a day that is not the last day of an
      Interest Period with respect thereto. Such indemnification may include an amount
      up to the excess, if any, of (i) the amount of interest that would have accrued
      on the amount so prepaid, or not so borrowed, converted or continued, for the
      period from the date of such prepayment or of such failure to borrow, convert
      or
      continue to the last day of such Interest Period (or, in the case of a failure
      to borrow, convert or continue, the Interest Period that would have commenced
      on
      the date of such failure) in each case at the applicable rate of interest for
      such Loans provided for herein (excluding, however, the Applicable Margin
      included therein, if any) over
      (ii) the
      amount of interest (as reasonably determined by such Lender) that would have
      accrued to such Lender on such amount by placing such amount on deposit for
      a
      comparable period with leading banks in the interbank eurocurrency market.
      A
      certificate as to any amounts payable pursuant to this Section submitted to
      the
      Borrower or relevant Subsidiary Borrower by any Lender shall be conclusive
      in
      the absence of manifest error. This covenant shall survive the termination
      of
      this Agreement and the payment of the Loans and all other amounts payable
      hereunder.

     

    2.21
        Change
      of Lending Office.
      Each
      Lender agrees that, upon the occurrence of any event giving rise to the
      operation of Section 2.18 or 2.19(a) with respect to such Lender, it will,
      if
      requested by the Borrower, use reasonable efforts (subject to overall policy
      considerations of such Lender) to designate another lending office for any
      Loans
      affected by such event with the object of avoiding the consequences of such
      event; provided,
      that
      such designation is made on terms that, in the sole judgment of such Lender,
      cause such Lender and its lending office(s) to suffer no economic, legal or
      regulatory disadvantage, and provided,
      further,
      that
      nothing in this Section shall affect or postpone any of the obligations of
      the
      Borrower or any Subsidiary Borrower or the rights of any Lender pursuant to
      Section 2.18 or 2.19(a).

     

    2.22
        Replacement
      of Lenders.
      The
      Borrower shall be permitted to replace any Lender that (a) requests
      reimbursement for amounts owing pursuant to Section 2.18 or 2.19(a), (b)
      defaults in its obligation to make Loans hereunder or (c) fails to give its
      consent for any issue requiring the consent of 100% of the Lenders or all
      affected Lenders (and such Lender is an affected Lender) and for which

     

    
      
        
        

      

      
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    Lenders
      holding 66 2/3 of the Loans and/or Commitments required for such vote have
      consented, with a replacement financial institution; provided
      that (i)
      such replacement does not conflict with any Requirement of Law, (ii) no Event
      of
      Default shall have occurred and be continuing at the time of such replacement,
      (iii) prior to any such replacement, such Lender shall have taken no action
      under Section 2.21 so as to eliminate the continued need for payment of amounts
      owing pursuant to Section 2.18 or 2.19(a), (iv) the replacement financial
      institution shall purchase, at par, all Loans and other amounts owing to such
      replaced Lender on or prior to the date of replacement, (v) the Borrower shall
      be liable to such replaced Lender under Section 2.20 if any Eurocurrency Loan
      owing to such replaced Lender shall be purchased other than on the last day
      of
      the Interest Period relating thereto, (vi) the replacement financial institution
      shall be reasonably satisfactory to the Administrative Agent, (vii) the replaced
      Lender shall be obligated to make such replacement in accordance with the
      provisions of Section 10.6 (provided that the Borrower shall be obligated to
      pay
      the registration and processing fee referred to therein), (viii) until such
      time
      as such replacement shall be consummated, the Borrower shall pay all additional
      amounts (if any) required pursuant to Section 2.18 or 2.19(a), as the case
      may
      be, and (ix) any such replacement shall not be deemed to be a waiver of any
      rights that the Borrower, the Administrative Agent or any other Lender shall
      have against the replaced Lender.

     

    2.23
        New
      Local Facilities.
      (a)
      The
      Borrower may at any time or from time to time after the Closing Date, by notice
      to the Administrative Agent and the Revolving Lenders, request the Revolving
      Lenders to designate a portion of their respective Revolving Commitments to
      make
      Revolving Extensions of Credit denominated in Dollars and any Optional Currency
      in a jurisdiction outside of the United States pursuant to a newly established
      sub-facility under the Revolving Facility (each, a “New
      Local Facility”);
      provided
      that
      (i) both at the time of any such request and upon the effectiveness of any
      Local Facility Amendment referred to below, no Default or Event of Default
      shall
      have occurred and be continuing and (ii) the Borrower and its Subsidiaries
      shall be in compliance with the covenants set forth in Section 7.1 as of
      the last day of the most recently ended fiscal quarter; provided further
      that any
      (i) LC Obligations outstanding as of the date of the establishment of a New
      Local Facility shall be deemed to be outstanding under such New Local Facility
      on a pro rata basis in accordance with the aggregate Revolving Commitments
      (it
      being understood that thereafter, new LC Obligations shall not reduce the
      availability under such New Local Facility, except to the extent Letters of
      Credit are issued thereunder) and (ii) no Lender shall be required to make
      Revolving Extensions of Credit in excess of its Revolving Commitment. Each
      New
      Local Facility shall be in a minimum Dollar Equivalent amount of $10,000,000.
      Each notice from the Borrower pursuant to this Section 2.23 shall set forth
      the
      requested amount and proposed terms of the relevant New Local Facility.
      Revolving Lenders wishing to designate a portion of their Revolving Commitments
      to a New Local Facility (each, a “New
      Local Facility Lender”)
      shall
      have such portion of their Revolving Commitment designated to such New Local
      Facility on a pro rata basis in accordance with the aggregate Revolving
      Commitments of the other New Local Facility Lenders. The designation of
      Revolving Commitments to any New Local Facility shall be made pursuant to an
      amendment (each, a “Local
      Facility Amendment”)
      to
      this Agreement and, as appropriate, the other Loan Documents, executed by the
      Loan Parties, the Administrative Agent and each New Local Facility Lender.
      Any
      Local Facility Amendment may, without the consent of any other Lenders, effect
      such amendments to this Agreement and the other Loan Documents as may be
      necessary or appropriate, in the reasonable opinion of the Administrative Agent
      and the Borrower, to effect the provisions of this Section, a copy of which
      shall be made available to each Lender. The effectiveness of any Local Facility
      Amendment shall be subject to the satisfaction on the date thereof of each
      of
      the conditions set forth in Section 5.2 and such other conditions as the
      parties thereto shall agree. No Revolving Lender shall be obligated to transfer
      any portion of its Revolving Commitments to a New Local Facility unless it
      so
      agrees. 

     

    (b)
        This
      Section 2.23 shall supersede any provisions in Section 10.1(a) to
      the contrary as relates to any Local Facility Amendment.

     

    
      
        
        

      

      
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    2.24
        Prepayments
      Required Due to Currency Fluctuation.
      On the
      last Business Day of each fiscal quarter, or at such other time as is reasonably
      determined by the Administrative Agent, the Administrative Agent shall determine
      the Dollar Equivalent of aggregate outstanding Revolving Extensions of
      Credit.
      If, at
      the time of such determination the aggregate outstanding Revolving Extensions
      of
      Credit exceed the Revolving Commitments then in effect by 5% or more, then
      within five Business Days of notice to the Borrower, the Borrower or the
      relevant Subsidiary Borrower shall prepay Revolving Loans or Swingline Loans
      or
      cash collateralize the outstanding Letters of Credit in an aggregate principal
      amount at least equal to such excess; provided
      that the
      failure of the Administrative Agent to determine the Dollar Equivalent Amount
      of
      the aggregate outstanding Revolving Extensions of Credit as provided in this
      Section 2.24 shall not subject the Administrative Agent to any liability
      hereunder. 

     

    SECTION
      3.  LETTERS
      OF CREDIT

     

    3.1
        L/C
      Commitment.
      (a)
      Subject
      to the terms and conditions hereof, the Issuing Lender, in reliance on the
      agreements of the other Revolving Lenders set forth in Section 3.4(a), agrees
      to
      issue letters of credit (“Letters
      of Credit”)
      for
      the account of the Borrower or any Subsidiary Borrower on any Business Day
      during the Revolving Commitment Period in such form as may be approved from
      time
      to time by the Issuing Lender; provided
      that the
      Issuing Lender shall not issue any Letter of Credit if, after giving effect
      to
      such issuance, the aggregate amount of the Available Revolving Commitments
      would
      be less than zero. Each Letter of Credit shall (i) be denominated in Dollars
      and
      (ii) expire no later than the earlier of (x) the first anniversary of its date
      of issuance and (y) the date that is five Business Days prior to the Revolving
      Termination Date, provided
      that any
      Letter of Credit with a one-year term may provide for the automatic renewal
      or
      renewal thereof for additional one-year periods (which shall in no event extend
      beyond the date referred to in clause (y) above).

     

    (b)
        The
      Issuing Lender shall not at any time be obligated to issue any Letter of Credit
      if such issuance would conflict with, or cause the Issuing Lender or any L/C
      Participant to exceed any limits imposed by, any applicable Requirement of
      Law.

     

    3.2
        Procedure
      for Issuance of Letter of Credit.
      The
      Borrower or any Subsidiary Borrower may from time to time request that the
      Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender
      at
      its address for notices specified herein an Application therefor, completed
      to
      the satisfaction of the Issuing Lender, and such other certificates, documents
      and other papers and information as the Issuing Lender may request. Upon receipt
      of any Application, the Issuing Lender will process such Application and the
      certificates, documents and other papers and information delivered to it in
      connection therewith in accordance with its customary procedures and shall
      promptly issue the Letter of Credit requested thereby (but in no event shall
      the
      Issuing Lender be required to issue any Letter of Credit earlier than three
      Business Days after its receipt of the Application therefor and all such other
      certificates, documents and other papers and information relating thereto)
      by
      issuing the original of such Letter of Credit to the beneficiary thereof or
      as
      otherwise may be agreed to by the Issuing Lender and the Borrower or relevant
      Subsidiary Borrower. The Issuing Lender shall furnish a copy of such Letter
      of
      Credit to the Borrower or relevant Subsidiary Borrower promptly following the
      issuance thereof. The Issuing Lender shall promptly furnish to the
      Administrative Agent, which shall in turn promptly furnish to the Lenders,
      notice of the issuance of each Letter of Credit (including the amount
      thereof).

     

    3.3
        Fees
      and Other Charges.
      (a)
      The
      Borrower will pay a fee on all outstanding Letters of Credit issued for the
      account of the Borrower and any relevant Subsidiary Borrower at a per annum
      rate
      equal to the Applicable Margin then in effect with respect to Eurocurrency
      Loans
      under the Revolving Facility, shared ratably among the Revolving Lenders and
      payable quarterly in arrears on each Fee Payment Date after the issuance date.
      In addition, the Borrower shall pay a fronting fee in an amount 

     

    
      
        
        

      

      
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    to
      be
      agreed with the Issuing Lender (but, in any event, not greater than of 0.125%
      per annum) on the undrawn and unexpired amount of each Letter of Credit issued
      for the account of the Borrower or any relevant Subsidiary Borrower, payable
      quarterly in arrears on each Fee Payment Date after the issuance
      date.

     

    (b)
        
      In
      addition to the foregoing fees, the Borrower shall pay or reimburse the Issuing
      Lender for such normal and customary costs and expenses as are incurred or
      charged by the Issuing Lender in issuing, negotiating, effecting payment under,
      amending or otherwise administering any Letter of Credit.

     

    3.4
        L/C
      Participations.
      (a)
      The
      Issuing Lender irrevocably agrees to grant and hereby grants to each L/C
      Participant, and, to induce the Issuing Lender to issue Letters of Credit,
      each
      L/C Participant irrevocably agrees to accept and purchase and hereby accepts
      and
      purchases from the Issuing Lender, on the terms and conditions set forth below,
      for such L/C Participant’s own account and risk an undivided interest equal to
      such L/C Participant’s Revolving Percentage in the Issuing Lender’s obligations
      and rights under and in respect of each Letter of Credit and the amount of
      each
      draft paid by the Issuing Lender thereunder. Each L/C Participant agrees with
      the Issuing Lender that, if a draft is paid under any Letter of Credit for
      which
      the Issuing Lender is not reimbursed in full by the Borrower or relevant
      Subsidiary Borrower in accordance with the terms of this Agreement, such L/C
      Participant shall pay to the Issuing Lender upon demand at the Issuing Lender’s
      address for notices specified herein an amount equal to such L/C Participant’s
      Revolving Percentage of the amount of such draft, or any part thereof, that
      is
      not so reimbursed. Each L/C Participant’s obligation to pay such amount shall be
      absolute and unconditional and shall not be affected by any circumstance,
      including (i) any setoff, counterclaim, recoupment, defense or other right
      that
      such L/C Participant may have against the Issuing Lender, the Borrower, any
      Subsidiary Borrower or any other Person for any reason whatsoever, (ii) the
      occurrence or continuance of a Default or an Event of Default or the failure
      to
      satisfy any of the other conditions specified in Section 5, (iii) any adverse
      change in the condition (financial or otherwise) of the Borrower or any
      Subsidiary Borrower, (iv) any breach of this Agreement or any other Loan
      Document by the Borrower, any Subsidiary Borrower, any other Loan Party or
      any
      other L/C Participant or (v) any other circumstance, happening or event
      whatsoever, whether or not similar to any of the foregoing

     

    (b)
        If
      any
      amount required to be paid by any L/C Participant to the Issuing Lender pursuant
      to Section 3.4(a) in respect of any unreimbursed portion of any payment made
      by
      the Issuing Lender under any Letter of Credit is paid to the Issuing Lender
      within three Business Days after the date such payment is due, such L/C
      Participant shall pay to the Issuing Lender on demand an amount equal to the
      product of (i) such amount, times (ii) the daily average Federal Funds Effective
      Rate during the period from and including the date such payment is required
      to
      the date on which such payment is immediately available to the Issuing Lender,
      times (iii) a fraction the numerator of which is the number of days that elapse
      during such period and the denominator of which is 360. If any such amount
      required to be paid by any L/C Participant pursuant to Section 3.4(a) is not
      made available to the Issuing Lender by such L/C Participant within three
      Business Days after the date such payment is due, the Issuing Lender shall
      be
      entitled to recover from such L/C Participant, on demand, such amount with
      interest thereon calculated from such due date at the rate per annum applicable
      to ABR Loans under the Revolving Facility. A certificate of the Issuing Lender
      submitted to any L/C Participant with respect to any amounts owing under this
      Section shall be conclusive in the absence of manifest error.

     

    (c)
        Whenever,
      at any time after the Issuing Lender has made payment under any Letter of Credit
      and has received from any L/C Participant its pro rata
      share of
      such payment in accordance with Section 3.4(a), the Issuing Lender receives
      any
      payment related to such Letter of Credit (whether directly from the Borrower
      or
      relevant Subsidiary Borrower or otherwise, including proceeds of collateral
      applied thereto by the Issuing Lender), or any payment of interest on account
      thereof, the Issuing Lender will 

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    distribute
      to such L/C Participant its pro rata
      share
      thereof; provided,
      however,
      that in
      the event that any such payment received by the Issuing Lender shall be required
      to be returned by the Issuing Lender, such L/C Participant shall return to
      the
      Issuing Lender the portion thereof previously distributed by the Issuing Lender
      to it.

     

    3.5
        Reimbursement
      Obligation of the Borrower.
      If any
      draft is paid under any Letter of Credit, the Borrower or relevant Subsidiary
      Borrower shall reimburse the Issuing Lender for the amount of (a) the draft
      so
      paid and (b) any taxes, fees, charges or other costs or expenses incurred by
      the
      Issuing Lender in connection with such payment, not later than 1:00 P.M., New
      York City time, on (i) the Business Day that the Borrower or relevant Subsidiary
      Borrower receives notice of such draft, if such notice is received on such
      day
      prior to 10:00 A.M., New York City time, or (ii) if clause (i) above does not
      apply, the Business Day immediately following the day that the Borrower or
      relevant Subsidiary Borrower receives such notice. Each such payment shall
      be
      made to the Issuing Lender at its address for notices referred to herein in
      Dollars and in immediately available funds. Interest shall be payable on any
      such amounts from the date on which the relevant draft is paid until payment
      in
      full at the rate set forth in (x) until the Business Day next succeeding the
      date of the relevant notice, Section 2.14(b) and (y) thereafter, Section
      2.14(c).

     

    3.6
        Obligations
      Absolute.
      The
      obligations of the Borrower and any relevant Subsidiary Borrower under this
      Section 3 shall be absolute and unconditional under any and all circumstances
      and irrespective of any setoff, counterclaim or defense to payment that the
      Borrower or such Subsidiary Borrower, as the case may be, may have or have
      had
      against the Issuing Lender, any beneficiary of a Letter of Credit or any other
      Person. The Borrower and each relevant Subsidiary Borrower also agrees with
      the
      Issuing Lender that the Issuing Lender shall not be responsible for, and the
      Reimbursement Obligations under Section 3.5 of the Borrower and any relevant
      Subsidiary Borrower shall not be affected by, among other things, the validity
      or genuineness of documents or of any endorsements thereon, even though such
      documents shall in fact prove to be invalid, fraudulent or forged, or any
      dispute between or among the Borrower or such Subsidiary Borrower, as the case
      may be, and any beneficiary of any Letter of Credit or any other party to which
      such Letter of Credit may be transferred or any claims whatsoever of the
      Borrower or such Subsidiary, as the case may be, against any beneficiary of
      such
      Letter of Credit or any such transferee. The Issuing Lender shall not be liable
      for any error, omission, interruption or delay in transmission, dispatch or
      delivery of any message or advice, however transmitted, in connection with
      any
      Letter of Credit, except for errors or omissions found by a final and
      nonappealable decision of a court of competent jurisdiction to have resulted
      from the gross negligence or willful misconduct of the Issuing Lender. The
      Borrower and each relevant Subsidiary Borrower agrees that any action taken
      or
      omitted by the Issuing Lender under or in connection with any Letter of Credit
      or the related drafts or documents, if done in the absence of gross negligence
      or willful misconduct, shall be binding on the Borrower or such Subsidiary
      Borrower and shall not result in any liability of the Issuing Lender to the
      Borrower or such Subsidiary Borrower.

     

    3.7
        Letter
      of Credit Payments.
      If any
      draft shall be presented for payment under any Letter of Credit, the Issuing
      Lender shall promptly notify the Borrower or relevant Subsidiary Borrower of
      the
      date and amount thereof. The responsibility of the Issuing Lender to the
      Borrower or relevant Subsidiary Borrower in connection with any draft presented
      for payment under any Letter of Credit shall, in addition to any payment
      obligation expressly provided for in such Letter of Credit, be limited to
      determining that the documents (including each draft) delivered under such
      Letter of Credit in connection with such presentment are substantially in
      conformity with such Letter of Credit.

     

    3.8
        Applications.
      To the
      extent that any provision of any Application related to any Letter of Credit
      is
      inconsistent with the provisions of this Section 3, the provisions of this
      Section 3 shall apply.
      

     

     

    
      
        
        

      

      
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    3.9
        Existing
      Letters of Credit.
      On
      and as
      of the Closing Date the
      letters of credit set forth on Schedule 3.9 (the “Existing
      Letters of Credit”)
      will
      constitute Letters of Credit under this Agreement and for the purposes hereof
      will be deemed to have been issued for the account of the Borrower on the
      Closing Date.
      

     

    SECTION
      4.  REPRESENTATIONS
      AND WARRANTIES

    To
      induce
      the Administrative Agent and the Lenders to enter into this Agreement and to
      make the Loans and issue or participate in the Letters of Credit, Holdings
      and
      the Borrower hereby jointly and severally represent and warrant to the
      Administrative Agent and each Lender that:

     

    4.1
        Financial
      Condition.
      (a)
      The
      unaudited pro forma
      consolidated balance sheet of the Borrower and its consolidated Subsidiaries
      as
      at December 31, 2005 (including the notes thereto) (the “Pro
      Forma Balance Sheet”),
      copies of which have heretofore been furnished to each Lender, has been prepared
      giving effect (as if such events had occurred on such date) to (i) the Loans
      to
      be made on the Closing Date and the use of proceeds thereof, (ii) the issuance
      of the Senior Unsecured Notes and the use of proceeds thereof and (iii) the
      payment of fees and expenses in connection with the foregoing. The Pro Forma
      Balance Sheet has been prepared based on the best information available to
      the
      Borrower as of the date of delivery thereof, and presents fairly on a
pro forma
      basis
      the estimated financial position of the Borrower and its consolidated
      Subsidiaries as at December 31, 2005, assuming that the events specified in
      the
      preceding sentence had actually occurred at such date.

     

    (b)
        The
      audited consolidated balance sheets of the Borrower as at December 31, 2005,
      December 31, 2004 and December 31, 2003, and the related consolidated statements
      of income and of cash flows for the fiscal years ended on such dates (the
“Consolidated
      Financial Statements”),
      reported on by and accompanied by an unqualified report from Deloitte &
Touche LLP, present fairly the consolidated financial condition of the Borrower
      as at such date, and the consolidated results of its operations and its
      consolidated cash flows for the respective fiscal years then ended. All such
      financial statements, including the related schedules and notes thereto, have
      been prepared in accordance with GAAP applied consistently throughout the
      periods involved (except as approved by the aforementioned firm of accountants
      and disclosed therein). No Group Member has any material Guarantee Obligations,
      or any unusual forward or long-term commitments, including any interest rate
      or
      foreign currency swap or exchange transaction or other obligation in respect
      of
      derivatives, that are not reflected in the most recent financial statements
      referred to in this paragraph. During the period from December 31, 2005 to
      and
      including the date hereof there has been no Disposition by any Group Member
      of
      any material part of the business or property of the Group Members taken as
      a
      whole.

     

    4.2
        No
      Change.
      Since
      December 31, 2005, there has been no development or event that has had or could
      reasonably be expected to have a Material Adverse Effect.

     

    4.3
        Existence;
      Compliance with Law.
      Each
      Group Member (a) is duly organized, validly existing and in good standing under
      the laws of the jurisdiction of its organization, except where (other than
      the
      Borrower) the failure to be so organized, existing or in good standing could
      not
      reasonably be expected to have a Material Adverse Effect, (b) has the power
      and
      authority, and the legal right, to own and operate its property, to lease the
      property it operates as lessee and to conduct the business in which it is
      currently engaged, except where failure to have such power, authority and legal
      right could not reasonably be expected to have a Material Adverse Effect, (c)
      is
      duly qualified as a foreign corporation or other organization and in good
      standing or has applied for authority to operate as a foreign corporation under
      the laws of each jurisdiction where its ownership, lease or operation of
      property or the conduct of its business requires such qualification and where
      a
      failure to be in good standing as a foreign corporation would have a Material
      Adverse Effect and (d) is in compliance with all Requirements of Law except
      to

     

    
      
        
        

      

      
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    the
      extent that the failure to comply therewith could not, in the aggregate,
      reasonably be expected to have a Material Adverse Effect.

     

    4.4
        Power;
      Authorization; Enforceable Obligations.
      Each
      Loan Party has the power and authority, and the legal right, to make, deliver
      and perform the Loan Documents to which it is a party and, in the case of the
      Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken
      all necessary organizational action to authorize the execution, delivery and
      performance of the Loan Documents to which it is a party and, in the case of
      the
      Borrower, to authorize the extensions of credit on the terms and conditions
      of
      this Agreement. No consent or authorization of, filing with, notice to or other
      act by or in respect of, any Governmental Authority or any other Person is
      required in connection with the extensions of credit hereunder or with the
      execution, delivery, performance, validity or enforceability of this Agreement
      or any of the Loan Documents, except (i) consents, authorizations, filings
      and
      notices described in Schedule 4.4, which consents, authorizations, filings
      and
      notices have been obtained or made and are in full force and effect and (ii)
      the
      filings referred to in Section 4.17. Each Loan Document has been duly executed
      and delivered on behalf of each Loan Party party thereto. This Agreement
      constitutes, and each other Loan Document upon execution will constitute, a
      legal, valid and binding obligation of each Loan Party party thereto,
      enforceable against each such Loan Party in accordance with its terms, except
      as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or similar laws affecting the enforcement of
      creditors’ rights generally and by general equitable principles (whether
      enforcement is sought by proceedings in equity or at law).

     

    4.5
        No
      Legal Bar.
      The
      execution, delivery and performance of this Agreement and the other Loan
      Documents, the issuance of Letters of Credit, the borrowings hereunder and
      the
      use of the proceeds thereof will not violate any material Requirement of Law
      or
      any material Contractual Obligation of any Group Member and will not result
      in,
      or require, the creation or imposition of any Lien on any of their respective
      properties or revenues pursuant to any Requirement of Law or any such
      Contractual Obligation (other than the Liens created by the Security Documents).
      No Requirement of Law or Contractual Obligation applicable to the Borrower
      or
      any of its Subsidiaries could reasonably be expected to have a Material Adverse
      Effect.

     

    4.6
        Litigation.
      Except
      as disclosed by the Borrower to the Lenders in writing at least three Business
      Days prior to the Closing Date, there shall not exist any action, investigation,
      litigation or proceeding pending or, to the knowledge of the Borrower,
      threatened in any court or before any arbitrator or Governmental Authority
      that
      if adversely determined would have a Material Adverse Effect.

     

    4.7
        No
      Default.
      No
      Group Member is in default under or with respect to any of its Contractual
      Obligations in any respect that could reasonably be expected to have a Material
      Adverse Effect. No Default or Event of Default has occurred and is
      continuing.

     

    4.8
        Ownership
      of Property; Liens.
      Each
      Group Member has title in fee simple to, or a valid leasehold interest in,
      all
      its real property (except as could not reasonably be expected to have a Material
      Adverse Effect) and none of such property is subject to any Lien except a
      Permitted Lien.

     

    4.9
        Intellectual
      Property.
      Each
      Group Member owns, or is licensed to use, to its knowledge, all material
      Intellectual Property necessary for the conduct of its business as currently
      conducted. Except as set forth on Schedule 4.9, to each Group Member’s
      knowledge, no claim has been asserted and is pending against such Group Member
      by any Person challenging or questioning the use of any Intellectual Property
      or
      the validity or effectiveness of any Intellectual Property, nor does Holdings
      or
      the Borrower know of any valid basis for any such claim that if adversely
      determined could have a material adverse effect on the value of any material
      Intellectual Property owned by such Group Member. 

     

    
      
        
        

      

      
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    Subject
      to the foregoing sentence, the use of Intellectual Property by each Group Member
      does not infringe, to its knowledge, on the rights of any Person in any material
      respect.

     

    4.10
        Taxes.
      Each
      Group Member has filed or caused to be filed all federal, state and local income
      and other material tax returns that are required to be filed by it and has
      paid
      all taxes shown to be due and payable on said returns or on any assessments
      made
      against it or any of its property and all other taxes, fees or other charges
      imposed on it or any of its property by any Governmental Authority (other than
      any amount the validity of which is currently being contested in good faith
      by
      appropriate proceedings and with respect to which reserves in conformity with
      GAAP have been provided on the books of the relevant Group Member or to the
      extent that failure to do so could not reasonably be expected to result in
      a
      Material Adverse Effect) or with respect to which the failure to have filed
      such
      tax returns or have paid such taxes would not, individually or in the aggregate,
      reasonably be expected to have a Material Adverse Effect.

     

    4.11
        Federal
      Regulations.
      No part
      of the proceeds of any Loans, and no other extensions of credit hereunder,
      will
      be used (a) for “buying” or “carrying” any “margin stock” within the respective
      meanings of each of the quoted terms under Regulation U as now and from time
      to
      time hereafter in effect for any purpose that violates the provisions of the
      Regulations of the Board or (b) for any purpose that violates the provisions
      of
      the Regulations of the Board. If requested by any Lender or the Administrative
      Agent, the Borrower will furnish to the Administrative Agent and each Lender
      a
      statement to the foregoing effect in conformity with the requirements of FR
      Form
      G-3 or FR Form U-1, as applicable, referred to in Regulation U.

     

    4.12
        ERISA.
      (a)
      Neither a Reportable Event nor an “accumulated funding deficiency” (within the
      meaning of Section 412 of the Code or Section 302 of ERISA) has occurred
      during the five-year period prior to the date on which this representation
      is
      made or deemed made with respect to any Plan, and each Plan has complied in
      all
      material respects with the applicable provisions of ERISA and the Code; (b)
      no
      termination of a Single Employer Plan has occurred, and no Lien in favor of
      the
      PBGC or a Plan has arisen, during such five-year period; (c) the present value
      of all accrued benefits under each Single Employer Plan (based on those
      assumptions used to fund such Plans) did not, as of the last annual valuation
      date prior to the date on which this representation is made or deemed made,
      exceed the value of the assets of such Plan allocable to such accrued benefits
      by a material amount; (d) neither the Borrower nor any Commonly Controlled
      Entity has had a complete or partial withdrawal from any Multiemployer Plan
      that
      has resulted or could reasonably be expected to result in a liability under
      ERISA, and neither the Borrower nor any Commonly Controlled Entity would become
      subject to any material liability under ERISA if the Borrower or any such
      Commonly Controlled Entity were to withdraw completely from all Multiemployer
      Plans as of the valuation date most closely preceding the date on which this
      representation is made or deemed made; and (e) no such Multiemployer Plan is
      in
      Reorganization or Insolvent, except where, in each of clauses (a) through (e),
      such event or condition, together with all other events or conditions, could
      not
      reasonably be expected to have a Material Adverse Effect.

     

    4.13
        Investment
      Company Act; Other Regulations.
      No Loan
      Party is an “investment company”, or a company “controlled” by an “investment
      company”, within the meaning of the Investment Company Act of 1940, as amended.

     

    4.14
        Subsidiaries.
      As of
      the Closing Date, (a) Schedule 4.14 sets forth the name and jurisdiction of
      organization of each Subsidiary and, (i) as to each such Subsidiary (other
      than
      WTH Funding LP), the percentage of each class of Capital Stock owned by any
      Loan
      Party and (ii) in the case of WTH Funding LP, the names of the partners of
      such
      partnership and
      to
      the extent that the partners of such partnership are Subsidiaries, the
      percentage of Capital Stock of such Subsidiaries owned by any Loan Party
and
      (b)
      there are no outstanding subscriptions, options, warrants, calls, rights or
      other 

     

    
      
        
        

      

      
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    agreements
      or commitments (other than stock options granted to employees or directors
      and
      directors’ qualifying shares) of any nature relating to any Capital Stock of the
      Borrower or any Subsidiary (other than WTH Funding LP), except as created by
      the
      Loan Documents.

     

    4.15
        Use
      of
      Proceeds.
      The
      proceeds of the Term Loans shall be used (i) to repay AESOP Indebtedness, (ii)
      to pay costs and expenses in connection with the entering into of the Loan
      Documents and the issuance of the Senior Unsecured Notes and (iii) to finance
      the working capital needs and general corporate purposes of the Borrower and
      its
      Subsidiaries. The proceeds of the Revolving Loans and the Swingline Loans,
      and
      the Letters of Credit, shall be used to finance the working capital needs and
      general corporate purposes of the Borrower and its Subsidiaries.

     

    4.16
        Accuracy
      of Information, etc.
      No
      statement or information (other than the projections and pro forma financial
      information) contained in this Agreement, any other Loan Document, the
      Confidential Information Memorandum or any other document, certificate or
      statement furnished by or on behalf of any Loan Party to the Administrative
      Agent or the Lenders, or any of them, for use in connection with the
      transactions contemplated by this Agreement or the other Loan Documents taken
      as
      a whole, contained as of the date such statement, information, document or
      certificate was so furnished (or, in the case of the Confidential Information
      Memorandum, as of the date of this Agreement), any untrue statement of a
      material fact or omitted to state a material fact necessary to make the
      statements contained herein or therein not misleading. The projections and
      pro forma
      financial information contained in the materials referenced above are based
      upon
      good faith estimates and assumptions believed by management of the Borrower
      to
      be reasonable at the time made, it being recognized by the Lenders that such
      financial information as it relates to future events is not to be viewed as
      fact
      and that actual results during the period or periods covered by such financial
      information may differ from the projected results set forth therein by a
      material amount. As of the Closing Date there is no fact known to any Loan
      Party
      that could reasonably be expected to have a Material Adverse Effect that has
      not
      been expressly disclosed herein, in the other Loan Documents, in the
      Confidential Information Memorandum or in any other documents, certificates
      and
      statements furnished to the Administrative Agent and the Lenders for use in
      connection with the transactions contemplated hereby and by the other Loan
      Documents.

     

    4.17
        Security
      Documents.
      The
      Guarantee and Collateral Agreement is effective to create in favor of the
      Administrative Agent, for the benefit of the Secured Parties (as defined in
      the
      Guarantee and Collateral Agreement), a legal, valid and enforceable security
      interest in the Collateral described therein and proceeds thereof. In the case
      of the Pledged Stock described in the Guarantee and Collateral Agreement, when
      stock certificates representing such Pledged Stock are delivered to the
      Administrative Agent, and in the case of the other Collateral described in
      the
      Guarantee and Collateral Agreement, when financing statements and other filings
      specified on Schedule 4.17 in appropriate form are filed in the offices
      specified on Schedule 4.17, the Guarantee and Collateral Agreement shall
      constitute a fully perfected Lien on, and security interest in, all right,
      title
      and interest of the Loan Parties in such Collateral and the proceeds thereof,
      as
      security for the Obligations (as defined in the Guarantee and Collateral
      Agreement), in each case prior and superior in right to any other Person (except
      (i) in the case of Collateral other than Pledged Stock, Permitted Liens and
      (ii)
      in the case of Pledged Stock, statutory Liens).

     

    4.18
        Certain
      Documents.
      The
      Borrower has delivered to the Administrative Agent a complete and correct copy
      of the Senior Unsecured Note Indenture and such other documents as the
      Administrative Agent shall have reasonably requested.

     

    
      
        
        

      

      
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    SECTION
      5.  CONDITIONS
      PRECEDENT

     

    5.1
        Conditions
      to Initial Extension of Credit.
      The
      agreement of each Lender to make the initial extension of credit requested
      to be
      made by it is subject to the satisfaction, prior to or concurrently with the
      making of such extension of credit on the Closing Date, of the following
      conditions precedent:

     

    (a)  Credit
      Agreement; Guarantee and Collateral Agreement.
      The
      Administrative Agent shall have received (i) this Agreement, executed and
      delivered by the Administrative Agent, Holdings, the Borrower and each Person
      listed on Schedule 1.1A and (ii) the Guarantee and Collateral Agreement,
      executed and delivered by Holdings, the Borrower and each Subsidiary Guarantor.
      

     

    (b)  Senior
      Unsecured Notes Issuance.
      The
      Borrower and Avis Budget Finance shall have received at least $1,000,000,000
      in
      gross cash proceeds from the issuance of the Senior Unsecured Notes on terms
      and
      conditions reasonably satisfactory to the Joint Arrangers.

     

    (c)  Pro
      Forma Balance Sheet; Financial Statements.
      The
      Lenders shall have received (i) the Pro Forma Balance Sheet, (ii) the
      Consolidated Financial Statements and (iii) unaudited interim consolidated
      financial statements of the Borrower for each fiscal quarter ended more than
      45
      days before the Closing Date and after the date of the latest applicable
      financial statements delivered pursuant to clause (ii) of this paragraph as
      to
      which such financial statements are available, and such financial statements
      shall not, in the reasonable judgment of the Lenders, reflect any material
      inconsistency with the financial statements or projections contained in the
      Confidential Information Memorandum, except as a result of changes thereto
      required by GAAP.

     

    (d)  Projections.
      The
      Lenders shall have received satisfactory projections through 2011.

     

    (e)  Approvals.
      All
      material governmental and third party approvals necessary in connection with
      the
      continuing operations of the Group Members, the issuance of the Senior Unsecured
      Notes and the financing contemplated hereby shall have been obtained and be
      in
      full force and effect, and all applicable waiting periods shall have expired
      without any action being taken or threatened by any competent authority that
      would restrain, prevent or otherwise impose adverse conditions on the issuance
      of the Senior Unsecured Notes or the financing contemplated hereby.

     

    (f)  Lien
      Searches.
      The
      Administrative Agent shall have received the results of a recent lien search
      in
      each jurisdiction where the Loan Parties have their chief executive office
      or
      are organized, and such search shall reveal no Liens on any of the assets of
      the
      Loan Parties except for Liens permitted by Section 7.3, Liens discharged on
      or
      prior to the Closing Date or Liens for which termination arrangements have
      been
      made pursuant to documentation and on terms satisfactory to the Administrative
      Agent.

     

    (g)  Fees.
      The
      Lenders and the Administrative Agent shall have received all fees required
      to be
      paid, and all expenses for which invoices have been presented (including the
      reasonable fees and expenses of legal counsel), on or before the Closing Date.
      All such amounts will be paid with proceeds of Loans made on the Closing Date
      and will be reflected in the funding instructions given by the Borrower to
      the
      Administrative Agent on or before the Closing Date.

     

    (h)  Closing
      Certificate; Certified Certificate of Incorporation; Good Standing
      Certificates.
      The
      Administrative Agent shall have received (i) a certificate of each Loan Party,
      

     

    
      
        
        

      

      
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    dated
      the
      Closing Date, substantially in the form of Exhibit C, with appropriate
      insertions and attachments, including the certificate of incorporation of each
      Loan Party that is a corporation certified by the relevant authority of the
      jurisdiction of organization of such Loan Party, and (ii) a long form good
      standing certificate for each Loan Party from its jurisdiction of
      organization.

     

    (i)  Legal
      Opinions.
      The
      Administrative Agent shall have received the executed legal opinion of Skadden,
      Arps, Slate, Meagher & Flom LLP, counsel to the Borrower and its
      Subsidiaries, substantially in the form of Exhibit E.

     

    (j)  Pledged
      Stock; Stock Powers; Pledged Notes.
      The
      Administrative Agent shall have received (i) the certificates representing
      the
      shares of Capital Stock pledged pursuant to the Guarantee and Collateral
      Agreement, together with an undated stock power for each such certificate
      executed in blank by a duly authorized officer of the pledgor thereof and (ii)
      each promissory note (if any) pledged to the Administrative Agent pursuant
      to
      the Guarantee and Collateral Agreement endorsed (without recourse) in blank
      (or
      accompanied by an executed transfer form in blank) by the pledgor
      thereof.

     

    (k)  Filings,
      Registrations and Recordings.
      Each
      document (including any Uniform Commercial Code financing
      statement) required by the Security Documents or under law or reasonably
      requested by the Administrative Agent to be filed, registered or recorded in
      order to create in favor of the Administrative Agent, for the benefit of the
      Lenders, a perfected Lien on the Collateral described therein, prior and
      superior in right to any other Person (other than with respect to Liens
      expressly permitted by Section 7.3), shall be in proper form for filing,
      registration or recordation.

     

    (l)  Solvency
      Opinion.
      The
      Administrative Agent shall have received a satisfactory solvency opinion from
      Duff & Phelps LLC that shall document the solvency of the Borrower and its
      Subsidiaries after giving effect to the financing contemplated hereby and the
      issuance of the Senior Unsecured Notes.

     

    (m)  Officer’s
      Certificate.
      The
      Lenders shall have received a certificate from the chief financial officer
      of
      the Borrower documenting the Borrower’s compliance with the conditions set forth
      in paragraphs (a) and (b) of Section 5.2 on a pro forma basis after giving
      effect to the financing contemplated hereby and the issuance of the Senior
      Unsecured Notes.

     

    5.2
        Conditions
      to Each Extension of Credit.
      The
      agreement of each Lender to make any extension of credit requested to be made
      by
      it on any date (including its initial extension of credit) is subject to the
      satisfaction of the following conditions precedent:

     

    (a)  Representations
      and Warranties.
      Each of
      the representations and warranties made by any Loan Party in or pursuant to
      the
      Loan Documents shall be true and correct in all material respects on and as
      of
      such date as if made on and as of such date.

     

    (b)  No
      Default.
      No
      Default or Event of Default shall have occurred and be continuing on such date
      or after giving effect to the extensions of credit requested to be made on
      such
      date.

     

    (c)  Extensions
      of Credit to a Subsidiary Borrower.
      The
      representations and warranties contained in Sections 4.3, 4.4 and 4.5 as to
      any
      Subsidiary Borrower to which an extension of credit is to be made shall be
      true
      and correct in all material respects on and as of such date as if made on and
      as
      of such date.

     

    
      
        
        

      

      
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    Each
      borrowing by and issuance of a Letter of Credit on behalf of the Borrower or
      any
      Subsidiary Borrower hereunder shall constitute a representation and warranty
      by
      the Borrower, or such Subsidiary Borrower, as applicable, as of the date of
      such
      extension of credit that the conditions contained in this Section 5.2 have
      been
      satisfied.

     

    SECTION
      6.  AFFIRMATIVE
      COVENANTS

     

    Holdings
      and the Borrower hereby jointly and severally agree that, so long as the
      Commitments remain in effect, any Letter of Credit remains outstanding or any
      Loan or other amount is owing to any Lender or the Administrative Agent
      hereunder, each of Holdings and the Borrower shall and shall cause each of
      its
      Subsidiaries to:

     

    6.1
        Financial
      Statements.
      Furnish
      to the Administrative Agent and each Lender:

     

    (a)  as
      soon
      as available, but in any event within 100 days after the end of each fiscal
      year of the Borrower, a copy of the audited consolidated balance sheet of the
      Borrower and its consolidated Subsidiaries as at the end of such year and the
      related audited consolidated statements of income and of cash flows for such
      year, setting forth in each case in comparative form the figures for the
      previous year, reported on without a “going concern” or like qualification or
      exception, or qualification arising out of the scope of the audit, by Deloitte
      & Touche LLP or other independent certified public accountants of nationally
      recognized standing; and

     

    (b)  as
      soon
      as available, but in any event not later than 55 days after the end of each
      of
      the first three quarterly periods of each fiscal year of the Borrower, the
      unaudited consolidated balance sheet of the Borrower and its consolidated
      Subsidiaries as at the end of such quarter and the related unaudited
      consolidated statements of income and of cash flows for such quarter and the
      portion of the fiscal year through the end of such quarter, setting forth in
      each case in comparative form the figures for the previous year, certified
      by a
      Responsible Officer as being fairly stated in all material respects (subject
      to
      normal year-end audit adjustments).

     

    All
      such
      financial statements shall be complete and correct in all material respects
      and
      shall be prepared in reasonable detail and in accordance with GAAP applied
      (except as approved by such accountants or officer, as the case may be, and
      disclosed in reasonable detail therein) consistently throughout the periods
      reflected therein and with prior periods and shall be deemed to have been
      delivered on the date on which the Borrower provides notice to the
      Administrative Agent that such information has been posted on the Borrower’s
      website at the website address listed on the signature pages of such notice,
      at
      www.sec.gov or at such other website identified in such notice and accessible
      by
      the Lenders without charge; provided
      that the
      Borrower shall deliver paper copies of such financial statements to the
      Administrative Agent or any Lender who requests the Borrower to deliver such
      paper copies until written notice to cease delivering paper copies is given
      by
      the Administrative Agent or such Lender. The Borrower will be deemed to have
      satisfied the requirements of this Section 6.1 if any parent files with the
      SEC
      and provides reports, documents and information of the types otherwise so
      required, in each case within the applicable time periods specified by the
      applicable rules and regulations of the SEC, and the Borrower is not required
      to
      file such reports, documents and information separately under the applicable
      rules and regulations of the SEC (after giving effect to any exemptive relief)
      because of the filings by such parent.

     

    6.2
        Certificates;
      Other Information.
      Furnish
      to the Administrative Agent and each Lender (or, in the case of clause (d),
      to
      the relevant Lender):

     

    (a)  concurrently
      with the delivery of the financial statements referred to in Section 6.1(a),
      a
      letter, written and signed by the independent certified public accountants
      reporting on 

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

    such
      financial statements describing the scope of such financial statements and
      certifying that such financial statements are presented in an accurate manner
      and in accordance with GAAP; 

     

    (b)  concurrently
      with the delivery of any financial statements pursuant to Section 6.1, (i)
      a
      certificate of a Responsible Officer stating that, to the best of each such
      Responsible Officer’s knowledge, each Loan Party during such period has observed
      or performed all of its covenants and other agreements, and satisfied every
      condition contained in this Agreement and the other Loan Documents to which
      it
      is a party to be observed, performed or satisfied by it, and that such
      Responsible Officer has obtained no knowledge of any Default or Event of Default
      except as specified in such certificate and (ii) in the case of quarterly or
      annual financial statements, (x) a Compliance Certificate containing all
      information and calculations necessary for determining compliance by each Group
      Member with the provisions of this Agreement referred to therein as of the
      last
      day of the fiscal quarter or fiscal year of the Borrower, as the case may be,
      and (y) to the extent not previously disclosed to the Administrative Agent,
      (1)
      a description of any change in the jurisdiction of organization of any Loan
      Party and the name and jurisdiction of organization of any new Subsidiary and
      the percentage of each class of Capital Stock owned by any Loan Party and (2)
      a
      list of any Intellectual Property registrations and applications acquired by
      any
      Loan Party since the date of the most recent report delivered pursuant to this
      clause (y) (or, in the case of the first such report so delivered, since the
      Closing Date);

     

    (c)  as
      soon
      as available, and in any event no later than 45 days after the end of each
      fiscal year of the Borrower, a consolidated budget for the following fiscal
      year
      and, as soon as available, significant revisions, if any, of such budget with
      respect to such fiscal year (the “Budget”),
      which
      Budget shall in each case be accompanied by a certificate of a Responsible
      Officer stating that such Budget is based on reasonable estimates, information
      and assumptions and that such Responsible Officer has no reason to believe
      that
      such Budget is incorrect or misleading in any material respect, it being
      understood that such Budget is based upon good faith estimates and assumptions
      believed by management of the Borrower to be reasonable at the time made, and
      it
      being recognized by the Lenders that such financial information as it relates
      to
      future events is not to be viewed as fact and that actual results during the
      period or periods covered by such financial information may differ from Budget
      by a material amount; and

     

    (d)  promptly,
      such additional financial and other information as any Lender may from time
      to
      time reasonably request.

     

    6.3
        Payment
      of Obligations.
      Pay,
      discharge or otherwise satisfy at or before maturity or before they become
      delinquent, as the case may be,
      its
      obligations and liabilities in respect of taxes, assessments and governmental
      charges or levies imposed upon it or upon its income or profits or in respect
      of
      its property,
      except
      where the amount or validity thereof is currently being contested in good faith
      by appropriate proceedings and reserves in conformity with GAAP with respect
      thereto have been provided on the books of the relevant Group Member or except
      to the extent that failure to do so could not reasonably be expected to result
      in a Material Adverse Effect.

     

    6.4
        Maintenance
      of Existence; Compliance.
      (a)(i)
      Preserve, renew and keep in full force and effect its organizational existence
      (provided that Holdings and any of its Subsidiaries may change its
      organizational form so long as such change shall not adversely affect the
      interests of the Lenders) and (ii) take all reasonable action to maintain all
      rights, privileges and franchises necessary or desirable in the normal conduct
      of its business, except, in each case, as otherwise permitted by Section 7.4
      and
      except to the extent that failure to do so could not reasonably be expected
      to
      have a Material Adverse Effect; and (b) comply with all Contractual Obligations
      and Requirements of Law except to the extent 

     

    
      
        
        

      

      
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    that
      failure to comply therewith could not, in the aggregate, reasonably be expected
      to have a Material Adverse Effect.

     

    6.5
        Maintenance
      of Property; Insurance.
      (a)  Keep all property material to its business in good working order and
      condition consistent with industry practices, ordinary wear and tear excepted,
      except where the failure to do so could not reasonably be expected to have
      a
      Material Adverse Effect and
      (b) maintain with financially sound and reputable insurance companies
      insurance on all its material property in amounts and against such risks (but
      including in any event, to the extent available on commercially reasonable
      terms, public liability, product liability and business interruption) as are
      usually insured against in the same general area by companies engaged in the
      same or a similar business.

     

    6.6
        Inspection
      of Property; Books and Records; Discussions.
      (a)
      Keep proper books of records and account in which full, true and correct entries
      in conformity with GAAP and all Requirements of Law shall be made of all
      dealings and transactions in relation to its business and activities and (b)
      permit the Administrative Agent, and after the occurrence and during the
      continuance of an Event of Default, representatives of any Lender (in
      coordination with the Administrative Agent), to visit and inspect any of its
      properties and examine and make abstracts from any of its books and records
      at
      any reasonable time and upon reasonable advance notice, and to discuss the
      business, operations, properties and financial and other condition of the Group
      Members with officers and employees of the Group Members and with their
      independent certified public accountants; provided
      that a
      representative of the Loan Parties shall be permitted to be present for any
      discussion with independent certified accountants referred to above.
      Notwithstanding Section 10.5, unless any such visit or inspection is conducted
      after the occurrence and during the continuance of a Default or Event of
      Default, the Borrower shall not be required to pay any costs or expenses
      incurred by the Administrative Agent, any Lender or Lender’s representative in
      connection with such visit or inspection.

     

    6.7
        Notices.
      Promptly upon obtaining actual knowledge thereof, give notice to the
      Administrative Agent and each Lender of:

     

    (a)  the
      occurrence of any Default or Event of Default;

     

    (b)  any
      (i)
      default or event of default under any Contractual Obligation of any Group Member
      or (ii) litigation, investigation or proceeding that may exist at any time
      between any Group Member and any Governmental Authority, that in either case,
      if
      not cured or if adversely determined, as the case may be, could reasonably
      be
      expected to have a Material Adverse Effect;

     

    (c)  
      any
      litigation or proceeding affecting any Group Member (i) in which the amount
      involved is $50,000,000 or more and not covered by insurance, (ii) in which
      injunctive or similar relief is sought or (iii) which relates to any Loan
      Document;

     

    (d)  the
      following events, as soon as possible and in any event within 30 days after
      the
      Borrower knows or has reason to know thereof: (i) the occurrence of any
      Reportable Event with respect to any Plan, a failure to make any required
      contribution to a Plan, the creation of any Lien in favor of the PBGC or a
      Plan
      or any withdrawal from, or the termination, Reorganization or Insolvency of,
      any
      Multiemployer Plan or (ii) the institution of proceedings or the taking of
      any
      other action by the PBGC or the Borrower or any Commonly Controlled Entity
      or
      any Multiemployer Plan with respect to the withdrawal from, or the termination,
      Reorganization or Insolvency of, any Plan; and

     

    (e)  any
      development or event that has had or could reasonably be expected to have a
      Material Adverse Effect.

     

    
      
        
        

      

      
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    Each
      notice pursuant to this Section 6.7 shall be accompanied by a statement of
      a
      Responsible Officer setting forth details of the occurrence referred to therein
      and stating what action the relevant Group Member proposes to take with respect
      thereto.

     

    6.8
        Environmental
      Laws.
      (a)
      Comply
      with, and use commercially reasonable efforts to ensure compliance by all
      tenants and subtenants, if any, with, all applicable Environmental Laws, and
      obtain and comply with and maintain, and use commercially reasonable efforts
      to
      ensure that all tenants and subtenants obtain and comply with and maintain,
      any
      and all licenses, approvals, binding notifications, registrations or permits
      required by applicable Environmental Laws, except where the failure to do so
      could not reasonably be expected to have a Material Adverse Effect.

     

    (b)
        Conduct
      and complete all investigations, studies, sampling and testing, and all
      remedial, removal and other actions required under Environmental Laws and
      promptly comply with all lawful orders and directives of all Governmental
      Authorities regarding Environmental Laws, except where the failure to do so
      could not reasonably be expected to have a Material Adverse Effect.

     

    6.9
        Additional
      Collateral, etc.
      (a)
       With
      respect to any property constituting Collateral described in the Guarantee
      and
      Collateral Agreement acquired after the Closing Date by any Loan Party as to
      which the Administrative Agent, for the benefit of the Lenders, does not have
      a
      perfected Lien, promptly (i) execute and deliver to the Administrative Agent
      such amendments to the Guarantee and Collateral Agreement or such other
      documents as the Administrative Agent deems necessary or advisable to grant
      to
      the Administrative Agent, for the benefit of the Lenders, a security interest
      in
      such property and (ii) take all actions necessary or advisable to grant to
      the
      Administrative Agent, for the benefit of the Lenders, a perfected first priority
      security interest in such property, including the filing of Uniform Commercial
      Code financing statements in such jurisdictions as may be required by the
      Guarantee and Collateral Agreement or by law or as may be requested by the
      Administrative Agent; provided
      that the
      Loan Parties shall not be required to take any such action with respect to
      any
      Intellectual Property acquired after the Closing Date until the earlier of
      the
      date on which (i) the aggregate value of all such Intellectual Property with
      respect to which the actions described above have not already been taken shall
      be at least $10,000,000 or (ii) the list describing such Intellectual Property
      is required to be furnished to the Administrative Agent and each Lender pursuant
      to Section 6.2(b).

     

    (b)
        With
      respect to any new Subsidiary (other than a Foreign Subsidiary, an Excluded
      Subsidiary, a Securitization Entity or any Subsidiary of a Foreign Subsidiary,
      Excluded Subsidiary or Securitization Entity) created or acquired after the
      Closing Date by any Loan Party, promptly (i) execute and deliver to the
      Administrative Agent such amendments to the Guarantee and Collateral Agreement
      as the Administrative Agent deems necessary or advisable to grant to the
      Administrative Agent, for the benefit of the Lenders, a perfected first priority
      security interest in the Capital Stock of such new Subsidiary that is owned
      by
      any Loan Party, (ii) deliver to the Administrative Agent the certificates
      representing such Capital Stock, together with undated stock powers, in blank,
      executed and delivered by a duly authorized officer of the relevant Loan Party,
      (iii) cause such new Subsidiary (A) to become a party to the Guarantee and
      Collateral Agreement, (B) to take such actions necessary or advisable to grant
      to the Administrative Agent for the benefit of the Lenders a perfected first
      priority security interest in the Collateral described in the Guarantee and
      Collateral Agreement with respect to such new Subsidiary, including the filing
      of Uniform Commercial Code financing statements in such jurisdictions as may
      be
      required by the Guarantee and Collateral Agreement or by law or as may be
      requested by the Administrative Agent and (C) to deliver to the Administrative
      Agent a certificate of such Subsidiary, substantially in the form of Exhibit
      C,
      with appropriate insertions and attachments, and (iv) if reasonably requested
      by
      the Administrative Agent, deliver to the Administrative Agent legal opinions
      relating to the matters described above, which opinions shall be in form and
      substance, and from counsel, reasonably satisfactory to the Administrative
      Agent.

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

    (c)
        
      With
      respect to any new Foreign Subsidiary created or acquired after the Closing
      Date
      by any Loan Party (other than by any Foreign Subsidiary, an Excluded Subsidiary
      or a Securitization Entity), promptly (i) execute and deliver to the
      Administrative Agent such amendments to the Guarantee and Collateral Agreement
      as the Administrative Agent deems necessary or advisable to grant to the
      Administrative Agent, for the benefit of the Lenders, a perfected first priority
      security interest in a portion of the Capital Stock of such new Subsidiary
      that
      is owned by any such Loan Party (provided that in no event shall more than
      66%
      of the total outstanding voting Capital Stock of any such new Subsidiary be
      required to be so pledged), (ii) deliver to the Administrative Agent the
      certificates representing such Capital Stock, together with undated stock
      powers, in blank, executed and delivered by a duly authorized officer of the
      relevant Group Member, and take such other action as may be necessary or, in
      the
      opinion of the Administrative Agent, desirable to perfect the Administrative
      Agent’s security interest therein, and (iii) if reasonably requested by the
      Administrative Agent, deliver to the Administrative Agent legal opinions
      relating to the matters described above, which opinions shall be in form and
      substance, and from counsel, reasonably satisfactory to the Administrative
      Agent.

     

    SECTION
      7.  NEGATIVE
      COVENANTS

    
 

    Holdings
      and the Borrower hereby jointly and severally agree that, so long as the
      Commitments remain in effect, any Letter of Credit remains outstanding or any
      Loan or other amount is owing to any Lender or the Administrative Agent
      hereunder, each of Holdings and the Borrower shall not, and shall not permit
      any
      of its Subsidiaries to, directly or indirectly:

     

    7.1
        Financial
      Condition Covenants.

    

    (a)
        Consolidated
      Leverage Ratio.
      Permit
      the Consolidated Leverage Ratio as at the last day of any period of four
      consecutive fiscal quarters of the Borrower ending with any fiscal quarter
      after
      June 30, 2006 set forth below to exceed the ratio set forth below opposite
      such
      fiscal quarter:

     

    
      	
              Fiscal
                Quarter

               

            	
              Consolidated

              Leverage
                Ratio

            
	
                                                      
                 Closing Date until 

              September
                30, 2007

            	
               

              5.50
                to 1.00

            
	
              September
                30, 2008

            	
              5.25
                to 1.00

            
	
              September
                30, 2009

            	
              4.75
                to 1.00

            
	
              September
                30, 2010

            	
              4.25
                to 1.00

            
	
                                                       
                December 31, 2010

                                                       
                and thereafter

            	
               

              4.00
                to 1.00

            

    

     

    ;
      provided,
      that
      for the purposes of determining the ratio described above for the fiscal
      quarters of the Borrower ending September 30, 2006 and December 31, 2006,
      Consolidated EBITDA for the relevant period shall be deemed to equal
      Consolidated EBITDA for such fiscal quarter and, each previous fiscal quarter
      commencing after the Closing Date multiplied
      by
      2 and
      4/3, respectively. 

     

    (b)
        Consolidated
      Interest Coverage Ratio.
      Permit
      the Consolidated Interest Coverage Ratio for any period of four consecutive
      fiscal quarters of the Borrower (or, if less, the number of full fiscal quarters
      subsequent to the Closing Date) ending with any fiscal quarter after June 30,
      2006 set forth below to be less than the ratio set forth below opposite such
      fiscal quarter:

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

    
      	
              Fiscal
                Quarter

               

            	
              Consolidated

              Interest
                Coverage Ratio

            
	
                                                     
                Closing Date until

              September
                30, 2008

            	
               

              2.25
                to 1.00

            
	
              September
                30, 2009

            	
              2.50
                to 1.00

            
	
              September
                30, 2010

            	
              2.75
                to 1.00

            
	
              December
                31, 2010

              and
                thereafter

            	
               

              3.00
                to 1.00

            

    

     

    7.2
        Indebtedness.
      Create,
      issue, incur, assume, become liable in respect of or suffer to exist any
      Indebtedness, except:

     

    (a)  Indebtedness
      of any Loan Party pursuant to any Loan Document;

     

    (b)  Indebtedness
      of the Borrower to any Subsidiary and of any Subsidiary Guarantor to the
      Borrower or any other Subsidiary;

     

    (c)  Guarantee
      Obligations of the Borrower, Holdings and any Subsidiary of the Borrower in
      respect of the Guarantee and Collateral Agreement;

     

    (d)  Guarantee
      Obligations incurred in the ordinary course of business by the Borrower or
      any
      of its Subsidiaries of obligations of any Subsidiary Guarantor or the Borrower;
      

     

    (e)  Guarantee
      Obligations of the Borrower in respect of obligations under the Letter of Credit
      Facilities; 

     

    (f)  Indebtedness
      outstanding on the date hereof or required to be incurred pursuant to a
      Contractual Obligation in existence on the date hereof (other than AESOP
      Indebtedness and Securitization Indebtedness) and listed on Schedule 7.2(f)
      and
      any Permitted Refinancing thereof;

     

    (g)  Indebtedness
      (including, without limitation, Capital Lease Obligations) secured by Liens
      permitted by Section 7.3(h) in an aggregate principal amount not to exceed
      $100,000,000 at any one time outstanding;

     

    (h)  Indebtedness
      of the Borrower and Avis Budget Finance in respect of the Senior Unsecured
      Notes
      and any Permitted Refinancing thereof;

     

    (i)  unsecured
      Guarantee Obligations of Holdings and any Subsidiary of the Borrower in respect
      of the Senior Unsecured Notes.

     

    (j)  AESOP
      Indebtedness;

     

    (k)  Securitization
      Indebtedness;

     

    (l)  Recourse
      Vehicle Indebtedness;

     

    (m)  Indebtedness
      incurred in connection with any acquisition by the Borrower or any of its
      Subsidiaries of vehicles directly from a manufacturer pursuant to such
      manufacturer’s repurchase program; provided
      that (i)
      such Indebtedness is not greater than the net book value of such vehicles and
      (ii) such vehicles could not be financed under the AESOP Financing
      Program;

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

    (n)  Indebtedness
      incurred pursuant to terminal rental adjustment clause lease financings of
      trucks to be used in the truck rental operations of the Borrower and its
      Subsidiaries; 

     

    (o)  Indebtedness
      under any Swap Agreement; 

     

    (p)  Indebtedness
      of any Foreign Subsidiary, Excluded Subsidiary or Securitization Entity to
      the
      Borrower or any Subsidiary Guarantor incurred in the ordinary course of business
      or to satisfy the general financing needs of such Foreign Subsidiary, Excluded
      Subsidiary or Securitization Entity;

     

    (q)  Indebtedness
      of any Foreign Subsidiary, Excluded Subsidiary or Securitization Entity to
      the
      Borrower or any Subsidiary Guarantor in an amount not to exceed $50,000,000
      during the term of this Agreement;

     

    (r)  Indebtedness
      of any Foreign Subsidiary, Excluded Subsidiary or Securitization Entity to
      any
      Foreign Subsidiary, Excluded Subsidiary or Securitization Entity;

     

    (s)  Guarantee
      Obligations incurred by any Foreign Subsidiary, Excluded Subsidiary or
      Securitization Entity in respect of Indebtedness of any Foreign Subsidiary,
      Excluded Subsidiary or Securitization Entity;

     

    (t)  Indebtedness
      of any Foreign Subsidiary in an aggregate principal amount not to exceed
      $50,000,000 at any one time outstanding;

     

    (u)  Indebtedness
      of any Person that becomes a Subsidiary pursuant to a Permitted Acquisition
      or
      that is otherwise assumed by the Borrower or any of its Subsidiaries in
      connection with a Permitted Acquisition which is not incurred in contemplation
      of such Permitted Acquisition and any Permitted Refinancing
      thereof;

     

    (v)  unsecured
      or subordinated Indebtedness of the Borrower, Holdings or any Subsidiary
      Guarantor of the Borrower having no scheduled principal payments or prepayments
      prior to the Term Loan Maturity Date incurred in connection with Permitted
      Acquisitions and any Permitted Refinancing thereof;

     

    (w)  additional
      Indebtedness of the Borrower or any of its Subsidiaries in an aggregate
      principal amount (for the Borrower and all Subsidiaries) not to exceed
      $50,000,000 at any one time outstanding; and

     

    (x)  additional
      unsecured or subordinated Indebtedness of the Borrower, Holdings or any
      Subsidiary Guarantor having no scheduled principal payments or prepayments
      prior
      to the Term Loan Maturity Date;

     

    provided,
      that if
      the Group Member’s action or event meets the criteria of more than one of the
      types of Indebtedness described in the clauses above, the Borrower in its sole
      discretion may classify such action or event in one or more clauses (including
      in part under one such clause and in part under another such
      clause).

     

    7.3
        Liens.
      Create,
      incur, assume or suffer to exist any Lien upon any of its property, whether
      now
      owned or hereafter acquired, except:

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

    (a)  Liens
      for
      taxes, assessments, governmental charges or other similar obligations not yet
      due or that are being contested in good faith by appropriate proceedings,
provided
      that
      adequate reserves with respect thereto are maintained on the books of the
      Borrower or its Subsidiaries, as the case may be, in conformity with
      GAAP;

     

    (b)  carriers’,
      warehousemen’s, mechanics’, landlord’s, materialmen’s, repairmen’s or other like
      Liens arising in the ordinary course of business that are not overdue for a
      period of more than 60 days or that are being contested in good faith by
      appropriate proceedings;

     

    (c)  Liens
      incidental to the conduct of the Borrower’s business or the ownership of its
      assets which were not incurred in connection with the borrowing of money, and
      which do not in the aggregate materially detract from the value of its assets
      or
      materially impair the use thereof in the operation of its business;

     

    (d)  pledges
      or deposits in connection with workers’ compensation, unemployment insurance and
      other social security legislation;

     

    (e)  pledges
      or deposits to secure the performance of bids, trade contracts (other than
      for
      borrowed money), leases, statutory obligations, surety and appeal bonds,
      performance bonds and other obligations of a like nature incurred in the
      ordinary course of business;

     

    (f)  easements,
      rights-of-way, restrictions, covenants and other similar encumbrances incurred
      in the ordinary course of business or of record that, in the aggregate, are
      not
      substantial in amount and that do not in any case materially detract from the
      value of the property subject thereto or materially interfere with the ordinary
      conduct of the business of the Borrower or any of its Subsidiaries;

     

    (g)  Liens
      in
      existence on the date hereof listed on Schedule 7.3(g), securing Indebtedness
      permitted by Section 7.2(f), provided
      that no
      such Lien is spread to cover any additional property after the Closing Date
      and
      that the amount of Indebtedness secured thereby is not increased;

     

    (h)  Liens
      securing Indebtedness of the Borrower or any other Subsidiary incurred pursuant
      to Section 7.2(g) to finance the acquisition of fixed or capital assets,
provided
      that (i)
      such Liens shall be created substantially simultaneously with the acquisition
      of
      such fixed or capital assets, (ii) such Liens do not at any time encumber any
      property other than the property financed by such Indebtedness and (iii) the
      amount of Indebtedness secured thereby is not increased;

     

    (i)  Liens
      created pursuant to the Security Documents;

     

    (j)  Liens
      on
      any Related Eligible Assets or arising out of the transfer of Related Eligible
      Assets to Securitization Entities; provided
      that
      such transfer is otherwise permitted by the Agreement;

     

    (k)  Liens
      securing Indebtedness permitted under Section 7.2(j), (k), (l), (m) and
      (n);

     

    (l)  Liens
      securing judgments which do not constitute and Event of Default;

     

    (m)  statutory
      rights of tenants under leases with respect to which the Borrower or any
      Subsidiary is the lessor;

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

    (n)  any
      interest or title of a lessor under any lease entered into by the Borrower
      or
      any other Subsidiary in the ordinary course of its business and covering only
      the assets so leased; 

     

    (o)  Liens
      existing on any property or asset prior to the acquisition thereof by any Group
      Member or existing on any property or asset of any Person that becomes a
      Subsidiary after the date hereof prior to the time such Person becomes a
      Subsidiary; provided
      that
      such Lien is not created in contemplation of or in connection with such
      acquisition or such Person becoming a Subsidiary, as the case may be, and such
      Lien shall secure only those obligations which it secures on the date of such
      acquisition or the date on which such Person becomes a Subsidiary, as the case
      may be, and any Permitted Refinancing of such obligations; provided further
      that no
      such Liens shall be permitted to exist on the Capital Stock of any Person that
      is required to be a Subsidiary Guarantor hereunder; and

     

    (p)  Liens
      not
      otherwise permitted by this Section so long as neither (i) the aggregate
      outstanding principal amount of the obligations secured thereby nor (ii) the
      aggregate fair market value (determined as of the date such Lien is incurred)
      of
      the assets subject thereto exceeds (as to the Borrower and all Subsidiaries)
      $50,000,000 at any one time;

     

    provided,
      that if
      the Group Member’s action or event meets the criteria of more than one of the
      types of Liens described in the clauses above, the Borrower in its sole
      discretion may classify such action or event in one or more clauses (including
      in part under one such clause and in part under another such
      clause).

     

    7.4
        Fundamental
      Changes.
      Enter
      into any merger, consolidation or amalgamation, or liquidate, wind up or
      dissolve itself (or suffer any liquidation or dissolution), or Dispose of all
      or
      substantially all of its property or business, except that:

     

    (a)  any
      Subsidiary of the Borrower may be merged or consolidated with or into the
      Borrower (provided
      that the
      Borrower shall be the continuing or surviving corporation) or with or into
      any
      Wholly Owned Subsidiary (provided
      that the
      Wholly Owned Subsidiary shall be the continuing or surviving corporation);
      provided
      that any
      such merger or consolidation of a Subsidiary Guarantor shall only be with or
      into the Borrower or another Subsidiary Guarantor; 

     

    (b)  any
      Subsidiary of the Borrower may Dispose of any or all of its assets (i) to the
      Borrower or any Wholly Owned Subsidiary (upon voluntary liquidation or
      otherwise); provided
      that any
      such Disposition by a Subsidiary Guarantor shall only be to the Borrower or
      another Subsidiary Guarantor or (ii) pursuant to a Disposition permitted by
      Section 7.5; and

     

    (c)  any
      Investment expressly permitted by Section 7.7 may be structured as a merger,
      consolidation or amalgamation.

     

    7.5
        Disposition
      of Property.
      Dispose
      of any of its property, whether now owned or hereafter acquired, or, in the
      case
      of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock
      to any Person, except:

     

    (a)  the
      Disposition of obsolete or worn out property in the ordinary course of
      business;

     

    (b)  
      the sale
      of inventory in the ordinary course of business;

     

    (c)  Dispositions
      permitted by clause (i) of Section 7.4(b);

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

    (d)  the
      sale
      or issuance of any Subsidiary’s Capital Stock to the Borrower or any Wholly
      Owned Subsidiary; provided
      that any
      sale or issuance of any Subsidiary Guarantor’s Capital Stock shall only be to
      the Borrower or another Subsidiary Borrower; 

     

    (e)  Dispositions
      of any Related Eligible Assets (i) in connection with the AESOP Financing
      Program, (ii) to any Securitization Entity or (iii) in connection with the
      incurrence of any Securitization Indebtedness; 

     

    (f)  the
      sale
      of the Budget Truck Division for fair market value as determined by the board
      of
      directors of the Borrower;

     

    (g)  the
      Disposition of other property having a fair market value not to exceed
      $200,000,000 in the aggregate for any fiscal year of the Borrower;
      and

     

    (h)  the
      Dispositions listed on Schedule 7.5(h).

     

    7.6
        Restricted
      Payments.
      Declare
      or pay any dividend (other than dividends payable solely in common stock of
      the
      Person making such dividend) on, or make any payment on account of, or set
      apart
      assets for a sinking or other analogous fund for, the purchase, redemption,
      defeasance, retirement or other acquisition of, any Capital Stock of any Group
      Member, whether now or hereafter outstanding, or make any other distribution
      in
      respect thereof, either directly or indirectly, whether in cash or property
      or
      in obligations of any Group Member (collectively, “Restricted
      Payments”),
      except that:

     

    (a)  any
      Subsidiary may make Restricted Payments to the Borrower or any Subsidiary
      Guarantor; provided,
      that
      any non-Subsidiary Guarantor may make Restricted Payments pro rata to any Group
      Member;

     

    (b)  
      so long
      as no Default or Event of Default shall have occurred and be continuing, the
      Borrower may pay dividends to Holdings and Holdings may pay dividends to Cendant
      to purchase Cendant common stock or common stock options from present or former
      officers or employees of any Group Member upon the death, disability or
      termination of employment of such officer or employee;

     

    (c)  the
      Borrower may make Restricted Payments to Holdings to permit Holdings to (i)
      pay
      corporate overhead expenses incurred in the ordinary course of business and
      (ii)
      pay any taxes that are due and payable by Holdings or the Borrower;
      and

     

    (d)  (i)
      the
      Borrower may make Restricted Payments to Holdings to permit Holdings to pay
      dividends to any higher tier entity to provide for the payment of (A) Parent
      Expenses, (B) Related Taxes and (C) any Taxes that are due and payable by any
      Group Member as part of a consolidated group or which have been paid for the
      account of any Group Member pursuant to the Tax Sharing Agreement and (ii)
      so
      long as no Default or Event of Default shall have occurred and be continuing,
      the Borrower may make Restricted Payments to Holdings to permit Holdings to
      pay
      dividends to any Parent in an aggregate amount not to exceed $40,000,000
plus
      50% of
      Consolidated Net Income of the Borrower and its Subsidiaries, determined on
      a
      cumulative basis since the Closing Date, during the term of this
      Agreement.

     

    7.7
        Investments.
      Make
      any advance, loan, extension of credit (by way of guaranty or otherwise) or
      capital contribution to, or purchase any Capital Stock, bonds, notes, debentures
      or other debt securities of, or any assets constituting a business unit of,
      or
      make any other investment in, any Person (all of the foregoing, “Investments”),
      except:

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

    (a)  extensions
      of trade credit in the ordinary course of business;

     

    (b)  Investments
      in Cash Equivalents;

     

    (c)  Guarantee
      Obligations permitted by Section 7.2;

     

    (d)  loans
      and
      advances to employees of any Group Member in the ordinary course of business
      (including for travel, entertainment and relocation expenses);

     

    (e)  Investments
      in assets useful in the business of the Borrower and its Subsidiaries made
      by
      the Borrower or any of its Subsidiaries with the proceeds of any Reinvestment
      Deferred Amount;

     

    (f)  intercompany
      Investments by any Group Member in the Borrower or any Person that, prior to
      such investment, is a Subsidiary Guarantor;

     

    (g)  intercompany
      Investments by the Borrower or any Subsidiary Guarantor in any Foreign
      Subsidiary, Excluded Subsidiary or Securitization Entity made in the ordinary
      course of business or to satisfy the general financing needs of such Foreign
      Subsidiary, Excluded Subsidiary or Securitization Entity;

     

    (h)  intercompany
      Investments by the Borrower or any Subsidiary Guarantor in any Foreign
      Subsidiary, Excluded Subsidiary or Securitization Entity in an amount not to
      exceed $50,000,000 at any one time outstanding;

     

    (i)  intercompany
      Investments by any Foreign Subsidiary, Excluded Subsidiary or Securitization
      Entity in any Foreign Subsidiary, Excluded Subsidiary or Securitization
      Entity;

     

    (j)  Restricted
      Payments to Cendant permitted by Section 7.6 in the form of loans and
      advances;

     

    (k)  Investments
      listed on Schedule 7.7(k); 

     

    (l)  Permitted
      Acquisitions; and

     

    (m)  in
      addition to Investments otherwise expressly permitted by this Section,
      Investments by the Borrower or any of its Subsidiaries in an aggregate amount
      (valued at cost) not to exceed $200,000,000 during the term of this
      Agreement;

     

    provided,
      that if
      the Group Member’s action or event meets the criteria of more than one of the
      types of Investments described in the clauses above, the Borrower in its sole
      discretion may classify such action or event in one or more clauses (including
      in part under one such clause and in part under another such
      clause).

     

    7.8
        Optional
      Payments and Modifications of Certain Agreements. 
      (a) Make or offer to make any optional or voluntary payment, prepayment,
      repurchase or redemption of or otherwise optionally or voluntarily defease
      or
      segregate funds with respect to the Indebtedness permitted by Section 7.2(h),
      (t) or (v); provided
      that any
      such Indebtedness may be repaid, prepaid, repurchased or redeemed (i) in
      connection with a Permitted Refinancing or (ii) for consideration (including
      any
      premium paid in connection therewith) in an aggregate amount of up to
      $500,000,000, (b) amend, modify, waive or otherwise change, or consent or agree
      to any amendment, modification, waiver or other change to, any of 

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

     

    the
      terms
      of the Senior Unsecured Notes in a manner materially adverse to the Lenders
      or
      (c) amend, modify, waive or otherwise change, or consent or agree to any
      amendment, modification, waiver or other change to, any of the terms of the
      Separation Agreement or the Tax Sharing Agreement in a manner materially adverse
      to the Lenders, it being understood that an increase of the obligations or
      potential liability of Cendant resulting from any such amendment, modification
      or other change to the Separation Agreement or Tax Sharing Agreement shall
      not,
      in and of itself, be regarded as materially adverse to the Lenders.

     

    7.9
        Transactions
      with Affiliates.
      Enter
      into any transaction (other than transactions listed on Schedule 7.9), including
      any purchase, sale, lease or exchange of property, the rendering of any service
      or the payment of any management, advisory or similar fees, with any Affiliate
      (other than Holdings, the Borrower or any Subsidiary Guarantor) unless such
      transaction is (a) otherwise permitted under this Agreement, (b) in the
      ordinary course of business of the relevant Group Member, and (c) upon fair
      and reasonable terms no less favorable to the relevant Group Member than it
      would obtain in a comparable arm’s length transaction with a Person that is not
      an Affiliate.

     

    7.10
        Sales
      and Leasebacks.
      Enter
      into any arrangement with any Person providing for the leasing by any Group
      Member of real or personal property that has been or is to be sold or
      transferred by such Group Member to such Person or to any other Person to whom
      funds have been or are to be advanced by such Person on the security of such
      property or rental obligations of such Group Member except sale-lease back
      transactions relating to Eligible Assets not in excess of $50,000,000 and
      without duplication of any such transactions permitted by Section
      7.2.

     

    7.11
        Changes
      in Fiscal Periods.
      Permit
      the fiscal year of the Borrower to end on a day other than December 31 or change
      the Borrower’s method of determining fiscal quarters.

     

    7.12
        Clauses
      Restricting Subsidiary Distributions.
      Enter
      into or suffer to exist or become effective any consensual encumbrance or
      restriction on the ability of any Subsidiary of the Borrower (other than a
      Securitization Entity) to (a) make Restricted Payments in respect of any Capital
      Stock of such Subsidiary held by, or pay any Indebtedness owed to, the Borrower
      or any other Subsidiary of the Borrower, (b) make loans or advances to, or
      other
      Investments in, the Borrower or any other Subsidiary of the Borrower or (c)
      transfer any of its assets to the Borrower or any other Subsidiary of the
      Borrower, except for such encumbrances or restrictions existing under or by
      reason of (i) any restrictions existing under the Loan Documents and (ii) any
      restrictions with respect to a Subsidiary imposed pursuant to an agreement
      that
      has been entered into in connection with the Disposition of all or substantially
      all of the Capital Stock or assets of such Subsidiary other than the Senior
      Unsecured Note Indenture and such other agreements listed on Schedule
      7.12.

     

    7.13
        Lines
      of Business.
      Enter
      into any business, either directly or through any Subsidiary, except for those
      businesses in which the Borrower and its Subsidiaries are engaged on the date
      of
      this Agreement or that are reasonably related thereto.

     

    7.14
        Business
      Activities of Holdings.
      In the
      case of Holdings, (i) conduct, transact or otherwise engage in, or commit to
      conduct, transact or otherwise engage in, any business or operations other
      than
      those incidental to its ownership of the Capital Stock of the Borrower, (ii)
      incur, create, assume or suffer to exist any Indebtedness or other liabilities
      or financial obligations, except (w) Guarantee Obligations permitted pursuant
      to
      Section 7.2(c) and 7.2(i), (x) nonconsensual obligations imposed by operation
      of
      law, (y) obligations pursuant to the Loan Documents to which it is a party
      and
      (z) obligations with respect to its Capital Stock, or (iii) own, lease, manage
      or otherwise operate any properties or assets (including cash (other than cash
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    accordance
      with Section 7.6 pending application in the manner contemplated by said Section)
      and cash equivalents) other than the ownership of shares of Capital Stock of
      the
      Borrower.

     

    SECTION
      8.  EVENTS
      OF
      DEFAULT

     

    If
      any of
      the following events shall occur and be continuing:

     

    (a)  the
      Borrower or any Subsidiary Borrower shall fail to pay any principal of any
      Loan
      or Reimbursement Obligation when due in accordance with the terms hereof; or
      the
      Borrower or any Subsidiary Borrower shall fail to pay any interest on any Loan
      or Reimbursement Obligation, or any other amount payable hereunder or under
      any
      other Loan Document, within five days after any such interest or other amount
      becomes due in accordance with the terms hereof; or

     

    (b)  any
      representation or warranty made or deemed made by any Loan Party herein or
      in
      any other Loan Document or that is contained in any certificate, document or
      financial or other statement furnished by it at any time under or in connection
      with this Agreement or any such other Loan Document shall prove to have been
      false or misleading in any material respect on or as of the date made or
      delivered; or

     

    (c)  any
      Loan
      Party shall default in the observance or performance of any agreement contained
      in clause (i) or (ii) of Section 6.4(a) (with respect to Holdings and the
      Borrower only), Section 6.7(a) or Section 7 of this Agreement or Sections
      6.4 or
      6.6(b)
      of the Guarantee and Collateral Agreement; or

     

    (d)  any
      Loan
      Party shall default in the observance or performance of any other agreement
      contained in this Agreement or any other Loan Document (other than as provided
      in paragraphs (a) through (c) of this Section), and such default shall continue
      unremedied for a period of 30 days after notice to the Borrower from the
      Administrative Agent or the Required Lenders; or

     

    (e)  any
      Group
      Member shall (i) default in making any payment of any principal of any
      Indebtedness (including any Guarantee Obligation, but excluding the Loans)
      on
      the scheduled or original due date with respect thereto; or (ii) default in
      making any payment of any interest on any such Indebtedness beyond the period
      of
      grace, if any, provided in the instrument or agreement under which such
      Indebtedness was created; or (iii) default in the observance or performance
      of
      any other agreement or condition relating to any such Indebtedness or contained
      in any instrument or agreement evidencing, securing or relating thereto, or
      any
      other event shall occur or condition exist, the effect of which default or
      other
      event or condition is to cause, or to permit the holder or beneficiary of such
      Indebtedness (or a trustee or agent on behalf of such holder or beneficiary)
      to
      cause, with the giving of notice if required, such Indebtedness to become due
      prior to its stated maturity or (in the case of any such Indebtedness
      constituting a Guarantee Obligation) to become payable; provided,
      that a
      default, event or condition described in clause (i), (ii) or (iii) of this
      paragraph (e) shall not at any time constitute an Event of Default unless,
      at
      such time, one or more defaults, events or conditions of the type described
      in
      clauses (i), (ii) and (iii) of this paragraph (e) shall have occurred and be
      continuing with respect to Indebtedness (x) the outstanding principal amount
      of
      which exceeds in the aggregate $50,000,000; and (y) in the case of such
      Indebtedness which is Securitization Indebtedness (including AESOP
      Indebtedness), (1) an amortization or termination event pursuant to a
      securitization program prior to the end of the scheduled term or revolving
      period thereunder shall have occurred, (2) the Borrower and its Subsidiaries
      shall become unable to finance the purchase of vehicles and (3) the Borrower
      shall have failed, by the 45th day after the occurrence of an event referred
      to
      in clause (y)(1) and the 

     

    
      
        
        

      

      
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    expiration
      of all grace periods applicable thereto, to either (A) replace such
      securitization program with an alternative source of financing having terms
      not
      materially adverse to the Lenders from the program being replaced or having
      terms acceptable to the Required Lenders, or (B) obtain a waiver with respect
      to
      the occurrence of such event from the applicable required noteholders or lenders
      under such securitization program, and provided that until and unless the event
      described in clause (y)(3) shall have occurred, no Event of Default shall exist
      as a result of the occurrence of an event referred to in clause (y)(1). Upon
      the
      entering into of any replacement facility referred to in clause (y)(1)(A),
      the
      Borrower shall deliver to the Administrative Agent a written officer’s
      certificate providing that the Borrower has sufficient vehicle financing
      arrangements available to it to carry-on its business activities consistent,
      in
      all material respects, with its past practices; or

     

    (f)  (i)
      any
      Group Member (other than any Subsidiary which is not a Significant Subsidiary)
      shall commence any case, proceeding or other action (A) under any existing
      or
      future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
      insolvency, reorganization or relief of debtors, seeking to have an order for
      relief entered with respect to it, or seeking to adjudicate it a bankrupt or
      insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
      liquidation, dissolution, composition or other relief with respect to it or
      its
      debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator
      or other similar official for it or for all or any substantial part of its
      assets, or any Group Member (other than any Subsidiary which is not a
      Significant Subsidiary) shall make a general assignment for the benefit of
      its
      creditors; or (ii) there shall be commenced against any Group Member any case,
      proceeding or other action of a nature referred to in clause (i) above that
      (A)
      results in the entry of an order for relief or any such adjudication or
      appointment or (B) remains undismissed or undischarged for a period of 60 days;
      or (iii) there shall be commenced against any Group Member any case, proceeding
      or other action seeking issuance of a warrant of attachment, execution,
      distraint or similar process against all or any substantial part of its assets
      that results in the entry of an order for any such relief that shall not have
      been vacated, discharged, or stayed or bonded pending appeal within 60 days
      from
      the entry thereof; or (iv) any Group Member shall take any action in furtherance
      of, or indicating its consent to, approval of, or acquiescence in, any of the
      acts set forth in clause (i), (ii), or (iii) above; or (v) any Group Member
      shall generally not, or shall be unable to, or shall admit in writing its
      inability to, pay its debts as they become due; or

    (g)  (i)
      any
      Person shall engage in any “prohibited transaction” (as defined in Section 406
      of ERISA or Section 4975 of the Code) involving any Plan, (ii) any
“accumulated funding deficiency” (as defined in Section 302 of ERISA), whether
      or not waived, shall exist with respect to any Plan or any Lien in favor of
      the
      PBGC or a Plan shall arise on the assets of any Group Member or any Commonly
      Controlled Entity, (iii) a Reportable Event shall occur with respect to, or
      proceedings shall commence to have a trustee appointed, or a trustee shall
      be
      appointed, to administer or to terminate, any Single Employer Plan, which
      Reportable Event or commencement of proceedings or appointment of a trustee
      is,
      in the reasonable opinion of the Required Lenders, likely to result in the
      termination of such Plan for purposes of Title IV of ERISA, (iv) any Single
      Employer Plan shall terminate for purposes of Title IV of ERISA, (v) any
      Group Member or any Commonly Controlled Entity shall, or in the reasonable
      opinion of the Required Lenders is likely to, incur any liability in connection
      with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer
      Plan or (vi) any other event or condition shall occur or exist with respect
      to a
      Plan; and in each case in clauses (i) through (vi) above, such event or
      condition, together with all other such events or conditions in this clause
      (g),
      if any, could reasonably be expected to have a Material Adverse Effect;
      or

     

    
      
        
        

      

      
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    (h)  one
      or
      more judgments or decrees shall be entered against any Group Member involving
      in
      the aggregate a liability (not paid or fully covered by insurance as to which
      the relevant insurance company has acknowledged coverage) of $50,000,000 or
      more, and all such judgments or decrees shall not have been vacated, discharged,
      stayed or bonded pending appeal within 30 days from the entry thereof;
      or

     

    (i)  any
      of
      the Security Documents shall cease, for any reason, to be in full force and
      effect, or any Loan Party or any Affiliate of any Loan Party shall so assert,
      or
      any Lien created by any of the Security Documents shall cease to be enforceable
      and of the same effect and priority purported to be created thereby;
      or

     

    (j)  the
      guarantee contained in Section 2 of the Guarantee and Collateral Agreement
      shall
      cease, for any reason, to be in full force and effect or any Loan Party or
      any
      Affiliate of any Loan Party shall so assert; or

     

    (k)  the
      occurrence of a Change in Control;

     

    then,
      and
      in any such event, (A) if such event is an Event of Default specified in clause
      (i) or (ii) of paragraph (f) above with respect to the Borrower or any
      Subsidiary Borrower, automatically the Commitments shall immediately terminate
      and the Loans (with accrued interest thereon) and all other amounts owing under
      this Agreement and the other Loan Documents (including all amounts of L/C
      Obligations, whether or not the beneficiaries of the then outstanding Letters
      of
      Credit shall have presented the documents required thereunder) shall immediately
      become due and payable, and (B) if such event is any other Event of Default,
      either or both of the following actions may be taken: (i) with the consent
      of
      the Required Lenders, the Administrative Agent may, or upon the request of
      the
      Required Lenders, the Administrative Agent shall, by notice to the Borrower
      declare the Revolving Commitments to be terminated forthwith, whereupon the
      Revolving Commitments shall immediately terminate; and (ii) with the consent
      of
      the Required Lenders, the Administrative Agent may, or upon the request of
      the
      Required Lenders, the Administrative Agent shall, by notice to the Borrower,
      declare the Loans (with accrued interest thereon) and all other amounts owing
      under this Agreement and the other Loan Documents (including all amounts of
      L/C
      Obligations, whether or not the beneficiaries of the then outstanding Letters
      of
      Credit shall have presented the documents required thereunder) to be due and
      payable forthwith, whereupon the same shall immediately become due and payable.
      With respect to all Letters of Credit with respect to which presentment for
      honor shall not have occurred at the time of an acceleration pursuant to this
      paragraph, the Borrower or the relevant Subsidiary Borrower shall at such time
      deposit in a cash collateral account opened by the Administrative Agent an
      amount equal to the aggregate then undrawn and unexpired amount of such Letters
      of Credit. Amounts held in such cash collateral account shall be applied by
      the
      Administrative Agent to the payment of drafts drawn under such Letters of
      Credit, and the unused portion thereof after all such Letters of Credit shall
      have expired or been fully drawn upon, if any, shall be applied to repay other
      obligations of the Borrower and any Subsidiary Borrower hereunder and under
      the
      other Loan Documents. After all such Letters of Credit shall have expired or
      been fully drawn upon, all Reimbursement Obligations shall have been satisfied
      and all other obligations of the Borrower and any Subsidiary Borrower hereunder
      and under the other Loan Documents shall have been paid in full, the balance,
      if
      any, in such cash collateral account shall be returned to the Borrower or such
      Subsidiary Borrower (or such other Person as may be lawfully entitled thereto).
      Except as expressly provided above in this Section, presentment, demand, protest
      and all other notices of any kind are hereby expressly waived by the Borrower
      and each Subsidiary Borrower.

     

    SECTION
      9.  THE
      AGENTS

    

    9.1
        Appointment.
      Each
      Lender hereby irrevocably designates and appoints the Administrative Agent
      as
      the agent of such Lender under this Agreement and the other Loan Documents,
      

     

    
      
        
        

      

      
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    and
      each
      such Lender irrevocably authorizes the Administrative Agent, in such capacity,
      to take such action on its behalf under the provisions of this Agreement and
      the
      other Loan Documents and to exercise such powers and perform such duties as
      are
      expressly delegated to the Administrative Agent by the terms of this Agreement
      and the other Loan Documents, together with such other powers as are reasonably
      incidental thereto. Notwithstanding any provision to the contrary elsewhere
      in
      this Agreement, the Administrative Agent shall not have any duties or
      responsibilities, except those expressly set forth herein, or any fiduciary
      relationship with any Lender, and no implied covenants, functions,
      responsibilities, duties, obligations or liabilities shall be read into this
      Agreement or any other Loan Document or otherwise exist against the
      Administrative Agent.

     

    9.2
        Delegation
      of Duties.
      The
      Administrative Agent may execute any of its duties under this Agreement and
      the
      other Loan Documents by or through agents or attorneys-in-fact and shall be
      entitled to advice of counsel concerning all matters pertaining to such duties.
      The Administrative Agent shall not be responsible for the negligence or
      misconduct of any agents or attorneys in-fact selected by it with reasonable
      care.

     

    9.3
        Exculpatory
      Provisions.
      Neither
      any Agent nor any of their respective officers, directors, employees, agents,
      attorneys-in-fact or affiliates shall be (i) liable for any action lawfully
      taken or omitted to be taken by it or such Person under or in connection with
      this Agreement or any other Loan Document (except to the extent that any of
      the
      foregoing are found by a final and nonappealable decision of a court of
      competent jurisdiction to have resulted from its or such Person’s own gross
      negligence or willful misconduct) or (ii) responsible in any manner to any
      of
      the Lenders for any recitals, statements, representations or warranties made
      by
      any Loan Party or any officer thereof contained in this Agreement or any other
      Loan Document or in any certificate, report, statement or other document
      referred to or provided for in, or received by the Agents under or in connection
      with, this Agreement or any other Loan Document or for the value, validity,
      effectiveness, genuineness, enforceability or sufficiency of this Agreement
      or
      any other Loan Document or for any failure of any Loan Party a party thereto
      to
      perform its obligations hereunder or thereunder. The Agents shall not be under
      any obligation to any Lender to ascertain or to inquire as to the observance
      or
      performance of any of the agreements contained in, or conditions of, this
      Agreement or any other Loan Document, or to inspect the properties, books or
      records of any Loan Party.

     

    9.4
        Reliance
      by Administrative Agent.
      The
      Administrative Agent shall be entitled to rely, and shall be fully protected
      in
      relying, upon any instrument, writing, resolution, notice, consent, certificate,
      affidavit, letter, telecopy, telex or teletype message, e-mail, statement,
      order
      or other document or conversation believed by it to be genuine and correct
      and
      to have been signed, sent or made by the proper Person or Persons and upon
      advice and statements of legal counsel (including counsel to Holdings or the
      Borrower), independent accountants and other experts selected by the
      Administrative Agent. The Administrative Agent may deem and treat the payee
      of
      any Note as the owner thereof for all purposes unless a written notice of
      assignment, negotiation or transfer thereof shall have been filed with the
      Administrative Agent. The Administrative Agent shall be fully justified in
      failing or refusing to take any action under this Agreement or any other Loan
      Document unless it shall first receive such advice or concurrence of the
      Required Lenders (or, if so specified by this Agreement, all Lenders) as it
      deems appropriate or it shall first be indemnified to its satisfaction by the
      Lenders against any and all liability and expense that may be incurred by it
      by
      reason of taking or continuing to take any such action. The Administrative
      Agent
      shall in all cases be fully protected in acting, or in refraining from acting,
      under this Agreement and the other Loan Documents in accordance with a request
      of the Required Lenders (or, if so specified by this Agreement, all Lenders),
      and such request and any action taken or failure to act pursuant thereto shall
      be binding upon all the Lenders and all future holders of the
      Loans.

     

    
      
        
        

      

      
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    9.5
        Notice
      of Default.
      The
      Administrative Agent shall not be deemed to have knowledge or notice of the
      occurrence of any Default or Event of Default unless the Administrative Agent
      has received notice from a Lender, Holdings, the Borrower or any Subsidiary
      Borrower referring to this Agreement, describing such Default or Event of
      Default and stating that such notice is a “notice of default”. In the event that
      the Administrative Agent receives such a notice, the Administrative Agent shall
      give notice thereof to the Lenders. The Administrative Agent shall take such
      action with respect to such Default or Event of Default as shall be reasonably
      directed by the Required Lenders (or, if so specified by this Agreement, all
      Lenders); provided
      that
      unless and until the Administrative Agent shall have received such directions,
      the Administrative Agent may (but shall not be obligated to) take such action,
      or refrain from taking such action, with respect to such Default or Event of
      Default as it shall deem advisable in the best interests of the
      Lenders.

     

    9.6
        Non-Reliance
      on Agents and Other Lenders.
      Each
      Lender expressly acknowledges that neither the Agents nor any of their
      respective officers, directors, employees, agents, attorneys-in-fact or
      affiliates have made any representations or warranties to it and that no act
      by
      any Agent hereafter taken, including any review of the affairs of a Loan Party
      or any affiliate of a Loan Party, shall be deemed to constitute any
      representation or warranty by any Agent to any Lender. Each Lender represents
      to
      the Agents that it has, independently and without reliance upon any Agent or
      any
      other Lender, and based on such documents and information as it has deemed
      appropriate, made its own appraisal of and investigation into the business,
      operations, property, financial and other condition and creditworthiness of
      the
      Loan Parties and their affiliates and made its own decision to make its Loans
      hereunder and enter into this Agreement. Each Lender also represents that it
      will, independently and without reliance upon any Agent or any other Lender,
      and
      based on such documents and information as it shall deem appropriate at the
      time, continue to make its own credit analysis, appraisals and decisions in
      taking or not taking action under this Agreement and the other Loan Documents,
      and to make such investigation as it deems necessary to inform itself as to
      the
      business, operations, property, financial and other condition and
      creditworthiness of the Loan Parties and their affiliates. Except for notices,
      reports and other documents expressly required to be furnished to the Lenders
      by
      the Administrative Agent hereunder, the Administrative Agent shall not have
      any
      duty or responsibility to provide any Lender with any credit or other
      information concerning the business, operations, property, condition (financial
      or otherwise), prospects or creditworthiness of any Loan Party or any affiliate
      of a Loan Party that may come into the possession of the Administrative Agent
      or
      any of its officers, directors, employees, agents, attorneys-in-fact or
      affiliates.

     

    9.7
        Indemnification.
      The
      Lenders agree to indemnify each Agent in its capacity as such (to the extent
      not
      reimbursed by Holdings, the Borrower or any Subsidiary Borrower and without
      limiting the obligation of Holdings, the Borrower or any Subsidiary Borrower
      to
      do so), ratably according to their respective Aggregate Exposure Percentages
      in
      effect on the date on which indemnification is sought under this Section (or,
      if
      indemnification is sought after the date upon which the Commitments shall have
      terminated and the Loans shall have been paid in full, ratably in accordance
      with such Aggregate Exposure Percentages immediately prior to such date), from
      and against any and all liabilities, obligations, losses, damages, penalties,
      actions, judgments, suits, costs, expenses or disbursements of any kind
      whatsoever that may at any time (whether before or after the payment of the
      Loans) be imposed on, incurred by or asserted against such Agent in any way
      relating to or arising out of, the Commitments, this Agreement, any of the
      other
      Loan Documents or any documents contemplated by or referred to herein or therein
      or the transactions contemplated hereby or thereby or any action taken or
      omitted by such Agent under or in connection with any of the foregoing;
provided
      that no
      Lender shall be liable for the payment of any portion of such liabilities,
      obligations, losses, damages, penalties, actions, judgments, suits, costs,
      expenses or disbursements that are found by a final and nonappealable decision
      of a court of competent jurisdiction to have resulted from such Agent’s gross
      negligence or willful misconduct. The agreements in this Section shall survive
      the payment of the Loans and all other amounts payable hereunder.

     

    
      
        
        

      

      
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    9.8
        Agent
      in Its Individual Capacity.
      Each
      Agent and its affiliates may make loans to, accept deposits from and generally
      engage in any kind of business with any Loan Party as though such Agent were
      not
      an Agent. With respect to its Loans made or renewed by it and with respect
      to
      any Letter of Credit issued or participated in by it, each Agent shall have
      the
      same rights and powers under this Agreement and the other Loan Documents as
      any
      Lender and may exercise the same as though it were not an Agent, and the terms
      “Lender” and “Lenders” shall include each Agent in its individual
      capacity.

     

    9.9
        Successor
      Administrative Agent.
      The
      Administrative Agent may resign as Administrative Agent upon 10 days’ notice to
      the Lenders and the Borrower. If the Administrative Agent shall resign as
      Administrative Agent under this Agreement and the other Loan Documents, then
      the
      Required Lenders shall appoint from among the Lenders a successor agent for
      the
      Lenders, which successor agent shall (unless an Event of Default under Section
      8(a) or Section 8(f) with respect to the Borrower shall have occurred and be
      continuing) be subject to approval by the Borrower (which approval shall not
      be
      unreasonably withheld or delayed), whereupon such successor agent shall succeed
      to the rights, powers and duties of the Administrative Agent, and the term
      “Administrative Agent” shall mean such successor agent effective upon such
      appointment and approval, and the former Administrative Agent’s rights, powers
      and duties as Administrative Agent shall be terminated, without any other or
      further act or deed on the part of such former Administrative Agent or any
      of
      the parties to this Agreement or any holders of the Loans. If no successor
      agent
      has accepted appointment as Administrative Agent by the date that is 10 days
      following a retiring Administrative Agent’s notice of resignation, the retiring
      Administrative Agent may, on behalf of the Lenders and with the consent of
      the
      Borrower (such consent not to be unreasonably withheld), appoint a successor
      Administrative Agent, which shall be a commercial bank organized or licensed
      under the laws of the United States of America or of any State thereof and
      having a combined capital and surplus of at least $500,000,000. Upon the
      acceptance of any appointment as Administrative Agent hereunder by a successor
      Administrative Agent, such successor Administrative Agent shall thereupon
      succeed to and become vested with all the rights, powers, privileges and duties
      of the retiring Administrative Agent, and the retiring Administrative Agent
      shall be discharged from its duties and obligations under this Agreement. After
      any retiring Administrative Agent’s resignation as Administrative Agent, the
      provisions of this Section 9 shall inure to its benefit as to any actions taken
      or omitted to be taken by it while it was Administrative Agent under this
      Agreement and the other Loan Documents.

     

    9.10
        Co-Documentation
      Agent, Documentation Agent and Syndication Agent.
      Neither
      of the Co-Documentation Agent, the Documentation Agents nor the Syndication
      Agent shall have any duties or responsibilities hereunder in its capacity as
      such.

     

    SECTION
      10.  MISCELLANEOUS

    

    10.1
        Amendments
      and Waivers.
      (a)
       Neither
      this Agreement, any other Loan Document, nor any terms hereof or thereof may
      be
      amended, supplemented or modified except in accordance with the provisions
      of
      this Section 10.1. The Required Lenders and each Loan Party party to the
      relevant Loan Document may, or, with the written consent of the Required
      Lenders, the Administrative Agent and each Loan Party party to the relevant
      Loan
      Document may, from time to time, (i) enter into written amendments, supplements
      or modifications hereto and to the other Loan Documents for the purpose of
      adding any provisions to this Agreement or the other Loan Documents or changing
      in any manner the rights of the Lenders or of the Loan Parties hereunder or
      thereunder or (ii) waive, on such terms and conditions as the Required Lenders
      or the Administrative Agent, as the case may be, may specify in such instrument,
      any of the requirements of this Agreement or the other Loan Documents or any
      Default or Event of Default and its consequences; provided,
      however,
      that no
      such waiver and no such amendment, supplement or modification shall (A) forgive
      any principal amount or extend the final scheduled date of maturity of any
      Loan
      or any Reimbursement Obligation or extend the scheduled date of any amortization
      payment in respect of any Term Loan (for the purpose of clarity each of the
      foregoing 

     

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

    not
      to
      include any waiver of a prepayment), reduce the stated rate of any interest
      or
      fee payable hereunder (except (1) in connection with the waiver of applicability
      of any post-default increase in interest rates (which waiver shall be effective
      with the consent of the Majority Facility Lenders of each adversely affected
      Facility) and (2) that any amendment or modification of defined terms used
      in
      the financial covenants in this Agreement shall not constitute a reduction
      in
      the rate of interest or fees for purposes of this clause (A)) or extend the
      scheduled date of any payment thereof, or increase the amount or extend the
      expiration date of any Lender’s Revolving Commitment, in each case without the
      written consent of each Lender directly affected thereby; (B) eliminate or
      reduce the voting rights of any Lender under this Section 10.1 without the
      written consent of such Lender; (C) reduce any percentage specified in the
      definition of Required Lenders, consent to the assignment or transfer by the
      Borrower or any Subsidiary Borrower of any of its rights and obligations under
      this Agreement and the other Loan Documents, release all or substantially all
      of
      the Collateral or release all or substantially all of the Subsidiary Guarantors
      from their obligations under the Guarantee and Collateral Agreement except
      as
      otherwise provided in the Loan Documents, in each case without the written
      consent of all Lenders; (D) amend, modify or waive any provision of Section
      2.11 or 2.17 without the written consent of the Majority Facility Lenders in
      respect of each Facility adversely affected thereby; (E) reduce the percentage
      specified in the definition of Majority Facility Lenders with respect to any
      Facility without the written consent of all Lenders under such Facility; (F)
      after the Closing Date, amend, modify or waive any provision of Section 5.2
      without the written consent of the Majority Facility Lenders with respect of
      the
      Revolving Facility, (G) amend, modify or waive any provision of Section 9
      without the written consent of the Administrative Agent; (H) amend, modify
      or
      waive any provision of Section 2.6 or 2.7 without the written consent of the
      Swingline Lender; or (I) amend, modify or waive any provision of Section 3
      without the written consent of the Issuing Lender. Any such waiver and any
      such
      amendment, supplement or modification shall apply equally to each of the Lenders
      and shall be binding upon the Loan Parties, the Lenders, the Administrative
      Agent and all future holders of the Loans. In the case of any waiver, the Loan
      Parties, the Lenders and the Administrative Agent shall be restored to their
      former position and rights hereunder and under the other Loan Documents, and
      any
      Default or Event of Default waived shall be deemed to be cured and not
      continuing; but no such waiver shall extend to any subsequent or other Default
      or Event of Default, or impair any right consequent thereon.

     

    (b)
        Notwithstanding
      the foregoing, this Agreement may be amended with the written consent of the
      Administrative Agent, the Borrower and each of the Lenders providing the
      relevant Replacement Term Loans (as defined below) to permit the refinancing,
      replacement or modification of all outstanding Term Loans (“Replaced
      Term Loans”)
      with a
      replacement term loan tranche hereunder (“Replacement
      Term Loans”),
      provided
      that (i)
      the aggregate principal amount of such Replacement Term Loans shall not exceed
      the aggregate principal amount of such Replaced Term Loans, (ii) the Applicable
      Margin for such Replacement Term Loans shall not be higher than the Applicable
      Margin for such Replaced Term Loans and (iii) the weighted average life to
      maturity of such Replacement Term Loans shall not be shorter than the weighted
      average life to maturity of such Replaced Term Loans at the time of such
      refinancing.

     

    (c)
        In
      addition, notwithstanding the foregoing, this Agreement may be amended without
      consent of the Lenders, so long as no Default or Event of Default shall have
      occurred and be continuing, as follows:

     

    (i)
      to
      designate (x) any Domestic Subsidiary of the Borrower as a Domestic Subsidiary
      Borrower under the Revolving Facility and (y) any Foreign Subsidiary of the
      Borrower as a Foreign Subsidiary Borrower under a New Local Facility upon (A)
      ten Business Days prior notice to the Lenders (such notice to contain the name,
      primary business address and taxpayer identification number of such Subsidiary),
      (B) the execution and delivery by the Borrower, such 

     

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

    Subsidiary
      and the Administrative Agent of a Joinder Agreement, substantially in the form
      of Exhibit G (a “Joinder
      Agreement”),
      providing for such Subsidiary to become a Subsidiary Borrower, (C) the agreement
      and acknowledgment by the Borrower and each other Subsidiary Borrower that
      the
      Guarantee and Collateral Agreement covers the Obligations of such Subsidiary
      and
      (D) the delivery to the Administrative Agent of (1) corporate or other
      applicable resolutions, other corporate or other applicable documents,
      certificates and legal opinions in respect of such Subsidiary reasonably
      equivalent to comparable documents delivered on the Closing Date and (2) such
      other documents with respect thereto as the Administrative Agent shall
      reasonably request; and

    

    (ii)
      to
      remove any Subsidiary as a Subsidiary Borrower upon execution and delivery
      by
      the Borrower to the Administrative Agent of a written notification to such
      effect and repayment in full of all Loans made to such Subsidiary Borrower,
      cash
      collateralization of all L/C Obligations in respect of any Letters of Credit
      issued for the account of such Subsidiary Borrower and repayment in full of
      all
      other amounts owing by such Subsidiary Borrower under this Agreement and the
      other Loan Documents (it being agreed that any such repayment shall be in
      accordance with the other terms of this Agreement).

    

    10.2
        Notices.
      All
      notices, requests and demands to or upon the respective parties hereto to be
      effective shall be in writing (including by telecopy or electronic
      transmission), and, unless otherwise expressly provided herein, shall be deemed
      to have been duly given or made when delivered, or three Business Days after
      being deposited in the mail, postage prepaid, or, in the case of telecopy notice
      or electronic transmission, when received, addressed as follows in the case
      of
      Holdings, the Borrower and the Administrative Agent, and as set forth in an
      administrative questionnaire delivered to the Administrative Agent in the case
      of the Lenders, or to such other address as may be hereafter notified by the
      respective parties hereto:

     

    
      	
              Holdings:

            	
              Avis
                Budget Holdings, LLC

            
	 	
              1
                Campus Drive

              Parsippany,
                New Jersey 07054

              Attention:
                David B. Wyshner

            
	 	
              Telecopy:
                (973) 496-5080

            
	 	
              Telephone:
                (973) 496-7938

            
	 	 
	
              Borrower:

            	
              Avis
                Budget Car Rental, LLC

            
	 	
              1
                Campus Drive

              Parsippany,
                New Jersey 07054

              Attention:
                David B. Wyshner

            
	 	
              Telecopy:
                (973) 496-5080

            
	 	
              Telephone:
                (973) 496-7938

            
	 	 
	
              Administrative
                Agent:

            	
              JPMorgan
                Chase Bank, N.A.

              1111
                Fannin Street

              10th
                Floor 

              Houston,
                Texas 77002

            
	 	
              Attention:
                Jen Yi Lin

            
	 	
              Telecopy:
                (713) 750-2932

            
	 	
              Telephone:
                (713) 750-2931

            
	 	 
	
              with
                a copy to:

            	
              JPMorgan
                Chase Bank, N.A.

              270
                Park Avenue

              4th
                Floor

              New
                York, New York 10017

            
	 	
              Attention:
                Randolph E. Cates

            
	 	
              Telecopy:
                (212) 270-6041

            
	 	
              Telephone:
                (212) 270-8997

            

    

     

    
      
        
        

      

      
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    provided
      that any
      notice, request or demand to or upon the Administrative Agent or the Lenders
      shall not be effective until received.

     

    Notices
      and other communications to the Lenders hereunder may be delivered or furnished
      by electronic communications pursuant to procedures approved by the
      Administrative Agent; provided
      that the
      foregoing shall not apply to notices pursuant to Section 2 unless otherwise
      agreed by the Administrative Agent and the applicable Lender. The Administrative
      Agent or the Borrower may, in its discretion, agree to accept notices and other
      communications to it hereunder by electronic communications pursuant to
      procedures approved by it; provided
      that
      approval of such procedures may be limited to particular notices or
      communications.

     

    10.3
        No
      Waiver; Cumulative Remedies.
      No
      failure to exercise and no delay in exercising, on the part of the
      Administrative Agent or any Lender, any right, remedy, power or privilege
      hereunder or under the other Loan Documents shall operate as a waiver thereof;
      nor shall any single or partial exercise of any right, remedy, power or
      privilege hereunder preclude any other or further exercise thereof or the
      exercise of any other right, remedy, power or privilege. The rights, remedies,
      powers and privileges herein provided are cumulative and not exclusive of any
      rights, remedies, powers and privileges provided by law.

     

    10.4
        Survival
      of Representations and Warranties.
      All
      representations and warranties made hereunder, in the other Loan Documents
      and
      in any document, certificate or statement delivered pursuant hereto or in
      connection herewith shall survive the execution and delivery of this Agreement
      and the making of the Loans and other extensions of credit
      hereunder.

     

    10.5
        Payment
      of Expenses and Taxes.
      The
      Borrower agrees (a) to pay or reimburse the Administrative Agent for all its
      reasonable out-of-pocket costs and expenses incurred in connection with the
      development, preparation and execution of, and any amendment, supplement or
      modification to, this Agreement and the other Loan Documents and any other
      documents prepared in connection herewith or therewith, and the consummation
      and
      administration of the transactions contemplated hereby and thereby, including
      the reasonable fees and disbursements of Simpson Thacher & Bartlett LLP and
      filing and recording fees and expenses, with statements with respect to the
      foregoing to be submitted to the Borrower prior to the Closing Date (in the
      case
      of amounts to be paid on the Closing Date) and from time to time thereafter
      on a
      quarterly basis or such other periodic basis as the Administrative Agent shall
      deem appropriate, (b) to pay or reimburse each Lender and the Administrative
      Agent for all its reasonable out-of-pocket costs and expenses incurred in
      connection with the enforcement or preservation of any rights under this
      Agreement, the other Loan Documents and any such other documents, including
      the
      fees and disbursements of counsel to the Lenders and of counsel to the
      Administrative Agent; provided,
      that
      the Borrower shall not be liable for the fees and disbursements of more than
      one
      separate firm for the Lenders (unless there shall exist an actual conflict
      of
      interest among the Lenders) in connection with any one action or any separate
      but substantially similar or related actions in the same jurisdiction, nor
      shall
      the Borrower be liable for any settlement or extra-judicial resolution of claims
      without the Borrower’s written consent, (c) to pay, indemnify, and hold each
      Lender and the Administrative Agent harmless from, any and all recording and
      filing fees and any and all liabilities with respect to, or resulting from
      any
      delay in paying, stamp, excise and similar taxes, if any, that may be payable
      or
      determined to be payable in connection with the execution and delivery of,
      or
      consummation or administration of any of the 

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

    transactions
      contemplated by, or any amendment, supplement or modification of, or any waiver
      or consent under or in respect of, this Agreement, the other Loan Documents
      and
      any such other documents, and (d) to pay, indemnify, and hold each Lender and
      the Administrative Agent and their respective officers, directors, employees,
      affiliates, agents and controlling persons (each, an “Indemnitee”)
      harmless from and against any and all other liabilities, obligations, losses,
      damages, penalties, actions, judgments, suits, costs, expenses or disbursements
      of any kind or nature whatsoever (other than with respect to taxes, which shall
      be governed exclusively by Section 2.19) with
      respect to the execution, delivery, enforcement, performance and administration
      of this Agreement, the other Loan Documents and any such other documents,
      including any of the foregoing relating to the use of proceeds of the Loans
      or
      the violation of, noncompliance with or liability under, any Environmental
      Law
      applicable to the operations of any Group Member or any of the Properties and
      the reasonable fees and expenses of legal counsel in connection with claims,
      actions or proceedings by any Indemnitee against any Loan Party under any Loan
      Document (all the foregoing in this clause (d), collectively, the “Indemnified
      Liabilities”),
      provided,
      that
      the Borrower shall have no obligation hereunder to any Indemnitee with respect
      to Indemnified Liabilities to the extent such Indemnified Liabilities are found
      by a final and nonappealable decision of a court of competent jurisdiction
      to
      have resulted from the gross negligence or willful misconduct of such
      Indemnitee; provided further,
      that
      that the Borrower shall not be liable for the fees and disbursements of more
      than one separate firm for any Indemnitees (unless there shall exist an actual
      conflict of interest among such Indemnitees) in connection with any one action
      or any separate but substantially similar or related actions in the same
      jurisdiction, nor shall the Borrower be liable for any settlement or
      extra-judicial resolution of such Indemnitees’ claims without the Borrower’s
      written consent. Without limiting the foregoing, and to the extent permitted
      by
      applicable law, the Borrower agrees not to assert and to cause its Subsidiaries
      not to assert, and hereby waives and agrees to cause its Subsidiaries to waive,
      all rights for contribution or any other rights of recovery with respect to
      all
      claims, demands, penalties, fines, liabilities, settlements, damages, costs
      and
      expenses of whatever kind or nature, under or related to Environmental Laws,
      that any of them might have by statute or otherwise against any Indemnitee.
      All
      amounts due under this Section 10.5 shall be payable not later than 10 days
      after written demand therefor. Statements payable by the Borrower pursuant
      to
      this Section 10.5 shall be submitted to David B. Wyshner (Telephone No. 
973-496-7938) (Telecopy No. 973-496-5080), at the address of the Borrower
      set forth in Section 10.2, or to such other Person or address as may be
      hereafter designated by the Borrower in a written notice to the Administrative
      Agent. The agreements in this Section 10.5 shall survive repayment of the Loans
      and all other amounts payable hereunder.

     

    10.6
        Successors
      and Assigns; Participations and Assignments.
      (a) The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the parties hereto and their respective successors and assigns permitted hereby
      (including any affiliate of the Issuing Lender that issues any Letter of
      Credit), except that (i) the Borrower may not assign or otherwise transfer
      any
      of its rights or obligations hereunder without the prior written consent of
      each
      Lender (and any attempted assignment or transfer by the Borrower without such
      consent shall be null and void) and (ii) no Lender may assign or otherwise
      transfer its rights or obligations hereunder except in accordance with this
      Section.

    

    (b)(i)
      Subject to the conditions set forth in paragraph (b)(ii) below, any Lender
      may
      assign to one or more assignees (each, an “Assignee”)
      all or
      a portion of its rights and obligations under this Agreement (including all
      or a
      portion of its Commitments and the Loans at the time owing to it) with the
      prior
      written consent of:

    

    (A)
      the
      Borrower (such consent not to be unreasonably withheld), provided
      that no
      consent of the Borrower shall be required for an assignment to a Lender, an
      affiliate of a Lender, an Approved Fund (as defined below) or, if an Event
      of
      Default under Section 8(a) or (f) has occurred and is continuing, any other
      Person; and

    

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

    (B) the
      Administrative Agent, provided
      that no
      consent of the Administrative Agent shall be required for an assignment of
      all
      or any portion of a Term Loan to a Lender, an affiliate of a Lender or an
      Approved Fund.

    

    (C) the
      Issuing Lender, provided
      that no
      consent of the Issuing Lender shall be required for an assignment of all or
      any
      portion of a Term Loan or Term Commitment.

    

    (ii)
      Assignments shall be subject to the following additional conditions:

     

    (A)
      except in the case of an assignment to a Lender, an affiliate of a Lender or
      an
      Approved Fund or an assignment of the entire remaining amount of the assigning
      Lender’s Commitments or Loans under any Facility, the amount of the Commitments
      or Loans of the assigning Lender subject to each such assignment (determined
      as
      of the date the Assignment and Assumption with respect to such assignment is
      delivered to the Administrative Agent) shall not be less than, in the case
      of
      the Revolving Facility, $5,000,000 or,
      in
      the case of the Term Facility, $1,000,000
      unless
      each of the Borrower and the Administrative Agent otherwise consent,
provided
      that (1)
      no such consent of the Borrower shall be required if an Event of Default under
      Section 8(a) or (f) has occurred and is continuing and (2) such amounts shall
      be
      aggregated in respect of each Lender and its affiliates or Approved Funds,
      if
      any; 

    

    (B)
      the
      parties to each assignment shall execute and deliver to the Administrative
      Agent
      an Assignment and Assumption, together with a processing and recordation fee
      of
      $3,500; and 

    

    (C) the
      Assignee, if it shall not be a Lender, shall deliver to the Administrative
      Agent
      an administrative questionnaire.

    

    For
      the
      purposes of this Section 10.6, “Approved
      Fund”
means
      any Person (other than a natural person) that is engaged in making, purchasing,
      holding or investing in bank loans and similar extensions of credit in the
      ordinary course of its business and that is administered or managed by (a)
      a
      Lender, (b) an affiliate of a Lender or (c) an entity or an affiliate of an
      entity that administers or manages a Lender.

     

    (iii)
      Subject to acceptance and recording thereof pursuant to paragraph (b)(iv)
      below, from and after the effective date specified in each Assignment and
      Assumption the Assignee thereunder shall be a party hereto and, to the extent
      of
      the interest assigned by such Assignment and Assumption, have the rights and
      obligations of a Lender under this Agreement, and the assigning Lender
      thereunder shall, to the extent of the interest assigned by such Assignment
      and
      Assumption, be released from its obligations under this Agreement (and, in
      the
      case of an Assignment and Assumption covering all of the assigning Lender’s
      rights and obligations under this Agreement, such Lender shall cease to be
      a
      party hereto but shall continue to be entitled to the benefits of
      Sections 2.18, 2.19, 2.20 and 10.5). Any assignment or transfer by a Lender
      of rights or obligations under this Agreement that does not comply with this
      Section 10.6 shall be treated for purposes of this Agreement as a sale by such
      Lender of a participation in such rights and obligations in accordance with
      paragraph (c) of this Section.

    

    (iv)
      The
      Administrative Agent, acting for this purpose as an agent of the Borrower,
      shall
      maintain at one of its offices a copy of each Assignment and Assumption
      delivered to it and a register for the recordation of the names and addresses
      of
      the Lenders, and the Commitments of, and principal amount of and interest on
      the
      Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof
      from time to time (the “Register”).
      The
      entries in the Register shall be conclusive, and the Borrower, the
      Administrative Agent, the Issuing Lender and the Lenders may treat each Person
      whose name is recorded in the Register pursuant to the terms hereof as a Lender
      hereunder for all purposes of 

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

    this
      Agreement, notwithstanding notice to the contrary. The Register shall be
      available for inspection by the Borrower, the Issuing Lender and any Lender,
      at
      any reasonable time and from time to time upon reasonable prior
      notice.

    

    (v)
      Upon
      its receipt of a duly completed Assignment and Assumption executed by an
      assigning Lender and an Assignee, the Assignee’s completed administrative
      questionnaire (unless the Assignee shall already be a Lender hereunder), the
      processing and recordation fee referred to in paragraph (b) of this Section
      and any written consent to such assignment required by paragraph (b) of this
      Section, the Administrative Agent shall accept such Assignment and Assumption
      and record the information contained therein in the Register. No assignment
      shall be effective for purposes of this Agreement unless it has been recorded
      in
      the Register as provided in this paragraph.

    

    (c)(i)
      Any Lender may, without the consent of the Borrower or the Administrative Agent,
      sell participations to one or more banks or other entities (a “Participant”)
      in all
      or a portion of such Lender’s rights and obligations under this Agreement
      (including all or a portion of its Commitments and the Loans owing to it);
      provided
      that
      (A) such Lender’s obligations under this Agreement shall remain unchanged,
      (B) such Lender shall remain solely responsible to the other parties hereto
      for the performance of such obligations and (C) the Borrower, the
      Administrative Agent, the Issuing Lender and the other Lenders shall continue
      to
      deal solely and directly with such Lender in connection with such Lender’s
      rights and obligations under this Agreement. Any agreement pursuant to which
      a
      Lender sells such a participation shall provide that such Lender shall retain
      the sole right to enforce this Agreement and to approve any amendment,
      modification or waiver of any provision of this Agreement; provided
      that
      such agreement may provide that such Lender will not, without the consent of
      the
      Participant, agree to any amendment, modification or waiver that (1) requires
      the consent of each Lender directly affected thereby pursuant to the proviso
      to
      the second sentence of Section 10.1 and (2) directly affects such Participant.
      Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each
      Participant shall be entitled to the benefits of Sections 2.18, 2.19 and 2.20
      to
      the same extent as if it were a Lender and had acquired its interest by
      assignment pursuant to paragraph (b) of this Section. To the extent permitted
      by
      law, and subject to paragraph (c)(ii) of this Section, each Participant also
      shall be entitled to the benefits of Section 10.7(b) as though it were a
      Lender, provided such Participant shall be subject to Section 10.7(a) as though
      it were a Lender.

    

    (ii)
      A
      Participant shall not be entitled to receive any greater payment under Section
      2.18 or 2.19 than the applicable Lender would have been entitled to receive
      with
      respect to the participation sold to such Participant. A Participant shall
      not
      be entitled to receive any funds directly from the Borrower in respect of
      Sections 2.18, 2.19, 2.20 or 10.7 unless such Participant shall have provided
      to
      Administrative Agent, acting for this purpose as an agent of the Borrower,
      such
      information as is required to be recorded in the Register pursuant to paragraph
      (b)(iv) above as if such Participant were a Lender. Any Participant that is
      a
      Non-U.S. Lender shall not be entitled to the benefits of Section 2.19
      unless such Participant complies with Section 2.19(d) as though it were a
      Lender. 

    

    (d)  Any
      Lender may at any time pledge or assign a security interest in all or any
      portion of its rights under this Agreement to secure obligations of such Lender,
      including any pledge or assignment to secure obligations to a Federal Reserve
      Bank, and this Section shall not apply to any such pledge or assignment of
      a
      security interest; provided
      that no
      such pledge or assignment of a security interest shall release a Lender from
      any
      of its obligations hereunder or substitute any such pledgee or Assignee for
      such
      Lender as a party hereto.

    

    (e)
      The
      Borrower, upon receipt of written notice from the relevant Lender, agrees to
      issue Notes to any Lender requiring Notes to facilitate transactions of the
      type
      described in paragraph (d) above.

     

    
      
        
        

      

      
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    (f)
      Notwithstanding the foregoing, any Conduit Lender may assign any or all of
      the
      Loans it may have funded hereunder to its designating Lender without the consent
      of the Borrower or the Administrative Agent and without regard to the
      limitations set forth in Section 10.6(b). Each of Holdings, the Borrower, each
      Subsidiary Borrower, each Lender and the Administrative Agent hereby confirms
      that it will not institute against a Conduit Lender or join any other Person
      in
      instituting against a Conduit Lender any bankruptcy, reorganization,
      arrangement, insolvency or liquidation proceeding under any state bankruptcy
      or
      similar law, for one year and one day after the payment in full of the latest
      maturing commercial paper note issued by such Conduit Lender; provided,
      however, that each Lender designating any Conduit Lender hereby agrees to
      indemnify, save and hold harmless each other party hereto for any loss, cost,
      damage or expense arising out of its inability to institute such a proceeding
      against such Conduit Lender during such period of forbearance.

     

    10.7
        Adjustments;
      Set-off.
      (a)
      Except
      to
      the extent that this Agreement expressly provides for payments to be allocated
      to a particular Lender or to the Lenders under a particular Facility, if any
      Lender (a “Benefitted
      Lender”)
      shall,
      at any time after the Loans and other amounts payable hereunder shall
      immediately become due and payable pursuant to Section 8, receive any payment
      of
      all or part of the Obligations owing to it, or receive any collateral in respect
      thereof (whether voluntarily or involuntarily, by set-off, pursuant to events
      or
      proceedings of the nature referred to in Section 8(f), or otherwise), in a
      greater proportion than any such payment to or collateral received by any other
      Lender, if any, in respect of the Obligations owing to such other Lender, such
      Benefitted Lender shall purchase for cash from the other Lenders a participating
      interest in such portion of the Obligations owing to each such other Lender,
      or
      shall provide such other Lenders with the benefits of any such collateral,
      as
      shall be necessary to cause such Benefitted Lender to share the excess payment
      or benefits of such collateral ratably with each of the Lenders; provided,
      however,
      that if
      all or any portion of such excess payment or benefits is thereafter recovered
      from such Benefitted Lender, such purchase shall be rescinded, and the purchase
      price and benefits returned, to the extent of such recovery, but without
      interest.

     

    (b)
        In
      addition to any rights and remedies of the Lenders provided by law, each Lender
      shall have the right, without prior notice to Holdings, the Borrower or any
      Subsidiary Borrower, any such notice being expressly waived by Holdings, the
      Borrower and each Subsidiary Borrower to the extent permitted by applicable
      law,
      upon any amount becoming due and payable by Holdings, the Borrower or any
      Subsidiary Borrower hereunder (whether at the stated maturity, by acceleration
      or otherwise), to set off and appropriate and apply against such amount any
      and
      all deposits (general or special, time or demand, provisional or final), in
      any
      currency, and any other credits, indebtedness or claims, in any currency, in
      each case whether direct or indirect, absolute or contingent, matured or
      unmatured, at any time held or owing by such Lender or any branch or agency
      thereof to or for the credit or the account of Holdings, the Borrower or such
      Subsidiary Borrower, as the case may be. Each Lender agrees promptly to notify
      the Borrower and the Administrative Agent after any such setoff and application
      made by such Lender, provided
      that the
      failure to give such notice shall not affect the validity of such setoff and
      application.

     

    10.8
        Counterparts.
      This
      Agreement may be executed by one or more of the parties to this Agreement on
      any
      number of separate counterparts, and all of said counterparts taken together
      shall be deemed to constitute one and the same instrument. Delivery of an
      executed signature page of this Agreement by facsimile or other electronic
      transmission shall be effective as delivery of a manually executed counterpart
      hereof. A set of the copies of this Agreement signed by all the parties shall
      be
      lodged with the Borrower and the Administrative Agent.

     

    10.9
        Severability.
      Any
      provision of this Agreement that is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such 

     

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

    prohibition
      or unenforceability in any jurisdiction shall not invalidate or render
      unenforceable such provision in any other jurisdiction.

     

    10.10
        Integration.
      This
      Agreement and the other Loan Documents represent the entire agreement of
      Holdings, the Borrower, the Administrative Agent and the Lenders with respect
      to
      the subject matter hereof and thereof, and there are no promises, undertakings,
      representations or warranties by the Administrative Agent or any Lender relative
      to the subject matter hereof not expressly set forth or referred to herein
      or in
      the other Loan Documents.

     

    10.11
        GOVERNING
      LAW.
      THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
      WITH, THE LAW OF THE STATE OF NEW YORK.

     

    10.12
        Submission
      To Jurisdiction; Waivers.
      Each of
      the Agents, Lenders, Holdings, the Borrower and the Subsidiary Borrowers hereby
      irrevocably and unconditionally:

     

    (a)  submits
      for itself and its property in any legal action or proceeding relating to this
      Agreement and the other Loan Documents to which it is a party, or for
      recognition and enforcement of any judgment in respect thereof, to the
      non-exclusive general jurisdiction of the courts of the State of New York,
      the
      courts of the United States for the Southern District of New York, and
      appellate courts from any thereof;

     

    (b)  consents
      that any such action or proceeding may be brought in such courts and waives
      any
      objection that it may now or hereafter have to the venue of any such action
      or
      proceeding in any such court or that such action or proceeding was brought
      in an
      inconvenient court and agrees not to plead or claim the same;

     

    (c)  agrees
      that service of process in any such action or proceeding may be effected by
      mailing a copy thereof by registered or certified mail (or any substantially
      similar form of mail), postage prepaid, to Holdings, the Borrower or the
      relevant Subsidiary Borrower, as the case may be, at its address set forth
      in
      Section 10.2 or at such other address of which the Administrative Agent shall
      have been notified pursuant thereto;

     

    (d)  agrees
      that nothing herein shall affect the right to effect service of process in
      any
      other manner permitted by law or shall limit the right to sue in any other
      jurisdiction; and

     

    (e)  waives,
      to the maximum extent not prohibited by law, any right it may have to claim
      or
      recover in any legal action or proceeding referred to in this Section any
      special, exemplary, punitive or consequential damages.

     

    10.13
        Judgment.
      The
      obligations of the Borrower or any Subsidiary Borrower in respect of this
      Agreement and the other Loan Documents due to any party hereto shall,
      notwithstanding any judgment in a currency (the “judgment
      currency”)
      other
      than the currency in which the sum originally due to such party is denominated
      (the “original
      currency”),
      be
      discharged only to the extent that on the Business Day following receipt by
      such
      party of any sum adjudged to be so due in the judgment currency such party
      may
      in accordance with normal banking procedures purchase the original currency
      with
      the judgment currency; if the amount of the original currency so purchased
      is
      less than the sum originally due under such judgment to such party in the
      original currency, the Borrower or such Subsidiary Borrower, as the case may
      be,
      agrees, as a separate obligation and notwithstanding any such judgment, to
      indemnify such party against such loss, and if the amount of the original
      currency so purchased exceeds the sum 

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

    originally
      due to any party to this Agreement, such party agrees to remit to the Borrower
      such excess. The provisions of this Section 10.13 shall survive the termination
      of this Agreement and payment of the obligations of the Borrower and the
      Subsidiary Borrowers under this Agreement and the other Loan
      Documents.

     

    10.14
        Acknowledgements.
      Each of
      Holdings, the Borrower and the Subsidiary Borrowers hereby acknowledges
      that:

     

    (a)  it
      has
      been advised by counsel in the negotiation, execution and delivery of this
      Agreement and the other Loan Documents;

     

    (b)  neither
      the Administrative Agent nor any Lender has any fiduciary relationship with
      or
      duty to Holdings, the Borrower or any Subsidiary Borrower arising out of or
      in
      connection with this Agreement or any of the other Loan Documents, and the
      relationship between Administrative Agent and Lenders, on one hand, and
      Holdings, the Borrower or any Subsidiary Borrower, on the other hand, in
      connection herewith or therewith is solely that of debtor and creditor;
      and

     

    (c)  
      no joint
      venture is created hereby or by the other Loan Documents or otherwise exists
      by
      virtue of the transactions contemplated hereby among the Lenders or among
      Holdings, the Borrower or any Subsidiary Borrower and the Lenders.

     

    10.15
        Releases
      of Guarantees and Liens.
      (a)
      Notwithstanding
      anything to the contrary contained herein or in any other Loan Document, the
      Administrative Agent is hereby irrevocably authorized by each Lender (without
      requirement of notice to or consent of any Lender except as expressly required
      by Section 10.1) to take any action requested by the Borrower having the effect
      of releasing any Collateral or guarantee obligations (i) to the extent necessary
      to permit consummation of any transaction not prohibited by any Loan Document
      or
      that has been consented to in accordance with Section 10.1 or (ii) under the
      circumstances described in paragraph (b) below.

     

    (b)
        At
      such
      time as the Loans, the Reimbursement Obligations and the other obligations
      under
      the Loan Documents (other than obligations under or in respect of Specified
      Swap
      Agreements) shall have been paid in full, the Commitments have been terminated
      and no Letters of Credit shall be outstanding (or such Letters of Credit are
      Collateralized), the Collateral shall be released from the Liens created by
      the
      Security Documents, and the Security Documents and all obligations (other than
      those expressly stated to survive such termination) of the Administrative Agent
      and each Loan Party under the Security Documents shall terminate, all without
      delivery of any instrument or performance of any act by any Person.

     

    10.16
        Confidentiality.
      Each of
      the Administrative Agent and each Lender agrees to keep confidential all
      non-public information provided to it by any Loan Party, the Administrative
      Agent or any Lender pursuant to or in connection with this Agreement that is
      designated by the provider thereof as confidential; provided
      that
      nothing herein shall prevent the Administrative Agent or any Lender from
      disclosing any such information (a) to the Administrative Agent, any other
      Lender or any affiliate thereof, (b) subject to an agreement to comply with
      the
      provisions of this Section, to any actual or prospective Transferee or any
      direct or indirect counterparty to any Swap Agreement (or any professional
      advisor to such counterparty), (c) to its employees, directors, agents,
      attorneys, accountants and other professional advisors or those of any of its
      affiliates for performing the purposes of a Loan Document, (d) upon the request
      or demand of any Governmental Authority, (e) in response to any order of any
      court or other Governmental Authority or as may otherwise be required pursuant
      to any Requirement of Law, after notice to the Borrower if reasonably feasible,
      (f) if requested or required to do so in connection with any 

     

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

    litigation
      or similar proceeding, after notice to the Borrower if reasonably feasible,
      (g)
      that has been publicly disclosed, (h) to the National Association of Insurance
      Commissioners or any similar organization or any nationally recognized rating
      agency that requires access to information about a Lender’s investment portfolio
      in connection with ratings issued with respect to such Lender, or (i) in
      connection with the exercise of any remedy hereunder or under any other Loan
      Document.

    

    10.17
        WAIVERS
      OF JURY TRIAL.
      HOLDINGS, THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY
      IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR
      PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY
      COUNTERCLAIM THEREIN.

     

    10.18
        USA
      Patriot Act.
      Each
      Lender hereby notifies Holdings and the Borrower that pursuant to the
      requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
      law October 26, 2001)) (the “USA Patriot Act”), it is required to obtain, verify
      and record information that identifies Holdings and the Borrower, which
      information includes the name and address of Holdings and the Borrower and
      other
      information that will allow such Lender to identify Holdings and the Borrower
      in
      accordance with the USA Patriot Act

     

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

    

    
      IN
        WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
        executed and delivered by their proper and duly authorized officers as of
        the
        day and year first above written.

       

    

     

    
      	 	 	 	
              AVIS
                BUDGET HOLDINGS, LLC

               

            	 
	 	 	
              By: 

            	
              /s/
                David B. Wyshner

            	 
	 	 	
              Name:

              Title:
                

            	
              David
                B. Wyshner 

              Executive
                Vice President, Chief Financial Officer and Treasurer

            	 

    

    

     

    
      	 	 	 	
              AVIS
                BUDGET CAR RENTAL, LLC

               

            	 
	 	 	
              By: 

            	
              /s/
                David B. Wyshner

            	 
	 	 	
              Name:

              Title:
                

            	
              David
                B. Wyshner 

              Executive
                Vice President, Chief Financial Officer and Treasurer

            	 

    

    

     

    
      	 	 	 	
              JPMORGAN
                CHASE BANK, N.A., as 

              Administrative
                Agent and as a Lender

               

            	 
	 	 	
              By: 

            	
              /s/
                Randolph Cates

            	 
	 	 	
              Name:

              Title:
                

            	
              Randolph
                Cates

              Vice
                President

            	 

    

    

     

    
      	 	 	 	
              DEUTSCHE
                BANK SECURITIES INC., 

              as
                Syndication Agent

               

            	 
	 	 	
              By: 

            	
              /s/
                Kevin Sherlock

            	 
	 	 	
              Name:

              Title:
                

            	
              Kevin
                Sherlock

              Managing
                Director

            	 

    

    

    
      	 	 	 	
              DEUTSCHE
                BANK AG NEW YORK BRANCH, 

              as
                a Lender

               

            	 
	 	 	
              By:
                

            	
              /s/
                Lana Gifas

            	 
	 	 	
              Name:

              Title:
                

            	
              Lana
                Gifas

              Vice
                President

            	 

    

    

    
      	 	 	
              By:
                

            	
              /s/
                Evelyn Thierry

            	 
	 	 	
              Name:

              Title:
                

            	
              (i)  
                Evelyn Thierry

              Vice
                President

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 	
              DEUTSCHE
                BANK AG NEW YORK BRANCH, as a Lender

               

            	 
	 	 	
              By:
                

            	
              /s/
                Lana Gifas

            	 
	 	 	
              Name:

              Title:
                

            	
              Lana
                Gifas

              Vice
                President

            	 

    

    

     

    
      	 	 	 	
              BANK
                OF AMERICA, N.A., as a Documentation Agent as a Lender

               

            	 
	 	 	
              By:
                

            	
              /s/
                Chris McDonell

            	 
	 	 	
              Name:

              Title:
                

            	
              Chris
                McDonell

              Senior
                Vice President

            	 

    

    

     

    
      	 	 	 	
              CALYON
                NEW YORK BRANCH, as a Documentation Agent as a Lender

               

            	 
	 	 	
              By:
                

            	
              /s/
                Rod Hurst

            	 
	 	 	
              Name:

              Title:
                

            	
              Rod
                Hurst

              Managing
                Director

            	 

    

    

     

    
      	 	 	
              By:
                

            	
              /s/
                Yuri Muzichenko

            	 
	 	 	
              Name:

              Title:
                

            	
              Yuri
                Muzichenko

              Director

            	 

    

      

    

     

    
      	 	 	 	
              CITICORP
                USA, INC., as a Co-Documentation Agent and as a Lender

               

            	 
	 	 	
              By:
                

            	
              /s/
                Hugo Arias 

            	 
	 	 	
              Name:

              Title:
                

            	
              Hugo
                Arias

              Director

            	 

    

    

     

    
      	 	 	 	
              WACHOVIA
                BANK, NATIONAL ASSOCIATION, as Documentation Agent and as a
                Lender

               

            	 
	 	 	
              By:
                

            	
              /s/
                Karin E. Samuel

            	 
	 	 	
              Name:

              Title:
                

            	
              Karin
                E. Samuel

              Vice
                President

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      
        	 	
                Signature
                  Page to

                Avis
                  Budget Car Rental, LLC

                Credit
                  Agreement, dated as of April 19, 2006

                 

              

      

      

       

      
        	 	 	 	
                SUMITOMO
                  MITSUI BANKING CORPORATION

                 

              	 
	 	 	
                By:
                  

              	
                /s/
                  Shigeru Tsuru

              	 
	 	 	
                Name:

                Title:
                  

              	
                Shigeru
                  Tsuru

                Joint
                  General Manager

              	 

      

       

       

      
        	 	 	 	
                THE
                  BANK OF TOKYO-MITSUBISHI UFJ, Ltd., New York Branch

                 

              	 
	 	 	
                By:
                  

              	
                /s/
                  Linda Tam

              	 
	 	 	
                Title:
                  

              	
                Authorized
                  Signatory

              	 

      

    

     

     

    
      
        
          	 	 	 	
                  THE
                    BANK OF NOVA SCOTIA

                   

                	 
	 	 	
                  By:
                    

                	
                  /s/
                    Todd S. Meller

                	 
	 	 	
                  Name:

                  Title:
                    

                	
                  Todd
                    S. Meller

                  Managing
                    Director

                	 

        

         

         

        
          	 	 	 	
                  BARCLAYS
                    BANK PLC

                	 
	 	 	
                  By:
                    

                	
                  /s/
                    Nicholas Bell

                	 
	 	 	
                  Name:

                  Title:
                    

                	
                  Nicolas
                    Bell

                  Director

                	 

        

        
 

      

    

     

    
      	 	 	 	
              GOLDMAN
                SACHS CREDIT PARTNERS L.P.

               

            	 
	 	 	
              By:
                

            	
              /s/
                William Archer

            	 
	 	 	
              Name:

              Title:
                

            	
              William
                Archer

              Managing
                Director

            	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	 	
              THE
                ROYAL BANK OF SCOTLAND

               

            	 
	 	 	
              By:
                

            	
              /s/
                Frank Guerra

            	 
	 	 	
              Name:

              Title:
                

            	
              Frank
                Guerra

              Managing
                Director

            	 

    

    

    

    
      	 	 	 	
              HARRIS
                NESBITT FINANCING, INC.

               

            	 
	 	 	
              By:
                

            	
              /s/
                Stephen Maenhout

            	 
	 	 	
              Name:

              Title:
                

            	
              Stephen
                Maenhout

              Vice
                President

            	 

    

    

    
      	 	 	 	
              CREDIT
                SUISSE, CAYMAN ISLANDS BRANCH

               

            	 
	 	 	
              By:
                

            	
              /s/
                Mark E. Gleason

            	 
	 	 	
              Name:

              Title:
                

            	
              Mark
                E. Gleason

              Director

            	 

    

    

     

    
      	 	 	
              By:
                

            	
              /s/
                Mikhail Faybusovich

            	 
	 	 	
              Name:

              Title:
                

            	
              Mikhail
                Faybusovich

              Associate

            	 

    

    

     

    
      	 	 	 	
              MERRILL
                LYNCH CAPITAL CORPORATION

               

            	 
	 	 	
              By:
                

            	
              /s/
                Stephanie Vallillo

            	 
	 	 	
              Name:

              Title:
                

            	
              Stephanie
                Vallillo

              Vice
                President

            	 

    

    

      

    
      	 	 	 	
              MIZUHO
                CORPORATE BANK, LTD.

               

            	 
	 	 	
              By:
                

            	
              /s/
                Robert Gallagher

            	 
	 	 	
              Name:

              Title:
                

            	
              Robert
                Gallagher

              SVP
                & Team Leader

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	 	 	
              BAYERISCHE
                HYPO-UND VEREINSBANK AG, New York Branch

               

            	 
	 	 	
              By:
                

            	
              /s/
                Ken Hamilton

            	 
	 	 	
              Name:

              Title:
                

            	
              Ken
                Hamilton

              Director

            	 

    

    

     

    
      	 	 	
              By:
                

            	
              /s/
                Kimberly Sousa

            	 
	 	 	
              Name:

              Title:
                

            	
              Kimberly
                Sousa

              Director

            	 

    

    

     

    
      	 	 	 	
              THE
                BANK OF NEW YORK

               

            	 
	 	 	
              By:
                

            	
              /s/
                Roger Grossman

            	 
	 	 	
              Name:

              Title:
                

            	
              Roger
                Grossman

              Vice
                President

            	 

    

    

     

    
      	 	 	 	
              WELLS
                FARGO BANK, N.A.

               

            	 
	 	 	
              By:
                

            	
              /s/
                Steven J. Anderson

            	 
	 	 	
              Name:

              Title:
                

            	
              Steven
                J. Anderson

              Senior
                Vice President

            	 

    

     

    
      	 	 	 	
              FIRST
                COMMERCIAL BANK, NEW YORK AGENCY

               

            	 
	 	 	
              By:
                

            	
              /s/
                Bruce M.J. Ju 

            	 
	 	 	
              Name:

              Title:
                

            	
              Bruce
                M. J. Ju

              VP
                & General Manager

            	 

    

     

     

    
      	 	 	 	
              WESTPAC
                BANKING CORPORATION

               

            	 
	 	 	
              By:
                

            	
              /s/
                Michael Hawkins

            	 
	 	 	
              Name:

              Title:
                

            	
              Michael
                Hawkins

              Vice
                President, Tier 2 Attorney

            	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 	
              CHANG
                HWA COMMERCIAL BANK, LTD. NEW YORK BRANCH

               

            	 
	 	 	
              By:
                

            	
              /s/
                Jim C.Y. Chen

            	 
	 	 	
              Name:

              Title:
                

            	
              Jim
                C.Y. Chen

              VP
                & General Manager

            	 

    

     

     

    
      	 	 	 	
              GENERAL
                ELECTRIC CAPITAL CORPORATION

               

            	 
	 	 	
              By:
                

            	
              /s/
                Robert M. Kadlick

            	 
	 	 	
              Name:

              Title:
                

            	
              Robert
                M. Kadlick

              Duly
                Authorized Signatory

            	 

    

    

     

    
      	 	 	 	
              CREDIT
                INDUSTRIEL ET COMMERCIAL

               

            	 
	 	 	
              By:
                

            	
              /s/
                Eric Longuet

            	 
	 	 	
              Name:

              Title:
                

            	
              Eric
                Longuet

              Vice
                President

            	 

    

     

     

    
      	 	 	
              By:
                

            	
              Eric
                Dulot

            	 
	 	 	
              Name:

              Title:
                

            	
              Eric
                Dulot

              Vice
                President

            	 

    

      

     

    
      	 	 	 	
              NATEXIS
                BANQUES POPULAIRES

               

            	 
	 	 	
              By:
                

            	
              /s/
                Frank H. Madden

            	 
	 	 	
              Name:

              Title:
                

            	
              Frank
                H. Madden

              Vice
                President & Group Manager

            	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	
              By:
                

            	
              /s/
                Jordan H. Levy

            	 
	 	 	
              Name:

              Title:
                

            	
              Jordan
                H. Levy

              Assistant
                Vice President

            	 

    

      

     

    
      	 	 	 	
              NATIONAL
                CITY BANK

               

            	 
	 	 	
              By:
                

            	
              /s/
                Renee M. Bonnell

            	 
	 	 	
              Name:

              Title:
                

            	
              Renee
                M. Bonnell

              Assistant
                Vice President

            	 

    

    

     

    
      	 	 	 	
              PNC
                BANK, NATIONAL ASSOCIATION

               

            	 
	 	 	
              By:
                

            	
              /s/
                John F. Broeren

            	 
	 	 	
              Name:

              Title:
                

            	
              John
                F. Broeren

              Vice
                President

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